0000819793-24-000051 | 10-Q | XBRL Viewer | Albany International Corp DE

Pensions and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2024

Pensions and Other Postretirement Benefit Plans

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

The composition of the net periodic benefit cost/(income) for the six months ended June 30, 2024 and 2023, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2024		2023		2024		2023
Components of net periodic benefit cost/(income):
Service cost	$	986	$	565	$	23	$	30
Interest cost	3,043		2,141		709		937
Expected return on assets	(2,698)		(1,955)		—		—
Amortization of prior service cost/(income)	(14)		(16)		(62)		(2,045)
Amortization of net actuarial loss	372		279		(18)		414
Net periodic benefit cost/(credit)	$	1,689	$	1,014	$	652	$	(664)

The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no material curtailments or settlements during the first six months of 2024 or 2023.

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

- Definition

The entire disclosure for retirement benefits.

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+ Details

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

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

As of June 30, 2024 and December 31, 2023, Inventories consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Raw materials	$	82,412	$	79,611
Work in process	57,027		67,743
Finished goods	22,187		22,213
Total inventories	$	161,626	$	169,567

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the Company	$ 24,624	$ 26,672	$ 51,915	$ 53,561
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,242	31,174	31,225	31,152
Effect of dilutive stock-based compensation plans:
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,342	31,269	31,316	31,243
Net income attributable to the Company per share:
Basic (in dollars per share)	$ 0.79	$ 0.86	$ 1.66	$ 1.72
Diluted (in dollars per share)	$ 0.79	$ 0.85	$ 1.66	$ 1.71
RSU and MPP
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards (in shares)	100	95	91	91

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table represents the Company's outstanding debt:


(in thousands, except interest rates)	June 30, 2024		December 31, 2023
Borrowings under the Amended Credit Agreement(1)	$	370,000	$	446,000
Foreign bank debt	7,057		10,885
Total bank debt	377,057		456,885
Less: Current maturities of long-term debt	2,732		4,218
Long-term debt	$	374,325	$	452,667
(1) the credit facility matures in August 2028. At the end of June 30, 2024 and December 31, 2023, the interest rate in effect was 2.75% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.

Schedule Interest Rate for Borrowings

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%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenues	$ 331,994	$ 274,123	$ 645,324	$ 543,219
Cost of goods sold	219,611	171,419	424,255	341,197
Gross profit	112,383	102,704	221,069	202,022
Selling, general, and administrative expenses	55,515	46,760	110,350	95,239
Technical and research expenses	11,860	10,318	24,525	20,595
Restructuring expenses, net	2,103	125	4,312	145
Operating income	42,905	45,501	81,882	86,043
Interest expense/(income), net	2,950	3,106	6,269	6,396
Other (income)/expense, net	5,657	(4,511)	2,675	(4,966)
Income before income taxes	34,298	46,906	72,938	84,613
Income tax expense	9,578	20,080	20,849	30,701
Net income	24,720	26,826	52,089	53,912
Net income attributable to the noncontrolling interest	96	154	174	351
Net income attributable to the Company	$ 24,624	$ 26,672	$ 51,915	$ 53,561
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.79	$ 0.86	$ 1.66	$ 1.72
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.79	$ 0.85	$ 1.66	$ 1.71
Shares of the Company used in computing earnings per share:
Basic (in shares)	31,242	31,174	31,225	31,152
Diluted (in shares)	31,342	31,269	31,316	31,243
Dividends declared per Class A share (in dollars per share)	$ 0.26	$ 0.25	$ 0.52	$ 0.50

Financial Instruments (Schedule Interest Rate for Borrowings) (Details) - Line of Credit - Unsecured Debt		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread	1.625%
Less than 1.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.275%
Less than 1.00:1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		1.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.30%
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		2.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		1.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.325%
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 \| Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		3.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		2.00
Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.35%
Greater than or equal to 3.00:1.00 \| Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		3.00
Base Rate \| Less than 1.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.50%
Base Rate \| Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.625%
Base Rate \| Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.75%
Base Rate \| Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.00%
SOFR \| Less than 1.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.50%
SOFR \| Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.625%
SOFR \| Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.75%
SOFR \| Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		2.00%

Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Aug. 31, 2023	Jul. 31, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interest (less than)	$ 24,720	$ 27,369	$ 26,826	$ 27,086	$ 52,089	$ 53,912
Noncontrolling interest	5,806		5,262		5,806	5,262	$ 5,952
Arcari
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interest (less than)					100
Noncontrolling interest	$ 562		$ 0		$ 562	$ 0
Heimbach
Noncontrolling Interest [Line Items]
Fair value of acquired noncontrolling interest								$ 500
Heimbach \| Arcari
Noncontrolling Interest [Line Items]
Business acquisition, percentage of voting interests acquired									85.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%				10.00%
Albany Safran Composites, LLC \| Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%		10.00%		10.00%	10.00%				10.00%

Financial Instruments

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Financial Instruments

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

The following table represents the Company's outstanding debt:


(in thousands, except interest rates)	June 30, 2024		December 31, 2023
Borrowings under the Amended Credit Agreement(1)	$	370,000	$	446,000
Foreign bank debt	7,057		10,885
Total bank debt	377,057		456,885
Less: Current maturities of long-term debt	2,732		4,218
Long-term debt	$	374,325	$	452,667
(1) the credit facility matures in August 2028. At the end of June 30, 2024 and December 31, 2023, the interest rate in effect was 2.75% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.

Amended Credit Agreement

On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement (the “Amended Credit Agreement”). 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 June 30, 2024, 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 June 30, 2024, there was $370 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $430 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).

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

As of June 30, 2024, our leverage ratio was 0.98 to 1.00 (as defined in the Amended Credit Agreement) and our interest coverage ratio was 14.70 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, then we are restricted in paying dividends to a maximum amount of $40 million in a calendar year. As of June 30, 2024, 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, including all significant U.S. subsidiaries (subject to certain exceptions), 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).

Interest Rate Swaps

In 2021, we entered into interest rate swap agreements for the period of 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. We amended the swap agreements on June 29, 2023 replacing the LIBOR (in preparation for the cessation of LIBOR) with SOFR and adjusting the spread.

We pay a fixed blended rate of 0.88% through October 27, 2024 on $350 million and the counterparties pay a floating rate based on the one-month term SOFR at each monthly calculation date, which on June 17, 2024 was 5.33%. As of June 30, 2024, the all-in rate on the $350M of debt was 2.51%. Upon the expiration of the interest rate swap on October 27, 2024, our interest cost will increase significantly. Beginning in October 2024, our interest cost will be calculated using a floating rate based on the one-month term SOFR.

The interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15, Fair-Value Measurements. No cash collateral was received or pledged in relation to the swap agreements.

Foreign Bank Debt

On August 31, 2023, the Company acquired Heimbach. The Company assumed Heimbach’s bank debt in the amount of $32.7 million. The bank debt is held by several European financial institutions, with maturity dates ranging from February 1, 2025 to June 30, 2031. At June 30, 2024 and December 31, 2023, the foreign debt was $7.1 million and $10.9 million, respectively, of which $2.7 million and $4.2 million, respectively, was classified as Current maturities on long-term debt.

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 82,412	$ 79,611
Work in process	57,027	67,743
Finished goods	22,187	22,213
Total inventories	$ 161,626	$ 169,567

Restructuring

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring costs at MC in the second quarter of 2024 were related primarily to actions taken to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea. This led to a $1.0 million charge to Restructuring expenses, net related to workforce reductions and a $0.5 million charge recorded to Cost of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to this action throughout the remainder of the year.

At AEC, restructuring activities were related to reductions in workforce at various AEC locations. Restructuring charges for the second quarter of 2023 were not significant.

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Machine Clothing	$	1,066	$	125	$	1,087	$	145
Albany Engineered Composites	922		—		3,110		—
Corporate expenses	115		—		115		—
Total	$	2,103	$	125	$	4,312	$	145

The following tables summarizes charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":


Six months ended June 30, 2024	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	1,605	$	1,087	$	518
Albany Engineered Composites	3,110		3,110		—
Corporate expenses	115		115		—
Total	$	4,830	$	4,312	$	518


Six months ended June 30, 2023	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	145	$	145	$	—
Albany Engineered Composites	—		—		—
Corporate expenses	—		—		—
Total	$	145	$	145	$	—

The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:


(in thousands)	December 31, 2023		Restructuring charges accrued		Payments		Currency translation /other		June 30, 2024
Total termination and other costs	$	—	$	4,312	$	(1,381)	$	(7)	$	2,924


(in thousands)	December 31, 2022		Restructuring charges accrued		Payments		Currency translation /other		June 30, 2023
Total termination and other costs	$	—	$	145	$	(147)	$	2	$	—

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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 3,623 claims as of June 30, 2024.

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


(in thousands, except number of claims)	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid to Settle or Resolve
For the period ended December 31, 2023	3,598	19	27	3,606	$	74
For the period ended June 30, 2024	3,606	5	22	3,623	$	10

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 June 30, 2024, we had resolved, by means of settlement or dismissal, 38,046 claims at a total cost of $10.7 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.

The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,676 claims as of June 30, 2024, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many

years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.

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

Contract Assets and Liabilities (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period increase	$ 7,000,000.0
Contract with customer, asset, impairment loss	0	$ 0
Decrease in contract with customer, liability	500,000
Contract with customer, liability, revenue recognized	$ 3,800,000	$ 11,700,000

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but does not include all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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. 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. 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. In March 2024, the FASB issued Accounting Standards Update No. 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" (ASU 2024-01), which clarifies how an entity determines whether profits interest or similar awards should be considered within the scope of ASC 718 as a share-based payment arrangement or under ASC 710 or other ASC topics in a manner similar to a cash bonus or profit-sharing arrangement. The guidance is effective for annual periods beginning after December 15, 2024, and interim periods beginning within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. ASU 2024-01 should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ 150	$ (4,193)	$ (1,142)	$ (4,133)
Derivative instruments losses/(gains)	4,391	(138)	4,273	(123)
Bank fees and amortization of debt issuance costs	77	33	121	91
Components of net periodic pension and postretirement cost other than service cost	664	(120)	1,332	(245)
Other	375	(93)	(1,909)	(556)
Total other (income)/expense, net	$ 5,657	$ (4,511)	$ 2,675	$ (4,966)

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company's effective income tax rate for the three and six months ended June 30, 2024 and 2023, is as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Effective income tax rate	27.9	%	42.8	%	28.6	%	36.3	%

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

Our 2024 estimated annual effective tax rate primarily reflects the 21% federal tax rate, the impact of state and local taxation, the impact of taxation upon foreign operations, and forecasted permanent differences. Our actual effective tax rates were 27.9% and 42.8% for the three months ended June 30, 2024 and 2023, respectively. Our actual effective tax rates were 28.6% and 36.3% for the six months ended June 30, 2024 and 2023, respectively.

The effective tax rate for the three months ended June 30, 2024 included a net discrete tax benefit of $1.4 million, which decreased our effective tax rate by 4.2%. This discrete tax benefit is mostly attributable to the true-up of prior year estimated taxes and the release of an uncertain tax position due to a favorable audit settlement. The rate for the second quarter of 2024 was lower than the second quarter of 2023 mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period.

The effective tax rate for the six months ended June 30, 2024 included a net discrete tax benefit of $2.5 million, which decreased our effective tax rate by 3.4%. This discrete tax benefit is mostly attributable to the true-up for prior year estimated taxes, an increase in the valuation allowance and a net decrease in uncertain tax positions. The rate for the six months ended June 30, 2024 was lower than the six months ended June 30, 2023 mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period.

The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2013-2024. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months, unrecognized tax benefits could decrease by up to $1.4 million based on current estimates.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: 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 14: 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

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ 4,391	$ (138)	$ 4,273	$ (123)
Foreign currency option contracts \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ 4,391	$ (138)	$ 4,273	$ (123)

Accumulated Other Comprehensive Income ("AOCI") (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	$ 5,657	$ (4,511)	$ 2,675	$ (4,966)
Income tax effect	9,578	20,080	20,849	30,701
Net income attributable to the Company	(24,624)	(26,672)	(51,915)	(53,561)
Prior service credit	(38)	(1,030)	(76)	(2,061)
Net actuarial loss	176	347	354	693
Income before income taxes	(34,298)	(46,906)	(72,938)	(84,613)
Reclassification out of Accumulated Other Comprehensive Income \| Derivative valuation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	(4,180)	(3,678)	(8,218)	(6,901)
Income tax effect	1,001	931	2,023	1,746
Net income attributable to the Company	(3,179)	(2,747)	(6,195)	(5,155)
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	(42)	209	(85)	419
Net income attributable to the Company	96	(474)	193	(949)
Prior service credit	(38)	(1,030)	(76)	(2,061)
Net actuarial loss	176	347	354	693
Income before income taxes	$ 138	$ (683)	$ 278	$ (1,368)

Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,100	$ 792
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 86
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 191
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 155
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

Noncontrolling Interest (Income Attributable to the Noncontrolling Interest and Noncontrolling Equity) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 24,720	$ 27,369	$ 26,826	$ 27,086	$ 52,089	$ 53,912
Net income of ASC available for common ownership	24,624		26,672		51,915	53,561
Net income attributable to the noncontrolling interest	96		154		174	351
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year		5,952			5,952
Net income attributable to the noncontrolling interest	96		154		174	351
Noncontrolling interest, end of interim period	5,806		5,262		5,806	5,262
Arcari
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)					100
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, end of interim period	$ 562		0		$ 562	0
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%				10.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)					$ 1,841	4,146
Less: Return attributable to the Company's preferred holding					589	637
Net income of ASC available for common ownership					1,252	3,509
Net income attributable to the noncontrolling interest					125	351
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year		$ 5,423		$ 4,494	5,423	4,494
Net income attributable to the noncontrolling interest					125	351
Changes in other comprehensive income attributable to the noncontrolling interest					(304)	417
Noncontrolling interest, end of interim period	$ 5,244		$ 5,262		$ 5,244	$ 5,262
Safran \| Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%		10.00%		10.00%	10.00%	10.00%

Accumulated Other Comprehensive Income ("AOCI")

6 Months Ended

Jun. 30, 2024

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

Accumulated Other Comprehensive Income ("AOCI")

The table below presents changes in the components of AOCI for the period from December 31, 2023 to June 30, 2024:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2023	$	(124,901)	$	(17,346)	$	9,079	$	(133,168)
Other comprehensive income/(loss) before reclassifications, net of tax	(29,403)		435		1,231		(27,737)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(6,195)		(6,195)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		193		—		193
Net current period other comprehensive income	(29,403)		628		(4,964)		(33,739)
June 30, 2024	$	(154,304)	$	(16,718)	$	4,115	$	(166,907)

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


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax	11,313		(691)		2,642		13,264

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(5,155)		(5,155)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(949)		—		(949)
Net current period other comprehensive income	11,313		(1,640)		(2,513)		7,160
June 30, 2023	$	(135,538)	$	(17,423)	$	15,194	$	(137,767)

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

The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three and six ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Interest expense/(income), net related to interest rate swaps included in Income before taxes	$	(4,180)	$	(3,678)	$	(8,218)	$	(6,901)
Income tax effect	1,001		931		2,023		1,746
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(3,179)	$	(2,747)	$	(6,195)	$	(5,155)

Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:

Amortization of prior service credit	$	(38)	$	(1,030)	$	(76)	$	(2,061)
Amortization of net actuarial loss	176		347		354		693
Total pre-tax amount reclassified (a)	138		(683)		278		(1,368)
Income tax effect	(42)		209		(85)		419
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	96	$	(474)	$	193	$	(949)

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

Cover page - shares shares in Millions	6 Months Ended
Cover page - shares shares in Millions	Jun. 30, 2024	Jul. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31.2
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Reportable Segments and Revenue Recognition (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 331,994	$ 274,123	$ 645,324	$ 543,219
Operating income/(loss)	42,905	45,501	81,882	86,043
Other (income)/expense, net	5,657	(4,511)	2,675	(4,966)
Income before income taxes	34,298	46,906	72,938	84,613
Corporate expenses
Segment Reporting Information [Line Items]
Operating income/(loss)	(20,214)	(16,893)	(38,535)	(34,733)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	(959)	(1,838)	(2,082)	(2,944)
Interest expense	3,909	4,944	8,351	9,340
Other (income)/expense, net	5,657	(4,511)	2,675	(4,966)
Machine Clothing
Segment Reporting Information [Line Items]
Net revenues	193,578	159,217	378,795	312,439
Machine Clothing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	193,578	159,217	378,795	312,439
Operating income/(loss)	53,685	53,726	101,795	102,690
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues	138,416	114,906	266,529	230,780
Operating income/(loss)	(5,000)	(1,900)	(7,600)	(4,000)
Albany Engineered Composites \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	138,416	114,906	266,529	230,780
Operating income/(loss)	$ 9,434	$ 8,668	$ 18,622	$ 18,086

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring expenses, net
Total restructuring expenses, net	$ 2,103	$ 125	$ 4,312	$ 145
Termination, other costs, and inventory
Restructuring expenses, net
Total restructuring expenses, net			4,830	145
Termination and other costs
Restructuring expenses, net
Total restructuring expenses, net	2,103	125	4,312	145
Inventory write-off
Restructuring expenses, net
Total restructuring expenses, net			518	0
Albany Engineered Composites \| Inventory write-off
Restructuring expenses, net
Total restructuring expenses, net		0
Operating segments \| Machine Clothing \| Termination, other costs, and inventory
Restructuring expenses, net
Total restructuring expenses, net			1,605	145
Operating segments \| Machine Clothing \| Termination and other costs
Restructuring expenses, net
Total restructuring expenses, net	1,066	125	1,087	145
Operating segments \| Machine Clothing \| Inventory write-off
Restructuring expenses, net
Total restructuring expenses, net			518	0
Operating segments \| Albany Engineered Composites \| Termination, other costs, and inventory
Restructuring expenses, net
Total restructuring expenses, net			3,110	0
Operating segments \| Albany Engineered Composites \| Termination and other costs
Restructuring expenses, net
Total restructuring expenses, net	922	0	3,110	0
Operating segments \| Albany Engineered Composites \| Inventory write-off
Restructuring expenses, net
Total restructuring expenses, net			0	0
Corporate expenses \| Termination, other costs, and inventory
Restructuring expenses, net
Total restructuring expenses, net			115	0
Corporate expenses \| Termination and other costs
Restructuring expenses, net
Total restructuring expenses, net	$ 115	$ 0	115	0
Corporate expenses \| Inventory write-off
Restructuring expenses, net
Total restructuring expenses, net			$ 0	$ 0

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 38,576
Other Changes	0
Amortization	(2,563)
Currency Translation	(401)
Ending balance	35,612
Goodwill [Roll Forward]
Beginning balance	180,181
Ending balance	178,236
Indefinite-Lived Intangible Assets Including Goodwill [Roll Forward]
Beginning Balance	186,251
Other Changes	0
Currency Translation	(2,122)
Ending Balance	184,129
MC Goodwill
Goodwill [Roll Forward]
Beginning balance	66,873
Other Changes	0
Currency Translation	(1,433)
Ending balance	65,440
AEC Goodwill
Goodwill [Roll Forward]
Beginning balance	113,308
Other Changes	0
Currency Translation	(512)
Ending balance	112,796
Heimbach Trade name
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning Balance	6,070
Other Changes	0
Currency Translation	(177)
Ending Balance	5,893
AEC Trademarks and trade names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	22
Other Changes	0
Amortization	(6)
Currency Translation	0
Ending balance	16
AEC Technology
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	3,426
Other Changes	0
Amortization	(283)
Currency Translation	(97)
Ending balance	3,046
AEC Intellectual property
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	911
Other Changes	0
Amortization	(42)
Currency Translation	0
Ending balance	869
AEC Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	25,485
Other Changes	0
Amortization	(1,740)
Currency Translation	(60)
Ending balance	23,685
Heimbach Developed technology
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	8,732
Other Changes	0
Amortization	(492)
Currency Translation	(244)
Ending balance	$ 7,996

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par or stated value per share (in dollars per share)	$ 5.00	$ 5.00
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares, issued (in shares)	40,908,380	40,856,910
Treasury stock, shares (in shares)	9,661,845	9,661,845

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 190,193	$ 183,189
Allowance for expected credit losses	(951)	(908)
Contract assets, net	189,242	182,281
Contract liabilities	$ 7,657	$ 7,127

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 24,624	$ 26,672	$ 51,915	$ 53,561

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2024 and December 31, 2023:


	June 30, 2024
(in thousands)	Amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount

Finite-lived assets:
AEC Trademarks and trade names	6-15	$	208	$	(192)	$	16
AEC Technology	10-15	5,993		(2,947)		3,046
AEC Intellectual property	15	1,250		(381)		869
AEC Customer relationships	8-15	69,268		(45,583)		23,685
Heimbach Developed technology	9	8,798		(802)		7,996
Total Finite-lived intangible assets		$	85,517	$	(49,905)	$	35,612

Indefinite-lived intangible assets:
Heimbach Trade name		$	5,893	$	—	$	5,893
MC Goodwill		65,440		—		65,440
AEC Goodwill		112,796		—		112,796
Total Indefinite-lived intangible assets:		$	184,129	$	—	$	184,129


	December 31, 2023
(in thousands)	Amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount

Finite-lived assets:
AEC Trademarks and trade names	6-15	$	208	$	(186)	$	22
AEC Technology	10-15	6,161		(2,735)		3,426
AEC Intellectual property	15	1,250		(339)		911
AEC Customer relationships	8-15	69,360		(43,875)		25,485
Heimbach Developed technology	9	9,042		(310)		8,732
Total Finite-lived assets		$	86,021	$	(47,445)	$	38,576

Indefinite-lived intangible assets:
Heimbach Trade name		$	6,070	$	—	$	6,070
MC Goodwill		66,873		—		66,873
AEC Goodwill		113,308		—		113,308
Total Indefinite-lived intangible assets:		$	186,251	$	—	$	186,251

The changes in intangible assets, net and goodwill from December 31, 2023 to June 30, 2024, were as follows:


(in thousands)	December 31, 2023		Other Changes		Amortization		Currency Translation		June 30, 2024
Finite-lived intangible assets:
AEC Trademarks and trade names	$	22	$	—	$	(6)	$	—	$	16
AEC Technology	3,426		—		(283)		(97)		3,046
AEC Intellectual property	911		—		(42)		—		869
AEC Customer relationships	25,485		—		(1,740)		(60)		23,685
Heimbach Developed technology	8,732		—		(492)		(244)		7,996
Total Finite-lived intangible assets	$	38,576	$	—	$	(2,563)	$	(401)	$	35,612

Indefinite-lived intangible assets:
Heimbach Trade name	$	6,070	$	—	$	—	$	(177)	$	5,893
MC Goodwill	66,873		—		—		(1,433)		65,440
AEC Goodwill	113,308		—		—		(512)		112,796
Total Indefinite-lived assets:	$	186,251	$	—	$	—	$	(2,122)	$	184,129

In the second quarter of 2024, management performed the quantitative assessment approach in conducting its annual evaluation of goodwill and indefinite-lived trademark intangibles and concluded that no impairment provision was required. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which management determined to be the business segment level. As part of the quantitative assessment, management used the income and market approach to determine fair value by considering projected cash flows and market multiples for the Machine Clothing reporting unit and the AEC reporting unit. Management performed the quantitative assessments and concluded that each reporting unit’s fair value continued to significantly exceed its carrying value. In addition, there were no amounts at risk due to the estimated spread between the fair and carrying values. Accordingly, no impairment charges were recorded.

Pensions and Other Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The composition of the net periodic benefit cost/(income) for the six months ended June 30, 2024 and 2023, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2024		2023		2024		2023
Components of net periodic benefit cost/(income):
Service cost	$	986	$	565	$	23	$	30
Interest cost	3,043		2,141		709		937
Expected return on assets	(2,698)		(1,955)		—		—
Amortization of prior service cost/(income)	(14)		(16)		(62)		(2,045)
Amortization of net actuarial loss	372		279		(18)		414
Net periodic benefit cost/(credit)	$	1,689	$	1,014	$	652	$	(664)

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 85,517	$ 86,021
Accumulated amortization	(49,905)	(47,445)
Net carrying amount	35,612	38,576
Goodwill [Line Items]
Goodwill	178,236	180,181
Total Indefinite-lived intangible assets:	184,129	186,251
MC Goodwill
Goodwill [Line Items]
Goodwill	65,440	66,873
AEC Goodwill
Goodwill [Line Items]
Goodwill	112,796	113,308
Heimbach Trade name
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	5,893	6,070
AEC Trademarks and trade names
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	208	208
Accumulated amortization	(192)	(186)
Net carrying amount	$ 16	$ 22
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]
Gross carrying amount	$ 5,993	$ 6,161
Accumulated amortization	(2,947)	(2,735)
Net carrying amount	$ 3,046	$ 3,426
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]
Gross carrying amount	$ 1,250	$ 1,250
Accumulated amortization	(381)	(339)
Net carrying amount	869	911
AEC Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	69,268	69,360
Accumulated amortization	(45,583)	(43,875)
Net carrying amount	$ 23,685	$ 25,485
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
Heimbach Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	9 years	9 years
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 8,798	$ 9,042
Accumulated amortization	(802)	(310)
Net carrying amount	$ 7,996	$ 8,732

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

As of June 30, 2024 and December 31, 2023, Accounts receivable consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Trade and other accounts receivable	$	263,781	$	272,351
Bank promissory notes	20,991		20,690
Allowance for expected credit losses	(4,764)		(5,260)
Accounts receivable, net	$	280,008	$	287,781

Schedule of Contract Receivables

As of June 30, 2024 and December 31, 2023, Noncurrent receivables consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Noncurrent receivables	$	—	$	4,414
Allowance for expected credit losses	—		(22)
Noncurrent receivables, net	$	—	$	4,392

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

As of June 30, 2024 and December 31, 2023, Inventories consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Raw materials	$	82,412	$	79,611
Work in process	57,027		67,743
Finished goods	22,187		22,213
Total inventories	$	161,626	$	169,567

Other (Income)/Expense, net (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other (Income)/Expense, net

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Currency transaction (gains)/losses	$	150	$	(4,193)	$	(1,142)	$	(4,133)
Derivative instruments losses/(gains)	4,391		(138)		4,273		(123)
Bank fees and amortization of debt issuance costs	77		33		121		91
Components of net periodic pension and postretirement cost other than service cost	664		(120)		1,332		(245)
Other	375		(93)		(1,909)		(556)
Total other (income)/expense, net	$	5,657	$	(4,511)	$	2,675	$	(4,966)

Goodwill and Other Intangible Assets (Narrative) (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charges	$ 0

Accounts Receivable

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable, net includes Trade and other accounts receivable and Bank promissory notes, net of Allowance for expected credit losses. In connection with certain revenues in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of June 30, 2024 and December 31, 2023, Accounts receivable consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Trade and other accounts receivable	$	263,781	$	272,351
Bank promissory notes	20,991		20,690
Allowance for expected credit losses	(4,764)		(5,260)
Accounts receivable, net	$	280,008	$	287,781

The Company had Noncurrent receivables in the AEC segment that represent revenue earned, which had extended payment terms. In 2023, the payment terms were amended and the Noncurrent receivables are now included in Trade and other accounts receivable. As of June 30, 2024 and December 31, 2023, Noncurrent receivables consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Noncurrent receivables	$	—	$	4,414
Allowance for expected credit losses	—		(22)
Noncurrent receivables, net	$	—	$	4,392

Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss), realized	$ (200)	$ 4,200	$ 1,100	$ 4,100
Derivative instruments gains (losses)	(4,391)	138	(4,273)	123
Net periodic pension and postretirement costs, service costs (benefits)	700	$ (100)	1,300	(200)
Gain on sale of assets	$ 500		$ 512	$ 0

Changes in Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2023 to June 30, 2024:


	Class A Common Stock			Additional paid-in capital	Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Shareholders' Equity
(in thousands)	Shares	Amount									Shares					Amount
December 31, 2023	40,856	$	41		$	448,218	$	1,010,942	$	(133,168)	9,662	$	(364,665)	$	5,952	$	967,320
Net income	—	—			—		27,291		—		—	—		78		27,369
Compensation and benefits paid or payable in shares	42	—			810		—		—		—	—		—		810




Dividends declared on Class A Common Stock, $0.26 per share	—	—			—		(8,122)		—		—	—		—		(8,122)

Cumulative translation adjustments	—	—			—		—		(12,116)		—	—		46		(12,070)
Pension and postretirement liability adjustments	—	—			—		—		382		—	—		—		382
Derivative valuation adjustment	—	—			—		—		(2,124)		—	—		—		(2,124)
March 31, 2024	40,898	$	41		$	449,028	$	1,030,111	$	(147,026)	9,662	$	(364,665)	$	6,076	$	973,565
Net income	—	—			—		24,624		—		—	—		96		24,720
Compensation and benefits paid or payable in shares	—	—			2,530		—		—		—	—		—		2,530

Shares issued to Directors'	10	—			903		—		—		—	—		—		903


Dividends declared on Class A Common Stock, $0.26 per share	—	—			—		(8,123)		—		—	—		—		(8,123)

Cumulative translation adjustments	—	—			—		—		(17,287)		—	—		(366)		(17,653)
Pension and postretirement liability adjustments	—	—			—		—		246		—	—		—		246
Derivative valuation adjustment	—	—			—		—		(2,840)		—	—		—		(2,840)
June 30, 2024	40,908	$	41		$	452,461	$	1,046,612	$	(166,907)	9,662	$	(364,665)	$	5,806	$	973,348

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


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




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

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

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


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

Cumulative translation adjustments	—	—			—		—		(2,568)		—	—		179		(2,389)
Pension and postretirement liability adjustments	—	—			—		—		(724)		—	—		—		(724)
Derivative valuation adjustment	—	—			—		—		389		—	—		—		389
June 30, 2023	40,842	$	41		$	443,556	$	969,292	$	(137,767)	9,663	$	(364,665)	$	5,262	$	915,719

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147478448/946-505-50-6

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

Changes in Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2023 to June 30, 2024:


	Class A Common Stock			Additional paid-in capital	Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Shareholders' Equity
(in thousands)	Shares	Amount									Shares					Amount
December 31, 2023	40,856	$	41		$	448,218	$	1,010,942	$	(133,168)	9,662	$	(364,665)	$	5,952	$	967,320
Net income	—	—			—		27,291		—		—	—		78		27,369
Compensation and benefits paid or payable in shares	42	—			810		—		—		—	—		—		810




Dividends declared on Class A Common Stock, $0.26 per share	—	—			—		(8,122)		—		—	—		—		(8,122)

Cumulative translation adjustments	—	—			—		—		(12,116)		—	—		46		(12,070)
Pension and postretirement liability adjustments	—	—			—		—		382		—	—		—		382
Derivative valuation adjustment	—	—			—		—		(2,124)		—	—		—		(2,124)
March 31, 2024	40,898	$	41		$	449,028	$	1,030,111	$	(147,026)	9,662	$	(364,665)	$	6,076	$	973,565
Net income	—	—			—		24,624		—		—	—		96		24,720
Compensation and benefits paid or payable in shares	—	—			2,530		—		—		—	—		—		2,530

Shares issued to Directors'	10	—			903		—		—		—	—		—		903


Dividends declared on Class A Common Stock, $0.26 per share	—	—			—		(8,123)		—		—	—		—		(8,123)

Cumulative translation adjustments	—	—			—		—		(17,287)		—	—		(366)		(17,653)
Pension and postretirement liability adjustments	—	—			—		—		246		—	—		—		246
Derivative valuation adjustment	—	—			—		—		(2,840)		—	—		—		(2,840)
June 30, 2024	40,908	$	41		$	452,461	$	1,046,612	$	(166,907)	9,662	$	(364,665)	$	5,806	$	973,348

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


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




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

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

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


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

Cumulative translation adjustments	—	—			—		—		(2,568)		—	—		179		(2,389)
Pension and postretirement liability adjustments	—	—			—		—		(724)		—	—		—		(724)
Derivative valuation adjustment	—	—			—		—		389		—	—		—		389
June 30, 2023	40,842	$	41		$	443,556	$	969,292	$	(137,767)	9,663	$	(364,665)	$	5,262	$	915,719

Financial Instruments (Narrative) (Details)			6 Months Ended
Financial Instruments (Narrative) (Details)	Jun. 30, 2024 USD ($)	Aug. 16, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 17, 2024	Dec. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Jun. 29, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.50	3.75	3.50
Maximum leverage ratio allowed, after significant acquisition		4.25
Minimum interest coverage ratio required		3.00
Leverage ratio	0.98		0.98
Interest coverage ratio	14.70		14.70
Long-term debt	$ 377,057,000		$ 377,057,000		$ 456,885,000
Current maturities of long-term debt	2,732,000		2,732,000		4,218,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt	370,000,000		370,000,000		446,000,000
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				5.33%			0.88%
All-in interest SOFR rate	2.51%		2.51%
Foreign bank debt
Debt Instrument [Line Items]
Long-term debt	$ 7,057,000		$ 7,057,000		10,885,000
Foreign bank debt \| Heimbach
Debt Instrument [Line Items]
Long-term debt	7,100,000		7,100,000		10,900,000	$ 32,700,000
Current maturities of long-term debt	$ 2,700,000		2,700,000		$ 4,200,000
Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 800,000,000
Debt instrument, term		5 years
Total spread	1.625%
Borrowings outstanding	$ 370,000,000		370,000,000
Line of credit facility, remaining borrowing capacity	$ 430,000,000		430,000,000
Debt covenant, maximum annual dividend payout amount			$ 40,000,000

Business Combination	6 Months Ended
Business Combination	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination	Business CombinationOn August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately-held manufacturer of paper machine clothing with headquarters in Düren, Germany. For the three and six months ended June 30, 2024, there were no material adjustments to the assets acquired and liabilities assumed.

Income Taxes (Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	27.90%	42.80%	28.60%	36.30%

Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Contract Assets and Contract Liabilities

As of June 30, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Contract assets	$	190,193	$	183,189
Allowance for expected credit losses	(951)		(908)
Contract assets, net	$	189,242	$	182,281

Contract liabilities	$	7,657	$	7,127

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three months ended June 30,				Six months ended June 30,
(in thousands, except earnings per share)	2024		2023		2024		2023
Net income attributable to the Company	$	24,624	$	26,672	$	51,915	$	53,561

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,242		31,174		31,225		31,152
Effect of dilutive stock-based compensation plans:

Restricted stock units and multi-year awards	100		95		91		91

Weighted average number of shares used in calculating diluted net income per share	31,342		31,269		31,316		31,243



Net income attributable to the Company per share:
Basic	$	0.79	$	0.86	$	1.66	$	1.72
Diluted	$	0.79	$	0.85	$	1.66	$	1.71

Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2024

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	Six months ended June 30,
(in thousands, except percentages)	2024			2023
Net income of Albany Safran Composites (ASC)	$	1,841		$	4,146
Less: Return attributable to the Company's preferred holding	589			637
Net income of ASC available for common ownership	$	1,252		$	3,509
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	125		$	351

Noncontrolling interest, beginning of year	$	5,423		$	4,494
Net income attributable to noncontrolling interest	125			351
Changes in other comprehensive income attributable to the noncontrolling interest	(304)			417
ASC Noncontrolling interest, end of interim period	$	5,244		$	5,262












Arcari Noncontrolling interest, end of interim period	$	562		$	—


Total Noncontrolling interest, end of interim period	$	5,806		$	5,262

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 377,057	$ 456,885
Less: Current maturities of long-term debt	2,732	4,218
Long-term debt	374,325	452,667
Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 370,000	$ 446,000
Interest rate, effective percentage	2.75%	3.49%
Foreign bank debt
Debt Instrument [Line Items]
Long-term debt	$ 7,057	$ 10,885

- 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/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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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

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

6 Months Ended

Jun. 30, 2024

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below presents changes in the components of AOCI for the period from December 31, 2023 to June 30, 2024:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2023	$	(124,901)	$	(17,346)	$	9,079	$	(133,168)
Other comprehensive income/(loss) before reclassifications, net of tax	(29,403)		435		1,231		(27,737)

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(6,195)		(6,195)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		193		—		193
Net current period other comprehensive income	(29,403)		628		(4,964)		(33,739)
June 30, 2024	$	(154,304)	$	(16,718)	$	4,115	$	(166,907)

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


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax	11,313		(691)		2,642		13,264

Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		(5,155)		(5,155)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(949)		—		(949)
Net current period other comprehensive income	11,313		(1,640)		(2,513)		7,160
June 30, 2023	$	(135,538)	$	(17,423)	$	15,194	$	(137,767)

Schedule of Reclassification Out of Accumulated Other Comprehensive Income


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Interest expense/(income), net related to interest rate swaps included in Income before taxes	$	(4,180)	$	(3,678)	$	(8,218)	$	(6,901)
Income tax effect	1,001		931		2,023		1,746
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(3,179)	$	(2,747)	$	(6,195)	$	(5,155)

Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:

Amortization of prior service credit	$	(38)	$	(1,030)	$	(76)	$	(2,061)
Amortization of net actuarial loss	176		347		354		693
Total pre-tax amount reclassified (a)	138		(683)		278		(1,368)
Income tax effect	(42)		209		(85)		419
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	96	$	(474)	$	193	$	(949)

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

Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 331,994	$ 274,123	$ 645,324	$ 543,219
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	198,604	161,784	388,597	319,855
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	133,390	112,339	256,727	223,364
Machine Clothing
Disaggregation of Revenue [Line Items]
Net revenues	193,578	159,217	378,795	312,439
Machine Clothing \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	192,596	158,273	376,831	310,551
Machine Clothing \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	982	944	1,964	1,888
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Net revenues	138,416	114,906	266,529	230,780
Albany Engineered Composites \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	6,008	3,511	11,766	9,304
Albany Engineered Composites \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	132,408	111,395	254,763	221,476
ASC
Disaggregation of Revenue [Line Items]
Net revenues	50,292	47,417	100,031	91,949
ASC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
ASC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	50,292	47,417	100,031	91,949
Other AEC
Disaggregation of Revenue [Line Items]
Net revenues	88,124	67,489	166,498	138,831
Other AEC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	6,008	3,511	11,766	9,304
Other AEC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	$ 82,116	$ 63,978	$ 154,732	$ 129,527

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Topic 924
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-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 24,720	$ 26,826	$ 52,089	$ 53,912
Other comprehensive income/(loss), before tax:
Foreign currency translation	(17,137)	(2,818)	(28,968)	10,622
Amortization of pension liability adjustments:
Prior service credit	(38)	(1,030)	(76)	(2,061)
Net actuarial loss	176	347	354	693
Payments and amortization related to interest rate swaps included in earnings	(4,180)	(3,678)	(8,218)	(6,901)
Derivative valuation adjustment	439	4,199	1,633	3,537
Income taxes related to items of other comprehensive income/(loss):
Amortization of prior service credit	11	316	22	631
Amortization of net actuarial loss	(53)	(107)	(107)	(212)
Payments and amortization related to interest rate swaps included in earnings	1,001	931	2,023	1,746
Derivative valuation adjustment	(100)	(1,063)	(402)	(895)
Comprehensive income	4,839	23,923	18,350	61,072
Comprehensive income attributable to the noncontrolling interest	(270)	333	(146)	768
Comprehensive income attributable to the Company	$ 5,109	$ 23,590	$ 18,496	$ 60,304

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 52,089	$ 53,912
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	41,247	32,299
Amortization	3,446	3,018
Change in deferred taxes and other liabilities	(2,391)	1,787
Impairment of property, plant and equipment	120	532
Non-cash interest expense	513	565
Compensation and benefits paid or payable in Class A Common Stock	4,243	2,274
Provision/(recovery) for credit losses from uncollected receivables and contract assets	(174)	493
Foreign currency remeasurement gain on intercompany loans	(2,580)	(3,198)
Fair value adjustment on foreign currency contracts	3,109	(123)
Gain on sale of assets	(512)	0
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	4,929	(40,131)
Contract assets	(8,435)	4,606
Inventories	3,062	(9,174)
Prepaid expenses and other current assets	(2,454)	(2,700)
Income taxes prepaid and receivable	873	(381)
Accounts payable	17,679	(5,255)
Accrued liabilities	(15,367)	(21,570)
Income taxes payable	(5,599)	(4,943)
Noncurrent receivables	(379)	1,705
Other noncurrent liabilities	(924)	(1,922)
Other, net	494	2,881
Net cash provided by operating activities	92,989	14,675
Cash flows from investing activities:
Purchases of property, plant and equipment	(46,616)	(34,899)
Purchased software	(40)	(72)
Proceeds received from sale of assets	1,029	0
Net cash used in investing activities	(45,627)	(34,971)
Cash flows from financing activities:
Proceeds from borrowings	43,282	61,000
Principal payments on debt	(122,828)	(13,000)
Taxes paid in lieu of share issuance	(2,446)	(3,136)
Dividends paid	(16,233)	(15,570)
Net cash (used in)/provided by financing activities	(98,225)	29,294
Effect of exchange rate changes on cash and cash equivalents	(6,118)	142
(Decrease)/increase in cash and cash equivalents	(56,981)	9,140
Cash and cash equivalents at beginning of period	173,420	291,776
Cash and cash equivalents at end of period	$ 116,439	$ 300,916

Other (Income)/Expense, net

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Other (Income)/Expense, net

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Currency transaction (gains)/losses	$	150	$	(4,193)	$	(1,142)	$	(4,133)
Derivative instruments losses/(gains)	4,391		(138)		4,273		(123)
Bank fees and amortization of debt issuance costs	77		33		121		91
Components of net periodic pension and postretirement cost other than service cost	664		(120)		1,332		(245)
Other	375		(93)		(1,909)		(556)
Total other (income)/expense, net	$	5,657	$	(4,511)	$	2,675	$	(4,966)

Other (income)/expense, net, included foreign currency related transactions which resulted in losses of $0.2 million and gains of $1.1 million in the three and six months ended June 30, 2024, respectively, as compared to gains of $4.2 million and $4.1 million in the same period last year. In addition, changes in the fair value of derivative instruments included losses of $4.4 million and $4.3 million in the three and six months ended June 30, 2024, as compared to gains of $0.1 million and $0.1 million in the same period last year, driven by currency rate movements, most notably the Brazilian Real and Mexican Peso. Net periodic pension and postretirement costs, other than service costs, were $0.7 million and $1.3 million in the three and six months ended June 30, 2024, respectively, as compared to benefits of $0.1 million and $0.2 million in the same period last year. Other (income)/expense, net, also included net proceeds of $0.5 million from the divestiture of assets related to Heimbach during the three and six months ended June 30, 2024, as well as bank fees, amortization of debt issuance costs, and rental income.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsWe evaluated subsequent events through the issuance date of these financial statements in Form 10-Q. No material subsequent events were identified that require disclosure.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

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

The Company's effective income tax rate for the three and six months ended June 30, 2024 and 2023, is as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Effective income tax rate	27.9	%	42.8	%	28.6	%	36.3	%

Fair-Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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


	June 30, 2024				December 31, 2023
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	12,184	$	—	$	27,157	$	—
Foreign currency option contracts	—		1,048		—		1,725
Foreign currency forward contracts	—		—		—		199
Other Assets:
Common stock of unaffiliated foreign public company (a)	759		—		682		—
Interest rate swaps	—		5,635		—		12,214
Liabilities
Foreign currency forward contracts	—		(2,790)		—		—

(a)Original cost basis $0.5 million.

Schedule of Derivative Instruments, Gain (Loss)

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses	$	4,391	$	(138)	$	4,273	$	(123)

Noncontrolling Interest

6 Months Ended

Jun. 30, 2024

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interests

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

On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. On the date of the acquisition, the fair value of the noncontrolling interest in Arcari was $0.5 million. For the six months ended June 30, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at June 30, 2024 was $0.6 million.

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


ASC Noncontrolling Interest	Six months ended June 30,
(in thousands, except percentages)	2024			2023
Net income of Albany Safran Composites (ASC)	$	1,841		$	4,146
Less: Return attributable to the Company's preferred holding	589			637
Net income of ASC available for common ownership	$	1,252		$	3,509
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	125		$	351

Noncontrolling interest, beginning of year	$	5,423		$	4,494
Net income attributable to noncontrolling interest	125			351
Changes in other comprehensive income attributable to the noncontrolling interest	(304)			417
ASC Noncontrolling interest, end of interim period	$	5,244		$	5,262












Arcari Noncontrolling interest, end of interim period	$	562		$	—


Total Noncontrolling interest, end of interim period	$	5,806		$	5,262

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	27.90%	42.80%	28.60%	36.30%
Discrete tax benefit	$ 1.4		$ 2.5
Discrete tax benefit, percent	4.20%		3.40%
Decrease in unrecognized tax benefits is reasonably possible	$ 1.4		$ 1.4

Fair-Value Measurements

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 or at December 31, 2023, other than certain pension assets as indicated in our December 31, 2023 Annual Report on Form 10-K.

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:


	June 30, 2024				December 31, 2023
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	12,184	$	—	$	27,157	$	—
Foreign currency option contracts	—		1,048		—		1,725
Foreign currency forward contracts	—		—		—		199
Other Assets:
Common stock of unaffiliated foreign public company (a)	759		—		682		—
Interest rate swaps	—		5,635		—		12,214
Liabilities
Foreign currency forward contracts	—		(2,790)		—		—

(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 is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Amounts determined to be due within one year are reclassified to Other current assets and/or Accrued liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the interest rate swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. Amounts accumulated in Other comprehensive income are reclassified as interest expense/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect earnings. Interest expense/(income) related to payments under the active swap agreements totaled $(8.2) million for the six months ended June 30, 2024, and $(6.9) million for the six months ended June 30, 2023.

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

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

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses	$	4,391	$	(138)	$	4,273	$	(123)

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	$ 2,103	$ 125	$ 4,312	$ 145
Machine Clothing
Restructuring Cost and Reserve [Line Items]
Inventory write-down	500
Workforce Reductions \| Machine Clothing
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	$ 1,000
Inventory write-off
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net			$ 518	$ 0
Inventory write-off \| Albany Engineered Composites
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net		$ 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 + Details

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Interest (income) expense	$ 2,950	$ 3,106	$ 6,269	$ 6,396
Interest rate swaps
Derivative [Line Items]
Interest (income) expense			$ (8,200)	$ (6,900)

Restructuring (Tables)

6 Months Ended

Jun. 30, 2024

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":


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Machine Clothing	$	1,066	$	125	$	1,087	$	145
Albany Engineered Composites	922		—		3,110		—
Corporate expenses	115		—		115		—
Total	$	2,103	$	125	$	4,312	$	145

The following tables summarizes charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":


Six months ended June 30, 2024	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	1,605	$	1,087	$	518
Albany Engineered Composites	3,110		3,110		—
Corporate expenses	115		115		—
Total	$	4,830	$	4,312	$	518


Six months ended June 30, 2023	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	145	$	145	$	—
Albany Engineered Composites	—		—		—
Corporate expenses	—		—		—
Total	$	145	$	145	$	—

Schedule of Changes in Restructuring Liabilities

The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:


(in thousands)	December 31, 2023		Restructuring charges accrued		Payments		Currency translation /other		June 30, 2024
Total termination and other costs	$	—	$	4,312	$	(1,381)	$	(7)	$	2,924


(in thousands)	December 31, 2022		Restructuring charges accrued		Payments		Currency translation /other		June 30, 2023
Total termination and other costs	$	—	$	145	$	(147)	$	2	$	—

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

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


(in thousands, except number of claims)	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid to Settle or Resolve
For the period ended December 31, 2023	3,598	19	27	3,606	$	74
For the period ended June 30, 2024	3,606	5	22	3,623	$	10

Reportable Segments and Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Net revenues
Machine Clothing	$	193,578	$	159,217	$	378,795	$	312,439
Albany Engineered Composites	138,416		114,906		266,529		230,780
Consolidated revenues	$	331,994	$	274,123	$	645,324	$	543,219
Operating income/(loss)
Machine Clothing	$	53,685	$	53,726	$	101,795	$	102,690
Albany Engineered Composites	9,434		8,668		18,622		18,086
Corporate expenses	(20,214)		(16,893)		(38,535)		(34,733)
Consolidated Operating income	$	42,905	$	45,501	$	81,882	$	86,043
Reconciling items:
Interest income	(959)		(1,838)		(2,082)		(2,944)
Interest expense	3,909		4,944		8,351		9,340


Other (income)/expense, net	5,657		(4,511)		2,675		(4,966)
Income before income taxes	$	34,298	$	46,906	$	72,938	$	84,613

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

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended June 30, 2024:


	Three months ended June 30, 2024
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	192,596	$	982	$	193,578

Albany Engineered Composites:
ASC	—		50,292		50,292
Other AEC	6,008		82,116		88,124
Total Albany Engineered Composites	6,008		132,408		138,416

Total revenues	$	198,604	$	133,390	$	331,994

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


	Three months ended June 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	158,273	$	944	$	159,217

Albany Engineered Composites:
ASC	—		47,417		47,417
Other AEC	3,511		63,978		67,489
Total Albany Engineered Composites	3,511		111,395		114,906

Total revenues	$	161,784	$	112,339	$	274,123

The following table disaggregates revenue for each product group by timing of revenue recognition for the six months ended June 30, 2024:


	Six months ended June 30, 2024
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	376,831	$	1,964	$	378,795

Albany Engineered Composites:
ASC	—		100,031		100,031
Other AEC	11,766		154,732		166,498
Total Albany Engineered Composites	11,766		254,763		266,529

Total revenues	$	388,597	$	256,727	$	645,324

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


	Six months ended June 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	310,551	$	1,888	$	312,439

Albany Engineered Composites:
ASC	—		91,949		91,949
Other AEC	9,304		129,527		138,831
Total Albany Engineered Composites	9,304		221,476		230,780

Total revenues	$	319,855	$	223,364	$	543,219

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Americas PMC	$	88,533	$	94,154	$	172,034	$	177,532
Eurasia PMC	78,519		48,541		154,709		100,278
Engineered Fabrics	26,526		16,522		52,052		34,629
Total Machine Clothing Net revenues	$	193,578	$	159,217	$	378,795	$	312,439

Reportable Segments and Revenue Recognition

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reportable Segments and Revenue Recognition

The Company is organized based on the nature of its products and is composed of two reportable segments, Machine Clothing ("MC") and Albany Engineered Composites ("AEC"), each overseen by a Segment President. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decisions 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.

Machine Clothing:

The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel products, nonwovens, fiber cement and for several other industrial applications. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. We manufacture belts for each section of the paper machine and for every grade of paper. We sell our MC products directly to customer end-users in countries across the globe. MC's products, manufacturing processes, and distribution channels are substantially the same in each region of the world in which we operate.

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

Albany Engineered Composites:

The Albany Engineered Composites segment provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer, the SAFRAN Group (“SAFRAN”) owns a 10 percent noncontrolling interest. AEC, through ASC, is the exclusive supplier to the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract, where revenue is determined by a cost-plus-fee agreement. The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircraft. AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM International's LEAP engine) accounted for approximately 16 percent of the Company's consolidated Net revenues in 2023.

AEC net sales to SAFRAN were $101.3 million and $93.5 million in the first six months of 2024 and 2023, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from SAFRAN amounted to $85.8 million and $93.8 million as of June 30, 2024 and December 31, 2023, respectively.

Other significant programs for AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing commercial programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. For the year ended December 31, 2023, approximately 39 percent of AEC revenues were related to U.S. government contracts or programs.

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Net revenues
Machine Clothing	$	193,578	$	159,217	$	378,795	$	312,439
Albany Engineered Composites	138,416		114,906		266,529		230,780
Consolidated revenues	$	331,994	$	274,123	$	645,324	$	543,219
Operating income/(loss)
Machine Clothing	$	53,685	$	53,726	$	101,795	$	102,690
Albany Engineered Composites	9,434		8,668		18,622		18,086
Corporate expenses	(20,214)		(16,893)		(38,535)		(34,733)
Consolidated Operating income	$	42,905	$	45,501	$	81,882	$	86,043
Reconciling items:
Interest income	(959)		(1,838)		(2,082)		(2,944)
Interest expense	3,909		4,944		8,351		9,340


Other (income)/expense, net	5,657		(4,511)		2,675		(4,966)
Income before income taxes	$	34,298	$	46,906	$	72,938	$	84,613

Second quarter 2024 results include Heimbach, which was acquired August 31, 2023. Heimbach contributed $39.8 million and $77.7 million of net revenues and $0.5 million and $(2.4) million of operating income/(loss) for the three and six months ended June 30, 2024, respectively.

Corporate expenses include global information system costs of $8.1 million and $6.8 million for the three months ended June 30, 2024 and 2023, respectively, and $16.4 million and $13.0 million for the six months ended June 30, 2024 and 2023, respectively.

Revenue Recognition:

Products and services provided under long-term contracts represent a significant portion of revenues in the Albany Engineered Composites segment and we account for these contracts over time, primarily using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. Changes in the estimated profitability of long-term contracts decreased operating income by $5.0 million for the second quarter of 2024 and decreased operating income $7.6 million for the first half of 2024. Adjustments in the estimated profitability of long-term contracts decreased operating incomes by $1.9 million and decreased operating income by $4.0 million for the second quarter and first half of 2023, respectively.

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

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended June 30, 2024:


	Three months ended June 30, 2024
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	192,596	$	982	$	193,578

Albany Engineered Composites:
ASC	—		50,292		50,292
Other AEC	6,008		82,116		88,124
Total Albany Engineered Composites	6,008		132,408		138,416

Total revenues	$	198,604	$	133,390	$	331,994

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


	Three months ended June 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	158,273	$	944	$	159,217

Albany Engineered Composites:
ASC	—		47,417		47,417
Other AEC	3,511		63,978		67,489
Total Albany Engineered Composites	3,511		111,395		114,906

Total revenues	$	161,784	$	112,339	$	274,123

The following table disaggregates revenue for each product group by timing of revenue recognition for the six months ended June 30, 2024:


	Six months ended June 30, 2024
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	376,831	$	1,964	$	378,795

Albany Engineered Composites:
ASC	—		100,031		100,031
Other AEC	11,766		154,732		166,498
Total Albany Engineered Composites	11,766		254,763		266,529

Total revenues	$	388,597	$	256,727	$	645,324

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


	Six months ended June 30, 2023
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	310,551	$	1,888	$	312,439

Albany Engineered Composites:
ASC	—		91,949		91,949
Other AEC	9,304		129,527		138,831
Total Albany Engineered Composites	9,304		221,476		230,780

Total revenues	$	319,855	$	223,364	$	543,219


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Americas PMC	$	88,533	$	94,154	$	172,034	$	177,532
Eurasia PMC	78,519		48,541		154,709		100,278
Engineered Fabrics	26,526		16,522		52,052		34,629
Total Machine Clothing Net revenues	$	193,578	$	159,217	$	378,795	$	312,439

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year and certain contracts in the AEC segment are relatively short duration firm-fixed-price orders. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $1.1 billion and $792 million as of June 30, 2024 and 2023, respectively, and related primarily to firm fixed price contracts in the AEC segment. Of the remaining performance obligations as of June 30, 2024, we expect to recognize as revenue approximately $86 million during 2024, $191 million during 2025, $155 million during 2026, and the remainder thereafter.

- Definition

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

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended June 30,				Six months ended June 30,
(in thousands, except earnings per share)	2024		2023		2024		2023
Net income attributable to the Company	$	24,624	$	26,672	$	51,915	$	53,561

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,242		31,174		31,225		31,152
Effect of dilutive stock-based compensation plans:

Restricted stock units and multi-year awards	100		95		91		91

Weighted average number of shares used in calculating diluted net income per share	31,342		31,269		31,316		31,243



Net income attributable to the Company per share:
Basic	$	0.79	$	0.86	$	1.66	$	1.72
Diluted	$	0.79	$	0.85	$	1.66	$	1.71

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ 973,565	$ 967,320	$ 897,515	$ 867,543	$ 967,320	$ 867,543
Net income	24,720	27,369	26,826	27,086	52,089	53,912
Compensation and benefits paid or payable in shares	2,530	810	811	378
Shares issued to Directors'	903		1,086
Cumulative translation adjustments	(17,653)	(12,070)	(2,389)	14,119
Pension and postretirement liability adjustments	246	382	(724)	(916)
Derivative valuation adjustment	(2,840)	(2,124)	389	(2,902)
Balance at end of the period	$ 973,348	$ 973,565	$ 915,719	897,515	$ 973,348	$ 915,719
Dividends declared per Class A share (in dollars per share)	$ 0.26		$ 0.25		$ 0.52	$ 0.50
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, balance at the beginning of the period (in shares)		9,661,845			9,661,845
Dividends declared	$ (8,123)	$ (8,122)	$ (7,795)	$ (7,792)
Treasury stock, balance at the end of the period (in shares)	9,661,845				9,661,845
Dividends declared per Class A share (in dollars per share)	$ 0.26	$ 0.26	$ 0.25	$ 0.25
Common Stock \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	40,898,000	40,856,000	40,842,000	40,785,000	40,856,000	40,785,000
Balance at start of the period	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41
Compensation and benefits paid or payable in shares (in shares)		42,000		58,000
Shares issued to Directors' (in shares)	10,000
Common stock, balance at the end of the period (in shares)	40,908,000	40,898,000	40,842,000	40,842,000	40,908,000	40,842,000
Balance at end of the period	$ 41	$ 41	$ 41	$ 41	$ 41	$ 41
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	449,028	448,218	441,917	441,540	448,218	441,540
Compensation and benefits paid or payable in shares	2,530	810	811	378
Shares issued to Directors'	903		828
Balance at end of the period	452,461	449,028	443,556	441,917	452,461	443,556
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	1,030,111	1,010,942	950,415	931,318	1,010,942	931,318
Net income	24,624	27,291	26,672	26,889
Balance at end of the period	1,046,612	1,030,111	969,292	950,415	1,046,612	969,292
Retained earnings \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(8,123)	(8,122)	(7,795)	(7,792)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	(147,026)	(133,168)	(134,864)	(144,927)	(133,168)	(144,927)
Cumulative translation adjustments	(17,287)	(12,116)	(2,568)	13,881
Pension and postretirement liability adjustments	246	382	(724)	(916)
Derivative valuation adjustment	(2,840)	(2,124)	389	(2,902)
Balance at end of the period	(166,907)	(147,026)	(137,767)	(134,864)	(166,907)	(137,767)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ (364,665)	$ (364,665)	$ (364,923)	$ (364,923)	$ (364,665)	$ (364,923)
Treasury stock, balance at the beginning of the period (in shares)	9,662,000	9,662,000	9,675,000	9,675,000	9,662,000	9,675,000
Shares issued to Directors' (in shares)			(12,000)
Shares issued to Directors'			$ 258
Balance at end of the period	$ (364,665)	$ (364,665)	$ (364,665)	$ (364,923)	$ (364,665)	$ (364,665)
Treasury stock, balance at the end of the period (in shares)	9,662,000	9,662,000	9,663,000	9,675,000	9,662,000	9,663,000
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ 6,076	$ 5,952	$ 4,929	$ 4,494	$ 5,952	$ 4,494
Net income	96	78	154	197
Cumulative translation adjustments	(366)	46	179	238
Balance at end of the period	$ 5,806	$ 6,076	$ 5,262	$ 4,929	$ 5,806	$ 5,262

Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2024

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

Contract Assets and Liabilities

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

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

As of June 30, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023
Contract assets	$	190,193	$	183,189
Allowance for expected credit losses	(951)		(908)
Contract assets, net	$	189,242	$	182,281

Contract liabilities	$	7,657	$	7,127

Contract assets, net increased $7.0 million during the six months ended June 30, 2024. The modest increase was primarily due to an increase in unbilled revenue, primarily related to commercial and space programs. There were no impairment losses related to our Contract assets during the six months ended June 30, 2024 and June 30, 2023.

Contract liabilities decreased $0.5 million during the six months ended June 30, 2024, primarily due to revenue recognized from satisfied performance obligations exceeding customer advance payments for commercial and defense programs. Revenue recognized for the six months ended June 30, 2024 and 2023 that was included in the Contract liability balance at the beginning of the year was $3.8 million and $11.7 million, respectively.

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Noncurrent receivables	$ 0	$ 4,414
Allowance for expected credit losses	0	(22)
Noncurrent receivables, net	$ 0	$ 4,392

Accumulated Other Comprehensive Income ("AOCI") (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	$ 967,320	$ 867,543
Other comprehensive income/(loss) before reclassifications, net of tax	(27,737)	13,264
Net current period other comprehensive income	(33,739)	7,160
Balance at end of the period	973,348	915,719
Accumulated items of other comprehensive income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(133,168)	(144,927)
Balance at end of the period	(166,907)	(137,767)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(124,901)	(146,851)
Other comprehensive income/(loss) before reclassifications, net of tax	(29,403)	11,313
Net current period other comprehensive income	(29,403)	11,313
Balance at end of the period	(154,304)	(135,538)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(17,346)	(15,783)
Other comprehensive income/(loss) before reclassifications, net of tax	435	(691)
Amounts reclassified to the Consolidated Statements of Income, net of tax	193	(949)
Net current period other comprehensive income	628	(1,640)
Balance at end of the period	(16,718)	(17,423)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	9,079	17,707
Other comprehensive income/(loss) before reclassifications, net of tax	1,231	2,642
Amounts reclassified to the Consolidated Statements of Income, net of tax	(6,195)	(5,155)
Net current period other comprehensive income	(4,964)	(2,513)
Balance at end of the period	$ 4,115	$ 15,194

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Reportable Segments and Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 331,994	$ 274,123	$ 645,324	$ 543,219
Machine Clothing
Disaggregation of Revenue [Line Items]
Net revenues	193,578	159,217	378,795	312,439
Machine Clothing \| Americas PMC
Disaggregation of Revenue [Line Items]
Net revenues	88,533	94,154	172,034	177,532
Machine Clothing \| Eurasia PMC
Disaggregation of Revenue [Line Items]
Net revenues	78,519	48,541	154,709	100,278
Machine Clothing \| Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net revenues	$ 26,526	$ 16,522	$ 52,052	$ 34,629

- 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

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2024 and December 31, 2023:


	June 30, 2024
(in thousands)	Amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount

Finite-lived assets:
AEC Trademarks and trade names	6-15	$	208	$	(192)	$	16
AEC Technology	10-15	5,993		(2,947)		3,046
AEC Intellectual property	15	1,250		(381)		869
AEC Customer relationships	8-15	69,268		(45,583)		23,685
Heimbach Developed technology	9	8,798		(802)		7,996
Total Finite-lived intangible assets		$	85,517	$	(49,905)	$	35,612

Indefinite-lived intangible assets:
Heimbach Trade name		$	5,893	$	—	$	5,893
MC Goodwill		65,440		—		65,440
AEC Goodwill		112,796		—		112,796
Total Indefinite-lived intangible assets:		$	184,129	$	—	$	184,129


	December 31, 2023
(in thousands)	Amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount

Finite-lived assets:
AEC Trademarks and trade names	6-15	$	208	$	(186)	$	22
AEC Technology	10-15	6,161		(2,735)		3,426
AEC Intellectual property	15	1,250		(339)		911
AEC Customer relationships	8-15	69,360		(43,875)		25,485
Heimbach Developed technology	9	9,042		(310)		8,732
Total Finite-lived assets		$	86,021	$	(47,445)	$	38,576

Indefinite-lived intangible assets:
Heimbach Trade name		$	6,070	$	—	$	6,070
MC Goodwill		66,873		—		66,873
AEC Goodwill		113,308		—		113,308
Total Indefinite-lived intangible assets:		$	186,251	$	—	$	186,251

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The changes in intangible assets, net and goodwill from December 31, 2023 to June 30, 2024, were as follows:


(in thousands)	December 31, 2023		Other Changes		Amortization		Currency Translation		June 30, 2024
Finite-lived intangible assets:
AEC Trademarks and trade names	$	22	$	—	$	(6)	$	—	$	16
AEC Technology	3,426		—		(283)		(97)		3,046
AEC Intellectual property	911		—		(42)		—		869
AEC Customer relationships	25,485		—		(1,740)		(60)		23,685
Heimbach Developed technology	8,732		—		(492)		(244)		7,996
Total Finite-lived intangible assets	$	38,576	$	—	$	(2,563)	$	(401)	$	35,612

Indefinite-lived intangible assets:
Heimbach Trade name	$	6,070	$	—	$	—	$	(177)	$	5,893
MC Goodwill	66,873		—		—		(1,433)		65,440
AEC Goodwill	113,308		—		—		(512)		112,796
Total Indefinite-lived assets:	$	186,251	$	—	$	—	$	(2,122)	$	184,129

Commitments and Contingencies (Narrative) (Details) $ in Thousands	6 Months Ended	12 Months Ended	150 Months Ended	246 Months Ended	282 Months Ended
	Jun. 30, 2024 USD ($) claim	Dec. 31, 2023 claim	Jun. 30, 2024 USD ($) claim	Jun. 30, 2024 USD ($) claim	Jun. 30, 2024 USD ($) claim	Dec. 31, 2022 claim
Loss Contingencies [Line Items]
Number of pending claims	3,623		3,623	3,623	3,623
Subsidiaries \| Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Number of pending claims	7,676		7,676	7,676	7,676
Resolution costs paid by insurance carrier				100.00%
New claims			12
Loss contingency, damages paid, value \| $					$ 15,000
Asbestos Issue
Loss Contingencies [Line Items]
Number of pending claims	3,623	3,606	3,623	3,623	3,623	3,598
Total resolved claims, by means of settlement or dismissal	38,046		38,046	38,046	38,046
Total cost of resolution \| $	$ 10,700		$ 10,700	$ 10,700	$ 10,700
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140,000		$ 140,000	$ 140,000	$ 140,000
New claims	22	27

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but does not include all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Estimates	Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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. 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.
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. In March 2024, the FASB issued Accounting Standards Update No. 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" (ASU 2024-01), which clarifies how an entity determines whether profits interest or similar awards should be considered within the scope of ASC 718 as a share-based payment arrangement or under ASC 710 or other ASC topics in a manner similar to a cash bonus or profit-sharing arrangement. The guidance is effective for annual periods beginning after December 15, 2024, and interim periods beginning within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. ASU 2024-01 should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Commitments and Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim
Loss Contingency Accrual [Roll Forward]
Closing Number of Claims	3,623
Asbestos Issue
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,606	3,598
Claims Dismissed, Settled, or Resolved	5	19
New Claims	22	27
Closing Number of Claims	3,623	3,606
Amounts Paid to Settle or Resolve \| $	$ 10	$ 74

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 116,439	$ 173,420
Accounts receivable, net	280,008	287,781
Contract assets, net	189,242	182,281
Inventories	161,626	169,567
Income taxes prepaid and receivable	9,993	11,043
Prepaid expenses and other current assets	49,143	53,872
Total current assets	806,451	877,964
Property, plant and equipment, net	582,167	601,989
Intangibles, net	41,505	44,646
Goodwill	178,236	180,181
Deferred income taxes	27,203	22,941
Noncurrent receivables, net	0	4,392
Other assets	116,259	102,901
Total assets	1,751,821	1,835,014
Liabilities and Shareholders' Equity
Accounts payable	84,628	87,104
Accrued liabilities	129,511	142,988
Current maturities of long-term debt	2,732	4,218
Income taxes payable	7,765	14,369
Total current liabilities	224,636	248,679
Long-term debt	374,325	452,667
Other noncurrent liabilities	151,892	139,385
Deferred taxes and other liabilities	27,620	26,963
Total liabilities	778,473	867,694
Commitments and Contingencies (Note 16)
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid in capital	452,461	448,218
Retained earnings	1,046,612	1,010,942
Accumulated items of other comprehensive income:
Translation adjustments	(154,304)	(124,901)
Pension and postretirement liability adjustments	(16,718)	(17,346)
Derivative valuation adjustment	4,115	9,079
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023	(364,665)	(364,665)
Total shareholders' equity	967,542	961,368
Noncontrolling interest	5,806	5,952
Total equity	973,348	967,320
Total liabilities and shareholders' equity	1,751,821	1,835,014
Common Class A
Shareholders' Equity:
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,908,380 issued in 2024 and 40,856,910 in 2023	$ 41	$ 41

Reportable Segments and Revenue Recognition (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Net revenues	$ 331,994	$ 274,123	$ 645,324	$ 543,219
Global information system expense	8,100	6,800	16,400	13,000
Operating income (loss)	42,905	45,501	81,882	86,043
Heimbach
Segment Reporting Information [Line Items]
Net revenue of acquiree since acquisition date, actual	39,800		77,700
Operating loss of acquiree since acquisition date, actual	500		(2,400)
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues	138,416	114,906	266,529	230,780
Operating income (loss)	(5,000)	$ (1,900)	(7,600)	(4,000)
Revenue Benchmark \| Product Concentration Risk \| Albany Engineered Composites \| US Government Contracts Or Programs
Segment Reporting Information [Line Items]
Concentration risk percentage					39.00%
SAFRAN Group \| Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues			101,300	$ 93,500
Receivables	$ 85,800		$ 85,800		$ 93,800
SAFRAN Group \| Revenue Benchmark \| Customer Concentration Risk \| Albany Engineered Composites
Segment Reporting Information [Line Items]
Concentration risk percentage					16.00%
Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%		10.00%

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade and other accounts receivable	$ 263,781	$ 272,351
Bank promissory notes	20,991	20,690
Allowance for expected credit losses	(4,764)	(5,260)
Accounts receivable, net	$ 280,008	$ 287,781

Restructuring (Schedule of Restructuring Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring charges accrued	$ 2,103	$ 125	$ 4,312	$ 145
Termination and other costs
Restructuring Reserve [Roll Forward]
Beginning balance			0	0
Restructuring charges accrued	2,103	125	4,312	145
Payments			(1,381)	(147)
Currency translation /other			(7)	2
Ending balance	$ 2,924	$ 0	$ 2,924	$ 0

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 986	$ 565
Interest cost	3,043	2,141
Expected return on assets	(2,698)	(1,955)
Amortization of prior service cost/(income)	(14)	(16)
Amortization of net actuarial loss	372	279
Net periodic benefit cost/(credit)	1,689	1,014
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	23	30
Interest cost	709	937
Expected return on assets	0	0
Amortization of prior service cost/(income)	(62)	(2,045)
Amortization of net actuarial loss	(18)	414
Net periodic benefit cost/(credit)	$ 652	$ (664)

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500	$ 500
Fair Value, Recurring \| (Level 1)
Assets:
Cash equivalents	12,184	27,157
Common stock of unaffiliated foreign public company	759	682
Fair Value, Recurring \| (Level 1) \| Foreign currency option contracts
Assets:
Derivative asset	0	0
Fair Value, Recurring \| (Level 1) \| Foreign currency forward contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	0	0
Fair Value, Recurring \| (Level 1) \| Interest rate swaps
Assets:
Derivative asset	0	0
Fair Value, Recurring \| (Level 2)
Assets:
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Fair Value, Recurring \| (Level 2) \| Foreign currency option contracts
Assets:
Derivative asset	1,048	1,725
Fair Value, Recurring \| (Level 2) \| Foreign currency forward contracts
Assets:
Derivative asset	0	199
Liabilities:
Derivative liability	(2,790)	0
Fair Value, Recurring \| (Level 2) \| Interest rate swaps
Assets:
Derivative asset	$ 5,635	$ 12,214