0000819793-24-000012 | 10-K | XBRL Viewer | Albany International Corp DE

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Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Right of use assets included in Other assets	$ 50,825	$ 48,475
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Accrued liabilities	$ 7,335	$ 5,929
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Other noncurrent liabilities	$ 50,637	$ 50,190
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Total operating lease liabilities	$ 57,972	$ 56,119

Leases (Schedule of Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease:
Amortization of right-of-use asset	$ 0	$ 416	$ 997
Interest on lease liabilities	0	529	1,353
Operating lease:
Fixed lease cost	9,591	6,036	5,283
Variable lease cost	108	438	(259)
Short-term lease cost	2,060	1,025	1,037
Total lease expense	$ 11,759	$ 8,444	$ 8,411

Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total Machine Clothing net revenues	$ 1,147,909	$ 1,034,887	$ 929,240
Machine Clothing
Disaggregation of Revenue [Line Items]
Total Machine Clothing net revenues	670,768	609,461	619,015
Machine Clothing \| Americas PMC
Disaggregation of Revenue [Line Items]
Total Machine Clothing net revenues	349,544	321,170	317,907
Machine Clothing \| Eurasia PMC
Disaggregation of Revenue [Line Items]
Total Machine Clothing net revenues	250,048	207,115	219,506
Machine Clothing \| Engineered Fabrics
Disaggregation of Revenue [Line Items]
Total Machine Clothing net revenues	$ 71,176	$ 81,176	$ 81,602

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 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 3,606 claims as of December 31, 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:


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2021	3,615	32	26	3,609	$93
2022	3,609	43	32	3,598	125
2023	3,598	19	27	3,606	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 December 31, 2023 we had resolved, by means of settlement or dismissal, 38,043 claims. The total cost of resolving all claims was $10.7 million. Of this amount, almost 100 percent was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.

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

Pension, Postretirement, and Other Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension, Postretirement, and Other Benefit Plans

Voluntary Savings Plan

The Company maintains a voluntary savings plan covering substantially all employees in the United States. The Plan, known as the Prosperity Plus Savings Plan, is a qualified plan under section 401(k) of the U.S. Internal Revenue Code. The Company matches, in the form of cash, between 50 percent and 100 percent of employee contributions up to a defined maximum. The investment of employee contributions to the plan is self-directed. The Company’s cost of the plan amounted to $7.3 million in 2023, $6.6 million in 2022, and $6.2 million in 2021.

The plan allows for discretionary matching contributions. The Company uses such discretion to provide profit sharing contributions to eligible plan participants. Such contributions are based on Company performance and vary from year to year and contributions are generally made in the first quarter following the Company’s fiscal year-end. The Company’s profit-sharing plan covers substantially all employees in the United States. After the close of each year, the Board of Directors reviews and approves the amount of the profit-sharing contribution. Company contributions to the plan are in the form of cash. The expense recorded for this plan was $4.9 million in 2023, $4.6 million in 2022, and $4.8 million in 2021.

Pension and Postretirement Plans

The Company has defined benefit pension and postretirement plans covering certain U.S. and non-U.S. employees. The eligibility, benefit formulas, and contribution requirements for plans vary by location.

As of December 31, 2023, U.S. benefit obligations exist through the U.S. Supplemental Executive Retirement Plan (“SERP”), a frozen unfunded pension plan, and the U.S. postretirement welfare plan ("PRW"), which provides various medical, dental, and life insurance benefits. The U.S. Pension Plus Plan, a qualified defined benefit pension plan was terminated in 2021 and settled during 2022, leading to charges totaling $49.1 million.

Outside the U.S., the Company sponsors defined benefit pension plans covering certain employees, including employees at our newly acquired Heimbach GmbH, and certain postretirement life insurance benefits to retired employees in Canada.

Accounting guidance requires the recognition of the funded status of each defined benefit and other postretirement benefit plan. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Company pension plan data for U.S. and non-U.S. plans has been combined for both 2023 and 2022, except where indicated below.

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

Gains and losses arise from changes in the assumptions used to measure the benefit obligations, and experience different from what had been assumed, including asset returns different than what had been expected. The Company amortizes gains and losses in excess of a “corridor” over the average future service of the plan’s current participants. The corridor is defined as 10 percent of the greater of the plan’s projected benefit obligation or market-related value of plan assets. The market-related value of plan assets is also used to determine the expected return on plan assets component of net periodic cost.

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

The following table sets forth the plan benefit obligations:


	As of December 31, 2023						As of December 31, 2022
(in thousands, except percentages)	Pension plans			Other postretirement benefits			Pension plans			Other postretirement benefits
Benefit obligation, beginning of year	$	83,730		$	35,658		$	230,790		$	44,884
Service cost	1,478			60			1,371			114
Interest cost	5,151			1,874			4,917			1,221
Plan participants' contributions	281			—			132			—
Actuarial (gain)/loss	6,317			(6,131)			(46,995)			(6,658)
Benefits paid	(6,388)			(2,795)			(7,946)			(3,234)
Acquisitions	64,947			—			—			—
Settlements and curtailments	—			—			(90,568)			—
Plan amendments and other	(1,985)						(25)			(605)
Foreign currency changes	4,792			18			(7,946)			(64)
Benefit obligation, end of year	$	158,323		$	28,684		$	83,730		$	35,658
Accumulated benefit obligation	$	151,001		$	—		$	78,153		$	—
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan	5.15		%	5.21		%	5.49		%	5.55		%
Discount rate — non-U.S. plans	4.05		%	4.70		%	5.15		%	5.20		%
Cash balance interest crediting rate - Switzerland pension plan	1.30		%	—			2.15		%	—
Compensation increase — U.S. plan	N/A			N/A			N/A			N/A
Compensation increase — non-U.S. plans	2.89		%	2.75		%	3.08		%	2.75		%

During 2023, pension benefit obligations increased by $74.6 million, largely related to the acquisition of Heimbach GmbH, which resulted in an increase of $64.9 million, in addition to net actuarial losses, which resulted in an increase of $6.3 million. Other postretirement benefit obligations decreased by $7.0 million in 2023, primarily driven by net actuarial gains and payments made by the Company to participants of the plan.

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

The following sets forth information about plan assets:


	As of December 31, 2023				As of December 31, 2022
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$	74,929	$	—	$	225,327	$	—
Actual return on plan assets, net of expenses	6,285		—		(57,868)		—
Employer contributions	3,629		2,795		15,071		3,234
Plan participants' contributions	281		—		132		—
Benefits paid	(6,388)		(2,795)		(7,946)		(3,234)
Acquisitions	30,941		—		—		—
Settlements	—		—		(90,568)		—
Other	(832)		—		—		—
Foreign currency changes	3,843		—		(9,219)		—
Fair value of plan assets, end of year	$	112,688	$	—	$	74,929	$	—

The funded status of the plans was as follows:


	As of December 31, 2023				As of December 31, 2022
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$	112,688	$	—	$	74,929	$	—
Benefit obligation	158,323		28,684		83,730		35,658
Funded status	$	(45,635)	$	(28,684)	$	(8,801)	$	(35,658)
Accrued benefit cost, end of year	$	(45,635)	$	(28,684)	$	(8,801)	$	(35,658)
Amounts recognized in the consolidated balance sheets consist of the following:
Noncurrent asset	$	19,296	$	—	$	16,234	$	—
Current liability	(5,500)		(2,808)		(1,974)		(3,660)
Noncurrent liability	(59,431)		(25,876)		(23,061)		(31,998)
Net amount recognized	$	(45,635)	$	(28,684)	$	(8,801)	$	(35,658)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	22,512	$	1,991	$	17,915	$	8,958
Prior service cost/(credit)	(132)		(484)		(134)		(4,574)
Net amount recognized	$	22,380	$	1,507	$	17,781	$	4,384

The composition of the net pension plan funded status as of December 31, 2023 was as follows:


(in thousands)	U.S. plan		Non-U.S. plans		Total
Pension plans with pension assets	$	—	$	19,296	$	19,296
Pension plans without pension assets	(3,799)		(61,132)		(64,931)
Total	$	(3,799)	$	(41,836)	$	(45,635)

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

The composition of the net periodic benefit plan cost for the years ended December 31, 2023, 2022, and 2021, was as follows:


	Pension plans									Other postretirement benefits
(in thousands, except percentages)	2023			2022			2021			2023			2022			2021
Components of net periodic benefit cost:
Service cost	$	1,478		$	1,371		$	2,192		$	60		$	114		$	132
Interest cost	5,151			4,917			5,467			1,874			1,221			1,103
Expected return on assets	(4,347)			(5,979)			(6,564)			—			—			—
Amortization of prior service cost/(credit)	(32)			(8)			13			(4,090)			(4,488)			(4,488)
Amortization of net actuarial loss	555			1,377			2,365			828			1,883			2,260
Settlement	—			49,128			—			—			—			—
Curtailment (gain)/loss	—			—			—			—			—			—
Net periodic benefit cost	$	2,805		$	50,806		$	3,473		$	(1,328)		$	(1,270)		$	(993)

Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan	5.49		%	2.63		%	2.65		%	5.55		%	2.83		%	2.38		%
Discount rate — non-U.S. plans	5.15		%	2.41		%	1.91		%	5.20		%	3.05		%	2.75		%
Cash balance interest crediting rate - Switzerland pension plan	2.15		%	0.25		%	0.05		%	—			—			—
Expected return on plan assets — U.S. plan	N/A			3.07		%	2.74		%	N/A			N/A			N/A
Expected return on plan assets — non-U.S. plans	5.21		%	3.31		%	2.89		%	N/A			N/A			N/A
Rate of compensation increase — U.S. plan	N/A			N/A			N/A			N/A			N/A			N/A
Rate of compensation increase — non-U.S. plans	3.08		%	2.70		%	2.71		%	2.75		%	2.75		%	2.75		%

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2023, 2022, and 2021, was as follows:


	Pension plans						Other postretirement benefits
(in thousands)	2023		2022		2021		2023		2022		2021
Settlements/curtailments	$	—	$	(49,128)	$	—	$	—	$	—	$	—
Asset/liability loss/(gain)	4,365		16,828		1,927		(6,131)		(6,658)		(995)
Amortization of actuarial (loss)	(554)		(1,377)		(2,365)		(828)		(1,883)		(2,260)
Amortization of prior service cost/(credit)	32		8		(13)		4,090		3,884		4,488
Other	—		—		—		—		—		—
Currency impact	757		(944)		(612)		(8)		15		2
Cost/(benefit) in Other comprehensive income	$	4,600	$	(34,613)	$	(1,063)	$	(2,877)	$	(4,642)	$	1,235

Investment Strategy

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

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

Fair-Value Measurements

The following tables present plan assets as of December 31, 2023, and 2022, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements. Certain investments that are measured at fair value using net asset value ("NAV") as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above. As of December 31, 2023 and 2022, there were no investments expected to be sold at a value materially different than NAV.


	Assets at Fair Value as of December 31, 2023
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	4,159	$	—	$	4,159
Debt securities	—		56,838		—		56,838
Insurance contracts	—		—		3,478		3,478
Real Estate	—		—		3,451		3,451
Hedge Funds	—		—		668		668
Cash and short-term investments	5,740		—		—		5,740
Total investments in the fair value hierarchy	$	5,740	$	60,997	$	7,597	74,334
Investments at net asset value:
Common Stocks and equity funds							12,608
Fixed income funds							25,746
Limited partnerships							—
Total plan assets							$	112,688


	Assets at Fair Value as of December 31, 2022
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		37,234		—		37,234
Insurance contracts	—		—		2,418		2,418
Real Estate	—		—		—		—
Hedge Funds	—		—		—		—
Cash and short-term investments	548		—		—		548
Total investments in the fair value hierarchy	$	548	$	37,234	$	2,418	40,200
Investments at net asset value:
Common Stocks and equity funds							13,069
Fixed income funds							21,660
Limited partnerships							—
Total plan assets							$	74,929

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2023 and 2022:


(in thousands)	December 31, 2022		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2023
Insurance contracts -
total level 3 assets	$	2,418	$	—	$	18	$	5,161	$	—	$	7,597


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

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2023 and 2022, and the target allocation, by asset category, are as follows:


	United States Plan						Non-U.S. Plans
	Target Allocation		Percentage of plan assets at plan measurement date				Target Allocation		Percentage of plan assets at plan measurement date
Asset category			2023		2022				2023		2022
Equity securities	N/A		N/A		N/A		14	%	13	%	15	%
Debt securities	N/A		N/A		N/A		71	%	73	%	76	%
Real estate	N/A		N/A		N/A		3	%	3	%	1	%
Other(1)	N/A		N/A		N/A		12	%	11	%	8	%
	—	%	—	%	—	%	100	%	100	%	100	%

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

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

At the end of 2023 and 2022, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:


	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2023		2022
Projected benefit obligation	$	81,972	$	28,458
Fair value of plan assets	17,041		3,422


	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2023		2022
Accumulated benefit obligation	$	77,688	$	25,941
Fair value of plan assets	17,041		3,422

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


(in thousands)	Pension plans		Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$	6,335	$	2,808
Expected benefit payments
2024	10,716		2,808
2025	10,972		2,714
2026	10,938		2,626
2027	10,089		2,538
2028	10,333		2,448
2029 to 2033	50,314		10,873

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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+ Details

Fair-Value Measurements (Schedule of /Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign currency option contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ (351)	$ (509)	$ 169

Business Combination (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule 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 Allocation of Purchase Price

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 receivable	51,569
Inventories	41,864
Property, plant and equipment	125,117
Other intangible assets	14,901
Other current assets	7,745
Other noncurrent assets	$	6,703


Total assets acquired	$	260,246

Liabilities assumed:
Assumed debt	$	32,700
Accounts payable	8,243
Accrued liabilities	27,674
Other noncurrent liabilities	35,910
Income taxes payable	288
Deferred tax liabilities	10,856
Total liabilities assumed	$	115,671

Net assets acquired	$	144,575
Noncontrolling interest	$	(509)
Total consideration	$	144,066

Schedule of Business Acquisition, Pro Forma Information

The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2023 and 2022 which assumes the acquisition of Heimbach occurred on January 1, 2022. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition of Heimbach been effective January 1, 2022, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical results of the Company and Heimbach adjusted for certain items discussed below. The pro forma information does not include the effects of any synergies, cost reduction initiatives or anticipated integration costs related to the acquisition.


	Years ended December 31,
(in thousands)	2023		2022
Net revenues	$	1,265,379	$	1,206,420
Net income attributable to the Company	$	109,710	$	91,583

Cover - USD ($) shares in Millions, $ in Billions	12 Months Ended
Cover - USD ($) shares in Millions, $ in Billions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	216 Airport Drive
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Tax Identification Number	14-0462060
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5800
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.9
Entity Common Stock, Shares Outstanding		31.2
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 10, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000819793

Income Taxes (Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.90%	2.50%	1.80%
Non-U.S. local income taxes	1.40%	3.80%	2.50%
U.S. permanent adjustments	0.80%	1.40%	1.10%
Foreign permanent adjustments	0.70%	(2.10%)	0.30%
Foreign rate differential	2.00%	3.10%	1.20%
Net U.S. tax on non-U.S. earnings and foreign withholdings	5.10%	3.50%	2.10%
Provision for/(resolution) of tax audits and contingencies, net	0.30%	0.30%	0.10%
U.S. Pension Settlement - Release of Residual Tax Effect	0.00%	(4.00%)	0.00%
Change in valuation allowances	(1.20%)	(0.60%)	0.60%
Impact of amended tax returns	0.00%	(0.10%)	(1.30%)
Return to provision	(1.20%)	(1.10%)	(1.40%)
Other adjustments	(0.40%)	(0.80%)	0.40%
Effective income tax rate	30.40%	26.90%	28.40%

Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) vote $ / shares shares	Oct. 25, 2021 USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares) \| shares	31,100,000	32,100,000
Balance at end of the period	$ 867,543,000	$ 877,605,000	$ 819,865,000
Treasury stock, balance at the beginning of the period (in shares) \| shares	9,674,542
Net income	$ 111,610,000	96,508,000	118,768,000
Compensation and benefits paid or payable in shares	5,851,000	3,727,000	2,441,000
Options exercised		17,000	153,000
Shares issued to Directors'			947,000
Shares issued to Directors'	1,085,000	1,085,000
Purchase of treasury shares		(85,065,000)	(24,375,000)
Conversion of Class B shares to Class A shares			0
Cumulative translation adjustments	22,409,000	(40,861,000)	(23,128,000)
Pension and postretirement liability adjustments	(1,563,000)	(3,491,000)	1,171,000
Settlement of certain pension liabilities		26,198,000
Derivative valuation adjustment	$ (8,628,000)	$ 19,321,000	$ 7,930,000
Common stock, balance at the end of the period (in shares) \| shares	31,200,000	31,100,000	32,100,000
Balance at end of the period	$ 967,320,000	$ 867,543,000	$ 877,605,000
Treasury stock, balance at the end of the period (in shares) \| shares	9,661,845	9,674,542
Stock repurchase program, authorized amount		$ 200,000,000		$ 200,000,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (31,496,000)	$ (27,501,000)	$ (25,520,000)
Dividends declared per share, Class A and Class B (in dollars per share) \| $ / shares	$ 1.01	$ 0.81	$ 0.81
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Number of votes entitled to shareholders per share of common stock \| vote	1
Common stock, capital shares reserved for future issuance (in shares) \| shares			1,600,000
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares) \| shares	0
Dividends declared			$ (647,000)
Common stock, balance at the end of the period (in shares) \| shares		0
Dividends declared per share, Class A and Class B (in dollars per share) \| $ / shares			$ 0.81
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Number of votes entitled to shareholders per share of common stock \| vote			10
Common Stock \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares) \| shares	40,785,000	40,760,000	39,115,000
Balance at end of the period	$ 41,000	$ 41,000	$ 39,000
Compensation and benefits paid or payable in shares (in shares) \| shares	71,000	24,000	20,000
Options exercised (in shares) \| shares		1,000	7,000
Conversion of Class B shares to Class A shares (in shares) \| shares			1,618,000
Conversion of Class B shares to Class A shares			$ 2,000
Common stock, balance at the end of the period (in shares) \| shares	40,856,000	40,785,000	40,760,000
Balance at end of the period	$ 41,000	$ 41,000	$ 41,000
Common Stock \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares) \| shares	0	0	1,618,000
Balance at end of the period	$ 0	$ 0	$ 2,000
Conversion of Class B shares to Class A shares (in shares) \| shares			(1,618,000)
Conversion of Class B shares to Class A shares			$ (2,000)
Common stock, balance at the end of the period (in shares) \| shares	0	0	0
Balance at end of the period	$ 0	$ 0	$ 0
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at end of the period	441,540,000	436,996,000	433,696,000
Compensation and benefits paid or payable in shares	5,851,000	3,727,000	2,441,000
Options exercised		17,000	153,000
Shares issued to Directors'	827,000	800,000	706,000
Balance at end of the period	448,218,000	441,540,000	436,996,000
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at end of the period	931,318,000	863,057,000	770,746,000
Net income	111,120,000	95,762,000	118,478,000
Balance at end of the period	1,010,942,000	931,318,000	863,057,000
Retained earnings \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(31,496,000)	(27,501,000)	(25,520,000)
Retained earnings \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared			(647,000)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at end of the period	(144,927,000)	(145,984,000)	(132,408,000)
Cumulative translation adjustments	21,950,000	(40,971,000)	(22,677,000)
Pension and postretirement liability adjustments	(1,563,000)	(3,491,000)	1,171,000
Settlement of certain pension liabilities		26,198,000
Derivative valuation adjustment	(8,628,000)	19,321,000	7,930,000
Balance at end of the period	(133,168,000)	(144,927,000)	(145,984,000)
Treasury Stock, Common
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at end of the period	$ (364,923,000)	$ (280,143,000)	$ (256,009,000)
Treasury stock, balance at the beginning of the period (in shares) \| shares	9,675,000	8,665,000	8,391,000
Shares issued to Directors'			$ 241,000
Shares issued to Directors' (in shares) \| shares	(13,000)	(13,000)	(11,000)
Shares issued to Directors'	$ 258,000	$ 285,000
Purchase of treasury shares (in shares) \| shares		1,022,717	285,286
Purchase of treasury shares		$ (85,065,000)	$ (24,375,000)
Balance at end of the period	$ (364,665,000)	$ (364,923,000)	$ (280,143,000)
Treasury stock, balance at the end of the period (in shares) \| shares	9,662,000	9,675,000	8,665,000
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at end of the period	$ 4,494,000	$ 3,638,000	$ 3,799,000
Net income	490,000	746,000	290,000
Cumulative translation adjustments	459,000	110,000	(451,000)
Initial equity related to Noncontrolling interest in Arcari	509,000
Balance at end of the period	$ 5,952,000	$ 4,494,000	$ 3,638,000

Other (income)/expense, net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other (Income)/ Expense

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


	Years ended December 31,
(in thousands)	2023		2022		2021
Currency transactions	$	(2,916)	$	(9,996)	$	(1,179)
Sale of IP addresses	—		(3,420)		—
Bank fees and amortization of debt issuance costs	180		313		373
Components of net periodic pension and postretirement cost other than service	(61)		(1,077)		156
Other	(3,366)		94		3,671
Total other (income)/expense, net	$	(6,163)	$	(14,086)	$	3,021

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Activity in Shareholders’ equity for 2021, 2022, and 2023 is presented below:


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2021	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		118,478		—		—	—		290		118,768

Compensation and benefits paid or payable in shares	20	—		—	—		2,441		—		—		—	—		—		2,441
Options exercised	7	—		—	—		153		—		—		—	—		—		153
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		285	(24,375)		—		(24,375)
Dividends declared
Class A Common Stock, $0.81 per share	—	—		—	—		—		(25,520)		—		—	—		—		(25,520)
Class B Common Stock, $0.81 per share	—	—		—	—		—		(647)		—		—	—		—		(647)
Conversion of Class B shares to Class A shares (b)	1,618	2		(1,618)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(22,677)		—	—		(451)		(23,128)
Pension and postretirement liability adjustments	—	—		—	—		—		—		1,171		—	—		—		1,171


Derivative valuation adjustment	—	—		—	—		—		—		7,930		—	—		—		7,930
December 31, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2022	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		95,762		—		—	—		746		96,508
Compensation and benefits paid or payable in shares	24	—		—	—		3,727		—		—		—	—		—		3,727
Options exercised	1	—		—	—		17		—		—		—	—		—		17
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (c)	—	—		—	—		—		—		—		1,023	(85,065)		—		(85,065)
Dividends declared
Class A Common Stock, $0.81 per share	—	—		—	—		—		(27,501)		—		—	—		—		(27,501)

Cumulative translation adjustments	—	—		—	—		—		—		(40,971)		—	—		110		(40,861)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(3,491)		—	—		—		(3,491)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198							26,198
Derivative valuation adjustment	—	—		—	—		—		—		19,321		—	—		—		19,321
December 31, 2022	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543

(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2023	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543
Net income	—	—		—	—		—		111,120		—		—	—		490		111,610
Compensation and benefits paid or payable in shares	71	—		—	—		5,851		—		—		—	—		—		5,851

Shares issued to Directors'	—	—		—	—		827		—		—		(13)	258		—		1,085

Dividends declared
Class A Common Stock, $1.01 per share	—	—		—	—		—		(31,496)		—		—	—		—		(31,496)


Initial equity related to Noncontrolling interest in Arcari	—	—		—	—		—		—		—		—	—		509		509
Cumulative translation adjustments	—	—		—	—		—		—		21,950		—	—		459		22,409
Pension and postretirement liability adjustments	—	—		—	—		—		—		(1,563)		—	—		—		(1,563)

Derivative valuation adjustment	—	—		—	—		—		—		(8,628)		—	—		—		(8,628)
December 31, 2023	40,856	$	41	—	$	—	$	448,218	$	1,010,942	$	(133,168)	9,662	$	(364,665)	$	5,952	$	967,320

(a)On October 25, 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million.

(b)Class B Stock had a par value of $0.001, was entitled to 10 votes on all matters submitted to shareholders, and received dividends as approved by the Board of Directors. In 2021, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offerings, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC. Since December 31, 2022, there were no Class B Common Stock outstanding nor will any Class B shares be issued.

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

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Term of lease contract		1 year
Salt Lake City, Utah \| Other Operating Assets and Liabilities
Lessee, Lease, Description [Line Items]
Change from finance to operating and included a non-cash increase decrease	$ 37.1
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		11 years
Renewal lease term		10 years

Restructuring (Schedule of Restructuring Liability) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring charges accrued	$ 282,000	$ 106,000	$ 1,331,000
Ending balance	0
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	0	1,045,000
Restructuring charges accrued	282,000	106,000
Payments	(285,000)	(1,079,000)
Currency translation/other	3,000	(72,000)
Ending balance	$ 0	$ 0	$ 1,045,000

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 1,200	$ 553	$ 278
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	1,200	$ 553	$ 278
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	179
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 179
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 from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 178
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 178
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 from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 156
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 156
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

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


Year ended December 31, 2023 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	282	$	282	$	—
Albany Engineered Composites	—		—		—
Corporate	—		—		—
Total restructuring expense	$	282	$	282	$	—


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


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

Schedule of Restructuring Liability

The table below presents the changes in restructuring liabilities for 2023 and 2022:


(in thousands)	December 31, 2022		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2023
Total termination and other costs	$	—	$	282	$	(285)	$	3	$	—


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

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	27,157	$ 6,533
Common stock of unaffiliated foreign public company	682	602
Fair Value, Recurring \| Fair Value, Inputs, Level 1 \| Interest rate swaps
Assets, Fair Value Disclosure [Abstract]
Derivative asset	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Foreign currency option contracts
Assets, Fair Value Disclosure [Abstract]
Derivative asset	1,725	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Foreign currency forward contracts
Assets, Fair Value Disclosure [Abstract]
Derivative asset	199	0
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Interest rate swaps
Assets, Fair Value Disclosure [Abstract]
Derivative asset	$ 12,214	$ 23,605

Contract Assets and Liabilities (Schedule of (Increases)/ Decreases in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (748)	$ (703)
(Charge)/ benefit	(152)	(45)
Currency translation	(8)	0
Other	0	0
Ending balance	$ (908)	$ (748)

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Operating cash outflows from operating leases	$ 10,105	$ 6,612	$ 5,233
Operating cash outflows from finance leases	0	529	1,353
Financing cash outflows from finance leases	0	654	1,438
Right-of-use asset obtained in exchange for operating lease liability	9,114	38,559	2,189
Right-of-use asset obtained in exchange for finance lease liability	$ 0	$ 0	$ 0

Reportable Segments and Geographic Data (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net revenues		$ 1,147,909	$ 1,034,887	$ 929,240
Depreciation and amortization		76,733	69,049	74,255
Operating income/(loss)		167,894	181,022	178,011
Interest income		(6,566)	(3,835)	(2,500)
Interest expense		20,167	17,835	17,391
Pension settlement expense		0	49,128	0
AMJP grant	$ (5,800)	0	0	(5,832)
Other (income)/expense, net		(6,163)	(14,086)	3,021
Income before income taxes		160,456	131,980	165,931
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization		3,812	3,364	3,662
Operating income/(loss)		(73,071)	(56,771)	(53,803)
Reconciling items:
Segment Reporting Information [Line Items]
Interest income		(6,566)	(3,835)	(2,500)
Interest expense		20,167	17,835	17,391
Pension settlement expense		0	49,128	0
AMJP grant		0	0	(5,832)
Other (income)/expense, net		(6,163)	(14,086)	3,021
Machine Clothing
Segment Reporting Information [Line Items]
Net revenues		670,768	609,461	619,015
Machine Clothing \| Operating segments
Segment Reporting Information [Line Items]
Net revenues		670,768	609,461	619,015
Depreciation and amortization		23,891	19,483	20,191
Operating income/(loss)		199,378	206,214	215,654
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues		477,141	425,426	310,225
Albany Engineered Composites \| Operating segments
Segment Reporting Information [Line Items]
Net revenues		477,141	425,426	310,225
Depreciation and amortization		49,030	46,202	50,402
Operating income/(loss)		$ 41,587	$ 31,579	$ 16,160

Financial Instruments (Narrative) (Details)				3 Months Ended	12 Months Ended
Financial Instruments (Narrative) (Details)	Aug. 16, 2023 USD ($)	Jun. 23, 2023	Oct. 27, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 18, 2023 USD ($)	Aug. 31, 2023 USD ($)	Jun. 29, 2023 USD ($)	Oct. 17, 2022 USD ($)	Jun. 14, 2021 USD ($)
Debt Instrument [Line Items]
Principal payments due on long-term debt in two years				$ 3,400,000	$ 3,400,000
Principal payments due on long-term debt in three years				1,300,000	1,300,000
Principal payments due on long-term debt in four years				1,200,000	1,200,000
Principal payments due on long-term debt in five years				446,400,000	446,400,000
Principal payments due on long-term debt after five years				400,000	400,000
Cash payments of interest					18,700,000	$ 16,000,000	$ 14,900,000
Total bank debt				456,885,000	456,885,000	439,000,000
Current maturities of long-term debt				4,218,000	4,218,000	0
Interest rate swaps
Debt Instrument [Line Items]
Cash collateral received				0	0
Cash collateral pledged				0	0
Line of Credit
Debt Instrument [Line Items]
Total bank debt				446,000,000	446,000,000	439,000,000
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								5.36%		0.7683%	2.11%	0.838%
All-in SOFR interest rate								2.51%
All-in LIBOR interest rate											3.735%
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				446,000,000	446,000,000
Line of credit facility, remaining borrowing capacity				$ 354,000,000	$ 354,000,000
Maximum leverage ratio allowed	3.75			3.50	3.50
Maximum leverage ratio allowed after significant acquisition	4.25
Interest coverage ratio	3.00			14.13	14.13
Leverage ratio				1.25	1.25
Debt covenant, maximum annual dividend payout amount					$ 40,000,000
Line of Credit \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate					1.625%
Line of Credit \| Unsecured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Foreign Bank Debt
Debt Instrument [Line Items]
Total bank debt				$ 10,885,000	$ 10,885,000	$ 0
Foreign Bank Debt \| Heimbach
Debt Instrument [Line Items]
Total bank debt				10,900,000	10,900,000				$ 32,700,000
Repayments of debt				18,600,000
Current maturities of long-term debt				$ 4,200,000	$ 4,200,000
Foreign Bank Debt \| Minimum \| Heimbach
Debt Instrument [Line Items]
Interest rate, stated percentage									0.98%
Foreign Bank Debt \| Maximum \| Heimbach
Debt Instrument [Line Items]
Interest rate, stated percentage									5.52%

Other (income)/expense, net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other (income)/expense, net

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


	Years ended December 31,
(in thousands)	2023		2022		2021
Currency transactions	$	(2,916)	$	(9,996)	$	(1,179)
Sale of IP addresses	—		(3,420)		—
Bank fees and amortization of debt issuance costs	180		313		373
Components of net periodic pension and postretirement cost other than service	(61)		(1,077)		156
Other	(3,366)		94		3,671
Total other (income)/expense, net	$	(6,163)	$	(14,086)	$	3,021

Other (income)/expense, net included foreign currency related transactions that resulted in gains of $2.9 million during 2023 and gains of $10.0 million during 2022. During 2023, the stronger Mexican Peso primarily drove transaction gains on nonfunctional currency monetary liabilities, while during 2022, the weaker Euro primarily drove transaction gains related to nonfunctional currency monetary assets.

During 2022, the Company recorded a gain of $3.4 million on the sale of IP addresses that the Company had no future critical need to retain. There were no similar gains of this nature during 2023.

Pension, Postretirement, and Other Benefit Plans (Schedule of Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 74,929	$ 225,327
Actual return on plan assets, net of expenses	6,285	(57,868)
Employer contributions	3,629	15,071
Plan participants' contributions	281	132
Benefits paid	(6,388)	(7,946)
Acquisitions	30,941	0
Settlements	0	(90,568)
Other	(832)	0
Foreign currency changes	3,843	(9,219)
Fair value of plan assets, end of year	112,688	74,929
Other postretirement benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets, net of expenses	0	0
Employer contributions	2,795	3,234
Plan participants' contributions	0	0
Benefits paid	(2,795)	(3,234)
Acquisitions	0	0
Settlements	0	0
Other	0	0
Foreign currency changes	0	0
Fair value of plan assets, end of year	$ 0	$ 0

Accumulated Other Comprehensive Income ("AOCI")

12 Months Ended

Dec. 31, 2023

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

Accumulated Other Comprehensive Income ("AOCI")

The table below presents changes in the components of AOCI from January 1, 2021 to December 31, 2023:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2021	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)
Other comprehensive income/(loss) before reclassifications	(22,677)		1,869		2,812		(17,996)

Pension/postretirement plan remeasurement, net of tax	—		(796)		—		(796)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		5,118		5,118
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		98		—		98
Net current period other comprehensive income	(22,677)		1,171		7,930		(13,576)
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications	(40,971)		—		18,971		(22,000)
Pension settlement expense, net of tax	—		26,198		—		26,198
Pension/postretirement plan remeasurement, net of tax	—		(2,663)		—		(2,663)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		350		350
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(828)		—		(828)

Net current period other comprehensive income	(40,971)		22,707		19,321		1,057
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications	21,950		(3,357)		2,623		21,216


Pension/postretirement plan remeasurement, net of tax	—		3,629		—		3,629
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		(11,251)		(11,251)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(1,835)		—		(1,835)
Net current period other comprehensive income	21,950		(1,563)		(8,628)		11,759
December 31, 2023	$	(124,901)	$	(17,346)	$	9,079	$	(133,168)

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

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the years ended December 31, 2023, 2022, and 2021.


(in thousands)	2023		2022		2021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
(Income)/Expense related to interest rate swaps included in Income before taxes(a)	$	(15,062)	$	468	$	6,852
Income tax effect	3,811		(118)		(1,734)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(11,251)	$	350	$	5,118
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	—	$	42,657	$	—
Amortization of prior service credit	(4,122)		(4,497)		(4,475)
Amortization of net actuarial loss	1,383		3,260		4,625
Total pretax amount reclassified(b)	(2,739)		41,420		150
Income tax effect	904		(16,051)		(52)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(1,835)	$	25,369	$	98

________________________

(a)Reported as Interest expense, net in our Consolidated Statements of Income, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 17, Financial Instruments, and Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements).

(b)Reported as Other (income)/expense, net in our Consolidated Statements of Income, the accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial Statements).

Reportable Segments and Geographic Data

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Reportable Segments and Geographic Data

The Company is organized based on the nature of its products and is composed of two reportable segments each overseen by a Segment President. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. As of December 31, 2023, the operating segments were Machine Clothing (“MC”), and Albany Engineered Composites ("AEC”).

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

Machine Clothing:

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

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

Albany Engineered Composites:

The AEC segment provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer, SAFRAN Group ("Safran"), owns a 10 percent noncontrolling interest, AEC, through ASC, is the exclusive supplier to the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract.

The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircrafts. AEC’s largest aerospace customer is SAFRAN and sales to SAFRAN (consisting primarily of fan blades and cases for CFM’s LEAP engine) accounted for approximately 16 percent of the Company’s consolidated Net revenues in 2023. In 2023, SAFRAN leased manufacturing space from AEC for the GE9X program. Rent paid by SAFRAN under this lease amounted to $1.0 million in 2023 and $0.9 million in 2022. AEC sales to SAFRAN were $187.6 million in 2023, $169.3 million in 2022, and $111.6 million in 2021. The total of Accounts receivable, Contract assets and Noncurrent receivable due from SAFRAN amounted to $93.8 million and $80.8 million as of December 31, 2023 and 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 Boeing commercial programs, and specialty components for the Rolls Royce lift fan on the F-35. In 2023, approximately 39 percent of AEC net 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:


	Years ended December 31,
(in thousands)	2023		2022		2021
Net revenues
Machine Clothing	$	670,768	$	609,461	$	619,015
Albany Engineered Composites	477,141		425,426		310,225
Consolidated total	$	1,147,909	$	1,034,887	$	929,240
Depreciation and amortization
Machine Clothing	23,891		19,483		20,191
Albany Engineered Composites	49,030		46,202		50,402
Corporate	3,812		3,364		3,662
Consolidated total	$	76,733	$	69,049	$	74,255
Operating income/(loss)
Machine Clothing	199,378		206,214		215,654
Albany Engineered Composites	41,587		31,579		16,160
Corporate	(73,071)		(56,771)		(53,803)
Operating income	$	167,894	$	181,022	$	178,011
Reconciling items:
Interest income	(6,566)		(3,835)		(2,500)
Interest expense	20,167		17,835		17,391


Pension settlement expense	—		49,128		—
AMJP grant	—		—		(5,832)
Other (income)/expense, net	(6,163)		(14,086)		3,021
Income before income taxes	$	160,456	$	131,980	$	165,931

Results for the year ended December 31, 2023 include the newly acquired Heimbach for the period of ownership, which began September 1, 2023. Heimbach contributed Net revenues of $51.2 million and reduced Operating income by $6.3 million, which included depreciation expense on Property, plant, and equipment, net of $4.0 million, and amortization expense on Intangibles, net of $0.3 million.

In the third quarter of 2022, we took actions to settle certain pension plan liabilities in the U.S., leading to charges totaling $49.1 million, which were included as Corporate expenses and other. This led to a reduction of unfunded pension liabilities of $6.2 million.

A subsidiary within our MC segment has been a partner in a JV that supplies paper machine clothing products to local papermakers in Russia. In March 2022, we decided to cease doing business in Russia, including giving notice to our JV partner of our intent to exit the venture. As a result, in 2022, we recognized $1.5 million expense in the consolidated statement of operations, representing reserves against the risk of uncollectible customer receivables and obsolescence of certain inventory destined for Russian customers. We also wrote down the net book value of our investment in the aforementioned JV to reflect our intent to exit such venture, resulting in $0.8 million impairment loss during the first quarter of 2022.

The table below presents restructuring costs by reportable segment (also see Note 5, Restructuring, of the Notes to the Consolidated Financial Statements):


	Years ended December 31,
(in thousands)	2023		2022		2021
Restructuring expenses, net
Machine Clothing	$	282	$	92	$	1,202
Albany Engineered Composites	—		—		32
Corporate expenses	—		14		97
Total restructuring expenses, net	$	282	$	106	$	1,331

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

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


	As of December 31,
(in thousands)	2023		2022		2021
Segment assets
Machine Clothing	$	669,907	$	455,390	$	459,182
Albany Engineered Composites	800,931		717,972		652,702
Reconciling items:
Cash	173,420		291,776		302,036
Income taxes prepaid, receivable and deferred	33,984		23,134		28,334
Prepaid and Other assets	156,772		153,983		113,810
Total assets	$	1,835,014	$	1,642,255	$	1,556,064

Capital expenditures and purchased software
Machine Clothing	$	25,258	$	20,093	$	20,177
Albany Engineered Composites	56,786		73,614		31,012
Corporate expenses	2,385		2,641		2,510
Total capital expenditures and purchased software	$	84,429	$	96,348	$	53,699

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

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


	Years ended December 31,
(in thousands)	2023		2022		2021
Net revenues
United States	$	649,500	$	586,779	$	497,231
Switzerland	115,207		119,069		128,698
France	77,573		76,826		68,929
Brazil	69,527		66,175		62,925
China	65,135		63,914		67,098
Mexico	58,874		58,519		37,547
Germany	32,239		4,461		5,308
Other countries	79,854		59,144		61,504
Total Net revenues	$	1,147,909	$	1,034,887	$	929,240

Property, plant and equipment, net
United States	$	303,578	$	278,500	$	258,453
China	57,070		33,432		41,039
Germany	52,934		9,562		9,652
Mexico	46,759		42,320		40,699
France	31,069		31,382		33,802
United Kingdom	18,306		9,699		10,156
Canada	15,318		14,264		14,139
Spain	14,804		—		—
Other countries	62,151		26,499		28,477
Total Property, plant and equipment, net	$	601,989	$	445,658	$	436,417

- 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
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+ Details

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

16. Accrued Liabilities

Accrued liabilities as of December 31, 2023 and 2022 consist of the following:


(in thousands)	2023		2022
Salaries, wages and benefits	$	72,373	$	57,867
Contract liabilities	7,127		15,176
Returns and allowances	10,232		9,084
Dividends	8,111		7,778
Pension and postretirement	9,356		6,683
Operating and finance lease liabilities	7,335		5,929
Other tax	10,171		10,274
Contract loss reserve	2,721		2,359
Freight	1,979		1,966
Professional fees	3,912		3,439
Other	9,671		5,830
Total accrued liabilities	$	142,988	$	126,385

Other (income)/expense, net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Current transactions	$ 2,916	$ 9,996	$ 1,179
Gain on sale of IP address		$ 3,400

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 456,885	$ 439,000
Less: Current maturities of long-term debt	4,218	0
Long-term debt	452,667	439,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 446,000	$ 439,000
Interest rate, effective percentage	3.49%	3.16%
Foreign Bank Debt
Debt Instrument [Line Items]
Long-term debt	$ 10,885	$ 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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-Topic 235
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-Section S99
-Paragraph 1
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+ 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 (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest rate swaps
Derivative [Line Items]
Interest (income) expense, net	$ (15.0)	$ 0.5	$ 7.1
Interest Rate Swap Buyouts
Derivative [Line Items]
Interest (income) expense, net			$ (0.3)

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 5,200
2025	5,200
2026	5,200
2027	5,100
2028	$ 5,100

Other Noncurrent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Noncurrent Liabilities

As of December 31, 2023 and 2022, Other noncurrent liabilities consisted of the following:


(in thousands)	2023		2022
Operating leases	$	50,637	$	50,190

Postretirement benefits other than pensions	25,876		31,998
Pension liabilities	59,431		23,061


Incentive and deferred compensation	1,957		1,395
Other	1,484		2,114
Total other noncurrent liabilities	$	139,385	$	108,758

Reportable Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Financial Data by Reporting Segment

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


	Years ended December 31,
(in thousands)	2023		2022		2021
Net revenues
Machine Clothing	$	670,768	$	609,461	$	619,015
Albany Engineered Composites	477,141		425,426		310,225
Consolidated total	$	1,147,909	$	1,034,887	$	929,240
Depreciation and amortization
Machine Clothing	23,891		19,483		20,191
Albany Engineered Composites	49,030		46,202		50,402
Corporate	3,812		3,364		3,662
Consolidated total	$	76,733	$	69,049	$	74,255
Operating income/(loss)
Machine Clothing	199,378		206,214		215,654
Albany Engineered Composites	41,587		31,579		16,160
Corporate	(73,071)		(56,771)		(53,803)
Operating income	$	167,894	$	181,022	$	178,011
Reconciling items:
Interest income	(6,566)		(3,835)		(2,500)
Interest expense	20,167		17,835		17,391


Pension settlement expense	—		49,128		—
AMJP grant	—		—		(5,832)
Other (income)/expense, net	(6,163)		(14,086)		3,021
Income before income taxes	$	160,456	$	131,980	$	165,931

Schedule of Restructuring Costs by Reporting Segment

The table below presents restructuring costs by reportable segment (also see Note 5, Restructuring, of the Notes to the Consolidated Financial Statements):


	Years ended December 31,
(in thousands)	2023		2022		2021
Restructuring expenses, net
Machine Clothing	$	282	$	92	$	1,202
Albany Engineered Composites	—		—		32
Corporate expenses	—		14		97
Total restructuring expenses, net	$	282	$	106	$	1,331

Schedule of Operating Assets and Capital Expenditures by Reporting Segment

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


	As of December 31,
(in thousands)	2023		2022		2021
Segment assets
Machine Clothing	$	669,907	$	455,390	$	459,182
Albany Engineered Composites	800,931		717,972		652,702
Reconciling items:
Cash	173,420		291,776		302,036
Income taxes prepaid, receivable and deferred	33,984		23,134		28,334
Prepaid and Other assets	156,772		153,983		113,810
Total assets	$	1,835,014	$	1,642,255	$	1,556,064

Capital expenditures and purchased software
Machine Clothing	$	25,258	$	20,093	$	20,177
Albany Engineered Composites	56,786		73,614		31,012
Corporate expenses	2,385		2,641		2,510
Total capital expenditures and purchased software	$	84,429	$	96,348	$	53,699

Schedule of Financial Data by Geographic Area


	Years ended December 31,
(in thousands)	2023		2022		2021
Net revenues
United States	$	649,500	$	586,779	$	497,231
Switzerland	115,207		119,069		128,698
France	77,573		76,826		68,929
Brazil	69,527		66,175		62,925
China	65,135		63,914		67,098
Mexico	58,874		58,519		37,547
Germany	32,239		4,461		5,308
Other countries	79,854		59,144		61,504
Total Net revenues	$	1,147,909	$	1,034,887	$	929,240

Property, plant and equipment, net
United States	$	303,578	$	278,500	$	258,453
China	57,070		33,432		41,039
Germany	52,934		9,562		9,652
Mexico	46,759		42,320		40,699
France	31,069		31,382		33,802
United Kingdom	18,306		9,699		10,156
Canada	15,318		14,264		14,139
Spain	14,804		—		—
Other countries	62,151		26,499		28,477
Total Property, plant and equipment, net	$	601,989	$	445,658	$	436,417

Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net revenues	$ 1,147,909	$ 1,034,887	$ 929,240
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	687,536	625,030	631,528
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	460,373	409,857	297,712
Machine Clothing
Disaggregation of Revenue [Line Items]
Total net revenues	670,768	609,461	619,015
Machine Clothing \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	666,990	605,863	615,556
Machine Clothing \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	3,778	3,598	3,459
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Total net revenues	477,141	425,426	310,225
Albany Engineered Composites \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	20,546	19,167	15,972
Albany Engineered Composites \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	456,595	406,259	294,253
ASC
Disaggregation of Revenue [Line Items]
Total net revenues	184,184	165,775	109,803
ASC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	0	0	0
ASC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	184,184	165,775	109,803
Other AEC
Disaggregation of Revenue [Line Items]
Total net revenues	292,957	259,651	200,422
Other AEC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	20,546	19,167	15,972
Other AEC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total net revenues	$ 272,411	$ 240,484	$ 184,450

- 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

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 claim	Dec. 31, 2021 claim	Dec. 31, 2020 claim
Loss Contingencies [Line Items]
Number of pending claims	3,606
Asbestos Litigation
Loss Contingencies [Line Items]
Number of pending claims	3,606	3,598	3,609	3,615
Total resolved claims, by means of settlement or dismissal	38,043
Total cost of resolution \| $	$ 10.7
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140.0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 173,420	$ 291,776
Accounts receivable, net	287,781	200,018
Contract assets, net	182,281	148,695
Inventories	169,567	139,050
Income taxes prepaid and receivable	11,043	7,938
Prepaid expenses and other current assets	53,872	50,962
Total current assets	877,964	838,439
Property, plant and equipment, net	601,989	445,658
Intangibles, net	44,646	33,811
Goodwill	180,181	178,217
Deferred income taxes	22,941	15,196
Noncurrent receivables, net	4,392	27,913
Other assets	102,901	103,021
Total assets	1,835,014	1,642,255
Current liabilities:
Accounts payable	87,104	69,707
Accrued liabilities	142,988	126,385
Current maturities of long-term debt	4,218	0
Income taxes payable	14,369	15,224
Total current liabilities	248,679	211,316
Long-term debt	452,667	439,000
Other noncurrent liabilities	139,385	108,758
Deferred taxes and other liabilities	26,963	15,638
Total liabilities	867,694	774,712
Commitments and Contingencies (Note 21)
Shareholders’ Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid-in capital	448,218	441,540
Retained earnings	1,010,942	931,318
Accumulated items of other comprehensive income:
Translation adjustments	(124,901)	(146,851)
Pension and postretirement liability adjustments	(17,346)	(15,783)
Derivative valuation adjustment	9,079	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	961,368	863,049
Noncontrolling interest	5,952	4,494
Total shareholders' equity	967,320	867,543
Total liabilities and shareholders’ equity	$ 1,835,014	$ 1,642,255
Treasury stock, common shares (in shares)	9,661,845	9,674,542
Common Class A
Shareholders’ Equity:
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; issued 40,856,910 in 2023 and 40,785,434 in 2022	$ 41	$ 41

Accumulated Other Comprehensive Income ("AOCI") (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	$ 867,543	$ 877,605	$ 819,865
Other comprehensive income/(loss) before reclassifications	21,216	(22,000)	(17,996)
Pension/postretirement plan remeasurement, net of tax	3,629	(2,663)	(796)
Pension settlement expense, net of tax		26,198
Net current period other comprehensive income	11,759	1,057	(13,576)
Balance at end of the period	967,320	867,543	877,605
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(144,927)	(145,984)	(132,408)
Pension settlement expense, net of tax		26,198
Balance at end of the period	(133,168)	(144,927)	(145,984)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(146,851)	(105,880)	(83,203)
Other comprehensive income/(loss) before reclassifications	21,950	(40,971)	(22,677)
Net current period other comprehensive income	21,950	(40,971)	(22,677)
Balance at end of the period	(124,901)	(146,851)	(105,880)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(15,783)	(38,490)	(39,661)
Other comprehensive income/(loss) before reclassifications	(3,357)		1,869
Pension/postretirement plan remeasurement, net of tax	3,629	(2,663)	(796)
Amounts reclassified to the Consolidated Statements of Income, net of tax	(1,835)	(828)	98
Pension settlement expense, net of tax		26,198
Net current period other comprehensive income	(1,563)	22,707	1,171
Balance at end of the period	(17,346)	(15,783)	(38,490)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	17,707	(1,614)	(9,544)
Other comprehensive income/(loss) before reclassifications	2,623	18,971	2,812
Amounts reclassified to the Consolidated Statements of Income, net of tax	(11,251)	350	5,118
Net current period other comprehensive income	(8,628)	19,321	7,930
Balance at end of the period	$ 9,079	$ 17,707	$ (1,614)

Financial Instruments (Schedule Interest Rate for Borrowings) (Details) - Line of Credit - Unsecured Debt		12 Months Ended
	Jun. 23, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Leverage ratio		1.25
Less than 1.00:1.00
Debt Instrument [Line Items]
Commitment Fee		0.275%
Less than 1.00:1.00 \| Maximum
Debt Instrument [Line Items]
Leverage ratio		1.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Debt Instrument [Line Items]
Commitment Fee		0.30%
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 \| Maximum
Debt Instrument [Line Items]
Leverage ratio		2.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 \| Minimum
Debt Instrument [Line Items]
Leverage ratio		1.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Debt Instrument [Line Items]
Commitment Fee		0.325%
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 \| Maximum
Debt Instrument [Line Items]
Leverage ratio		3.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 \| Minimum
Debt Instrument [Line Items]
Leverage ratio		2.00
Greater than or equal to 3.00:1.00
Debt Instrument [Line Items]
Commitment Fee		0.35%
Greater than or equal to 3.00:1.00 \| Minimum
Debt Instrument [Line Items]
Leverage ratio		3.00
Base Rate \| Less than 1.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Base Rate \| Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		0.625%
Base Rate \| Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Base Rate \| Greater than or equal to 3.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.625%
SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
SOFR \| Less than 1.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
SOFR \| Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.625%
SOFR \| Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
SOFR \| Greater than or equal to 3.00:1.00
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Increase in contract with customer, asset	$ 33.6
Decrease in contract liabilities	8.0
Contract liability, revenue recognized	$ 15.2	$ 5.7

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We evaluated subsequent events through the issuance date of these financial statements in Form 10-K. No material subsequent events were identified that require disclosure.

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 3,984	$ 3,248	$ 5,140
Charge to expense	640	1,408	(1,299)
Other	1,566	(672)	(593)
Balance at end of the period	6,190	3,984	3,248
Allowance for sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	9,070	9,552	9,668
Charge to expense	5,499	6,130	6,022
Other	(4,337)	(6,612)	(6,138)
Balance at end of the period	10,232	9,070	9,552
Valuation allowance deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	9,786	10,659	10,270
Charge to expense	(1,381)	(839)	949
Other	1,443	(34)	(560)
Balance at end of the period	$ 9,848	$ 9,786	$ 10,659

Accounts Receivable (Schedule of Accounts Receivable, Current) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade and other accounts receivable	$ 272,351	$ 179,676
Bank promissory notes	20,690	23,439
Allowance for expected credit losses	(5,260)	(3,097)	$ (2,345)
Accounts receivable, net	$ 287,781	$ 200,018

Pension, Postretirement, and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Plan Benefit Obligations

The following table sets forth the plan benefit obligations:


	As of December 31, 2023						As of December 31, 2022
(in thousands, except percentages)	Pension plans			Other postretirement benefits			Pension plans			Other postretirement benefits
Benefit obligation, beginning of year	$	83,730		$	35,658		$	230,790		$	44,884
Service cost	1,478			60			1,371			114
Interest cost	5,151			1,874			4,917			1,221
Plan participants' contributions	281			—			132			—
Actuarial (gain)/loss	6,317			(6,131)			(46,995)			(6,658)
Benefits paid	(6,388)			(2,795)			(7,946)			(3,234)
Acquisitions	64,947			—			—			—
Settlements and curtailments	—			—			(90,568)			—
Plan amendments and other	(1,985)						(25)			(605)
Foreign currency changes	4,792			18			(7,946)			(64)
Benefit obligation, end of year	$	158,323		$	28,684		$	83,730		$	35,658
Accumulated benefit obligation	$	151,001		$	—		$	78,153		$	—
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan	5.15		%	5.21		%	5.49		%	5.55		%
Discount rate — non-U.S. plans	4.05		%	4.70		%	5.15		%	5.20		%
Cash balance interest crediting rate - Switzerland pension plan	1.30		%	—			2.15		%	—
Compensation increase — U.S. plan	N/A			N/A			N/A			N/A
Compensation increase — non-U.S. plans	2.89		%	2.75		%	3.08		%	2.75		%

Schedule of Plan Assets

The following sets forth information about plan assets:


	As of December 31, 2023				As of December 31, 2022
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$	74,929	$	—	$	225,327	$	—
Actual return on plan assets, net of expenses	6,285		—		(57,868)		—
Employer contributions	3,629		2,795		15,071		3,234
Plan participants' contributions	281		—		132		—
Benefits paid	(6,388)		(2,795)		(7,946)		(3,234)
Acquisitions	30,941		—		—		—
Settlements	—		—		(90,568)		—
Other	(832)		—		—		—
Foreign currency changes	3,843		—		(9,219)		—
Fair value of plan assets, end of year	$	112,688	$	—	$	74,929	$	—

Schedule of Funded Status of Plans

The funded status of the plans was as follows:


	As of December 31, 2023				As of December 31, 2022
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$	112,688	$	—	$	74,929	$	—
Benefit obligation	158,323		28,684		83,730		35,658
Funded status	$	(45,635)	$	(28,684)	$	(8,801)	$	(35,658)
Accrued benefit cost, end of year	$	(45,635)	$	(28,684)	$	(8,801)	$	(35,658)
Amounts recognized in the consolidated balance sheets consist of the following:
Noncurrent asset	$	19,296	$	—	$	16,234	$	—
Current liability	(5,500)		(2,808)		(1,974)		(3,660)
Noncurrent liability	(59,431)		(25,876)		(23,061)		(31,998)
Net amount recognized	$	(45,635)	$	(28,684)	$	(8,801)	$	(35,658)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	22,512	$	1,991	$	17,915	$	8,958
Prior service cost/(credit)	(132)		(484)		(134)		(4,574)
Net amount recognized	$	22,380	$	1,507	$	17,781	$	4,384

Schedule of Composition of Accrued Pension Cost

The composition of the net pension plan funded status as of December 31, 2023 was as follows:


(in thousands)	U.S. plan		Non-U.S. plans		Total
Pension plans with pension assets	$	—	$	19,296	$	19,296
Pension plans without pension assets	(3,799)		(61,132)		(64,931)
Total	$	(3,799)	$	(41,836)	$	(45,635)

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2023, 2022, and 2021, was as follows:


	Pension plans									Other postretirement benefits
(in thousands, except percentages)	2023			2022			2021			2023			2022			2021
Components of net periodic benefit cost:
Service cost	$	1,478		$	1,371		$	2,192		$	60		$	114		$	132
Interest cost	5,151			4,917			5,467			1,874			1,221			1,103
Expected return on assets	(4,347)			(5,979)			(6,564)			—			—			—
Amortization of prior service cost/(credit)	(32)			(8)			13			(4,090)			(4,488)			(4,488)
Amortization of net actuarial loss	555			1,377			2,365			828			1,883			2,260
Settlement	—			49,128			—			—			—			—
Curtailment (gain)/loss	—			—			—			—			—			—
Net periodic benefit cost	$	2,805		$	50,806		$	3,473		$	(1,328)		$	(1,270)		$	(993)

Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan	5.49		%	2.63		%	2.65		%	5.55		%	2.83		%	2.38		%
Discount rate — non-U.S. plans	5.15		%	2.41		%	1.91		%	5.20		%	3.05		%	2.75		%
Cash balance interest crediting rate - Switzerland pension plan	2.15		%	0.25		%	0.05		%	—			—			—
Expected return on plan assets — U.S. plan	N/A			3.07		%	2.74		%	N/A			N/A			N/A
Expected return on plan assets — non-U.S. plans	5.21		%	3.31		%	2.89		%	N/A			N/A			N/A
Rate of compensation increase — U.S. plan	N/A			N/A			N/A			N/A			N/A			N/A
Rate of compensation increase — non-U.S. plans	3.08		%	2.70		%	2.71		%	2.75		%	2.75		%	2.75		%

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

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2023, 2022, and 2021, was as follows:


	Pension plans						Other postretirement benefits
(in thousands)	2023		2022		2021		2023		2022		2021
Settlements/curtailments	$	—	$	(49,128)	$	—	$	—	$	—	$	—
Asset/liability loss/(gain)	4,365		16,828		1,927		(6,131)		(6,658)		(995)
Amortization of actuarial (loss)	(554)		(1,377)		(2,365)		(828)		(1,883)		(2,260)
Amortization of prior service cost/(credit)	32		8		(13)		4,090		3,884		4,488
Other	—		—		—		—		—		—
Currency impact	757		(944)		(612)		(8)		15		2
Cost/(benefit) in Other comprehensive income	$	4,600	$	(34,613)	$	(1,063)	$	(2,877)	$	(4,642)	$	1,235

Schedule of Fair Value of Plan Assets

As of December 31, 2023 and 2022, there were no investments expected to be sold at a value materially different than NAV.


	Assets at Fair Value as of December 31, 2023
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	4,159	$	—	$	4,159
Debt securities	—		56,838		—		56,838
Insurance contracts	—		—		3,478		3,478
Real Estate	—		—		3,451		3,451
Hedge Funds	—		—		668		668
Cash and short-term investments	5,740		—		—		5,740
Total investments in the fair value hierarchy	$	5,740	$	60,997	$	7,597	74,334
Investments at net asset value:
Common Stocks and equity funds							12,608
Fixed income funds							25,746
Limited partnerships							—
Total plan assets							$	112,688


	Assets at Fair Value as of December 31, 2022
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		37,234		—		37,234
Insurance contracts	—		—		2,418		2,418
Real Estate	—		—		—		—
Hedge Funds	—		—		—		—
Cash and short-term investments	548		—		—		548
Total investments in the fair value hierarchy	$	548	$	37,234	$	2,418	40,200
Investments at net asset value:
Common Stocks and equity funds							13,069
Fixed income funds							21,660
Limited partnerships							—
Total plan assets							$	74,929

Schedule of Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2023 and 2022:


(in thousands)	December 31, 2022		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2023
Insurance contracts -
total level 3 assets	$	2,418	$	—	$	18	$	5,161	$	—	$	7,597


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

Schedule of Asset Allocation

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2023 and 2022, and the target allocation, by asset category, are as follows:


	United States Plan						Non-U.S. Plans
	Target Allocation		Percentage of plan assets at plan measurement date				Target Allocation		Percentage of plan assets at plan measurement date
Asset category			2023		2022				2023		2022
Equity securities	N/A		N/A		N/A		14	%	13	%	15	%
Debt securities	N/A		N/A		N/A		71	%	73	%	76	%
Real estate	N/A		N/A		N/A		3	%	3	%	1	%
Other(1)	N/A		N/A		N/A		12	%	11	%	8	%
	—	%	—	%	—	%	100	%	100	%	100	%

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


	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2023		2022
Projected benefit obligation	$	81,972	$	28,458
Fair value of plan assets	17,041		3,422


	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2023		2022
Accumulated benefit obligation	$	77,688	$	25,941
Fair value of plan assets	17,041		3,422

Schedule of Expected Cash Flows

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


(in thousands)	Pension plans		Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$	6,335	$	2,808
Expected benefit payments
2024	10,716		2,808
2025	10,972		2,714
2026	10,938		2,626
2027	10,089		2,538
2028	10,333		2,448
2029 to 2033	50,314		10,873

Income Taxes (Schedule of Operating and Capital Carryforwards and Tax Credit Carryforward) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	$ 130,659
Tax Credit Carryforwards	3,167
U.S. \| 2025 - 2040
Income Tax Disclosure [Line Items]
Tax Credit Carryforwards	2,626
State and Local Jurisdiction \| 2027 - 2042
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	1,889
Tax Credit Carryforwards	541
Non-U.S. \| 2025 - 2033
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	12,983
Non-U.S. \| Indefinite
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	$ 115,787

Shareholders' Equity (Narrative) (Details)	12 Months Ended
Shareholders' Equity (Narrative) (Details)	Dec. 31, 2023 USD ($) class vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) vote $ / shares shares	Oct. 25, 2021 USD ($)	Dec. 31, 2020 shares
Class of Stock [Line Items]
Number of classes of common stock \| class	1
Stock repurchase program, authorized amount		$ 200,000,000		$ 200,000,000
Treasury stock, common shares (in shares) \| shares	9,661,845	9,674,542
Purchase of treasury shares		$ 85,065,000	$ 24,375,000
Maximum
Class of Stock [Line Items]
Authorized to repurchase shares in amount	$ 90,600,000
Treasury Stock, Common
Class of Stock [Line Items]
Treasury stock, common shares (in shares) \| shares	9,662,000	9,675,000	8,665,000		8,391,000
Purchase of treasury shares		$ 85,065,000	$ 24,375,000
Purchases of common stock (in shares) \| shares		1,022,717	285,286
2021 And 2022 Share Purchases
Class of Stock [Line Items]
Treasury stock, common shares (in shares) \| shares	1,308,003
Purchase of treasury shares	$ 109,400,000
Common Class A
Class of Stock [Line Items]
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Number of votes entitled to shareholders per share of common stock \| vote	1
Common Class B
Class of Stock [Line Items]
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Number of votes entitled to shareholders per share of common stock \| vote			10

Pension, Postretirement, and Other Benefit Plans (Schedule of (Gains)/Losses Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	$ 0	$ (42,657)	$ 0
Asset/liability loss/(gain)	(4,302)	2,292	2,259
Amortization of actuarial (loss)	(1,383)	(3,260)	(4,625)
Amortization of prior service cost/(credit)	4,122	4,497	4,475
Pension plans
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	0	(49,128)	0
Asset/liability loss/(gain)	4,365	16,828	1,927
Amortization of actuarial (loss)	(554)	(1,377)	(2,365)
Amortization of prior service cost/(credit)	32	8	(13)
Other	0	0	0
Currency impact	757	(944)	(612)
Cost/(benefit) in Other comprehensive income	4,600	(34,613)	(1,063)
Other postretirement benefits
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	0	0	0
Asset/liability loss/(gain)	(6,131)	(6,658)	(995)
Amortization of actuarial (loss)	(828)	(1,883)	(2,260)
Amortization of prior service cost/(credit)	4,090	3,884	4,488
Other	0	0	0
Currency impact	(8)	15	2
Cost/(benefit) in Other comprehensive income	$ (2,877)	$ (4,642)	$ 1,235

Accrued Liabilities (Narrative) (Details) - Heimbach $ in Millions	Aug. 31, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Pension liabilities	$ 35.3
Other noncurrent liabilities	$ 33.6

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

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


(in thousands)	December 31, 2023		December 31, 2022
Contract assets	$	183,189	$	149,443
Allowance for expected credit losses	(908)		(748)
Contract assets, net	$	182,281	$	148,695

Contract liabilities	$	7,127	$	15,176

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

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


(in thousands)	December 31, 2022		(Charge)/ benefit		Currency translation		Other		December 31, 2023
Contract assets expected credit losses	$	(748)	$	(152)	$	(8)	$	—	$	(908)


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

Other Noncurrent Liabilities (Narrative) (Details) - Heimbach $ in Millions	Aug. 31, 2023 USD ($)
Business Acquisition [Line Items]
Pension liabilities	$ 35.3
Other noncurrent liabilities	$ 33.6

Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 79,611	$ 74,631
Work in process	67,743	50,516
Finished goods	22,213	13,903
Total inventories	$ 169,567	$ 139,050

Pension, Postretirement, and Other Benefit Plans (Schedule of Plan Benefit Obligations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 83,730	$ 230,790
Service cost	1,478	1,371	$ 2,192
Interest cost	5,151	4,917
Plan participants' contributions	281	132
Actuarial (gain)/loss	6,317	(46,995)
Benefits paid	(6,388)	(7,946)
Acquisitions	64,947	0
Settlements and curtailments	0	(90,568)
Plan amendments and other	(1,985)	(25)
Foreign currency changes	4,792	(7,946)
Benefit obligation, end of year	158,323	83,730	230,790
Accumulated benefit obligation	$ 151,001	$ 78,153
Pension plans \| United States
Weighted average assumptions used to determine benefit obligations, end of year:
Discount rate	5.15%	5.49%
Pension plans \| Foreign Plan
Weighted average assumptions used to determine benefit obligations, end of year:
Discount rate	4.05%	5.15%
Compensation increase	2.89%	3.08%
Pension plans \| Switzerland
Weighted average assumptions used to determine benefit obligations, end of year:
Cash balance interest crediting rate	1.30%	2.15%
Other postretirement benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 35,658	$ 44,884
Service cost	60	114	132
Interest cost	1,874	1,221
Plan participants' contributions	0	0
Actuarial (gain)/loss	(6,131)	(6,658)
Benefits paid	(2,795)	(3,234)
Acquisitions	0	0
Settlements and curtailments	0	0
Plan amendments and other		(605)
Foreign currency changes	18	(64)
Benefit obligation, end of year	28,684	35,658	$ 44,884
Accumulated benefit obligation	$ 0	$ 0
Other postretirement benefits \| United States
Weighted average assumptions used to determine benefit obligations, end of year:
Discount rate	5.21%	5.55%
Other postretirement benefits \| Foreign Plan
Weighted average assumptions used to determine benefit obligations, end of year:
Discount rate	4.70%	5.20%
Compensation increase	2.75%	2.75%
Other postretirement benefits \| Switzerland
Weighted average assumptions used to determine benefit obligations, end of year:
Cash balance interest crediting rate	0.00%	0.00%

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Independent Directors \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1.1	$ 1.1	$ 0.8
Phantom Share Units (PSUs) \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	7.8	8.6	6.6
Compensation expense, net of tax	5.5	6.0	4.6
Compensation cost not yet recognized	$ 12.3
Cost not yet recognized, period for recognition	2 years
Annual Performance Period Awards (APP) \| Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payment to settle award	$ 3.9	4.5	3.1
Annual Performance Period Awards (APP) \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payment to settle award	$ 0.9
Multi-Year Performance Plan Awards (MPP)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1,631,328
Multi-Year Performance Plan Awards (MPP) \| Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance period	3 years
Maximum payout period following end of performance period	90 days
Compensation expense	$ 5.1	3.9	3.7
Compensation expense, net of tax	4.3	2.7	2.6
Share-based compensation expense to be recognized in 2024	1.6
Share-based compensation expense to be recognized in 2025	0.5
Restricted Stock Units (RSUs) \| Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	4.2	1.5	0.6
Compensation expense, net of tax		$ 1.0	$ 0.4
Share-based compensation expense to be recognized in 2024	1.8
Share-based compensation expense to be recognized in 2025	$ 1.5
Maximum payout period following end of vesting period	90 days
Restricted Stock Units (RSUs) \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense, net of tax	$ 3.5
Share-based payment, accelerated cost	1.7
Restricted Stock Units (RSUs) with Performance Conditions \| Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	0.9
Compensation expense, net of tax	0.8
Share-based compensation expense to be recognized in 2024	$ 2.1
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum \| Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum \| Phantom Share Units (PSUs) \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Maximum \| Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Maximum \| Phantom Share Units (PSUs) \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Accounting Policies

Basis of Consolidation

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

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 24, Business Combination, of the Notes to the Consolidated Financial Statements. The financial results of the acquired company are included in the Machine Clothing reportable segment since the date of the acquisition.

The Company owns 90 percent of the common equity of Albany Safran Composites, LLC ("ASC") which is reported within the AEC segment. The Company also owns 85 percent of Arcari, SRL ("Arcari"), a manufacturer of textile and plastic industrial technical products and conveyor belts, which is a subsidiary of Heimbach GmbH, the paper machine clothing manufacturer recently acquired by the Company and reported within the MC segment. Additional information regarding noncontrolling interest is included in Note 10, Noncontrolling Interest, of the Notes to the Consolidated Financial Statements.

A subsidiary within our Machine Clothing segment has held a 50 percent interest as partner in a joint venture (“JV”) that supplies paper machine clothing products to local papermakers in Russia. Our consolidated financial statements included our original investment in the entity, plus our share of undistributed earnings or losses, in the account “Other Assets.” In March 2022, we ceased doing business in Russia, including providing notice to our JV partner of our intent to exit the venture, resulting in the full write-off of the net book value of our investment.

Estimates

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

Revenue Recognition

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

We are required to limit our estimate of contract values to the period of the legally enforceable contract. While certain contracts are expected to be profitable over the course of the program life when including expected renewals, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights and obligations, excluding anticipated renewals. This contract period may result in a loss contract provision at contract inception. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable

options that often follow. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses.

Products and services provided under long-term contracts represent a significant portion of Net revenues in the AEC segment. We have a contract with a major customer for which revenue is recognized under a cost-plus-fee agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (incurred cost to total estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts decreased AEC Operating income by $4.1 million in 2023, and increased AEC Operating income by $0.5 million and $6.2 million in 2022 and 2021, respectively. The unfavorable effects in 2023 related to additional reserves taken on certain contracts and inflationary factors decreasing anticipated margins. The favorable effects in 2022 and 2021 were largely due to changes in customer demand and to a lesser extent, efficiency improvements during the ramp-up of several programs.

Additional accounting policies related to revenue from contracts with customers are set forth in Note 2, Revenue Recognition, of the Notes to the Consolidated Financial Statements.

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

Cost of Goods Sold

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

Selling, General, and Administrative (SG&A) Expenses

Selling, general, and administrative expenses are primarily comprised of wages, incentive compensation, benefits, travel, professional fees, revaluation of trade foreign currency balances, information system costs, and other costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for expected credit losses on financial assets measured at amortized cost. General and administrative expenses include corporate expenses of $73.1 million in 2023, $56.8 million in 2022 and $53.7 million in 2021. Corporate expenses include global information system costs of $27.3 million in 2023, $22.7 million in 2022 and $21.2 million in 2021.

Technical and Research Expenses

Technical and research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total company technical and research expense was $40.6 million in 2023, $39.9 million in 2022, and $38.9 million in 2021.

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

Restructuring Expense

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

Income Taxes

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

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

Earnings Per Share

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

Translation of Financial Statements

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

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

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


	Years ended December 31,
(in thousands)	2023		2022		2021
(Gains)/losses included in:
Selling, general, and administrative expenses	$	4,181	$	(554)	$	(263)
Other (income)/expense, net	(2,916)		(9,996)		(1,179)
Total transaction (gains)/losses	$	1,265	$	(10,550)	$	(1,442)

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


(in thousands)	2023		2022		2021
Loss/(gain), before tax, on long-term intercompany loan	$	—	$	—	$	(66)

Cash and Cash Equivalents

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

Accounts Receivable

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

In accordance with ASC 326, Current Expected Credit Losses ("CECL"), the Company recognizes an allowance for expected credit losses on financial assets measured at amortized cost, such as Accounts receivable, Contract assets and Noncurrent receivables. The allowance is determined using a CECL model that is based on an historical average three-year loss rate and is measured by financial asset type on a collective (pool) basis when similar risk characteristics exist, at an amount equal to lifetime expected credit losses. The estimate reflects the risk of loss due to credit default, even when the risk is remote, and considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable expected future economic conditions.

The Company also has Noncurrent receivables in the AEC segment that represent revenue earned which have extended payment terms.

See additional information set forth in Note 11, Accounts Receivable, of the Notes to the Consolidated Financial Statements.

Contract Assets and Contract Liabilities

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

See additional information set forth in Note 12, Contract Assets and Liabilities, of the Notes to the Consolidated Financial Statements.

Inventories

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

See additional information set forth in Note 2, Revenue Recognition, and Note 13, Inventories, of the Notes to the Consolidated Financial Statements.

Leases

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

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

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

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

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

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

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

See additional information set forth in Note 20, Leases, of the Notes to the Consolidated Financial Statements.

Debt

The Company relies on bank financing as an important source of liquidity for business activities. Outstanding debt is classified as current or long-term based on the maturity of the of the Company's financing arrangements. See additional information set forth in Note 17, Financial Instruments, of the Notes to the Consolidated Financial Statements.

Property, Plant and Equipment

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

Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in Property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development were not material in 2023 and 2022.

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

See additional information set forth in Note 14, Property, Plant and Equipment, Net, of the Notes to the Consolidated Financial Statements.

Business Combinations

The total purchase consideration for an acquisition is measured at the fair value of the assets acquired and liabilities assumed as of the acquisition date. Costs that are directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquisition are measured initially at their fair values at the acquisition date. We recognize goodwill if the fair value of the total purchase consideration and any noncontrolling interest is in excess of the net fair value of the identifiable assets acquired and the liabilities assumed. We include the results of operations of the acquired business in the consolidated financial statements beginning on the acquisition date.

Goodwill, Intangibles, and Other Assets

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer relationships, customer contracts, technology, intellectual property and other intangible assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually.

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

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

We may use qualitative or quantitative approaches when testing goodwill for impairment. When we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary.

Otherwise, we perform a quantitative impairment test. To perform the quantitative impairment test, we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess.

Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company, as well as publicly available industry information, to determine earnings multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.

In the second quarter of 2023, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's MC reporting unit and two AEC reporting units and concluded that each reporting unit’s fair value continued to exceed its carrying value by a significant margin. In addition, there were no amounts at risk due to the estimated excess between the fair and carrying values. Accordingly, no impairment charges were recorded.

Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of our recorded goodwill, differences in assumptions could have a material effect on the estimated fair value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. See additional information set forth in Note 15, Goodwill and Other Intangible Assets, of the Notes to the Consolidated Financial Statements.

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

Included in Other assets is $19.3 million in 2023 and $16.2 million in 2022 for defined benefit pension plans where plan assets exceed the projected benefit obligations. Other assets also include financial assets of $0.7 million in 2023 and $0.6 million in 2022. See additional information set forth in Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements.

Stock-Based Compensation

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

Derivatives

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

We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives to manage foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located

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

All derivative contracts are recorded at fair value, as a net asset or a net liability on the Consolidated Balance Sheets. The changes in fair values of derivative contracts are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of the hedged transaction. Gains and losses on derivative contracts reported in accumulated other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item. For transactions that are designated as an effective hedge, we perform an evaluation of the effectiveness of the hedge on the date of inception and on an ongoing basis. The related gains and losses of derivative instruments, including those designated in hedge accounting relationships, are included as operating activities in the Consolidated Statements of Cash Flows.

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

The Company does not engage in derivative instruments for speculative or trading purposes. See Note 17, Financial Instruments, of the Notes to the Consolidated Financial Statements for additional information.

Pension, Postretirement, and Other Benefit Plans

As described in Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial Statements, we have pension and postretirement benefit plans covering substantially all employees.

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

Government Grants

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

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

during 2022 and reflected cash received as an operating activity within the Consolidated Statements of Cash Flows over the periods cash was received.

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Fair-Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

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


	December 31, 2023				December 31, 2022
(in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Fair Value
Assets:
Cash equivalents	$	27,157	$	—	$	6,533	$	—
Foreign currency option contracts			$	1,725			—
Foreign currency forward contracts			199				—
Other Assets:
Common stock of unaffiliated foreign public company (a)	682		—		602		—
Interest rate swaps	—		12,214		—		23,605

_____________________

(a)Original cost basis $0.5 million

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

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



(in thousands)	2023		2022		2021
Derivatives not designated as hedging
instruments:
Foreign currency options (gains)/losses	$	(351)	$	(509)	$	169

Commitments and Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($) claim
Loss Contingency Accrual [Roll Forward]
Closing Number of Claims	3,606
Asbestos Litigation
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,598	3,609	3,615
Claims Dismissed, Settled, or Resolved	19	43	32
New Claims	27	32	26
Closing Number of Claims	3,606	3,598	3,609
Amounts Paid (thousands) to Settle or Resolve \| $	$ 74	$ 125	$ 93

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

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


(in thousands)	December 31, 2023		December 31, 2022
Trade and other accounts receivable	$	272,351	$	179,676
Bank promissory notes	20,690		23,439
Allowance for expected credit losses	(5,260)		(3,097)
Accounts receivable, net	$	287,781	$	200,018

The Company had Noncurrent receivables in the AEC segment that represented revenue earned, for which the customer had extended payment terms beyond one year. In 2023, the payment terms were amended and a portion of the Noncurrent receivables are now included in Trade and other accounts receivable. The remaining Noncurrent receivables is expected to be collected in the first quarter of 2025. As of December 31, 2023 and December 31, 2022, Noncurrent receivables were as follows:


(in thousands)	December 31, 2023		December 31, 2022
Noncurrent receivables	$	4,414	$	28,053
Allowance for expected credit losses	(22)		(140)
Noncurrent receivables, net	$	4,392	$	27,913

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

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

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

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

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


(in thousands)	December 31, 2022		(Charge)/ benefit		Currency translation		Other		December 31, 2023
Specific customer reserves	$	(2,076)	$	(424)	$	(74)	$	90	$	(2,484)
Incremental expected credit losses	(1,021)		(187)		(40)		(1,528)		(2,776)
Accounts receivable expected credit losses	$	(3,097)	$	(611)	$	(114)	$	(1,438)	$	(5,260)


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

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


(in thousands)	December 31, 2022		(Charge)/ benefit		Currency translation		Other		December 31, 2023
Noncurrent receivables expected credit losses	$	(140)	$	123	$	(5)	$	—	$	(22)


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

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 111,610	$ 96,508	$ 118,768
Other comprehensive income, before tax:
Foreign currency translation and other adjustments	18,593	(40,971)	(20,808)
Reclassification of loss on pension settlement	0	42,657	0
Pension/postretirement plan remeasurement	4,302	(2,292)	(2,259)
Amortization of pension and postretirement liability adjustments:
Prior service credit	(4,122)	(4,497)	(4,475)
Net actuarial loss	1,383	3,260	4,625
Payments and amortization related to interest rate swaps included in earnings	(15,062)	468	6,852
Derivative valuation adjustment	3,512	25,396	3,764
Income taxes related to items of other comprehensive income:
Reclassification of loss on pension settlement	0	(16,459)	0
Pension/postretirement plan remeasurement	(673)	(370)	1,463
Amortization of pension and postretirement liability adjustments	904	408	(52)
Payments and amortization related to interest rate swaps included in earnings	3,811	(118)	(1,734)
Derivative valuation adjustment	(889)	(6,425)	(952)
Comprehensive income	123,369	97,565	105,192
Comprehensive income/(loss) attributable to the noncontrolling interest	949	856	(161)
Comprehensive income attributable to the Company	$ 122,420	$ 96,709	$ 105,353

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Provision for income taxes consisted of the following:


	Years ended December 31,
(in thousands)	2023		2022		2021
Income before income taxes:
U.S.	$	68,872	$	20,422	$	63,708
Non-U.S.	91,584		111,558		102,223
	$	160,456	$	131,980	$	165,931
Income tax expense/(benefit)
Current:
Federal	$	17,005	$	9,781	$	3,348
State	2,030		5,126		2,663
Non-U.S.	34,110		28,605		29,319
	$	53,145	$	43,512	$	35,330
Deferred:
Federal	$	(1,700)	$	(9,592)	$	9,911
State	863		(1,866)		(24)
Non-U.S.	(3,462)		3,418		1,946
	$	(4,299)	$	(8,040)	$	11,833
Total income tax expense	$	48,846	$	35,472	$	47,163

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


	Years ended December 31,
	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.9		2.5		1.8
Non-U.S. local income taxes	1.4		3.8		2.5
U.S. permanent adjustments	0.8		1.4		1.1
Foreign permanent adjustments	0.7		(2.1)		0.3
Foreign rate differential	2.0		3.1		1.2
Net U.S. tax on non-U.S. earnings and foreign withholdings	5.1		3.5		2.1
Provision for/(resolution) of tax audits and contingencies, net	0.3		0.3		0.1
U.S. Pension Settlement - Release of Residual Tax Effect	—		(4.0)		—
Change in valuation allowances	(1.2)		(0.6)		0.6
Impact of amended tax returns	—		(0.1)		(1.3)
Return to provision	(1.2)		(1.1)		(1.4)
Other adjustments	(0.4)		(0.8)		0.4
Effective income tax rate	30.4	%	26.9	%	28.4	%

In 2022, the Company recorded a net tax benefit of $5.2 million for the release of the residual tax effects that were stranded within other comprehensive income related to the U.S. pension settlement. The residual tax effects were created as a result of the remeasurement of deferred tax assets and liabilities originally established in other comprehensive income in accordance with the Tax Cuts and Jobs Act lowering the U.S. corporate tax rate from 35 percent to 21 percent as of December 31, 2017. No similar charges were incurred during 2023.

The Company has operations which constitute a taxable presence in 22 countries outside of the United States. The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2009-2023. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.

During the periods reported, income outside of the U.S. was heavily concentrated within Brazil (34 percent tax rate), China (25 percent tax rate), and Mexico (30 percent tax rate). The foreign rate differential of these jurisdictions was partially offset by Switzerland (15.2 percent tax rate). As a result, the foreign income tax rate differential was primarily attributable to these tax rate differences. Cash payments for taxes amounted to $54.5 million in 2023, $50.0 million in 2022, and $32.5 million in 2021.

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


For the year ended December 31	U.S.				Non-U.S.
(in thousands)	2023		2022		2023		2022
Deferred tax assets:
Accounts receivable, net	$	528	$	436	$	1,489	$	1,300
Inventories	1,608		1,807		1,429		1,111
Incentive compensation	5,843		4,619		1,162		1,333
Property, plant, equipment and intangibles, net	—		—		—		1,892
Pension, post retirement benefits - non-current	6,939		9,141		4,899		—
Tax loss carryforwards	110		239		29,811		14,201
Tax credit carryforwards	3,167		2,635		19		—
Leases	8,685		7,597		2,463		611
Reserves	877		721		—		—
Deferred revenue	244		761		—		—
Other	—		47		1,050		1,707
Deferred tax assets before valuation allowance	28,001		28,003		42,322		22,155
Less: valuation allowance	(118)		(8)		(9,730)		(9,778)
Total deferred tax assets	$	27,883	$	27,995	$	32,592	$	12,377
Deferred tax liabilities:
Unrepatriated foreign earnings	$	4,270	$	5,827	$	—	$	—
Property, plant, equipment and intangibles, net	8,433		3,084		19,000		—
Basis difference in partner capital	1,719		2,161		—		—
Basis difference in investment	4,192		4,173		—		—
Derivatives	3,009		5,941		109		—
Leases	8,091		11,609		2,331		515
Deferred revenue	—		—		9,843		6,440
Other	117		—		—		515
Total deferred tax liabilities	29,831		32,795		31,283		7,470
Net deferred tax (liability)/asset	$	(1,948)	$	(4,800)	$	1,309	$	4,907

Deferred income tax assets, net of valuation allowances, are expected to be realized through the reversal of existing taxable temporary differences and future taxable income. In 2023, the Company recorded immaterial movements in its valuation allowance, which are included in Schedule II in Item 15, Exhibits and Financial Statement Schedules, of this Annual Report on Form 10-K.

As of December 31, 2023, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:


(in thousands)	Expiration Period	Net Operating and Capital Loss Carryforwards		Tax Credit Carryforwards
Jurisdiction
U.S. Federal	2025 - 2040	$	—	$	2,626
U.S. State	2027 - 2042	1,889		541
Non-U.S.	2025 - 2033	12,983		—
Non-U.S.	Indefinite	115,787		—
Balance at end of year		$	130,659	$	3,167

The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $160.8 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $3.6 million and U.S. income taxes of $0.6 million which have already been recorded.

The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation to the U.S. were approximately $154.8 million, and are intended to remain indefinitely invested in foreign operations.

No additional income taxes have been provided on the indefinitely invested foreign earnings at December 31, 2023. If these earnings were distributed, the Company could be subject to income taxes and additional foreign withholding taxes. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practical due to the complexities of the hypothetical calculation.

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, the $2.7 million would impact the effective tax rate as of December 31, 2023 as follows:


(in thousands)	2023		2022		2021
Unrecognized tax benefits balance at January 1,	$	792	$	1,459	$	5,491
Increase in gross amounts of tax positions related to prior years	2,373		399		278
Decrease in gross amounts of tax positions related to prior years	—		(929)		(4,236)
Increase in gross amounts of tax positions related to current years	196		37		—
Decrease due to lapse in statute of limitations	(656)		—		(39)
Currency translation	36		(174)		(35)
Unrecognized tax benefits balance at December 31,	$	2,741	$	792	$	1,459

Of the $2.7 million total unrecognized tax benefits balance as of December 31, 2023, $1.3 million is related to unrecognized tax benefits acquired in the Heimbach acquisition.

The Company recognizes interest and penalties related to unrecognized tax benefits within its global operations as a component of income tax expense. The Company recognized $0.5 million, $0.1 million and $0.1 million interest and penalties related to the unrecognized tax benefits noted above, for the years 2023, 2022 and 2021, respectively. It is reasonably possible that within the next 12 months, unrecognized tax benefits related to international tax matters may decrease by up to $0.7 million based on current estimates.

- 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
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-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

Noncontrolling Interest

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest

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

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

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

The Company also owns 85 percent of Arcari, SRL ("Arcari"), a manufacturer of textile and plastic industrial technical products and conveyor belts, which is a subsidiary of Heimbach GmbH, the paper machine clothing

manufacturer recently acquired by the Company and reported within the MC segment. On August 31, 2023, the date of the Heimbach acquisition, the fair value of the noncontrolling interest in Arcari was $0.5 million. Net income/(loss) attributable to Arcari's noncontrolling interest was less than $0.1 million during 2023.

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


ASC Noncontrolling Interest:
(in thousands, except percentages)	2023			2022
Net income/(loss) of Albany Safran Composites (ASC)	$	6,036		$	8,720
Less: Return attributable to the Company's preferred holding	1,300			1,262
Net income/(loss) of ASC available for common ownership	$	4,736		$	7,458
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	474		$	746

Noncontrolling interest, beginning of year	$	4,494		$	3,638
Net income/(loss) attributable to noncontrolling interest	474			746
Changes in other comprehensive income attributable to noncontrolling interest	455			110
ASC noncontrolling interest, end of year	$	5,423		$	4,494


Arcari Noncontrolling Interest:
(in thousands, except percentages)	2023		2022





Initial equity related to Noncontrolling interest in Arcari	509		—
Net income attributable to noncontrolling interest	16		—
Changes in other comprehensive income attributable to noncontrolling interest	4		—
Arcari noncontrolling interest, end of year	$	529	$	—


Total noncontrolling interest, end of year						$	5,952					$	4,494

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

We currently have one class of Common Stock, Class A Common Stock, with a par value of $0.001. Each share is entitled to one vote on all matters submitted to shareholders, and will receive dividends as approved by the Board of Directors.

The Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment

opportunities and capital structure. As of December 31, 2023, the Company has repurchased in total 1,308,003 shares for a total cost of $109.4 million. Of this, 1,022,717 shares were purchased in 2022 for $85.1 million and 285,286 shares were purchased in 2021 for $24.4 million. We are currently authorized to repurchase shares up to $90.6 million.

Activity in Shareholders’ equity for 2021, 2022, and 2023 is presented below:


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2021	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		118,478		—		—	—		290		118,768

Compensation and benefits paid or payable in shares	20	—		—	—		2,441		—		—		—	—		—		2,441
Options exercised	7	—		—	—		153		—		—		—	—		—		153
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		285	(24,375)		—		(24,375)
Dividends declared
Class A Common Stock, $0.81 per share	—	—		—	—		—		(25,520)		—		—	—		—		(25,520)
Class B Common Stock, $0.81 per share	—	—		—	—		—		(647)		—		—	—		—		(647)
Conversion of Class B shares to Class A shares (b)	1,618	2		(1,618)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(22,677)		—	—		(451)		(23,128)
Pension and postretirement liability adjustments	—	—		—	—		—		—		1,171		—	—		—		1,171


Derivative valuation adjustment	—	—		—	—		—		—		7,930		—	—		—		7,930
December 31, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2022	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		95,762		—		—	—		746		96,508
Compensation and benefits paid or payable in shares	24	—		—	—		3,727		—		—		—	—		—		3,727
Options exercised	1	—		—	—		17		—		—		—	—		—		17
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (c)	—	—		—	—		—		—		—		1,023	(85,065)		—		(85,065)
Dividends declared
Class A Common Stock, $0.81 per share	—	—		—	—		—		(27,501)		—		—	—		—		(27,501)

Cumulative translation adjustments	—	—		—	—		—		—		(40,971)		—	—		110		(40,861)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(3,491)		—	—		—		(3,491)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198							26,198
Derivative valuation adjustment	—	—		—	—		—		—		19,321		—	—		—		19,321
December 31, 2022	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543

(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2023	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543
Net income	—	—		—	—		—		111,120		—		—	—		490		111,610
Compensation and benefits paid or payable in shares	71	—		—	—		5,851		—		—		—	—		—		5,851

Shares issued to Directors'	—	—		—	—		827		—		—		(13)	258		—		1,085

Dividends declared
Class A Common Stock, $1.01 per share	—	—		—	—		—		(31,496)		—		—	—		—		(31,496)


Initial equity related to Noncontrolling interest in Arcari	—	—		—	—		—		—		—		—	—		509		509
Cumulative translation adjustments	—	—		—	—		—		—		21,950		—	—		459		22,409
Pension and postretirement liability adjustments	—	—		—	—		—		—		(1,563)		—	—		—		(1,563)

Derivative valuation adjustment	—	—		—	—		—		—		(8,628)		—	—		—		(8,628)
December 31, 2023	40,856	$	41	—	$	—	$	448,218	$	1,010,942	$	(133,168)	9,662	$	(364,665)	$	5,952	$	967,320

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

- Definition

The entire disclosure for 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

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

+ Details

Pension, Postretirement, and Other Benefit Plans (Reconciliation of Level 3 Assets) (Details) - Pension plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 74,929	$ 225,327
Fair value of plan assets, end of year	112,688	74,929
Insurance contracts \| Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	2,418	3,861
Net realized gains	0	0
Net unrealized gains	18	20
Net purchases, issuances and settlements	5,161	(1,463)
Net transfers (out of) Level 3	0	0
Fair value of plan assets, end of year	$ 7,597	$ 2,418

- Definition

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

+ References + Details

Fair-Value Measurements

12 Months Ended

Dec. 31, 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 December 31, 2023, or at December 31, 2022, other than certain pension assets (see Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial Statements).

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


	December 31, 2023				December 31, 2022
(in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Fair Value
Assets:
Cash equivalents	$	27,157	$	—	$	6,533	$	—
Foreign currency option contracts			$	1,725			—
Foreign currency forward contracts			199				—
Other Assets:
Common stock of unaffiliated foreign public company (a)	682		—		602		—
Interest rate swaps	—		12,214		—		23,605

_____________________

(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 in the Consolidated Balance Sheets. Amounts determined to be due within one year are reclassified to Other current assets 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 17, Financial Instruments, of the Notes to the Consolidated Financial Statements for additional information). As of December 31, 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 (income)/expense related to payments under the active swap agreements totaled $(15.0) million in 2023, $0.5 million in 2022 and $7.1 million in 2021. Additionally, non-cash interest expense (income) related to the remaining amortization of swap buyouts was $(0.3) million in 2021.

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

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

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



(in thousands)	2023		2022		2021
Derivatives not designated as hedging
instruments:
Foreign currency options (gains)/losses	$	(351)	$	(509)	$	169

- Definition

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

+ References + Details

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 receivable	51,569
Inventories	41,864
Property, plant and equipment	125,117
Other intangible assets	14,901
Other current assets	7,745
Other noncurrent assets	6,703
Total assets acquired	260,246
Liabilities assumed:
Assumed debt	32,700
Accounts payable	8,243
Accrued liabilities	27,674
Other noncurrent liabilities	35,910
Income taxes payable	288
Deferred tax liabilities	10,856
Total liabilities assumed	115,671
Net assets acquired	144,575
Noncontrolling interest	(509)
Total consideration	$ 144,066

Leases (Schedule of Additional Information Related to Leases) (Details)	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Operating leases, weighted average remaining lease term	10 years	11 years
Operating leases, weighted average discount rate	5.40%	5.30%

Income Taxes (Schedule of Income/(Loss) From Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income/(loss) before income taxes, U.S.	$ 68,872	$ 20,422	$ 63,708
Income/(loss) before income taxes, Non-U.S.	91,584	111,558	102,223
Income before income taxes	160,456	131,980	165,931
Current:
Federal	17,005	9,781	3,348
State	2,030	5,126	2,663
Non-U.S.	34,110	28,605	29,319
Current income tax provision	53,145	43,512	35,330
Deferred:
Federal	(1,700)	(9,592)	9,911
State	863	(1,866)	(24)
Non-U.S.	(3,462)	3,418	1,946
Deferred income tax provision	(4,299)	(8,040)	11,833
Total income tax expense	$ 48,846	$ 35,472	$ 47,163

Business Combinations (Schedule 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

Business Combination (Schedule of Business Acquisition, Pro Forma Information) (Details) - Heimbach - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net revenues	$ 1,265,379	$ 1,206,420
Net income attributable to the Company	$ 109,710	$ 91,583

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities as of December 31, 2023 and 2022 consist of the following:


(in thousands)	2023		2022
Salaries, wages and benefits	$	72,373	$	57,867
Contract liabilities	7,127		15,176
Returns and allowances	10,232		9,084
Dividends	8,111		7,778
Pension and postretirement	9,356		6,683
Operating and finance lease liabilities	7,335		5,929
Other tax	10,171		10,274
Contract loss reserve	2,721		2,359
Freight	1,979		1,966
Professional fees	3,912		3,439
Other	9,671		5,830
Total accrued liabilities	$	142,988	$	126,385

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Provision for income taxes consisted of the following:


	Years ended December 31,
(in thousands)	2023		2022		2021
Income before income taxes:
U.S.	$	68,872	$	20,422	$	63,708
Non-U.S.	91,584		111,558		102,223
	$	160,456	$	131,980	$	165,931
Income tax expense/(benefit)
Current:
Federal	$	17,005	$	9,781	$	3,348
State	2,030		5,126		2,663
Non-U.S.	34,110		28,605		29,319
	$	53,145	$	43,512	$	35,330
Deferred:
Federal	$	(1,700)	$	(9,592)	$	9,911
State	863		(1,866)		(24)
Non-U.S.	(3,462)		3,418		1,946
	$	(4,299)	$	(8,040)	$	11,833
Total income tax expense	$	48,846	$	35,472	$	47,163

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

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


	Years ended December 31,
	2023		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.9		2.5		1.8
Non-U.S. local income taxes	1.4		3.8		2.5
U.S. permanent adjustments	0.8		1.4		1.1
Foreign permanent adjustments	0.7		(2.1)		0.3
Foreign rate differential	2.0		3.1		1.2
Net U.S. tax on non-U.S. earnings and foreign withholdings	5.1		3.5		2.1
Provision for/(resolution) of tax audits and contingencies, net	0.3		0.3		0.1
U.S. Pension Settlement - Release of Residual Tax Effect	—		(4.0)		—
Change in valuation allowances	(1.2)		(0.6)		0.6
Impact of amended tax returns	—		(0.1)		(1.3)
Return to provision	(1.2)		(1.1)		(1.4)
Other adjustments	(0.4)		(0.8)		0.4
Effective income tax rate	30.4	%	26.9	%	28.4	%

Schedule of Deferred Tax Assets and Liabilities

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


For the year ended December 31	U.S.				Non-U.S.
(in thousands)	2023		2022		2023		2022
Deferred tax assets:
Accounts receivable, net	$	528	$	436	$	1,489	$	1,300
Inventories	1,608		1,807		1,429		1,111
Incentive compensation	5,843		4,619		1,162		1,333
Property, plant, equipment and intangibles, net	—		—		—		1,892
Pension, post retirement benefits - non-current	6,939		9,141		4,899		—
Tax loss carryforwards	110		239		29,811		14,201
Tax credit carryforwards	3,167		2,635		19		—
Leases	8,685		7,597		2,463		611
Reserves	877		721		—		—
Deferred revenue	244		761		—		—
Other	—		47		1,050		1,707
Deferred tax assets before valuation allowance	28,001		28,003		42,322		22,155
Less: valuation allowance	(118)		(8)		(9,730)		(9,778)
Total deferred tax assets	$	27,883	$	27,995	$	32,592	$	12,377
Deferred tax liabilities:
Unrepatriated foreign earnings	$	4,270	$	5,827	$	—	$	—
Property, plant, equipment and intangibles, net	8,433		3,084		19,000		—
Basis difference in partner capital	1,719		2,161		—		—
Basis difference in investment	4,192		4,173		—		—
Derivatives	3,009		5,941		109		—
Leases	8,091		11,609		2,331		515
Deferred revenue	—		—		9,843		6,440
Other	117		—		—		515
Total deferred tax liabilities	29,831		32,795		31,283		7,470
Net deferred tax (liability)/asset	$	(1,948)	$	(4,800)	$	1,309	$	4,907

Schedule of Operating and Capital Loss and Tax Credit Carryforwards

As of December 31, 2023, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:


(in thousands)	Expiration Period	Net Operating and Capital Loss Carryforwards		Tax Credit Carryforwards
Jurisdiction
U.S. Federal	2025 - 2040	$	—	$	2,626
U.S. State	2027 - 2042	1,889		541
Non-U.S.	2025 - 2033	12,983		—
Non-U.S.	Indefinite	115,787		—
Balance at end of year		$	130,659	$	3,167

Schedule of Unrecognized Tax Benefits


(in thousands)	2023		2022		2021
Unrecognized tax benefits balance at January 1,	$	792	$	1,459	$	5,491
Increase in gross amounts of tax positions related to prior years	2,373		399		278
Decrease in gross amounts of tax positions related to prior years	—		(929)		(4,236)
Increase in gross amounts of tax positions related to current years	196		37		—
Decrease due to lapse in statute of limitations	(656)		—		(39)
Currency translation	36		(174)		(35)
Unrecognized tax benefits balance at December 31,	$	2,741	$	792	$	1,459

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Foreign Currency Transaction Gains and Losses

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


	Years ended December 31,
(in thousands)	2023		2022		2021
(Gains)/losses included in:
Selling, general, and administrative expenses	$	4,181	$	(554)	$	(263)
Other (income)/expense, net	(2,916)		(9,996)		(1,179)
Total transaction (gains)/losses	$	1,265	$	(10,550)	$	(1,442)

Schedule of Intercompany Foreign Currency Balances

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


(in thousands)	2023		2022		2021
Loss/(gain), before tax, on long-term intercompany loan	$	—	$	—	$	(66)

Accumulated Other Comprehensive Income ("AOCI") (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ (160,456)	$ (131,980)	$ (165,931)
Income tax effect	48,846	35,472	47,163
Other (income)/expense, net	(6,163)	(14,086)	3,021
Net income attributable to the Company	(111,120)	(95,762)	(118,478)
Reclassification out of Accumulated Other Comprehensive Income \| Derivative valuation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(15,062)	468	6,852
Income tax effect	3,811	(118)	(1,734)
Net income attributable to the Company	(11,251)	350	5,118
Reclassification out of Accumulated Other Comprehensive Income \| Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax effect	904	(16,051)	(52)
Other (income)/expense, net	(2,739)	41,420	150
Net income attributable to the Company	(1,835)	25,369	98
Reclassification out of Accumulated Other Comprehensive Income \| Pension/postretirement settlements and curtailments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	0	42,657	0
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	(4,122)	(4,497)	(4,475)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	$ 1,383	$ 3,260	$ 4,625

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Intangible Assets and Goodwill

The changes in intangible assets and goodwill from December 31, 2021 to December 31, 2023, were as follows:


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2022		Acquisition		Amortization		Currency Translation		Balance at December 31, 2023
Finite-lived intangible assets:
AEC Trademarks and trade names	6-15	$	34	$	—	$	(12)	$	—	$	22
AEC Technology	10-15	3,884		—		(567)		109		3,426
AEC Intellectual property	15	994		—		(83)		—		911

AEC Customer relationships	8-15	28,899		—		(3,480)		66		25,485
Heimbach Developed technology	9	—		8,918		(310)		124		8,732

Total Finite-Lived intangible assets, net		$	33,811	$	8,918	$	(4,452)	$	299	$	38,576
Indefinite-lived intangible assets:
Heimbach Trade name		$	—	$	5,982	$	—	$	88	$	6,070
MC Goodwill		65,441		—		—		1,432		66,873
AEC Goodwill		112,776		—		—		532		113,308
Total Indefinite-lived intangible assets		$	178,217	$	5,982	$	—	$	2,052	$	186,251


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

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

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2024 through 2028, is as follows:


Year	Annual amortization (in thousands)
2024	$	5,200
2025	5,200
2026	5,200
2027	5,100
2028	5,100

Other Noncurrent Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

19. Other Noncurrent Liabilities

As of December 31, 2023 and 2022, Other noncurrent liabilities consisted of the following:


(in thousands)	2023		2022
Operating leases	$	50,637	$	50,190

Postretirement benefits other than pensions	25,876		31,998
Pension liabilities	59,431		23,061


Incentive and deferred compensation	1,957		1,395
Other	1,484		2,114
Total other noncurrent liabilities	$	139,385	$	108,758

On August 31, 2023, the Company completed the acquisition of Heimbach. Included in the fair value of liabilities assumed was $35.3 million of pension liabilities, net, of which $33.6 million was recorded to Other noncurrent

liabilities, and the remainder was recorded to Accrued liabilities in our Consolidated Balance Sheets. See Note 24, Business Combination, of the Notes to the Consolidated Financial Statements for additional information.

Pension, Postretirement, and Other Benefit Plans (Schedule of Asset Allocation) (Details)	Dec. 31, 2023	Dec. 31, 2022
United States
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Percentage of plan assets at plan measurement date	0.00%	0.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percentage of plan assets at plan measurement date	100.00%	100.00%
Foreign Plan \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	14.00%
Percentage of plan assets at plan measurement date	13.00%	15.00%
Foreign Plan \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	71.00%
Percentage of plan assets at plan measurement date	73.00%	76.00%
Foreign Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	3.00%
Percentage of plan assets at plan measurement date	3.00%	1.00%
Foreign Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	12.00%
Percentage of plan assets at plan measurement date	11.00%	8.00%

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

As of December 31, 2023 and 2022, inventories consisted of the following:


(in thousands)	December 31, 2023		December 31, 2022
Raw materials	$	79,611	$	74,631
Work in process	67,743		50,516
Finished goods	22,213		13,903
Total inventories	$	169,567	$	139,050

Pension, Postretirement, and Other Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 112,688	$ 74,929	$ 225,327
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	112,688	74,929
Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,740	548
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	60,997	37,234
Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7,597	2,418
Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	74,334	40,200
Common Stocks and equity funds \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,159	0
Common Stocks and equity funds \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4,159	0
Common Stocks and equity funds \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12,608	13,069
Debt securities \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt securities \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56,838	37,234
Debt securities \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt securities \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56,838	37,234
Insurance contracts \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7,597	2,418	$ 3,861
Insurance contracts \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,478	2,418
Insurance contracts \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,478	2,418
Real Estate \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Real Estate \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Real Estate \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,451	0
Real Estate \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,451	0
Hedge Funds \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Hedge Funds \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Hedge Funds \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	668	0
Hedge Funds \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	668	0
Cash and short-term investments \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,740	548
Cash and short-term investments \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and short-term investments \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and short-term investments \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5,740	548
Fixed income funds \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25,746	21,660
Limited partnerships \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

Goodwill and Other Intangible Assets (Narrative) (Details)	3 Months Ended	4 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) reporting_unit	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
AEC reporting units \| reporting_unit	2
Goodwill impairment charges	$ 0		$ 0
Amortized intangible assets, gross		$ 87,100,000	87,100,000
Amortized intangible assets, accumulated amortization		48,500,000	48,500,000
Amortization of intangible assets			4,452,000	$ 4,842,000
Cost of Sales
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			400,000	800,000	$ 3,000,000
Selling, General and Administrative Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			4,100,000	$ 4,000,000	$ 4,200,000
Heimbach
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets						$ 14,901,000
Amortization of intangible assets			$ 300,000
Heimbach \| AEC Technology
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangibles						$ 8,900,000
Finite-lived intangible assets, useful life						9 years
Amortization of intangible assets		$ 300,000
Heimbach \| AEC Tradema
Finite-Lived Intangible Assets [Line Items]
Acquired indefinite-lived intangible assets						$ 6,000,000

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Receivable) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	$ (3,097)	$ (2,345)
(Charge)/ benefit	(611)	(1,424)
Currency translation	(114)	75
Other	(1,438)	597
Accounts receivable expected credit losses, ending balance	(5,260)	(3,097)
Specific Customer Reserves
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(2,076)	(1,392)
(Charge)/ benefit	(424)	(1,331)
Currency translation	(74)	50
Other	90	597
Accounts receivable expected credit losses, ending balance	(2,484)	(2,076)
Incremental Expected Credit Losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(1,021)	(953)
(Charge)/ benefit	(187)	(93)
Currency translation	(40)	25
Other	(1,528)	0
Accounts receivable expected credit losses, ending balance	$ (2,776)	$ (1,021)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We have cash-based and stock-based incentive compensation plans that can be awarded for key employees, which are designed to reward short and long-term contributions and used as retention incentives for key senior management. We grant stock-based awards in the form of restricted stock units that are generally settled with the issuance of Class A shares. We grant performance phantom stock units that are treated as liability-based awards and are generally settled in cash. The vesting periods generally range between one and five years from the grant date. Expenses associated with these awards are recognized over each respective vesting period.

Performance and Retention Awards

The Albany International 2017 and 2023 Long-term Incentive Plans provide senior executive members of management with incentive compensation based on achieving certain performance or service measures. Awards can be settled in cash or shares of Class A Common Stock. If the settlement is in the form of Class A Common Stock, participants may elect to receive shares net of applicable income taxes.

Annual Performance Period Awards

Annual cash-based incentives were granted to executives as annual performance period ("APP") awards. Cash payments of $3.9 million in 2023, $4.5 million in 2022 and $3.1 million in 2021 were made as a result of the performance in the preceding year. In addition, due to the vesting of certain compensation costs for the former CEO who retired during 2023, an additional $0.9 million in cash payments were made.

Multi-Year Performance Plan Awards

Long-term performance incentives were granted to executives as multi-year performance plan ("MPP") awards in each of 2021, 2022 and 2023. Each of these awards vests three years after the grant date, and the extent of payout is dependent upon the achievement of certain performance metrics during the three-year performance period, as defined by the Compensation Committee of the Board of Directors. Settlement of the awards are scheduled to occur no later than 90 days after the end of the performance period. If a participant terminates employment prior to the award becoming fully vested, the participant forfeits a portion of the MPP award. The grant date share price is determined when the awards are approved by the Compensation Committee of the Board of Directors each year and that price is used to measure the cost for the share-based portion of an award. MPP awards are generally settled in shares. Expense associated with these awards is recognized over the vesting period. In connection with these awards, we recognized expense of $5.1 million in 2023, $3.9 million in 2022 and $3.7 million in 2021. The net impact to earnings for the respective years was $4.3 million, $2.7 million, and $2.6 million. Based on current estimates of achievement of certain performance metrics, we anticipate recognizing $1.6 million of expense in 2024 and $0.5 million of expense in 2025.

Restricted Stock Unit Awards

Long-term restricted stock unit awards (“RSU”) were granted to executives and vest annually and settle in shares no later than 90 days after the vesting period ends. The grant date share price is the date when the award is approved by the Compensation Committee of the Board of Directors and is used to measure the cost of the award. We recognized $4.2 million of expense in 2023 associated with these RSU’s which included $1.7 million as a result of accelerated vesting for the former CEO who retired during 2023. The net impact to earnings was $3.5 million. Expense recognized for RSU’s was $1.5 million in 2022 and $0.6 million in 2021, and the net impact to earnings during these respective years was $1.0 million and $0.4 million. Based on RSU’s outstanding at December 31, 2023, we expect to record approximately $1.8 million of expense in 2024 and $1.5 million of expense in 2025.

In addition, during 2023, RSU awards with performance conditions were issued as special retention incentives to certain executives. The 2023 expense for these awards was $0.9 million, for which the net impact to earnings was $0.8 million. Based on awards outstanding at December 31, 2023, we expect to record approximately $2.1 million of expense in 2024.

As of December 31, 2023, there were 1,631,328 shares of Company stock authorized for the payment of awards under these plans. Information with respect to these plans is presented below:


(in thousands, except number of shares and weighted average grant date value per share)	Number of shares	Weighted average grant date value per share		Year-end intrinsic value
Shares potentially payable at January 1, 2021	97,840	$	71.95	$	7,040
Forfeitures	—
Payments	(31,722)	$	66.25
Shares accrued based on 2021 performance	41,512	$	78.06
Shares potentially payable at December 31, 2021	107,630	$	75.99	$	8,179
Forfeitures	—
Payments	(35,897)	$	84.27
Shares accrued based on 2022 performance	64,208	$	86.00
Shares potentially payable at December 31, 2022	135,941	$	79.11	$	10,754
Forfeitures	(9,035)	$	92.02
Payments	(112,279)	$	86.35
Shares accrued based on 2023 performance	124,181	$	92.52
Shares potentially payable at December 31, 2023	138,808	$	84.41	$	11,717

Performance Phantom Stock

Long-term cash retention incentives with a performance component were granted to members of management as Phantom Stock Plan ("PSP") awards. Awards under this plan vest over a 3 to 5 year period and are paid annually in cash based on current market prices of the Company’s stock. Under this program, employees may earn more or less than the target award based on the Company’s results in the year of the award. Expense recognized for this plan amounted to $7.8 million in 2023, $8.6 million in 2022, and $6.6 million in 2021. The net impact to earnings for the respective years was $5.5 million, $6.0 million, and $4.6 million. Based on awards outstanding at December 31, 2023, we expect to record approximately $12.3 million of compensation cost from 2024 to 2026. The weighted average period for recognition of that cost is approximately 2 years.

Non-employee Director stock compensation

The Company’s independent Directors are paid an annual retainer, of which a certain amount is required to be paid in shares. The total number of shares paid to each independent Director is determined by the share closing price on the day of the Annual Meeting at which the election of Directors occurs. This resulted in compensation expense of $1.1 million in 2023, $1.1 million in 2022, and $0.8 million in 2021 that was distributed in the form of shares.

Accounting Policies (Schedule of Foreign Currency Gains on Long-term Intercompany Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Loss/(gain), before tax, on long-term intercompany loan	$ 0	$ 0	$ (66)

Other (income)/expense, net (Schedule of Other (Income)/ Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Currency transactions	$ (2,916)	$ (9,996)	$ (1,179)
Sale of IP addresses	0	(3,420)	0
Bank fees and amortization of debt issuance costs	180	313	373
Components of net periodic pension and postretirement cost other than service	(61)	(1,077)	156
Other	(3,366)	94	3,671
Total other (income)/expense, net	$ (6,163)	$ (14,086)	$ 3,021

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring expenses, net
Total restructuring expenses, net	$ 282	$ 106	$ 1,331
Termination and other costs
Restructuring expenses, net
Total restructuring expenses, net	282	106	1,331
Impairment of assets
Restructuring expenses, net
Total restructuring expenses, net	0	0	0
Operating segments \| Machine Clothing
Restructuring expenses, net
Total restructuring expenses, net	282	92	1,202
Operating segments \| Albany Engineered Composites
Restructuring expenses, net
Total restructuring expenses, net	0	0	32
Operating segments \| Termination and other costs \| Machine Clothing
Restructuring expenses, net
Total restructuring expenses, net	282	92	1,202
Operating segments \| Termination and other costs \| Albany Engineered Composites
Restructuring expenses, net
Total restructuring expenses, net	0	0	32
Operating segments \| Impairment of assets \| Machine Clothing
Restructuring expenses, net
Total restructuring expenses, net	0	0	0
Operating segments \| Impairment of assets \| Albany Engineered Composites
Restructuring expenses, net
Total restructuring expenses, net	0	0	0
Corporate
Restructuring expenses, net
Total restructuring expenses, net	0	14	97
Corporate \| Termination and other costs
Restructuring expenses, net
Total restructuring expenses, net	0	14	97
Corporate \| Impairment of assets
Restructuring expenses, net
Total restructuring expenses, net	$ 0	$ 0	$ 0

Income Taxes (Narrative) (Details) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) $ in Millions	Dec. 31, 2023 USD ($) country	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Line Items]
Net tax benefit	$ 0.0	$ 5.2
Number of countries outside the United States which constitute a taxable presence \| country	22
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Cash payments for taxes	$ 54.5	$ 50.0	$ 32.5
Current year and prior year earnings of Company's foreign operations	160.8
Foreign withholding taxes	3.6
Reduction in provisional transition tax	0.6
Undistributed earnings of foreign subsidiaries	154.8
Unrecognized tax benefit that would impact the effective tax rate	2.7
Unrecognized tax benefit, increase resulting from acquisition	1.3
Interest and penalties related to the unrecognized tax benefits	0.5	$ 0.1	$ 0.1
Decrease reasonably possible	$ 0.7
Brazil
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	34.00%
China
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	25.00%
Mexico
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	30.00%
Switzerland
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	15.20%

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

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

VALUATION AND QUALIFYING ACCOUNTS

ALBANY INTERNATIONAL CORP. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(Amounts in thousands)


Column A	Column B		Column C		Column D		Column E
Description	Balance at beginning of period		Charge to expense		Other (a)		Balance at end of the period
Allowance for doubtful accounts
Year ended December 31:
2023	$	3,984	$	640	$	1,566	$	6,190
2022	3,248		1,408		(672)		3,984
2021	5,140		(1,299)		(593)		3,248
Allowance for sales returns
Year ended December 31:
2023	$	9,070	$	5,499	$	(4,337)	$	10,232
2022	9,552		6,130		(6,612)		9,070
2021	9,668		6,022		(6,138)		9,552
Valuation allowance deferred tax assets
Year ended December 31:
2023	$	9,786	$	(1,381)	$	1,443	$	9,848
2022	10,659		$	(839)	$	(34)	9,786
2021	10,270		949		(560)		10,659

__________________________

(a) Amounts acquired, sold, written off, or recovered, and the effect of changes in currency translation rates, are included in Column D.

Leases

12 Months Ended

Dec. 31, 2023

Lessee Disclosure [Abstract]

Leases

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

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

We have entered into operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 11 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Finance lease:
Amortization of right-of-use asset	$	—	$	416	$	997
Interest on lease liabilities	—		529		1,353
Operating lease:
Fixed lease cost	9,591		6,036		5,283
Variable lease cost	108		438		(259)
Short-term lease cost	2,060		1,025		1,037
Total lease expense	$	11,759	$	8,444	$	8,411

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	10,105	$	6,612	$	5,233
Operating cash outflows from finance leases	—		529		1,353
Financing cash outflows from finance leases	—		654		1,438
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	9,114	$	38,559	$	2,189
Finance leases	—		—		—

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

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2023		December 31, 2022
Operating leases
Right of use assets included in Other assets	$	50,825	$	48,475
Lease liabilities included in
Accrued liabilities	$	7,335	$	5,929
Other noncurrent liabilities	50,637		50,190
Total operating lease liabilities	$	57,972	$	56,119

Additional information for leases existing at December 31, 2023 and 2022 was as follows:


	December 31, 2023		December 31, 2022
Weighted average remaining lease term
Operating leases	10 years		11 years

Weighted average discount rate
Operating leases	5.4	%	5.3	%

Maturities of lease liabilities as of December 31, 2023 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2024	$	10,627
2025	9,505
2026	8,466
2027	7,691
2028	5,423
Thereafter	32,990
Total lease payments	74,702
Less imputed interest	(16,730)
Total	$	57,972

Leases

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Finance lease:
Amortization of right-of-use asset	$	—	$	416	$	997
Interest on lease liabilities	—		529		1,353
Operating lease:
Fixed lease cost	9,591		6,036		5,283
Variable lease cost	108		438		(259)
Short-term lease cost	2,060		1,025		1,037
Total lease expense	$	11,759	$	8,444	$	8,411

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	10,105	$	6,612	$	5,233
Operating cash outflows from finance leases	—		529		1,353
Financing cash outflows from finance leases	—		654		1,438
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	9,114	$	38,559	$	2,189
Finance leases	—		—		—

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

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2023		December 31, 2022
Operating leases
Right of use assets included in Other assets	$	50,825	$	48,475
Lease liabilities included in
Accrued liabilities	$	7,335	$	5,929
Other noncurrent liabilities	50,637		50,190
Total operating lease liabilities	$	57,972	$	56,119

Additional information for leases existing at December 31, 2023 and 2022 was as follows:


	December 31, 2023		December 31, 2022
Weighted average remaining lease term
Operating leases	10 years		11 years

Weighted average discount rate
Operating leases	5.4	%	5.3	%

Maturities of lease liabilities as of December 31, 2023 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2024	$	10,627
2025	9,505
2026	8,466
2027	7,691
2028	5,423
Thereafter	32,990
Total lease payments	74,702
Less imputed interest	(16,730)
Total	$	57,972

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

15. Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, however, these assets are tested for impairment at least annually at the reporting unit level, using either a qualitative or quantitative approach. Impairment is the condition that exists when the carrying amount of a reporting unit, including goodwill, exceeds its fair value.

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 Engineered Composites 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.

In the third quarter of 2023, the Company acquired all the outstanding shares of Heimbach. The preliminary fair values of the identifiable intangible assets obtained totaled $14.9 million and consisted of the Heimbach trade name and developed technology. 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. The fair value of the developed technology was $8.9 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. See Note 24, Business Combination, of the Notes to the Consolidated Financial Statements, for additional information.

We amortize certain patents, trademarks and names, customer contracts, relationships and technology assets that have finite-lives. The changes in intangible assets and goodwill from December 31, 2021 to December 31, 2023, were as follows:


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2022		Acquisition		Amortization		Currency Translation		Balance at December 31, 2023
Finite-lived intangible assets:
AEC Trademarks and trade names	6-15	$	34	$	—	$	(12)	$	—	$	22
AEC Technology	10-15	3,884		—		(567)		109		3,426
AEC Intellectual property	15	994		—		(83)		—		911

AEC Customer relationships	8-15	28,899		—		(3,480)		66		25,485
Heimbach Developed technology	9	—		8,918		(310)		124		8,732

Total Finite-Lived intangible assets, net		$	33,811	$	8,918	$	(4,452)	$	299	$	38,576
Indefinite-lived intangible assets:
Heimbach Trade name		$	—	$	5,982	$	—	$	88	$	6,070
MC Goodwill		65,441		—		—		1,432		66,873
AEC Goodwill		112,776		—		—		532		113,308
Total Indefinite-lived intangible assets		$	178,217	$	5,982	$	—	$	2,052	$	186,251


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

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

As of December 31, 2023, the gross carrying amount and accumulated amortization of Finite-lived intangible assets was $87.1 million and $48.5 million, respectively.

Amortization expense related to Finite-lived intangible assets was reported in the Consolidated Statement of Income as follows: $0.4 million in Cost of goods sold and $4.1 million in Selling, general and administrative expenses in 2023; $0.8 million in Cost of goods sold and $4.0 million in Selling, general and administrative expenses in 2022; and $3.0 million in Cost of goods sold and $4.2 million in Selling, general and administrative expenses in 2021.

Estimated amortization expense of intangibles for the years ending December 31, 2024 through 2028, is as follows:


Year	Annual amortization (in thousands)
2024	$	5,200
2025	5,200
2026	5,200
2027	5,100
2028	5,100

Noncontrolling Interest - Income attributable to the noncontrolling interest and noncontrolling equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income/(loss) of Albany Safran Composites (ASC)	$ 111,610	$ 96,508	$ 118,768
Net income/(loss) of ASC available for common ownership	111,120	95,762	118,478
Net income/(loss) attributable to noncontrolling interest	490	746	290
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	4,494
Net income/(loss) attributable to noncontrolling interest	490	746	290
ASC noncontrolling interest, end of year	5,952	4,494
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income/(loss) of Albany Safran Composites (ASC)	6,036	8,720
Less: Return attributable to the Company's preferred holding	1,300	1,262
Net income/(loss) of ASC available for common ownership	4,736	7,458
Net income/(loss) attributable to noncontrolling interest	474	746
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	4,494	3,638
Net income/(loss) attributable to noncontrolling interest	474	746
Changes in other comprehensive income attributable to noncontrolling interest	455	110
ASC noncontrolling interest, end of year	$ 5,423	$ 4,494	$ 3,638
Safran \| Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%		10.00%
Arcari, SRL
Noncontrolling Interest [Line Items]
Net income/(loss) attributable to noncontrolling interest	$ 16	$ 0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	0
Initial equity related to Noncontrolling interest in Arcari	509	0
Net income/(loss) attributable to noncontrolling interest	16	0
Changes in other comprehensive income attributable to noncontrolling interest	4	0
ASC noncontrolling interest, end of year	$ 529	$ 0

Pension, Postretirement, and Other Benefit Plans (Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 81,972	$ 28,458
Fair value of plan assets	17,041	3,422
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	77,688	25,941
Fair value of plan assets	$ 17,041	$ 3,422

Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits balance at January 1,	$ 792	$ 1,459	$ 5,491
Increase in gross amounts of tax positions related to prior years	2,373	399	278
Decrease in gross amounts of tax positions related to prior years	0	(929)	(4,236)
Increase in gross amounts of tax positions related to current years	196	37	0
Decrease due to lapse in statute of limitations	(656)	0	(39)
Currency translation	36
Currency translation		(174)	(35)
Unrecognized tax benefits balance at December 31	$ 2,741	$ 792	$ 1,459

Pension, Postretirement, and Other Benefit Plans (Schedule of Expected Cash Flows) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions and direct employer payments in the next fiscal year	$ 6,335
2024	10,716
2025	10,972
2026	10,938
2027	10,089
2028	10,333
2029 to 2033	50,314
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions and direct employer payments in the next fiscal year	2,808
2024	2,808
2025	2,714
2026	2,626
2027	2,538
2028	2,448
2029 to 2033	$ 10,873

Financial Instruments

12 Months Ended

Dec. 31, 2023

Long-Term Debt and Lease Obligation [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 our outstanding debt as of December 31, 2023 and 2022:


(in thousands, except interest rates)	2023		2022
Borrowings under the Amended Credit Agreement(1)	$	446,000	$	439,000
Foreign bank debt	10,885		—
Total bank debt	456,885		439,000
Less: Current maturities of long-term debt	4,218		—
Long-term debt	$	452,667	$	439,000
(1) The credit facility matures in August 2028. At the end of the December 31, 2023 and December 31, 2022, the interest rate in effect was 3.49 percent and 3.16 percent, respectively, including the effect of interest rate hedging transactions, as described below.

Principal payments on long-term debt are due in amounts of $3.4 million in 2025, $1.3 million in 2026, $1.2 million in 2027, $446.4 million in 2028 and $0.4 million in 2029 and beyond. Cash payments of interest amounted to $18.7 million in 2023, $16.0 million in 2022 and $14.9 million in 2021.

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 0.0%). 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, and 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 December 31, 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 December 31, 2023, there was $446 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $354 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 Amended 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 Amended Credit Agreement) of greater than 3.00 to 1.00.

As of December 31, 2023, our leverage ratio was 1.25 to 1.00 (as defined in the Amended Credit Agreement) and our interest coverage ratio was 14.13 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of $40 million in a calendar year. As of December 31, 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). Indebtedness under the Amended Credit Agreement is ranked equally in right of payment to all unsecured senior debt.

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 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 pay a floating rate based on the one-month term SOFR at each monthly calculation date, which on December 18, 2023 was 5.36%. The effective date of the amended Swap agreements was July 17, 2023. As of December 18, 2023, the all-in-rate on the $350 million 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 the addition of the spread) on $350 million of indebtedness drawn under the Prior 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.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements. 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 debt.

Assumed Foreign Bank Debt

With the August 31, 2023 acquisition of Heimbach, the Company assumed bank debt in the amount of $32.7 million, held by several European financial institutions with interest rates ranging from 0.98 percent to 5.52 percent 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. As a result, $18.6 million of the debt was repaid in the fourth quarter of 2023. At December 31, 2023, the balance of Heimbach's debt was $10.9 million, of which $4.2 million was classified as Current maturities on long-term debt.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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 stock, shares, outstanding (in shares)	31,200,000	31,100,000
Treasury stock, shares (in shares)	9,661,845	9,674,542
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

Reportable Segments and Geographic Data (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring expenses, net
Total restructuring expenses, net	$ 282	$ 106	$ 1,331
Corporate
Restructuring expenses, net
Total restructuring expenses, net	0	14	97
Machine Clothing \| Operating segments
Restructuring expenses, net
Total restructuring expenses, net	282	92	1,202
Albany Engineered Composites \| Operating segments
Restructuring expenses, net
Total restructuring expenses, net	$ 0	$ 0	$ 32

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net revenues	$ 1,147,909	$ 1,034,887	$ 929,240
Cost of goods sold	724,191	645,105	550,849
Gross profit	423,718	389,782	378,391
Selling, general and administrative expenses	214,915	168,713	160,127
Technical and research expenses	40,627	39,941	38,922
Restructuring expenses, net	282	106	1,331
Operating income	167,894	181,022	178,011
Interest income	(6,566)	(3,835)	(2,500)
Interest expense	20,167	17,835	17,391
Pension settlement expense	0	49,128	0
Aviation Manufacturing Jobs Protection (AMJP) grant	0	0	(5,832)
Other (income)/expense, net	(6,163)	(14,086)	3,021
Income before income taxes	160,456	131,980	165,931
Income tax expense	48,846	35,472	47,163
Net income	111,610	96,508	118,768
Net income attributable to the noncontrolling interest	490	746	290
Net income attributable to the Company	$ 111,120	$ 95,762	$ 118,478
Earnings per share:
Basic earnings per share attributable to Company shareholders (in dollars per share)	$ 3.56	$ 3.06	$ 3.66
Diluted earnings per share attributable to Company shareholders (in dollars per share)	3.55	3.04	3.65
Dividends declared per share (in dollars per share)	$ 1.01	$ 0.88	$ 0.81
Weighted average shares outstanding:
Basic (in shares)	31,171	31,339	32,348
Diluted (in shares)	31,276	31,455	32,463

Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities


(in thousands)	December 31, 2023		December 31, 2022
Contract assets	$	183,189	$	149,443
Allowance for expected credit losses	(908)		(748)
Contract assets, net	$	182,281	$	148,695

Contract liabilities	$	7,127	$	15,176

Contract assets increased $33.6 million during the year ended December 31, 2023. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, notably for the Sikorsky CH-53K program, in excess of the amounts billed. Other than the allowance for expected credit losses, there were no other provisions for losses related to our Contract assets during the years ended December 31, 2023 and 2022.

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


(in thousands)	December 31, 2022		(Charge)/ benefit		Currency translation		Other		December 31, 2023
Contract assets expected credit losses	$	(748)	$	(152)	$	(8)	$	—	$	(908)


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

Contract liabilities decreased $8.0 million during the year ended December 31, 2023, primarily due to revenue recognition from satisfied performance obligations exceeding the amounts invoiced to customers for contracts that were in a contract liability position. Revenue recognized for the years ended December 31, 2023 and 2022 that was included in the Contract liability balance at the beginning of the year was $15.2 million and $5.7 million, respectively.

Inventories (Narrative) (Details) $ in Thousands	Aug. 31, 2023 USD ($)
Heimbach
Inventory [Line Items]
Inventories	$ 41,864

Other Noncurrent Liabilities (Schedule of Other Noncurrent Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Operating leases	$ 50,637	$ 50,190
Postretirement benefits other than pensions	25,876	31,998
Pension liabilities	59,431	23,061
Incentive and deferred compensation	1,957	1,395
Other	1,484	2,114
Total other noncurrent liabilities	$ 139,385	$ 108,758

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
U.S.
Income Tax Disclosure [Line Items]
Net deferred tax (liability)/asset	$ (1,948)	$ (4,800)
Non-U.S.
Income Tax Disclosure [Line Items]
Net deferred tax (liability)/asset	1,309	4,907
Deferred tax assets: \| U.S.
Income Tax Disclosure [Line Items]
Accounts receivable, net	528	436
Inventories	1,608	1,807
Incentive compensation	5,843	4,619
Property, plant, equipment and intangibles, net	0	0
Pension, post retirement benefits - non-current	6,939	9,141
Tax loss carryforwards	110	239
Tax credit carryforwards	3,167	2,635
Leases	8,685	7,597
Reserves	877	721
Deferred revenue	244	761
Other	0	47
Deferred tax assets before valuation allowance	28,001	28,003
Less: valuation allowance	(118)	(8)
Total deferred tax assets	27,883	27,995
Deferred tax assets: \| Non-U.S.
Income Tax Disclosure [Line Items]
Accounts receivable, net	1,489	1,300
Inventories	1,429	1,111
Incentive compensation	1,162	1,333
Property, plant, equipment and intangibles, net	0	1,892
Pension, post retirement benefits - non-current	4,899	0
Tax loss carryforwards	29,811	14,201
Tax credit carryforwards	19	0
Leases	2,463	611
Reserves	0	0
Deferred revenue	0	0
Other	1,050	1,707
Deferred tax assets before valuation allowance	42,322	22,155
Less: valuation allowance	(9,730)	(9,778)
Total deferred tax assets	32,592	12,377
Deferred tax liabilities: \| U.S.
Income Tax Disclosure [Line Items]
Unrepatriated foreign earnings	4,270	5,827
Property, plant, equipment and intangibles, net	8,433	3,084
Basis difference in partner capital	1,719	2,161
Basis difference in investment	4,192	4,173
Derivatives	3,009	5,941
Leases	8,091	11,609
Deferred revenue	0	0
Other	117	0
Total deferred tax liabilities	29,831	32,795
Deferred tax liabilities: \| Non-U.S.
Income Tax Disclosure [Line Items]
Unrepatriated foreign earnings	0	0
Property, plant, equipment and intangibles, net	19,000	0
Basis difference in partner capital	0	0
Basis difference in investment	0	0
Derivatives	109	0
Leases	2,331	515
Deferred revenue	9,843	6,440
Other	0	515
Total deferred tax liabilities	$ 31,283	$ 7,470

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 183,189	$ 149,443
Allowance for expected credit losses	(908)	(748)	$ (703)
Contract assets, net	182,281	148,695
Contract liabilities	$ 7,127	$ 15,176

Earnings Per Share

12 Months Ended

Dec. 31, 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:


	Years ended December 31,
(in thousands, except market price and earnings per share)	2023		2022		2021
Net income attributable to the Company	$	111,120	$	95,762	$	118,478
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,171		31,339		32,348
Effect of dilutive stock-based compensation plans:
Stock options	—		—		2
Long-term incentive plans	105		116		113
Weighted average number of shares used in calculating diluted net income per share	31,276		31,455		32,463
Net income per share:
Basic	$	3.56	$	3.06	$	3.66
Diluted	$	3.55	$	3.04	$	3.65

Shares outstanding, net of treasury shares, were 31.2 million as of December 31, 2023, 31.1 million as of December 31, 2022, and 32.1 million as of December 31, 2021.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Albany, New York
Auditor Firm ID	185

Reportable Segments and Geographic Data (Schedule of Net Sales and Property, Plant, And Equipment by Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	$ 1,147,909	$ 1,034,887	$ 929,240
Total Property, plant and equipment, net	601,989	445,658	436,417
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	649,500	586,779	497,231
Total Property, plant and equipment, net	303,578	278,500	258,453
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	115,207	119,069	128,698
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	77,573	76,826	68,929
Total Property, plant and equipment, net	31,069	31,382	33,802
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	69,527	66,175	62,925
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	65,135	63,914	67,098
Total Property, plant and equipment, net	57,070	33,432	41,039
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	58,874	58,519	37,547
Total Property, plant and equipment, net	46,759	42,320	40,699
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	32,239	4,461	5,308
Total Property, plant and equipment, net	52,934	9,562	9,652
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Property, plant and equipment, net	18,306	9,699	10,156
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Property, plant and equipment, net	15,318	14,264	14,139
Spain
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Property, plant and equipment, net	14,804	0	0
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net revenues	79,854	59,144	61,504
Total Property, plant and equipment, net	$ 62,151	$ 26,499	$ 28,477

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The table below sets forth the components of property, plant and equipment as of December 31, 2023 and 2022:


(in thousands)	2023		2022		Estimated useful life
Land and land improvements	$	29,654	$	14,059	25 years for improvements
Buildings	302,086		247,136		15 to 40 years

Machinery and equipment	1,207,504		1,053,700		5 to 15 years
Furniture and fixtures	11,409		8,158		5 years
Computer and other equipment	24,120		21,570		3 to 10 years
Software	69,191		66,794		5 to 8 years
Capital expenditures in progress	90,759		92,620
Property, plant and equipment, gross	1,734,723		1,504,037
Accumulated depreciation and amortization	(1,132,734)		(1,058,379)
Property, plant and equipment, net	$	601,989	$	445,658

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lessee Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Finance lease:
Amortization of right-of-use asset	$	—	$	416	$	997
Interest on lease liabilities	—		529		1,353
Operating lease:
Fixed lease cost	9,591		6,036		5,283
Variable lease cost	108		438		(259)
Short-term lease cost	2,060		1,025		1,037
Total lease expense	$	11,759	$	8,444	$	8,411

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	10,105	$	6,612	$	5,233
Operating cash outflows from finance leases	—		529		1,353
Financing cash outflows from finance leases	—		654		1,438
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	9,114	$	38,559	$	2,189
Finance leases	—		—		—

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2023		December 31, 2022
Operating leases
Right of use assets included in Other assets	$	50,825	$	48,475
Lease liabilities included in
Accrued liabilities	$	7,335	$	5,929
Other noncurrent liabilities	50,637		50,190
Total operating lease liabilities	$	57,972	$	56,119

Schedule of Additional Information Related to Leases

Additional information for leases existing at December 31, 2023 and 2022 was as follows:


	December 31, 2023		December 31, 2022
Weighted average remaining lease term
Operating leases	10 years		11 years

Weighted average discount rate
Operating leases	5.4	%	5.3	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2024	$	10,627
2025	9,505
2026	8,466
2027	7,691
2028	5,423
Thereafter	32,990
Total lease payments	74,702
Less imputed interest	(16,730)
Total	$	57,972

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 33,811	$ 39,081
Acquisition	8,918
Other Changes		0
Amortization	(4,452)	(4,842)
Currency Translation	299	(428)
Ending balance	38,576	33,811
Goodwill [Roll Forward]
Beginning Balance	178,217	182,124
Other Changes		0
Currency Translation		(3,907)
Ending Balance	180,181	178,217
Indefinite-Lived Intangible Assets Including Goodwill [Roll Forward]
Beginning Balance	178,217
Acquisition	5,982
Currency Translation	2,052
Ending Balance	186,251	178,217
Machine Clothing
Goodwill [Roll Forward]
Beginning Balance	65,441	68,329
Acquisition	0
Other Changes		0
Currency Translation	1,432	(2,888)
Ending Balance	66,873	65,441
Albany Engineered Composites
Goodwill [Roll Forward]
Beginning Balance	112,776	113,795
Acquisition	0
Other Changes		0
Currency Translation	532	(1,019)
Ending Balance	113,308	112,776
Heimbach Trade name
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning Balance	0
Acquisition	5,982
Currency Translation	88
Ending Balance	6,070	0
AEC Trademarks and trade names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	34	45
Acquisition	0
Other Changes		0
Amortization	(12)	(11)
Currency Translation	0	0
Ending balance	$ 22	$ 34
AEC Trademarks and trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	6 years	6 years
AEC Trademarks and trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
AEC Technology
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 3,884	$ 4,712
Acquisition	0
Other Changes		0
Amortization	(567)	(554)
Currency Translation	109	(274)
Ending balance	$ 3,426	$ 3,884
AEC Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	10 years	10 years
AEC Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
AEC Intellectual property
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 994	$ 1,077
Acquisition	0
Other Changes		0
Amortization	(83)	(83)
Currency Translation	0	0
Ending balance	911	994
AEC Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	28,899	32,527
Acquisition	0
Other Changes		0
Amortization	(3,480)	(3,474)
Currency Translation	66	(154)
Ending balance	$ 25,485	$ 28,899
AEC Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	8 years	8 years
AEC Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
AEC Customer contracts
Finite-Lived Intangible Assets [Line Items]
Amortization life in years		6 years
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 0	$ 720
Other Changes		0
Amortization		(720)
Currency Translation		0
Ending balance		0
Heimbach Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	9 years
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 0
Acquisition	8,918
Amortization	(310)
Currency Translation	124
Ending balance	$ 8,732	$ 0

Pension, Postretirement, and Other Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension plans
Components of net periodic benefit cost:
Service cost	$ 1,478	$ 1,371	$ 2,192
Interest cost	5,151	4,917	5,467
Expected return on assets	(4,347)	(5,979)	(6,564)
Amortization of prior service cost/(credit)	(32)	(8)	13
Amortization of net actuarial loss	555	1,377	2,365
Settlement	0	49,128	0
Curtailment (gain)/loss	0	0	0
Net periodic benefit cost	$ 2,805	$ 50,806	$ 3,473
Pension plans \| United States
Weighted average assumptions used to determine net cost:
Discount rate	5.49%	2.63%	2.65%
Expected return on plan assets		3.07%	2.74%
Pension plans \| Foreign Plan
Weighted average assumptions used to determine net cost:
Discount rate	5.15%	2.41%	1.91%
Expected return on plan assets	5.21%	3.31%	2.89%
Rate of compensation increase	3.08%	2.70%	2.71%
Pension plans \| Switzerland
Weighted average assumptions used to determine net cost:
Cash balance interest crediting rate	2.15%	0.25%	0.05%
Other postretirement benefits
Components of net periodic benefit cost:
Service cost	$ 60	$ 114	$ 132
Interest cost	1,874	1,221	1,103
Expected return on assets	0	0	0
Amortization of prior service cost/(credit)	(4,090)	(4,488)	(4,488)
Amortization of net actuarial loss	828	1,883	2,260
Settlement	0	0	0
Curtailment (gain)/loss	0	0	0
Net periodic benefit cost	$ (1,328)	$ (1,270)	$ (993)
Other postretirement benefits \| United States
Weighted average assumptions used to determine net cost:
Discount rate	5.55%	2.83%	2.38%
Other postretirement benefits \| Foreign Plan
Weighted average assumptions used to determine net cost:
Discount rate	5.20%	3.05%	2.75%
Rate of compensation increase	2.75%	2.75%	2.75%
Other postretirement benefits \| Switzerland
Weighted average assumptions used to determine net cost:
Cash balance interest crediting rate	0.00%	0.00%	0.00%

Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 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:
(in thousands, except percentages)	2023			2022
Net income/(loss) of Albany Safran Composites (ASC)	$	6,036		$	8,720
Less: Return attributable to the Company's preferred holding	1,300			1,262
Net income/(loss) of ASC available for common ownership	$	4,736		$	7,458
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	474		$	746

Noncontrolling interest, beginning of year	$	4,494		$	3,638
Net income/(loss) attributable to noncontrolling interest	474			746
Changes in other comprehensive income attributable to noncontrolling interest	455			110
ASC noncontrolling interest, end of year	$	5,423		$	4,494


Arcari Noncontrolling Interest:
(in thousands, except percentages)	2023		2022





Initial equity related to Noncontrolling interest in Arcari	509		—
Net income attributable to noncontrolling interest	16		—
Changes in other comprehensive income attributable to noncontrolling interest	4		—
Arcari noncontrolling interest, end of year	$	529	$	—


Total noncontrolling interest, end of year						$	5,952					$	4,494

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

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


Year ended December 31, 2023 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	282	$	282	$	—
Albany Engineered Composites	—		—		—
Corporate	—		—		—
Total restructuring expense	$	282	$	282	$	—


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


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

As of December 31, 2023, there is no remaining balance in Accrued liabilities for restructuring. The table below presents the changes in restructuring liabilities for 2023 and 2022:


(in thousands)	December 31, 2022		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2023
Total termination and other costs	$	—	$	282	$	(285)	$	3	$	—


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

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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

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

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

In our AEC segment, we primarily enter into contracts to manufacture and deliver highly engineered advanced composite products to our customers. A significant portion of AEC revenue is earned under short duration, firm-fixed-price orders that are placed under a master agreement containing general terms and conditions applicable to all orders placed under the master agreement. We assess each contract at its inception to determine whether it should be combined with other contracts. When making this determination we consider factors such as whether two or more contracts were negotiated and executed at or near the same time or were negotiated with an overall profit objective. If combined, we treat the combined contracts as a single contract for revenue recognition purposes. We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. For most AEC contracts, the nature of our promise (or our performance obligation) to the customer is to provide a significant service of integrating a complex set of tasks and components into a single project or capability, which will often result in the delivery of multiple highly interdependent and interrelated units.

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

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

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

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

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

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

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

Segment

Reporting Unit

Principal Product or Service

Principal Locations

Machine Clothing (MC)

Machine Clothing

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

World-wide

Albany Engineered Composites (AEC)

Albany Safran Composites (ASC)

Airframe and engine Components (Other AEC)

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

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

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

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


	For the year ended December 31, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	666,990	$	3,778	$	670,768
Albany Engineered Composites
ASC	—		184,184		184,184
Other AEC	20,546		272,411		292,957
Total Albany Engineered Composites	20,546		456,595		477,141
Total net revenues	$	687,536	$	460,373	$	1,147,909


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


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

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:


	Years ended December 31,
(in thousands)	2023		2022		2021
Americas PMC	$	349,544	$	321,170	$	317,907
Eurasia PMC	250,048		207,115		219,506
Engineered Fabrics	71,176		81,176		81,602
Total Machine Clothing net revenues	$	670,768	$	609,461	$	619,015

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $1.2 billion as of December 31, 2023, $553 million as of December 31, 2022, and $278 million as of December 31, 2021, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of December 31, 2023 we expect to recognize as revenue approximately $179 million during 2024, $178 million during 2025, $156 million during 2026, and the remainder thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Pension, Postretirement, and Other Benefit Plans (Schedule of Net Pension Plan Funded Status) (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension plans with pension assets	$ 19,296
Pension plans without pension assets	(64,931)
Net amount recognized	(45,635)	$ (8,801)
United States
Defined Benefit Plan Disclosure [Line Items]
Pension plans with pension assets	0
Pension plans without pension assets	(3,799)
Net amount recognized	(3,799)
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plans with pension assets	19,296
Pension plans without pension assets	(61,132)
Net amount recognized	$ (41,836)

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

The table below sets forth the components of property, plant and equipment as of December 31, 2023 and 2022:


(in thousands)	2023		2022		Estimated useful life
Land and land improvements	$	29,654	$	14,059	25 years for improvements
Buildings	302,086		247,136		15 to 40 years

Machinery and equipment	1,207,504		1,053,700		5 to 15 years
Furniture and fixtures	11,409		8,158		5 years
Computer and other equipment	24,120		21,570		3 to 10 years
Software	69,191		66,794		5 to 8 years
Capital expenditures in progress	90,759		92,620
Property, plant and equipment, gross	1,734,723		1,504,037
Accumulated depreciation and amortization	(1,132,734)		(1,058,379)
Property, plant and equipment, net	$	601,989	$	445,658

On August 31, 2023, the Company completed the acquisition of Heimbach. Included in the fair value of assets acquired was $125.1 million of property, plant and equipment. See Note 24, Business Combination, of the Notes to the Consolidated Financial Statements for additional information.

Depreciation expense was $70.4 million in 2023, $62.5 million in 2022, and $65.1 million in 2021. Software amortization is recorded in Selling, general, and administrative expense and was $1.9 million in 2023, $1.7 million in 2022, and $1.9 million in 2021.

Capital expenditures, including purchased software, were $84.4 million in 2023, $96.3 million in 2022, and $53.7 million in 2021. Unamortized software cost was $6.6 million, $5.9 million, and $3.9 million in each of the years ended December 31, 2023, 2022, and 2021, respectively. Expenditures for maintenance and repairs are charged to income as incurred and amounted to $22.4 million in 2023, $20.7 million in 2022, and $19.3 million in 2021.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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:


	Years ended December 31,
(in thousands, except market price and earnings per share)	2023		2022		2021
Net income attributable to the Company	$	111,120	$	95,762	$	118,478
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,171		31,339		32,348
Effect of dilutive stock-based compensation plans:
Stock options	—		—		2
Long-term incentive plans	105		116		113
Weighted average number of shares used in calculating diluted net income per share	31,276		31,455		32,463
Net income per share:
Basic	$	3.56	$	3.06	$	3.66
Diluted	$	3.55	$	3.04	$	3.65

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts Receivable

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


(in thousands)	December 31, 2023		December 31, 2022
Trade and other accounts receivable	$	272,351	$	179,676
Bank promissory notes	20,690		23,439
Allowance for expected credit losses	(5,260)		(3,097)
Accounts receivable, net	$	287,781	$	200,018

Schedule of Noncurrent Receivables

In 2023, the payment terms were amended and a portion of the Noncurrent receivables are now included in Trade and other accounts receivable. The remaining Noncurrent receivables is expected to be collected in the first quarter of 2025. As of December 31, 2023 and December 31, 2022, Noncurrent receivables were as follows:


(in thousands)	December 31, 2023		December 31, 2022
Noncurrent receivables	$	4,414	$	28,053
Allowance for expected credit losses	(22)		(140)
Noncurrent receivables, net	$	4,392	$	27,913

Schedule of Accounts Receivable, Allowance for Credit Loss

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


(in thousands)	December 31, 2022		(Charge)/ benefit		Currency translation		Other		December 31, 2023
Specific customer reserves	$	(2,076)	$	(424)	$	(74)	$	90	$	(2,484)
Incremental expected credit losses	(1,021)		(187)		(40)		(1,528)		(2,776)
Accounts receivable expected credit losses	$	(3,097)	$	(611)	$	(114)	$	(1,438)	$	(5,260)


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

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


(in thousands)	December 31, 2022		(Charge)/ benefit		Currency translation		Other		December 31, 2023
Noncurrent receivables expected credit losses	$	(140)	$	123	$	(5)	$	—	$	(22)


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

Pension, Postretirement, and Other Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension charges		$ 49,100		$ 49,100
Benefit obligation, employer contributions		7,900
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation expense	$ 7,300	6,600	$ 6,200
Benefit obligation period increase (decrease)	74,600	(147,000)
Acquisition	64,947	0
Actuarial (gain)/loss	6,317	(46,995)
Benefit obligation, settlement		91,600
Profit sharing plan
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation expense	4,900	4,600	$ 4,800
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation period increase (decrease)	(7,000)	(9,200)
Acquisition	0	0
Actuarial (gain)/loss	$ (6,131)	$ (6,658)
Minimum \| Pension plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	50.00%
Maximum \| Pension plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match	100.00%

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 111,120	$ 95,762	$ 118,478
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,171	31,339	32,348
Effect of dilutive stock-based compensation plans:
Stock options	0	0	2
Long-term incentive plans	105	116	113
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,276	31,455	32,463
Net income per share:
Basic (in dollars per share)	$ 3.56	$ 3.06	$ 3.66
Diluted (in dollars per share)	$ 3.55	$ 3.04	$ 3.65
Common stock, shares, outstanding (in shares)	31,200	31,100	32,100

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 111,610	$ 96,508	$ 118,768
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	70,374	62,480	65,130
Amortization	6,359	6,569	9,125
Change in deferred taxes and other liabilities	(2,046)	(8,496)	12,181
Impairment of property, plant, equipment, and inventory	1,773	1,808	856
Non-cash interest expense	1,404	1,118	875
Non-cash portion of pension settlement expense	0	42,657	0
Compensation and benefits paid or payable in Class A Common Stock	6,936	4,527	3,146
Provision/(recovery) for credit losses from uncollected receivables and contract assets	640	1,408	(1,299)
Foreign currency remeasurement (gain)/loss on intercompany loans	(2,831)	(4,434)	(3,150)
Fair value adjustment on foreign currency options	(139)	(509)	169
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable	(11,038)	(14,301)	(7,734)
Contract assets	(32,156)	(36,434)	25,446
Inventories	15,093	(24,541)	(9,942)
Prepaid expenses and other current assets	1,530	(4,134)	(998)
Income taxes prepaid and receivable	(2,897)	(6,005)	3,944
Accounts payable	(5,672)	8,572	9,492
Accrued liabilities	(10,441)	3,226	(774)
Income taxes payable	(1,988)	183	(477)
Noncurrent receivables	3,723	3,911	4,355
Other noncurrent liabilities	(9,783)	(10,133)	(13,713)
Other, net	7,605	4,234	2,075
Net cash provided by operating activities	148,056	128,214	217,475
INVESTING ACTIVITIES
Purchase of business, net of cash acquired	(133,470)	0	0
Purchases of property, plant and equipment	(83,560)	(93,675)	(52,793)
Purchased software	(869)	(2,673)	(906)
Net cash used in investing activities	(217,899)	(96,348)	(53,699)
FINANCING ACTIVITIES
Proceeds from borrowings	78,040	162,000	8,000
Principal payments on debt	(92,274)	(73,000)	(56,009)
Principal payments on finance lease liabilities	0	(654)	(1,438)
Debt acquisition costs	(4,108)	0	0
Purchase of Treasury shares	0	(84,780)	(23,449)
Taxes paid in lieu of share issuance	(3,136)	(770)	(998)
Proceeds from options exercised	0	17	153
Dividends paid	(31,163)	(26,465)	(25,894)
Net cash used in financing activities	(52,641)	(23,652)	(99,635)
Effect of exchange rate changes on cash and cash equivalents	4,128	(18,474)	(3,421)
Increase/(decrease) in cash and cash equivalents	(118,356)	(10,260)	60,720
Cash and cash equivalents at beginning of period	291,776	302,036	241,316
Cash and cash equivalents at end of period	$ 173,420	$ 291,776	$ 302,036

Accounts Receivable (Schedule of Accounts Receivable, Noncurrent) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Noncurrent receivables	$ 4,414	$ 28,053
Allowance for expected credit losses	(22)	(140)	$ (200)
Noncurrent receivables, net	$ 4,392	$ 27,913

Business Combination

12 Months Ended

Dec. 31, 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 MC segment's differentiated manufacturing, sales and service network. The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations.

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 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 receivable	51,569
Inventories	41,864
Property, plant and equipment	125,117
Other intangible assets	14,901
Other current assets	7,745
Other noncurrent assets	$	6,703


Total assets acquired	$	260,246

Liabilities assumed:
Assumed debt	$	32,700
Accounts payable	8,243
Accrued liabilities	27,674
Other noncurrent liabilities	35,910
Income taxes payable	288
Deferred tax liabilities	10,856
Total liabilities assumed	$	115,671

Net assets acquired	$	144,575
Noncontrolling interest	$	(509)
Total consideration	$	144,066

For the period ended December 31, 2023, the Company incurred acquisition related costs of $4.1 million. These costs are included in Selling, general and administrative expenses in the Consolidated Statements of Income.

The purchase price allocation for the acquisition was based upon a preliminary valuation and the Company’s estimates and assumptions are subject to change as the Company obtains additional information during the measurement period. During the fourth quarter of 2023, the Company identified immaterial measurement period adjustments primarily related to fair value estimates. The measurement period adjustments resulted from the refinement of inputs used to calculate the fair value of trade receivables, inventory, equipment, developed technologies, and accrued expenses based on facts and circumstances that existed as of the Acquisition Date. The Company is still completing the valuations of certain pension liabilities, which is expected to be completed during the first six months of 2024.

The fair values of property, plant and equipment of $125.1 million were determined using the cost-approach because the cost-approach was considered appropriate for the valuation analysis, and because sufficient information was available for this use. Since August 31, 2023, the Company recorded $4.0 million of depreciation expense.

The fair values of the identifiable intangible assets totaling $14.9 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 $8.9 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. Since August 31, 2023, the Company recorded $0.3 million of intangible amortization expense.

The fair values of assets acquired included $3.4 million of operating lease right-of-use assets, as well as $3.4 million of operating lease liabilities assumed, of which $1.2 million was considered current and recorded to Accrued liabilities in our Consolidated Balance Sheets.

Debt assumed included $32.7 million aggregate outstanding amount of bank debt with several European financial institutions with interest rates ranging from 0.98 percent to 5.52 percent 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. During the fourth quarter of 2023, we repaid $18.6 million of the debt assumed. At December 31, 2023, the balance of the foreign debt was $10.9 million, of which $4.2 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 $51.2 million of revenue and a $6.3 million operating loss for the period ended December 31, 2023.

Pro Forma Information (Unaudited)


	Years ended December 31,
(in thousands)	2023		2022
Net revenues	$	1,265,379	$	1,206,420
Net income attributable to the Company	$	109,710	$	91,583

These pro forma results include adjustments such as inventory step-up, amortization of acquired intangible assets, depreciation of acquired property, plant and equipment and the adoption of U.S. accounting standards. Material pro forma adjustments directly attributable to the acquisition of Heimbach for the year ended December 31, 2022 primarily include an increase in cost of goods sold of $5.5 million related to the step-up of acquired inventory. The pro forma information for the year ended December 31, 2023 includes an increase in selling, general and administrative costs of $4.1 million for acquisition-related costs.

Stock-Based Compensation (Schedules of Executive Management Share-based Compensation Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Forfeitures (in dollars per share)	$ 92.02
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares potentially payable, beginning balance	135,941	107,630	97,840
Forfeitures (in shares)	(9,035)	0	0
Payments (in shares)	(112,279)	(35,897)	(31,722)
Shares accrued based on years performance	124,181	64,208	41,512
Shares potentially payable, ending balance	138,808	135,941	107,630
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares potentially payable, beginning balance	$ 79.11	$ 75.99	$ 71.95
Payments (in dollars per share)	86.35	84.27	66.25
Shares accrued based on years performance	92.52	86.00	78.06
Shares potentially payable, ending balance	$ 84.41	$ 79.11	$ 75.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]
Year-end intrinsic value	$ 11,717	$ 10,754	$ 8,179	$ 7,040

Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Salaries, wages and benefits	$ 72,373	$ 57,867
Contract liabilities	7,127	15,176
Returns and allowances	10,232	9,084
Dividends	8,111	7,778
Pension and postretirement	9,356	6,683
Operating and finance lease liabilities	7,335	5,929
Other tax	10,171	10,274
Contract loss reserve	2,721	2,359
Freight	1,979	1,966
Professional fees	3,912	3,439
Other	9,671	5,830
Total accrued liabilities	$ 142,988	$ 126,385

Accounting Policies (Narrative) (Details)	3 Months Ended		12 Months Ended
Accounting Policies (Narrative) (Details)	Jun. 30, 2023 USD ($) reporting_unit	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income Increase (decrease)			$ 423,718,000	$ 389,782,000	$ 378,391,000
General and administrative expense			73,100,000	56,800,000	53,700,000
Global information system expense			27,300,000	22,700,000	21,200,000
Research and development expense			40,600,000	39,900,000	38,900,000
AEC reporting units \| reporting_unit	2
Goodwill impairment charges	$ 0		0
Assets for plan benefits, defined benefit plan			19,300,000	16,200,000
Government grants		$ 5,800,000	0	0	5,832,000
Proceeds from government grant					2,900,000
Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets for plan benefits, defined benefit plan			$ 700,000	600,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			5 years
Software \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life			5 years
Software \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life			8 years
Long term contract
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income Increase (decrease)			$ (4,100,000)	$ 500,000	$ 6,200,000
Albany Safran Composites, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent			90.00%
Arcari, SRL
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent			85.00%
Entity In Russia
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent			50.00%

Accounts Receivable (Schedule of Changes in Noncurrent Allowance for Credit Losses for Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Noncurrent receivables expected credit losses, beginning balance	$ (140)	$ (200)
(Charge)/ benefit	123	62
Currency translation	(5)	(2)
Other	0	0
Noncurrent receivables expected credit losses, ending balance	$ (22)	$ (140)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedules of Executive Management Share-based Compensation Activity

Information with respect to these plans is presented below:


(in thousands, except number of shares and weighted average grant date value per share)	Number of shares	Weighted average grant date value per share		Year-end intrinsic value
Shares potentially payable at January 1, 2021	97,840	$	71.95	$	7,040
Forfeitures	—
Payments	(31,722)	$	66.25
Shares accrued based on 2021 performance	41,512	$	78.06
Shares potentially payable at December 31, 2021	107,630	$	75.99	$	8,179
Forfeitures	—
Payments	(35,897)	$	84.27
Shares accrued based on 2022 performance	64,208	$	86.00
Shares potentially payable at December 31, 2022	135,941	$	79.11	$	10,754
Forfeitures	(9,035)	$	92.02
Payments	(112,279)	$	86.35
Shares accrued based on 2023 performance	124,181	$	92.52
Shares potentially payable at December 31, 2023	138,808	$	84.41	$	11,717

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

As of December 31, 2023 and 2022, inventories consisted of the following:


(in thousands)	December 31, 2023		December 31, 2022
Raw materials	$	79,611	$	74,631
Work in process	67,743		50,516
Finished goods	22,213		13,903
Total inventories	$	169,567	$	139,050

On August 31, 2023, the Company completed the acquisition of Heimbach. Included in the fair value of assets acquired was $41.9 million of inventories. See Note 24, Business Combination, of the Notes to the Consolidated Financial Statements for additional information.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Claims

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


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2021	3,615	32	26	3,609	$93
2022	3,609	43	32	3,598	125
2023	3,598	19	27	3,606	74

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Summary of Composition of Each Business Segment

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

Segment

Reporting Unit

Principal Product or Service

Principal Locations

Machine Clothing (MC)

Machine Clothing

World-wide

Albany Engineered Composites (AEC)

Albany Safran Composites (ASC)

Airframe and engine Components (Other AEC)

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

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

Schedule of Disaggregate Revenue for Each Business Segment

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


	For the year ended December 31, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	666,990	$	3,778	$	670,768
Albany Engineered Composites
ASC	—		184,184		184,184
Other AEC	20,546		272,411		292,957
Total Albany Engineered Composites	20,546		456,595		477,141
Total net revenues	$	687,536	$	460,373	$	1,147,909


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


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

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service


	Years ended December 31,
(in thousands)	2023		2022		2021
Americas PMC	$	349,544	$	321,170	$	317,907
Eurasia PMC	250,048		207,115		219,506
Engineered Fabrics	71,176		81,176		81,602
Total Machine Clothing net revenues	$	670,768	$	609,461	$	619,015

Accounting Policies (Schedule of Foreign Currency Transaction Gains and Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Selling, general, and administrative expenses	$ 4,181	$ (554)	$ (263)
Other (income)/expense, net	(2,916)	(9,996)	(1,179)
Total transaction (gains)/losses	$ 1,265	$ (10,550)	$ (1,442)

Reportable Segments and Geographic Data (Narrative) (Details) $ in Thousands	3 Months Ended	4 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2013
Segment Reporting Information [Line Items]
Number of reportable segments \| segment				2
Operating lease expense				$ 9,591	$ 6,036	$ 5,283
Net revenues				1,147,909	1,034,887	929,240
Depreciation				70,374	62,480	65,130
Amortization of intangible assets				4,452	4,842
Pension charges					49,100		$ 49,100
Reduction of unfunded pension liabilities							$ 6,200
Reserve for uncollectable receivables and inventory				611	1,424
Salt Lake City, Utah \| Other Operating Assets and Liabilities
Segment Reporting Information [Line Items]
Change from finance to operating and included a non-cash increase decrease					37,100
Machine Clothing
Segment Reporting Information [Line Items]
Net revenues				670,768	609,461	619,015
Machine Clothing \| RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
Reserve for uncollectable receivables and inventory					1,500
Impairment of investment	$ 800
Albany Aerostructures Composites LLC (AAC)
Segment Reporting Information [Line Items]
Receivables		$ 93,800	$ 93,800	93,800	80,800
Heimbach
Segment Reporting Information [Line Items]
Revenue of acquiree since acquisition date, actual				51,200
Earnings (loss) of acquiree since acquisition date, actual			$ 6,300	6,300
Depreciation		$ 4,000		4,000
Amortization of intangible assets				$ 300
Revenue Benchmark \| Product Concentration Risk \| US Government Contracts Or Programs
Segment Reporting Information [Line Items]
Concentration risk percentage				39.00%
SAFRAN Group \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage				16.00%
Safran
Segment Reporting Information [Line Items]
Operating lease expense				$ 1,000	900
Net revenues				$ 187,600	$ 169,300	$ 111,600
Safran \| Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder		10.00%	10.00%	10.00%	10.00%			10.00%

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. 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 24, Business Combination, of the Notes to the Consolidated Financial Statements. The financial results of the acquired company are included in the Machine Clothing reportable segment since the date of the acquisition. The Company owns 90 percent of the common equity of Albany Safran Composites, LLC ("ASC") which is reported within the AEC segment. The Company also owns 85 percent of Arcari, SRL ("Arcari"), a manufacturer of textile and plastic industrial technical products and conveyor belts, which is a subsidiary of Heimbach GmbH, the paper machine clothing manufacturer recently acquired by the Company and reported within the MC segment. Additional information regarding noncontrolling interest is included in Note 10, Noncontrolling Interest, of the Notes to the Consolidated Financial Statements. A subsidiary within our Machine Clothing segment has held a 50 percent interest as partner in a joint venture (“JV”) that supplies paper machine clothing products to local papermakers in Russia. Our consolidated financial statements included our original investment in the entity, plus our share of undistributed earnings or losses, in the account “Other Assets.” In March 2022, we ceased doing business in Russia, including providing notice to our JV partner of our intent to exit the venture, resulting in the full write-off of the net book value of our investment.
Estimates	Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Revenue Recognition	Revenue Recognition In our MC business segment, we recognize revenue at the point in time when we satisfy our performance obligations related to the manufacture and delivery of products. In our AEC business segment, revenue from most long-term contracts is generally recognized over time using an input method as the measure of progress. The classification of revenue in excess of progress billings on long-term contracts is included in Contract assets, net, which are rights to consideration that are conditional on something other than the passage of time, such as completion of remaining performance obligations. We are required to limit our estimate of contract values to the period of the legally enforceable contract. While certain contracts are expected to be profitable over the course of the program life when including expected renewals, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights and obligations, excluding anticipated renewals. This contract period may result in a loss contract provision at contract inception. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses. Products and services provided under long-term contracts represent a significant portion of Net revenues in the AEC segment. We have a contract with a major customer for which revenue is recognized under a cost-plus-fee agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (incurred cost to total estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts decreased AEC Operating income by $4.1 million in 2023, and increased AEC Operating income by $0.5 million and $6.2 million in 2022 and 2021, respectively. The unfavorable effects in 2023 related to additional reserves taken on certain contracts and inflationary factors decreasing anticipated margins. The favorable effects in 2022 and 2021 were largely due to changes in customer demand and to a lesser extent, efficiency improvements during the ramp-up of several programs. Additional accounting policies related to revenue from contracts with customers are set forth in Note 2, Revenue Recognition, of the Notes to the Consolidated Financial Statements. We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record allowances for sales returns as a deduction in the computation of Net revenues. Such provisions are recorded on the basis of written communication with customers and/or historical experience. Any value added taxes that are imposed on sales transactions are excluded from Net revenues.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other expenses. Cost of goods sold also includes provisions for loss contracts and charges for the write-off of inventories that result from an exit activity.
Selling, General, and Administrative (SG&A) Expenses	Selling, General, and Administrative (SG&A) Expenses Selling, general, and administrative expenses are primarily comprised of wages, incentive compensation, benefits, travel, professional fees, revaluation of trade foreign currency balances, information system costs, and other costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for expected credit losses on financial assets measured at amortized cost. General and administrative expenses include corporate expenses of $73.1 million in 2023, $56.8 million in 2022 and $53.7 million in 2021. Corporate expenses include global information system costs of $27.3 million in 2023, $22.7 million in 2022 and $21.2 million in 2021. Technical and Research Expenses Technical and research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total company technical and research expense was $40.6 million in 2023, $39.9 million in 2022, and $38.9 million in 2021. The AEC segment participates in both company-sponsored, and customer-funded research and development. Some customer-funded research and development may be on a cost-sharing basis and considered to be a collaborative arrangement, in which case both parties are active participants and are exposed to the risks and rewards dependent on the success of the activity. In such cases, amounts charged to the collaborating entity are credited against research and development expense. For customer-funded research and development in which we anticipate funding to exceed expenses, we include amounts charged to the customer in Net revenues, while expenses are included in Cost of goods sold.
Restructuring Expense	Restructuring Expense We may incur expenses related to exiting a line of business or restructuring of our operations or organizational structure, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as described below under “Property, Plant and Equipment”. Employee termination costs include severance pay and social costs for periods after employee service is completed. Termination costs related to an ongoing benefit arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-time benefit arrangement are recognized at the communication date to employees. Costs related to contract termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized when incurred.
Income Taxes	Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences and tax attributes by applying enacted statutory tax rates applicable for future years to differences between existing assets and liabilities for financial reporting and income tax return purposes. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. A valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset valuation allowances will not be needed, the valuation allowance will be adjusted. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. We have not elected to reclassify stranded tax effects from Accumulated items of other comprehensive income (AOCI) to retained earnings.
Earnings Per Share	Earnings Per Share Basic net income or loss per share is computed using the weighted average number of shares of Class A Common Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive securities. If we report a net loss from continuing operations, the diluted loss per share is equal to the basic earnings per share calculation.
Translation of Financial Statements	Translation of Financial Statements Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statement accounts are translated at average monthly exchange rates. Gains or losses resulting from translating non-U.S. currency financial statements into U.S. dollars are recorded in other comprehensive income and accumulated in Shareholders’ equity in the caption “Translation adjustments”. Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party balances, such as receivables and payables, which are denominated in a currency other than the entity’s functional currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a currency other than the entity’s functional currency, and foreign currency options are generally included in Other expense, net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded in other comprehensive income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less.
Accounts Receivable	Accounts Receivable Accounts receivable includes trade receivables and bank promissory notes. In connection with certain sales in Asia Pacific, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. In accordance with ASC 326, Current Expected Credit Losses ("CECL"), the Company recognizes an allowance for expected credit losses on financial assets measured at amortized cost, such as Accounts receivable, Contract assets and Noncurrent receivables. The allowance is determined using a CECL model that is based on an historical average three-year loss rate and is measured by financial asset type on a collective (pool) basis when similar risk characteristics exist, at an amount equal to lifetime expected credit losses. The estimate reflects the risk of loss due to credit default, even when the risk is remote, and considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable expected future economic conditions. The Company also has Noncurrent receivables in the AEC segment that represent revenue earned which have extended payment terms.
Contract Assets and Contract Liabilities	Contract Assets and Contract Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net, when the entitlement to payment becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheet.
Inventories	Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw materials inventory is valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. Write-downs of inventories are charged to Cost of goods sold. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories.
Leases	Leases We determine if an arrangement is a lease at inception. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether: •The contract involves the use of an identified asset. This may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset, •The lessee has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and •The lessee has the right to direct the use of the asset, which is demonstrated when the lessee has decision-making rights that are most relevant to changing how and for what purpose the asset is used. Judgment is required in the determination of whether a contract contains a lease, the appropriate classification, allocation of consideration, and the determination of the discount rate for the lease. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. We have certain lease agreements with lease and non-lease components. For most of these leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain other leases, such as for vehicles, we apply a portfolio approach. Such new leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases are recognized on a straight-line basis, while those determined to be finance leases are recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement. Operating lease right of use asset ("ROU") assets are included in Other assets in the Consolidated Balance Sheets, while finance lease ROU assets are included in Property, plant, and equipment, net. Lease liabilities for both operating and finance leases are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets.
Debt	Debt The Company relies on bank financing as an important source of liquidity for business activities. Outstanding debt is classified as current or long-term based on the maturity of the of the Company's financing arrangements.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, or if acquired as part of a business combination, at fair value. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial reporting purposes. In some cases, accelerated methods are used for income tax purposes. Significant additions or improvements extending assets’ useful lives are capitalized; normal maintenance and repair costs are expensed as incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated depreciation accounts. When items are sold or retired, related gains or losses are included in Net income. Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in Property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development were not material in 2023 and 2022. We review the carrying value of property, plant and equipment and other long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.
Business Combinations	Business Combinations The total purchase consideration for an acquisition is measured at the fair value of the assets acquired and liabilities assumed as of the acquisition date. Costs that are directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquisition are measured initially at their fair values at the acquisition date. We recognize goodwill if the fair value of the total purchase consideration and any noncontrolling interest is in excess of the net fair value of the identifiable assets acquired and the liabilities assumed. We include the results of operations of the acquired business in the consolidated financial statements beginning on the acquisition date.
Goodwill, Intangibles, and Other Assets	Goodwill, Intangibles, and Other Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer relationships, customer contracts, technology, intellectual property and other intangible assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. We perform an impairment test of our goodwill at least annually in the second quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business, or the disposal of all or a portion of a reporting unit. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a self-sustaining business for which discrete financial information is available and segment management regularly reviews the operating results. We may use qualitative or quantitative approaches when testing goodwill for impairment. When we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative impairment test. To perform the quantitative impairment test, we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company, as well as publicly available industry information, to determine earnings multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. In the second quarter of 2023, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's MC reporting unit and two AEC reporting units and concluded that each reporting unit’s fair value continued to exceed its carrying value by a significant margin. In addition, there were no amounts at risk due to the estimated excess between the fair and carrying values. Accordingly, no impairment charges were recorded. Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of our recorded goodwill, differences in assumptions could have a material effect on the estimated fair value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. See additional information set forth in Note 15, Goodwill and Other Intangible Assets, of the Notes to the Consolidated Financial Statements. For some AEC contracts, we perform pre-production or nonrecurring engineering services. These costs are normally considered a fulfillment activity, rather than a performance obligation. Fulfillment activities that create resources that will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized to Other assets, which is classified as a noncurrent asset in the Consolidated Balance Sheets. The capitalized costs are amortized into Cost of goods sold over the period over which the asset is expected to contribute to future cash flows, which includes anticipated renewal periods.
Stock-Based Compensation	Stock-Based Compensation We have incentive compensation plans that authorize the issuance of stock-based awards for key employees, which are designed to reward short and long-term contributions and provide incentives for recipients to remain with the Company. We issue stock-based awards in the form of restricted stock units and performance stock units that generally vest between one and five years from the grant date and can be settled in cash or shares. Expenses associated with these awards are recognized over each respective vesting period. Liability based awards are settled in cash, while equity-based awards are settled in stock. See additional information for stock-based compensation plans in Note 22, Stock-Based Compensation, of the Notes to the Consolidated Financial Statements.
Derivatives	Derivatives From time to time, we use derivatives to mitigate potentially large adverse effects from changes in currency exchange rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of potentially large adverse effects versus the costs associated with hedging such risks. We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives to manage foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative. All derivative contracts are recorded at fair value, as a net asset or a net liability on the Consolidated Balance Sheets. The changes in fair values of derivative contracts are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of the hedged transaction. Gains and losses on derivative contracts reported in accumulated other comprehensive income are subsequently included in earnings in the periods in which earnings are affected by the hedged item. For transactions that are designated as an effective hedge, we perform an evaluation of the effectiveness of the hedge on the date of inception and on an ongoing basis. The related gains and losses of derivative instruments, including those designated in hedge accounting relationships, are included as operating activities in the Consolidated Statements of Cash Flows. For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the U.S., changes in the fair value of derivatives are reported in other comprehensive income as part of Translation adjustments. The Company does not engage in derivative instruments for speculative or trading purposes. See Note 17, Financial Instruments, of the Notes to the Consolidated Financial Statements for additional information.
Pension, Postretirement, and Other Benefit Plans	Pension, Postretirement, and Other Benefit Plans As described in Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial Statements, we have pension and postretirement benefit plans covering substantially all employees. The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis. We consider current market conditions, including changes in interest rates, in determining these assumptions. Discount rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income investments with durations that match expected future payments. The assumption for expected return on plan assets is based on historical and expected returns on various categories of plan assets.
Government Grants	Government Grants The Company recognizes government grants only when there is reasonable assurance that we will comply with the conditions attached to them and the grants will be received. Government grants are recognized in the Consolidated Statements of Income on a systematic basis over the periods in which we recognize as expenses the related costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognized in the Consolidated Statements of Income of the period in which it becomes receivable. During the third quarter of 2021, the Company was awarded an Aviation Manufacturing Jobs Protection Program ("AMJP") grant of $5.8 million, under the American Rescue Plan of the U.S. Department of Transportation. The AMJP grant is an income related grant, the purpose of which is to provide payroll assistance to eligible U.S. aircraft manufacturing/repair businesses who were impacted due to the COVID-19 pandemic downturn during 2020. In order to receive the grant, AEC was required to make several commitments, including a commitment that the Company would not involuntarily furlough or lay-off employees within this segment during the period the grant was intended to cover. All conditions were met and the Company recognized $5.8 million in its Consolidated Statements of Income for the year ended December 31, 2021. The Company received $2.9 million in cash during 2021 and the remainder during 2022 and reflected cash received as an operating activity within the Consolidated Statements of Cash Flows over the periods cash was received.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023
Noncontrolling Interest [Line Items]
Net income		$ 111,610	$ 96,508	$ 118,768
Arcari, SRL
Noncontrolling Interest [Line Items]
Net income		$ 100
Heimbach
Noncontrolling Interest [Line Items]
Noncontrolling interest					$ 509
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Subsidiary or equity method investee, cumulative percentage ownership after all transactions	90.00%
Subsidiary or equity method investee, cumulative proceeds received on all transactions	$ 28,000
Noncontrolling interest, ownership percentage by parent		90.00%
Albany Safran Composites, LLC \| Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%	10.00%

Reportable Segments and Geographic Data (Schedule of Operating Assets and Capital Expenditures by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	$ 1,835,014	$ 1,642,255	$ 1,556,064
Cash	173,420	291,776
Capital expenditures and purchased software	84,429	96,348	53,699
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Cash	173,420	291,776	302,036
Income taxes prepaid, receivable and deferred	33,984	23,134	28,334
Prepaid and Other assets	156,772	153,983	113,810
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures and purchased software	2,385	2,641	2,510
Machine Clothing \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	669,907	455,390	459,182
Capital expenditures and purchased software	25,258	20,093	20,177
Albany Engineered Composites \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	800,931	717,972	652,702
Capital expenditures and purchased software	$ 56,786	$ 73,614	$ 31,012

Pension, Postretirement, and Other Benefit Plans (Schedule of Funded Status of Plans and Composition of Accrued Pension Cost) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Funded status			$ 6,200
Noncurrent asset	$ 19,300	$ 16,200
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	112,688	74,929		$ 225,327
Benefit obligation	158,323	83,730		230,790
Funded status	(45,635)	(8,801)
Noncurrent asset	19,296	16,234
Current liability	(5,500)	(1,974)
Noncurrent liability	(59,431)	(23,061)
Net amount recognized	(45,635)	(8,801)
Net actuarial loss	22,512	17,915
Prior service cost/(credit)	(132)	(134)
Net amount recognized	22,380	17,781
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0		0
Benefit obligation	28,684	35,658		$ 44,884
Funded status	(28,684)	(35,658)
Noncurrent asset	0	0
Current liability	(2,808)	(3,660)
Noncurrent liability	(25,876)	(31,998)
Net amount recognized	(28,684)	(35,658)
Net actuarial loss	1,991	8,958
Prior service cost/(credit)	(484)	(4,574)
Net amount recognized	$ 1,507	$ 4,384

Business Combination (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023
Business Acquisition [Line Items]
Depreciation				$ 70,374	$ 62,480	$ 65,130
Amortization of intangible assets				4,452	4,842
Total bank debt	$ 456,885	$ 456,885	$ 456,885	456,885	439,000
Current maturities of long-term debt	4,218	4,218	4,218	4,218	0
Cost of goods sold				724,191	645,105	550,849
Selling, general and administrative expenses				214,915	168,713	$ 160,127
Foreign Bank Debt
Business Acquisition [Line Items]
Total bank debt	10,885	10,885	10,885	10,885	0
Heimbach
Business Acquisition [Line Items]
Acquisition related costs				4,100
Property, plant and equipment							$ 125,117
Depreciation		4,000		4,000
Amortizable intangible assets							14,901
Amortization of intangible assets				300
Operating lease, right-of-use asset							3,400
Operating lease, liability							3,400
Operating lease, liability, current							1,200
Assumed debt							32,700
Pension liabilities							35,300
Revenue of acquiree since acquisition date, actual				51,200
Earnings (loss) of acquiree since acquisition date, actual			6,300	6,300
Heimbach \| Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Cost of goods sold					$ 5,500
Heimbach \| Acquisition-related Costs
Business Acquisition [Line Items]
Selling, general and administrative expenses				4,100
Heimbach \| Foreign Bank Debt
Business Acquisition [Line Items]
Assumed debt							32,700
Repayments of debt	18,600
Total bank debt	10,900	10,900	10,900	10,900			$ 32,700
Current maturities of long-term debt	$ 4,200	4,200	$ 4,200	$ 4,200
Heimbach \| Foreign Bank Debt \| Minimum
Business Acquisition [Line Items]
Interest rate, stated percentage							0.98%
Heimbach \| Foreign Bank Debt \| Maximum
Business Acquisition [Line Items]
Interest rate, stated percentage							5.52%
Heimbach \| AEC Technology
Business Acquisition [Line Items]
Acquired finite-lived intangibles							$ 8,900
Finite-lived intangible assets, useful life							9 years
Amortization of intangible assets		$ 300
Heimbach \| AEC Tradema
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets							$ 6,000

Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
2024	$ 10,627
2025	9,505
2026	8,466
2027	7,691
2028	5,423
Thereafter	32,990
Total lease payments	74,702
Less imputed interest	(16,730)
Total operating leases	$ 57,972	$ 56,119

Property, Plant and Equipment, net (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,734,723	$ 1,734,723	$ 1,504,037
Accumulated depreciation and amortization	(1,132,734)	(1,132,734)	(1,058,379)
Property, plant and equipment, net	601,989	601,989	445,658	$ 436,417
Depreciation expense		70,374	62,480	65,130
Software, amortization		1,900	1,700	1,900
Capital expenditures and purchased software		84,429	96,348	53,699
Unamortized software cost	6,600	6,600	5,900	3,900
Expenditures for maintenance and repairs		22,400	20,700	$ 19,300
Heimbach
Property, Plant and Equipment [Line Items]
Property, plant and equipment					$ 125,117
Depreciation expense	4,000	4,000
Minimum \| Heimbach \| Foreign Bank Debt
Property, Plant and Equipment [Line Items]
Interest rate, stated percentage					0.98%
Maximum \| Heimbach \| Foreign Bank Debt
Property, Plant and Equipment [Line Items]
Interest rate, stated percentage					5.52%
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 29,654	$ 29,654	14,059
Useful life	25 years	25 years
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 302,086	$ 302,086	247,136
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	15 years	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,207,504	$ 1,207,504	1,053,700
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,409	$ 11,409	8,158
Useful life	5 years	5 years
Computer and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 24,120	$ 24,120	21,570
Computer and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years	3 years
Computer and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years	10 years
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 69,191	$ 69,191	66,794
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	8 years	8 years
Capital expenditures in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 90,759	$ 90,759	$ 92,620

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Long-Term Debt and Lease Obligation [Abstract]

Schedule of Long-Term Debt

The following table represents our outstanding debt as of December 31, 2023 and 2022:


(in thousands, except interest rates)	2023		2022
Borrowings under the Amended Credit Agreement(1)	$	446,000	$	439,000
Foreign bank debt	10,885		—
Total bank debt	456,885		439,000
Less: Current maturities of long-term debt	4,218		—
Long-term debt	$	452,667	$	439,000
(1) The credit facility matures in August 2028. At the end of the December 31, 2023 and December 31, 2022, the interest rate in effect was 3.49 percent and 3.16 percent, 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.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 111,120	$ 95,762	$ 118,478

- Definition

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

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+ Details

Accumulated Other Comprehensive Income ("AOCI") (Tables)

12 Months Ended

Dec. 31, 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 from January 1, 2021 to December 31, 2023:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2021	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)
Other comprehensive income/(loss) before reclassifications	(22,677)		1,869		2,812		(17,996)

Pension/postretirement plan remeasurement, net of tax	—		(796)		—		(796)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		5,118		5,118
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		98		—		98
Net current period other comprehensive income	(22,677)		1,171		7,930		(13,576)
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications	(40,971)		—		18,971		(22,000)
Pension settlement expense, net of tax	—		26,198		—		26,198
Pension/postretirement plan remeasurement, net of tax	—		(2,663)		—		(2,663)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		350		350
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(828)		—		(828)

Net current period other comprehensive income	(40,971)		22,707		19,321		1,057
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications	21,950		(3,357)		2,623		21,216


Pension/postretirement plan remeasurement, net of tax	—		3,629		—		3,629
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		(11,251)		(11,251)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(1,835)		—		(1,835)
Net current period other comprehensive income	21,950		(1,563)		(8,628)		11,759
December 31, 2023	$	(124,901)	$	(17,346)	$	9,079	$	(133,168)

Schedule of Items Reclassified to Statement of Income

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the years ended December 31, 2023, 2022, and 2021.


(in thousands)	2023		2022		2021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
(Income)/Expense related to interest rate swaps included in Income before taxes(a)	$	(15,062)	$	468	$	6,852
Income tax effect	3,811		(118)		(1,734)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(11,251)	$	350	$	5,118
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	—	$	42,657	$	—
Amortization of prior service credit	(4,122)		(4,497)		(4,475)
Amortization of net actuarial loss	1,383		3,260		4,625
Total pretax amount reclassified(b)	(2,739)		41,420		150
Income tax effect	904		(16,051)		(52)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(1,835)	$	25,369	$	98

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