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1. Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Risk Factors,” “Legal Proceedings,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” “Quantitative and Qualitative Disclosures about Market Risk” 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, 2018. Certain quarterly results for 2018 contained within this report have been revised to correct immaterial errors, as described in Note 24 of Item 8 in that same Annual Report on Form 10-K. Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date approach for transition as discussed in Note 3, Leases. Accounting policies have been applied consistently to periods presented, except for the application of ASC 842, as further described in Note 3.

Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Risk Factors,” “Legal Proceedings,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” “Quantitative and Qualitative Disclosures about Market Risk” 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, 2018. Certain quarterly results for 2018 contained within this report have been revised to correct immaterial errors, as described in Note 24 of Item 8 in that same Annual Report on Form 10-K. Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date approach for transition as discussed in Note 3, Leases. Accounting policies have been applied consistently to periods presented, except for the application of ASC 842, as further described in Note 3.

2. Reportable Segments In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The Machine Clothing (MC) segment designs and manufactures fabrics and process felts used in the manufacture of all grades of paper products and other industrial products. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. The Albany Engineered Composites (AEC) segment, including Albany Safran Composites, LLC (ASC), in which our customer SAFRAN Group (Safran) owns a 10 percent noncontrolling interest, is a designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. AEC net sales to Safran were $116.3 million and $88.4 million in the first six months of 2019 and 2018, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $91.1 million and $96.8 million as of June 30, 2019 and December 31, 2018, respectively. 7 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Net sales </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $155,016 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $161,784 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $299,349 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $303,557 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Albany Engineered Composites </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 118,933 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 93,590 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 225,972 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 175,420 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Consolidated total </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> $273,949 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> $255,374 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> $525,321 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> $478,977 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Operating income/(loss) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $49,538 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $50,315 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $93,781 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $77,258 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 17,732 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 4,092 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 27,254 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 6,366 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (13,045) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> (12,251) </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (26,717) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> (24,464) </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Operating income </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $54,225 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $42,156 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $94,318 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $59,160 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Reconciling items: </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Interest income </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> (587) </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> (438) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> (1,186) </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> (820) </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Interest expense </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 5,218 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 5,059 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 10,234 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 9,729 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other (income)/expense, net </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 930 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 726 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (278) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,178 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Income before income taxes </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $48,664 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $36,809 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $85,548 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $48,073 </td></tr></tbody> </table> The table below presents restructuring costs by reportable segment (also see Note 5): <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $935 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $1,800 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $1,336 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $10,152 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> (32) </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 558 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 51 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 779 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Total </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $899 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $2,589 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $1,383 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $11,162 </td></tr></tbody> </table> Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. In 2019, net adjustments to the estimated profitability of long-term contracts increased AEC operating income by $0.6 million in the first quarter, and $5.0 million in the second quarter. The amount recorded in the second quarter includes an immaterial out-of-period favorable adjustment of $1.8 million that the Company should have recorded in the first quarter of 2019. In 2018, net adjustments to the estimated profitability of long-term contracts had a negligible effect on AEC operating income in the first quarter, and reduced operating income by $1.6 million in the second quarter. We disaggregate revenue earned from contracts with customers for each of our business segments and reporting units based on the timing of revenue recognition, and groupings used for internal review purposes. 8 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The following table disaggregates revenue for each reporting unit by timing of revenue recognition: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the three months ended June 30, 2019 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $154,216 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $800 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $155,016 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 58,694 </td> <td style="width:11.875%; vertical-align:bottom; "> 58,694 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 9,897 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 50,342 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 60,239 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 9,897 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 109,036 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 118,933 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $164,113 </td> <td style="width:17.5%; vertical-align:bottom; "> $109,836 </td> <td style="width:11.875%; vertical-align:bottom; "> $273,949 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the six months ended June 30, 2019 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $297,749 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $1,600 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $299,349 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 114,137 </td> <td style="width:11.875%; vertical-align:bottom; "> 114,137 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16,142 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,693 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 111,835 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16,142 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 209,830 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 225,972 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $313,891 </td> <td style="width:17.5%; vertical-align:bottom; "> $211,430 </td> <td style="width:11.875%; vertical-align:bottom; "> $525,321 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the three months ended June 30, 2018 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $160,984 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $800 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $161,784 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 47,025 </td> <td style="width:11.875%; vertical-align:bottom; "> 47,025 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5,704 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 40,861 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 46,565 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5,704 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 87,886 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 93,590 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $166,688 </td> <td style="width:17.5%; vertical-align:bottom; "> $88,686 </td> <td style="width:11.875%; vertical-align:bottom; "> $255,374 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the six months ended June 30, 2018 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $301,957 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $1,600 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $303,557 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 87,806 </td> <td style="width:11.875%; vertical-align:bottom; "> 87,806 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 11,744 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 75,870 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 87,614 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 11,744 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 163,676 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 175,420 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $313,701 </td> <td style="width:17.5%; vertical-align:bottom; "> $165,276 </td> <td style="width:11.875%; vertical-align:bottom; "> $478,977 </td></tr></tbody> </table> 9 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:25%; vertical-align:bottom; "> For the three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:25%; vertical-align:bottom; "> For the six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:50%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:50%; vertical-align:bottom; "> Americas PMC </td> <td style="width:12.5%; vertical-align:bottom; "> $81,583 </td> <td style="width:12.5%; vertical-align:bottom; "> $82,197 </td> <td style="width:12.5%; vertical-align:bottom; "> $156,923 </td> <td style="width:12.5%; vertical-align:bottom; "> $149,826 </td> </tr> <tr class="even"> <td style="width:50%; vertical-align:bottom; "> Eurasia PMC </td> <td style="width:12.5%; vertical-align:bottom; "> 54,081 </td> <td style="width:12.5%; vertical-align:bottom; "> 59,543 </td> <td style="width:12.5%; vertical-align:bottom; "> 105,519 </td> <td style="width:12.5%; vertical-align:bottom; "> 113,354 </td> </tr> <tr class="odd"> <td style="width:50%; vertical-align:bottom; border-bottom:0.5pt solid; "> Engineered Fabrics </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 19,352 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 20,044 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 36,907 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 40,377 </td> </tr> <tr class="even"> <td style="width:50%; vertical-align:bottom; "> Total Machine Clothing Net sales </td> <td style="width:12.5%; vertical-align:bottom; "> $155,016 </td> <td style="width:12.5%; vertical-align:bottom; "> $161,784 </td> <td style="width:12.5%; vertical-align:bottom; "> $299,349 </td> <td style="width:12.5%; vertical-align:bottom; "> $303,557 </td></tr></tbody> </table> In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $112 million and $105 million as of June 30, 2019 and 2018, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of June 30, 2019 we expect to recognize as revenue approximately $64 million during 2019, with the remainder to be recognized in between 2020 and 2021. At the January 1, 2019 date of adoption of ASC 842, Leases, MC assets increased by $5.6 million, AEC assets increased by $0.5 million, and Corporate assets increased by $1.0 million. </div></div></div>

116300000

88400000

91100000

96800000

The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Net sales </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $155,016 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $161,784 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $299,349 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $303,557 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Albany Engineered Composites </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 118,933 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 93,590 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 225,972 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 175,420 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Consolidated total </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> $273,949 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> $255,374 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> $525,321 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> $478,977 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Operating income/(loss) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $49,538 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $50,315 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $93,781 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $77,258 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 17,732 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 4,092 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 27,254 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 6,366 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (13,045) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> (12,251) </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (26,717) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> (24,464) </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Operating income </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $54,225 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $42,156 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $94,318 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $59,160 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Reconciling items: </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Interest income </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> (587) </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> (438) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> (1,186) </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> (820) </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Interest expense </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 5,218 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 5,059 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 10,234 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 9,729 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other (income)/expense, net </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 930 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 726 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (278) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,178 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Income before income taxes </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $48,664 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $36,809 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $85,548 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $48,073 </td></tr></tbody> </table>

155016000

161784000

299349000

303557000

118933000

93590000

225972000

175420000

273949000

255374000

525321000

478977000

49538000

50315000

93781000

77258000

17732000

4092000

27254000

6366000

-13045000

-12251000

-26717000

-24464000

54225000

42156000

94318000

59160000

587000

438000

1186000

820000

5218000

5059000

10234000

9729000

-930000

-726000

278000

-2178000

48664000

36809000

85548000

48073000

The table below presents restructuring costs by reportable segment (also see Note 5): <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:22.727272727272727%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $935 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $1,800 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $1,336 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $10,152 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> (32) </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 558 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 51 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 779 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Total </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $899 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $2,589 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $1,383 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $11,162 </td></tr></tbody> </table>

935000

1800000

1336000

10152000

-32000

558000

51000

779000

-4000

231000

-4000

231000

899000

2589000

1383000

11162000

600000

50000000.0

1800000

1600000

The following table disaggregates revenue for each reporting unit by timing of revenue recognition: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the three months ended June 30, 2019 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $154,216 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $800 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $155,016 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 58,694 </td> <td style="width:11.875%; vertical-align:bottom; "> 58,694 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 9,897 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 50,342 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 60,239 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 9,897 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 109,036 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 118,933 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $164,113 </td> <td style="width:17.5%; vertical-align:bottom; "> $109,836 </td> <td style="width:11.875%; vertical-align:bottom; "> $273,949 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the six months ended June 30, 2019 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $297,749 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $1,600 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $299,349 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 114,137 </td> <td style="width:11.875%; vertical-align:bottom; "> 114,137 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16,142 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,693 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 111,835 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16,142 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 209,830 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 225,972 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $313,891 </td> <td style="width:17.5%; vertical-align:bottom; "> $211,430 </td> <td style="width:11.875%; vertical-align:bottom; "> $525,321 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the three months ended June 30, 2018 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $160,984 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $800 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $161,784 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 47,025 </td> <td style="width:11.875%; vertical-align:bottom; "> 47,025 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5,704 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 40,861 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 46,565 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5,704 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 87,886 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 93,590 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $166,688 </td> <td style="width:17.5%; vertical-align:bottom; "> $88,686 </td> <td style="width:11.875%; vertical-align:bottom; "> $255,374 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:36.25%; vertical-align:bottom; "> For the six months ended June 30, 2018 </td> <td style=""> </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Point in Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.5%; vertical-align:bottom; "> Over Time Revenue Recognition </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Machine Clothing </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $301,957 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> $1,600 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $303,557 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:17.5%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> ASC </td> <td style="width:17.5%; vertical-align:bottom; "> — </td> <td style="width:17.5%; vertical-align:bottom; "> 87,806 </td> <td style="width:11.875%; vertical-align:bottom; "> 87,806 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other AEC </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 11,744 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 75,870 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 87,614 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total Albany Engineered Composites </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 11,744 </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 163,676 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 175,420 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:17.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total revenue </td> <td style="width:17.5%; vertical-align:bottom; "> $313,701 </td> <td style="width:17.5%; vertical-align:bottom; "> $165,276 </td> <td style="width:11.875%; vertical-align:bottom; "> $478,977 </td></tr></tbody> </table>

154216000

800000

155016000

58694000

9897000

50342000

60239000

9897000

109036000

118933000

164113000

109836000

273949000

297749000

1600000

299349000

114137000

16142000

95693000

111835000

16142000

209830000

225972000

313891000

211430000

525321000

160984000

800000

161784000

47025000

5704000

40861000

46565000

5704000

87886000

93590000

166688000

88686000

255374000

301957000

1600000

303557000

87806000

11744000

75870000

87614000

11744000

163676000

175420000

313701000

165276000

478977000

The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:25%; vertical-align:bottom; "> For the three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:25%; vertical-align:bottom; "> For the six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:50%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:50%; vertical-align:bottom; "> Americas PMC </td> <td style="width:12.5%; vertical-align:bottom; "> $81,583 </td> <td style="width:12.5%; vertical-align:bottom; "> $82,197 </td> <td style="width:12.5%; vertical-align:bottom; "> $156,923 </td> <td style="width:12.5%; vertical-align:bottom; "> $149,826 </td> </tr> <tr class="even"> <td style="width:50%; vertical-align:bottom; "> Eurasia PMC </td> <td style="width:12.5%; vertical-align:bottom; "> 54,081 </td> <td style="width:12.5%; vertical-align:bottom; "> 59,543 </td> <td style="width:12.5%; vertical-align:bottom; "> 105,519 </td> <td style="width:12.5%; vertical-align:bottom; "> 113,354 </td> </tr> <tr class="odd"> <td style="width:50%; vertical-align:bottom; border-bottom:0.5pt solid; "> Engineered Fabrics </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 19,352 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 20,044 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 36,907 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 40,377 </td> </tr> <tr class="even"> <td style="width:50%; vertical-align:bottom; "> Total Machine Clothing Net sales </td> <td style="width:12.5%; vertical-align:bottom; "> $155,016 </td> <td style="width:12.5%; vertical-align:bottom; "> $161,784 </td> <td style="width:12.5%; vertical-align:bottom; "> $299,349 </td> <td style="width:12.5%; vertical-align:bottom; "> $303,557 </td></tr></tbody> </table>

81583000

82197000

156923000

149826000

54081000

59543000

105519000

113354000

19352000

20044000

36907000

40377000

155016000

161784000

299349000

303557000

11200000

10500000

6400000

5600000

500000

1000000.0

3. Leases Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 have not been restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2019. The new standard is intended to increase transparency and comparability among organizations by requiring the recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We applied the new accounting standard to leases existing at the date of initial application on January 1, 2019. We elected the available package of practical expedients, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We implemented processes and internal controls to enable the preparation of financial information on adoption. The most significant impact resulting from the adoption of the new standard was the recognition of ROU assets and lease liabilities for operating leases on our balance sheet for our real estate and automobile operating leases, in addition to the derecognition and reassessment of assets and liabilities related to our primary manufacturing facility in Salt Lake City, Utah (SLC lease), which had been accounted for as a build-to-suit lease with a failed sale leaseback. For that lease, transitional guidance required the derecognition of existing assets and liabilities and a reassessment of lease classification. We determined that the lease met the criteria for recording as a finance lease and we determined the January 1, 2019 values of the ROU asset and lease liability on the basis of that reassessment. The change in the SLC lease-related assets and liabilities resulted in a $0.3 million pre-tax reduction to retained earnings at the date of adoption. 10 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases: ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEET (in thousands, except share data) (unaudited) <table style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.785416666666666%; vertical-align:bottom; "> As previously reported at December 31, 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.785416666666666%; vertical-align:bottom; "> Adjustments Increase/ (decrease) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Opening balance, as adjusted, January 1, 2019 </td> </tr> </thead> <tbody> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> ASSETS </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Cash and cash equivalents </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $197,755 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $— </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> $197,755 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accounts receivable, net </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 223,176 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 223,176 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Contract assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 57,447 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 57,447 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Inventories </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 85,904 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 85,904 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Income taxes prepaid and receivable </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 7,473 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 7,473 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Prepaid expenses and other current assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 21,294 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> (370) </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 20,924 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total current assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 593,049 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (370) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 592,679 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Property, plant and equipment, net </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 462,055 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (6,144) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 455,911 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Intangibles, net </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 49,206 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 49,206 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Goodwill </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 164,382 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 164,382 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Deferred income taxes </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 62,622 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (20) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 62,602 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Noncurrent receivables </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 45,061 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 45,061 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Other assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 41,617 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 13,615 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 55,232 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,417,992 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $7,081 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,425,073 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> LIABILITIES AND SHAREHOLDERS' EQUITY </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Notes and loans payable </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $— </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $— </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> $— </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accounts payable </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 52,246 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 52,246 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accrued liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 129,030 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 4,964 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 133,994 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Current maturities of long-term debt </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 1,224 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (1,206) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 18 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Income taxes payable </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 6,806 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 6,806 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total current liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 189,306 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 3,758 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 193,064 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Long-term debt </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 523,707 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (24,680) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 499,027 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Other noncurrent liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 88,277 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 27,968 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 116,245 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Deferred taxes and other liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,422 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,422 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 809,712 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 7,046 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 816,758 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> SHAREHOLDERS' EQUITY </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> — </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 37 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 37 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 3 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Additional paid in capital </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 430,555 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 430,555 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Retained earnings </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 589,645 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 35 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 589,680 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accumulated items of other comprehensive income: </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Translation adjustments </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (115,976) </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> (115,976) </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (47,109) </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> (47,109) </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Derivative valuation adjustment </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 4,697 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 4,697 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> (256,603) </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> (256,603) </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total Company shareholders' equity </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 605,249 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 35 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 605,284 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Noncontrolling interest </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,031 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,031 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total equity </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 608,280 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 35 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 608,315 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total liabilities and shareholders' equity </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,417,992 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $7,081 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,425,073 </td></tr></tbody> </table> 11 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> Adoption of the standard had no impact to cash from or used in operating, investing, or financing activities in our Consolidated Statements of Cash Flows. Significant changes to our accounting policies as a result of adopting the new standard are discussed below. We determine if an arrangement is a lease at inception. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether: • The contract involves the use of an identified asset. This may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset, • The lessee has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and • The lessee has the right to direct the use of the asset, which is demonstrated when the lessee has decision-making rights that are most relevant to changing how and for what purpose the asset is used. Judgement is required in the application of ASC 842, including the determination of whether a contract contains a lease, the appropriate classification, allocation of consideration, and the determination of the discount rate for the lease. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. We are generally the lessee in our lease transactions. For periods ending after December 31, 2018, lessees are required to recognize a lease liability and an ROU asset for leases with terms greater than 12 months, in accordance with the practical expedient that is available for ongoing accounting. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term, using the rate implicit in the lease. If that rate is not readily determinable, the rate is based on the Company’s incremental borrowing rate. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. Our ROU assets include the values associated with the additional periods when it is reasonably certain that we will exercise the option. We review the carrying value of ROU assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. We have lease agreements with lease and non-lease components. For most leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain leases, such as for vehicles, we apply a portfolio approach. New leases will be classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement. Operating lease ROU assets are included in Other assets in the Consolidated Balance Sheets and Operating lease liabilities are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Finance lease ROU assets are included in Property, plant, and equipment, net in the Consolidated Balance Sheets and Finance lease liabilities are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. We have operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 11 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. 12 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The components of lease expense were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:60%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the three months ended June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the six months ended June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Finance lease </td> <td style="width:20%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Amortization of right-of-use asset </td> <td style="width:20%; vertical-align:bottom; "> $246 </td> <td style="width:20%; vertical-align:bottom; "> $499 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Interest on lease liabilities </td> <td style="width:20%; vertical-align:bottom; "> 394 </td> <td style="width:20%; vertical-align:bottom; "> 793 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Operating lease </td> <td style="width:20%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Fixed lease cost </td> <td style="width:20%; vertical-align:bottom; "> 1,208 </td> <td style="width:20%; vertical-align:bottom; "> 2,425 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Variable lease cost </td> <td style="width:20%; vertical-align:bottom; "> 147 </td> <td style="width:20%; vertical-align:bottom; "> 204 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; border-bottom:0.5pt solid; "> Short-term lease cost </td> <td style="width:20%; vertical-align:bottom; border-bottom:0.5pt solid; "> 340 </td> <td style="width:20%; vertical-align:bottom; border-bottom:0.5pt solid; "> 672 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Total lease expense </td> <td style="width:20%; vertical-align:bottom; "> $2,335 </td> <td style="width:20%; vertical-align:bottom; "> $4,593 </td></tr></tbody> </table> Lease expense for the three and six month periods ended June 30, 2018 was $1.9 million and $4.0 million, respectively. Supplemental cash flow information related to leases was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:60%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the three months ended June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the six months ended June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td colspan="2" style="width:80%; vertical-align:bottom; "> Cash paid for amounts included in the measurement of lease liabilities: </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Operating cash flows from operating leases </td> <td style="width:20%; vertical-align:bottom; "> $1,182 </td> <td style="width:20%; vertical-align:bottom; "> $2,373 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Operating cash flows from finance leases </td> <td style="width:20%; vertical-align:bottom; "> 394 </td> <td style="width:20%; vertical-align:bottom; "> 793 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Financing cash flows from finance leases </td> <td style="width:20%; vertical-align:bottom; "> 178 </td> <td style="width:20%; vertical-align:bottom; "> 578 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td colspan="2" style="width:80%; vertical-align:bottom; "> Right-of-use assets obtained in exchange for lease obligations: </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Operating leases </td> <td style="width:20%; vertical-align:bottom; "> $2,590 </td> <td style="width:20%; vertical-align:bottom; "> $3,002 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Finance leases </td> <td style="width:20%; vertical-align:bottom; "> — </td> <td style="width:20%; vertical-align:bottom; "> — </td></tr></tbody> </table> The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is excluded from amounts reported in the Consolidated Statements of Cash Flows. Supplemental balance sheet information related to leases was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 2pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:73.48484848484848%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.484848484848484%; vertical-align:bottom; "> June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Operating leases </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Right of use assets included in Other assets </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> $14,443 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Lease liabilities included in </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Accrued liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> $3,854 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other noncurrent liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> 10,637 </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total operating lease liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> $14,491 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Finance leases </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Right of use assets included in Property, plant and equipment, net </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> $10,472 </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Lease liabilities included in </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Accrued liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> $1,252 </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other noncurrent liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> 18,235 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Total finance lease liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> $19,487 </td></tr></tbody> </table> 13 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> Additional information for leases existing at June 30, 2019 was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <tbody> <tr class="odd"> <td style="width:75%; vertical-align:bottom; "> Weighted average remaining lease term </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:75%; vertical-align:bottom; "> Operating leases </td> <td style="width:25%; vertical-align:bottom; "> 5 years </td> </tr> <tr class="odd"> <td style="width:75%; vertical-align:bottom; "> Finance leases </td> <td style="width:25%; vertical-align:bottom; "> 11 years </td> </tr> <tr class="even"> <td style="width:75%; vertical-align:bottom; "> Weighted average discount rate </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:75%; vertical-align:bottom; "> Operating leases </td> <td style="width:25%; vertical-align:bottom; "> 5.6% </td> </tr> <tr class="even"> <td style="width:75%; vertical-align:bottom; "> Finance leases </td> <td style="width:25%; vertical-align:bottom; "> 8.0% </td></tr></tbody> </table> Maturities of lease liabilities as of June 30, 2019 were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 2pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:65.15151515151516%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> Operating leases </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.151515151515152%; vertical-align:bottom; "> Finance lease </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> Year ending December 31, </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2019 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $2,317 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> $1,371 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2020 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 4,496 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 2,790 </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2021 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 3,304 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 2,790 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2022 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 2,271 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 2,838 </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2023 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 1,495 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 3,004 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; border-bottom:0.5pt solid; "> Thereafter </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,054 </td> <td style="width:15.151515151515152%; vertical-align:bottom; border-bottom:0.5pt solid; "> 15,512 </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> Total lease payments </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 16,937 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 28,305 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less imputed interest </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> (2,446) </td> <td style="width:15.151515151515152%; vertical-align:bottom; border-bottom:0.5pt solid; "> (8,818) </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> Total </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $ 14,491 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> $ 19,487 </td></tr></tbody> </table> The finance lease liability includes the SLC lease described above, but excludes additional manufacturing space that was included in the September 2018 modification of that lease. We expect to take control of the additional space during the fourth quarter of 2019, which would be the commencement of this lease component, at which time the lease liability and ROU asset will be recorded. We will have control of the additional space through 2029 and the additional space will increase gross cash outflows during that period by $6.1 million. As of December 31, 2018, future rental payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year, were: 2019, $4.6 million; 2020, $3.2 million; 2021, $2.1 million; 2022, $1.5 million; and 2023 and thereafter, $6.5 million. As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 2pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:78.48484848484848%; vertical-align:bottom; "> </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:18.484848484848484%; vertical-align:bottom; "> (in thousands) </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> Year ending December 31, </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2019 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> $2,451 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2020 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 2,974 </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2021 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 2,990 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2022 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 3,054 </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2023 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 3,277 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Thereafter </td> <td style="width:18.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> 18,930 </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> Total minimum payments </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 33,676 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less imputed interest </td> <td style="width:18.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> (7,790) </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> Total </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> $ 25,886 </td></tr></tbody> </table> As of December 31, 2018, the capitalized value associated with the SLC lease was included in Property, plant, and equipment, net at a value of $17.3 million, which included a gross cost of $20.8 million, and Accumulated depreciation of $3.5 million. </div></div></div></div>

3000

The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases: ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEET (in thousands, except share data) (unaudited) <table style="border-collapse: collapse;margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.785416666666666%; vertical-align:bottom; "> As previously reported at December 31, 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.785416666666666%; vertical-align:bottom; "> Adjustments Increase/ (decrease) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Opening balance, as adjusted, January 1, 2019 </td> </tr> </thead> <tbody> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> ASSETS </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Cash and cash equivalents </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $197,755 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $— </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> $197,755 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accounts receivable, net </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 223,176 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 223,176 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Contract assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 57,447 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 57,447 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Inventories </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 85,904 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 85,904 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Income taxes prepaid and receivable </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 7,473 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 7,473 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Prepaid expenses and other current assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 21,294 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> (370) </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 20,924 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total current assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 593,049 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (370) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 592,679 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Property, plant and equipment, net </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 462,055 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (6,144) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 455,911 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Intangibles, net </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 49,206 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 49,206 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Goodwill </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 164,382 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 164,382 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Deferred income taxes </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 62,622 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (20) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 62,602 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Noncurrent receivables </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 45,061 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 45,061 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Other assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 41,617 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 13,615 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 55,232 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total assets </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,417,992 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $7,081 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,425,073 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> LIABILITIES AND SHAREHOLDERS' EQUITY </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Notes and loans payable </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $— </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> $— </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> $— </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accounts payable </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 52,246 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 52,246 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accrued liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 129,030 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 4,964 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 133,994 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Current maturities of long-term debt </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 1,224 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (1,206) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 18 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Income taxes payable </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 6,806 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 6,806 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total current liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 189,306 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 3,758 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 193,064 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Long-term debt </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 523,707 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (24,680) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 499,027 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Other noncurrent liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 88,277 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 27,968 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 116,245 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Deferred taxes and other liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,422 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,422 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total liabilities </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 809,712 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 7,046 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 816,758 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> SHAREHOLDERS' EQUITY </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> — </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 37 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 37 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 3 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Additional paid in capital </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 430,555 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 430,555 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Retained earnings </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 589,645 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 35 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 589,680 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Accumulated items of other comprehensive income: </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Translation adjustments </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (115,976) </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> (115,976) </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> (47,109) </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> (47,109) </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Derivative valuation adjustment </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 4,697 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 4,697 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> (256,603) </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> (256,603) </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total Company shareholders' equity </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 605,249 </td> <td style="width:11.785416666666666%; vertical-align:bottom; "> 35 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 605,284 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Noncontrolling interest </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,031 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,031 </td> </tr> <tr class="even"> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total equity </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 608,280 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 35 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 608,315 </td> </tr> <tr style="background-color: #BFBFBF; "> <td style="width:55.89375000000001%; vertical-align:bottom; "> Total liabilities and shareholders' equity </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,417,992 </td> <td style="width:11.785416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $7,081 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:3.5px double;"> $1,425,073 </td></tr></tbody> </table>

197755000

223176000

57447000

85904000

7473000

21294000

-370000

20924000

593049000

-370000

592679000

462055000

-6144000

455911000

49206000

164382000

62622000

-20000

62602000

45061000

41617000

13615000

55232000

1417992000

7081000

1425073000

52246000

129030000

4964000

133994000

1224000

-1206000

18000

6806000

189306000

3758000

193064000

523707000

-24680000

499027000

88277000

27968000

116245000

8422000

809712000

7046000

816758000

37000

3000

430555000

589645000

35000

589680000

-115976000

47109000

4697000

256603000

605249000

35000

605284000

3031000

608280000

35000

608315000

1417992000

7081000

1425073000

P1Y P11Y

P10Y

P1Y

The components of lease expense were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:60%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the three months ended June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the six months ended June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Finance lease </td> <td style="width:20%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Amortization of right-of-use asset </td> <td style="width:20%; vertical-align:bottom; "> $246 </td> <td style="width:20%; vertical-align:bottom; "> $499 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Interest on lease liabilities </td> <td style="width:20%; vertical-align:bottom; "> 394 </td> <td style="width:20%; vertical-align:bottom; "> 793 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Operating lease </td> <td style="width:20%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Fixed lease cost </td> <td style="width:20%; vertical-align:bottom; "> 1,208 </td> <td style="width:20%; vertical-align:bottom; "> 2,425 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Variable lease cost </td> <td style="width:20%; vertical-align:bottom; "> 147 </td> <td style="width:20%; vertical-align:bottom; "> 204 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; border-bottom:0.5pt solid; "> Short-term lease cost </td> <td style="width:20%; vertical-align:bottom; border-bottom:0.5pt solid; "> 340 </td> <td style="width:20%; vertical-align:bottom; border-bottom:0.5pt solid; "> 672 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Total lease expense </td> <td style="width:20%; vertical-align:bottom; "> $2,335 </td> <td style="width:20%; vertical-align:bottom; "> $4,593 </td></tr></tbody> </table>

246000

499000

394000

793000

1208000

2425000

147000

204000

340000

672000

2335000

4593000

19000

40000.0

Supplemental cash flow information related to leases was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:60%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the three months ended June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:20%; vertical-align:bottom; "> For the six months ended June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td colspan="2" style="width:80%; vertical-align:bottom; "> Cash paid for amounts included in the measurement of lease liabilities: </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Operating cash flows from operating leases </td> <td style="width:20%; vertical-align:bottom; "> $1,182 </td> <td style="width:20%; vertical-align:bottom; "> $2,373 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Operating cash flows from finance leases </td> <td style="width:20%; vertical-align:bottom; "> 394 </td> <td style="width:20%; vertical-align:bottom; "> 793 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Financing cash flows from finance leases </td> <td style="width:20%; vertical-align:bottom; "> 178 </td> <td style="width:20%; vertical-align:bottom; "> 578 </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td colspan="2" style="width:80%; vertical-align:bottom; "> Right-of-use assets obtained in exchange for lease obligations: </td> <td style="width:20%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Operating leases </td> <td style="width:20%; vertical-align:bottom; "> $2,590 </td> <td style="width:20%; vertical-align:bottom; "> $3,002 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Finance leases </td> <td style="width:20%; vertical-align:bottom; "> — </td> <td style="width:20%; vertical-align:bottom; "> — </td></tr></tbody> </table>

1182000

2373000

394000

793000

178000

578000

2590000

3002000

Supplemental balance sheet information related to leases was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 2pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:73.48484848484848%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.484848484848484%; vertical-align:bottom; "> June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Operating leases </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Right of use assets included in Other assets </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> $14,443 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Lease liabilities included in </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Accrued liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> $3,854 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other noncurrent liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> 10,637 </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Total operating lease liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> $14,491 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Finance leases </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Right of use assets included in Property, plant and equipment, net </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> $10,472 </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Lease liabilities included in </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Accrued liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> $1,252 </td> </tr> <tr class="odd"> <td style="width:73.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other noncurrent liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> 18,235 </td> </tr> <tr class="even"> <td style="width:73.48484848484848%; vertical-align:bottom; "> Total finance lease liabilities </td> <td style="width:23.484848484848484%; vertical-align:bottom; "> $19,487 </td></tr></tbody> </table>

14443000

3854000

10637000

14491000

10472000

1252000

18235000

19487000

Additional information for leases existing at June 30, 2019 was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <tbody> <tr class="odd"> <td style="width:75%; vertical-align:bottom; "> Weighted average remaining lease term </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:75%; vertical-align:bottom; "> Operating leases </td> <td style="width:25%; vertical-align:bottom; "> 5 years </td> </tr> <tr class="odd"> <td style="width:75%; vertical-align:bottom; "> Finance leases </td> <td style="width:25%; vertical-align:bottom; "> 11 years </td> </tr> <tr class="even"> <td style="width:75%; vertical-align:bottom; "> Weighted average discount rate </td> <td style="width:25%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:75%; vertical-align:bottom; "> Operating leases </td> <td style="width:25%; vertical-align:bottom; "> 5.6% </td> </tr> <tr class="even"> <td style="width:75%; vertical-align:bottom; "> Finance leases </td> <td style="width:25%; vertical-align:bottom; "> 8.0% </td></tr></tbody> </table>

P5Y

P11Y

0.056

0.080

Maturities of lease liabilities as of June 30, 2019 were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 2pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:65.15151515151516%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> Operating leases </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.151515151515152%; vertical-align:bottom; "> Finance lease </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> Year ending December 31, </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2019 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $2,317 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> $1,371 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2020 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 4,496 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 2,790 </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2021 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 3,304 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 2,790 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2022 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 2,271 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 2,838 </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> 2023 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 1,495 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 3,004 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; border-bottom:0.5pt solid; "> Thereafter </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,054 </td> <td style="width:15.151515151515152%; vertical-align:bottom; border-bottom:0.5pt solid; "> 15,512 </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; "> Total lease payments </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 16,937 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> 28,305 </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:65.15151515151516%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less imputed interest </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> (2,446) </td> <td style="width:15.151515151515152%; vertical-align:bottom; border-bottom:0.5pt solid; "> (8,818) </td> </tr> <tr class="odd"> <td style="width:65.15151515151516%; vertical-align:bottom; "> Total </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $ 14,491 </td> <td style="width:15.151515151515152%; vertical-align:bottom; "> $ 19,487 </td></tr></tbody> </table>

2317000

1371000

4496000

2790000

3304000

2790000

2271000

2838000

1495000

3004000

3054000

15512000

16937000

28305000

2446000

8818000

14491000

19487000

61000

46000

32000

21000

15000

65000

As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 2pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:78.48484848484848%; vertical-align:bottom; "> </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:18.484848484848484%; vertical-align:bottom; "> (in thousands) </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> Year ending December 31, </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2019 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> $2,451 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2020 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 2,974 </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2021 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 2,990 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2022 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 3,054 </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> 2023 </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 3,277 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Thereafter </td> <td style="width:18.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> 18,930 </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; "> Total minimum payments </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> 33,676 </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:78.48484848484848%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less imputed interest </td> <td style="width:18.484848484848484%; vertical-align:bottom; border-bottom:0.5pt solid; "> (7,790) </td> </tr> <tr class="odd"> <td style="width:78.48484848484848%; vertical-align:bottom; "> Total </td> <td style="width:18.484848484848484%; vertical-align:bottom; "> $ 25,886 </td></tr></tbody> </table>

2451000

2974000

2990000

3054000

3277000

18930000

33676000

7790000

25886000

173000

208000

35000

4. Pensions and Other Postretirement Benefit Plans Pension Plans 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 benefits accrued under this plan have been frozen since February 2009. 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 ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location. Other Postretirement Benefits The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plans as claims are paid. The composition of the net periodic benefit cost for the six months ended June 30, 2019 and 2018, was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Pension plans </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Other postretirement benefits </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Components of net periodic benefit cost: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Service cost </td> <td style="width:11.25%; vertical-align:bottom; "> $1,261 </td> <td style="width:11.25%; vertical-align:bottom; "> $1,391 </td> <td style="width:11.25%; vertical-align:bottom; "> $95 </td> <td style="width:11.875%; vertical-align:bottom; "> $116 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Interest cost </td> <td style="width:11.25%; vertical-align:bottom; "> 3,578 </td> <td style="width:11.25%; vertical-align:bottom; "> 3,621 </td> <td style="width:11.25%; vertical-align:bottom; "> 1,057 </td> <td style="width:11.875%; vertical-align:bottom; "> 1,013 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Expected return on assets </td> <td style="width:11.25%; vertical-align:bottom; "> (4,102) </td> <td style="width:11.25%; vertical-align:bottom; "> (4,470) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Curtailment gain </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (518) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Amortization of prior service cost/(credit) </td> <td style="width:11.25%; vertical-align:bottom; "> 34 </td> <td style="width:11.25%; vertical-align:bottom; "> 17 </td> <td style="width:11.25%; vertical-align:bottom; "> (2,244) </td> <td style="width:11.875%; vertical-align:bottom; "> (2,244) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortization of net actuarial loss </td> <td style="width:11.25%; vertical-align:bottom; "> 1,125 </td> <td style="width:11.25%; vertical-align:bottom; "> 1,110 </td> <td style="width:11.25%; vertical-align:bottom; "> 1,114 </td> <td style="width:11.875%; vertical-align:bottom; "> 1,478 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Net periodic benefit cost </td> <td style="width:11.25%; vertical-align:bottom; "> $1,896 </td> <td style="width:11.25%; vertical-align:bottom; "> $1,151 </td> <td style="width:11.25%; vertical-align:bottom; "> $22 </td> <td style="width:11.875%; vertical-align:bottom; "> $363 </td></tr></tbody> </table> The amount of net periodic pension cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement occurs. There were no such events in the first six months of 2019 or 2018. Service cost for defined benefit pension and postretirement plans are reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are presented in the income statement separately from the service cost component and outside a subtotal of income from operations, in the line item Other (income)/expense, net in the Consolidated Statements of Income.

The composition of the net periodic benefit cost for the six months ended June 30, 2019 and 2018, was as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Pension plans </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Other postretirement benefits </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Components of net periodic benefit cost: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Service cost </td> <td style="width:11.25%; vertical-align:bottom; "> $1,261 </td> <td style="width:11.25%; vertical-align:bottom; "> $1,391 </td> <td style="width:11.25%; vertical-align:bottom; "> $95 </td> <td style="width:11.875%; vertical-align:bottom; "> $116 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Interest cost </td> <td style="width:11.25%; vertical-align:bottom; "> 3,578 </td> <td style="width:11.25%; vertical-align:bottom; "> 3,621 </td> <td style="width:11.25%; vertical-align:bottom; "> 1,057 </td> <td style="width:11.875%; vertical-align:bottom; "> 1,013 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Expected return on assets </td> <td style="width:11.25%; vertical-align:bottom; "> (4,102) </td> <td style="width:11.25%; vertical-align:bottom; "> (4,470) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Curtailment gain </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (518) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Amortization of prior service cost/(credit) </td> <td style="width:11.25%; vertical-align:bottom; "> 34 </td> <td style="width:11.25%; vertical-align:bottom; "> 17 </td> <td style="width:11.25%; vertical-align:bottom; "> (2,244) </td> <td style="width:11.875%; vertical-align:bottom; "> (2,244) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortization of net actuarial loss </td> <td style="width:11.25%; vertical-align:bottom; "> 1,125 </td> <td style="width:11.25%; vertical-align:bottom; "> 1,110 </td> <td style="width:11.25%; vertical-align:bottom; "> 1,114 </td> <td style="width:11.875%; vertical-align:bottom; "> 1,478 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Net periodic benefit cost </td> <td style="width:11.25%; vertical-align:bottom; "> $1,896 </td> <td style="width:11.25%; vertical-align:bottom; "> $1,151 </td> <td style="width:11.25%; vertical-align:bottom; "> $22 </td> <td style="width:11.875%; vertical-align:bottom; "> $363 </td></tr></tbody> </table>

1261000

1391000

95000

116000

3578000

3621000

1057000

1013000

4102000

4470000

518000

34000

17000

-2244000

-1125000

-1110000

-1114000

-1478000

1896000

1151000

22000

363000

5. Restructuring MC restructuring charges include expenses for the first six months of 2019 and 2018 principally related to discontinued operations at its MC production facility in Sélestat, France. In 2018, the plan was approved by the French Labor Ministry which led to restructuring expense of $8.6 million in the first six months of 2018 for severance and outplacement costs for the approximately 50 positions that were terminated under this plan. In the first six months of 2019, restructuring charges were $0.8 million. Since 2017, we have recorded $12.5 million of restructuring charges related to this action. AEC restructuring charges include expenses for the first six months of 2019 and 2018 related to work force reductions in AEC locations in Salt Lake City, Utah and Rochester, New Hampshire. 15 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:25%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:25%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:50%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.5%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:50%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:12.5%; vertical-align:bottom; "> $935 </td> <td style="width:12.5%; vertical-align:bottom; "> $1,800 </td> <td style="width:12.5%; vertical-align:bottom; "> $1,336 </td> <td style="width:12.5%; vertical-align:bottom; "> $10,152 </td> </tr> <tr class="even"> <td style="width:50%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:12.5%; vertical-align:bottom; "> (32) </td> <td style="width:12.5%; vertical-align:bottom; "> 558 </td> <td style="width:12.5%; vertical-align:bottom; "> 51 </td> <td style="width:12.5%; vertical-align:bottom; "> 779 </td> </tr> <tr class="odd"> <td style="width:50%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:12.5%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> </tr> <tr class="even"> <td style="width:50%; vertical-align:bottom; "> Total </td> <td style="width:12.5%; vertical-align:bottom; "> $899 </td> <td style="width:12.5%; vertical-align:bottom; "> $2,589 </td> <td style="width:12.5%; vertical-align:bottom; "> $1,383 </td> <td style="width:12.5%; vertical-align:bottom; "> $11,162 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:60%; vertical-align:bottom; "> Six months ended June 30, 2019 (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15%; vertical-align:bottom; "> Total restructuring costs incurred </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15%; vertical-align:bottom; "> Termination and other costs </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10%; vertical-align:bottom; "> Impairment of assets </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:60%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:15%; vertical-align:bottom; "> $1,336 </td> <td style="width:15%; vertical-align:bottom; "> $1,309 </td> <td style="width:10%; vertical-align:bottom; "> $27 </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:15%; vertical-align:bottom; "> 51 </td> <td style="width:15%; vertical-align:bottom; "> 51 </td> <td style="width:10%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:60%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> </tr> <tr class="even"> <td style="width:60%; vertical-align:bottom; "> Total </td> <td style="width:15%; vertical-align:bottom; "> $1,383 </td> <td style="width:15%; vertical-align:bottom; "> $1,356 </td> <td style="width:10%; vertical-align:bottom; "> $27 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.66666666666666%; vertical-align:bottom; "> Six months ended June 30, 2018 (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.666666666666664%; vertical-align:bottom; "> Total restructuring costs incurred </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.666666666666664%; vertical-align:bottom; "> Termination and other costs </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Machine Clothing </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $10,152 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $10,152 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Albany Engineered Composites </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> 779 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> 779 </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Corporate expenses </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 231 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Total </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $11,162 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $11,162 </td></tr></tbody> </table> We expect that approximately $2.3 million of Accrued liabilities for restructuring at June 30, 2019 will be paid within one year and approximately $1.2 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2019 and 2018, all of which related to termination costs: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:30.954166666666673%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> December 31, 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> Restructuring charges accrued </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Payments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Currency translation /other </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.164583333333335%; vertical-align:bottom; "> June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:30.954166666666673%; vertical-align:bottom; "> Total termination and other costs </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $5,570 </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $1,356 </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(3,129) </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(290) </td> <td style="width:15.164583333333335%; vertical-align:bottom; "> $3,507 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:30.954166666666673%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> December 31, 2017 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> Restructuring charges accrued </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Payments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Currency translation/ other </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.164583333333335%; vertical-align:bottom; "> June 30, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:30.954166666666673%; vertical-align:bottom; "> Total termination and other costs </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $3,326 </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $11,162 </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(5,323) </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(378) </td> <td style="width:15.164583333333335%; vertical-align:bottom; "> $8,787 </td></tr></tbody> </table></div>

860000

80000

1250000

935000

1800000

1336000

10152000

-32000

558000

51000

779000

-4000

231000

-4000

231000

899000

2589000

1383000

11162000

1336000

1309000

27000

51000

-4000

1383000

1356000

27000

10152000

779000

231000

11162000

230000

120000

<table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:30.954166666666673%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> December 31, 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> Restructuring charges accrued </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Payments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Currency translation /other </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.164583333333335%; vertical-align:bottom; "> June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:30.954166666666673%; vertical-align:bottom; "> Total termination and other costs </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $5,570 </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $1,356 </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(3,129) </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(290) </td> <td style="width:15.164583333333335%; vertical-align:bottom; "> $3,507 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:30.954166666666673%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> December 31, 2017 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.539583333333333%; vertical-align:bottom; "> Restructuring charges accrued </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Payments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.277083333333334%; vertical-align:bottom; "> Currency translation/ other </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.164583333333335%; vertical-align:bottom; "> June 30, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:30.954166666666673%; vertical-align:bottom; "> Total termination and other costs </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $3,326 </td> <td style="width:14.539583333333333%; vertical-align:bottom; "> $11,162 </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(5,323) </td> <td style="width:9.277083333333334%; vertical-align:bottom; "> $(378) </td> <td style="width:15.164583333333335%; vertical-align:bottom; "> $8,787 </td></tr></tbody> </table>

5570000

1356000

3129000

-290000

3507000

3326000

11162000

5323000

-378000

8787000

6. Other (Income)/Expense, net The components of Other (Income)/Expense, net are: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:27.27272727272727%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:18.181818181818183%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Currency transaction (gains)/losses </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $342 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $(9) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $(1,696) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $681 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Bank fees and amortization of debt issuance costs </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 72 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 96 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 181 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 204 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Components of net periodic pension and postretirement cost other than service </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 281 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 259 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 562 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 525 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 235 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 380 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 675 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 768 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Total </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $930 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $726 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $(278) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $2,178 </td></tr></tbody> </table>

The components of Other (Income)/Expense, net are: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:27.27272727272727%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:18.181818181818183%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Currency transaction (gains)/losses </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $342 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $(9) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $(1,696) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $681 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Bank fees and amortization of debt issuance costs </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 72 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 96 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 181 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 204 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Components of net periodic pension and postretirement cost other than service </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 281 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> 259 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 562 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> 525 </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 235 </td> <td style="width:13.636363636363635%; vertical-align:bottom; border-bottom:0.5pt solid; "> 380 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 675 </td> <td style="width:9.090909090909092%; vertical-align:bottom; border-bottom:0.5pt solid; "> 768 </td> </tr> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Total </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $930 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $726 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $(278) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $2,178 </td></tr></tbody> </table>

-342000 9000 1696000 -681000 72000 96000 181000 204000 281000 259000 562000 525000 -235000 -380000 -675000 -768000

-930000

-726000

278000

-2178000

7. Income Taxes The following table presents components of income tax expense for the three and six months ended June 30, 2019 and 2018: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands, except percentages) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Income tax based on income from continuing operations, at estimated tax rates of 28.4% and 30.1%, respectively </td> <td style="width:11.25%; vertical-align:bottom; "> $13,821 </td> <td style="width:11.25%; vertical-align:bottom; "> $11,080 </td> <td style="width:11.25%; vertical-align:bottom; "> $24,668 </td> <td style="width:11.875%; vertical-align:bottom; "> $14,736 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> provision for change in estimated tax rate </td> <td style="width:11.25%; vertical-align:bottom; "> (382) </td> <td style="width:11.25%; vertical-align:bottom; "> (266) </td> <td style="width:11.25%; vertical-align:bottom; "> (382) </td> <td style="width:11.875%; vertical-align:bottom; "> (266) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Income tax before discrete items </td> <td style="width:11.25%; vertical-align:bottom; "> 13,439 </td> <td style="width:11.25%; vertical-align:bottom; "> 10,814 </td> <td style="width:11.25%; vertical-align:bottom; "> 24,286 </td> <td style="width:11.875%; vertical-align:bottom; "> 14,470 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Discrete tax expense: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Exercise of U.S. Stock Options </td> <td style="width:11.25%; vertical-align:bottom; "> (6) </td> <td style="width:11.25%; vertical-align:bottom; "> (3) </td> <td style="width:11.25%; vertical-align:bottom; "> (56) </td> <td style="width:11.875%; vertical-align:bottom; "> (126) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Impact of Mandatory Repatriation </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (1,099) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> (1,099) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Adjustments to prior period tax liabilities </td> <td style="width:11.25%; vertical-align:bottom; "> 153 </td> <td style="width:11.25%; vertical-align:bottom; "> (206) </td> <td style="width:11.25%; vertical-align:bottom; "> 347 </td> <td style="width:11.875%; vertical-align:bottom; "> (252) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Provision for/resolution of tax audits and contingencies, net </td> <td style="width:11.25%; vertical-align:bottom; "> 5 </td> <td style="width:11.25%; vertical-align:bottom; "> 2,443 </td> <td style="width:11.25%; vertical-align:bottom; "> (2,227) </td> <td style="width:11.875%; vertical-align:bottom; "> 2,448 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Adjustment related to prior period change in opening valuation allowance </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (1,346) </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other changes in valuation allowances </td> <td style="width:11.25%; vertical-align:bottom; "> 841 </td> <td style="width:11.25%; vertical-align:bottom; "> (4,986) </td> <td style="width:11.25%; vertical-align:bottom; "> 841 </td> <td style="width:11.875%; vertical-align:bottom; "> (4,986) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (27) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 36 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> (124) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total income tax expense </td> <td style="width:11.25%; vertical-align:bottom; "> $14,405 </td> <td style="width:11.25%; vertical-align:bottom; "> $6,966 </td> <td style="width:11.25%; vertical-align:bottom; "> $21,881 </td> <td style="width:11.875%; vertical-align:bottom; "> $10,331 </td></tr></tbody> </table> The second-quarter estimated annual effective tax rate on continuing operations was 28.4 percent in 2019, compared to 30.1 percent for the same period in 2018. Income tax expense for the quarter was computed in accordance with ASC 740-270 “Income Taxes – Interim Reporting”. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter. The Company’s tax rate is affected by recurring items such as the income tax rate in the U.S. and in non-U.S. jurisdictions and the mix of income earned in those jurisdictions, including changes in losses and income from excluded loss jurisdictions, and the impact of discrete items in the respective quarter. The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $153.2 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $3.9 million and state income taxes of $3.2 million which have already been recorded. The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2007 to 2019. The Company is currently under audit in non-U.S. tax jurisdictions, including but not limited to Italy and Canada. In the first quarter of 2019, the Company recorded a net benefit of $2.2 million for tax audit settlements with Canada. The Canadian Revenue Agency agreed to accept the Company’s appeal of all protested issues. The Company has begun to receive refunds from the Canadian Revenue Agency and Ontario for taxes that were pre-paid at the time of protests. As such, during the first quarter, the Company had determined that it was more likely than not that the liability for unrecognized tax benefits of $2.2 million that was recorded as of December 31, 2018 was no longer warranted and thus it was reduced in the first quarter of 2019, resulting in a $2.2 million discrete tax benefit. 17 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. In the second quarter of 2019, the Company recorded a valuation allowance of $0.8 million related to a non-U.S. subsidiary. In the first quarter of 2019, the Company recorded a $1.3 million out-of-period immaterial adjustment related to a German tax valuation allowance. In the second quarter of 2018, income tax expense was reduced $5.0 million as the Company reversed a previously-established valuation allowance for its subsidiary in Germany. </div>

13821000

11080000

24668000

14736000

-382000

-266000

-382000

-266000

13439000 10814000 24286000 14470000

-6000

-3000

-56000

-126000

-1099000 -1099000

153000

-206000

347000

-252000

5000

2443000

-2227000

2448000

-1346000

841000 -4986000 841000 -4986000

-27000

3000

36000

-124000

14405000

6966000

21881000

10331000

0.284

0.301

153200000

3900000

3200000

2007

2019

2200000

22000

2200000

800000

1300000

5000000.0

8. Earnings Per Share The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands, except market price and earnings per share) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net income attributable to the Company </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $34,054 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $29,902 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $63,244 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37,564 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Weighted average number of shares: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Weighted average number of shares used in calculating basic net income per share </td> <td style="width:11.25%; vertical-align:bottom; "> 32,299 </td> <td style="width:11.25%; vertical-align:bottom; "> 32,257 </td> <td style="width:11.25%; vertical-align:bottom; "> 32,286 </td> <td style="width:11.875%; vertical-align:bottom; "> 32,239 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Effect of dilutive stock-based compensation plans: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Stock options </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 12 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 12 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Weighted average number of shares used in calculating diluted net income per share </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,311 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,273 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,298 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,255 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Average market price of common stock used for calculation of dilutive shares </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $74.86 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $61.86 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $73.08 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $62.83 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Net income attributable to the Company per share: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Basic </td> <td style="width:11.25%; vertical-align:bottom; "> $1.05 </td> <td style="width:11.25%; vertical-align:bottom; "> $0.93 </td> <td style="width:11.25%; vertical-align:bottom; "> $1.96 </td> <td style="width:11.875%; vertical-align:bottom; "> $1.17 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Diluted </td> <td style="width:11.25%; vertical-align:bottom; "> $1.05 </td> <td style="width:11.25%; vertical-align:bottom; "> $0.93 </td> <td style="width:11.25%; vertical-align:bottom; "> $1.96 </td> <td style="width:11.875%; vertical-align:bottom; "> $1.16 </td></tr></tbody> </table>

The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands, except market price and earnings per share) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net income attributable to the Company </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $34,054 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $29,902 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $63,244 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37,564 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Weighted average number of shares: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Weighted average number of shares used in calculating basic net income per share </td> <td style="width:11.25%; vertical-align:bottom; "> 32,299 </td> <td style="width:11.25%; vertical-align:bottom; "> 32,257 </td> <td style="width:11.25%; vertical-align:bottom; "> 32,286 </td> <td style="width:11.875%; vertical-align:bottom; "> 32,239 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Effect of dilutive stock-based compensation plans: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Stock options </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 12 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 12 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Weighted average number of shares used in calculating diluted net income per share </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,311 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,273 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,298 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 32,255 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Average market price of common stock used for calculation of dilutive shares </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $74.86 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $61.86 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $73.08 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $62.83 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Net income attributable to the Company per share: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Basic </td> <td style="width:11.25%; vertical-align:bottom; "> $1.05 </td> <td style="width:11.25%; vertical-align:bottom; "> $0.93 </td> <td style="width:11.25%; vertical-align:bottom; "> $1.96 </td> <td style="width:11.875%; vertical-align:bottom; "> $1.17 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Diluted </td> <td style="width:11.25%; vertical-align:bottom; "> $1.05 </td> <td style="width:11.25%; vertical-align:bottom; "> $0.93 </td> <td style="width:11.25%; vertical-align:bottom; "> $1.96 </td> <td style="width:11.875%; vertical-align:bottom; "> $1.16 </td></tr></tbody> </table>

34054000

29902000

63244000

37564000

32299000

32257000

32286000

32239000

12000 16000 12000 16000

32311000

32273000

32298000

32255000

74.86 61.86 73.08 62.83

1.05

0.93

1.96

1.17

1.05

0.93

1.96

1.16

9. Accumulated Other Comprehensive Income (AOCI) The table below presents changes in the components of AOCI for the period December 31, 2018 to June 30, 2019: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Translation adjustments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Pension and post retirement liability adjustments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Derivative valuation adjustment </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total Other Comprehensive Income </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> December 31, 2018 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(115,976) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(47,109) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $4,697 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(158,388) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other comprehensive income/(loss) before reclassifications </td> <td style="width:11.25%; vertical-align:bottom; "> (655) </td> <td style="width:11.25%; vertical-align:bottom; "> (201) </td> <td style="width:11.25%; vertical-align:bottom; "> (6,897) </td> <td style="width:11.875%; vertical-align:bottom; "> (7,753) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (649) </td> <td style="width:11.875%; vertical-align:bottom; "> (649) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> 20 </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> 20 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Adjustment related to prior period change in opening valuation allowance </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (1,346) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> (1,346) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net current period other comprehensive income </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (655) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (1,527) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (7,546) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> (9,728) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> June 30, 2019 </td> <td style="width:11.25%; vertical-align:bottom; "> $(116,631) </td> <td style="width:11.25%; vertical-align:bottom; "> $(48,636) </td> <td style="width:11.25%; vertical-align:bottom; "> $(2,849) </td> <td style="width:11.875%; vertical-align:bottom; "> $(168,116) </td> </tr> </tbody> </table> 18 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The table below presents changes in the components of AOCI for the period December 31, 2017 to June 30, 2018: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Translation adjustments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Pension and post retirement liability adjustments </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Derivative valuation adjustment </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Total Other Comprehensive Income </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> December 31, 2017 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(87,318) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(50,536) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $1,953 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(135,901) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other comprehensive income/(loss) before reclassifications </td> <td style="width:11.25%; vertical-align:bottom; "> (15,570) </td> <td style="width:11.25%; vertical-align:bottom; "> 2,224 </td> <td style="width:11.25%; vertical-align:bottom; "> 6,024 </td> <td style="width:11.875%; vertical-align:bottom; "> (7,322) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Pension/post retirement curtailment gain, net of tax </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (363) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> (363) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> 178 </td> <td style="width:11.875%; vertical-align:bottom; "> 178 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> 253 </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> 253 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net current period other comprehensive income </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (15,570) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,114 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 6,202 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> (7,254) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> June 30, 2018 </td> <td style="width:11.25%; vertical-align:bottom; "> $(102,888) </td> <td style="width:11.25%; vertical-align:bottom; "> $(48,422) </td> <td style="width:11.25%; vertical-align:bottom; "> $8,155 </td> <td style="width:11.875%; vertical-align:bottom; "> $(143,155) </td></tr></tbody> </table></div> The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the three and six months ended June 30, 2019 and 2018: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Expense related to interest rate swaps included in Income before taxes(a) </td> <td style="width:11.25%; vertical-align:bottom; "> $(420) </td> <td style="width:11.25%; vertical-align:bottom; "> $54 </td> <td style="width:11.25%; vertical-align:bottom; "> $(872) </td> <td style="width:11.875%; vertical-align:bottom; "> $234 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Income tax effect </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 107 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (13) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 223 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> (56) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(313) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $41 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(649) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $178 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Pension/postretirement curtailment </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (518) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> (518) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortization of prior service credit </td> <td style="width:11.25%; vertical-align:bottom; "> (1,105) </td> <td style="width:11.25%; vertical-align:bottom; "> (1,113) </td> <td style="width:11.25%; vertical-align:bottom; "> (2,210) </td> <td style="width:11.875%; vertical-align:bottom; "> (2,227) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Amortization of net actuarial loss </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,118 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,291 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,239 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,588 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Total pretax amount reclassified(b) </td> <td style="width:11.25%; vertical-align:bottom; "> 13 </td> <td style="width:11.25%; vertical-align:bottom; "> (340) </td> <td style="width:11.25%; vertical-align:bottom; "> 29 </td> <td style="width:11.875%; vertical-align:bottom; "> (157) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Income tax effect </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 102 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (9) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 47 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income </td> <td style="width:11.25%; vertical-align:bottom; "> $9 </td> <td style="width:11.25%; vertical-align:bottom; "> $(238) </td> <td style="width:11.25%; vertical-align:bottom; "> $20 </td> <td style="width:11.875%; vertical-align:bottom; "> $(110) </td> </tr> </tbody> </table> <table style="border-collapse: collapse;" width="100%"> <tbody> <tr class="odd"> <td style="width:2.75625%; vertical-align:top; "> (a) </td> <td style="width:95.99375%; vertical-align:top; "> Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16). </td> </tr> <tr class="even"> <td style="width:2.75625%; vertical-align:top; "> (b) </td> <td style="width:95.99375%; vertical-align:top; "> These accumulated other comprehensive income components are included in the computation of net periodic cost (see Note 4). </td> </tr> </tbody> </table>

-115976000

-47109000

4697000

-158388000

-655000

-201000

-6897000

-7753000

649000

-20000

-1346000

-655000

-1527000

-7546000

-9728000

-116631000

-48636000

-2849000

-168116000

-87318000

-50536000

1953000

-135901000

-15570000

2224000

6024000

-7322000

-363000

-178000

-253000

-15570000

2114000

6202000

-7254000

-102888000

-48422000

8155000

-143155000

The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the three and six months ended June 30, 2019 and 2018: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> Three months ended June 30, </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Expense related to interest rate swaps included in Income before taxes(a) </td> <td style="width:11.25%; vertical-align:bottom; "> $(420) </td> <td style="width:11.25%; vertical-align:bottom; "> $54 </td> <td style="width:11.25%; vertical-align:bottom; "> $(872) </td> <td style="width:11.875%; vertical-align:bottom; "> $234 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Income tax effect </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 107 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (13) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 223 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> (56) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(313) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $41 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(649) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $178 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Pension/postretirement curtailment </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (518) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> (518) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortization of prior service credit </td> <td style="width:11.25%; vertical-align:bottom; "> (1,105) </td> <td style="width:11.25%; vertical-align:bottom; "> (1,113) </td> <td style="width:11.25%; vertical-align:bottom; "> (2,210) </td> <td style="width:11.875%; vertical-align:bottom; "> (2,227) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Amortization of net actuarial loss </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,118 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,291 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,239 </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2,588 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Total pretax amount reclassified(b) </td> <td style="width:11.25%; vertical-align:bottom; "> 13 </td> <td style="width:11.25%; vertical-align:bottom; "> (340) </td> <td style="width:11.25%; vertical-align:bottom; "> 29 </td> <td style="width:11.875%; vertical-align:bottom; "> (157) </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Income tax effect </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4) </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 102 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (9) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 47 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Effect on net income due to items reclassified from Accumulated Other Comprehensive Income </td> <td style="width:11.25%; vertical-align:bottom; "> $9 </td> <td style="width:11.25%; vertical-align:bottom; "> $(238) </td> <td style="width:11.25%; vertical-align:bottom; "> $20 </td> <td style="width:11.875%; vertical-align:bottom; "> $(110) </td> </tr> </tbody> </table> <table style="border-collapse: collapse;" width="100%"> <tbody> <tr class="odd"> <td style="width:2.75625%; vertical-align:top; "> (a) </td> <td style="width:95.99375%; vertical-align:top; "> Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16). </td> </tr> <tr class="even"> <td style="width:2.75625%; vertical-align:top; "> (b) </td> <td style="width:95.99375%; vertical-align:top; "> These accumulated other comprehensive income components are included in the computation of net periodic cost (see Note 4). </td> </tr> </tbody> </table>

-420000

54000

-872000

234000

107000

-13000

223000

-56000

313000

-41000

649000

-178000

-518000

-1105000

-1113000

-2210000

-2227000

-1118000

-1291000

-2239000

-2588000

13000

-340000

29000

-157000

-4000

102000

-9000

47000

-9000

238000

-20000

110000

10. Noncontrolling Interest Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). Under the terms of the transaction agreements, ASC is the exclusive supplier to Safran of advanced 3D-woven composite parts for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the “Safran Applications”). 19 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not Safran Applications (such as airframe applications) and any non-aerospace applications. The agreement provides Safran an option to purchase Albany’s remaining 90 percent interest upon the occurrence of certain bankruptcy or performance default events, or if Albany’s Engineered Composites business is sold to a direct competitor of Safran. The purchase price is based initially on the same valuation of ASC used to determine Safran’s 10 percent equity interest, and increases over time as LEAP production increases. In accordance with the operating agreement, Albany received a $28 million preferred holding in ASC, which includes a preferred return based on the Company’s revolving credit agreement. The common shares of ASC are owned 90 percent by Albany and 10 percent by Safran. The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.66666666666666%; vertical-align:bottom; "> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:33.33333333333333%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.66666666666666%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.666666666666664%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.666666666666664%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Net income of Albany Safran Composites (ASC) </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $4,884 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $2,419 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less: Return attributable to the Company's preferred holding </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 652 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 635 </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Net income of ASC available for common ownership </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $4,232 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $1,784 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Ownership percentage of noncontrolling shareholder </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 10% </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 10% </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net income attributable to noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $423 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $178 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; "> </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Noncontrolling interest, beginning of year </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $3,031 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $3,247 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Decrease attributable to 2018 adoption of ASC 606 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> — </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> (327) </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Net income attributable to noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> 423 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> 178 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Changes in other comprehensive income attributable to noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> (6) </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 4 </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,448 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,102 </td></tr></tbody> </table></div>

0.90

0.10

28000

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.66666666666666%; vertical-align:bottom; "> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:33.33333333333333%; vertical-align:bottom; "> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.66666666666666%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.666666666666664%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.666666666666664%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Net income of Albany Safran Composites (ASC) </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $4,884 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $2,419 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less: Return attributable to the Company's preferred holding </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 652 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 635 </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Net income of ASC available for common ownership </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $4,232 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $1,784 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Ownership percentage of noncontrolling shareholder </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 10% </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 10% </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net income attributable to noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $423 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $178 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; "> </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Noncontrolling interest, beginning of year </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $3,031 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> $3,247 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Decrease attributable to 2018 adoption of ASC 606 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> — </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> (327) </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; "> Net income attributable to noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> 423 </td> <td style="width:16.666666666666664%; vertical-align:bottom; "> 178 </td> </tr> <tr class="even"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Changes in other comprehensive income attributable to noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> (6) </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 4 </td> </tr> <tr class="odd"> <td style="width:66.66666666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> Noncontrolling interest </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,448 </td> <td style="width:16.666666666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,102 </td></tr></tbody> </table>

4884000

2419000

652000

635000

4232000

1784000

0.10

423000

178000

3031000

3247000

-327000

423000

178000

-6000

4000

3448000

3102000

11. Accounts Receivable Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. The Company also 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’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. As of June 30, 2019 and December 31, 2018, Accounts receivable consisted of the following: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Trade and other accounts receivable </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $214,045 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $211,244 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Bank promissory notes </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> 14,680 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> 19,269 </td> </tr> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; border-bottom:0.5pt solid; "> Allowance for doubtful accounts </td> <td style="width:15.790404040404042%; vertical-align:bottom; border-bottom:0.5pt solid; "> (8,141) </td> <td style="width:21.053030303030305%; vertical-align:bottom; border-bottom:0.5pt solid; "> (7,337) </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Accounts receivable, net </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $220,584 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $223,176 </td></tr></tbody> </table> The Company has Noncurrent receivables in the AEC segment that represent revenue earned which has extended payment terms. The Noncurrent receivables will be invoiced to the customer, with 2% interest, over a 10-year period starting in 2020. As of June 30, 2019 and December 31, 2018, Noncurrent receivables consisted of the following: 20 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Noncurrent receivables </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $45,651 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $45,061 </td></tr></tbody> </table></div>

As of June 30, 2019 and December 31, 2018, Accounts receivable consisted of the following: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Trade and other accounts receivable </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $214,045 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $211,244 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Bank promissory notes </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> 14,680 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> 19,269 </td> </tr> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; border-bottom:0.5pt solid; "> Allowance for doubtful accounts </td> <td style="width:15.790404040404042%; vertical-align:bottom; border-bottom:0.5pt solid; "> (8,141) </td> <td style="width:21.053030303030305%; vertical-align:bottom; border-bottom:0.5pt solid; "> (7,337) </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Accounts receivable, net </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $220,584 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $223,176 </td></tr></tbody> </table>

214045000

211244000

14680000

19269000

8141000

7337000

220584000

223176000

0.02

45651000

45061000

12. Contract Assets and Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets. Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of June 30, 2019 and December 31, 2018 Contract assets and Contract liabilities consisted of the following: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; border-bottom:0.5pt solid; "> Contract assets </td> <td style="width:15.790404040404042%; vertical-align:bottom; border-bottom:0.5pt solid; "> $54,431 </td> <td style="width:21.053030303030305%; vertical-align:bottom; border-bottom:0.5pt solid; "> $57,447 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Contract liabilities </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> 6,824 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> 9,025 </td></tr></tbody> </table> Contract assets decreased approximately $3 million during the six month period ended June 30, 2019. The decrease was primarily due to invoicing to customers exceeding revenue recognized for satisfied performance obligations for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the three and six month periods ended June 30, 2019. Contract liabilities decreased approximately $2 million during the six month period ended June 30, 2019, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers for contracts that were in a contract liability position. Revenue recognized for the six month period ended June 30, 2019, that was included in the Contract liability balance as of December 31, 2018 was $5 million, and included revenue in the MC and AEC segments. Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of June 30, 2019 and December 31, 2018 Contract assets and Contract liabilities consisted of the following: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; border-bottom:0.5pt solid; "> Contract assets </td> <td style="width:15.790404040404042%; vertical-align:bottom; border-bottom:0.5pt solid; "> $54,431 </td> <td style="width:21.053030303030305%; vertical-align:bottom; border-bottom:0.5pt solid; "> $57,447 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Contract liabilities </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> 6,824 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> 9,025 </td></tr></tbody> </table>

54431000

57447000

6824000

9025000

300000

200000

500000

13. Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. As of June 30, 2019 and December 31, 2018, Inventories consisted of the following: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Raw materials </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $48,405 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $40,489 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Work in process </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> 39,704 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> 33,181 </td> </tr> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; border-bottom:0.5pt solid; "> Finished goods </td> <td style="width:15.790404040404042%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16,145 </td> <td style="width:21.053030303030305%; vertical-align:bottom; border-bottom:0.5pt solid; "> 12,234 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Total inventories </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $104,254 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $85,904 </td></tr></tbody> </table>

As of June 30, 2019 and December 31, 2018, Inventories consisted of the following: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:63.15909090909091%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.790404040404042%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:21.053030303030305%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Raw materials </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $48,405 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $40,489 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Work in process </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> 39,704 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> 33,181 </td> </tr> <tr class="odd"> <td style="width:63.15909090909091%; vertical-align:bottom; border-bottom:0.5pt solid; "> Finished goods </td> <td style="width:15.790404040404042%; vertical-align:bottom; border-bottom:0.5pt solid; "> 16,145 </td> <td style="width:21.053030303030305%; vertical-align:bottom; border-bottom:0.5pt solid; "> 12,234 </td> </tr> <tr class="even"> <td style="width:63.15909090909091%; vertical-align:bottom; "> Total inventories </td> <td style="width:15.790404040404042%; vertical-align:bottom; "> $104,254 </td> <td style="width:21.053030303030305%; vertical-align:bottom; "> $85,904 </td></tr></tbody> </table>

48405000

40489000

39704000

33181000

16145000

12234000

104254000

85904000

14. Goodwill and Other Intangible Assets 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 reportable segments are consistent with our operating segments. 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. 22 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> 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. In the second quarter of 2019, 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 of each reporting unit. We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2019 and December 31, 2018, were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> As of June 30, 2019 (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Weighted average amortization life in years </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Gross carrying amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Accumulated amortization </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Net carrying amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> AEC trade names </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> $140 </td> <td style="width:11.25%; vertical-align:bottom; "> $(131) </td> <td style="width:11.875%; vertical-align:bottom; "> $9 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> AEC technology </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 370 </td> <td style="width:11.25%; vertical-align:bottom; "> (327) </td> <td style="width:11.875%; vertical-align:bottom; "> 43 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Customer relationships </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 48,421 </td> <td style="width:11.25%; vertical-align:bottom; "> (10,497) </td> <td style="width:11.875%; vertical-align:bottom; "> 37,924 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Customer contracts </td> <td style="width:11.25%; vertical-align:bottom; "> 6 </td> <td style="width:11.25%; vertical-align:bottom; "> 17,471 </td> <td style="width:11.25%; vertical-align:bottom; "> (9,471) </td> <td style="width:11.875%; vertical-align:bottom; "> 8,000 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other intangibles </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 322 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (209) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 113 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net amortized intangible assets </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $66,724 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(20,635) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $46,089 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> MC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $68,353 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $68,353 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> AEC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $164,083 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $164,083 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> As of December 31, 2018 (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Weighted average amortization life in years </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Gross carrying amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Accumulated amortization </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Net carrying amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> AEC trade names </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> $140 </td> <td style="width:11.25%; vertical-align:bottom; "> $(129) </td> <td style="width:11.875%; vertical-align:bottom; "> $11 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> AEC technology </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 370 </td> <td style="width:11.25%; vertical-align:bottom; "> (314) </td> <td style="width:11.875%; vertical-align:bottom; "> 56 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Customer relationships </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 48,421 </td> <td style="width:11.25%; vertical-align:bottom; "> (8,883) </td> <td style="width:11.875%; vertical-align:bottom; "> 39,538 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Customer contracts </td> <td style="width:11.25%; vertical-align:bottom; "> 6 </td> <td style="width:11.25%; vertical-align:bottom; "> 17,471 </td> <td style="width:11.25%; vertical-align:bottom; "> (8,015) </td> <td style="width:11.875%; vertical-align:bottom; "> 9,456 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other intangibles </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 322 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (177) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 145 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net amortized intangible assets </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $66,724 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(17,518) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $49,206 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> MC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $68,652 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $68,652 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> AEC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $164,382 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $164,382 </td> </tr> </tbody> </table> 23 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The changes in intangible assets, net and goodwill from December 31, 2018 to June 30, 2019, were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:46.43333333333333%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.397916666666664%; vertical-align:bottom; "> December 31, 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.514583333333333%; vertical-align:bottom; "> Amortization </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.514583333333333%; vertical-align:bottom; "> Currency Translation </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.139583333333333%; vertical-align:bottom; "> June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Amortized intangible assets: </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> AEC trade names </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> $11 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $(2) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $— </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> $9 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> AEC technology </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> 56 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> (13) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> 43 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Customer relationships </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> 39,538 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> (1,614) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> 37,924 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Customer contracts </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> 9,456 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> (1,456) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> 8,000 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other intangibles </td> <td style="width:16.397916666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 145 </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> (32) </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> 113 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net amortized intangible assets </td> <td style="width:16.397916666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $49,206 </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(3,117) </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> $— </td> <td style="width:11.139583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> $46,089 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Unamortized intangible assets: </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> MC Goodwill </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> $68,652 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $— </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $(299) </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> $68,353 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> AEC Goodwill </td> <td style="width:16.397916666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Total unamortized intangible assets: </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> $164,382 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $— </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $(299) </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> $164,083 </td></tr></tbody> </table></div> Estimated amortization expense of intangibles for the years ending December 31, 2019 through 2023, is as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td style=""> Annual amortization </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:85.71464646464648%; vertical-align:bottom; "> Year </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.285353535353535%; vertical-align:bottom; "> (in thousands) </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2019 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> $6,234 </td> </tr> <tr class="even"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2020 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 6,234 </td> </tr> <tr class="odd"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2021 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 6,163 </td> </tr> <tr class="even"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2022 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 3,949 </td> </tr> <tr class="odd"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2023 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 3,228 </td></tr></tbody> </table></div>

We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2019 and December 31, 2018, were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> As of June 30, 2019 (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Weighted average amortization life in years </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Gross carrying amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Accumulated amortization </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Net carrying amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> AEC trade names </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> $140 </td> <td style="width:11.25%; vertical-align:bottom; "> $(131) </td> <td style="width:11.875%; vertical-align:bottom; "> $9 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> AEC technology </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 370 </td> <td style="width:11.25%; vertical-align:bottom; "> (327) </td> <td style="width:11.875%; vertical-align:bottom; "> 43 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Customer relationships </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 48,421 </td> <td style="width:11.25%; vertical-align:bottom; "> (10,497) </td> <td style="width:11.875%; vertical-align:bottom; "> 37,924 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Customer contracts </td> <td style="width:11.25%; vertical-align:bottom; "> 6 </td> <td style="width:11.25%; vertical-align:bottom; "> 17,471 </td> <td style="width:11.25%; vertical-align:bottom; "> (9,471) </td> <td style="width:11.875%; vertical-align:bottom; "> 8,000 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other intangibles </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 322 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (209) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 113 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net amortized intangible assets </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $66,724 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(20,635) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $46,089 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> MC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $68,353 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $68,353 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> AEC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $164,083 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $164,083 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> As of December 31, 2018 (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Weighted average amortization life in years </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Gross carrying amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> Accumulated amortization </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> Net carrying amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Amortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> AEC trade names </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> $140 </td> <td style="width:11.25%; vertical-align:bottom; "> $(129) </td> <td style="width:11.875%; vertical-align:bottom; "> $11 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> AEC technology </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 370 </td> <td style="width:11.25%; vertical-align:bottom; "> (314) </td> <td style="width:11.875%; vertical-align:bottom; "> 56 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Customer relationships </td> <td style="width:11.25%; vertical-align:bottom; "> 15 </td> <td style="width:11.25%; vertical-align:bottom; "> 48,421 </td> <td style="width:11.25%; vertical-align:bottom; "> (8,883) </td> <td style="width:11.875%; vertical-align:bottom; "> 39,538 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Customer contracts </td> <td style="width:11.25%; vertical-align:bottom; "> 6 </td> <td style="width:11.25%; vertical-align:bottom; "> 17,471 </td> <td style="width:11.25%; vertical-align:bottom; "> (8,015) </td> <td style="width:11.875%; vertical-align:bottom; "> 9,456 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other intangibles </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 5 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 322 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> (177) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 145 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net amortized intangible assets </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $66,724 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(17,518) </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> $49,206 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> MC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $68,652 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $68,652 </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; border-bottom:0.5pt solid; "> AEC Goodwill </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> <td style="width:11.25%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.875%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Total unamortized intangible assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> $164,382 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.875%; vertical-align:bottom; "> $164,382 </td> </tr> </tbody> </table> 23 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The changes in intangible assets, net and goodwill from December 31, 2018 to June 30, 2019, were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:46.43333333333333%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.397916666666664%; vertical-align:bottom; "> December 31, 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.514583333333333%; vertical-align:bottom; "> Amortization </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.514583333333333%; vertical-align:bottom; "> Currency Translation </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.139583333333333%; vertical-align:bottom; "> June 30, 2019 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Amortized intangible assets: </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> AEC trade names </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> $11 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $(2) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $— </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> $9 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> AEC technology </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> 56 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> (13) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> 43 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Customer relationships </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> 39,538 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> (1,614) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> 37,924 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Customer contracts </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> 9,456 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> (1,456) </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> 8,000 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other intangibles </td> <td style="width:16.397916666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 145 </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> (32) </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> 113 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> Net amortized intangible assets </td> <td style="width:16.397916666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> $49,206 </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(3,117) </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> $— </td> <td style="width:11.139583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> $46,089 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Unamortized intangible assets: </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> MC Goodwill </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> $68,652 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $— </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $(299) </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> $68,353 </td> </tr> <tr class="odd"> <td style="width:46.43333333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> AEC Goodwill </td> <td style="width:16.397916666666664%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.514583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:11.139583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> 95,730 </td> </tr> <tr class="even"> <td style="width:46.43333333333333%; vertical-align:bottom; "> Total unamortized intangible assets: </td> <td style="width:16.397916666666664%; vertical-align:bottom; "> $164,382 </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $— </td> <td style="width:10.514583333333333%; vertical-align:bottom; "> $(299) </td> <td style="width:11.139583333333333%; vertical-align:bottom; "> $164,083 </td></tr></tbody> </table></div>

P15Y

140000

131000

9000

P15Y

370000

327000

43000

P15Y

48421000

10497000

37924000

P6Y

17471000

9471000

8000000

P5Y

322000

209000

113000

66724000

20635000

46089000

68353000

95730000

164083000

P15Y

140000

129000

11000

P15Y

370000

314000

56000

P15Y

48421000

8883000

39538000

P6Y

17471000

8015000

9456000

P5Y

322000

177000

145000

66724000

17518000

49206000

68652000

95730000

164382000

11000

2000

9000

56000

13000

43000

39538000

1614000

37924000

9456000

1456000

8000000

145000

32000

113000

49206000

3117000

46089000

68652000

-299000

68353000

95730000

164382000

-299000

164083000

Estimated amortization expense of intangibles for the years ending December 31, 2019 through 2023, is as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td style=""> Annual amortization </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:85.71464646464648%; vertical-align:bottom; "> Year </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:14.285353535353535%; vertical-align:bottom; "> (in thousands) </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2019 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> $6,234 </td> </tr> <tr class="even"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2020 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 6,234 </td> </tr> <tr class="odd"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2021 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 6,163 </td> </tr> <tr class="even"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2022 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 3,949 </td> </tr> <tr class="odd"> <td style="width:85.71464646464648%; vertical-align:bottom; "> 2023 </td> <td style="width:14.285353535353535%; vertical-align:bottom; "> 3,228 </td></tr></tbody> </table>

6234000

6163000

3949000

3228000

15. Financial Instruments Long-term debt, principally to banks and noteholders, consists of: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.04166666666667%; vertical-align:bottom; "> (in thousands, except interest rates) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.416666666666668%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.041666666666668%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.57% in 2019 and 3.69% in 2018 (including the effect of interest rate hedging transactions, as described below), due in 2022 </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> $482,000 </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> $499,000 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Finance obligation </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> — </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> 25,886 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other debt, at an average end of period rate of 5.50% in both 2019 and 2018, due in varying amounts through 2021 </td> <td style="width:15.416666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> 38 </td> <td style="width:16.041666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> 45 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Long-term debt </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> 482,038 </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> 524,931 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less: current portion </td> <td style="width:15.416666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> (19) </td> <td style="width:16.041666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> (1,224) </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Long-term debt, net of current portion </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> $482,019 </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> $523,707 </td></tr></tbody> </table> On November 7, 2017, we entered into a $685 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $550 million Agreement, entered into on April 8, 2016 (the “Prior Agreement”). Under the Credit Agreement, $482 million of borrowings were outstanding as of June 30, 2019. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on June 17, 2019, the 24 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> 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, and without modification to any other credit agreements, as of June 30, 2019, we would have been able to borrow an additional $203 million under the Agreement. The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default that are comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company’s subsidiaries. Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement). Due to the implementation of ASC 842, Leases, on January 1, 2019, as further described in Note 3 the finance obligation that had a balance of $25.9 million as of December 31, 2018, was eliminated and replaced with a finance lease obligation that is included in Other noncurrent liabilities and Accrued liabilities. On November 27, 2017, we terminated our interest rate swap agreements, originally entered into on May 9, 2016, that had effectively fixed the interest rate on $300 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We received $6.3 million when the swap agreements were terminated and that payment will be amortized into interest expense through March 2021. On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements and that cost will be amortized into interest expense through June 2020. On November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on June 17, 2019 was 2.40%, during the swap period. On June 17, 2019, the all-in-rate on the $350 million of debt was 3.485%. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16. No cash collateral was received or pledged in relation to the swap agreements. Under the Credit Agreement, we are currently required to maintain a leverage ratio (as defined in the agreement) of not greater than 3.75 to 1.00 for each fiscal quarter ending prior to (but not including) September 30, 2019, and 3.50 to 1.00 for each fiscal quarter ending on or after September 30, 2019, and minimum interest coverage (as defined) of 3.00 to 1.00. As of June 30, 2019, our leverage ratio was 1.70 to 1.00 and our interest coverage ratio was 12.39 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 does not exceed the limits noted above. Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of June 30, 2019. </div>

Long-term debt, principally to banks and noteholders, consists of: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:66.04166666666667%; vertical-align:bottom; "> (in thousands, except interest rates) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:15.416666666666668%; vertical-align:bottom; "> June 30, 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:16.041666666666668%; vertical-align:bottom; "> December 31, 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.57% in 2019 and 3.69% in 2018 (including the effect of interest rate hedging transactions, as described below), due in 2022 </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> $482,000 </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> $499,000 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Finance obligation </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> — </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> 25,886 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Other debt, at an average end of period rate of 5.50% in both 2019 and 2018, due in varying amounts through 2021 </td> <td style="width:15.416666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> 38 </td> <td style="width:16.041666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> 45 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Long-term debt </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> 482,038 </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> 524,931 </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:66.04166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Less: current portion </td> <td style="width:15.416666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> (19) </td> <td style="width:16.041666666666668%; vertical-align:bottom; border-bottom:0.5pt solid; "> (1,224) </td> </tr> <tr class="even"> <td style="width:66.04166666666667%; vertical-align:bottom; "> Long-term debt, net of current portion </td> <td style="width:15.416666666666668%; vertical-align:bottom; "> $482,019 </td> <td style="width:16.041666666666668%; vertical-align:bottom; "> $523,707 </td></tr></tbody> </table>

0.0357

0.0369

482000000

499000000

25886000

0.0550

38000

45000

482038000

524931000

19000

1224000

482019000

523707000

55000000

48200000

0.01375

0.01250

0.01750

20300000

25900000

30000000

6300000

12000000

5200000 35000000

0.0211

0.0240

35000000 0.03485 3.75 3.00 1.70 12.39

16. Fair-Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes 25 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at June 30, 2019, or at December 31, 2018. 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: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> June 30, 2019 </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> December 31, 2018 </td> </tr> <tr class="even"> <td style=""> </td> <td style=""> Quoted prices in active markets </td> <td style=""> Significant other observable inputs </td> <td style=""> Quoted prices in active markets </td> <td style=""> Significant other observable inputs </td> </tr> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> (Level 1) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> (Level 2) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> (Level 1) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> (Level 2) </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Fair Value </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Cash equivalents </td> <td style="width:11.25%; vertical-align:bottom; "> $19,738 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.25%; vertical-align:bottom; "> $14,234 </td> <td style="width:11.875%; vertical-align:bottom; "> $— </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other Assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Common stock of unaffiliated foreign public company(a) </td> <td style="width:11.25%; vertical-align:bottom; "> 890 </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> 731 </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Interest rate swaps </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> 4,548(c) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Liabilities: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other noncurrent liabilities </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Interest rate swaps </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (5,370)(b) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> </tbody> </table> <table style="border-collapse: collapse;" width="100%"> <tbody> <tr class="odd"> <td style="width:1.9708333333333334%; vertical-align:top; "> (a) </td> <td style="width:94.27916666666667%; vertical-align:top; "> Original cost basis $0.5 million. </td> </tr> <tr class="even"> <td style="width:1.9708333333333334%; vertical-align:top; "> (b) </td> <td style="width:94.27916666666667%; vertical-align:top; "> Net of $18.9 million receivable floating leg and $24.2 million liability fixed leg. </td> </tr> <tr class="odd"> <td style="width:1.9708333333333334%; vertical-align:top; "> (c) </td> <td style="width:94.27916666666667%; vertical-align:top; "> Net of $32.0 million receivable floating leg and $27.5 million liability fixed leg. </td></tr></tbody> </table> Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities. The 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. Changes in the fair value of the investment are reported in the Consolidated Statements of Income. We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net. When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies. Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, general and administrative expenses or Other (income)/expense, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expense, 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. 26 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> 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. 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’ equity section of the Consolidated Balance Sheets. As of June 30, 2019, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest expense related to payments under the active swap agreements totaled ($0.6) million for the six month period ended June 30, 2019, and $0.7 million for the six month period ended June 30, 2018. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.2 million for the six month period ended June 30, 2019 and $0.4 million for the six month period ended June 30, 2018. Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style=""> Three months ended June 30, </td> <td colspan="2" style=""> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Derivatives not designated as hedging instruments </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Foreign currency options losses </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $0 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $(34) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $0 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $(71) </td></tr></tbody> </table></div></div>

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: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:23.75%; vertical-align:bottom; "> June 30, 2019 </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:24.375%; vertical-align:bottom; "> December 31, 2018 </td> </tr> <tr class="even"> <td style=""> </td> <td style=""> Quoted prices in active markets </td> <td style=""> Significant other observable inputs </td> <td style=""> Quoted prices in active markets </td> <td style=""> Significant other observable inputs </td> </tr> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:49.375%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> (Level 1) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> (Level 2) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.25%; vertical-align:bottom; "> (Level 1) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.875%; vertical-align:bottom; "> (Level 2) </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Fair Value </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Cash equivalents </td> <td style="width:11.25%; vertical-align:bottom; "> $19,738 </td> <td style="width:11.25%; vertical-align:bottom; "> $— </td> <td style="width:11.25%; vertical-align:bottom; "> $14,234 </td> <td style="width:11.875%; vertical-align:bottom; "> $— </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other Assets: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Common stock of unaffiliated foreign public company(a) </td> <td style="width:11.25%; vertical-align:bottom; "> 890 </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> 731 </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Interest rate swaps </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> 4,548(c) </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Liabilities: </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:49.375%; vertical-align:bottom; "> Other noncurrent liabilities </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.25%; vertical-align:bottom; "> </td> <td style="width:11.875%; vertical-align:bottom; "> </td> </tr> <tr class="odd"> <td style="width:49.375%; vertical-align:bottom; "> Interest rate swaps </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.25%; vertical-align:bottom; "> (5,370)(b) </td> <td style="width:11.25%; vertical-align:bottom; "> — </td> <td style="width:11.875%; vertical-align:bottom; "> — </td> </tr> </tbody> </table> <table style="border-collapse: collapse;" width="100%"> <tbody> <tr class="odd"> <td style="width:1.9708333333333334%; vertical-align:top; "> (a) </td> <td style="width:94.27916666666667%; vertical-align:top; "> Original cost basis $0.5 million. </td> </tr> <tr class="even"> <td style="width:1.9708333333333334%; vertical-align:top; "> (b) </td> <td style="width:94.27916666666667%; vertical-align:top; "> Net of $18.9 million receivable floating leg and $24.2 million liability fixed leg. </td> </tr> <tr class="odd"> <td style="width:1.9708333333333334%; vertical-align:top; "> (c) </td> <td style="width:94.27916666666667%; vertical-align:top; "> Net of $32.0 million receivable floating leg and $27.5 million liability fixed leg. </td></tr></tbody> </table>

19738000

14234000

890000

731000

-4548000

5370000

5000

189000

242000

320000.0

275000

600000

700000

-200000

-400000

Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="82.5%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style=""> Three months ended June 30, </td> <td colspan="2" style=""> Six months ended June 30, </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:54.54545454545454%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.636363636363635%; vertical-align:bottom; "> 2018 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2019 </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:9.090909090909092%; vertical-align:bottom; "> 2018 </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Derivatives not designated as hedging instruments </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:54.54545454545454%; vertical-align:bottom; "> Foreign currency options losses </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $0 </td> <td style="width:13.636363636363635%; vertical-align:bottom; "> $(34) </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $0 </td> <td style="width:9.090909090909092%; vertical-align:bottom; "> $(71) </td></tr></tbody> </table>

-34000

-71000

17. Contingencies Asbestos Litigation Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. We were defending 3,691 claims as of June 30, 2019. 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: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:27.94583333333333%; vertical-align:bottom; "> Year ended December 31, </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Opening Number of Claims </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Claims Dismissed, Settled, or Resolved </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> New Claims </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Closing Number of Claims </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.660416666666666%; vertical-align:bottom; "> Amounts Paid (thousands) to Settle or Resolve </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2014 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 4,299 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 625 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 147 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,821 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> $437 </td> </tr> <tr class="even"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2015 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,821 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 116 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 86 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,791 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> 164 </td> </tr> <tr class="odd"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2016 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,791 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 148 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 102 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,745 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> 758 </td> </tr> <tr class="even"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2017 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,745 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 105 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 90 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,730 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> 55 </td> </tr> <tr class="odd"> <td style="width:27.94583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2018 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,730 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 152 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 106 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,684 </td> <td style="width:13.660416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 100 </td> </tr> <tr class="even"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2019 (as of June 30) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,684 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 24 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 31 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,691 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> $— </td></tr></tbody> </table> We anticipate that additional claims will be filed against the Company and related companies in the future, but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims. 27 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of June 30, 2019 we had resolved, by means of settlement or dismissal, 37,770 claims. The total cost of resolving all claims was $10.3 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims. The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,710 claims as of June 30, 2019, only twelve claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights. In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions. We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows. </div>

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: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:27.94583333333333%; vertical-align:bottom; "> Year ended December 31, </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Opening Number of Claims </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Claims Dismissed, Settled, or Resolved </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> New Claims </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.035416666666666%; vertical-align:bottom; "> Closing Number of Claims </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:13.660416666666666%; vertical-align:bottom; "> Amounts Paid (thousands) to Settle or Resolve </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2014 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 4,299 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 625 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 147 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,821 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> $437 </td> </tr> <tr class="even"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2015 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,821 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 116 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 86 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,791 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> 164 </td> </tr> <tr class="odd"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2016 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,791 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 148 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 102 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,745 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> 758 </td> </tr> <tr class="even"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2017 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,745 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 105 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 90 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,730 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> 55 </td> </tr> <tr class="odd"> <td style="width:27.94583333333333%; vertical-align:bottom; border-bottom:0.5pt solid; "> 2018 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,730 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 152 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 106 </td> <td style="width:13.035416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,684 </td> <td style="width:13.660416666666666%; vertical-align:bottom; border-bottom:0.5pt solid; "> 100 </td> </tr> <tr class="even"> <td style="width:27.94583333333333%; vertical-align:bottom; "> 2019 (as of June 30) </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,684 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 24 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 31 </td> <td style="width:13.035416666666666%; vertical-align:bottom; "> 3,691 </td> <td style="width:13.660416666666666%; vertical-align:bottom; "> $— </td></tr></tbody> </table>

4299

625

147

3821

437000

3821

116

3791

164000

3791

148

102

3745

758000

3745

105

3730

55000

3730

152

106

3684

100000

3684

3691

37770 10300000 1 14000000 7710 1

18. Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to June 30, 2019: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.160416666666666%; vertical-align:bottom; "> Class A Common Stock </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.158333333333333%; vertical-align:bottom; "> Class B Common Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Additional paid-in capital </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Retained earnings </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.429166666666667%; vertical-align:bottom; "> Accumulated items of other comprehensive income </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.61875%; vertical-align:bottom; "> Class A Treasury Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Non-controlling Interest </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.6729166666666675%; vertical-align:bottom; "> Total Equity </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.62291666666667%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> December 31, 2018 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,450 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $430,555 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $589,645 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(158,388) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,419 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,603) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,031 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $608,280 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Adoption of accounting standards(a) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 35 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 35 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 29,190 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 218 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 29,408 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 25 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (547) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (547) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 3 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 44 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 44 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared: </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (5,231) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (5,231) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (582) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (582) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (654) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (8) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (662) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (1,487) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (1,487) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> (2,851) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> (2,851) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> March 31, 2019 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,478 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $430,052 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $613,057 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(163,380) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,419 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,603) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,241 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $626,407 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 34,054 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 205 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 34,259 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 958 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> (10) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 212 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 1,170 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 2 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 28 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 28 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (5,523) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (5,523) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (291) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (291) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Conversion of Class B shares to Class A shares, rounding(b) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 1,616 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> 2 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> (1,616) </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> (1) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (1) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (1) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 2 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 1 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (40) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (40) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4,695) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4,695) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> June 30, 2019 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 39,096 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $39 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 1,618 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $2 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $431,037 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $641,297 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> $(168,116) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 8,409 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $(256,391) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $3,448 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> $651,316 </td> </tr> </tbody> </table> 29 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to June 30, 2018: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.160416666666666%; vertical-align:bottom; "> Class A Common Stock </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.158333333333333%; vertical-align:bottom; "> Class B Common Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Additional paid-in capital </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Retained earnings </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.429166666666667%; vertical-align:bottom; "> Accumulated items of other comprehensive income </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.61875%; vertical-align:bottom; "> Class A Treasury Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Non-controlling Interest </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.6729166666666675%; vertical-align:bottom; "> Total Equity </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.62291666666667%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> December 31, 2017 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,396 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $428,423 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $534,082 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(135,901) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,431 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,876) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,247 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $573,015 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Adoption of accounting standards(c)(d) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (5,068) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (327) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (5,395) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 7,662 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 237 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 7,899 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 44 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 289 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 289 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 8 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 147 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 147 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (4,933) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (4,933) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (550) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (550) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> 17,646 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (7) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 17,639 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (13) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (13) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> 4,480 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> 4,480 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> March 31, 2018 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,448 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $428,859 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $531,193 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(113,788) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,431 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,876) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,150 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $592,578 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 29,902 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (59) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 29,843 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 773 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 274 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 1,047 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 3 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> (12) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (4,935) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (4,935) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (550) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (550) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (33,216) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 11 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (33,205) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> 2,127 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 2,127 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,722 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,722 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> June 30, 2018 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 37,448 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $429,635 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $555,610 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> $(143,155) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 8,419 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $(256,602) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $3,102 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> $588,630 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;" width="100%"> <tbody> <tr class="odd"> <td style="width:2.75625%; vertical-align:top; "> (a) </td> <td style="width:95.99375%; vertical-align:top; "> As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million. </td> </tr> <tr class="even"> <td style="width:2.75625%; vertical-align:top; "> (b) </td> <td style="width:95.99375%; vertical-align:top; "> In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC. </td> </tr> <tr class="odd"> <td style="width:2.75625%; vertical-align:top; "> (c) </td> <td style="width:95.99375%; vertical-align:top; "> The Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest. </td> </tr> <tr class="even"> <td style="width:2.75625%; vertical-align:top; "> (d) </td> <td style="width:95.99375%; vertical-align:top; "> The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings. </td> </tr> </tbody> </table> 30 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> </div></div>

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to June 30, 2019: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.160416666666666%; vertical-align:bottom; "> Class A Common Stock </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.158333333333333%; vertical-align:bottom; "> Class B Common Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Additional paid-in capital </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Retained earnings </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.429166666666667%; vertical-align:bottom; "> Accumulated items of other comprehensive income </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.61875%; vertical-align:bottom; "> Class A Treasury Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Non-controlling Interest </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.6729166666666675%; vertical-align:bottom; "> Total Equity </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.62291666666667%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> December 31, 2018 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,450 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $430,555 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $589,645 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(158,388) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,419 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,603) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,031 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $608,280 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Adoption of accounting standards(a) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 35 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 35 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 29,190 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 218 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 29,408 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 25 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (547) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (547) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 3 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 44 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 44 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared: </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (5,231) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (5,231) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (582) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (582) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (654) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (8) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (662) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (1,487) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (1,487) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> (2,851) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> (2,851) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> March 31, 2019 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,478 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $430,052 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $613,057 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(163,380) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,419 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,603) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,241 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $626,407 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 34,054 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 205 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 34,259 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 958 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> (10) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 212 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 1,170 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 2 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 28 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 28 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (5,523) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (5,523) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.18 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (291) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (291) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Conversion of Class B shares to Class A shares, rounding(b) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 1,616 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> 2 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> (1,616) </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> (1) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (1) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (1) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 2 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 1 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (40) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (40) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4,695) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> (4,695) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> June 30, 2019 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 39,096 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $39 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 1,618 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $2 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $431,037 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $641,297 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> $(168,116) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 8,409 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $(256,391) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $3,448 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> $651,316 </td> </tr> </tbody> </table> 29 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to June 30, 2018: <table style="border-collapse: collapse;border-top: 0.5pt solid; border-bottom: 0.5pt solid; margin: auto;" width="100%"> <thead> <tr class="odd"> <td style=""> </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.160416666666666%; vertical-align:bottom; "> Class A Common Stock </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:11.158333333333333%; vertical-align:bottom; "> Class B Common Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Additional paid-in capital </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Retained earnings </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:10.429166666666667%; vertical-align:bottom; "> Accumulated items of other comprehensive income </td> <td colspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:12.61875%; vertical-align:bottom; "> Class A Treasury Stock </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Non-controlling Interest </td> <td rowspan="2" style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.6729166666666675%; vertical-align:bottom; "> Total Equity </td> </tr> <tr class="even"> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:17.62291666666667%; vertical-align:bottom; "> (in thousands) </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:5.3187500000000005%; vertical-align:bottom; "> Amount </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:4.589583333333334%; vertical-align:bottom; "> Shares </td> <td style="border-bottom-width:0.5pt; border-bottom-style:solid; width:6.779166666666667%; vertical-align:bottom; "> Amount </td> </tr> </thead> <tbody> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> December 31, 2017 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,396 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $428,423 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $534,082 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(135,901) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,431 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,876) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,247 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $573,015 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Adoption of accounting standards(c)(d) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (5,068) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (327) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (5,395) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 7,662 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 237 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 7,899 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 44 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 289 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 289 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 8 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 147 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 147 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (4,933) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (4,933) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (550) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (550) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> 17,646 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (7) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 17,639 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (13) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (13) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> 4,480 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> 4,480 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> March 31, 2018 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 37,448 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $428,859 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $531,193 </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(113,788) </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> 8,431 </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $(256,876) </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> $3,150 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> $592,578 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Net income </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 29,902 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (59) </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 29,843 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Compensation and benefits paid or payable in shares </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 773 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 274 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 1,047 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Options exercised </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 3 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Shares issued to Directors </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> (12) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Dividends declared </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> — </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class A Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (4,935) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (4,935) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Class B Common Stock, $0.17 per share </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> (550) </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (550) </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Cumulative translation adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> (33,216) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> 11 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> (33,205) </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> Pension and postretirement liability adjustments </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> 2,127 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> 2,127 </td> </tr> <tr class="odd"> <td style="width:17.62291666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> Derivative valuation adjustment </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:5.3187500000000005%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:10.429166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,722 </td> <td style="width:4.589583333333334%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.779166666666667%; vertical-align:bottom; border-bottom:0.5pt solid; "> — </td> <td style="width:6.6729166666666675%; vertical-align:bottom; border-bottom:0.5pt solid; "> 1,722 </td> </tr> <tr class="even"> <td style="width:17.62291666666667%; vertical-align:bottom; "> June 30, 2018 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 37,448 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $37 </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 3,234 </td> <td style="width:5.3187500000000005%; vertical-align:bottom; "> $3 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $429,635 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $555,610 </td> <td style="width:10.429166666666667%; vertical-align:bottom; "> $(143,155) </td> <td style="width:4.589583333333334%; vertical-align:bottom; "> 8,419 </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $(256,602) </td> <td style="width:6.779166666666667%; vertical-align:bottom; "> $3,102 </td> <td style="width:6.6729166666666675%; vertical-align:bottom; "> $588,630 </td> </tr> </tbody> </table> <table style="border-collapse: collapse;" width="100%"> <tbody> <tr class="odd"> <td style="width:2.75625%; vertical-align:top; "> (a) </td> <td style="width:95.99375%; vertical-align:top; "> As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million. </td> </tr> <tr class="even"> <td style="width:2.75625%; vertical-align:top; "> (b) </td> <td style="width:95.99375%; vertical-align:top; "> In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC. </td> </tr> <tr class="odd"> <td style="width:2.75625%; vertical-align:top; "> (c) </td> <td style="width:95.99375%; vertical-align:top; "> The Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest. </td> </tr> <tr class="even"> <td style="width:2.75625%; vertical-align:top; "> (d) </td> <td style="width:95.99375%; vertical-align:top; "> The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings. </td> </tr> </tbody> </table> 30 <div><hr style="border-top:1.5pt solid #000000;"/> <div style="page-break-after: always;"/> <a href="#t001" style="color:#0000FF;">Index</a> </div></div>

37450000

37000

3234000

3000

430555000

589645000

-158388000

8419000

-256603000

3031000

608280000

35000 35000

29190000

218000

29408000

25000

-547000

3000

44000

5231000

582000

-654000

-8000

-662000

1487000

-2851000

37478000

37000

3234000

3000

430052000

613057000

-163380000

8419000

-256603000

3241000

626407000

34054000

205000

34259000

958000

10000

212000

1170000

2000

28000

0.18

5523000

0.18

291000

1616000

2000

-1616000

-1000

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431037000

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428423000

534082000

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7662000

237000

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19. Recent Accounting Pronouncements In June 2016, an accounting update was issued which changes the way entities recognize impairment of many financial assets by requiring immediate recognition of credit losses expected to occur over their remaining life. In April and May of 2019 additional accounting updates were made regarding the application of this standard. We are continuing to evaluate the expected impact on our consolidated financial statements and related disclosures. We will adopt the new standard effective January 1, 2020. In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. We do not expect a significant impact to our consolidated assets and liabilities, net earnings, or cash flows as a result of adopting this new standard. We plan to adopt the new standard effective January 1, 2020. In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. We are currently evaluating the impact of this update. We will adopt the new standard effective January 1, 2020. In November 2018, an accounting update was issued which clarifies when transactions between collaborative arrangement participants are in the scope of ASC 606. The update also provides some guidance on presentation of transactions not in the scope of ASC 606. We are currently evaluating the impact of this update. We will adopt the new standard effective January 1, 2020.