0000819793 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2016-03-31 0000819793 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2016-03-31 0000819793 2016-01-01 2016-03-31 0000819793 2014-12-31 0000819793 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000819793 us-gaap:InterestRateSwapMember 2016-03-31 0000819793 us-gaap:InterestRateSwapMember 2016-01-01 2016-03-31 0000819793 us-gaap:InterestRateSwapMember 2015-01-01 2015-03-31 0000819793 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000819793 2015-12-31 0000819793 2014-01-01 2014-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2014-01-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2003-12-31 0000819793 ain:BrandonDryingFabricsIncMember 2016-01-01 2016-03-31 0000819793 ain:AlbanySafranCompositesLlcMember 2015-12-31 0000819793 us-gaap:AsbestosIssueMember 2004-12-31 0000819793 us-gaap:AsbestosIssueMember 2005-01-01 2005-12-31 0000819793 us-gaap:AsbestosIssueMember 2005-12-31 0000819793 us-gaap:AsbestosIssueMember 2006-01-01 2006-12-31 0000819793 us-gaap:AsbestosIssueMember 2006-12-31 0000819793 us-gaap:AsbestosIssueMember 2007-01-01 2007-12-31 0000819793 us-gaap:AsbestosIssueMember 2007-12-31 0000819793 us-gaap:AsbestosIssueMember 2008-01-01 2008-12-31 0000819793 us-gaap:AsbestosIssueMember 2008-12-31 0000819793 us-gaap:AsbestosIssueMember 2009-01-01 2009-12-31 0000819793 us-gaap:AsbestosIssueMember 2009-12-31 0000819793 us-gaap:AsbestosIssueMember 2011-01-01 2011-12-31 0000819793 us-gaap:AsbestosIssueMember 2010-12-31 0000819793 us-gaap:AsbestosIssueMember 2012-01-01 2012-12-31 0000819793 us-gaap:AsbestosIssueMember 2012-12-31 0000819793 us-gaap:AsbestosIssueMember 2013-01-01 2013-12-31 0000819793 us-gaap:AsbestosIssueMember 2013-12-31 0000819793 us-gaap:AsbestosIssueMember 2014-01-01 2014-12-31 0000819793 us-gaap:AsbestosIssueMember 2014-12-31 0000819793 us-gaap:NotesPayableToBanksMember 2016-03-31 0000819793 us-gaap:LineOfCreditMember 2016-03-31 0000819793 us-gaap:NotesPayableOtherPayablesMember 2016-03-31 0000819793 us-gaap:NotesPayableToBanksMember 2015-12-31 0000819793 us-gaap:LineOfCreditMember 2015-12-31 0000819793 us-gaap:NotesPayableOtherPayablesMember 2015-12-31 0000819793 us-gaap:CommonClassAMember 2016-03-31 0000819793 us-gaap:NotesPayableOtherPayablesMember 2016-01-01 2016-03-31 0000819793 ain:MachineClothingMember 2015-01-01 2015-03-31 0000819793 ain:EngineeredCompositesMember 2015-01-01 2015-03-31 0000819793 us-gaap:CorporateNonSegmentMember 2016-01-01 2016-03-31 0000819793 us-gaap:CorporateNonSegmentMember 2015-01-01 2015-03-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2004-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2005-01-01 2005-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2005-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2006-01-01 2006-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2006-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2007-01-01 2007-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2007-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2008-01-01 2008-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2008-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2009-01-01 2009-12-31 0000819793 ain:MachineClothingMember 2016-01-01 2016-03-31 0000819793 ain:EngineeredCompositesMember 2016-01-01 2016-03-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2009-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2011-01-01 2011-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2010-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2012-01-01 2012-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2012-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2013-01-01 2013-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2013-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2014-01-01 2014-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2014-12-31 0000819793 us-gaap:CommonStockMember 2016-03-31 0000819793 us-gaap:AdditionalPaidInCapitalMember 2016-03-31 0000819793 us-gaap:RetainedEarningsMember 2016-03-31 0000819793 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-03-31 0000819793 us-gaap:TreasuryStockMember 2016-03-31 0000819793 us-gaap:NoncontrollingInterestMember 2016-03-31 0000819793 us-gaap:CommonStockMember 2016-01-01 2016-03-31 0000819793 us-gaap:AdditionalPaidInCapitalMember 2016-01-01 2016-03-31 0000819793 us-gaap:RetainedEarningsMember 2016-01-01 2016-03-31 0000819793 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-03-31 0000819793 us-gaap:TreasuryStockMember 2016-01-01 2016-03-31 0000819793 us-gaap:LineOfCreditMember us-gaap:MinimumMember 2016-01-01 2016-03-31 0000819793 us-gaap:LineOfCreditMember us-gaap:MaximumMember 2016-01-01 2016-03-31 0000819793 us-gaap:CommonClassBMember 2016-03-31 0000819793 us-gaap:InterestRateSwapMember us-gaap:LineOfCreditMember 2013-05-20 0000819793 us-gaap:CommonClassAMember 2015-12-31 0000819793 us-gaap:CommonClassBMember 2015-12-31 0000819793 us-gaap:TradeNamesMember 2016-03-31 0000819793 us-gaap:DevelopedTechnologyRightsMember 2016-03-31 0000819793 us-gaap:TradeNamesMember 2016-01-01 2016-03-31 0000819793 us-gaap:TradeNamesMember 2015-12-31 0000819793 us-gaap:DevelopedTechnologyRightsMember 2016-01-01 2016-03-31 0000819793 us-gaap:DevelopedTechnologyRightsMember 2015-12-31 0000819793 us-gaap:MaterialReconcilingItemsMember 2016-01-01 2016-03-31 0000819793 us-gaap:MaterialReconcilingItemsMember 2015-01-01 2015-03-31 0000819793 ain:TerminationAndOtherCostsMember ain:MachineClothingMember 2015-01-01 2015-03-31 0000819793 us-gaap:PensionPlansDefinedBenefitMember 2015-01-01 2015-03-31 0000819793 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2015-01-01 2015-03-31 0000819793 us-gaap:PensionPlansDefinedBenefitMember 2016-01-01 2016-03-31 0000819793 ain:AlbanySafranCompositesLlcMember 2014-12-31 0000819793 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2016-01-01 2016-03-31 0000819793 ain:TerminationAndOtherCostsMember ain:EngineeredCompositesMember 2015-01-01 2015-03-31 0000819793 ain:TerminationAndOtherCostsMember ain:MachineClothingMember 2016-01-01 2016-03-31 0000819793 ain:TerminationAndOtherCostsMember ain:EngineeredCompositesMember 2016-01-01 2016-03-31 0000819793 ain:TerminationAndOtherCostsMember us-gaap:CorporateNonSegmentMember 2016-01-01 2016-03-31 0000819793 ain:TerminationAndOtherCostsMember 2016-01-01 2016-03-31 0000819793 ain:TerminationAndOtherCostsMember 2015-01-01 2015-03-31 0000819793 ain:TerminationAndOtherCostsMember us-gaap:CorporateNonSegmentMember 2015-01-01 2015-03-31 0000819793 us-gaap:EmployeeSeveranceMember 2016-01-01 2016-03-31 0000819793 us-gaap:EmployeeSeveranceMember 2015-12-31 0000819793 us-gaap:EmployeeSeveranceMember 2016-03-31 0000819793 us-gaap:EmployeeSeveranceMember 2015-01-01 2015-03-31 0000819793 us-gaap:EmployeeSeveranceMember 2014-12-31 0000819793 us-gaap:AccumulatedTranslationAdjustmentMember 2014-12-31 0000819793 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2014-12-31 0000819793 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2014-12-31 0000819793 us-gaap:AccumulatedTranslationAdjustmentMember 2015-01-01 2015-03-31 0000819793 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-01-01 2015-03-31 0000819793 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2015-01-01 2015-03-31 0000819793 us-gaap:AccumulatedTranslationAdjustmentMember 2016-01-01 2016-03-31 0000819793 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-01-01 2016-03-31 0000819793 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-01-01 2016-03-31 0000819793 us-gaap:AccumulatedTranslationAdjustmentMember 2015-12-31 0000819793 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-12-31 0000819793 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2015-12-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-01-01 2016-03-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-01-01 2015-03-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-01-01 2016-03-31 0000819793 us-gaap:CommonStockMember 2015-12-31 0000819793 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0000819793 us-gaap:RetainedEarningsMember 2015-12-31 0000819793 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0000819793 us-gaap:TreasuryStockMember 2015-12-31 0000819793 us-gaap:NoncontrollingInterestMember 2015-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2015-12-31 0000819793 us-gaap:AsbestosIssueMember 2015-12-31 0000819793 us-gaap:AccumulatedTranslationAdjustmentMember 2016-03-31 0000819793 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2016-03-31 0000819793 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-03-31 0000819793 us-gaap:AsbestosIssueMember 2015-01-01 2015-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2015-01-01 2015-12-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2015-01-01 2015-03-31 0000819793 us-gaap:InterestRateSwapMember 2015-12-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2016-01-01 2016-03-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2015-01-01 2015-03-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2016-01-01 2016-03-31 0000819793 us-gaap:AsbestosIssueMember ain:PoliciesExhaustedMember 2016-03-31 0000819793 us-gaap:AsbestosIssueMember ain:OtherAvailablePoliciesMember 2016-03-31 0000819793 2015-01-01 2015-03-31 0000819793 us-gaap:AsbestosIssueMember 2010-01-01 2010-12-31 0000819793 us-gaap:AsbestosIssueMember 2011-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2010-01-01 2010-12-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2011-12-31 0000819793 us-gaap:LineOfCreditMember 2015-06-18 0000819793 us-gaap:InterestRateSwapMember us-gaap:LineOfCreditMember 2016-03-16 0000819793 us-gaap:InterestRateSwapMember us-gaap:LineOfCreditMember 2015-07-16 0000819793 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2015-12-31 0000819793 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2016-03-31 0000819793 us-gaap:LineOfCreditMember 2016-03-14 2016-03-16 0000819793 us-gaap:LineOfCreditMember 2016-03-16 0000819793 us-gaap:CommonClassAMember 2016-04-20 0000819793 us-gaap:CommonClassBMember 2016-04-20 0000819793 us-gaap:AccumulatedTranslationAdjustmentMember 2015-03-31 0000819793 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2015-03-31 0000819793 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2015-03-31 0000819793 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2015-01-01 2015-03-31 0000819793 2016-03-31 0000819793 2015-03-31 0000819793 us-gaap:EmployeeSeveranceMember 2015-03-31 0000819793 ain:AlbanySafranCompositesLlcMember 2016-01-01 2016-03-31 0000819793 us-gaap:NoncontrollingInterestMember 2016-01-01 2016-03-31 0000819793 ain:AlbanySafranCompositesLlcMember 2015-01-01 2015-03-31 0000819793 ain:AlbanySafranCompositesLlcMember 2015-03-31 0000819793 ain:AlbanySafranCompositesLlcMember 2016-03-31 0000819793 us-gaap:AsbestosIssueMember 2016-03-31 0000819793 us-gaap:AsbestosIssueMember 2016-01-01 2016-03-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2016-01-01 2016-03-31 0000819793 ain:BrandonDryingFabricsIncMember us-gaap:AsbestosIssueMember 2016-03-31 0000819793 us-gaap:LatestTaxYearMember 2016-01-01 2016-03-31 0000819793 us-gaap:FederalMinistryOfFinanceGermanyMember 2014-01-01 2014-12-31 0000819793 us-gaap:ScenarioPlanMember 2016-01-01 2016-03-31 0000819793 us-gaap:EarliestTaxYearMember 2016-01-01 2016-03-31 0000819793 us-gaap:FederalMinistryOfFinanceGermanyMember 2009-01-01 2009-12-31 0000819793 us-gaap:FederalMinistryOfFinanceGermanyMember 2015-01-01 2015-12-31 0000819793 us-gaap:FederalMinistryOfFinanceGermanyMember 2015-07-01 2015-09-30 0000819793 us-gaap:FederalMinistryOfFinanceGermanyMember 2015-10-01 2015-12-31 0000819793 us-gaap:SubsequentEventMember 2016-04-30 0000819793 us-gaap:FederalMinistryOfFinanceGermanyMember 2016-01-01 2016-03-31 0000819793 us-gaap:NotesPayableToBanksMember 2016-01-01 2016-03-31 0000819793 us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2016-04-08 0000819793 us-gaap:SubsequentEventMember ain:HarrisCorporationAerostructuresDivisionMember 2016-04-01 2016-04-08 iso4217:USD iso4217:USD xbrli:shares xbrli:shares xbrli:pure ain:claims ain:policies ain:Positions ain:Employees 4971000 2400000 9028000 5189000 263000 721000 819000 500000 4988000 5193000 --12-31 2016-03-31 false Large Accelerated Filer ALBANY INTERNATIONAL CORP /DE/ 0000819793 2016 Q1 10-Q 0.17 0.16 13316000 13501000 12239000 -1609000 -185000 511000 12741000 -35683000 -170000 -1113000 -1109000 -1278000 -1505000 -281000 -486000 -2852000 -1107000 -65000 49000 139000 -107000 -190000 -1084000 -432000 24474000 -23566000 -188000 27000 24662000 -23593000 1696000 1830000 592000 152000 1056000 66000 261000 864000 576000 902000 13699000 1348000 3070000 5382000 2705000 1895000 -84000 1632000 3512000 -8843000 -1587000 -3836000 -398000 4801000 2455000 7993000 12211000 82000 33000 872000 2797000 12396000 15274000 7043000 -107000 -139000 -49000 -190000 8519000 3235048 3235048 15845000 14560000 22269000 35689000 -3811000 -11164000 -11729000 37139000 -3706000 20149000 1857000 126000 340000 2238000 300000 500000 2364000 3016000 281000 486000 2676000 328000 328000 3285000 3285000 20359000 -396000 -165000 1113000 1109000 -1278000 20758000 -1505000 -185000 26000 -185000 26000 13501000 -174000 -257000 -116000 -296000 12213000 172331000 158494000 22830000 145264000 27067000 181324000 99830000 104640000 72501000 76684000 39421000 35233000 10132000 12301000 679000 9001000 -19000 698000 9001000 698000 -19000 679000 9001000 9001000 22398000 5443000 205000 685000 66000 261000 200000 5443000 5098000 13501000 12213000 -1847000 256000 4600000 7400000 9600000 9800000 265096000 50000000 205000000 92000 50000000 215000000 96000 255092000 16000 16000 265080000 255076000 205000 217000 -15498000 -8964000 3907000 -11605000 479000 2427000 .397 0.400 152000 311000 1000 297000 35.23 37.36 8076000 8300000 8076000 8300000 -825000 83000 -208000 45000 10973000 -37413000 1730000 -675000 13114000 -373000 -1768000 -36358000 -105000 -105000 -174000 -296000 -174000 -296000 116000 257000 116000 257000 11158000 -37413000 1987000 -379000 13114000 -362000 -1594000 -35805000 7000 1000 6000 14800000 13000000 66373000 68359000 154000 24000 123000 25000 129000 147000 357470000 356943000 -107767000 -158844000 -55240000 -51666000 -861000 -108655000 -48725000 -1464000 -95541000 -49087000 -3058000 -92653000 -49679000 -1240000 -147686000 -143572000 1009562000 1014913000 41823000 46884000 36947000 36648000 106406000 110356000 123179000 132215000 15889000 12569000 8530000 8523000 146383000 150821000 27636000 26824000 179802000 185113000 169615000 170838000 587000 590000 26753000 31865000 126231000 120386000 507009000 492208000 423108000 424243000 491950000 499997000 -108655000 -95541000 48725000 49087000 -1464000 -3058000 257391000 257391000 498863000 519203000 3690000 3690000 3699000 3502000 3726000 3502000 1009562000 1014913000 5.00 5.00 2000000 2000000 8455293 8455293 0 0 6243000 11796000 452060000 452734000 154000 147000 24560000 28607000 4988000 5193000 2.57 13.59 1.00 0.882 1.00 0.118 29411 24451 19416 18798 18385 8945 5170 4463 4299 3821 9985 9566 9114 8740 8664 7907 7869 7867 7815 7730 7713 3791 4446 7877 3785 7707 6257 6841 808 523 9482 789 90 230 625 642 1182 462 86 760 3 12 55 87 116 18 3963 47 37 6 1297 1806 190 110 42 65 107 66 147 223 730 88 10 3 11 2 3 2 86 1 188 9 31 400000000 550000000 .0234 0.0550 0.0227 0.0550 0.0684 0.0684 50000000 54300000 205000000 195000000 2021-12-31 2017-12-31 37000 3000 37000 3000 0.001 0.001 0.001 0.001 100000000 25000000 100000000 25000000 37302833 3235048 37238913 3235048 864000 864000 271000 271000 13111000 13114000 -3000 -1594000 -1594000 0.01250 0.01750 0.01375 110000000 120000000 0.01414 0.02789 0.0243 1251000 406000 1019000 257000 2235000 2207000 13000 -1122000 9000 -1122000 -670000 -835000 -573000 -705000 238000 255000 -3000 1000 679000 9001000 2573000 2122000 39000 -228000 10177000 8322000 1874000 8525000 37341 37378 9899 9400000 9400000 200000 3000000 140000000 2 23 2015 2007 .0045 0.0035 0.00450 0.42 0.38 .42 .38 2927000 4953000 108945000 108123000 91785000 84450000 7090000 3465000 101544000 102689000 14154000 14057000 13124000 13524000 2529000 1275000 1600000 790000 83000 650000 63000 2013000 610000 1994000 611000 5600000 2700000 0.10 .10 29000 29000 29000 29000 29000 502553000 40000 424243000 499997000 -147686000 -257391000 3502000 40000 423108000 491950000 -158844000 -257391000 3690000 522705000 5454000 5454000 362000 362000 1986000 504000 3879000 15000 52000 88000 1111000 530000 78000 437000 164000 159000 12000 59400000 6300000 6400000 5800000 600000 91000 0 2300000 14500000 -3700000 500000 28800000 3200000 2017-10-25 3.50 3.00 210000000 32041000 31882000 32081000 31972000 40000 90000 4044000 6409000 -8075000 -9447000 -15374000 5679000 25 22 -2636000 -1552000 10900000 2900000 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>1. Significant Accounting Policies</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0"><b><i>Basis of Presentation</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments and elimination of intercompany transactions necessary for a fair presentation of results for such periods. Albany International Corp. (&#8220;Albany&#8221;) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The preparation of financial statements in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.&#8217;s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The information included in this Quarterly Report on Form 10-Q should be read in conjunction with &#8220;Risk Factors,&#8221; &#8220;Legal Proceedings,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operation,&#8221; &#8220;Quantitative and Qualitative Disclosures about Market Risk&#8221; and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the year ended December 31, 2015.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Except as described herein, there has been no material change to the accounting policies applied to our consolidated results and footnote disclosures. In accordance with the accounting guidance for business combinations, we use the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of acquired assets and liabilities will impact the determination of future operating results. In addition to using management estimates and negotiated amounts, we use a variety of information sources to determine the estimated fair values of the assets and liabilities, including third-party appraisals for the estimated value and lives of identifiable intangible assets and property and equipment. The business and technical judgment of management is used in determining the useful lives of finite-lived intangible assets in accordance with the accounting guidance for goodwill and intangible assets.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>4. Pensions and Other Postretirement Benefit Plans</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><i>Pension Plans </i></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009, but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan (&#34;SERP&#34;) were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><i>Other Postretirement Benefits </i></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The Company also provides certain postretirement life insurance benefits to retired employees in Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The composition of the net periodic benefit plan cost for the three months ended March 31, 2016 and 2015 was as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&#160;</td><td style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Pension plans</b></font></td> <td style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Other postretirement benefits</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2016</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2015</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2016</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2015</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Components of net periodic benefit cost:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; text-indent: 0in">Service cost</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right"><b>$650</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$790</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right"><b>$63</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$83</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Interest cost</td><td>&#160;</td> <td style="text-align: right"><b>1,994</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">2,013</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>611</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Expected return on assets</td><td>&#160;</td> <td style="text-align: right"><b>(2,207</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(2,235</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right"><b>-</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Amortization of prior service cost/(credit)</td><td>&#160;</td> <td style="text-align: right"><b>9</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">13</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>(1,122</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(1,122</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Amortization of net actuarial loss</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>573</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">670</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>705</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">835</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Net periodic benefit cost</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$1,019</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$1,251</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$257</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$406</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>6. Other Income, net </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The components of other (income)/expense, net are:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands) &#160;</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Currency transaction gains</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">($479</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">($2,427</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; text-indent: 0in">Bank fees and amortization of debt issuance costs</td><td>&#160;</td> <td style="text-align: right">152</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">311</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Gain on sale of investment</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(872</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Other </td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(1</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(297</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total </td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($328</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($3,285</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In March 2015, the Company sold its total equity investment in an unaffiliated company, resulting in a gain of $0.9 million. The value of the investment had been written off in 2004.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>7. Income Taxes</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The following table presents components of income tax expense for the three months ended March 31, 2016 and 2015:<b><i> </i></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="2"></td><td>&#160;</td> <td colspan="2"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Income tax based on income from continuing operations, at estimated tax rates of 39.7% and 40.0%, respectively</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$8,076</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$8,300</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Income tax before discrete items</td><td>&#160;</td> <td style="text-align: right"><b>8,076</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">8,300</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Discrete tax expense/(benefit):</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; text-indent: 20pt">Provision for/resolution of tax audits and contingencies, net</td><td>&#160;</td> <td style="text-align: right"><b>(825</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">83</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">Other discrete tax adjustments, net</td><td>&#160;</td> <td style="text-align: right"><b>(208</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">45</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">Enacted tax legislation</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>-</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">91</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total income tax expense</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$7,043</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$8,519</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in"><b><i>&#160;</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-align: justify; text-indent: 0.5in">The first quarter estimated effective tax rate on continuing operations before discrete items was 39.7 percent in 2016, compared to 40.0 percent for the same period in 2015.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-align: justify; text-indent: 0.5in">The Company records the residual U.S. and foreign taxes on certain amounts of current year foreign earnings that have been targeted for repatriation to the U.S. As a result, such amounts are not considered to be permanently reinvested, and the income tax provision before discrete items, includes the residual taxes on these earnings to the extent they cannot be repatriated in a tax-free manner. As of March 31, 2016, the Company has recorded a deferred tax liability on $59.0 million of prior year non-U.S. earnings that have been targeted for future repatriation to the U.S.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-align: justify; text-indent: 0.5in">We conduct business globally and, as a result, the Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.&#160; In the normal course of business we are subject to examination by taxing authorities throughout the world and we are currently under audit in various jurisdictions, including Canada and Italy. The open tax years range from 2007 to 2015.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-align: justify; text-indent: 0.5in">It is reasonably possible that over the next twelve months the amount of unrecognized tax benefits may change within a range of a net increase of $0.0 million to a net decrease of $2.3 million, from the reevaluation of uncertain tax positions arising in examinations, in appeals, or in the courts, or from the closure of tax statutes.<b> </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-align: justify; text-indent: 0.5in">In the first quarter of 2016, the Company reached a settlement with the German tax authorities over matters that had been outstanding for many years. The German Tax Authority had denied tax positions taken by the Company related to a 1999 reorganization. In 2009, the Company made a payment of $14.5 million in order to appeal the German Tax Authority decision, and we recorded that payment as an income tax receivable.&#160; As additional information became available in recent years, we wrote down the receivable by $6.3 million in 2014 and $6.4 million in 2015 ($5.8 million in the third quarter and $0.6 million in the fourth quarter). In April 2016, we received $3.7 million representing the final settlement of this matter, and accordingly, we adjusted our income tax receivable as of March 31, 2016 to that amount, and recorded a discrete tax benefit of $0.5 million for the first quarter of 2016.&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>8. Earnings Per Share </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands, except market price and earnings per share)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="2"></td><td>&#160;</td> <td colspan="2"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Net income attributable to the Company</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><b>$13,501</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="width: 8%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right">$12,213</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Weighted average number of shares:</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 20pt">Weighted average number of shares used in</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">calculating basic net income per share</td><td>&#160;</td> <td style="text-align: right"><b>32,041</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">31,882</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Effect of dilutive stock-based compensation plans:</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">Stock options</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>40</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in">Weighted average number of shares used in</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">calculating diluted net income per share</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>32,081</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">31,972</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Average market price of common stock used</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">for calculation of dilutive shares</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$35.23</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$37.36</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Earnings per share attributable to Company shareholders:</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 20pt">Basic</td><td>&#160;</td> <td style="text-align: right"><b>$0.42</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">$0.38</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 20pt">Diluted</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$0.42</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$0.38</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>9. Noncontrolling Interest</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 10pt">&#160;</font></td><td style="font-size: 11pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 10pt">&#160;</font></td> <td colspan="5" style="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 10pt">Three months ended<br />March 31,</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Net (loss)/income of Albany Safran Composites (ASC)</td><td>&#160;</td> <td style="width: 13%; text-align: right"><b>$(1,609</b></td><td style="width: 1%; text-align: left"><b>)</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$511</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Less: Return attributable to the Company's preferred holding</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>238</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">255</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Net (loss)/income of ASC available for common ownership</td><td>&#160;</td> <td style="text-align: right"><b>($1,847</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">$256</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Ownership percentage of noncontrolling shareholder</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>10</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>%</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Net (loss)/income attributable to noncontrolling interest</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($185</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$26</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Noncontrolling interest, beginning of year</td><td>&#160;</td> <td style="text-align: right"><b>$3,690</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">$3,699</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Net (loss)/income attributable to noncontrolling interest</td><td>&#160;</td> <td style="text-align: right"><b>(185</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">26</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Changes in other comprehensive income attributable to noncontrolling interest</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(3</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Noncontrolling interest</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$3,502</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$3,726</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>&#160;</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>10. Accumulated Other Comprehensive Income (AOCI) </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents changes in the components of AOCI for the period December 31, 2015 to March 31, 2016:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Translation adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Pension and postretirement liability adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Derivative valuation adjustment</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total Other Comprehensive Income</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($108,655</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($48,725</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($1,464</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($158,844</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Other comprehensive income/(loss) before reclassifications</td><td>&#160;</td> <td style="text-align: right">13,114</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(373</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">(1,768</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">10,973</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Pension/postretirement plan remeasurements, net of tax</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(105</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(105</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Interest expense related to swaps reclassified to the Statement of Income, net of tax</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">174</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">174</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Net current period other comprehensive income/(loss)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">13,114</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(362</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,594</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">11,158</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($95,541</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($49,087</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($3,058</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($147,686</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents changes in the components of AOCI for the period December 31, 2014 to March 31, 2015:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Translation adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Pension and postretirement liability adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Derivative valuation adjustment</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total Other Comprehensive Income</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2014</b></font></td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($55,240</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($51,666</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($861</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($107,767</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Other comprehensive income/(loss) before reclassifications</td><td>&#160;</td> <td style="text-align: right">(37,413</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">1,730</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(675</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">(36,358</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Interest expense related to swaps reclassified to the Statement of Income, net of tax</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">296</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">296</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Net current period other comprehensive income/(loss)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(37,413</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,987</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(379</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(35,805</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2015</b></font></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($92,653</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($49,679</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($1,240</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($143,572</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 6pt; text-indent: 0.5in">The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended March 31, 2016 and 2015.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="7"><b>Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:</b></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; padding-left: 20pt">Payments made on interest rate swaps included in Income <br />before taxes(a)</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$281</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$486</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in; padding-left: 20pt">Income tax effect</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(107</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(190</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$174</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$296</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="7"><b>Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in; padding-left: 20pt">Amortization of prior service credit</td><td>&#160;</td> <td style="text-align: right"><b>($1,113</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">($1,109</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in; padding-left: 20pt">Amortization of net actuarial loss</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>1,278</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,505</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Total pretax amount reclassified (b)</td><td>&#160;</td> <td style="text-align: right"><b>165</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">396</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Income tax effect</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(49</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(139</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$116</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$257</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 6pt; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(a)</font></td><td><font style="font: 10pt Arial, Helvetica, Sans-Serif">Included in Interest expense.</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(b)</font></td><td><font style="font: 10pt Arial, Helvetica, Sans-Serif">These accumulated other comprehensive income/(loss) components are included in the computation of net periodic pension cost (see Note 4).</font></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>11. Accounts Receivable</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Accounts receivable includes trade receivables, and revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites business. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer-specific facts and economic conditions. If the financial condition of the Company&#8217;s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">As of March 31, 2016 and December 31, 2015, Accounts receivable consisted of the following:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands) &#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, </b></font><b><br /> <font style="font: bold 10pt Arial, Helvetica, Sans-Serif">2016</font></b></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Trade and other accounts receivable</td><td style="width: 8%; font-weight: bold">&#160;</td> <td style="width: 13%; font-weight: bold; text-align: right">$132,215</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$123,179</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Bank promissory notes</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: right">14,560</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">15,845</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Revenue in excess of progress billings</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: right">12,569</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">15,889</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Allowance for doubtful accounts</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,523</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(8,530</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total accounts receivable</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">$150,821</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$146,383</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In connection with certain sales in Asia Pacific, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>12. Inventories </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Inventories are stated at the lower of cost or market, with cost determined using the first-in-first out method. The Company writes down the inventory for estimated obsolescence and to lower of cost or market value based upon assumptions about future demand and market conditions. If actual 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 inventory allowance represents the new cost basis of such inventories.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">As of March 31, 2016 and December 31, 2015, inventories consisted of the following:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands) &#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, </b></font><b><br /> <font style="font: bold 10pt Arial, Helvetica, Sans-Serif">2016</font></b></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Raw materials</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$26,824</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$27,636</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Work in process</td><td>&#160;</td> <td style="text-align: right"><b>46,884</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">41,823</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Finished goods</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>36,648</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">36,947</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total inventories</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$110,356</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$106,406</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>13. Goodwill and Other Intangible Assets </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Our reporting units are consistent with our operating segments.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company as well as publicly available industry information to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">The entire balance of goodwill on our books is attributable to the Machine Clothing business. In the second quarter of 2015, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair and carrying values.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">We are continuing to amortize certain patents, trade names and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2015 to March 31, 2016, were as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December&#160;31,<br />2015</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Amortization</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Currency Translation</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March&#160;31,</b></font><b><br /><font style="font: 10pt Arial, Helvetica, Sans-Serif">2016</font></b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Amortized intangible assets:</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; text-indent: 20pt">AEC trade names</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$25</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$(1</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right"><b>$24</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">AEC technology</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">129</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(6</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>123</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total amortized intangible assets</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$154</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$(7</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$147</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Unamortized intangible assets:</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 20pt">Goodwill</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$66,373</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$1,986</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$68,359</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Estimated amortization expense of intangibles for the years ending December 31, 2016 through 2020, is as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border-top: Black 1pt solid"></td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: right; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Annual amortization</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Year</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 44%; text-align: center">2016</td><td style="width: 1%; text-align: center">&#160;</td><td style="width: 10%">&#160;</td> <td style="width: 44%; text-align: right">$29</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2017</td><td style="text-align: center">&#160;</td><td>&#160;</td> <td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2018</td><td style="text-align: center">&#160;</td><td>&#160;</td> <td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2019</td><td style="text-align: center">&#160;</td><td>&#160;</td> <td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; text-align: center">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">29</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>15. Fair-Value Measurements</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. In 2015 we reclassified land and building related to the former manufacturing facility in Germany as Asset held for sale in the accompanying Consolidated Balance Sheets. As of March 31, 2016 and December 31, 2015, we have Level 3 financial assets of $5.2 million and $5.0 million, respectively. The value as of March 31, 2016 was determined based on preliminary offers from active market participants.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">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, and Level 3 non-financial measured at fair value:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid">&#160;</td> <td colspan="8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font> </td><td style="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid">&#160;</td> <td colspan="8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font> </td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Quoted prices in active markets</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Significant other observable inputs</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Unobservable inputs</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">Quoted prices in active markets</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">Significant other observable inputs</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">Unobservable inputs</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Level 1)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Level 2)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Level 3)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">(Level 1)</td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: left; vertical-align: top">^&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">(Level 2)</td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">(Level 3)</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Fair Value</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Assets:</i></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Cash equivalents</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>$9,028</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>$-</b></td><td nowrap="nowrap" style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>$-</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">$5,189</td><td nowrap="nowrap" style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">$-</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">$-</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Asset held for sale</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>5,193</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4,988</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Prepaid expenses and other current assets:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.2in">Foreign currency options</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>263</b></td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Other Assets:</i></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.2in">Common stock of unaffiliated foreign public company</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>721</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><b>^(a)</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">819</td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Liabilities:</i></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Other noncurrent liabilities:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.2in">Interest rate swaps</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>(4,971</b></td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>)^(b)</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(2,400</td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)<font style="font: 10pt Arial, Helvetica, Sans-Serif">^(c)</font></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: top">^&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="font-size: 11pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(a)</font></td><td><font style="font: 8pt Arial, Helvetica, Sans-Serif">Original cost basis $0.5 million</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(b)</font></td><td><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net of $4.6 million receivable floating leg and $9.6 million liability fixed leg</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(c)</font></td><td><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg</font></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">The common stock of the unaffiliated foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. The securities are classified as available for sale, and as a result any unrealized gain or loss is recorded in the Shareholders&#8217; Equity section of the Consolidated Balance Sheets rather than in the Consolidated Statements of Income. When the security is sold or impaired, gains and losses are reported on the Consolidated Statements of Income. Investments are considered to be impaired when a decline in fair value is judged to be other than temporary.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expenses, net.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to control 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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, General and Administrative expenses or Other (income)/expenses, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expenses, net) or third-party trade (recorded in Selling, General and Administrative expenses) receivable or payable balances in a currency other than their local reporting (or functional) currency.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Operating results can also be affected by the translation of sales and costs, for each non-U.S. subsidiary, from the local functional currency to the U.S. dollar. The translation effect on the Consolidated Statements of Income is dependent on our net income or expense position in each non-U.S. currency in which we do business. A net income position exists when sales realized in a particular currency exceed expenses paid in that currency; a net expense position exists if the opposite is true.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders&#8217; equity section of the Consolidated Balance Sheets, to the extent that the hedges are highly effective. As of March 31, 2016, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Any gains and losses related to the ineffective portion of the hedges will be recognized in the current period in earnings. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions) affect earnings. Interest expense related to the swaps totaled $0.3 million for the three month period ended March 31, 2016 and $0.5 million for the three month period ended March 31, 2015.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expenses, net in the Consolidated Statements of Income were as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center"></td><td>&#160;</td> <td colspan="2" style="text-align: right"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Derivatives not designated as hedging instruments</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in; padding-left: 10pt">Foreign currency options</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$205</b></td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$217</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>16. Contingencies </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b>Asbestos Litigation</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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 products that we previously manufactured. We produced asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. Such fabrics generally had a useful life of three to twelve months.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">We were defending 3,785 claims as of March 31, 2016.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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:</p> <table cellpadding="1" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Year ended December&#160;31,</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Opening Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Claims Dismissed, Settled, or Resolved</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>New Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Closing Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Amounts Paid (thousands) to Settle or Resolve</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 14%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2005</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">29,411</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">6,257</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">1,297</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">24,451</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">$504</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2006</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">24,451</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">6,841</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,806</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">19,416</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,879</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2007</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">19,416</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">808</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">190</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,798</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2008</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,798</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">523</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">110</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,385</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">52</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2009</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,385</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,482</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">42</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,945</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2010</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,945</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,963</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">188</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">5,170</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">159</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2011</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">5,170</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">789</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">65</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,446</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,111</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2012</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,446</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">107</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">530</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2013</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">230</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">66</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,299</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">78</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2014</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,299</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">625</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">147</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,821</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">437</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2015</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,821</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,791</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">164</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 8pt; text-align: left"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>As of March 31, 2016</b></font></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>3,791</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>37</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>31</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>3,785</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>$12</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Exposure and disease information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, and often not until a trial date is imminent and a settlement demand has been received. For these reasons, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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 insurer, Liberty Mutual, has defended each case and funded settlements under a standard reservation of rights. As of March 31, 2016 we had resolved, by means of settlement or dismissal, 37,378 claims. The total cost of resolving all claims was $9.4 million. Of this amount, almost 100% was paid by our insurance carrier. The Company&#8217;s insurer has confirmed that although the coverage limits under two (of approximately 23) primary insurance policies have been exhausted, there still remains approximately $3 million in coverage limits under other applicable primary policies, and $140 million in coverage under excess umbrella coverage policies that should be available with respect to current and future asbestos claims.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Brandon Drying Fabrics, Inc. (&#8220;Brandon&#8221;), a subsidiary of Geschmay Corp., which is a subsidiary of the Company, is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant. Brandon was defending against 7,707 claims as of March 31, 2016.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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:</p> <table cellpadding="1" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Year ended December&#160;31,</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Opening Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Claims Dismissed, Settled, or Resolved</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>New Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Closing Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Amounts Paid (thousands) to Settle or Resolve</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 16%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2005</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 16%; border-bottom: Black 1pt solid; text-align: right">9,985</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 16%; border-bottom: Black 1pt solid; text-align: right">642</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 16%; border-bottom: Black 1pt solid; text-align: right">223</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 15%; border-bottom: Black 1pt solid; text-align: right">9,566</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 15%; border-bottom: Black 1pt solid; text-align: right">$-</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2006</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,566</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,182</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">730</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,114</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2007</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,114</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">462</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,740</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2008</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,740</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,664</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2009</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,664</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">760</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,907</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2010</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,907</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">47</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,869</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2011</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,869</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,877</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2012</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,877</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,867</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2013</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,867</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">55</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,815</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2014</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,815</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">87</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,730</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2015</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,730</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,713</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 8pt; text-align: left; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>As of March 31, 2016</b></font></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>7,713</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>6</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>-</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>7,707</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$-</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">We acquired Geschmay Corp., formerly known as Wangner Systems Corporation, in 1999. Brandon is a wholly owned subsidiary of Geschmay Corp. In 1978, Brandon acquired certain assets from Abney Mills (&#8220;Abney&#8221;), a South Carolina textile manufacturer. Among the assets acquired by Brandon from Abney were assets of Abney&#8217;s wholly owned subsidiary, Brandon Sales, Inc. which had sold, among other things, dryer fabrics containing asbestos made by its parent, Abney. Although Brandon manufactured and sold dryer fabrics under its own name subsequent to the asset purchase, none of such fabrics contained asbestos. Because Brandon did not manufacture asbestos-containing products, and because it does not believe that it was the legal successor to, or otherwise responsible for obligations of Abney with respect to products manufactured by Abney, it believes it has strong defenses to the claims that have been asserted against it. As of March 31, 2016, Brandon has resolved, by means of settlement or dismissal, 9,899 claims for a total of $0.2 million. Brandon&#8217;s insurance carriers initially agreed to pay 88.2% of the total indemnification and defense costs related to these proceedings, subject to the standard reservation of rights. The remaining 11.8% of the costs had been borne directly by Brandon. During 2004, Brandon&#8217;s insurance carriers agreed to cover 100% of indemnification and defense costs, subject to policy limits and the standard reservation of rights, and to reimburse Brandon for all indemnity and defense costs paid directly by Brandon related to these proceedings.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">For the same reasons set forth above with respect to Albany&#8217;s claims, as well as the fact that no amounts have been paid to resolve any Brandon claims since 2001, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to these remaining claims.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In some of these asbestos cases, the Company is named both as a direct defendant and as the &#8220;successor in interest&#8221; to Mount Vernon Mills (&#8220;Mount Vernon&#8221;). 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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">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.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Although we do not believe, based on currently available information and for the reasons stated above, that a meaningful estimate of a range of possible loss can be made with respect to such claims, based on our understanding of the insurance policies available, how settlement amounts have been allocated to various policies, our settlement experience, the absence of any judgments against the Company or Brandon, the ratio of paper mill claims to total claims filed, and the defenses available, we currently do not anticipate any material liability relating to the resolution of the aforementioned pending proceedings in excess of existing insurance limits.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Consequently, 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 and the trends in claims against us to date, we do not anticipate that additional claims likely to be filed against us in the future will have a material adverse effect on our financial position, results of operations, or cash flows. We are aware that litigation is inherently uncertain, especially when the outcome is dependent primarily on determinations of factual matters to be made by juries.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0in"><b><i>17. Changes in Shareholders&#8217; Equity </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 12pt; text-indent: 0.5in">The following table summarizes changes in Shareholders&#8217; Equity:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><b>Common Stock Class</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><b>A and B</b></p></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Additional paid in capital</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Retained earnings</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Accumulated items of other comprehensive income/(loss)</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Treasury stock</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Noncontrolling Interest</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total Equity</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$40</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$423,108</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$491,950</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($158,844</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($257,391</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$3,690</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$502,553</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Net income</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,501</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(185</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,316</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Compensation and benefits paid or payable in shares</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">864</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">864</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Options exercised</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">271</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">271</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Dividends declared</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5,454</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5,454</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Cumulative translation adjustments</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,114</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,111</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Pension and postretirement liability adjustments</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(362</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(362</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 0in; border-bottom: Black 1pt solid">Derivative valuation adjustment</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,594</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,594</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-indent: 0in; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$40</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$424,243</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$499,997</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($147,686</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($257,391</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$3,502</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$522,705</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0in"><b>18. Recent Accounting Pronouncements </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">In May 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. The standard was revised in July 2015 and March 2016. This accounting update is effective for reporting periods beginning after December 31, 2017. Early adoption is permitted but not before the original effective date, which is for reporting periods beginning after December 31, 2016. We have not determined the impact of this update on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">In February 2015, amended accounting guidance was issued which changes the evaluation of variable interest entities regarding whether they should consolidate limited partnerships and similar entities, or whether fees are paid to a decision maker or service provider, or whether they are held by related parties. We adopted this provision as of January 1, 2016 and it did not affect our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">In April 2015 and August 2015, accounting updates were issued which require that debt issuance costs related to certain types of recognized debt liability be presented in the balance sheet as a direct deduction of that debt, which could result in a minor netting down of assets and liabilities. We adopted this provision as of January 1, 2016 and it did not affect our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">In May 2015, an accounting update was issued which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share. We adopted this provision as of January 1, 2016 and it did not affect our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In July 2015, an accounting update was issued simplifying the measurement of inventory from the lower of cost or market to lower of cost net realizable value. This accounting update eliminates the requirement for consideration of replacement cost or net realizable value less normal profit margin measurements. This accounting update is effective for reporting periods beginning after December 15, 2016. We do not expect the adoption of this update to have a significant effect on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In September 2015, an accounting update was issued which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. This accounting update is effective for reporting periods beginning after December 15, 2015. Adoption of this update did not affect our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In January 2016, an accounting update was issued which requires entities to present separately in Other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This accounting update is effective for reporting periods beginning after December 15, 2017. We have not determined the impact of this update on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In February 2016, an accounting update was issued which requires lessees to recognize most leases on the balance sheet. The update may significantly increase reported assets and liabilities. This accounting update is effective for reporting periods beginning after December 15, 2018. We have not determined the impact of this update on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In March 2016, an accounting update was issued which clarifies that a change in counterparty to a derivative contract, through novation, that is part of a hedge accounting relationship does not, by itself, require dedesignation of that relationship, as long as all other hedge accounting criteria continue to be met. This accounting update is effective for reporting periods beginning after December 15, 2016. We do not expect the adoption of this update to have a significant effect on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In March 2016, an accounting update was issued which simplifies the transition to the equity method of accounting by eliminating the requirement for an investor to retroactively apply the equity method when its increase in ownership interest, or degree of influence, triggers equity method accounting. This accounting update is effective for reporting periods beginning after December 15, 2016. We do not expect the adoption of this update to have a significant effect on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In March 2016, an accounting update was issued which simplifies several aspects related to the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, and classification of excess tax benefits on the statement of cash flows. This accounting update is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. Adoption of this accounting update could increase the volatility of income tax expense. We have not determined the effect of this update on our financial statements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0"><b><i>Basis of Presentation</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments and elimination of intercompany transactions necessary for a fair presentation of results for such periods. Albany International Corp. (&#8220;Albany&#8221;) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The preparation of financial statements in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.&#8217;s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The information included in this Quarterly Report on Form 10-Q should be read in conjunction with &#8220;Risk Factors,&#8221; &#8220;Legal Proceedings,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operation,&#8221; &#8220;Quantitative and Qualitative Disclosures about Market Risk&#8221; and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the year ended December 31, 2015.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Except as described herein, there has been no material change to the accounting policies applied to our consolidated results and footnote disclosures. In accordance with the accounting guidance for business combinations, we use the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of acquired assets and liabilities will impact the determination of future operating results. In addition to using management estimates and negotiated amounts, we use a variety of information sources to determine the estimated fair values of the assets and liabilities, including third-party appraisals for the estimated value and lives of identifiable intangible assets and property and equipment. The business and technical judgment of management is used in determining the useful lives of finite-lived intangible assets in accordance with the accounting guidance for goodwill and intangible assets.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Net sales</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$145,264</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$158,494</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Albany Engineered Composites</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>27,067</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">22,830</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Consolidated total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$172,331</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$181,324</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Operating income/(loss)</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Machine Clothing</td><td>&#160;</td> <td style="text-align: right"><b>$37,139</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">$35,689</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right"><b>(3,706</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(3,811</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Corporate expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(11,164</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(11,729</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Operating income</td><td>&#160;</td> <td style="text-align: right"><b>22,269</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">20,149</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Reconciling items:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">Interest income</td><td>&#160;</td> <td style="text-align: right"><b>(126</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(340</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">Interest expense</td><td>&#160;</td> <td style="text-align: right"><b>2,364</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">3,016</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">Other income, net</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(328</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(3,285</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Income before income taxes</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$20,359</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$20,758</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents restructuring costs by reportable segment (also see Note 5):</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Restructuring expenses, net</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$698</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right"><b>-</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Corporate expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(19</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Consolidated total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$679</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The composition of the net periodic benefit plan cost for the three months ended March 31, 2016 and 2015 was as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-indent: 0in; text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&#160;</td><td style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Pension plans</b></font></td> <td style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Other postretirement benefits</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2016</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2015</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2016</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>2015</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Components of net periodic benefit cost:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; text-indent: 0in">Service cost</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right"><b>$650</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$790</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right"><b>$63</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$83</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Interest cost</td><td>&#160;</td> <td style="text-align: right"><b>1,994</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">2,013</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>611</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">610</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Expected return on assets</td><td>&#160;</td> <td style="text-align: right"><b>(2,207</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(2,235</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right"><b>-</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Amortization of prior service cost/(credit)</td><td>&#160;</td> <td style="text-align: right"><b>9</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">13</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>(1,122</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(1,122</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Amortization of net actuarial loss</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>573</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">670</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>705</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">835</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Net periodic benefit cost</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$1,019</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$1,251</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$257</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$406</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The following table summarizes charges reported in the Consolidated Statements of Income under &#8220;Restructuring expenses, net&#8221;:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$698</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right"><b>-</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Corporate Expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(19</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">&#160;Total </td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$679</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31,2016</b></font><br /><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total restructuring costs incurred&#160;&#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;Termination and other costs&#160;&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$698</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$698</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Corporate Expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(19</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(19</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">Total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$679</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$679</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31, 2015</b></font><br /><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total restructuring costs incurred&#160;&#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;Termination and other costs&#160;&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Corporate Expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">Total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 10pt; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents the year-to-date changes in restructuring liabilities for 2016 and 2015, all of which related to termination costs:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Restructuring</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>charges accrued</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Payments</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Currency</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>translation /other</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31</b></font><b><font style="font: 10pt MS Gothic, Helvetica, Sans-Serif">,</font></b><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">Total termination costs</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$10,177</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$679</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">($2,573</td><td style="text-align: left; border-bottom: Black 1pt solid">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$39</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$8,322</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">&#160;<br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December&#160;31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2014</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Restructuring</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>charges accrued</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Payments</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Currency</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>translation /other</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Total termination costs</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$1,874</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($2,122</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($228</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$8,525</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The components of other (income)/expense, net are:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands) &#160;</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Currency transaction gains</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">($479</td><td style="width: 1%; text-align: left">)</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">($2,427</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: justify; text-indent: 0in">Bank fees and amortization of debt issuance costs</td><td>&#160;</td> <td style="text-align: right">152</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">311</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Gain on sale of investment</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(872</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Other </td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(1</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(297</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total </td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($328</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($3,285</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The following table presents components of income tax expense for the three months ended March 31, 2016 and 2015:<b><i> </i></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="2"></td><td>&#160;</td> <td colspan="2"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Income tax based on income from continuing operations, at estimated tax rates of 39.7% and 40.0%, respectively</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$8,076</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$8,300</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Income tax before discrete items</td><td>&#160;</td> <td style="text-align: right"><b>8,076</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">8,300</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Discrete tax expense/(benefit):</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; text-indent: 20pt">Provision for/resolution of tax audits and contingencies, net</td><td>&#160;</td> <td style="text-align: right"><b>(825</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">83</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">Other discrete tax adjustments, net</td><td>&#160;</td> <td style="text-align: right"><b>(208</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">45</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">Enacted tax legislation</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>-</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">91</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total income tax expense</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$7,043</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$8,519</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands, except market price and earnings per share)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="2"></td><td>&#160;</td> <td colspan="2"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Net income attributable to the Company</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><b>$13,501</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="width: 8%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 13%; border-bottom: Black 1pt solid; text-align: right">$12,213</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Weighted average number of shares:</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 20pt">Weighted average number of shares used in</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">calculating basic net income per share</td><td>&#160;</td> <td style="text-align: right"><b>32,041</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">31,882</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Effect of dilutive stock-based compensation plans:</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">Stock options</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>40</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in">Weighted average number of shares used in</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">calculating diluted net income per share</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>32,081</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">31,972</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Average market price of common stock used</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">for calculation of dilutive shares</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$35.23</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$37.36</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Earnings per share attributable to Company shareholders:</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 20pt">Basic</td><td>&#160;</td> <td style="text-align: right"><b>$0.42</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">$0.38</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 20pt">Diluted</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$0.42</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$0.38</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 11pt; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 10pt">&#160;</font></td><td style="font-size: 11pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 10pt">&#160;</font></td> <td colspan="5" style="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font-size: 10pt">Three months ended<br />March 31,</font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Net (loss)/income of Albany Safran Composites (ASC)</td><td>&#160;</td> <td style="width: 13%; text-align: right"><b>$(1,609</b></td><td style="width: 1%; text-align: left"><b>)</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$511</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Less: Return attributable to the Company's preferred holding</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>238</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">255</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Net (loss)/income of ASC available for common ownership</td><td>&#160;</td> <td style="text-align: right"><b>($1,847</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">$256</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Ownership percentage of noncontrolling shareholder</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>10</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>%</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="border-bottom: Black 1pt solid; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Net (loss)/income attributable to noncontrolling interest</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($185</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$26</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Noncontrolling interest, beginning of year</td><td>&#160;</td> <td style="text-align: right"><b>$3,690</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">$3,699</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Net (loss)/income attributable to noncontrolling interest</td><td>&#160;</td> <td style="text-align: right"><b>(185</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">26</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Changes in other comprehensive income attributable to noncontrolling interest</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(3</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Noncontrolling interest</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$3,502</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$3,726</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents changes in the components of AOCI for the period December 31, 2015 to March 31, 2016:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Translation adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Pension and postretirement liability adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Derivative valuation adjustment</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total Other Comprehensive Income</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($108,655</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($48,725</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($1,464</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="width: 3%; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right"><b>($158,844</b></td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><b>)</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Other comprehensive income/(loss) before reclassifications</td><td>&#160;</td> <td style="text-align: right">13,114</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(373</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">(1,768</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">10,973</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Pension/postretirement plan remeasurements, net of tax</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(105</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(105</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Interest expense related to swaps reclassified to the Statement of Income, net of tax</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">174</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">174</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Net current period other comprehensive income/(loss)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">13,114</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(362</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,594</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">11,158</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($95,541</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($49,087</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($3,058</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($147,686</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents changes in the components of AOCI for the period December 31, 2014 to March 31, 2015:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Translation adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Pension and postretirement liability adjustments</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Derivative valuation adjustment</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total Other Comprehensive Income</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2014</b></font></td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($55,240</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($51,666</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($861</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td><td style="width: 3%; border-bottom: Black 1pt solid">&#160;</td> <td style="width: 11%; border-bottom: Black 1pt solid; text-align: right">($107,767</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Other comprehensive income/(loss) before reclassifications</td><td>&#160;</td> <td style="text-align: right">(37,413</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">1,730</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">(675</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: right">(36,358</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Interest expense related to swaps reclassified to the Statement of Income, net of tax</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">296</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">296</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">257</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Net current period other comprehensive income/(loss)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(37,413</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,987</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(379</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(35,805</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2015</b></font></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($92,653</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($49,679</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($1,240</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>($143,572</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 6pt; text-indent: 0.5in">The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended March 31, 2016 and 2015.</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="7"><b>Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:</b></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; padding-left: 20pt">Payments made on interest rate swaps included in Income <br />before taxes(a)</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$281</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$486</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in; padding-left: 20pt">Income tax effect</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(107</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(190</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$174</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$296</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="7"><b>Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in; padding-left: 20pt">Amortization of prior service credit</td><td>&#160;</td> <td style="text-align: right"><b>($1,113</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">($1,109</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in; padding-left: 20pt">Amortization of net actuarial loss</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>1,278</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,505</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Total pretax amount reclassified (b)</td><td>&#160;</td> <td style="text-align: right"><b>165</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">396</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Income tax effect</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(49</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(139</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Effect on net income due to items reclassified from Accumulated Other Comprehensive Income</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$116</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$257</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 6pt; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(a)</font></td><td><font style="font: 10pt Arial, Helvetica, Sans-Serif">Included in Interest expense.</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top"> <td style="width: 0%"></td><td style="width: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(b)</font></td><td><font style="font: 10pt Arial, Helvetica, Sans-Serif">These accumulated other comprehensive income/(loss) components are included in the computation of net periodic pension cost (see Note 4).</font></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">As of March 31, 2016 and December 31, 2015, Accounts receivable consisted of the following:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands) &#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, </b></font><b><br /> <font style="font: bold 10pt Arial, Helvetica, Sans-Serif">2016</font></b></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Trade and other accounts receivable</td><td style="width: 8%; font-weight: bold">&#160;</td> <td style="width: 13%; font-weight: bold; text-align: right">$132,215</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$123,179</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Bank promissory notes</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: right">14,560</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">15,845</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Revenue in excess of progress billings</td><td style="font-weight: bold">&#160;</td> <td style="font-weight: bold; text-align: right">12,569</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">15,889</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Allowance for doubtful accounts</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,523</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(8,530</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total accounts receivable</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">$150,821</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$146,383</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">As of March 31, 2016 and December 31, 2015, inventories consisted of the following:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands) &#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, </b></font><b><br /> <font style="font: bold 10pt Arial, Helvetica, Sans-Serif">2016</font></b></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Raw materials</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$26,824</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$27,636</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Work in process</td><td>&#160;</td> <td style="text-align: right"><b>46,884</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">41,823</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Finished goods</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>36,648</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">36,947</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total inventories</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$110,356</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$106,406</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">The changes in intangible assets and goodwill from December 31, 2015 to March 31, 2016, were as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December&#160;31,<br />2015</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Amortization</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Currency Translation</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March&#160;31,</b></font><b><br /><font style="font: 10pt Arial, Helvetica, Sans-Serif">2016</font></b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Amortized intangible assets:</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; text-indent: 20pt">AEC trade names</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$25</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$(1</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right">$-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td> <td style="width: 11%; text-align: right"><b>$24</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">AEC technology</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">129</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(6</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>123</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Total amortized intangible assets</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$154</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$(7</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$147</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Unamortized intangible assets:</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 20pt">Goodwill</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$66,373</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$1,986</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$68,359</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Estimated amortization expense of intangibles for the years ending December 31, 2016 through 2020, is as follows:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border-top: Black 1pt solid"></td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: right; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Annual amortization</b></font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Year</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: right; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 44%; text-align: center">2016</td><td style="width: 1%; text-align: center">&#160;</td><td style="width: 10%">&#160;</td> <td style="width: 44%; text-align: right">$29</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2017</td><td style="text-align: center">&#160;</td><td>&#160;</td> <td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2018</td><td style="text-align: center">&#160;</td><td>&#160;</td> <td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2019</td><td style="text-align: center">&#160;</td><td>&#160;</td> <td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="border-bottom: Black 1pt solid; text-align: center">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">29</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Long-term debt, principally to banks and bondholders, consists of:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands, except interest rates)</b></font></td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font></td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Private placement with a fixed interest rate of 6.84%, due 2017</td><td>&#160;</td> <td style="width: 13%; text-align: right"><b>$50,000</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$50,000</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Credit agreement with borrowings outstanding at an end of period interest rate of 2.34% in 2016 and 2.27% in 2015 (including the effect of interest rate hedging transactions, as described below)</td><td>&#160;</td> <td style="text-align: right"><b>205,000</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">215,000</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Various notes and mortgages relative to operations principally outside the United States, at an average end of period rate of 5.5% in 2016 and 2015, due in varying amounts through 2021</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>92</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">96</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in">Long-term debt</td><td>&#160;</td> <td style="text-align: right"><b>255,092</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">265,096</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Less: current portion</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(16</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(16</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Long-term debt, net of current portion</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$255,076</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$265,080</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">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, and Level 3 non-financial measured at fair value:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid">&#160;</td> <td colspan="8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font> </td><td style="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid">&#160;</td> <td colspan="8" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font> </td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Quoted prices in active markets</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Significant other observable inputs</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Unobservable inputs</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">Quoted prices in active markets</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">Significant other observable inputs</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center">Unobservable inputs</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Level 1)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Level 2)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(Level 3)</b></font></td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">(Level 1)</td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: left; vertical-align: top">^&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">(Level 2)</td><td style="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font-family: Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">(Level 3)</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Fair Value</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Assets:</i></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Cash equivalents</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>$9,028</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>$-</b></td><td nowrap="nowrap" style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>$-</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">$5,189</td><td nowrap="nowrap" style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">$-</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="width: 7%; font-family: Arial, Helvetica, Sans-Serif; text-align: right">$-</td><td style="width: 1%; font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Asset held for sale</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>5,193</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">4,988</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Prepaid expenses and other current assets:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.2in">Foreign currency options</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>263</b></td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Other Assets:</i></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.2in">Common stock of unaffiliated foreign public company</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>721</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><b>^(a)</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">819</td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">^&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>Liabilities:</i></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.1in">Other noncurrent liabilities:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left; vertical-align: top"><b>^&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td nowrap="nowrap" style="text-align: left">&#160;</td><td style="text-align: left; vertical-align: top">^&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0; padding-left: 0.2in">Interest rate swaps</td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>(4,971</b></td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>)^(b)</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><b>-</b></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><b>&#160;</b></td><td style="font-family: Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">(2,400</td><td nowrap="nowrap" style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)<font style="font: 10pt Arial, Helvetica, Sans-Serif">^(c)</font></td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top">&#160;</td> <td style="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&#160;</td><td style="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: top"><b>^&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left; vertical-align: top">^&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="font-size: 11pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(a)</font></td><td><font style="font: 8pt Arial, Helvetica, Sans-Serif">Original cost basis $0.5 million</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 2pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(b)</font></td><td><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net of $4.6 million receivable floating leg and $9.6 million liability fixed leg</font></td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(c)</font></td><td><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg</font></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expenses, net in the Consolidated Statements of Income were as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right; border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right">&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center"></td><td>&#160;</td> <td colspan="2" style="text-align: right"></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Derivatives not designated as hedging instruments</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in; padding-left: 10pt">Foreign currency options</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$205</b></td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$217</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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:</p> <table cellpadding="1" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Year ended December&#160;31,</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Opening Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Claims Dismissed, Settled, or Resolved</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>New Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Closing Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Amounts Paid (thousands) to Settle or Resolve</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 14%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2005</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">29,411</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">6,257</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">1,297</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">24,451</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">$504</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2006</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">24,451</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">6,841</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,806</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">19,416</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,879</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2007</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">19,416</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">808</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">190</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,798</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2008</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,798</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">523</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">110</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,385</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">52</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2009</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18,385</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,482</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">42</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,945</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2010</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,945</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,963</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">188</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">5,170</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">159</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2011</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">5,170</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">789</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">65</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,446</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,111</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2012</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,446</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">90</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">107</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">530</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2013</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">230</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">66</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,299</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">78</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2014</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">4,299</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">625</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">147</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,821</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">437</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2015</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,821</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">116</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3,791</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">164</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 8pt; text-align: left"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>As of March 31, 2016</b></font></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>3,791</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>37</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>31</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>3,785</b></td><td style="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid; vertical-align: top"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right; vertical-align: top"><b>$12</b></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">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:</p> <table cellpadding="1" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; border: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Year ended December&#160;31,</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Opening Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Claims Dismissed, Settled, or Resolved</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>New Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Closing Number of Claims</b></font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Amounts Paid (thousands) to Settle or Resolve</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 16%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2005</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 16%; border-bottom: Black 1pt solid; text-align: right">9,985</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 16%; border-bottom: Black 1pt solid; text-align: right">642</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 16%; border-bottom: Black 1pt solid; text-align: right">223</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 15%; border-bottom: Black 1pt solid; text-align: right">9,566</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="width: 15%; border-bottom: Black 1pt solid; text-align: right">$-</td><td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2006</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,566</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,182</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">730</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,114</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2007</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9,114</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">462</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">88</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,740</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2008</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,740</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">86</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,664</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2009</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">8,664</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">760</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,907</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2010</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,907</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">47</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">9</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,869</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2011</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,869</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,877</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2012</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,877</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,867</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2013</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,867</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">55</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,815</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2014</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,815</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">87</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,730</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">2015</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,730</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">1</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">7,713</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 8pt; text-align: left; border-right: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>As of March 31, 2016</b></font></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>7,713</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>6</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>-</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>7,707</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$-</b></td><td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"><b>&#160;</b></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 12pt; text-indent: 0.5in">The following table summarizes changes in Shareholders&#8217; Equity:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><b>Common Stock Class</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: center"><b>A and B</b></p></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Additional paid in capital</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Retained earnings</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Accumulated items of other comprehensive income/(loss)</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Treasury stock</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Noncontrolling Interest</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total Equity</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$40</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$423,108</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$491,950</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($158,844</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($257,391</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$3,690</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$502,553</b></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Net income</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,501</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(185</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,316</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Compensation and benefits paid or payable in shares</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">864</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">864</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Options exercised</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">271</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">271</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Dividends declared</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5,454</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5,454</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Cumulative translation adjustments</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,114</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,111</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0in">Pension and postretirement liability adjustments</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(362</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(362</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: 0in; border-bottom: Black 1pt solid">Derivative valuation adjustment</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,594</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,594</td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid">)</td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-indent: 0in; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$40</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$424,243</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$499,997</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($147,686</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>($257,391</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>)</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$3,502</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 1pt solid"><b>&#160;</b></td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><b>$522,705</b></td><td style="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 1pt solid"><b>&#160;</b></td></tr></table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0in"><b><i>2. </i>Business Acquisitions </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">On April 8, 2016, the Company completed the purchase of Harris Corporation&#8217;s composite aerostructures business for total consideration of $210 million, including the assumption of a capital lease. The purchase price is subject to a post-closing working capital adjustment. The acquired business, which is now called Albany Aerostructures Composites LLC (&#8220;AAC&#8221;), will be part of Albany Engineered Composites (&#8220;AEC&#8221;) segment. The acquisition of AAC significantly increases the growth opportunity for the Company.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Allocation of the respective purchase price to the fair value of net assets associated with the AAC acquisition will be performed upon completion of acquisition accounting valuation activities.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>3. Reportable Segments</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Net sales</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$145,264</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$158,494</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Albany Engineered Composites</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>27,067</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">22,830</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Consolidated total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$172,331</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$181,324</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Operating income/(loss)</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Machine Clothing</td><td>&#160;</td> <td style="text-align: right"><b>$37,139</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">$35,689</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right"><b>(3,706</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(3,811</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Corporate expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(11,164</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(11,729</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Operating income</td><td>&#160;</td> <td style="text-align: right"><b>22,269</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">20,149</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Reconciling items:</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">Interest income</td><td>&#160;</td> <td style="text-align: right"><b>(126</b></td><td style="text-align: left"><b>)</b></td><td>&#160;</td> <td style="text-align: right">(340</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 20pt">Interest expense</td><td>&#160;</td> <td style="text-align: right"><b>2,364</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">3,016</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 20pt">Other income, net</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(328</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(3,285</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Income before income taxes</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$20,359</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$20,758</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">There were no material changes in the total assets of the reportable segments during this period. Total capital expenditures for the first quarter of 2016 were $10.9 million, including amounts that were included in Accounts payable. In the Consolidated Statements of Cash Flows, capital expenditures and accounts payable were each adjusted by $2.9 million to reflect the non-cash nature of that amount.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">During the first quarter of 2016, the Company recorded expenses of $1.6 million for acquisition related costs incurred during the period. These costs are included in Selling, general and administrative expenses of the AEC segment.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The table below presents restructuring costs by reportable segment (also see Note 5):</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended<br />March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Restructuring expenses, net</b></font></td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$698</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right"><b>-</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Corporate expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(19</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Consolidated total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$679</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">During the first quarter of 2016 the Company announced the initiation of discussions with the employee Works Council regarding a proposal to discontinue R&#38;D activities at its Machine Clothing production facility in S&#233;lestat, France. The Company is unable to determine the restructuring costs associated with this proposal. See Note 5 for additional information.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Machine Clothing restructuring costs in 2016 and 2015 were principally related to ongoing plant closure costs in G&#246;ppingen, Germany.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>5. Restructuring </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">During the first quarter of 2016 the Company announced the initiation of discussions with the employee Works Council regarding a proposal to discontinue R&#38;D activities at its Machine Clothing production facility in S&#233;lestat, France. The proposed measures would result in the elimination of 25 positions and the departure of 22 employees. The consultations are subject to applicable law, and until they are concluded the Company is unable to determine the restructuring costs associated with this proposal.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Machine Clothing restructuring costs in 2016 and 2015 were principally related to ongoing plant closure costs in G&#246;ppingen, Germany.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">The following table summarizes charges reported in the Consolidated Statements of Income under &#8220;Restructuring expenses, net&#8221;:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td> <td colspan="5" style="text-align: center; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31,</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: justify; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right"><b>$698</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right"><b>-</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">Corporate Expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(19</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; border-bottom: Black 1pt solid; text-indent: 0in">&#160;Total </td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$679</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31,2016</b></font><br /><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total restructuring costs incurred&#160;&#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;Termination and other costs&#160;&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$698</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$698</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Corporate Expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(19</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(19</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">Total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$679</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$679</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31, 2015</b></font><br /><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Total restructuring costs incurred&#160;&#160;</b></font></td><td style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;Termination and other costs&#160;&#160;</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Machine Clothing</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$9,001</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Albany Engineered Composites</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Corporate Expenses</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: 0in">Total</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 10pt; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">We expect that approximately $5.6 million of Accrued liabilities for restructuring at March 31, 2016 will be paid within one year and approximately $2.7 million will be paid in the following year. The table below presents the year-to-date changes in restructuring liabilities for 2016 and 2015, all of which related to termination costs:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Restructuring</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>charges accrued</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Payments</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Currency</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>translation /other</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31</b></font><b><font style="font: 10pt MS Gothic, Helvetica, Sans-Serif">,</font></b><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2016</b></font></td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">Total termination costs</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$10,177</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$679</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">($2,573</td><td style="text-align: left; border-bottom: Black 1pt solid">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$39</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="text-align: right; border-bottom: Black 1pt solid">$8,322</td><td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom">&#160;<br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands)</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December&#160;31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2014</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Restructuring</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>charges accrued</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Payments</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Currency</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>translation /other</b></font></td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&#160;<br /> &#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31,</b></font><br /> <font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td> <td style="width: 10%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Total termination costs</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$1,874</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$9,001</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($2,122</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">($228</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$8,525</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in"><b><i>14. Financial Instruments </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">Long-term debt, principally to banks and bondholders, consists of:</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>(in thousands, except interest rates)</b></font></td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>March 31, 2016</b></font></td><td nowrap="nowrap" style="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&#160;</td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>December 31, 2015</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left; text-indent: 0in">Private placement with a fixed interest rate of 6.84%, due 2017</td><td>&#160;</td> <td style="width: 13%; text-align: right"><b>$50,000</b></td><td style="width: 1%; text-align: left"><b>&#160;</b></td><td style="width: 8%">&#160;</td> <td style="width: 13%; text-align: right">$50,000</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; text-indent: 0in">Credit agreement with borrowings outstanding at an end of period interest rate of 2.34% in 2016 and 2.27% in 2015 (including the effect of interest rate hedging transactions, as described below)</td><td>&#160;</td> <td style="text-align: right"><b>205,000</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">215,000</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Various notes and mortgages relative to operations principally outside the United States, at an average end of period rate of 5.5% in 2016 and 2015, due in varying amounts through 2021</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>92</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">96</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0in">Long-term debt</td><td>&#160;</td> <td style="text-align: right"><b>255,092</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">265,096</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Less: current portion</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>(16</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>)</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">(16</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; text-indent: 0in">&#160;</td><td>&#160;</td> <td style="text-align: right"><b>&#160;</b></td><td style="text-align: left"><b>&#160;</b></td><td>&#160;</td> <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; border-bottom: Black 1pt solid; text-indent: 0in">Long-term debt, net of current portion</td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><b>$255,076</b></td><td style="border-bottom: Black 1pt solid; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 1pt solid">&#160;</td> <td style="border-bottom: Black 1pt solid; text-align: right">$265,080</td><td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">A note agreement and guaranty (&#8220;Prudential Agreement&#8221;) was originally entered into in October 2005 with the Prudential Insurance Company of America, and certain other purchasers, with interest at 6.84% and a maturity date of October 25, 2017. The remaining obligation under the Prudential Agreement has a final payment of $50 million due on October 25, 2017. At the noteholders&#8217; election, certain prepayments may also be required in connection with certain asset dispositions or financings. The notes may not otherwise be prepaid without a premium, under certain market conditions. The Prudential Agreement contains customary terms, as well as affirmative covenants, negative covenants, and events of default, comparable to those in our current principal credit facility agreement (as described below). The Prudential Agreement has been amended a number of times, most recently in April 2016, in order to maintain terms comparable to our current principal credit facility. For disclosure purposes, we are required to measure the fair value of outstanding debt on a recurring basis. As of March 31, 2016, the fair value of this debt was approximately $54.3 million, and was measured using active market interest rates, which would be considered Level 2 for fair value measurement purposes.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">On June 18, 2015, we entered into a $400 million, unsecured Five-Year Revolving Credit Facility Agreement (the &#8220;Prior Agreement&#8221;), under which $205 million of borrowings were outstanding as of March 31, 2016. The applicable interest rate for borrowings under the Prior Agreement was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on March 16, 2016, the spread was 1.375%. The spread was based on a pricing grid, which ranged from 1.250% to 1.750%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Prior Agreement), and without modification to any other credit agreements, as of March 31, 2016, we would have been able to borrow an additional $195 million under the Prior Agreement.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 10pt; text-indent: 0.5in">On April 8, 2016, we entered into a $550 million unsecured Five-Year Revolving Credit Facility Agreement (the &#8220;Credit Agreement&#8221;) which amends and restates the Prior Agreement. The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company's subsidiaries.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">On May 20, 2013, we entered into interest rate hedging transactions for the period July 16, 2015 through March 16, 2018. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $110 million of indebtedness drawn under the Credit Agreement at the rate of 1.414% during this period. Under the terms of these transactions, we pay the fixed rate of 1.414% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2016 was 0.450%. The net effect is to fix the effective interest rate on $110 million of indebtedness at 1.414%, plus the applicable spread, during the swap period. On March 16, 2016, the all-in-rate on the $110 million of debt was 2.789%.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">On July 16, 2015, we entered into interest rate hedging transactions for the period March 16, 2018 through June 16, 2020. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $120 million of indebtedness drawn under the Credit Agreement at the rate of 2.43% during this period. Under the terms of these transactions, we pay the fixed rate of 2.43% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2016 was 0.45%. The net effect is to fix the effective interest rate on $120 million of indebtedness at 2.43%, plus the applicable spread, during the swap period.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15 of the Notes to Consolidated Financial Statements. No cash collateral was received or pledged in relation to the swap agreements.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Under the Credit Agreement and Prudential Agreement, we are currently required to maintain a leverage ratio (as defined in the agreements) of not greater than 3.50 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">As of March 31, 2016, our leverage ratio, including the pro-forma effect of the acquisition, was 2.57 to 1.00 and our interest coverage ratio was 13.59 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash provided our leverage ratio would not exceed 3.50 to 1.00 after giving pro forma effect to the acquisition.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">&#160;</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">Indebtedness under each of the Prudential Agreement and the Credit Agreement is ranked equally in right of payment to all unsecured senior debt.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-right: 0; margin-bottom: 0; text-indent: 0.5in">We were in compliance with all debt covenants as of March 31, 2016.</p> Included in Interest expense. These accumulated other comprehensive income/ components are included in the computation of net periodic pension cost (see Note 4). Net of $4.6 million receivable floating leg and $9.6 million liability fixed leg Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg Original cost basis $0.5 million