0000819793-23-000090 | 10-Q | XBRL Viewer | Albany International Corp DE

Other (Income)/Expense, net

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Currency transaction (gains)/losses	$	511	$	(6,636)	$	(3,622)	$	(17,660)
Bank fees and amortization of debt issuance costs	49		76		140		252
Components of net periodic pension and postretirement cost other than service cost	(15)		(138)		(260)		(411)
Other	(489)		(220)		(1,168)		(72)
Total other (income)/expense, net	$	56	$	(6,918)	$	(4,910)	$	(17,891)

Other (income)/expense, net, included foreign currency related transactions which resulted in losses of $0.5 million and gains of $3.6 million in the three and nine months ended September 30, 2023, respectively, as compared to gains of $6.6 million and $17.7 million in the same period last year. During 2023, the Mexican Peso weakened during the third quarter, but was overall stronger during the nine months ended September 30, 2023, driving the foreign currency gain in the period. During 2022, the Euro remained weaker for the three and nine months ended September 30, 2022, resulting in a more significant foreign currency gain during those periods.

Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Aug. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Noncurrent receivables invoice, period	10 years
Heimbach
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts receivables		$ 52,704

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension charges		$ 49,100
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 986	1,061
Interest cost	3,447	4,235
Expected return on assets	(3,063)	(5,099)
Amortization of prior service cost/(income)	(24)	(2)
Amortization of net actuarial loss	421	1,493
Net periodic benefit cost/(credit)	1,767	1,688
Settlement charge	0	49,128
Net benefit cost/(credit)	1,767	50,816
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	45	86
Interest cost	1,405	916
Expected return on assets	0	0
Amortization of prior service cost/(income)	(3,068)	(3,366)
Amortization of net actuarial loss	621	1,412
Net periodic benefit cost/(credit)	(997)	(952)
Settlement charge	0	0
Net benefit cost/(credit)	$ (997)	$ (952)

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table represents the Company's outstanding debt:


(in thousands, except interest rates)	September 30, 2023		December 31, 2022
Borrowings under the Amended Credit Agreement(1)	$	461,000	$	439,000
Foreign bank debt	29,585		—
Total bank debt	490,585		439,000
Less: Current maturities of long-term debt	27,246		—
Long-term debt	$	463,339	$	439,000
(1) the credit facility matures in August 2028. At the end of the September 30, 2023 and December 31, 2022, the interest rate in effect was 3.60% and 3.16%, respectively, including the effect of interest rate hedging transactions, as described below.

Schedule Interest Rate for Borrowings


Leverage Ratio	Commitment Fee	ABR Spread	Term Benchmark/ Daily Simple SOFR Spread
<1.00:1.00	0.275%	0.500%	1.500%
≥ 1.00:1.00 and < 2.00:1.00	0.300%	0.625%	1.625%
≥ 2.00:1.00 and < 3.00:1.00	0.325%	0.750%	1.750%
≥ 3.00:1.00	0.350%	1.000%	2.000%

- 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.

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except market price and earnings per share)	2023		2022		2023		2022
Net income attributable to the Company	$	27,109	$	10,694	$	80,670	$	77,632

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,185		31,111		31,163		31,416
Effect of dilutive stock-based compensation plans:

Restricted stock units and multi-year awards	98		112		93		102

Weighted average number of shares used in calculating diluted net income per share	31,283		31,223		31,256		31,518



Net income attributable to the Company per share:
Basic	$	0.87	$	0.34	$	2.59	$	2.47
Diluted	$	0.87	$	0.34	$	2.58	$	2.46

Noncontrolling Interest (Income Attributable to the Noncontrolling Interest and Noncontrolling Equity) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)		$ 27,154	$ 26,826	$ 27,086	$ 10,823	$ 39,369	$ 28,075	$ 81,066	$ 78,267
Net income of ASC available for common ownership		27,109			10,694			80,670	77,632
Net income attributable to the noncontrolling interest		45			129			396	635
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year				4,494				4,494
Net income attributable to the noncontrolling interest		45			129			396	635
Noncontrolling interest, end of interim period	$ 6,794	6,794			4,182			6,794	4,182
Arcari
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	100
Net income of ASC available for common ownership								34	0
Net income attributable to the noncontrolling interest								5	0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year				0			0	0	0
Initial equity related to Noncontrolling interest in Arcari								1,632	0
Net income attributable to the noncontrolling interest								5	0
Changes in other comprehensive income attributable to the noncontrolling interest								(50)	0
Noncontrolling interest, end of interim period	$ 1,587	$ 1,587			$ 0			$ 1,587	$ 0
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%						10.00%
Arcari \| Arcari
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	15.00%	15.00%			0.00%			15.00%	0.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)								$ 4,929	$ 7,320
Less: Return attributable to the Company's preferred holding								974	974
Net income of ASC available for common ownership								3,955	6,346
Net income attributable to the noncontrolling interest								396	635
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year				$ 4,494			$ 3,638	4,494	3,638
Net income attributable to the noncontrolling interest								396	635
Changes in other comprehensive income attributable to the noncontrolling interest								317	(91)
Noncontrolling interest, end of interim period	$ 5,207	$ 5,207			$ 4,182			$ 5,207	$ 4,182
Safran \| Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%			10.00%			10.00%	10.00%	10.00%

Pensions and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.

The composition of the net periodic benefit cost/ (income) for the nine months ended September 30, 2023 and 2022, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2023		2022		2023		2022
Components of net periodic benefit cost/(income):
Service cost	$	986	$	1,061	$	45	$	86
Interest cost	3,447		4,235		1,405		916
Expected return on assets	(3,063)		(5,099)		—		—
Amortization of prior service cost/(income)	(24)		(2)		(3,068)		(3,366)
Amortization of net actuarial loss	421		1,493		621		1,412
Net periodic benefit cost/(credit)	$	1,767	$	1,688	$	(997)	$	(952)
Settlement charge	—		49,128		—		—
Net benefit cost/(credit)	$	1,767	$	50,816	$	(997)	$	(952)

The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. In the third quarter of 2022, we took actions to settle certain pension plan liabilities for a plan in the U.S., leading to charges totaling $49.1 million. No similar charges were incurred during the current year. The above reflects the acquisition of Heimbach, as further described in Note 17. Business Combination.

Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

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


(in thousands, except number of claims)	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid to Settle or Resolve
As of December 31, 2022	3,609	43	32	3,598	$	125
As of September 30, 2023	3,598	11	17	3,604	$	74

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 81,066	$ 78,267
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	50,164	46,864
Amortization	4,614	5,044
Change in deferred taxes and other liabilities	(1,264)	(15,582)
Impairment of property, plant, equipment, and inventory	577	2,610
Non-cash interest expense	1,148	840
Non-cash portion of pension settlement expense	0	42,657
Compensation and benefits paid or payable in Class A Common Stock	5,189	3,282
Provision for credit losses from uncollected receivables and contract assets	641	885
Foreign currency remeasurement (gain) on intercompany loans	(4,704)	(6,629)
Fair value adjustment on foreign currency options	581	(409)
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable	(18,172)	(20,260)
Contract assets	(16,550)	(37,201)
Inventories	(293)	(24,895)
Prepaid expenses and other current assets	(3,030)	(2,733)
Income taxes prepaid and receivable	1,597	(2,179)
Accounts payable	(6,661)	5,081
Accrued liabilities	(16,454)	(12,624)
Income taxes payable	(5,810)	2,639
Noncurrent receivables	2,276	2,976
Other noncurrent liabilities	(3,602)	(5,960)
Other, net	2,499	4,634
Net cash provided by operating activities	73,812	67,307
INVESTING ACTIVITIES
Purchase of business, net of cash acquired	(133,470)	0
Purchases of property, plant and equipment	(48,850)	(50,948)
Purchased software	(276)	(1,884)
Net cash used in investing activities	(182,596)	(52,832)
FINANCING ACTIVITIES
Proceeds from borrowings	71,249	145,000
Principal payments on debt	(51,479)	(48,000)
Principal payments on finance lease liabilities	0	(654)
Debt acquisition costs	(4,108)	0
Purchase of Treasury shares	0	(84,780)
Taxes paid in lieu of share issuance	(3,136)	(770)
Proceeds from options exercised	0	17
Dividends paid	(23,365)	(19,932)
Net cash used in financing activities	(10,839)	(9,119)
Effect of exchange rate changes on cash and cash equivalents	(647)	(30,910)
Decrease in cash and cash equivalents	(120,270)	(25,554)
Cash and cash equivalents at beginning of period	291,776	302,036
Cash and cash equivalents at end of period	$ 171,506	$ 276,482

Financial Instruments (Narrative) (Details)					9 Months Ended
Financial Instruments (Narrative) (Details)	Sep. 30, 2023 USD ($)	Aug. 16, 2023 USD ($)	Jun. 23, 2023	Oct. 27, 2020 USD ($)	Sep. 30, 2023 USD ($)	Sep. 18, 2023 USD ($)	Aug. 31, 2023 USD ($)	Jun. 29, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 17, 2022 USD ($)	Jun. 14, 2021 USD ($)
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.50	3.75			3.50
Maximum leverage ratio allowed, after significant acquisition		425.00%
Minimum interest coverage ratio required		3.00
Leverage ratio	1.48				1.48
Interest coverage ratio	13.95				13.95
Long-term debt	$ 490,585,000				$ 490,585,000				$ 439,000,000
Current maturities of long-term debt	27,246,000				27,246,000				0
Line of Credit
Debt Instrument [Line Items]
Long-term debt	461,000,000				461,000,000				439,000,000
Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 800,000,000		$ 700,000,000
Debt instrument, term		5 years		4 years
Borrowings outstanding	461,000,000				461,000,000
Line of credit facility, remaining borrowing capacity	$ 339,000,000				339,000,000
Debt covenant, maximum annual dividend payout amount					40,000,000
Line of Credit \| SOFR \| Minimum \| Unsecured Debt
Debt Instrument [Line Items]
Total spread			0.00%
Line of Credit \| London Interbank Offered Rate \| Unsecured Debt
Debt Instrument [Line Items]
Total spread	1.625%
Line of Credit \| Interest rate swaps
Debt Instrument [Line Items]
Derivative, notional amount						$ 350,000,000		$ 350,000,000		$ 350,000,000	$ 350,000,000
Derivative, fixed interest rate						5.33%		0.7683%		2.11%	0.838%
All-in interest SOFR rate						2.51%
All-in interest rate										3.735%
Foreign Bank Debt
Debt Instrument [Line Items]
Long-term debt	$ 29,585,000				29,585,000				$ 0
Foreign Bank Debt \| Heimbach
Debt Instrument [Line Items]
Long-term debt	29,600,000				29,600,000		$ 32,700,000
Current maturities of long-term debt	$ 27,200,000				$ 27,200,000
Foreign Bank Debt \| Minimum \| Heimbach
Debt Instrument [Line Items]
Interest rate, stated percentage							0.90%
Foreign Bank Debt \| Maximum \| Heimbach
Debt Instrument [Line Items]
Interest rate, stated percentage							2.93%

Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Aug. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income		$ 27,154	$ 26,826	$ 27,086	$ 10,823	$ 39,369	$ 28,075	$ 81,066	$ 78,267
Noncontrolling interest	$ 6,794	6,794			4,182			6,794	4,182		$ 4,494
Arcari
Noncontrolling Interest [Line Items]
Net income	100
Noncontrolling interest	$ 1,587	$ 1,587			$ 0			$ 1,587	$ 0		$ 0	$ 0
Heimbach
Noncontrolling Interest [Line Items]
Noncontrolling interest										$ 1,632
Heimbach \| Arcari
Noncontrolling Interest [Line Items]
Business acquisition, percentage of voting interests acquired													85.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%						10.00%
Albany Safran Composites, LLC \| Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%			10.00%			10.00%	10.00%					10.00%

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents components of income tax expense for the three and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2023		2022		2023		2022
Income tax based on income from operations (1)	$	10,731	$	2,208	$	35,698	$	28,315
Provision for change in estimated tax rate	(119)		674		5		740
Income tax before discrete items	10,612		2,882		35,703		29,055
Discrete tax expense:
Exercise of U.S. stock options	—		(9)		—		(17)
Impact of amended tax returns	—		—		—		(98)
Reconciliation of prior year estimated taxes	(1,833)		(1,185)		(437)		(1,693)
Enacted tax legislation and rate change	—		—		313		—
Provision for/resolution of tax audits and contingencies, net	(602)		24		176		(116)
Impact of long range tax planning	—		—		(443)		—
Withholding tax related to internal restructuring	—		—		3,026		—
US Pension Settlement - Release of Residual Tax Effect	—		(5,217)		—		(5,217)
Impact of non-election of high tax exclusion under GILTI*	1,155		—		1,617		—
Other	(125)		322		(47)		359
Total income tax expense/(benefit)	$	9,207	$	(3,183)	$	39,908	$	22,273
(1) Income tax is calculated at estimated annualized effective tax rate of 29.5% and 28.9% for the three and nine months ended September 30, 2023 and 2022, respectively. * Global Intangible Low-Taxed Income

Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions which cannot recognize a tax benefit with regard to their generated losses are excluded from the annual effective tax rate calculation and their taxes will be recorded discretely in each quarter.

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accumulated Other Comprehensive Income (AOCI)

9 Months Ended

Sep. 30, 2023

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

Accumulated Other Comprehensive Income (AOCI)

Accumulated Other Comprehensive Income ("AOCI")

The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 30, 2023:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax	(4,326)		(183)		3,386		(1,123)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(8,136)		(8,136)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(1,423)		—		(1,423)
Net current period other comprehensive income	(4,326)		(1,606)		(4,750)		(10,682)
September 30, 2023	$	(151,177)	$	(17,389)	$	12,957	$	(155,609)

The table below presents changes in the components of AOCI for the period from December 31, 2021 to September 30, 2022:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications, net of tax	(79,841)		—		17,569		(62,272)
Pension settlement expense, net of tax	—		26,198		—		26,198
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,006		2,006
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(321)		—		(321)
Net current period other comprehensive income	(79,841)		25,877		19,575		(34,389)
September 30, 2022	$	(185,721)	$	(12,613)	$	17,961	$	(180,373)

The components of AOCI that are reclassified to the Consolidated Statements of Income relate to our pension and postretirement plans and interest rate swaps.

The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Other (income)/expense, net related to interest rate swaps included in Income before taxes	$	(3,990)	$	(106)	$	(10,891)	$	2,758
Income tax effect	1,009		(27)		2,755		(752)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(2,981)	$	(133)	$	(8,136)	$	2,006

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension settlement expense	$	—	$	42,657	$	—	$	42,657
Amortization of prior service credit	(1,031)		(1,123)		(3,092)		(3,368)
Amortization of net actuarial loss	349		967		1,042		2,905
Total pretax amount reclassified (a)	(682)		42,501		(2,050)		42,194
Income tax effect	208		(16,411)		627		(16,317)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(474)	$	26,090	$	(1,423)	$	25,877

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Interest (income) expense	$ 3,653	$ 3,794	$ 10,049	$ 11,336
Interest rate swaps
Derivative [Line Items]
Interest (income) expense			$ (10,900)	$ 2,800

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 27,154	$ 10,823	$ 81,066	$ 78,267
Other comprehensive income/(loss), before tax:
Foreign currency translation	(15,131)	(38,971)	(4,509)	(79,841)
Reclassification of loss on pension settlement	0	42,657	0	42,657
Amortization of pension liability adjustments:
Prior service credit	(1,031)	(1,123)	(3,092)	(3,368)
Net actuarial loss	349	967	1,042	2,905
Payments and amortization related to interest rate swaps included in earnings	(3,990)	(106)	(10,891)	2,758
Derivative valuation adjustment	996	8,492	4,533	23,529
Income taxes related to items of other comprehensive income/(loss):
Reclassification of loss on pension settlement	0	(16,459)	0	(16,459)
Amortization of prior service credit	315	344	946	1,031
Amortization of net actuarial loss	(107)	(296)	(319)	(889)
Payments and amortization related to interest rate swaps included in earnings	1,009	(27)	2,755	(752)
Derivative valuation adjustment	(252)	(2,151)	(1,147)	(5,960)
Comprehensive income	9,312	4,150	70,384	43,878
Comprehensive income attributable to the noncontrolling interest	(99)	73	669	544
Comprehensive income attributable to the Company	$ 9,411	$ 4,077	$ 69,715	$ 43,334

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents components of income tax expense for the three and nine months ended September 30, 2023 and 2022:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2023		2022		2023		2022
Income tax based on income from operations (1)	$	10,731	$	2,208	$	35,698	$	28,315
Provision for change in estimated tax rate	(119)		674		5		740
Income tax before discrete items	10,612		2,882		35,703		29,055
Discrete tax expense:
Exercise of U.S. stock options	—		(9)		—		(17)
Impact of amended tax returns	—		—		—		(98)
Reconciliation of prior year estimated taxes	(1,833)		(1,185)		(437)		(1,693)
Enacted tax legislation and rate change	—		—		313		—
Provision for/resolution of tax audits and contingencies, net	(602)		24		176		(116)
Impact of long range tax planning	—		—		(443)		—
Withholding tax related to internal restructuring	—		—		3,026		—
US Pension Settlement - Release of Residual Tax Effect	—		(5,217)		—		(5,217)
Impact of non-election of high tax exclusion under GILTI*	1,155		—		1,617		—
Other	(125)		322		(47)		359
Total income tax expense/(benefit)	$	9,207	$	(3,183)	$	39,908	$	22,273
(1) Income tax is calculated at estimated annualized effective tax rate of 29.5% and 28.9% for the three and nine months ended September 30, 2023 and 2022, respectively. * Global Intangible Low-Taxed Income

Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2023

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 subsidiaries:


ASC Noncontrolling Interest	Nine months ended September 30,
(in thousands, except percentages)	2023			2022
Net income of Albany Safran Composites (ASC)	$	4,929		$	7,320
Less: Return attributable to the Company's preferred holding	974			974
Net income of ASC available for common ownership	$	3,955		$	6,346
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	396		$	635

Noncontrolling interest, beginning of year	$	4,494		$	3,638
Net income attributable to noncontrolling interest	396			635
Changes in other comprehensive income attributable to the noncontrolling interest	317			(91)
ASC Noncontrolling interest, end of interim period	$	5,207		$	4,182


Arcari Noncontrolling Interest
Net income of Arcari available for common ownership	$	34		$	—
Ownership percentage of noncontrolling shareholder	15		%	—
Net income attributable to the noncontrolling interest	$	5		$	—

Noncontrolling interest, beginning of year	$	—		$	—
Initial equity related to Noncontrolling interest in Arcari	1,632			—
Net income attributable to noncontrolling interest	5			—
Changes in other comprehensive income attributable to the noncontrolling interest	(50)			—
Arcari Noncontrolling interest, end of interim period	$	1,587		$	—


Total Noncontrolling interest, end of interim period	$	6,794		$	4,182

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign currency option contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ 704	$ (28)	$ 581	$ (409)

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. ("Albany", the "Registrant", the "Company", "we", "us", or "our") consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the Company's Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2022.

Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2023

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

Contract Assets and Liabilities

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

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

As of September 30, 2023 and December 31, 2022, Contract assets and Contract liabilities consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Contract assets	$	166,666	$	149,443
Allowance for expected credit losses	(833)		(748)
Contract assets, net	$	165,833	$	148,695

Contract liabilities	$	3,645	$	15,176

Contract assets, net increased $17.1 million during the nine months ended September 30, 2023. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the nine months ended September 30, 2023 and September 30, 2022.

Contract liabilities decreased $11.5 million during the nine months ended September 30, 2023, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers that were in a

contract liability position. Revenue recognized for the nine months ended September 30, 2023 and 2022 that was included in the Contract liability balance at the beginning of the year was $14.4 million and $5.0 million, respectively.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except market price and earnings per share)	2023		2022		2023		2022
Net income attributable to the Company	$	27,109	$	10,694	$	80,670	$	77,632

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,185		31,111		31,163		31,416
Effect of dilutive stock-based compensation plans:

Restricted stock units and multi-year awards	98		112		93		102

Weighted average number of shares used in calculating diluted net income per share	31,283		31,223		31,256		31,518



Net income attributable to the Company per share:
Basic	$	0.87	$	0.34	$	2.59	$	2.47
Diluted	$	0.87	$	0.34	$	2.58	$	2.46

Commitments and Contingencies (Narrative) (Details) $ in Thousands	9 Months Ended	12 Months Ended	141 Months Ended	225 Months Ended	261 Months Ended
	Sep. 30, 2023 USD ($) claim	Dec. 31, 2022 claim	Sep. 30, 2023 USD ($) claim	Sep. 30, 2023 USD ($) claim	Sep. 30, 2023 USD ($) claim	Dec. 31, 2021 claim
Loss Contingencies [Line Items]
Number of pending claims	3,604		3,604	3,604	3,604
Subsidiaries \| Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Number of pending claims	7,690		7,690	7,690	7,690
Resolution costs paid by insurance carrier				100.00%
New claims			12
Loss contingency, damages paid, value \| $					$ 15,000
Asbestos Issue
Loss Contingencies [Line Items]
Number of pending claims	3,604	3,598	3,604	3,604	3,604	3,609
Total resolved claims, by means of settlement or dismissal	38,035		38,035	38,035	38,035
Total cost of resolution \| $	$ 10,700		$ 10,700	$ 10,700	$ 10,700
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140,000		$ 140,000	$ 140,000	$ 140,000
New claims	17	32

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

As of September 30, 2023 and December 31, 2022, Accounts receivable consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Trade and other accounts receivable	$	256,852	$	179,676
Bank promissory notes	19,286		23,439
Allowance for expected credit losses	(5,651)		(3,097)
Accounts receivable, net	$	270,487	$	200,018

Schedule of Contract Receivables

As of September 30, 2023 and December 31, 2022, Noncurrent receivables consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Noncurrent receivables	$	25,427	$	28,053
Allowance for expected credit losses	(127)		(140)
Noncurrent receivables, net	$	25,300	$	27,913

Cover page - shares shares in Millions	9 Months Ended
Cover page - shares shares in Millions	Sep. 30, 2023	Oct. 15, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31.2
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Business Combination

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combination

On August 31, 2023, the Company acquired all of the outstanding shares of Heimbach, a privately-held manufacturer of paper machine clothing with headquarters in Düren, Germany. Heimbach is a global supplier of paper machine clothing for the production of all grades of paper and cardboard on all machine types as well as high-tech textile products used in a variety of sectors, such as the food processing, chemicals, construction materials and automotive industries. Heimbach is now a division under the MC segment. The Paper Machine Clothing ("PMC") industry has attractive dynamics and the acquisition of Heimbach provides increased scale and complementary technology that further drives the Machine Clothing segment's differentiated manufacturing, sales and service network.

The acquisition was funded using cash on-hand. The following table summarizes the total consideration paid, excluding debt assumed, for the acquisition of Heimbach:


(in thousands)	August 31, 2023
Cash consideration	$	145,816
Indemnity release	(1,750)
Total consideration paid	$	144,066

The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations.

The assets acquired and the liabilities assumed were recorded based on their preliminary fair values at the date of acquisition as follows:


(in thousands)	August 31, 2023
Assets acquired:
Cash and cash equivalents	$	12,347
Accounts receivables	52,704
Inventories	41,538
Property, plant and equipment	126,057
Other intangible assets	14,464
Other current assets	7,452
Other noncurrent assets	6,694


Total assets acquired	$	261,256

Liabilities assumed:
Assumed debt	$	32,700
Accounts payable	8,243
Accrued liabilities	27,257
Other noncurrent liabilities	36,313
Income taxes payable	288
Deferred tax liabilities	10,757
Total liabilities assumed	$	115,558

Net assets acquired	$	145,698
Noncontrolling interest	$	(1,632)
Total consideration	$	144,066

For the three and nine months ended September 30, 2023, the Company incurred acquisition related costs of $1.6 million and $2 million, respectively. These costs are included in Selling, general and administrative expenses in the Consolidated statements of income.

The preliminary fair values of the property, plant and equipment of $126.1 million were determined using the cost-approach and a market-approach because the selected approaches were appropriate for the valuation analysis and

sufficient information was available for their use. The Company recorded $1.1 million of depreciation expense for the three and nine months ended September 30, 2023.

The preliminary fair values of the identifiable intangible assets totaling $14.5 million, consisting of the Heimbach trade name and developed technology, was determined using the income approach, specifically, a relief from royalty method. The fair value of the trade name was $6.0 million and is considered an indefinite-lived asset because of Heimbach's rich brand heritage and customer service to the paper machine clothing industry dating back to 1811. The fair value of the developed technology was $8.5 million and includes intellectual property-related technologies as well as know-how developed by Heimbach; and is being amortized over its economic period of benefit, which is 9 years. This amortization period represents the estimated useful life of the asset. The Company recorded $0.1 million of intangible amortization for the three and nine months ended September 30, 2023.

The preliminary fair values of the assets acquired includes $3.2 million and $0.1 million of operating and finance lease right-of-use assets, respectively. The preliminary fair values of the liabilities assumed includes $3.2 million and $0.1 million of operating and finance lease liabilities, respectively, of which, $1.1 million and $0.1 million of operating and finance lease liabilities, respectively, are current liabilities.

Debt assumed included $32.7 million aggregate outstanding amount of bank debt with several European financial institutions with fixed interest rates ranging from 0.9% to 2.93% and maturity dates ranging from September 25, 2023 to June 30, 2031. Bank agreements allowed for the repayment of the debt upon demand by certain financial institutions in the event of a change in control. Some of the assumed bank debt may become due upon notification by

those financial institutions before the maturity date of the bank agreements. At September 30, 2023, the foreign debt assumed was $29.6 million, of which $27.2 million was classified as Current maturities on long-term debt.

The preliminary fair value of the liabilities assumed include $35.3 million of pension liabilities for various defined benefit plans.

Heimbach's results of operations have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on August 31, 2023. Heimbach contributed $15.6 million of revenue and a $(0.5) million operating loss for the period ended September 30, 2023.

Fair-Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements, Recurring and Nonrecurring

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


	September 30, 2023				December 31, 2022
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	19,596	$	—	$	6,533	$	—
Foreign currency option contracts	—		1,465		—		1,788
Other Assets:
Common stock of unaffiliated foreign public company (a)	623		—		602		—
Interest rate swaps	—		17,314		—		23,605
Liabilities
Foreign currency forward contracts	—		(267)		—		—

(a)Original cost basis $0.5 million.

Summary of Derivative Instruments, Gain (Loss)

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses	$	704	$	(28)	$	581	$	(409)

Financial Instruments (Schedule Interest Rate for Borrowings) (Details) - Line of Credit - Unsecured Debt		9 Months Ended
	Jun. 23, 2023	Sep. 30, 2023
Less than 1.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.275%
Less than 1.00:1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		1.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.30%
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		2.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		1.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.325%
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		3.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		2.00
Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.35%
Greater than or equal to 3.00:1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		3.00
SOFR \| Minimum
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread	0.00%
SOFR \| Less than 1.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.50%
SOFR \| Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.625%
SOFR \| Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.75%
SOFR \| Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		2.00%
Base Rate \| Less than 1.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.50%
Base Rate \| Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.625%
Base Rate \| Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.75%
Base Rate \| Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.00%

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

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

As of September 30, 2023 and December 31, 2022, Inventories consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Raw materials	$	84,835	$	74,631
Work in process	71,446		50,516
Finished goods	24,710		13,903
Total inventories	$	180,991	$	139,050

On August 31, 2023, the Company acquired all of the outstanding shares of Heimbach, which resulted in an increase of $41.5 million to Inventories, based on preliminary fair values at the date of acquisition.

Contract Assets and Liabilities (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period decrease	$ 17,100,000
Contract with customer, asset, impairment loss	0	$ 0
Decrease in contract with customer, liability	11,500,000
Contract with customer, liability, revenue recognized	$ 14,400,000	$ 5,000,000

Commitments and Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) claim	Dec. 31, 2022 USD ($) claim
Loss Contingency Accrual [Roll Forward]
Closing Number of Claims	3,604
Asbestos Issue
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,598	3,609
Claims Dismissed, Settled, or Resolved	11	43
New Claims	17	32
Closing Number of Claims	3,604	3,598
Amounts Paid to Settle or Resolve \| $	$ 74	$ 125

Financial Instruments

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Financial Instruments

Debt principally consists of a revolving credit agreement and foreign bank debt assumed in the acquisition of Heimbach.

The following table represents the Company's outstanding debt:


(in thousands, except interest rates)	September 30, 2023		December 31, 2022
Borrowings under the Amended Credit Agreement(1)	$	461,000	$	439,000
Foreign bank debt	29,585		—
Total bank debt	490,585		439,000
Less: Current maturities of long-term debt	27,246		—
Long-term debt	$	463,339	$	439,000
(1) the credit facility matures in August 2028. At the end of the September 30, 2023 and December 31, 2022, the interest rate in effect was 3.60% and 3.16%, respectively, including the effect of interest rate hedging transactions, as described below.

Amended Credit Agreement

On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement (the “Amended Credit Agreement”), which amended and restated the prior $700 million committed Four-Year Revolving Credit Facility Agreement, entered into on October 27, 2020 (the “Prior Agreement”). The Amended Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default that are substantially comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company's subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as were borrowings under the Prior Agreement.

On June 23, 2023, we entered into the first Amendment to the Prior Agreement to replace the LIBOR-based reference interest rate option with a reference interest rate option based on the Term Secured Overnight Financing Rate ("Term SOFR") plus an applicable credit spread adjustment (subject to a minimum floor of 0.00%). The Amendment did not make any other material changes to the terms and conditions of the Prior Agreement, including the representations and warranties, events of default, affirmative and negative covenants. These amendments are also reflected in the Amended Credit Agreement.

The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:


Leverage Ratio	Commitment Fee	ABR Spread	Term Benchmark/ Daily Simple SOFR Spread
<1.00:1.00	0.275%	0.500%	1.500%
≥ 1.00:1.00 and < 2.00:1.00	0.300%	0.625%	1.625%
≥ 2.00:1.00 and < 3.00:1.00	0.325%	0.750%	1.750%
≥ 3.00:1.00	0.350%	1.000%	2.000%

As of September 30, 2023, the applicable interest rate for borrowings under the Amended Credit Agreement was based on one-month term SOFR plus the spread, which was 1.625%.

As of September 30, 2023, there was $461 million of borrowings outstanding under the Amended Credit Agreement. As of September 30, 2023, we had borrowings available of $339 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).

The Amended Credit Agreement contains customary terms including affirmative covenants, negative covenants and events of default. Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00.

As of September 30, 2023, our leverage ratio was 1.48 to 1.00 (as defined in the Amended Credit Agreement) and our interest coverage ratio was 13.95 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, then we are restricted in

paying dividends to a maximum amount of $40 million in a calendar year. As of September 30, 2023, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions.

The borrowings are guaranteed by certain of the Company’s subsidiaries as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended 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 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 Prior Agreement at the rate of 0.838% during the period. Under the terms of these transactions, we paid the fixed rate of 0.838% and the counterparties paid a floating rate based on the one-month LIBOR rate at each monthly calculation date. On June 29, 2023, the Company amended each Swap agreement, in accordance with the practical expedients included in Accounting Standards Codification (“ASC”) 848, Reference Rate Reform, to replace the LIBOR Benchmark with a Term SOFR Benchmark. As a result of the amendments, we will pay a fixed blended rate of 0.7683% (plus a credit spread adjustment as defined in the Swap Agreements) through October 27, 2024 on $350 million of borrowings under the Amended Credit Agreement and the counterparties will pay a floating rate based on the one-month term SOFR at each monthly calculation date, which on September 18, 2023 was 5.33%. The effective date of the amended Swap agreements was July 17, 2023. As of September 18, 2023, the all-in-rate on the $350M of debt was 2.51%.

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% at the time the swap agreements terminated.

The interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 14. Fair-Value Measurements. No cash collateral was received or pledged in relation to the swap agreements.

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

Assumed Foreign Bank Debt

On August 31, 2023, the Company acquired Heimbach. The Company assumed Heimbach’s bank debt in the amount of $32.7 million. The bank debt is held by several European financial institutions, with fixed interest rates ranging from 0.9% to 2.93% and maturity dates ranging from September 25, 2023 to June 30, 2031. Certain bank agreements allowed for the repayment of the debt upon demand by certain financial institutions in the event of a change in control. Some or all of the assumed bank debt could become due upon notification by any of the financial institutions before the maturity date of the bank agreements. At September 30, 2023, the foreign debt assumed was $29.6 million, of which $27.2 million was classified as Current maturities on long-term debt.

Accumulated Other Comprehensive Income (AOCI) (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 30, 2023:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax	(4,326)		(183)		3,386		(1,123)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(8,136)		(8,136)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(1,423)		—		(1,423)
Net current period other comprehensive income	(4,326)		(1,606)		(4,750)		(10,682)
September 30, 2023	$	(151,177)	$	(17,389)	$	12,957	$	(155,609)

The table below presents changes in the components of AOCI for the period from December 31, 2021 to September 30, 2022:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications, net of tax	(79,841)		—		17,569		(62,272)
Pension settlement expense, net of tax	—		26,198		—		26,198
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,006		2,006
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(321)		—		(321)
Net current period other comprehensive income	(79,841)		25,877		19,575		(34,389)
September 30, 2022	$	(185,721)	$	(12,613)	$	17,961	$	(180,373)

Summary of Reclassification out of Accumulated Other Comprehensive Income


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Other (income)/expense, net related to interest rate swaps included in Income before taxes	$	(3,990)	$	(106)	$	(10,891)	$	2,758
Income tax effect	1,009		(27)		2,755		(752)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(2,981)	$	(133)	$	(8,136)	$	2,006

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension settlement expense	$	—	$	42,657	$	—	$	42,657
Amortization of prior service credit	(1,031)		(1,123)		(3,092)		(3,368)
Amortization of net actuarial loss	349		967		1,042		2,905
Total pretax amount reclassified (a)	(682)		42,501		(2,050)		42,194
Income tax effect	208		(16,411)		627		(16,317)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(474)	$	26,090	$	(1,423)	$	25,877

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. ("Albany", the "Registrant", the "Company", "we", "us", or "our") consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the Company's Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2022.

Accounts Receivable

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable, net includes Trade and other accounts receivable and Bank promissory notes, net of Allowance for expected credit losses. In connection with certain revenues in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of September 30, 2023 and December 31, 2022, Accounts receivable consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Trade and other accounts receivable	$	256,852	$	179,676
Bank promissory notes	19,286		23,439
Allowance for expected credit losses	(5,651)		(3,097)
Accounts receivable, net	$	270,487	$	200,018

On August 31, 2023, the Company acquired all of the outstanding shares of Heimbach, which resulted in an increase of $52.7 million to Accounts receivable, based on preliminary fair values at the date of acquisition.

The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables will be invoiced to the customer over a 10-year period, which began in 2020. As of September 30, 2023 and December 31, 2022, Noncurrent receivables consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Noncurrent receivables	$	25,427	$	28,053
Allowance for expected credit losses	(127)		(140)
Noncurrent receivables, net	$	25,300	$	27,913

Reportable Segments and Revenue Recognition

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Reportable Segments and Revenue Recognition

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

Machine Clothing:

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

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

On August 31, 2023, the Company completed the acquisition of Heimbach GmbH (“Heimbach”), a privately-held manufacturer of paper machine clothing and technical textiles, as further described in Note 17. Business Combination. The financial results of the acquired company are included in the Machine Clothing reportable segment.

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, the SAFRAN Group (“SAFRAN”) 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, where revenue is determined by a cost-plus-fee agreement. The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircraft. AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM International's LEAP engine) accounted for approximately 16 percent of the Company's consolidated Net revenues in 2022.

AEC net sales to SAFRAN were $140.8 million and $125.4 million in the first nine months of 2023 and 2022, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from SAFRAN amounted to $90.0 million and $80.8 million as of September 30, 2023 and December 31, 2022, respectively.

Other significant programs by AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing 7-Series programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. For the year ended December 31, 2022, approximately 46 percent of AEC revenues were related to U.S. government contracts or programs.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Net revenues
Machine Clothing	$	166,588	$	153,389	$	479,027	$	459,121
Albany Engineered Composites	114,518		107,174		345,298		306,980
Consolidated revenues	$	281,106	$	260,563	$	824,325	$	766,101
Operating income/(loss)
Machine Clothing	$	50,710	$	57,247	$	153,400	$	161,752
Albany Engineered Composites	9,374		9,958		27,460		20,688
Corporate expenses	(20,014)		(13,561)		(54,747)		(39,327)
Consolidated Operating income	$	40,070	$	53,644	$	126,113	$	143,113
Reconciling items:
Interest income	(1,826)		(965)		(4,770)		(2,463)
Interest expense	5,479		4,759		14,819		13,799
Pension settlement expense	—		49,128		—		49,128

Other (income)/expense, net	56		(6,918)		(4,910)		(17,891)
Income before income taxes	$	36,361	$	7,640	$	120,974	$	100,540

Third quarter results include newly acquired Heimbach for the period of ownership, which began September 1, 2023. Heimbach's impact on third quarter results is described in Note 17. Business Combination. This acquisition impacted MC third quarter results by increasing Net revenues by $15.6 million and reducing Operating income by $(0.5) million, which included depreciation expense on Property, plant, and equipment, net of $1.1 million, and amortization expense on Intangibles, net of $0.1 million.

Revenue Recognition:

Products and services provided under long-term contracts represent a significant portion of revenues in the Albany Engineered Composites segment and we account for these contracts over time, primarily using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. Changes in the estimated profitability of long-term contracts increased operating income by $0.9 million for the third quarter of 2023 and decreased operating income $4.1 million for the first nine months of 2023. Adjustments in the estimated profitability of long-term contracts increased operating income by $2.6 million and $2.0 million for the three and nine months ended September 30, 2022, respectively.

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

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2023:


	Three months ended September 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	165,643	$	945	$	166,588

Albany Engineered Composites:
ASC	—		46,654		46,654
Other AEC	4,955		62,909		67,864
Total Albany Engineered Composites	4,955		109,563		114,518

Total revenues	$	170,598	$	110,508	$	281,106

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2022:


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

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

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

The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2023:


	Nine months ended September 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	476,194	$	2,833	$	479,027

Albany Engineered Composites:
ASC	—		138,603		138,603
Other AEC	14,259		192,436		206,695
Total Albany Engineered Composites	14,259		331,039		345,298

Total revenues	$	490,453	$	333,872	$	824,325

The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2022:


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

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

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

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Americas PMC	$	84,405	$	83,124	$	261,937	$	240,173
Eurasia PMC	64,493		49,828		164,771		157,751
Engineered Fabrics	17,690		20,437		52,319		61,197
Total Machine Clothing Net revenues	$	166,588	$	153,389	$	479,027	$	459,121

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 and certain contracts in the AEC segment are relatively short duration firm-fixed-price orders. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $759 million and $600 million as of September 30, 2023 and 2022, respectively, and related primarily to firm fixed price contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2023, we expect to recognize as revenue approximately $38 million during 2023, $146 million during 2024, $146 million during 2025, and the remainder thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes (Narrative) (Details) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Net tax benefit	$ 5.2

Reportable Segments and Revenue Recognition (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 281,106	$ 260,563	$ 824,325	$ 766,101
Operating income (loss)	40,070	53,644	126,113	143,113
Pension settlement expense	0	49,128	0	49,128
Other (income)/expense, net	56	(6,918)	(4,910)	(17,891)
Income before income taxes	36,361	7,640	120,974	100,540
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating income (loss)	(20,014)	(13,561)	(54,747)	(39,327)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	(1,826)	(965)	(4,770)	(2,463)
Interest expense	5,479	4,759	14,819	13,799
Pension settlement expense	0	49,128	0	49,128
Other (income)/expense, net	56	(6,918)	(4,910)	(17,891)
Machine Clothing
Segment Reporting Information [Line Items]
Net revenues	166,588	153,389	479,027	459,121
Machine Clothing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	166,588	153,389	479,027	459,121
Operating income (loss)	50,710	57,247	153,400	161,752
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues	114,518	107,174	345,298	306,980
Operating income (loss)	900	2,600	(4,100)	2,000
Albany Engineered Composites \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	114,518	107,174	345,298	306,980
Operating income (loss)	$ 9,374	$ 9,958	$ 27,460	$ 20,688

Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to September 30, 2023:


	Class A Common Stock			Additional paid-in capital	Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Shareholders' Equity
(in thousands)	Shares	Amount									Shares					Amount
December 31, 2022	40,785	$	41		$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543
Net income	—	—			—		26,889		—		—	—		197		27,086
Compensation and benefits paid or payable in shares	58	—			378		—		—		—	—		—		378




Dividends declared on Class A Common Stock, $0.25 per share	—	—			—		(7,792)		—		—	—		—		(7,792)

Cumulative translation adjustments	—	—			—		—		13,881		—	—		238		14,119
Pension and postretirement liability adjustments	—	—			—		—		(916)		—	—		—		(916)
Derivative valuation adjustment	—	—			—		—		(2,902)		—	—		—		(2,902)
March 31, 2023	40,842	$	41		$	441,917	$	950,415	$	(134,864)	9,675	$	(364,923)	$	4,929	$	897,515
Net income	—	—			—		26,672		—		—	—		154		26,826
Compensation and benefits paid or payable in shares	—	—			811		—		—		—	—		—		811

Shares issued to Directors'	—	—			828		—		—		(12)	258		—		1,086


Dividends declared on Class A Common Stock, $0.25 per share	—	—			—		(7,795)		—		—	—		—		(7,795)

Cumulative translation adjustments	—	—			—		—		(2,568)		—	—		179		(2,389)
Pension and postretirement liability adjustments	—	—			—		—		(724)		—	—		—		(724)
Derivative valuation adjustment	—	—			—		—		389		—	—		—		389
June 30, 2023	40,842	$	41		$	443,556	$	969,292	$	(137,767)	9,663	$	(364,665)	$	5,262	$	915,719
Net income	—	—			—		27,109		—		—	—		45		27,154
Compensation and benefits paid or payable in shares	15	—			2,914		—		—		(1)	—		—		2,914




Dividends declared on Class A Common Stock, $0.25 per share	—	—			—		(7,799)		—		—	—		—		(7,799)

Initial equity related to Noncontrolling interest in Arcari	—	—			—		—		—		—	—		1,632		1,632
Cumulative translation adjustments	—	—			—		—		(15,639)		—	—		(145)		(15,784)
Pension and postretirement liability adjustments	—	—			—		—		34		—	—		—		34

Derivative valuation adjustment	—	—			—		—		(2,237)		—	—		—		(2,237)
September 30, 2023	40,857	$	41		$	446,470	$	988,602	$	(155,609)	9,662	$	(364,665)	$	6,794	$	921,633

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


	Class A Common Stock			Additional paid-in capital	Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Shareholders' Equity
(in thousands)	Shares	Amount									Shares					Amount
December 31, 2021	40,760	$	41		$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—			—		27,737		—		—	—		338		28,075
Compensation and benefits paid or payable in shares	21	—			745		—		—		—	—		—		745
Options exercised	—	—			7		—		—		—	—		—		7

Purchase of Treasury shares (a)	—	—			—		—		—		515	(43,937)		—		(43,937)

Dividends declared on Class A Common Stock, $0.21 per share	—	—			—		(6,661)		—		—	—		—		(6,661)

Cumulative translation adjustments	—	—			—		—		(1,730)		—	—		56		(1,674)
Pension and postretirement liability adjustments	—	—			—		—		74		—	—		—		74
Derivative valuation adjustment	—	—			—		—		10,018		—	—		—		10,018
March 31, 2022	40,781	$	41		$	437,748	$	884,133	$	(137,622)	9,180	$	(324,080)	$	4,032	$	864,252
Net income	—	—			—		39,201		—		—	—		168		39,369
Compensation and benefits paid or payable in shares	4	—			902		—		—		—	—		—		902

Shares issued to Directors'	—	—			800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (a)	—	—			—		—		—		508	(41,128)		—		(41,128)

Dividends declared on Class A Common Stock, $0.21 per share	—	—			—		(6,529)		—		—	—		—		(6,529)

Cumulative translation adjustments	—	—			—		—		(39,661)		—	—		(91)		(39,752)
Pension and postretirement liability adjustments	—	—			—		—		234		—	—		—		234
Derivative valuation adjustment	—	—			—		—		3,349		—	—		—		3,349
June 30, 2022	40,785	$	41		$	439,450	$	916,805	$	(173,700)	9,675	$	(364,923)	$	4,109	$	821,782
Net income	—	—			—		10,694		—		—	—		129		10,823
Compensation and benefits paid or payable in shares	—	—			835		—		—		—	—		—		835
Options exercised	—	—			10		—		—		—	—		—		10


Dividends declared on Class A Common Stock, $0.21 per share	—	—			—		(6,533)		—		—	—		—		(6,533)


Cumulative translation adjustments	—	—			—		—		(38,450)		—	—		(56)		(38,506)
Pension and postretirement liability adjustments	—	—			—		—		(629)		—	—		—		(629)
Settlement of certain pension liabilities	—	—			—		—		26,198		—	—		—		26,198
Derivative valuation adjustment	—	—			—		—		6,208		—	—		—		6,208
September 30, 2022	40,785	$	41		$	440,295	$	920,966	$	(180,373)	9,675	$	(364,923)	$	4,182	$	820,188

(a)In October 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. During the nine months ended September 30, 2022, the Company repurchased 1,022,717 shares totaling $85.1 million. The Company did not repurchase shares during the nine months ended September 30, 2023.

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ 511	$ (6,636)	$ (3,622)	$ (17,660)
Bank fees and amortization of debt issuance costs	49	76	140	252
Components of net periodic pension and postretirement cost other than service cost	(15)	(138)	(260)	(411)
Other	(489)	(220)	(1,168)	(72)
Total other (income)/expense, net	$ 56	$ (6,918)	$ (4,910)	$ (17,891)

Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss), realized	$ (0.5)	$ 6.6	$ 3.6	$ 17.7

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net revenues	$ 281,106	$ 260,563	$ 824,325	$ 766,101
Cost of goods sold	179,271	160,070	520,468	473,411
Gross profit	101,835	100,493	303,857	292,690
Selling, general, and administrative expenses	51,975	36,873	147,214	119,325
Technical and research expenses	9,708	9,934	30,303	29,984
Restructuring expenses, net	82	42	227	268
Operating income	40,070	53,644	126,113	143,113
Interest expense/(income), net	3,653	3,794	10,049	11,336
Pension settlement expense	0	49,128	0	49,128
Other (income)/expense, net	56	(6,918)	(4,910)	(17,891)
Income before income taxes	36,361	7,640	120,974	100,540
Income tax expense/(benefit)	9,207	(3,183)	39,908	22,273
Net income	27,154	10,823	81,066	78,267
Net income attributable to the noncontrolling interest	45	129	396	635
Net income attributable to the Company	$ 27,109	$ 10,694	$ 80,670	$ 77,632
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.87	$ 0.34	$ 2.59	$ 2.47
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.87	$ 0.34	$ 2.58	$ 2.46
Shares of the Company used in computing earnings per share:
Basic (in shares)	31,185	31,111	31,163	31,416
Diluted (in shares)	31,283	31,223	31,256	31,518
Dividends declared per Class A share (in dollars per share)	$ 0.25	$ 0.21	$ 0.75	$ 0.63

Reportable Segments and Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenues		$ 281,106	$ 260,563	$ 824,325	$ 766,101
Depreciation				50,164	46,864
Operating income (loss)		40,070	53,644	126,113	143,113
Heimbach
Segment Reporting Information [Line Items]
Revenue of acquiree since acquisition date, actual	$ 15,600	15,600
Earnings (loss) of acquiree since acquisition date, actual	(500)	(500)
Depreciation		1,100		1,100
Amortization of intangible assets		100
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues		114,518	107,174	345,298	306,980
Operating income (loss)		900	$ 2,600	(4,100)	2,000
Revenue Benchmark \| Product Concentration Risk \| Albany Engineered Composites \| US Government Contracts Or Programs
Segment Reporting Information [Line Items]
Concentration risk percentage						46.00%
SAFRAN Group \| Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues				140,800	$ 125,400
Receivables	$ 90,000	$ 90,000		$ 90,000		$ 80,800
SAFRAN Group \| Revenue Benchmark \| Customer Concentration Risk \| Albany Engineered Composites
Segment Reporting Information [Line Items]
Concentration risk percentage						16.00%
Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%		10.00%

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

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 3,604 claims as of September 30, 2023.

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:


(in thousands, except number of claims)	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid to Settle or Resolve
As of December 31, 2022	3,609	43	32	3,598	$	125
As of September 30, 2023	3,598	11	17	3,604	$	74

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

While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of September 30, 2023, we had resolved, by means of settlement or dismissal, 38,035 claims at a total cost of $10.7 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.

The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,690 claims as of September 30, 2023, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

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

We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash

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

Goodwill and Other Intangible Assets (Details)		3 Months Ended	6 Months Ended
Goodwill and Other Intangible Assets (Details)	Aug. 31, 2023 USD ($)	Sep. 30, 2023 reporting_unit	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units \| reporting_unit		2
Goodwill impairment charges			$ 0
Heimbach
Finite-Lived Intangible Assets [Line Items]
Other intangible assets	$ 14,464,000
Acquired indefinite-lived intangible assets	6,000,000
Goodwill acquired	0
Heimbach \| Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangibles	$ 8,500,000
Finite-lived intangible assets, useful life	9 years

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par or stated value per share (in dollars per share)	$ 5.00	$ 5.00
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares, issued (in shares)	40,856,910	40,785,434
Treasury stock, shares (in shares)	9,661,845	9,674,542

Fair-Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair-Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1 - Quoted prices in active markets for identical assets or liabilities.

•Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

We had no Level 3 financial assets or liabilities at September 30, 2023 or at December 31, 2022.

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


	September 30, 2023				December 31, 2022
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	19,596	$	—	$	6,533	$	—
Foreign currency option contracts	—		1,465		—		1,788
Other Assets:
Common stock of unaffiliated foreign public company (a)	623		—		602		—
Interest rate swaps	—		17,314		—		23,605
Liabilities
Foreign currency forward contracts	—		(267)		—		—

(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 interest rate swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. On June 29, 2023, the Company amended each Swap agreement, in accordance with the practical expedients included in ASC 848, Reference Rate Reform, to replace the LIBOR Benchmark with a Term SOFR Benchmark (See Note 13. Financial Instruments for additional information). As of September 30, 2023, 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/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect earnings. Interest expense/(income) related to payments under the active swap agreements totaled $(10.9) million for the nine months ended September 30, 2023, and $2.8 million for the nine months ended September 30, 2022.

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

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

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses	$	704	$	(28)	$	581	$	(409)

- 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

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Aug. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 84,835		$ 74,631
Work in process	71,446		50,516
Finished goods	24,710		13,903
Total inventories	$ 180,991		$ 139,050
Heimbach
Inventory [Line Items]
Inventories		$ 41,538

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations	$ 10,731	$ 2,208	$ 35,698	$ 28,315
Provision for change in estimated tax rate	(119)	674	5	740
Income tax before discrete items	10,612	2,882	35,703	29,055
Discrete tax expense:
Exercise of U.S. stock options	0	(9)	0	(17)
Impact of amended tax returns	0	0	0	(98)
Reconciliation of prior year estimated taxes	(1,833)	(1,185)	(437)	(1,693)
Enacted tax legislation and rate change	0	0	313	0
Provision for/resolution of tax audits and contingencies, net	(602)	24	176	(116)
Impact of long range tax planning	0	0	(443)	0
Withholding tax related to internal restructuring	0	0	3,026	0
US Pension Settlement - Release of Residual Tax Effect	0	(5,217)	0	(5,217)
Impact of non-election of high tax exclusion under GILTI	1,155	0	1,617	0
Other	(125)	322	(47)	359
Total income tax expense/(benefit)	$ 9,207	$ (3,183)	$ 39,908	$ 22,273
Effective income tax rate reconciliation, percent	29.50%	28.90%	29.50%	28.90%

Changes in Shareholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to September 30, 2023:


	Class A Common Stock			Additional paid-in capital	Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Shareholders' Equity
(in thousands)	Shares	Amount									Shares					Amount
December 31, 2022	40,785	$	41		$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543
Net income	—	—			—		26,889		—		—	—		197		27,086
Compensation and benefits paid or payable in shares	58	—			378		—		—		—	—		—		378




Dividends declared on Class A Common Stock, $0.25 per share	—	—			—		(7,792)		—		—	—		—		(7,792)

Cumulative translation adjustments	—	—			—		—		13,881		—	—		238		14,119
Pension and postretirement liability adjustments	—	—			—		—		(916)		—	—		—		(916)
Derivative valuation adjustment	—	—			—		—		(2,902)		—	—		—		(2,902)
March 31, 2023	40,842	$	41		$	441,917	$	950,415	$	(134,864)	9,675	$	(364,923)	$	4,929	$	897,515
Net income	—	—			—		26,672		—		—	—		154		26,826
Compensation and benefits paid or payable in shares	—	—			811		—		—		—	—		—		811

Shares issued to Directors'	—	—			828		—		—		(12)	258		—		1,086


Dividends declared on Class A Common Stock, $0.25 per share	—	—			—		(7,795)		—		—	—		—		(7,795)

Cumulative translation adjustments	—	—			—		—		(2,568)		—	—		179		(2,389)
Pension and postretirement liability adjustments	—	—			—		—		(724)		—	—		—		(724)
Derivative valuation adjustment	—	—			—		—		389		—	—		—		389
June 30, 2023	40,842	$	41		$	443,556	$	969,292	$	(137,767)	9,663	$	(364,665)	$	5,262	$	915,719
Net income	—	—			—		27,109		—		—	—		45		27,154
Compensation and benefits paid or payable in shares	15	—			2,914		—		—		(1)	—		—		2,914




Dividends declared on Class A Common Stock, $0.25 per share	—	—			—		(7,799)		—		—	—		—		(7,799)

Initial equity related to Noncontrolling interest in Arcari	—	—			—		—		—		—	—		1,632		1,632
Cumulative translation adjustments	—	—			—		—		(15,639)		—	—		(145)		(15,784)
Pension and postretirement liability adjustments	—	—			—		—		34		—	—		—		34

Derivative valuation adjustment	—	—			—		—		(2,237)		—	—		—		(2,237)
September 30, 2023	40,857	$	41		$	446,470	$	988,602	$	(155,609)	9,662	$	(364,665)	$	6,794	$	921,633

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


	Class A Common Stock			Additional paid-in capital	Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Shareholders' Equity
(in thousands)	Shares	Amount									Shares					Amount
December 31, 2021	40,760	$	41		$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—			—		27,737		—		—	—		338		28,075
Compensation and benefits paid or payable in shares	21	—			745		—		—		—	—		—		745
Options exercised	—	—			7		—		—		—	—		—		7

Purchase of Treasury shares (a)	—	—			—		—		—		515	(43,937)		—		(43,937)

Dividends declared on Class A Common Stock, $0.21 per share	—	—			—		(6,661)		—		—	—		—		(6,661)

Cumulative translation adjustments	—	—			—		—		(1,730)		—	—		56		(1,674)
Pension and postretirement liability adjustments	—	—			—		—		74		—	—		—		74
Derivative valuation adjustment	—	—			—		—		10,018		—	—		—		10,018
March 31, 2022	40,781	$	41		$	437,748	$	884,133	$	(137,622)	9,180	$	(324,080)	$	4,032	$	864,252
Net income	—	—			—		39,201		—		—	—		168		39,369
Compensation and benefits paid or payable in shares	4	—			902		—		—		—	—		—		902

Shares issued to Directors'	—	—			800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (a)	—	—			—		—		—		508	(41,128)		—		(41,128)

Dividends declared on Class A Common Stock, $0.21 per share	—	—			—		(6,529)		—		—	—		—		(6,529)

Cumulative translation adjustments	—	—			—		—		(39,661)		—	—		(91)		(39,752)
Pension and postretirement liability adjustments	—	—			—		—		234		—	—		—		234
Derivative valuation adjustment	—	—			—		—		3,349		—	—		—		3,349
June 30, 2022	40,785	$	41		$	439,450	$	916,805	$	(173,700)	9,675	$	(364,923)	$	4,109	$	821,782
Net income	—	—			—		10,694		—		—	—		129		10,823
Compensation and benefits paid or payable in shares	—	—			835		—		—		—	—		—		835
Options exercised	—	—			10		—		—		—	—		—		10


Dividends declared on Class A Common Stock, $0.21 per share	—	—			—		(6,533)		—		—	—		—		(6,533)


Cumulative translation adjustments	—	—			—		—		(38,450)		—	—		(56)		(38,506)
Pension and postretirement liability adjustments	—	—			—		—		(629)		—	—		—		(629)
Settlement of certain pension liabilities	—	—			—		—		26,198		—	—		—		26,198
Derivative valuation adjustment	—	—			—		—		6,208		—	—		—		6,208
September 30, 2022	40,785	$	41		$	440,295	$	920,966	$	(180,373)	9,675	$	(364,923)	$	4,182	$	820,188

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Other (Income)/Expense, net (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other (Income)/Expense, net

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Currency transaction (gains)/losses	$	511	$	(6,636)	$	(3,622)	$	(17,660)
Bank fees and amortization of debt issuance costs	49		76		140		252
Components of net periodic pension and postretirement cost other than service cost	(15)		(138)		(260)		(411)
Other	(489)		(220)		(1,168)		(72)
Total other (income)/expense, net	$	56	$	(6,918)	$	(4,910)	$	(17,891)

Business Combinations (Summary of Total Consideration Paid) (Details) - Heimbach $ in Thousands	Aug. 31, 2023 USD ($)
Business Acquisition [Line Items]
Cash consideration	$ 145,816
Indemnity release	(1,750)
Total consideration paid	$ 144,066

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Noncurrent receivables	$ 25,427	$ 28,053
Allowance for expected credit losses	(127)	(140)
Noncurrent receivables, net	$ 25,300	$ 27,913

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade and other accounts receivable	$ 256,852	$ 179,676
Bank promissory notes	19,286	23,439
Allowance for expected credit losses	(5,651)	(3,097)
Accounts receivable, net	$ 270,487	$ 200,018

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. In the second quarter of 2023, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and two AEC reporting units and concluded that each reporting unit’s fair value continued to exceed its carrying value. In addition, there were no amounts at risk due to the estimated excess between the fair and carrying values. Accordingly, no impairment charges were recorded. When a quantitative assessment is performed, determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company, as well as publicly available industry information, to determine earnings multiples and revenue multiples. Under the income approach, we determine fair value based on the 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. On August 31, 2023, the Company acquired Heimbach. The assets acquired include intangible assets of $14.5 million consisting of the Heimbach trade name and developed technology. The preliminary fair value of the Heimbach trade name of $6.0 million is considered an indefinite-lived asset. The preliminary fair value of the developed technology of $8.5 million is being amortized over 9 years. There was no excess purchase price over the fair value and therefore, there was no goodwill reported as part of the acquisition. See Note 17. Business Combination for additional information.

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ 915,719	$ 897,515	$ 867,543	$ 821,782	$ 864,252	$ 877,605	$ 867,543	$ 877,605
Net income	27,154	26,826	27,086	10,823	39,369	28,075	81,066	78,267
Compensation and benefits paid or payable in shares	2,914	811	378	835	902	745
Options exercised				10		7
Shares issued to Directors'		1,086			1,085
Purchase of Treasury shares					(41,128)	(43,937)
Initial equity related to Noncontrolling interest in Arcari	1,632
Cumulative translation adjustments	(15,784)	(2,389)	14,119	(38,506)	(39,752)	(1,674)
Pension and postretirement liability adjustments	34	(724)	(916)	(629)	234	74
Settlement of certain pension liabilities				26,198				26,198
Derivative valuation adjustment	(2,237)	389	(2,902)	6,208	3,349	10,018
Balance at end of the period	$ 921,633	915,719	$ 897,515	$ 820,188	821,782	864,252	$ 921,633	$ 820,188
Dividends declared per Class A share (in dollars per share)	$ 0.25			$ 0.21			$ 0.75	$ 0.63
Stock repurchase program, authorized amount									$ 200,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, balance at the beginning of the period (in shares)			9,674,542				9,674,542
Dividends declared	$ (7,799)	$ (7,795)	$ (7,792)	$ (6,533)	$ (6,529)	$ (6,661)
Treasury stock, balance at the end of the period (in shares)	9,661,845						9,661,845
Dividends declared per Class A share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.21	$ 0.21	$ 0.21
Common Stock \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	40,842,000	40,842,000	40,785,000	40,785,000	40,781,000	40,760,000	40,785,000	40,760,000
Balance at start of the period	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41
Compensation and benefits paid or payable in shares (in shares)	15,000		58,000		4,000	21,000
Common stock, balance at the end of the period (in shares)	40,857,000	40,842,000	40,842,000	40,785,000	40,785,000	40,781,000	40,857,000	40,785,000
Balance at end of the period	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	443,556	441,917	441,540	439,450	437,748	436,996	441,540	436,996
Compensation and benefits paid or payable in shares	2,914	811	378	835	902	745
Options exercised				10		7
Shares issued to Directors'		828			800
Balance at end of the period	446,470	443,556	441,917	440,295	439,450	437,748	446,470	440,295
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	969,292	950,415	931,318	916,805	884,133	863,057	931,318	863,057
Net income	27,109	26,672	26,889	10,694	39,201	27,737
Balance at end of the period	988,602	969,292	950,415	920,966	916,805	884,133	988,602	920,966
Retained earnings \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(7,799)	(7,795)	(7,792)	(6,533)	(6,529)	(6,661)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	(137,767)	(134,864)	(144,927)	(173,700)	(137,622)	(145,984)	(144,927)	(145,984)
Cumulative translation adjustments	(15,639)	(2,568)	13,881	(38,450)	(39,661)	(1,730)
Pension and postretirement liability adjustments	34	(724)	(916)	(629)	234	74
Settlement of certain pension liabilities				26,198
Derivative valuation adjustment	(2,237)	389	(2,902)	6,208	3,349	10,018
Balance at end of the period	(155,609)	(137,767)	(134,864)	(180,373)	(173,700)	(137,622)	(155,609)	(180,373)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ (364,665)	$ (364,923)	$ (364,923)	$ (364,923)	$ (324,080)	$ (280,143)	$ (364,923)	$ (280,143)
Treasury stock, balance at the beginning of the period (in shares)	9,663,000	9,675,000	9,675,000	9,675,000	9,180,000	8,665,000	9,675,000	8,665,000
Compensation and benefits paid or payable in shares	$ 1
Shares issued to Directors' (in shares)		(12,000)			(13,000)
Shares issued to Directors'		$ 258			$ 285
Purchase of Treasury shares (in shares)					508,000	515,000	0	1,022,717
Purchase of Treasury shares					$ (41,128)	$ (43,937)		$ (85,100)
Balance at end of the period	$ (364,665)	$ (364,665)	$ (364,923)	$ (364,923)	$ (364,923)	$ (324,080)	$ (364,665)	$ (364,923)
Treasury stock, balance at the end of the period (in shares)	9,662,000	9,663,000	9,675,000	9,675,000	9,675,000	9,180,000	9,662,000	9,675,000
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ 5,262	$ 4,929	$ 4,494	$ 4,109	$ 4,032	$ 3,638	$ 4,494	$ 3,638
Net income	45	154	197	129	168	338
Initial equity related to Noncontrolling interest in Arcari	1,632
Cumulative translation adjustments	(145)	179	238	(56)	(91)	56
Balance at end of the period	$ 6,794	$ 5,262	$ 4,929	$ 4,182	$ 4,109	$ 4,032	$ 6,794	$ 4,182

Business Combination (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Aug. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Depreciation			$ 50,164	$ 46,864
Long-term debt	$ 490,585	$ 490,585	490,585			$ 439,000
Current maturities of long-term debt	27,246	27,246	27,246			0
Foreign Bank Debt
Business Acquisition [Line Items]
Long-term debt	29,585	29,585	29,585			$ 0
Heimbach
Business Acquisition [Line Items]
Acquisition related costs		1,600	2,000
Property, plant and equipment					$ 126,057
Depreciation		1,100	1,100
Other intangible assets					14,464
Acquired indefinite-lived intangible assets					6,000
Amortization of intangible assets		100
Operating lease, right-of-use asset					3,200
Finance lease, right-of-use asset					100
Operating lease, liability					3,200
Finance lease, liability					100
Operating lease, liability, current					1,100
Finance lease liability, current					100
Assumed debt					32,700
Pension liabilities					35,300
Revenue of acquiree since acquisition date, actual	15,600	15,600
Earnings (loss) of acquiree since acquisition date, actual	(500)	(500)
Heimbach \| Foreign Bank Debt
Business Acquisition [Line Items]
Assumed debt					32,700
Long-term debt	29,600	29,600	29,600		$ 32,700
Current maturities of long-term debt	$ 27,200	27,200	27,200
Heimbach \| Minimum \| Foreign Bank Debt
Business Acquisition [Line Items]
Interest rate, stated percentage					0.90%
Heimbach \| Maximum \| Foreign Bank Debt
Business Acquisition [Line Items]
Interest rate, stated percentage					2.93%
Heimbach \| Developed Technology Rights
Business Acquisition [Line Items]
Acquired finite-lived intangibles					$ 8,500
Finite-lived intangible assets, useful life					9 years
Amortization of intangible assets		$ 100	$ 100
Heimbach \| Trade Names
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets					$ 6,000

Reportable Segments and Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Net revenues
Machine Clothing	$	166,588	$	153,389	$	479,027	$	459,121
Albany Engineered Composites	114,518		107,174		345,298		306,980
Consolidated revenues	$	281,106	$	260,563	$	824,325	$	766,101
Operating income/(loss)
Machine Clothing	$	50,710	$	57,247	$	153,400	$	161,752
Albany Engineered Composites	9,374		9,958		27,460		20,688
Corporate expenses	(20,014)		(13,561)		(54,747)		(39,327)
Consolidated Operating income	$	40,070	$	53,644	$	126,113	$	143,113
Reconciling items:
Interest income	(1,826)		(965)		(4,770)		(2,463)
Interest expense	5,479		4,759		14,819		13,799
Pension settlement expense	—		49,128		—		49,128

Other (income)/expense, net	56		(6,918)		(4,910)		(17,891)
Income before income taxes	$	36,361	$	7,640	$	120,974	$	100,540

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

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2023:


	Three months ended September 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	165,643	$	945	$	166,588

Albany Engineered Composites:
ASC	—		46,654		46,654
Other AEC	4,955		62,909		67,864
Total Albany Engineered Composites	4,955		109,563		114,518

Total revenues	$	170,598	$	110,508	$	281,106

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2022:


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

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

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

The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2023:


	Nine months ended September 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	476,194	$	2,833	$	479,027

Albany Engineered Composites:
ASC	—		138,603		138,603
Other AEC	14,259		192,436		206,695
Total Albany Engineered Composites	14,259		331,039		345,298

Total revenues	$	490,453	$	333,872	$	824,325

The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2022:


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

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

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

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Americas PMC	$	84,405	$	83,124	$	261,937	$	240,173
Eurasia PMC	64,493		49,828		164,771		157,751
Engineered Fabrics	17,690		20,437		52,319		61,197
Total Machine Clothing Net revenues	$	166,588	$	153,389	$	479,027	$	459,121

Reportable Segments and Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 281,106	$ 260,563	$ 824,325	$ 766,101
Machine Clothing
Disaggregation of Revenue [Line Items]
Net revenues	166,588	153,389	479,027	459,121
Machine Clothing \| Americas PMC
Disaggregation of Revenue [Line Items]
Net revenues	84,405	83,124	261,937	240,173
Machine Clothing \| Eurasia PMC
Disaggregation of Revenue [Line Items]
Net revenues	64,493	49,828	164,771	157,751
Machine Clothing \| Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net revenues	$ 17,690	$ 20,437	$ 52,319	$ 61,197

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Pensions and Other Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The composition of the net periodic benefit cost/ (income) for the nine months ended September 30, 2023 and 2022, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2023		2022		2023		2022
Components of net periodic benefit cost/(income):
Service cost	$	986	$	1,061	$	45	$	86
Interest cost	3,447		4,235		1,405		916
Expected return on assets	(3,063)		(5,099)		—		—
Amortization of prior service cost/(income)	(24)		(2)		(3,068)		(3,366)
Amortization of net actuarial loss	421		1,493		621		1,412
Net periodic benefit cost/(credit)	$	1,767	$	1,688	$	(997)	$	(952)
Settlement charge	—		49,128		—		—
Net benefit cost/(credit)	$	1,767	$	50,816	$	(997)	$	(952)

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	$ 821,782	$ 867,543	$ 877,605
Other comprehensive income/(loss) before reclassifications, net of tax		(1,123)	(62,272)
Pension settlement expense, net of tax	26,198		26,198
Net current period other comprehensive income		(10,682)	(34,389)
Balance at end of the period	820,188	921,633	820,188
Accumulated items of other comprehensive income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(173,700)	(144,927)	(145,984)
Pension settlement expense, net of tax	26,198
Balance at end of the period	(180,373)	(155,609)	(180,373)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period		(146,851)	(105,880)
Other comprehensive income/(loss) before reclassifications, net of tax		(4,326)	(79,841)
Pension settlement expense, net of tax			0
Net current period other comprehensive income		(4,326)	(79,841)
Balance at end of the period	(185,721)	(151,177)	(185,721)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period		(15,783)	(38,490)
Other comprehensive income/(loss) before reclassifications, net of tax		(183)	0
Amounts reclassified to the Consolidated Statements of Income, net of tax		(1,423)	(321)
Pension settlement expense, net of tax			26,198
Net current period other comprehensive income		(1,606)	25,877
Balance at end of the period	(12,613)	(17,389)	(12,613)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period		17,707	(1,614)
Other comprehensive income/(loss) before reclassifications, net of tax		3,386	17,569
Amounts reclassified to the Consolidated Statements of Income, net of tax		(8,136)	2,006
Pension settlement expense, net of tax			0
Net current period other comprehensive income		(4,750)	19,575
Balance at end of the period	$ 17,961	$ 12,957	$ 17,961

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2023 and December 31, 2022, Inventories consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Raw materials	$	84,835	$	74,631
Work in process	71,446		50,516
Finished goods	24,710		13,903
Total inventories	$	180,991	$	139,050

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 166,666	$ 149,443
Allowance for expected credit losses	(833)	(748)
Contract assets, net	165,833	148,695
Contract liabilities	$ 3,645	$ 15,176

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	$ 56	$ (6,918)	$ (4,910)	$ (17,891)
Pension settlement expense	0	49,128	0	49,128
Prior service credit	(1,031)	(1,123)	(3,092)	(3,368)
Net actuarial loss	349	967	1,042	2,905
Income before income taxes	36,361	7,640	120,974	100,540
Income tax effect	9,207	(3,183)	39,908	22,273
Net income attributable to the Company	(27,109)	(10,694)	(80,670)	(77,632)
Reclassification out of Accumulated Other Comprehensive Income \| Derivative valuation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	(3,990)	(106)	(10,891)	2,758
Income tax effect	1,009	(27)	2,755	(752)
Net income attributable to the Company	(2,981)	(133)	(8,136)	2,006
Reclassification out of Accumulated Other Comprehensive Income \| Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension settlement expense	0	42,657	0	42,657
Prior service credit	(1,031)	(1,123)	(3,092)	(3,368)
Net actuarial loss	349	967	1,042	2,905
Income before income taxes	(682)	42,501	(2,050)	42,194
Income tax effect	(208)	16,411	(627)	16,317
Net income attributable to the Company	$ 474	$ (26,090)	$ 1,423	$ (25,877)

Business Combination (Schedule of Assets Acquired and Liabilities Assumed) (Details) - Heimbach $ in Thousands	Aug. 31, 2023 USD ($)
Assets acquired:
Cash and cash equivalents	$ 12,347
Accounts receivables	52,704
Inventories	41,538
Property, plant and equipment	126,057
Other intangible assets	14,464
Other current assets	7,452
Other noncurrent assets	6,694
Total assets acquired	261,256
Liabilities assumed:
Assumed debt	32,700
Accounts payable	8,243
Accrued liabilities	27,257
Other noncurrent liabilities	36,313
Income taxes payable	288
Deferred tax liabilities	10,757
Total liabilities assumed	115,558
Net assets acquired	145,698
Noncontrolling interest	(1,632)
Total consideration	$ 144,066

Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 281,106	$ 260,563	$ 824,325	$ 766,101
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	170,598	158,309	490,453	471,173
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	110,508	102,254	333,872	294,928
Machine Clothing
Disaggregation of Revenue [Line Items]
Net revenues	166,588	153,389	479,027	459,121
Machine Clothing \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	165,643	152,490	476,194	456,423
Machine Clothing \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	945	899	2,833	2,698
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Net revenues	114,518	107,174	345,298	306,980
Albany Engineered Composites \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	4,955	5,819	14,259	14,750
Albany Engineered Composites \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	109,563	101,355	331,039	292,230
ASC
Disaggregation of Revenue [Line Items]
Net revenues	46,654	41,463	138,603	122,836
ASC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
ASC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	46,654	41,463	138,603	122,836
Other AEC
Disaggregation of Revenue [Line Items]
Net revenues	67,864	65,711	206,695	184,144
Other AEC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	4,955	5,819	14,259	14,750
Other AEC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	$ 62,909	$ 59,892	$ 192,436	$ 169,394

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 27,109	$ 10,694	$ 80,670	$ 77,632

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

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+ Details

Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 759	$ 600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 38
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 146
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, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 146
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 171,506	$ 291,776
Accounts receivable, net	270,487	200,018
Contract assets, net	165,833	148,695
Inventories	180,991	139,050
Income taxes prepaid and receivable	6,402	7,938
Prepaid expenses and other current assets	61,155	50,962
Total current assets	856,374	838,439
Property, plant and equipment, net	566,974	445,658
Intangibles, net	44,636	33,811
Goodwill	177,398	178,217
Deferred income taxes	15,284	15,196
Noncurrent receivables, net	25,300	27,913
Other assets	104,284	103,021
Total assets	1,790,250	1,642,255
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	70,105	69,707
Accrued liabilities	135,343	126,385
Current maturities of long-term debt	27,246	0
Income taxes payable	10,103	15,224
Total current liabilities	242,797	211,316
Long-term debt	463,339	439,000
Other noncurrent liabilities	141,620	108,758
Deferred taxes and other liabilities	20,861	15,638
Total liabilities	868,617	774,712
COMMITMENTS AND CONTINGENCIES (Note 15)
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid in capital	446,470	441,540
Retained earnings	988,602	931,318
Accumulated items of other comprehensive income:
Translation adjustments	(151,177)	(146,851)
Pension and postretirement liability adjustments	(17,389)	(15,783)
Derivative valuation adjustment	12,957	17,707
Treasury stock (Class A), at cost; 9,661,845 shares in 2023 and 9,674,542 in 2022	(364,665)	(364,923)
Total Company shareholders' equity	914,839	863,049
Noncontrolling interest	6,794	4,494
Total equity	921,633	867,543
Total liabilities and shareholders' equity	1,790,250	1,642,255
Common Class A
SHAREHOLDERS' EQUITY
Common stock	$ 41	$ 41

Business Combination (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Total Consideration Paid

The following table summarizes the total consideration paid, excluding debt assumed, for the acquisition of Heimbach:


(in thousands)	August 31, 2023
Cash consideration	$	145,816
Indemnity release	(1,750)
Total consideration paid	$	144,066

Schedule of Assets Acquired and Liabilities Assumed

The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations.

The assets acquired and the liabilities assumed were recorded based on their preliminary fair values at the date of acquisition as follows:


(in thousands)	August 31, 2023
Assets acquired:
Cash and cash equivalents	$	12,347
Accounts receivables	52,704
Inventories	41,538
Property, plant and equipment	126,057
Other intangible assets	14,464
Other current assets	7,452
Other noncurrent assets	6,694


Total assets acquired	$	261,256

Liabilities assumed:
Assumed debt	$	32,700
Accounts payable	8,243
Accrued liabilities	27,257
Other noncurrent liabilities	36,313
Income taxes payable	288
Deferred tax liabilities	10,757
Total liabilities assumed	$	115,558

Net assets acquired	$	145,698
Noncontrolling interest	$	(1,632)
Total consideration	$	144,066

Noncontrolling Interest

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interests

Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC ("ASC").

On August 31, 2023, the Company acquired all of the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. On the date of the acquisition, the fair value of the noncontrolling interest in Arcari was $1.6 million. For the month ended September 30, 2023, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at September 30, 2023 was $1.6 million.

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:


ASC Noncontrolling Interest	Nine months ended September 30,
(in thousands, except percentages)	2023			2022
Net income of Albany Safran Composites (ASC)	$	4,929		$	7,320
Less: Return attributable to the Company's preferred holding	974			974
Net income of ASC available for common ownership	$	3,955		$	6,346
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	396		$	635

Noncontrolling interest, beginning of year	$	4,494		$	3,638
Net income attributable to noncontrolling interest	396			635
Changes in other comprehensive income attributable to the noncontrolling interest	317			(91)
ASC Noncontrolling interest, end of interim period	$	5,207		$	4,182


Arcari Noncontrolling Interest
Net income of Arcari available for common ownership	$	34		$	—
Ownership percentage of noncontrolling shareholder	15		%	—
Net income attributable to the noncontrolling interest	$	5		$	—

Noncontrolling interest, beginning of year	$	—		$	—
Initial equity related to Noncontrolling interest in Arcari	1,632			—
Net income attributable to noncontrolling interest	5			—
Changes in other comprehensive income attributable to the noncontrolling interest	(50)			—
Arcari Noncontrolling interest, end of interim period	$	1,587		$	—


Total Noncontrolling interest, end of interim period	$	6,794		$	4,182

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of Contract Assets and Contract Liabilities

As of September 30, 2023 and December 31, 2022, Contract assets and Contract liabilities consisted of the following:


(in thousands)	September 30, 2023		December 31, 2022
Contract assets	$	166,666	$	149,443
Allowance for expected credit losses	(833)		(748)
Contract assets, net	$	165,833	$	148,695

Contract liabilities	$	3,645	$	15,176

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 490,585	$ 439,000
Less: Current maturities of long-term debt	27,246	0
Long-term debt	463,339	439,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 461,000	$ 439,000
Interest rate, effective percentage	3.60%	3.16%
Foreign Bank Debt
Debt Instrument [Line Items]
Long-term debt	$ 29,585	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of 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	Sep. 30, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500	$ 500
Fair Value, Recurring \| (Level 1)
Assets:
Cash equivalents	19,596	6,533
Common stock of unaffiliated foreign public company	623	602
Fair Value, Recurring \| (Level 1) \| Foreign currency option contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	0	0
Fair Value, Recurring \| (Level 1) \| Interest rate swaps
Assets:
Derivative asset	0	0
Fair Value, Recurring \| (Level 2)
Assets:
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Fair Value, Recurring \| (Level 2) \| Foreign currency option contracts
Assets:
Derivative asset	1,465	1,788
Liabilities:
Derivative liability	(267)	0
Fair Value, Recurring \| (Level 2) \| Interest rate swaps
Assets:
Derivative asset	$ 17,314	$ 23,605

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the Company	$ 27,109	$ 10,694	$ 80,670	$ 77,632
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,185	31,111	31,163	31,416
Effect of dilutive stock-based compensation plans:
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,283	31,223	31,256	31,518
Net income attributable to the Company per share:
Basic (in dollars per share)	$ 0.87	$ 0.34	$ 2.59	$ 2.47
Diluted (in dollars per share)	$ 0.87	$ 0.34	$ 2.58	$ 2.46
RSU and MPP
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards (in shares)	98	112	93	102