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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:
September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 1-10026
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

216 Airport Drive, Rochester, New Hampshire
(Address of principal executive offices)

14-0462060
(IRS Employer Identification No.)

03867
(Zip Code)

603-330-5850
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareAIN
The New York Stock Exchange (NYSE)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 31.3 million shares of Class A Common Stock outstanding as of October 15, 2024.


ALBANY INTERNATIONAL CORP.
TABLE OF CONTENTS
Page No.
Consolidated balance sheets as of September 30, 2024 and December 31, 2023


ITEM 1. FINANCIAL STATEMENTS

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net revenues$298,386 $281,106 $943,710 $824,325 
Cost of goods sold208,002 179,271 632,257 520,468 
Gross profit90,384 101,835 311,453 303,857 
Selling, general, and administrative expenses52,097 51,975 162,447 147,214 
Technical and research expenses10,844 9,708 35,369 30,303 
Restructuring expenses, net2,272 82 6,584 227 
Operating income25,171 40,070 107,053 126,113 
Interest expense/(income), net2,411 3,653 8,680 10,049 
Other (income)/expense, net3,257 56 5,932 (4,910)
Income before income taxes19,503 36,361 92,441 120,974 
Income tax expense1,282 9,207 22,131 39,908 
Net income18,221 27,154 70,310 81,066 
Net income attributable to the noncontrolling interest192 45 366 396 
Net income attributable to the Company$18,029 $27,109 $69,944 $80,670 
Earnings per share attributable to Company shareholders - Basic$0.58 $0.87 $2.24 $2.59 
Earnings per share attributable to Company shareholders - Diluted$0.57 $0.87 $2.23 $2.58 
Shares of the Company used in computing earnings per share:
Basic31,251 31,185 31,234 31,163 
Diluted31,367 31,283 31,333 31,256 
Dividends declared per Class A share$0.26 $0.25 $0.78 $0.75 
The accompanying notes are an integral part of the consolidated financial statements
1
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in thousands)
(unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income$18,221 $27,154 $70,310 $81,066 
Other comprehensive income/(loss), before tax:
Foreign currency translation16,211 (15,131)(12,757)(4,509)
Amortization of pension liability adjustments:
Prior service credit(37)(1,031)(113)(3,092)
Net actuarial loss176 349 530 1,042 
Payments and amortization related to interest rate swaps included in earnings(2,675)(3,990)(10,893)(10,891)
Derivative valuation adjustment(1,238)996 395 4,533 
Income taxes related to items of other comprehensive income/(loss):
Amortization of prior service credit13 315 35 946 
Amortization of net actuarial loss(55)(107)(162)(319)
Payments and amortization related to interest rate swaps included in earnings658 1,009 2,681 2,755 
Derivative valuation adjustment305 (252)(97)(1,147)
Comprehensive income31,579 9,312 49,929 70,384 
Comprehensive income attributable to the noncontrolling interest(127)(99)(273)669 
Comprehensive income attributable to the Company$31,706 $9,411 $50,202 $69,715 
The accompanying notes are an integral part of the consolidated financial statements
2
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
September 30, 2024December 31, 2023
Assets
Cash and cash equivalents$127,222 $173,420 
Accounts receivable, net271,975 287,781 
Contract assets, net195,782 182,281 
Inventories160,617 169,567 
Income taxes prepaid and receivable8,316 11,043 
Prepaid expenses and other current assets40,399 53,872 
Total current assets804,311 877,964 
Property, plant and equipment, net583,455 601,989 
Intangibles, net40,996 44,646 
Goodwill180,912 180,181 
Deferred income taxes26,979 22,941 
Noncurrent receivables, net— 4,392 
Other assets116,548 102,901 
Total assets$1,753,201 $1,835,014 
Liabilities and Shareholders' Equity
Accounts payable$77,873 $87,104 
Accrued liabilities138,700 142,988 
Current maturities of long-term debt555 4,218 
Income taxes payable1,593 14,369 
Total current liabilities218,721 248,679 
Long-term debt361,639 452,667 
Other noncurrent liabilities154,634 139,385 
Deferred taxes and other liabilities21,531 26,963 
Total liabilities756,525 867,694 
Commitments and Contingencies (Note 16)
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
— — 
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,916,568 issued in 2024 and 40,856,910 in 2023
41 41 
Additional paid in capital452,656 448,218 
Retained earnings1,056,514 1,010,942 
Accumulated items of other comprehensive income:
Translation adjustments(137,373)(124,901)
Pension and postretirement liability adjustments(17,341)(17,346)
Derivative valuation adjustment1,165 9,079 
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023
(364,665)(364,665)
Total shareholders' equity990,997 961,368 
Noncontrolling interest5,679 5,952 
Total equity996,676 967,320 
Total liabilities and shareholders' equity$1,753,201 $1,835,014 
The accompanying notes are an integral part of the consolidated financial statements
3
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 30,
20242023
Cash flows from operating activities:
Net income$70,310 $81,066 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation61,813 50,164 
Amortization5,190 4,614 
Change in deferred taxes and other liabilities(7,552)(1,264)
Impairment of property, plant and equipment1,425 577 
Non-cash interest expense769 1,148 
Compensation and benefits paid or payable in Class A Common Stock4,438 5,189 
Provision/(recovery) for credit losses from uncollected receivables and contract assets40 641 
Foreign currency remeasurement loss/(gain) on intercompany loans2,263 (4,704)
Fair value adjustment on foreign currency contracts1,105 581 
Gain on sale of assets(515)— 
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable17,980 (18,172)
Contract assets(15,194)(16,550)
Inventories5,918 (293)
Prepaid expenses and other current assets2,768 (3,030)
Income taxes prepaid and receivable2,602 1,597 
Accounts payable7,316 (6,661)
Accrued liabilities(8,320)(16,454)
Income taxes payable(11,995)(5,810)
Noncurrent receivables(579)2,276 
Other noncurrent liabilities(17)(3,602)
Other, net220 2,499 
Net cash provided by operating activities139,985 73,812 
Cash flows from investing activities:
Purchase of business, net of cash acquired— (133,470)
Purchases of property, plant and equipment(61,985)(48,850)
Purchased software(101)(276)
Proceeds received from sale of assets1,033 — 
Net cash used in investing activities(61,053)(182,596)
Cash flows from financing activities:
Proceeds from borrowings48,106 71,249 
Principal payments on debt(142,691)(51,479)
Debt acquisition costs— (4,108)
Taxes paid in lieu of share issuance(2,832)(3,136)
Dividends paid(24,356)(23,365)
Net cash (used in)/provided by financing activities(121,773)(10,839)
Effect of exchange rate changes on cash and cash equivalents(3,357)(647)
(Decrease)/increase in cash and cash equivalents(46,198)(120,270)
Cash and cash equivalents at beginning of period173,420 291,776 
Cash and cash equivalents at end of period$127,222 $171,506 
The accompanying notes are an integral part of the consolidated financial statements
4
ALBANY INTERNATIONAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Significant Accounting Policies
Basis of Presentation
In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but does not include all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued Accounting Standards Update No. 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" (ASU 2024-01), which clarifies how an entity determines whether profits interest or similar awards should be considered within the scope of ASC 718 as a share-based payment arrangement or under ASC 710 or other ASC topics in a manner similar to a cash bonus or profit-sharing arrangement. The guidance is effective for annual periods beginning after December 15, 2024, and interim periods beginning within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. ASU 2024-01 should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. We are
5
currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of legal challenges that are pending judicial review. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.

2. Reportable Segments and Revenue Recognition
The Company is organized based on the nature of its products and is composed of two reportable segments, Machine Clothing ("MC") and Albany Engineered Composites ("AEC"), each overseen by a Segment President. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments.
Machine Clothing:
The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel products, nonwovens, fiber cement and for several other industrial applications. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. We manufacture belts for each section of the paper machine and for every grade of paper. We sell our MC products directly to customer end-users in countries across the globe. MC's products, manufacturing processes, and distribution channels are substantially the same in each region of the world in which we operate.
On August 31, 2023, the Company completed the acquisition of Heimbach GmbH (“Heimbach”), a privately-held manufacturer of paper machine clothing and technical textiles. The financial results of the acquired company are included in the Machine Clothing reportable segment.
Albany Engineered Composites:
The Albany Engineered Composites segment provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer, the SAFRAN Group (“SAFRAN”) owns a 10 percent noncontrolling interest. AEC, through ASC, is the exclusive supplier to the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract, where revenue is determined by a cost-plus-fee agreement. The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircraft. AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM International's LEAP engine) accounted for approximately 16 percent of the Company's consolidated Net revenues in 2023.
AEC net sales to SAFRAN were $142.2 million and $140.8 million in the first nine months of 2024 and 2023, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from SAFRAN amounted to $89.9 million and $93.8 million as of September 30, 2024 and December 31, 2023, respectively.
Other significant programs for AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing commercial programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. For the year ended December 31, 2023, approximately 39 percent of AEC revenues were related to U.S. government contracts or programs.







6
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Net revenues
Machine Clothing
$183,033 $166,588 $561,828 $479,027 
Albany Engineered Composites115,353 114,518 381,882 345,298 
Consolidated revenues$298,386 $281,106 $943,710 $824,325 
Operating income/(loss)
Machine Clothing
$51,481 $50,710 $153,276 $153,400 
Albany Engineered Composites(10,293)9,374 8,329 27,460 
Corporate expenses(16,017)(20,014)(54,552)(54,747)
Consolidated Operating income$25,171 $40,070 $107,053 $126,113 
Reconciling items:
Interest income(1,019)(1,826)(3,101)(4,770)
Interest expense
3,430 5,479 11,781 14,819 
Other (income)/expense, net3,257 56 5,932 (4,910)
Income before income taxes$19,503 $36,361 $92,441 $120,974 
Results for 2024 include Heimbach, which was acquired August 31, 2023. Heimbach contributed $27.8 million and $105.5 million of net revenues and $(4.3) million and $(6.7) million of operating loss for the three and nine months ended September 30, 2024, respectively. Heimbach contributed $15.6 million of Net revenues and an operating loss of $(0.5) million for the three and nine months ended September 30, 2023, respectively.
Corporate expenses include global information system costs of $7.8 million and $6.3 million for the three months ended September 30, 2024 and 2023, respectively, and $24.2 million and $19.3 million for the nine months ended September 30, 2024 and 2023, respectively.

Revenue Recognition:
Products and services provided under long-term contracts represent a significant portion of revenues in the Albany Engineered Composites segment and we account for these contracts over time, primarily using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. The cumulative changes in the estimated profitability of long-term contracts decreased operating income by $22.4 million for the third quarter of 2024 and decreased operating income by $28.3 million for the first nine months of 2024. The negative change in the estimated profitability in the third quarter of 2024 was driven by a few large complex programs, including approximately $13.3 million for various CH-53K programs, approximately $6.5 million on our Gulfstream program, approximately $2.2 million on our F-35 program, and $0.4 million, net, on all other programs. Adjustments in the estimated profitability of long-term contracts increased operating incomes by $0.9 million and decreased operating income by $4.1 million for the third quarter and first nine months of 2023, respectively.
We disaggregate revenue earned from contracts with customers for each of our business segments and product groups based on the timing of revenue recognition, and groupings used for internal review purposes.





7

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

Three months ended September 30, 2024
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$182,050 $983 $183,033 
Albany Engineered Composites:
   ASC— 40,115 40,115 
   Other AEC4,142 71,096 75,238 
Total Albany Engineered Composites
4,142 111,211 115,353 
                                         
Total revenues$186,192 $112,194 $298,386 

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2023:
Three months ended September 30, 2023
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$165,643 $945 $166,588 
Albany Engineered Composites:
   ASC— 46,654 46,654 
   Other AEC4,955 62,909 67,864 
Total Albany Engineered Composites
4,955 109,563 114,518 
Total revenues$170,598 $110,508 $281,106 
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2024:
Nine months ended September 30, 2024
(in thousands)
Point in Time Revenue
Recognition		Over Time Revenue
Recognition		Total
Machine Clothing$558,881 $2,947 $561,828 
Albany Engineered Composites:
   ASC— 140,146 140,146 
   Other AEC15,908 225,828 241,736 
Total Albany Engineered Composites15,908 365,974 381,882 
Total revenues$574,789 $368,921 $943,710 






8

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

Nine months ended September 30, 2023
(in thousands)Point in Time Revenue
Recognition		Over Time Revenue
Recognition		Total
Machine Clothing$476,194 $2,833 $479,027 
Albany Engineered Composites:
   ASC— 138,603 138,603 
   Other AEC14,259 192,436 206,695 
Total Albany Engineered Composites14,259 331,039 345,298 
Total revenues$490,453 $333,872 $824,325 
The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing ("PMC") and engineered fabrics); and for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Americas PMC$86,408 $84,405 $258,442 $261,937 
Eurasia PMC
70,083 64,493 224,792 164,771 
Engineered Fabrics26,542 17,690 78,594 52,319 
Total Machine Clothing Net revenues$183,033 $166,588 $561,828 $479,027 

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year and certain contracts in the AEC segment are relatively short duration firm-fixed-price orders. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $1.1 billion and $759 million as of September 30, 2024 and 2023, respectively, and related primarily to firm fixed price contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2024, we expect to recognize as revenue approximately $40 million during 2024, $167 million during 2025, $147 million during 2026, and the remainder thereafter.

9
3. Pensions and Other Postretirement Benefit Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.
The composition of the net periodic benefit cost/(income) for the nine months ended September 30, 2024 and 2023, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2024202320242023
Components of net periodic benefit cost/(income):
Service cost
$1,473 $986 $35 $45 
Interest cost4,545 3,447 1,063 1,405 
Expected return on assets
(4,030)(3,063)— — 
Amortization of prior service cost/(income)(20)(24)(93)(3,068)
Amortization of net actuarial loss
556 421 (26)621 
Net periodic benefit cost/(credit)
$2,524 $1,767 $979 $(997)
The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no material curtailments or settlements during the first nine months of 2024 or 2023.
Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.

4. Restructuring

At MC, restructuring actions were taken in the second and third quarters of 2024 to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, and at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK. The principal driver of $3.3 million in Restructuring expenses, net for the first nine months of 2024 related to workforce reductions, fixed asset impairments and related costs, as well as charges of $1.3 million in Costs of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year. Restructuring expenses incurred at MC during 2023 were not significant.
At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in restructuring expenses of $3.1 million for the first nine months of 2024. Restructuring expenses incurred at AEC during 2023 were not significant.
The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":
Three months ended September 30,
Nine months ended September 30,
(in thousands)2024202320242023
Machine Clothing$2,207 $82 $3,294 $227 
Albany Engineered Composites34 — 3,144 — 
Corporate expenses31 — 146 — 
Total$2,272 $82 $6,584 $227 



10
The following tables summarizes charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
Nine months ended September 30, 2024Total
restructuring
costs incurred		Termination
and other
costs		Impairment of assets
(in thousands)
Machine Clothing$4,581 $3,294 $1,287 
Albany Engineered Composites3,144 3,144 — 
Corporate expenses146 146 — 
Total$7,871 $6,584 $1,287 
Nine months ended September 30, 2023Total
restructuring
costs incurred		Termination
and other
costs		Impairment of assets
(in thousands)
Machine Clothing$227 $227 $— 
Albany Engineered Composites— — — 
Corporate expenses— — — 
Total$227 $227 $— 

The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:
(in thousands)December 31, 2023Restructuring
charges accrued		PaymentsCurrency
translation /other		September 30, 2024
Total termination and other costs$— $6,584 $(4,064)$90 $2,610 
(in thousands)December 31, 2022Restructuring
charges accrued		PaymentsCurrency
translation /other		September 30, 2023
Total termination and other costs$— $227 $(227)$— $— 

5. Other (Income)/Expense, net
The components of Other (income)/expense, net are:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Currency transaction (gains)/losses$1,834 $511 $692 $(3,622)
Derivative instruments losses/(gains)(485)704 3,788 581 
Bank fees and amortization of debt issuance costs
48 49 169 140 
Components of net periodic pension and postretirement cost other than service cost663 (15)1,995 (260)
Other1,197 (1,193)(712)(1,749)
Total other (income)/expense, net$3,257 $56 $5,932 $(4,910)
Other (income)/expense, net, included foreign currency related transactions which resulted in losses of $1.8 million and $0.7 million in the three and nine months ended September 30, 2024, respectively, as compared to losses of $0.5 million and gains of $3.6 million in the same periods last year. In addition, changes in the fair value of derivative instruments included gains of $0.5 million and losses of $3.8 million in the three and nine months ended September 30, 2024, as compared to losses of $0.7 million and $0.6 million in the same period last year, driven by currency rate movements, most notably the Brazilian Real and Mexican Peso. Other (income)/expense, net, also included net losses of $0.7 million from the divestiture of assets related to Heimbach during the nine months ended September 30, 2024, as well as bank fees, amortization of debt issuance costs, and rental income.
11

6. Income Taxes
The Company's effective income tax rate for the three and nine months ended September 30, 2024 and 2023, is as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Effective income tax rate6.6 %25.3 %23.9 %33.0 %
Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions which cannot recognize a tax benefit with regard to their generated losses are excluded from the annual effective tax rate calculation and their taxes will be recorded discretely in each quarter.
Our 2024 estimated annual effective tax rate primarily reflects the 21% federal tax rate, the impact of state and local taxation, the impact of taxation upon foreign operations, and forecasted permanent differences. Our actual effective tax rates were 6.6% and 25.3% for the three months ended September 30, 2024 and 2023, respectively. Our actual effective tax rates were 23.9% and 33.0% for the nine months ended September 30, 2024 and 2023, respectively.
The effective tax rate for the three months ended September 30, 2024 included a net discrete tax benefit of $8.5 million. This discrete tax benefit is mostly attributable to the true-up of prior year estimated taxes and the release of a valuation allowance in a non-U.S. jurisdiction due to positive evidence indicating that a full valuation allowance was no longer required. The rate for the third quarter of 2024 was lower than the third quarter of 2023 mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period, partially offset by an unfavorable change in the jurisdictional mix of earnings compared to the prior period.
The effective tax rate for the nine months ended September 30, 2024 included a net discrete tax benefit of $11.0 million. This discrete tax benefit is mostly attributable to the true-up for prior year estimated taxes, a net decrease in valuation allowances and a net decrease in uncertain tax positions. The rate for the nine months ended September 30, 2024 was lower than the nine months ended September 30, 2023 mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period, partially offset by an unfavorable change in the jurisdictional mix of earnings compared to the prior period.
The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2013-2024. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months, unrecognized tax benefits could decrease by up to $1.8 million based on current estimates.

12
7. Earnings Per Share
The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except earnings per share)2024202320242023
Net income attributable to the Company$18,029 $27,109 $69,944 $80,670 
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share
31,251 31,185 31,234 31,163 
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards116 98 99 93 
Weighted average number of shares used in calculating diluted net income per share31,367 31,283 31,333 31,256 
Net income attributable to the Company per share:
Basic$0.58 $0.87 $2.24 $2.59 
Diluted$0.57 $0.87 $2.23 $2.58 
..

8. Accumulated Other Comprehensive Income ("AOCI")
The table below presents changes in the components of AOCI for the period from December 31, 2023 to September 30, 2024:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2023$(124,901)$(17,346)$9,079 $(133,168)
Other comprehensive income/(loss) before reclassifications, net of tax
(12,472)(285)298 (12,459)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (8,212)(8,212)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
— 290 — 290 
Net current period other comprehensive income(12,472)5 (7,914)(20,381)
September 30, 2024$(137,373)$(17,341)$1,165 $(153,549)
The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 30, 2023:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2022$(146,851)$(15,783)$17,707 $(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax(4,326)(183)3,386 (1,123)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (8,136)(8,136)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax— (1,423)— (1,423)
Net current period other comprehensive income(4,326)(1,606)(4,750)(10,682)
September 30, 2023$(151,177)$(17,389)$12,957 $(155,609)
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The components of AOCI that are reclassified to the Consolidated Statements of Income relate to our pension and postretirement plans and interest rate swaps.
The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three and nine ended September 30, 2024 and 2023:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Interest expense/(income), net related to interest rate swaps included in Income before taxes
$(2,675)$(3,990)$(10,893)$(10,891)
Income tax effect658 1,009 2,681 2,755 
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income
$(2,017)$(2,981)$(8,212)$(8,136)
Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit$(37)$(1,031)$(113)$(3,092)
Amortization of net actuarial loss
176 349 530 1,042 
Total pre-tax amount reclassified (a)
139 (682)417 (2,050)
Income tax effect(42)208 (127)627 
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$97 $(474)$290 $(1,423)

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


9. Noncontrolling Interests
Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in Albany Safran Composites, LLC ("ASC").
On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. For the nine months ended September 30, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at September 30, 2024 was $0.4 million.










14
The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:
ASC Noncontrolling InterestNine months ended September 30,
(in thousands, except percentages)20242023
Net income of Albany Safran Composites (ASC)$3,754 $4,929 
Less: Return attributable to the Company's preferred holding850 974 
Net income of ASC available for common ownership$2,904 $3,955 
Ownership percentage of noncontrolling shareholder10 %10 %
Net income attributable to the noncontrolling interest$290 $396 
Noncontrolling interest, beginning of year$5,423 $4,494 
Net income attributable to noncontrolling interest290 396 
Changes in other comprehensive income attributable to the noncontrolling interest(481)317 
ASC Noncontrolling interest, end of interim period
$5,232 $5,207 
Arcari Noncontrolling interest, end of interim period
$447 $1,587 
Total Noncontrolling interest, end of interim period$5,679 $6,794 

10. Accounts Receivable
Accounts receivable, net includes Trade and other accounts receivable and Bank promissory notes, net of Allowance for expected credit losses. In connection with certain revenues in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of September 30, 2024 and December 31, 2023, Accounts receivable consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Trade and other accounts receivable$254,194 $272,351 
Bank promissory notes21,535 20,690 
Allowance for expected credit losses(3,754)(5,260)
Accounts receivable, net$271,975 $287,781 
The Company had Noncurrent receivables in the AEC segment that represent revenue earned, which had extended payment terms. In 2023, the payment terms were amended and the Noncurrent receivables are now included in Trade and other accounts receivable. As of September 30, 2024 and December 31, 2023, Noncurrent receivables consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Noncurrent receivables$— $4,414 
Allowance for expected credit losses
— (22)
Noncurrent receivables, net$— $4,392 




15
11. Contract Assets and Liabilities
Contract assets include unbilled amounts typically resulting from revenues under contracts when the over time method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional and the customer is invoiced. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets.
Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period.
As of September 30, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Contract assets$196,765 $183,189 
Allowance for expected credit losses
(983)(908)
Contract assets, net$195,782 $182,281 
Contract liabilities$7,122 $7,127 
Contract assets, net increased $13.5 million during the nine months ended September 30, 2024. The increase was primarily due to an increase in unbilled revenue, primarily related to commercial and space programs. There were no impairment losses related to our Contract assets during the nine months ended September 30, 2024 and September 30, 2023.
Contract liabilities are essentially flat for the period ended September 30, 2024 compared to December 31, 2023, primarily due to revenue recognized from satisfied performance obligations were essentially offset by customer advance payments for commercial and defense programs. Revenue recognized for the nine months ended September 30, 2024 and 2023 that was included in the Contract liability balance at the beginning of the year was $3.7 million and $14.4 million, respectively.

12. Inventories
Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories.
As of September 30, 2024 and December 31, 2023, Inventories consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Raw materials$84,257 $79,611 
Work in process
54,772 67,743 
Finished goods21,588 22,213 
Total inventories
$160,617 $169,567 






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13. Goodwill and Other Intangible Assets
The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of September 30, 2024 and December 31, 2023:
September 30, 2024
(in thousands)Amortization 
life in years		Gross carrying amountAccumulated amortizationNet carrying amount
Finite-lived assets:
AEC Trademarks and trade names
6-15
$208 $(194)$14 
AEC Technology
10-15
6,226 (3,201)3,025 
AEC Intellectual property
15
1,250 (402)848 
AEC Customer relationships
8-15
69,395 (46,500)22,895 
Heimbach Developed technology
9
9,166 (1,090)8,076 
Total Finite-lived intangible assets$86,245 $(51,387)$34,858 
Indefinite-lived intangible assets:
Heimbach Trade name$6,138 $— $6,138 
MC Goodwill67,407 — 67,407 
AEC Goodwill113,505 — 113,505 
Total Indefinite-lived intangible assets:$187,050 $— $187,050 
December 31, 2023
(in thousands)Amortization 
life in years		Gross carrying amountAccumulated amortizationNet carrying amount
Finite-lived assets:
AEC Trademarks and trade names
6-15
$208 $(186)$22 
AEC Technology
10-15
6,161 (2,735)3,426 
AEC Intellectual property
15
1,250 (339)911 
AEC Customer relationships
8-15
69,360 (43,875)25,485 
Heimbach Developed technology
9
9,042 (310)8,732 
Total Finite-lived assets$86,021 $(47,445)$38,576 
Indefinite-lived intangible assets:
Heimbach Trade name$6,070 $— $6,070 
MC Goodwill66,873 — 66,873 
AEC Goodwill113,308 — 113,308 
Total Indefinite-lived intangible assets:$186,251 $— $186,251 






17

The changes in intangible assets, net and goodwill from December 31, 2023 to September 30, 2024, were as follows:
(in thousands)December 31, 2023Other
Changes		AmortizationCurrency
Translation		September 30, 2024
Finite-lived intangible assets:
AEC Trademarks and trade names$22 $— $(8)$— $14 
AEC Technology3,426 — (428)27 3,025 
AEC Intellectual property911 — (63)— 848 
AEC Customer relationships25,485 — (2,611)21 22,895 
Heimbach Developed technology8,732 — (767)111 8,076 
Total Finite-lived intangible assets$38,576 $— $(3,877)$159 $34,858 
Indefinite-lived intangible assets:
Heimbach Trade name$6,070 $— $— $68 $6,138 
MC Goodwill66,873 — — 534 67,407 
AEC Goodwill113,308 — — 197 113,505 
Total Indefinite-lived assets:$186,251 $— $— $799 $187,050 

In the second quarter of 2024, management performed the quantitative assessment approach in conducting its annual evaluation of goodwill and indefinite-lived trademark intangibles and concluded that no impairment provision was required. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which management determined to be the business segment level. As part of the quantitative assessment, management used the income and market approach to determine fair value by considering projected cash flows and market multiples for the Machine Clothing reporting unit and the AEC reporting unit. Management performed the quantitative assessments and concluded that each reporting unit’s fair value continued to significantly exceed its carrying value. In addition, there were no amounts at risk due to the estimated spread between the fair and carrying values. Accordingly, no impairment charges were recorded.
In the third quarter, the Company revised its estimates and assumptions used in certain program estimates at completion of its AEC reporting unit. As a result, on October 3, 2024, the Company reported a preliminary update to its full year outlook to reflect revised revenue and profitability expectations for the AEC segment. As a result of the change in estimates of certain program revenues and profits, we performed a qualitative assessment of the AEC reporting unit’s goodwill for impairment and concluded that goodwill was not impaired. The excess of the fair value of the AEC reporting unit over its carrying value reduced approximately 26% from previous quarters; and fair value continues to exceed the carrying value by more than 20%.

14. Financial Instruments
Debt principally consists of a revolving credit agreement and foreign bank debt assumed in the 2023 acquisition of Heimbach. The following table represents the Company's outstanding debt:
(in thousands, except interest rates)September 30, 2024December 31, 2023
Borrowings under the Amended Credit Agreement (1)$360,000 $446,000 
Foreign bank debt2,194 10,885 
Total bank debt362,194 456,885 
Less: Current maturities of long-term debt555 4,218 
Long-term debt$361,639 $452,667 
(1) the credit facility matures in August 2028. At the end of September 30, 2024 and December 31, 2023, the interest rate in effect was 2.50% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.
18
Amended Credit Agreement
On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement (the “Amended Credit Agreement”), which matures in August of 2028. The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:
Leverage RatioCommitment FeeABR SpreadTerm Benchmark/ Daily
Simple SOFR Spread
<1.00:1.00
0.275%0.500%1.500%
≥ 1.00:1.00 and < 2.00:1.00
0.300%0.625%1.625%
≥ 2.00:1.00 and < 3.00:1.00
0.325%0.750%1.750%
≥ 3.00:1.00
0.350%1.000%2.000%
As of September 30, 2024, the applicable interest rate for borrowings under the Amended Credit Agreement was based on one-month term SOFR plus the spread, which was 1.50%.
As of September 30, 2024, there was $360 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $440 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).
Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of $40 million in a calendar year.
As of September 30, 2024, our leverage ratio was 0.99 to 1.00 and our interest coverage ratio was 15.39 to 1.00. As of September 30, 2024, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions.
The borrowings are guaranteed by certain of the Company’s subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit Agreement).
Interest Rate Swaps
From time to time, the Company enters into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended Credit Agreement. In 2021, we entered into interest rate swap agreements for the period of October 17, 2022 through October 27, 2024, to hedge $350 million of variable-interest rate indebtedness. The interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15, Fair-Value Measurements. No cash collateral was received or pledged in relation to the swap agreements.
As of September 30, 2024, the all-in rate on the $350 million of debt was 2.38%. Upon the expiration of the interest rate swap on October 28, 2024, our interest cost will increase significantly. Beginning in October 2024, our interest cost will be calculated using a floating rate based on the one-month term SOFR.

15. Fair-Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
19
•Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
We had no Level 3 financial assets or liabilities at September 30, 2024 or at December 31, 2023, other than certain pension assets as indicated in our December 31, 2023 Annual Report on Form 10-K.
The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis:
September 30, 2024December 31, 2023
Quoted
prices in
active
markets
Significant
other
observable
inputs
Quoted
prices in
active
markets
Significant
other
observable
inputs
(in thousands)
(Level 1)
(Level 2)
(Level 1)
(Level 2)
Fair Value
Assets:
Cash equivalents$13,401 $— $27,157 $— 
Foreign currency option contracts
— — — 1,725 
Foreign currency forward contracts
— — — 199 
Other Assets:
Common stock of unaffiliated foreign public company (a)693 — 682 — 
Interest rate swaps— 1,722 — 12,214 
Liabilities
Foreign currency forward contracts
— (1,105)— — 
(a)Original cost basis $0.5 million.
Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities.
The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Amounts determined to be due within one year are reclassified to Other current assets and/or Accrued liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the interest rate swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. Amounts accumulated in Other comprehensive income are reclassified as interest expense/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect earnings. Interest expense/(income) related to payments under the active swap agreements totaled $(10.9) million for the nine months ended September 30, 2024, and $(10.9) million for the nine months ended September 30, 2023.
We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accrued liabilities, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net.
When exercised, the foreign currency instruments are net-settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is a risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies.


20
(Gains)/losses related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses$(485)$704 $3,788 $581 


16. Commitments and Contingencies
Asbestos Litigation
Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. We were defending 3,642 claims as of September 30, 2024.
The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:
(in thousands, except number of claims)
Opening
Number of
Claims
Claims
Dismissed,
Settled, or
Resolved
New Claims
Closing
Number of
Claims
Amounts Paid to
Settle or
Resolve
For the period ended December 31, 20233,598 19 27 3,606 $74 
For the period ended September 30, 20243,606 9 45 3,642 $13 
We anticipate that additional claims will be filed against the Company and related companies in the future but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims.
While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of September 30, 2024, we had resolved, by means of settlement or dismissal, 38,050 claims at a total cost of $10.7 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.
The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,676 claims as of September 30, 2024, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.
In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.
We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash
21

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.


17. Changes in Shareholders’ Equity
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2023 to September 30, 2024:
Class A
Common Stock
Additional paid-in capital
Retained 
earnings
Accumulated items of other comprehensive income
Class A
Treasury Stock
Noncontrolling Interest
Total Shareholders' Equity
 
Shares
Amount
Shares
Amount
December 31, 202340,856 $41 $448,218 $1,010,942 $(133,168)9,662 $(364,665)$5,952 $967,320 
Net income— — — 27,291 — — — 78 27,369 
Compensation and benefits paid or payable in shares42 — 810 — — — — — 810 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,122)— — — — (8,122)
Cumulative translation adjustments— — — — (12,116)— — 46 (12,070)
Pension and postretirement liability adjustments— — — — 382 — — — 382 
Derivative valuation adjustment— — — — (2,124)— — — (2,124)
March 31, 202440,898 $41 $449,028 $1,030,111 $(147,026)9,662 $(364,665)$6,076 $973,565 
Net income— — — 24,624 — — — 96 24,720 
Compensation and benefits paid or payable in shares— — 2,530 — — — — — 2,530 
Shares issued to Directors'10 —903 — — — — — 903 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,123)— — — — (8,123)
Cumulative translation adjustments— — — — (17,287)— — (366)(17,653)
Pension and postretirement liability adjustments— — — — 246 — — — 246 
Derivative valuation adjustment— — — — (2,840)— — — (2,840)
June 30, 202440,908 $41 $452,461 $1,046,612 $(166,907)9,662 $(364,665)$5,806 $973,348 
Net income— — — 18,029 — — — 192 18,221 
Compensation and benefits paid or payable in shares9 — 195 — — — — — 195 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,127)— — — — (8,127)
Dividends paid to noncontrolling interests— — — — — — — (166)(166)
Cumulative translation adjustments— — — — 16,931 — — (153)16,778 
Pension and postretirement liability adjustments— — — — (623)— — — (623)
Derivative valuation adjustment— — — — (2,950)— — — (2,950)
September 30, 202440,917 $41 $452,656 $1,056,514 $(153,549)9,662 $(364,665)$5,679 $996,676 

22

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to September 30, 2023:
Class A
Common Stock
Additional paid-in capital
Retained 
earnings
Accumulated items of other comprehensive income
Class A
Treasury Stock
Noncontrolling Interest
Total 
Shareholders' Equity
(in thousands)
Shares
Amount
Shares
Amount
December 31, 202240,785 $41 $441,540 $931,318 $(144,927)9,675 $(364,923)$4,494 $867,543 
Net income— — — 26,889 — — — 197 27,086 
Compensation and benefits paid or payable in shares58 — 378 — — — — — 378 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,792)— — — — (7,792)
Cumulative translation adjustments— — — — 13,881 — — 238 14,119 
Pension and postretirement liability adjustments— — — — (916)— — — (916)
Derivative valuation adjustment— — — — (2,902)— — — (2,902)
March 31, 202340,842 $41 $441,917 $950,415 $(134,864)9,675 $(364,923)$4,929 $897,515 
Net income— — — 26,672 — — — 154 26,826 
Compensation and benefits paid or payable in shares— — 811 — — — — — 811 
Shares issued to Directors'— — 828 — — (12)258 — 1,086 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,795)— — — — (7,795)
Cumulative translation adjustments— — — — (2,568)— — 179 (2,389)
Pension and postretirement liability adjustments— — — — (724)— — — (724)
Derivative valuation adjustment— — — — 389 — — — 389 
June 30, 202340,842 $41 $443,556 $969,292 $(137,767)9,663 $(364,665)$5,262 $915,719 
Net income— — — 27,109 — — — 45 27,154 
Compensation and benefits paid or payable in shares15 — 2,914 — — (1)— — 2,914 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,799)— — — — (7,799)
Initial equity related to Noncontrolling interest in Arcari— — — — — — — 1,632 1,632 
Cumulative translation adjustments— — — — (15,639)— — (145)(15,784)
Pension and postretirement liability adjustments— — — — 34 — — — 34 
Derivative valuation adjustment— — — — (2,237)— — — (2,237)
September 30, 202340,857 $41 $446,470 $988,602 $(155,609)9,662 $(364,665)$6,794 $921,633 

18. Business Combination
On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately-held manufacturer of paper machine clothing with headquarters in Düren, Germany. For the three and nine months ended September 30, 2024, there were no material adjustments to the assets acquired and liabilities assumed. As of September 30, 2024, management’s review of the purchase price allocation has been completed.

19. Subsequent Events
We evaluated subsequent events through the issuance date of these financial statements in Form 10-Q. No material subsequent events were identified that require disclosure.
23

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand the results of operations and financial condition of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes.
Forward-looking Statements
This quarterly report and the documents incorporated or deemed to be incorporated by reference in this quarterly report contain statements concerning our future results and performance and other matters that are “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” "forecast," ”look for,” “will,” “should,” “guidance,” “guide” and similar expressions identify forward-looking statements, which generally are not historical in nature. Because forward-looking statements are subject to certain risks and uncertainties, (including, without limitation, those set forth in the Company’s most recent Annual Report on Form 10-K or prior Quarterly Reports on Form 10-Q) actual results may differ materially from those expressed or implied by such forward-looking statements.
There are a number of risks, uncertainties, and other important factors that could cause actual results to differ materially from the forward-looking statements, including, but not limited to:
•Conditions in the industries in which our Machine Clothing and Albany Engineered Composites segments compete, along with the general risks associated with macroeconomic conditions, including higher interest rates, inflationary pressures, or the effects of another pandemic, for an extended period of time;
•Across the entire Company, increasing labor, raw material, energy, or logistics costs due to supply chain constraints and inflationary pressures. These challenges have only increased as a result of the ongoing Russia-Ukraine war and the conflict in the Middle East;
•Across both segments, potential ports strikes could cause additional disruptions to our supply chain;
•Harm caused by changes in our relationships or contracts with suppliers and customers;
•In the Machine Clothing segment, greater than anticipated declines in the demand for publication grades of paper, or lower than anticipated growth in other paper grades;
•In the Albany Engineered Composites segment, longer-than-expected timeframe for the aerospace industry to utilize existing inventories, unanticipated reductions in demand, delays, technical difficulties, and cancellations in aerospace programs that are expected to generate revenue and drive long-term growth;
•Inability of our Machine Clothing or Albany Engineered Composite segments to create additional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of geopolitical crises, natural disaster, public health crises and epidemics/pandemics, regulatory or otherwise);
•Changes in geopolitical conditions impacting countries where the Company does or intends to do business;
•Failure to achieve or maintain anticipated profitable growth;
•Failure to achieve our strategic initiatives and other goals, including, but not limited to, our sustainability goals;
•In the Albany Engineered Composites segment, the estimates and expectations based on aircraft production rates provided by Airbus, Boeing and others;
•In the Albany Engineered Composites segment, risks and uncertainties associated with the successful implementation and ramp up of significant new programs, including the ability to manufacture the products to the detailed specifications required and recover start-up costs and other investments in the programs;
•In the Albany Engineered Composites segment, risks associated with changes in estimates and assumptions that could result in a decline in program gross margins or turn a profitable program into a loss program;
•Adverse impacts from inflation, an economic slowdown or recession and by disruption in capital and credit markets that might impede our access to credit, increase our borrowing costs and impair the financial soundness of our customers and suppliers;
•Expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our business strategy and other goals;
24

•Adverse impacts from fluctuations in foreign currency exchange rates;
•Harm caused by large customer purchase reductions, payment defaults or contract non-renewal;
•In the Albany Engineered Composites segment, future funding and compliance risks associated with our contracts with government entities, OEM customers or prime contractors on contracts with government entities;
•Costly and disruptive legal disputes and settlements;
•Future levels of indebtedness and capital expenditures;
•Adverse impacts from changes in tax legislation or challenges to our tax positions;
•Cybersecurity incidents or significant computer system compromises or data breaches;
•Significant problems with information systems or networks;
•Failure to adequately integrate the Heimbach Group companies into our business systems and processes within the expected timeframe or, failure to or delayed realization of anticipated benefits of the acquisition could adversely impact the Company’s business, financial condition and results of operations; and
•Other risks and uncertainties detailed in this report and other periodic reports.
Further information concerning important factors that could cause actual events or results to be materially different from the forward-looking statements can be found in the “Business Environment Overview and Trends” sections of this quarterly report, as well as in the Item 1A-“Risk Factors” section of our most recent Annual Report on Form 10-K. Although we believe the expectations reflected in our other forward-looking statements are based on reasonable assumptions, it is not possible to foresee or identify all factors that could have a material and negative impact on our future performance. The forward-looking statements included or incorporated by reference in this report are made on the basis of our assumptions and analyses, as of the time the statements are made, in light of our experience and perception of historical conditions, expected future developments, and other factors believed to be appropriate under the circumstances.
Except as otherwise required by the federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained or incorporated by reference in this report to reflect any change in our expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
Business Environment Overview and Trends

Machine Clothing Segment

During the third quarter of 2024, the Company announced that Merle Stein was appointed President of the Machine Clothing (“MC”) segment, after serving as the Segment’s Chief Operating Officer. Mr. Stein has considerable experience in the paper and pulp industries, significant knowledge of the MC business, and a strategic understanding of the markets it serves. Mr. Stein joined the Company in 2011.
The MC segment global backlog is stable and profitability continues to improve despite challenges in Europe, and, to a lesser degree, softness in China. North America is stable. The integration of Heimbach is on track with our internal plans. We transitioned Heimbach’s Paper Machine Clothing (“PMC”) businesses onto our SAP platform in July, an integral step to integrate Heimbach into the MC business.

Albany Engineered Composites Segment

In the third quarter, the Company announced the appointment of Christopher Stone as President of the Albany Engineered Composites segment. Mr. Stone brings a deep knowledge of the Aerospace and Defense industry, and considerable operational experiences to his new role. He has held a wide range of leadership positions at public companies, with a focus in manufacturing and supply chain management, business operations, production control, logistics and organizational transformation.

The AEC segment continues to ramp-up production levels on commercial, defense, and space programs. In the third quarter of 2024, the Company updated its labor, material input and scrap assumptions and estimates of certain long-term programs that resulted in a negative cumulative change in estimated profitability in the amount of $22.4
25

million. The negative cumulative change in profitability was primarily driven by a few large complex programs, including $13.3 million for various CH-53K programs, $6.5 million on our Gulfstream program, $2.2 million on our F-35 program, and $0.4 million, net on all other programs.

Boeing and Airbus SE had earlier announced increases in build rates in 2024 compared to 2023. During the year, both OEMs announced slower production rates than initially projected. We are seeing lower production rates on our Boeing 787 program causing AEC to slow its production on its content for this program for the remainder of 2024. Furthermore, although we have not yet experienced an adverse impact as a result of the Boeing Machinist strike, we are monitoring the strike and its potential impact on our future production rates.

Airbus SE has indicated that their expected ramp on the A320 will be pushed out beyond previous expectations. We have decreased our LEAP production forecast for the remainder of 2024; and we are working with our customer, Safran, to determine the appropriate production volumes for our LEAP production into 2025.
Also, please refer to the Business Environment Overview and Trends in the Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our Forms 10-Q previously filed with the SEC in 2024. The Annual Report on Form 10-K, along with the Company's other filings, can be found on the Securities and Exchange Commission's website, www.sec.gov, as well as on the Company's website: www.albint.com.

Consolidated Results of Operations
Net Revenues
The following table summarizes our Net revenues by business segment:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)
20242023% Change20242023% Change
Machine Clothing$183,033 $166,588 9.9 %$561,828 $479,027 17.3 %
Albany Engineered Composites
115,353 114,518 0.7 %381,882 345,298 10.6 %
Total$298,386 $281,106 6.1 %$943,710 $824,325 14.5 %
The following tables provide a comparison of 2024 Net revenues, excluding currency translation effects, to 2023 Net revenues:
(in thousands, except percentages)
Net revenues as reported, Q3 2024(Decrease)/ increase due to changes in currency translation ratesQ3 2024 revenues on same basis as Q3 2023 currency translation ratesNet revenues as reported, Q3 2023% Change compared to Q3 2023, excluding currency rate effects
Machine Clothing$183,033 $727 $182,306 $166,588 9.4 %
Albany Engineered Composites
115,353 159 115,194 114,518 0.6 %
Total$298,386 $886 $297,500 $281,106 5.8 %

(in thousands, except percentages)
Net revenues as reported, YTD 2024(Decrease)/ increase due to changes in currency translation ratesYTD 2024 revenues on same basis as 2023 currency translation ratesNet revenues as reported, YTD 2023% Change compared to 2023, excluding currency rate effects
Machine Clothing$561,828 $(999)$562,827 $479,027 17.5 %
Albany Engineered Composites
381,882 161 381,721 345,298 10.5 %
Total$943,710 $(838)$944,548 $824,325 14.6 %



26

Three month comparison
Net revenues increased 6.1% compared to the same period in 2023, driven by an increase in Net revenues from the Heimbach acquisition and stable Net revenues in AEC in line with the prior year, partially offset by lower organic Net revenues at MC.
MC's Net revenues increased 9.9% compared to the third quarter of 2023 driven by an increase in Heimbach Net revenues of $17.4 million. This was partially offset by $1.7 million of lower Net Revenues in the rest of the segment, due to lower revenues in packaging and publication grades. In addition, changes in currency translation rates had the effect of increasing Net revenues $0.7 million.
AEC's Net revenues were largely in line with the prior year, increasing $0.8 million or 0.7%, primarily driven by growth on certain commercial and space programs, which was partially offset by lower revenues on CH-53K and other defense programs. Changes in currency translation rates had an insignificant effect on Net revenues.
Nine month comparison
Net revenues increased 14.5% compared to the same period in 2023, driven by an increase of Net revenues from the Heimbach acquisition and higher Net revenues in AEC, partially offset by lower organic Net revenues at MC.
MC's Net revenues increased 17.3% compared to the same period in 2023 driven by an increase in Heimbach Net revenues of $95.0 million. This was partially offset by $11.2 million of lower Net revenues in the rest of the segment, driven primarily by weakness in publication globally, and in most grades in Europe, as well as decreased sales in packaging grades. Changes in currency translation rates had the effect of decreasing Net revenues $1.0 million.
AEC's Net revenues increased 10.6%, primarily driven by growth on certain commercial and space programs, which was partially offset by lower revenues on the F-35 program. Changes in currency translation rates had an insignificant effect on Net revenues.
Gross Profit
The following table summarizes Gross profit by business segment:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)
2024202320242023
Machine Clothing$88,921 $79,257 $262,449 $238,031 
Albany Engineered Composites
1,463 22,578 49,004 65,826 
Total$90,384 $101,835 $311,453 $303,857 
% of Net revenues30.3 %36.2 %33.0 %36.9 %
Three month comparison
The decrease in 2024 Gross profit, as compared to the same period last year, was driven by increased cost assumptions that adjusted the expected profitability of certain long-term contracts in the AEC segment. Gross profit as a percentage of revenues was as follows:
•MC's gross profit margin increased from 47.6% in 2023 to 48.6% in 2024, primarily attributable to reduced input costs.
•AEC's gross profit margin decreased from 19.7% in 2023 to 1.3% in 2024, driven primarily by cumulative changes in the estimated profitability of long-term contracts, which decreased gross profit by $22.4 million in 2024, as compared to a increase of $0.9 million during the same period last year.
Nine month comparison
The decrease in Gross profit during the first nine months of 2024, as compared to the same period in 2023, was driven by increased cost assumptions that adjusted the expected profitability of certain long-term contracts in the AEC segment. Gross profit as a percentage of revenues was as follows:
•MC's gross profit margin decreased from 49.7% in 2023 to 46.7% in 2024. This margin decrease was primarily attributable to lower gross margin at Heimbach.
•AEC's gross profit margin decreased from 19.1% in 2023 to 12.8% in 2024, driven primarily by cumulative changes in the estimated profitability of long-term contracts, which decreased gross profit by $28.3 million in
27

2024, as compared to a decrease of $4.1 million during the same period last year, partially offset by a favorable shift in revenue mix to commercial and space programs.
Selling, General, and Administrative ("SG&A")
The following table summarizes SG&A expenses by business segment:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)
2024202320242023
Machine Clothing$28,191 $22,442 $83,813 $66,197 
Albany Engineered Composites
7,920 9,519 24,228 26,270 
Corporate expenses15,986 20,014 54,406 54,747 
Total
$52,097 $51,975 $162,447 $147,214 
% of Net revenues17.5 %18.5 %17.2 %17.9 %
Three month comparison
Consolidated SG&A expenses increased 0.2% as compared to 2023, however, as a percentage of Net revenues, SG&A expenses decreased from 18.5% in 2023 to 17.5% in 2024.
•MC SG&A expenses increased $5.7 million as compared to 2023, with a $3.9 million increase related to Heimbach, a $1.2 million increase due to changes in currency translation rates, and a $0.6 million increase in professional, consulting, and personnel-related costs.
•In AEC, SG&A expenses decreased $1.6 million, primarily driven by lower incentive compensation and personnel-related costs.
•Corporate SG&A expenses decreased $4.0 million, principally due to lower incentive compensation and personnel-related costs.
Nine month comparison
Consolidated SG&A expenses increased 10.3% as compared to 2023, however, as a percentage of Net revenues, SG&A expenses decreased from 17.9% in 2023 to 17.2% in 2024.
The overall increase in SG&A expenses in the first nine months of 2024, compared to the same period in 2023, was due to the net effect of the following:
•MC SG&A expenses increased $17.6 million as compared to 2023, with a $20.4 million increase related to Heimbach and a $0.9 million increase related to personnel-related and travel costs, partially offset by a $3.7 million decrease due to changes in currency translation rates.
•In AEC, SG&A expenses decreased $2.0 million, driven by a $0.8 million decrease in personnel-related costs, a $0.8 million decrease in marketing costs, and a $0.4 million decrease in professional and consulting fees.
•Corporate SG&A expenses remained largely in line with the prior year, decreasing $0.3 million.
Technical and Research
The following table summarizes technical and research expenses by business segment:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)
2024202320242023
Machine Clothing$7,042 $6,023 $22,066 $18,207 
Albany Engineered Composites
3,802 3,685 13,303 12,096 
Total
$10,844 $9,708 $35,369 $30,303 
% of Net revenues3.6 %3.5 %3.7 %3.7 %




28

Three month comparison
Consolidated Technical and research expenses increased 11.7% as compared to 2023 and as a percentage of Net revenues increased from 3.5% in 2023 to 3.6% in 2024.
•MC Technical and research expenses increased $1.0 million as compared to 2023 due to the addition of Heimbach.
•AEC Technical and research expenses increased $0.1 million as compared to 2023, due to increases in research material and labor costs.
Nine month comparison
Consolidated Technical and research expenses increased 16.7% as compared to 2023, but as a percentage of Net revenues remained unchanged at 3.7% in both 2023 and 2024.
•MC Technical and research expenses increased $3.9 million as compared to 2023, with a $4.3 million increase related to Heimbach, which was partially offset by a $0.4 million decrease in personnel-related costs.
•AEC Technical and research expenses increased $1.2 million as compared to 2023 due to increases in research material and labor costs.
Restructuring Expense, net
In addition to the items discussed above affecting Gross profit, SG&A and Technical and research expenses, Operating income was affected by Restructuring expense, net, of $2.3 million in the three months ended September 30, 2024, compared to $0.1 million in in the same period of 2023; and $6.6 million in the nine months ended September 30, 2024, compared to $0.2 million in the same period in 2023.
The following table summarizes Restructuring expenses, net by business segment:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)2024202320242023
Machine Clothing$2,207 $82 $3,294 $227 
Albany Engineered Composites34 — 3,144 — 
Corporate expenses31 — 146 — 
Consolidated total$2,272 $82 $6,584 $227 
At MC, restructuring actions were taken in the second and third quarters of 2024 to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, and at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK. This was the principal driver of $3.3 million in Restructuring expenses, net for the first nine months of 2024 related to workforce reductions, fixed asset impairments and related costs, as well as charges of $1.3 million in Costs of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year.
At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in restructuring expenses of $3.1 million for the first nine months of 2024.
Restructuring expenses incurred at MC and AEC during 2023 were not significant.
Operating Income
The following table summarizes operating income/(loss) by business segment:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)2024202320242023
Machine Clothing$51,481 $50,710 $153,276 $153,400 
Albany Engineered Composites(10,293)9,374 8,329 27,460 
Corporate expenses(16,017)(20,014)(54,552)(54,747)
Total$25,171 $40,070 $107,053 $126,113 
% of Net revenues8.4 %14.3 %11.3 %15.3 %
29

Changes in operating income were primarily attributable to the drivers noted above.
Other Earnings Items
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Interest expense, net$2,411 $3,653 $8,680 $10,049 
Other (income)/expense, net3,257 56 5,932 (4,910)
Income tax expense1,282 9,207 22,131 39,908 
Net income attributable to the noncontrolling interest192 45 366 396 
Interest Expense/(Income), net
Interest expense/(income), net, decreased over the prior year primarily due to lower average debt balances, in part offset by less interest income earned on cash equivalents during the current year. See Note 14. Financial Instruments in the Notes to Consolidated Financial Statements for further discussion of borrowings and interest rates.
Other (Income)/Expense, net
Other (income)/expense, net, included foreign currency related transactions, which resulted in losses of $1.8 million and $0.7 million in the three and nine months ended September 30, 2024, respectively, as compared to losses of $0.5 million and gains of $3.6 million in the same periods last year. In addition, changes in the fair value of derivative instruments included gains of $0.5 million and losses of $3.8 million in the three and nine months ended September 30, 2024, as compared to losses of $0.7 million and $0.6 million in the same period last year, driven by currency rate movements, most notably the Brazilian Real and Mexican Peso. Net periodic pension and postretirement costs, other than service costs, were $0.7 million and $2.0 million in the three and nine months ended September 30, 2024, respectively, as compared to benefits of $0.1 million and $0.3 million in the same period last year. Other (income)/expense, net, also included net losses of $0.7 million from the divestiture of assets related to Heimbach during the nine months ended September 30, 2024, as well as bank fees, amortization of debt issuance costs, and rental income.
Effective Income Tax Rate
Three months ended September 30,Nine months ended September 30,
2024202320242023
Effective income tax rate6.6 %25.3 %23.9 %33.0 %
The Company has operations that constitute a taxable presence in 22 countries outside of the United States. The majority of these countries had income tax rates that were above the United States federal tax rate of 21 percent during the periods reported. The jurisdictional location of earnings is a significant component of our effective tax rate each year. The rate impact of this component is influenced by the specific location of non-U.S. earnings and the level of our total earnings. From period to period, the jurisdictional mix of earnings can vary as a result of operating fluctuations in the normal course of business, as well as the extent and location of other income and expense items, such as pension settlement and restructuring charges.
The tax rate is affected by recurring items, such as the income tax rate in the U.S. and non-U.S. jurisdictions and the mix of pre-tax income earned in those jurisdictions. The tax rate is also affected by U.S. tax costs on foreign pre-tax earnings, and by discrete items that may occur in any given year but are not consistent from year to year. The Company’s effective tax rate for the third quarter of 2024 was 6.6%, lower compared to 25.3% for the same period in 2023, mainly due to favorable discrete tax adjustments in the current period exceeding favorable discrete tax adjustments in the prior period. The favorable discrete benefits in the third quarter of 2024 were partially offset by an unfavorable change in the jurisdictional mix of earnings compared to the prior period. For the nine months ended September 30, 2024, the Company's effective tax rate was 23.9%, lower compared to 33.0% for the same period in 2023, mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period, partially offset by an unfavorable change in the jurisdictional mix of earnings compared to the prior period. For more information, see Note 6, Income Taxes, in the Notes to the Consolidated Financial Statements.
30

The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15 percent intended to be effective on January 1, 2024. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Although we do not expect these rules to materially increase our global tax costs in 2024, there remains uncertainty as to the final Pillar Two model rules. We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts.

Segment Results of Operations
Machine Clothing Segment
The MC segment accounted for 61% and 60% of our consolidated revenues during the three and nine months ended September 30, 2024, respectively. A summary of selected financial results for MC is as follows:
Review of Operations
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)
2024202320242023
Net revenues$183,033 $166,588 $561,828 $479,027 
Gross profit
88,921 79,257 262,449 238,031 
% of Net revenues48.6 %47.6 %46.7 %49.7 %
SG&A expenses
28,191 22,442 83,813 66,197 
Technical and research expenses
7,042 6,023 22,066 18,207 
Operating income51,481 50,710 153,276 153,400 
Net Revenues
For the three months ended September 30, 2024, Net revenues increased by 9.9% as compared to the prior year, driven by an increase in Heimbach Net revenues of $17.4 million. This was partially offset by $1.7 million of lower organic Net Revenues in the rest of the segment, due to decreased sales in packaging and publication grades. In addition, changes in currency translation rates had the effect of increasing Net revenues $0.7 million.
For the nine months ended September 30, 2024, Net revenues increased by 17.3% as compared to the prior year, driven by an increase in Heimbach Net revenues of $95.0 million. This was partially offset by $11.2 million of lower organic Net revenues in the rest of the segment, driven primarily by weakness in publication globally, and in most grades in Europe, as well as decreased sales in packaging grades. Changes in currency translation rates had the effect of decreasing Net revenues $1.0 million.
Gross Profit
For the three months ended September 30, 2024, Gross profit increased by $9.7 million and the gross profit margin increased from 47.6% in 2023 to 48.6% in 2024. This margin increase was primarily attributable to reduced input costs.
For the nine months ended September 30, 2024, Gross profit increased by $24.4 million as compared to the same period in the prior year, driven by the higher sales noted above; however, gross profit margin decreased from 49.7% in 2023 to 46.7% in 2024. This margin decrease was primarily driven by lower gross margins at Heimbach.
Operating Income
For the three months ended September 30, 2024, Operating income was largely in line with the prior year, increasing $0.8 million or 1.5%. The strong Gross profit performance was largely offset by increased SG&A and Technical and Research expenses, primarily at Heimbach locations. SG&A expenses increased $5.7 million as compared to 2023, with a $3.9 million increase related to Heimbach, a $1.2 million increase due to changes in currency translation rates, and a $0.6 million increase in professional, consulting, and personnel-related costs. Technical and research expenses increased $1.0 million as compared to 2023 due to the addition of Heimbach. In addition, Restructuring expenses increased $2.2 million related to recent announcements to cease operations at multiple manufacturing facilities, further reducing Operating income.
31

For the nine months ended September 30, 2024, Operating income was also largely in line with the prior year, decreasing $0.1 million or 0.1%.The strong Gross profit performance was largely offset by increased SG&A and Technical and Research expenses, primarily at Heimbach locations. SG&A expenses increased $17.6 million as compared to 2023, with a $20.4 million increase related to Heimbach and a $0.9 million increase related to personnel-related and travel costs, partially offset by a $3.7 million decrease due to changes in currency translation rates. Technical and research expenses increased $3.9 million as compared to 2023, with a $4.3 million increase related to Heimbach, which was offset by a $0.4 million decrease in personnel-related costs. In addition, Restructuring expenses increased $3.3 million related to recent announcements to cease operations at multiple manufacturing facilities, further reducing Operating income.
Albany Engineered Composites ("AEC") Segment
The AEC segment accounted for 39% and 40% of our consolidated revenues during the three and nine months ended September 30, 2024, respectively. A summary of selected financial results for AEC is as follows:
Review of Operations
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)
2024202320242023
Net revenues$115,353 $114,518 $381,882 $345,298 
Gross profit
1,463 22,578 49,004 65,826 
% of Net revenues1.3 %19.7 %12.8 %19.1 %
SG&A expenses
7,920 9,519 24,228 26,270 
Technical and research expenses
3,802 3,685 13,303 12,096 
Operating income(10,293)9,374 8,329 27,460 
Net Revenues
For the three months ended September 30, 2024, Net revenues increased 0.7% as compared to the prior year, primarily driven by growth on certain commercial and space programs, which was partially offset by lower revenues on CH-53K and other defense programs. Changes in currency translation rates had an insignificant effect on Net revenues.
For the nine months ended September 30, 2024, Net revenues increased 10.6%, primarily driven by growth on certain commercial and space programs, which was partially offset by lower revenues on the F-35 program. Changes in currency translation rates had an insignificant effect on Net revenues.
AEC has contracts with certain customers, including its contract for the LEAP program, where revenue is determined by a cost-plus-fee agreement. Revenue earned under these arrangements accounted for approximately 40 percent of segment revenue for the first nine months of 2024 and 2023.
In addition, AEC has long-term contracts in which the selling price is fixed. In accounting for those contracts, we estimate the profit margin expected at the completion of the contract and recognize a pro-rata share of that profit during the course of the contract using a cost-to-cost approach. Changes in estimated contract profitability will affect revenue and gross profit when the change occurs, which could have a significant favorable or unfavorable effect on revenue and gross profit in any reporting period. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow.
Gross Profit
For the three months ended September 30, 2024, Gross profit decreased $21.1 million as compared to the same period last year, and as a percentage of revenues decreased from 19.7% in 2023 to 1.3% in 2024. This decrease in Gross profit was driven primarily by changes in the estimated profitability of long-term contracts, which decreased gross profit by $22.4 million in 2024 due to increased cost assumptions as well as the impact of suspended production at a key customer. For the 2023 year, adjustments in the estimated profitability of long-term contracts increased Gross profit $0.9 million.
32

For the nine months ended September 30, 2024, Gross profit decreased $16.8 million as compared to the same period last year, and gross profit margin decreased from 19.1% in 2023 to 12.8% in 2024. This decrease in Gross profit was driven primarily by changes in the estimated profitability of long-term contracts, which decreased gross profit by $28.3 million in 2024 due to increased cost assumptions as well as the impact of suspended production at a key customer, partially offset by a favorable shift in revenue mix to commercial and space programs. For the 2023 year, adjustments in the estimated profitability of long-term contracts decreased Gross profit $4.1 million.
Operating Income
For the three months ended September 30, 2024, Operating income decreased $19.7 million, principally due to reduced Gross profit as noted above. This was partially offset by a decrease in SG&A expenses of $1.6 million, primarily driven by decreased incentive compensation and personnel-related costs. Technical and research expenses and Restructuring expenses remained largely in line with the prior year.
For the nine months ended September 30, 2024, Operating income decreased $19.1 million, principally due to reduced Gross profit as noted above. This was partially offset by a decrease in SG&A expenses of $2.0 million, driven by a $0.8 million decrease in personnel-related costs, a $0.8 million decrease in marketing costs, and a $0.4 million decrease in professional and consulting fees. Technical and research expenses increased $1.2 million as compared to 2023 due to increases in research material and labor costs. Restructuring activities related to reductions in the workforce at various AEC locations resulted in restructuring expenses of $3.1 million, further reducing Operating income.
Working Capital, Liquidity and Capital Structure
Cash Flow Summary
Nine months ended September 30,
(in thousands)
20242023
Net income$70,310 $81,066 
Depreciation and amortization67,003 54,778 
Changes in working capital (a)7,700 (58,130)
Changes in other noncurrent liabilities and deferred taxes(7,569)(4,866)
Other operating items2,541 964 
Net cash provided by operating activities139,985 73,812 
Net cash used in investing activities(61,053)(182,596)
Net cash used in financing activities
(121,773)(10,839)
Effect of exchange rate changes on cash and cash equivalents(3,357)(647)
Decrease in cash and cash equivalents
(46,198)(120,270)
Cash and cash equivalents at beginning of year173,420 291,776 
Cash and cash equivalents at end of period
$127,222 $171,506 
(a)Includes Accounts receivable, Contract assets, Inventories, Accounts payable, and Accrued liabilities.
Net cash provided by operating activities during the first nine months of 2024 was $140.0 million, compared to $73.8 million in the same period last year. The increase was primarily driven by improved levels of working capital at both segments, but was most pronounced at AEC, which invested a much more significant amount in working capital during 2023 related to the expanded CH-53K scope of work and the build-up of inventory in the LEAP program as compared to 2024.
Net cash used in investing activities included capital expenditures totaling $62.1 million and $49.1 million for the first nine months of 2024 and 2023, respectively, including investments in new aerospace programs and to improve productivity in our MC segment. In addition, investing activities during the prior year included the acquisition of Heimbach, headquartered in Düren, Germany, for net cash of $133.5 million, funded using cash on hand.
Net cash used in financing activities was $121.8 million for the first nine months of 2024 as compared to $10.8 million for the first nine months of 2023. The significant increase in net cash used during 2024 was due to increased principal payments on debt and increased dividends paid to shareholders.


33

Liquidity and Capital Structure
We finance our business activities principally with cash generated from operations and borrowings, largely through our revolving credit agreement as discussed below. Our subsidiaries outside of the United States may also maintain working capital lines with local banks.
Under our $800 million unsecured committed Amended Credit Agreement, $360.0 million of borrowings were outstanding as of September 30, 2024. In addition, we have borrowings outstanding at our Heimbach subsidiary of $2.2 million, of which $0.6 million was considered current.
As of September 30, 2024, we had cash and cash equivalents of $127.2 million and available borrowings under our Amended Credit Agreement of $440.0 million, for a total liquidity of approximately $567.2 million. We believe cash flows from operations and the availability of funds under our Amended Credit Agreement will be adequate to fund our operations and business needs over the next twelve months. For more information on credit agreements, see Note 14. Financial Instruments in the Notes to Consolidated Financial Statements.
As of September 30, 2024, $106.5 million of our total cash and cash equivalents were held by non-U.S. subsidiaries. The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation to the U.S. were in excess of $120.0 million, as of September 30, 2024 and are intended to remain indefinitely invested in foreign operations. Our cash planning strategy includes repatriating current earnings in excess of working capital requirements from certain countries in which our subsidiaries operate. While we have been successful in such endeavor to date, there can be no assurance that we will be able to cost effectively repatriate funds in the future. Repatriating such cash from certain jurisdictions, which is currently considered to be indefinitely reinvested in foreign operations, may also result in additional taxes.
We have also returned cash to shareholders through dividends and share repurchases. During the first nine months of 2024, we paid $24.4 million in dividends and had no share repurchases.

Off-Balance Sheet Arrangements
The Company is party to certain off-balance sheet arrangements, including certain guarantees. The Company provides financial assurance, such as payment guarantee and letters of credit and surety bonds, primarily to support workers’ compensation programs and customs clearance, of less than $12 million. There were no material changes in the Company’s off-balance sheet arrangements during 2024.


34

Item 3. Quantitative and Qualitative Disclosures about Market Risk
We have market risk with respect to foreign currency exchange rates and interest rates. The market risk is the potential loss arising from adverse changes in these rates as discussed below.
Foreign Currency Exchange Rate Risk
We have manufacturing plants and sales transactions worldwide and, therefore, are subject to foreign currency risk. This risk is composed of both potential losses from the translation of foreign currency financial statements and the remeasurement of foreign currency transactions. To manage this risk, we periodically enter into forward exchange contracts either to hedge the net assets of a foreign investment or to provide an economic hedge against future cash flows. The total net assets of non-U.S. operations and long-term intercompany loans denominated in nonfunctional currencies subject to potential loss amount to approximately $693.3 million. The potential loss in fair value resulting from a hypothetical 10% adverse change in quoted foreign currency exchange rates amounts to $69.3 million. Furthermore, related to foreign currency transactions, we have exposure to various nonfunctional currency balances totaling $146.4 million. This amount includes, on an absolute basis, exposures to assets and liabilities held in currencies other than our local entities’ functional currencies. On a net basis, we had $52.4 million of foreign currency assets as of September 30, 2024. As currency rates change, these nonfunctional currency balances are revalued, and the corresponding adjustment is recorded in the income statement. A hypothetical change of 10% in currency rates could result in an adjustment to the income statement of approximately $5.2 million. Actual results may differ from these estimates.

Interest Rate Risk

We are exposed to interest rate fluctuations with respect to our variable rate debt, depending on general economic conditions.

On September 30, 2024, we had $10.1 million in variable rate debt:
Assuming borrowings were outstanding for an entire year, an increase of one percentage point in weighted average interest rates would increase interest expense by $0.1 million. To manage interest rate risk, we may periodically enter into interest rate swap agreements to effectively fix the interest rates on variable debt to a specific rate for a period of time. Our current interest rate swap agreements expire in October 2024, which will result in a significant increase in our interest cost, which will be calculated using a floating rate based on the one-month term SOFR at that time, which was 5.06% at the time of our last borrowing, which was September 19, 2024. See Note 14. Financial Instruments in the Notes to the Consolidated Financial Statements in Item 1, which is incorporated herein by reference.

Item 4. Controls and Procedures
a) Disclosure controls and procedures.
The principal executive officer and principal financial officer, based on their evaluation of disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q, have concluded that the Company’s disclosure controls and procedures are effective for ensuring that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in filed or submitted reports is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.
(b) Changes in internal control over financial reporting.
In July of 2024, we implemented the Company’s version of SAP at certain Heimbach facilities, which in turn, resulted in changes to our internal controls over financial reporting. While we expect SAP to strengthen our internal controls at Heimbach by automating certain manual process and standardizing business processes and reporting, we will continue to monitor our internal controls in each of the affected facilities.
Other than discussed above, there were no other changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during
35

the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS
The information set forth above under Note 16. Commitments and Contingencies in Item 1, Notes to Consolidated Financial Statements is incorporated herein by reference.

Item 1A. Risk Factors
There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We made no share purchases during the third quarter of 2024.
On October 25, 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. In total, the Company has repurchased 1,308,003 shares for a total cost of $109.4M, of which 1,022,717 shares were repurchased in 2022 for $85.1 million and 285,286 shares were repurchased in 2021 for $24.3 million. We currently remain authorized to repurchase shares of up to $90.6 million.

Item 3. Defaults Upon Senior Securities
None.

Item 4. Mine Safety Disclosures
Not Applicable.

Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Albany International Corp. securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

36

Item 6. Exhibits
Exhibit No.Description
3.1
10(u)(ix)
31.1
31.2
32.1
101.INSXBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFXBRL Taxonomy Extension Definition Linkbase Document.
101.LABXBRL Taxonomy Extension Label Linkbase Document.
101.PREXBRL Taxonomy Extension Presentation Linkbase Document.
104Cover page formatted as Inline XBRL and contained in Exhibit 101


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ALBANY INTERNATIONAL CORP.
(Registrant)
Date: October 30, 2024By/s/ Robert D. Starr
Robert D. Starr
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

 

 

 

 

 

 

EXHIBIT (31.1)
CERTIFICATION PURSUANT TO
RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Gunnar Kleveland, certify that:
1.I have reviewed this report on Form 10-Q of Albany International Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 30, 2024
By
/s/ Gunnar Kleveland
Gunnar Kleveland
President and Chief Executive Officer
(Principal Executive Officer)


EXHIBIT (31.2)
CERTIFICATION PURSUANT TO
RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Robert D. Starr, certify that:
1.I have reviewed this report on Form 10-Q of Albany International Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 30, 2024
By
/s/ Robert D. Starr
Robert D. Starr
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)


EXHIBIT (32.1)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Albany International Corp. (the Company) on Form 10-Q for the period ending September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the Report), Gunnar Kleveland, President and Chief Executive Officer, and Robert D. Starr, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: October 30, 2024/s/ Gunnar Kleveland
Gunnar Kleveland
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Robert D. Starr
Robert D. Starr
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

v3.24.3
Cover page - shares
shares in Millions
 9 Months Ended
Sep. 30, 2024
Oct. 15, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-10026  
Entity Registrant Name ALBANY INTERNATIONAL CORP.  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 216 Airport Drive  
Entity Address, City or Town Rochester  
Entity Address, State or Province NH  
Entity Tax Identification Number 14-0462060  
Entity Address, Postal Zip Code 03867  
City Area Code 603  
Local Phone Number 330-5850  
Title of 12(b) Security Class A Common Stock, $0.001 par value per share  
Trading Symbol AIN  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   31.3
Entity Central Index Key 0000819793  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net revenues $ 298,386 $ 281,106 $ 943,710 $ 824,325
Cost of goods sold 208,002 179,271 632,257 520,468
Gross profit 90,384 101,835 311,453 303,857
Selling, general, and administrative expenses 52,097 51,975 162,447 147,214
Technical and research expenses 10,844 9,708 35,369 30,303
Restructuring expenses, net 2,272 82 6,584 227
Operating income 25,171 40,070 107,053 126,113
Interest expense/(income), net 2,411 3,653 8,680 10,049
Other (income)/expense, net 3,257 56 5,932 (4,910)
Income before income taxes 19,503 36,361 92,441 120,974
Income tax expense 1,282 9,207 22,131 39,908
Net income 18,221 27,154 70,310 81,066
Net income attributable to the noncontrolling interest 192 45 366 396
Net income attributable to the Company $ 18,029 $ 27,109 $ 69,944 $ 80,670
Earnings per share attributable to Company shareholders - Basic (in dollars per share) $ 0.58 $ 0.87 $ 2.24 $ 2.59
Earnings per share attributable to Company shareholders - Diluted (in dollars per share) $ 0.57 $ 0.87 $ 2.23 $ 2.58
Shares of the Company used in computing earnings per share:        
Basic (in shares) 31,251 31,185 31,234 31,163
Diluted (in shares) 31,367 31,283 31,333 31,256
Dividends declared per Class A share (in dollars per share) $ 0.26 $ 0.25 $ 0.78 $ 0.75
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 18,221 $ 27,154 $ 70,310 $ 81,066
Other comprehensive income/(loss), before tax:        
Foreign currency translation 16,211 (15,131) (12,757) (4,509)
Amortization of pension liability adjustments:        
Prior service credit (37) (1,031) (113) (3,092)
Net actuarial loss 176 349 530 1,042
Payments and amortization related to interest rate swaps included in earnings (2,675) (3,990) (10,893) (10,891)
Derivative valuation adjustment (1,238) 996 395 4,533
Income taxes related to items of other comprehensive income/(loss):        
Amortization of prior service credit 13 315 35 946
Amortization of net actuarial loss (55) (107) (162) (319)
Payments and amortization related to interest rate swaps included in earnings 658 1,009 2,681 2,755
Derivative valuation adjustment 305 (252) (97) (1,147)
Comprehensive income 31,579 9,312 49,929 70,384
Comprehensive income attributable to the noncontrolling interest (127) (99) (273) 669
Comprehensive income attributable to the Company $ 31,706 $ 9,411 $ 50,202 $ 69,715
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 127,222 $ 173,420
Accounts receivable, net 271,975 287,781
Contract assets, net 195,782 182,281
Inventories 160,617 169,567
Income taxes prepaid and receivable 8,316 11,043
Prepaid expenses and other current assets 40,399 53,872
Total current assets 804,311 877,964
Property, plant and equipment, net 583,455 601,989
Intangibles, net 40,996 44,646
Goodwill 180,912 180,181
Deferred income taxes 26,979 22,941
Noncurrent receivables, net 0 4,392
Other assets 116,548 102,901
Total assets 1,753,201 1,835,014
Liabilities and Shareholders' Equity    
Accounts payable 77,873 87,104
Accrued liabilities 138,700 142,988
Current maturities of long-term debt 555 4,218
Income taxes payable 1,593 14,369
Total current liabilities 218,721 248,679
Long-term debt 361,639 452,667
Other noncurrent liabilities 154,634 139,385
Deferred taxes and other liabilities 21,531 26,963
Total liabilities 756,525 867,694
Commitments and Contingencies (Note 16)
Shareholders' Equity:    
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued 0 0
Additional paid in capital 452,656 448,218
Retained earnings 1,056,514 1,010,942
Accumulated items of other comprehensive income:    
Translation adjustments (137,373) (124,901)
Pension and postretirement liability adjustments (17,341) (17,346)
Derivative valuation adjustment 1,165 9,079
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023 (364,665) (364,665)
Total shareholders' equity 990,997 961,368
Noncontrolling interest 5,679 5,952
Total equity 996,676 967,320
Total liabilities and shareholders' equity 1,753,201 1,835,014
Common Class A    
Shareholders' Equity:    
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,916,568 issued in 2024 and 40,856,910 in 2023 $ 41 $ 41
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
Preferred stock, par or stated value per share (in dollars per share) $ 5.00 $ 5.00
Preferred stock, shares authorized (in shares) 2,000,000 2,000,000
Preferred stock, shares issued (in shares) 0 0
Common Class A    
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares, issued (in shares) 40,916,568 40,856,910
Treasury stock, shares (in shares) 9,661,845 9,661,845
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 70,310 $ 81,066
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 61,813 50,164
Amortization 5,190 4,614
Change in deferred taxes and other liabilities (7,552) (1,264)
Impairment of property, plant and equipment 1,425 577
Non-cash interest expense 769 1,148
Compensation and benefits paid or payable in Class A Common Stock 4,438 5,189
Provision/(recovery) for credit losses from uncollected receivables and contract assets 40 641
Foreign currency remeasurement loss/(gain) on intercompany loans 2,263 (4,704)
Fair value adjustment on foreign currency contracts 1,105 581
Gain on sale of assets (515) 0
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:    
Accounts receivable 17,980 (18,172)
Contract assets (15,194) (16,550)
Inventories 5,918 (293)
Prepaid expenses and other current assets 2,768 (3,030)
Income taxes prepaid and receivable 2,602 1,597
Accounts payable 7,316 (6,661)
Accrued liabilities (8,320) (16,454)
Income taxes payable (11,995) (5,810)
Noncurrent receivables (579) 2,276
Other noncurrent liabilities (17) (3,602)
Other, net 220 2,499
Net cash provided by operating activities 139,985 73,812
Cash flows from investing activities:    
Purchase of business, net of cash acquired 0 (133,470)
Purchases of property, plant and equipment (61,985) (48,850)
Purchased software (101) (276)
Proceeds received from sale of assets 1,033 0
Net cash used in investing activities (61,053) (182,596)
Cash flows from financing activities:    
Proceeds from borrowings 48,106 71,249
Principal payments on debt (142,691) (51,479)
Debt acquisition costs 0 (4,108)
Taxes paid in lieu of share issuance (2,832) (3,136)
Dividends paid (24,356) (23,365)
Net cash (used in)/provided by financing activities (121,773) (10,839)
Effect of exchange rate changes on cash and cash equivalents (3,357) (647)
(Decrease)/increase in cash and cash equivalents (46,198) (120,270)
Cash and cash equivalents at beginning of period 173,420 291,776
Cash and cash equivalents at end of period $ 127,222 $ 171,506
v3.24.3
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation
In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but does not include all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued Accounting Standards Update No. 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" (ASU 2024-01), which clarifies how an entity determines whether profits interest or similar awards should be considered within the scope of ASC 718 as a share-based payment arrangement or under ASC 710 or other ASC topics in a manner similar to a cash bonus or profit-sharing arrangement. The guidance is effective for annual periods beginning after December 15, 2024, and interim periods beginning within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. ASU 2024-01 should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. We are
currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of legal challenges that are pending judicial review. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
v3.24.3
Reportable Segments and Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Reportable Segments and Revenue Recognition Reportable Segments and Revenue Recognition
The Company is organized based on the nature of its products and is composed of two reportable segments, Machine Clothing ("MC") and Albany Engineered Composites ("AEC"), each overseen by a Segment President. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments.
Machine Clothing:
The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel products, nonwovens, fiber cement and for several other industrial applications. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. We manufacture belts for each section of the paper machine and for every grade of paper. We sell our MC products directly to customer end-users in countries across the globe. MC's products, manufacturing processes, and distribution channels are substantially the same in each region of the world in which we operate.
On August 31, 2023, the Company completed the acquisition of Heimbach GmbH (“Heimbach”), a privately-held manufacturer of paper machine clothing and technical textiles. The financial results of the acquired company are included in the Machine Clothing reportable segment.
Albany Engineered Composites:
The Albany Engineered Composites segment provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer, the SAFRAN Group (“SAFRAN”) owns a 10 percent noncontrolling interest. AEC, through ASC, is the exclusive supplier to the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract, where revenue is determined by a cost-plus-fee agreement. The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircraft. AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM International's LEAP engine) accounted for approximately 16 percent of the Company's consolidated Net revenues in 2023.
AEC net sales to SAFRAN were $142.2 million and $140.8 million in the first nine months of 2024 and 2023, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from SAFRAN amounted to $89.9 million and $93.8 million as of September 30, 2024 and December 31, 2023, respectively.
Other significant programs for AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing commercial programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. For the year ended December 31, 2023, approximately 39 percent of AEC revenues were related to U.S. government contracts or programs.
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Net revenues
Machine Clothing
$183,033 $166,588 $561,828 $479,027 
Albany Engineered Composites115,353 114,518 381,882 345,298 
Consolidated revenues$298,386 $281,106 $943,710 $824,325 
Operating income/(loss)
Machine Clothing
$51,481 $50,710 $153,276 $153,400 
Albany Engineered Composites(10,293)9,374 8,329 27,460 
Corporate expenses(16,017)(20,014)(54,552)(54,747)
Consolidated Operating income$25,171 $40,070 $107,053 $126,113 
Reconciling items:
Interest income(1,019)(1,826)(3,101)(4,770)
Interest expense
3,430 5,479 11,781 14,819 
Other (income)/expense, net3,257 56 5,932 (4,910)
Income before income taxes$19,503 $36,361 $92,441 $120,974 
Results for 2024 include Heimbach, which was acquired August 31, 2023. Heimbach contributed $27.8 million and $105.5 million of net revenues and $(4.3) million and $(6.7) million of operating loss for the three and nine months ended September 30, 2024, respectively. Heimbach contributed $15.6 million of Net revenues and an operating loss of $(0.5) million for the three and nine months ended September 30, 2023, respectively.
Corporate expenses include global information system costs of $7.8 million and $6.3 million for the three months ended September 30, 2024 and 2023, respectively, and $24.2 million and $19.3 million for the nine months ended September 30, 2024 and 2023, respectively.

Revenue Recognition:
Products and services provided under long-term contracts represent a significant portion of revenues in the Albany Engineered Composites segment and we account for these contracts over time, primarily using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. The cumulative changes in the estimated profitability of long-term contracts decreased operating income by $22.4 million for the third quarter of 2024 and decreased operating income by $28.3 million for the first nine months of 2024. The negative change in the estimated profitability in the third quarter of 2024 was driven by a few large complex programs, including approximately $13.3 million for various CH-53K programs, approximately $6.5 million on our Gulfstream program, approximately $2.2 million on our F-35 program, and $0.4 million, net, on all other programs. Adjustments in the estimated profitability of long-term contracts increased operating incomes by $0.9 million and decreased operating income by $4.1 million for the third quarter and first nine months of 2023, respectively.
We disaggregate revenue earned from contracts with customers for each of our business segments and product groups based on the timing of revenue recognition, and groupings used for internal review purposes.
The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2024:

Three months ended September 30, 2024
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$182,050 $983 $183,033 
Albany Engineered Composites:
   ASC— 40,115 40,115 
   Other AEC4,142 71,096 75,238 
Total Albany Engineered Composites
4,142 111,211 115,353 
                                         
Total revenues$186,192 $112,194 $298,386 

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2023:
Three months ended September 30, 2023
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$165,643 $945 $166,588 
Albany Engineered Composites:
   ASC— 46,654 46,654 
   Other AEC4,955 62,909 67,864 
Total Albany Engineered Composites
4,955 109,563 114,518 
Total revenues$170,598 $110,508 $281,106 
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2024:
Nine months ended September 30, 2024
(in thousands)
Point in Time Revenue
Recognition		Over Time Revenue
Recognition		Total
Machine Clothing$558,881 $2,947 $561,828 
Albany Engineered Composites:
   ASC— 140,146 140,146 
   Other AEC15,908 225,828 241,736 
Total Albany Engineered Composites15,908 365,974 381,882 
Total revenues$574,789 $368,921 $943,710 
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2023:

Nine months ended September 30, 2023
(in thousands)Point in Time Revenue
Recognition		Over Time Revenue
Recognition		Total
Machine Clothing$476,194 $2,833 $479,027 
Albany Engineered Composites:
   ASC— 138,603 138,603 
   Other AEC14,259 192,436 206,695 
Total Albany Engineered Composites14,259 331,039 345,298 
Total revenues$490,453 $333,872 $824,325 
The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing ("PMC") and engineered fabrics); and for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Americas PMC$86,408 $84,405 $258,442 $261,937 
Eurasia PMC
70,083 64,493 224,792 164,771 
Engineered Fabrics26,542 17,690 78,594 52,319 
Total Machine Clothing Net revenues$183,033 $166,588 $561,828 $479,027 

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year and certain contracts in the AEC segment are relatively short duration firm-fixed-price orders. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $1.1 billion and $759 million as of September 30, 2024 and 2023, respectively, and related primarily to firm fixed price contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2024, we expect to recognize as revenue approximately $40 million during 2024, $167 million during 2025, $147 million during 2026, and the remainder thereafter.
v3.24.3
Pensions and Other Postretirement Benefit Plans
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Pensions and Other Postretirement Benefit Plans Pensions and Other Postretirement Benefit Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.
The composition of the net periodic benefit cost/(income) for the nine months ended September 30, 2024 and 2023, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2024202320242023
Components of net periodic benefit cost/(income):
Service cost
$1,473 $986 $35 $45 
Interest cost4,545 3,447 1,063 1,405 
Expected return on assets
(4,030)(3,063)— — 
Amortization of prior service cost/(income)(20)(24)(93)(3,068)
Amortization of net actuarial loss
556 421 (26)621 
Net periodic benefit cost/(credit)
$2,524 $1,767 $979 $(997)
The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no material curtailments or settlements during the first nine months of 2024 or 2023.
Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.
v3.24.3
Restructuring
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
At MC, restructuring actions were taken in the second and third quarters of 2024 to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, and at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK. The principal driver of $3.3 million in Restructuring expenses, net for the first nine months of 2024 related to workforce reductions, fixed asset impairments and related costs, as well as charges of $1.3 million in Costs of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year. Restructuring expenses incurred at MC during 2023 were not significant.
At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in restructuring expenses of $3.1 million for the first nine months of 2024. Restructuring expenses incurred at AEC during 2023 were not significant.
The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":
Three months ended September 30,
Nine months ended September 30,
(in thousands)2024202320242023
Machine Clothing$2,207 $82 $3,294 $227 
Albany Engineered Composites34 — 3,144 — 
Corporate expenses31 — 146 — 
Total$2,272 $82 $6,584 $227 
The following tables summarizes charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
Nine months ended September 30, 2024Total
restructuring
costs incurred		Termination
and other
costs		Impairment of assets
(in thousands)
Machine Clothing$4,581 $3,294 $1,287 
Albany Engineered Composites3,144 3,144 — 
Corporate expenses146 146 — 
Total$7,871 $6,584 $1,287 
Nine months ended September 30, 2023Total
restructuring
costs incurred		Termination
and other
costs		Impairment of assets
(in thousands)
Machine Clothing$227 $227 $— 
Albany Engineered Composites— — — 
Corporate expenses— — — 
Total$227 $227 $— 

The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:
(in thousands)December 31, 2023Restructuring
charges accrued		PaymentsCurrency
translation /other		September 30, 2024
Total termination and other costs$— $6,584 $(4,064)$90 $2,610 
(in thousands)December 31, 2022Restructuring
charges accrued		PaymentsCurrency
translation /other		September 30, 2023
Total termination and other costs$— $227 $(227)$— $— 
v3.24.3
Other (Income)/Expense, net
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Other (Income)/Expense, net Other (Income)/Expense, net
The components of Other (income)/expense, net are:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Currency transaction (gains)/losses$1,834 $511 $692 $(3,622)
Derivative instruments losses/(gains)(485)704 3,788 581 
Bank fees and amortization of debt issuance costs
48 49 169 140 
Components of net periodic pension and postretirement cost other than service cost663 (15)1,995 (260)
Other1,197 (1,193)(712)(1,749)
Total other (income)/expense, net$3,257 $56 $5,932 $(4,910)
Other (income)/expense, net, included foreign currency related transactions which resulted in losses of $1.8 million and $0.7 million in the three and nine months ended September 30, 2024, respectively, as compared to losses of $0.5 million and gains of $3.6 million in the same periods last year. In addition, changes in the fair value of derivative instruments included gains of $0.5 million and losses of $3.8 million in the three and nine months ended September 30, 2024, as compared to losses of $0.7 million and $0.6 million in the same period last year, driven by currency rate movements, most notably the Brazilian Real and Mexican Peso. Other (income)/expense, net, also included net losses of $0.7 million from the divestiture of assets related to Heimbach during the nine months ended September 30, 2024, as well as bank fees, amortization of debt issuance costs, and rental income.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective income tax rate for the three and nine months ended September 30, 2024 and 2023, is as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Effective income tax rate6.6 %25.3 %23.9 %33.0 %
Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions which cannot recognize a tax benefit with regard to their generated losses are excluded from the annual effective tax rate calculation and their taxes will be recorded discretely in each quarter.
Our 2024 estimated annual effective tax rate primarily reflects the 21% federal tax rate, the impact of state and local taxation, the impact of taxation upon foreign operations, and forecasted permanent differences. Our actual effective tax rates were 6.6% and 25.3% for the three months ended September 30, 2024 and 2023, respectively. Our actual effective tax rates were 23.9% and 33.0% for the nine months ended September 30, 2024 and 2023, respectively.
The effective tax rate for the three months ended September 30, 2024 included a net discrete tax benefit of $8.5 million. This discrete tax benefit is mostly attributable to the true-up of prior year estimated taxes and the release of a valuation allowance in a non-U.S. jurisdiction due to positive evidence indicating that a full valuation allowance was no longer required. The rate for the third quarter of 2024 was lower than the third quarter of 2023 mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period, partially offset by an unfavorable change in the jurisdictional mix of earnings compared to the prior period.
The effective tax rate for the nine months ended September 30, 2024 included a net discrete tax benefit of $11.0 million. This discrete tax benefit is mostly attributable to the true-up for prior year estimated taxes, a net decrease in valuation allowances and a net decrease in uncertain tax positions. The rate for the nine months ended September 30, 2024 was lower than the nine months ended September 30, 2023 mainly due to favorable discrete tax adjustments in the current period compared to unfavorable discrete tax adjustments in the prior period, partially offset by an unfavorable change in the jurisdictional mix of earnings compared to the prior period.
The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2013-2024. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months, unrecognized tax benefits could decrease by up to $1.8 million based on current estimates.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except earnings per share)2024202320242023
Net income attributable to the Company$18,029 $27,109 $69,944 $80,670 
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share
31,251 31,185 31,234 31,163 
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards116 98 99 93 
Weighted average number of shares used in calculating diluted net income per share31,367 31,283 31,333 31,256 
Net income attributable to the Company per share:
Basic$0.58 $0.87 $2.24 $2.59 
Diluted$0.57 $0.87 $2.23 $2.58 
..
v3.24.3
Accumulated Other Comprehensive Income ("AOCI")
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income ("AOCI") Accumulated Other Comprehensive Income ("AOCI")
The table below presents changes in the components of AOCI for the period from December 31, 2023 to September 30, 2024:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2023$(124,901)$(17,346)$9,079 $(133,168)
Other comprehensive income/(loss) before reclassifications, net of tax
(12,472)(285)298 (12,459)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (8,212)(8,212)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
— 290 — 290 
Net current period other comprehensive income(12,472)5 (7,914)(20,381)
September 30, 2024$(137,373)$(17,341)$1,165 $(153,549)
The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 30, 2023:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2022$(146,851)$(15,783)$17,707 $(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax(4,326)(183)3,386 (1,123)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (8,136)(8,136)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax— (1,423)— (1,423)
Net current period other comprehensive income(4,326)(1,606)(4,750)(10,682)
September 30, 2023$(151,177)$(17,389)$12,957 $(155,609)
The components of AOCI that are reclassified to the Consolidated Statements of Income relate to our pension and postretirement plans and interest rate swaps.
The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three and nine ended September 30, 2024 and 2023:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Interest expense/(income), net related to interest rate swaps included in Income before taxes
$(2,675)$(3,990)$(10,893)$(10,891)
Income tax effect658 1,009 2,681 2,755 
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income
$(2,017)$(2,981)$(8,212)$(8,136)
Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit$(37)$(1,031)$(113)$(3,092)
Amortization of net actuarial loss
176 349 530 1,042 
Total pre-tax amount reclassified (a)
139 (682)417 (2,050)
Income tax effect(42)208 (127)627 
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$97 $(474)$290 $(1,423)

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).
v3.24.3
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interests
Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in Albany Safran Composites, LLC ("ASC").
On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. For the nine months ended September 30, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at September 30, 2024 was $0.4 million.
The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:
ASC Noncontrolling InterestNine months ended September 30,
(in thousands, except percentages)20242023
Net income of Albany Safran Composites (ASC)$3,754 $4,929 
Less: Return attributable to the Company's preferred holding850 974 
Net income of ASC available for common ownership$2,904 $3,955 
Ownership percentage of noncontrolling shareholder10 %10 %
Net income attributable to the noncontrolling interest$290 $396 
Noncontrolling interest, beginning of year$5,423 $4,494 
Net income attributable to noncontrolling interest290 396 
Changes in other comprehensive income attributable to the noncontrolling interest(481)317 
ASC Noncontrolling interest, end of interim period
$5,232 $5,207 
Arcari Noncontrolling interest, end of interim period
$447 $1,587 
Total Noncontrolling interest, end of interim period$5,679 $6,794 
v3.24.3
Accounts Receivable
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Accounts Receivable Accounts Receivable
Accounts receivable, net includes Trade and other accounts receivable and Bank promissory notes, net of Allowance for expected credit losses. In connection with certain revenues in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of September 30, 2024 and December 31, 2023, Accounts receivable consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Trade and other accounts receivable$254,194 $272,351 
Bank promissory notes21,535 20,690 
Allowance for expected credit losses(3,754)(5,260)
Accounts receivable, net$271,975 $287,781 
The Company had Noncurrent receivables in the AEC segment that represent revenue earned, which had extended payment terms. In 2023, the payment terms were amended and the Noncurrent receivables are now included in Trade and other accounts receivable. As of September 30, 2024 and December 31, 2023, Noncurrent receivables consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Noncurrent receivables$— $4,414 
Allowance for expected credit losses
— (22)
Noncurrent receivables, net$— $4,392 
v3.24.3
Contract Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
Contract assets include unbilled amounts typically resulting from revenues under contracts when the over time method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional and the customer is invoiced. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets.
Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period.
As of September 30, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Contract assets$196,765 $183,189 
Allowance for expected credit losses
(983)(908)
Contract assets, net$195,782 $182,281 
Contract liabilities$7,122 $7,127 
Contract assets, net increased $13.5 million during the nine months ended September 30, 2024. The increase was primarily due to an increase in unbilled revenue, primarily related to commercial and space programs. There were no impairment losses related to our Contract assets during the nine months ended September 30, 2024 and September 30, 2023.
Contract liabilities are essentially flat for the period ended September 30, 2024 compared to December 31, 2023, primarily due to revenue recognized from satisfied performance obligations were essentially offset by customer advance payments for commercial and defense programs. Revenue recognized for the nine months ended September 30, 2024 and 2023 that was included in the Contract liability balance at the beginning of the year was $3.7 million and $14.4 million, respectively.
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories.
As of September 30, 2024 and December 31, 2023, Inventories consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Raw materials$84,257 $79,611 
Work in process
54,772 67,743 
Finished goods21,588 22,213 
Total inventories
$160,617 $169,567 
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of September 30, 2024 and December 31, 2023:
September 30, 2024
(in thousands)Amortization 
life in years		Gross carrying amountAccumulated amortizationNet carrying amount
Finite-lived assets:
AEC Trademarks and trade names
6-15
$208 $(194)$14 
AEC Technology
10-15
6,226 (3,201)3,025 
AEC Intellectual property
15
1,250 (402)848 
AEC Customer relationships
8-15
69,395 (46,500)22,895 
Heimbach Developed technology
9
9,166 (1,090)8,076 
Total Finite-lived intangible assets$86,245 $(51,387)$34,858 
Indefinite-lived intangible assets:
Heimbach Trade name$6,138 $— $6,138 
MC Goodwill67,407 — 67,407 
AEC Goodwill113,505 — 113,505 
Total Indefinite-lived intangible assets:$187,050 $— $187,050 
December 31, 2023
(in thousands)Amortization 
life in years		Gross carrying amountAccumulated amortizationNet carrying amount
Finite-lived assets:
AEC Trademarks and trade names
6-15
$208 $(186)$22 
AEC Technology
10-15
6,161 (2,735)3,426 
AEC Intellectual property
15
1,250 (339)911 
AEC Customer relationships
8-15
69,360 (43,875)25,485 
Heimbach Developed technology
9
9,042 (310)8,732 
Total Finite-lived assets$86,021 $(47,445)$38,576 
Indefinite-lived intangible assets:
Heimbach Trade name$6,070 $— $6,070 
MC Goodwill66,873 — 66,873 
AEC Goodwill113,308 — 113,308 
Total Indefinite-lived intangible assets:$186,251 $— $186,251 
The changes in intangible assets, net and goodwill from December 31, 2023 to September 30, 2024, were as follows:
(in thousands)December 31, 2023Other
Changes		AmortizationCurrency
Translation		September 30, 2024
Finite-lived intangible assets:
AEC Trademarks and trade names$22 $— $(8)$— $14 
AEC Technology3,426 — (428)27 3,025 
AEC Intellectual property911 — (63)— 848 
AEC Customer relationships25,485 — (2,611)21 22,895 
Heimbach Developed technology8,732 — (767)111 8,076 
Total Finite-lived intangible assets$38,576 $— $(3,877)$159 $34,858 
Indefinite-lived intangible assets:
Heimbach Trade name$6,070 $— $— $68 $6,138 
MC Goodwill66,873 — — 534 67,407 
AEC Goodwill113,308 — — 197 113,505 
Total Indefinite-lived assets:$186,251 $— $— $799 $187,050 

In the second quarter of 2024, management performed the quantitative assessment approach in conducting its annual evaluation of goodwill and indefinite-lived trademark intangibles and concluded that no impairment provision was required. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which management determined to be the business segment level. As part of the quantitative assessment, management used the income and market approach to determine fair value by considering projected cash flows and market multiples for the Machine Clothing reporting unit and the AEC reporting unit. Management performed the quantitative assessments and concluded that each reporting unit’s fair value continued to significantly exceed its carrying value. In addition, there were no amounts at risk due to the estimated spread between the fair and carrying values. Accordingly, no impairment charges were recorded.
In the third quarter, the Company revised its estimates and assumptions used in certain program estimates at completion of its AEC reporting unit. As a result, on October 3, 2024, the Company reported a preliminary update to its full year outlook to reflect revised revenue and profitability expectations for the AEC segment. As a result of the change in estimates of certain program revenues and profits, we performed a qualitative assessment of the AEC reporting unit’s goodwill for impairment and concluded that goodwill was not impaired. The excess of the fair value of the AEC reporting unit over its carrying value reduced approximately 26% from previous quarters; and fair value continues to exceed the carrying value by more than 20%.
v3.24.3
Financial Instruments
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Financial Instruments Financial Instruments
Debt principally consists of a revolving credit agreement and foreign bank debt assumed in the 2023 acquisition of Heimbach. The following table represents the Company's outstanding debt:
(in thousands, except interest rates)September 30, 2024December 31, 2023
Borrowings under the Amended Credit Agreement (1)$360,000 $446,000 
Foreign bank debt2,194 10,885 
Total bank debt362,194 456,885 
Less: Current maturities of long-term debt555 4,218 
Long-term debt$361,639 $452,667 
(1) the credit facility matures in August 2028. At the end of September 30, 2024 and December 31, 2023, the interest rate in effect was 2.50% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.
Amended Credit Agreement
On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement (the “Amended Credit Agreement”), which matures in August of 2028. The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:
Leverage RatioCommitment FeeABR SpreadTerm Benchmark/ Daily
Simple SOFR Spread
<1.00:1.00
0.275%0.500%1.500%
≥ 1.00:1.00 and < 2.00:1.00
0.300%0.625%1.625%
≥ 2.00:1.00 and < 3.00:1.00
0.325%0.750%1.750%
≥ 3.00:1.00
0.350%1.000%2.000%
As of September 30, 2024, the applicable interest rate for borrowings under the Amended Credit Agreement was based on one-month term SOFR plus the spread, which was 1.50%.
As of September 30, 2024, there was $360 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $440 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).
Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of $40 million in a calendar year.
As of September 30, 2024, our leverage ratio was 0.99 to 1.00 and our interest coverage ratio was 15.39 to 1.00. As of September 30, 2024, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions.
The borrowings are guaranteed by certain of the Company’s subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit Agreement).
Interest Rate Swaps
From time to time, the Company enters into interest rate swap contracts to manage the interest rate risk associated with its outstanding variable-interest rate borrowings. Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended Credit Agreement. In 2021, we entered into interest rate swap agreements for the period of October 17, 2022 through October 27, 2024, to hedge $350 million of variable-interest rate indebtedness. The interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15, Fair-Value Measurements. No cash collateral was received or pledged in relation to the swap agreements.
As of September 30, 2024, the all-in rate on the $350 million of debt was 2.38%. Upon the expiration of the interest rate swap on October 28, 2024, our interest cost will increase significantly. Beginning in October 2024, our interest cost will be calculated using a floating rate based on the one-month term SOFR.
v3.24.3
Fair-Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair-Value Measurements Fair-Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
•Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
We had no Level 3 financial assets or liabilities at September 30, 2024 or at December 31, 2023, other than certain pension assets as indicated in our December 31, 2023 Annual Report on Form 10-K.
The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis:
September 30, 2024December 31, 2023
Quoted
prices in
active
markets
Significant
other
observable
inputs
Quoted
prices in
active
markets
Significant
other
observable
inputs
(in thousands)
(Level 1)
(Level 2)
(Level 1)
(Level 2)
Fair Value
Assets:
Cash equivalents$13,401 $— $27,157 $— 
Foreign currency option contracts
— — — 1,725 
Foreign currency forward contracts
— — — 199 
Other Assets:
Common stock of unaffiliated foreign public company (a)693 — 682 — 
Interest rate swaps— 1,722 — 12,214 
Liabilities
Foreign currency forward contracts
— (1,105)— — 
(a)Original cost basis $0.5 million.
Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities.
The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Amounts determined to be due within one year are reclassified to Other current assets and/or Accrued liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the interest rate swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. Amounts accumulated in Other comprehensive income are reclassified as interest expense/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect earnings. Interest expense/(income) related to payments under the active swap agreements totaled $(10.9) million for the nine months ended September 30, 2024, and $(10.9) million for the nine months ended September 30, 2023.
We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accrued liabilities, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net.
When exercised, the foreign currency instruments are net-settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is a risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies.
(Gains)/losses related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses$(485)$704 $3,788 $581 
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Asbestos Litigation
Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. We were defending 3,642 claims as of September 30, 2024.
The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:
(in thousands, except number of claims)
Opening
Number of
Claims
Claims
Dismissed,
Settled, or
Resolved
New Claims
Closing
Number of
Claims
Amounts Paid to
Settle or
Resolve
For the period ended December 31, 20233,598 19 27 3,606 $74 
For the period ended September 30, 20243,606 9 45 3,642 $13 
We anticipate that additional claims will be filed against the Company and related companies in the future but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims.
While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of September 30, 2024, we had resolved, by means of settlement or dismissal, 38,050 claims at a total cost of $10.7 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.
The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,676 claims as of September 30, 2024, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.
In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.
We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash
flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.
v3.24.3
Changes in Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Changes in Shareholders’ Equity Changes in Shareholders’ Equity
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2023 to September 30, 2024:
Class A
Common Stock
Additional paid-in capital
Retained 
earnings
Accumulated items of other comprehensive income
Class A
Treasury Stock
Noncontrolling Interest
Total Shareholders' Equity
 
Shares
Amount
Shares
Amount
December 31, 202340,856 $41 $448,218 $1,010,942 $(133,168)9,662 $(364,665)$5,952 $967,320 
Net income— — — 27,291 — — — 78 27,369 
Compensation and benefits paid or payable in shares42 — 810 — — — — — 810 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,122)— — — — (8,122)
Cumulative translation adjustments— — — — (12,116)— — 46 (12,070)
Pension and postretirement liability adjustments— — — — 382 — — — 382 
Derivative valuation adjustment— — — — (2,124)— — — (2,124)
March 31, 202440,898 $41 $449,028 $1,030,111 $(147,026)9,662 $(364,665)$6,076 $973,565 
Net income— — — 24,624 — — — 96 24,720 
Compensation and benefits paid or payable in shares— — 2,530 — — — — — 2,530 
Shares issued to Directors'10 —903 — — — — — 903 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,123)— — — — (8,123)
Cumulative translation adjustments— — — — (17,287)— — (366)(17,653)
Pension and postretirement liability adjustments— — — — 246 — — — 246 
Derivative valuation adjustment— — — — (2,840)— — — (2,840)
June 30, 202440,908 $41 $452,461 $1,046,612 $(166,907)9,662 $(364,665)$5,806 $973,348 
Net income— — — 18,029 — — — 192 18,221 
Compensation and benefits paid or payable in shares9 — 195 — — — — — 195 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,127)— — — — (8,127)
Dividends paid to noncontrolling interests— — — — — — — (166)(166)
Cumulative translation adjustments— — — — 16,931 — — (153)16,778 
Pension and postretirement liability adjustments— — — — (623)— — — (623)
Derivative valuation adjustment— — — — (2,950)— — — (2,950)
September 30, 202440,917 $41 $452,656 $1,056,514 $(153,549)9,662 $(364,665)$5,679 $996,676 
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to September 30, 2023:
Class A
Common Stock
Additional paid-in capital
Retained 
earnings
Accumulated items of other comprehensive income
Class A
Treasury Stock
Noncontrolling Interest
Total 
Shareholders' Equity
(in thousands)
Shares
Amount
Shares
Amount
December 31, 202240,785 $41 $441,540 $931,318 $(144,927)9,675 $(364,923)$4,494 $867,543 
Net income— — — 26,889 — — — 197 27,086 
Compensation and benefits paid or payable in shares58 — 378 — — — — — 378 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,792)— — — — (7,792)
Cumulative translation adjustments— — — — 13,881 — — 238 14,119 
Pension and postretirement liability adjustments— — — — (916)— — — (916)
Derivative valuation adjustment— — — — (2,902)— — — (2,902)
March 31, 202340,842 $41 $441,917 $950,415 $(134,864)9,675 $(364,923)$4,929 $897,515 
Net income— — — 26,672 — — — 154 26,826 
Compensation and benefits paid or payable in shares— — 811 — — — — — 811 
Shares issued to Directors'— — 828 — — (12)258 — 1,086 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,795)— — — — (7,795)
Cumulative translation adjustments— — — — (2,568)— — 179 (2,389)
Pension and postretirement liability adjustments— — — — (724)— — — (724)
Derivative valuation adjustment— — — — 389 — — — 389 
June 30, 202340,842 $41 $443,556 $969,292 $(137,767)9,663 $(364,665)$5,262 $915,719 
Net income— — — 27,109 — — — 45 27,154 
Compensation and benefits paid or payable in shares15 — 2,914 — — (1)— — 2,914 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,799)— — — — (7,799)
Initial equity related to Noncontrolling interest in Arcari— — — — — — — 1,632 1,632 
Cumulative translation adjustments— — — — (15,639)— — (145)(15,784)
Pension and postretirement liability adjustments— — — — 34 — — — 34 
Derivative valuation adjustment— — — — (2,237)— — — (2,237)
September 30, 202340,857 $41 $446,470 $988,602 $(155,609)9,662 $(364,665)$6,794 $921,633 
v3.24.3
Business Combination
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately-held manufacturer of paper machine clothing with headquarters in Düren, Germany. For the three and nine months ended September 30, 2024, there were no material adjustments to the assets acquired and liabilities assumed. As of September 30, 2024, management’s review of the purchase price allocation has been completed.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsWe evaluated subsequent events through the issuance date of these financial statements in Form 10-Q. No material subsequent events were identified that require disclosure.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 18,029 $ 27,109 $ 69,944 $ 80,670
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but does not include all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Estimates
Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued Accounting Standards Update No. 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" (ASU 2024-01), which clarifies how an entity determines whether profits interest or similar awards should be considered within the scope of ASC 718 as a share-based payment arrangement or under ASC 710 or other ASC topics in a manner similar to a cash bonus or profit-sharing arrangement. The guidance is effective for annual periods beginning after December 15, 2024, and interim periods beginning within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. ASU 2024-01 should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. We are
currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the final rule as a result of legal challenges that are pending judicial review. The disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025, pending resolution of the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
v3.24.3
Reportable Segments and Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Net revenues
Machine Clothing
$183,033 $166,588 $561,828 $479,027 
Albany Engineered Composites115,353 114,518 381,882 345,298 
Consolidated revenues$298,386 $281,106 $943,710 $824,325 
Operating income/(loss)
Machine Clothing
$51,481 $50,710 $153,276 $153,400 
Albany Engineered Composites(10,293)9,374 8,329 27,460 
Corporate expenses(16,017)(20,014)(54,552)(54,747)
Consolidated Operating income$25,171 $40,070 $107,053 $126,113 
Reconciling items:
Interest income(1,019)(1,826)(3,101)(4,770)
Interest expense
3,430 5,479 11,781 14,819 
Other (income)/expense, net3,257 56 5,932 (4,910)
Income before income taxes$19,503 $36,361 $92,441 $120,974 
Schedule of Disaggregation of Revenue For Each Product Group by Timing of Revenue Recognition
The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2024:

Three months ended September 30, 2024
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$182,050 $983 $183,033 
Albany Engineered Composites:
   ASC— 40,115 40,115 
   Other AEC4,142 71,096 75,238 
Total Albany Engineered Composites
4,142 111,211 115,353 
                                         
Total revenues$186,192 $112,194 $298,386 

The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2023:
Three months ended September 30, 2023
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$165,643 $945 $166,588 
Albany Engineered Composites:
   ASC— 46,654 46,654 
   Other AEC4,955 62,909 67,864 
Total Albany Engineered Composites
4,955 109,563 114,518 
Total revenues$170,598 $110,508 $281,106 
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2024:
Nine months ended September 30, 2024
(in thousands)
Point in Time Revenue
Recognition		Over Time Revenue
Recognition		Total
Machine Clothing$558,881 $2,947 $561,828 
Albany Engineered Composites:
   ASC— 140,146 140,146 
   Other AEC15,908 225,828 241,736 
Total Albany Engineered Composites15,908 365,974 381,882 
Total revenues$574,789 $368,921 $943,710 
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2023:

Nine months ended September 30, 2023
(in thousands)Point in Time Revenue
Recognition		Over Time Revenue
Recognition		Total
Machine Clothing$476,194 $2,833 $479,027 
Albany Engineered Composites:
   ASC— 138,603 138,603 
   Other AEC14,259 192,436 206,695 
Total Albany Engineered Composites14,259 331,039 345,298 
Total revenues$490,453 $333,872 $824,325 
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service
The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing ("PMC") and engineered fabrics); and for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Americas PMC$86,408 $84,405 $258,442 $261,937 
Eurasia PMC
70,083 64,493 224,792 164,771 
Engineered Fabrics26,542 17,690 78,594 52,319 
Total Machine Clothing Net revenues$183,033 $166,588 $561,828 $479,027 
v3.24.3
Pensions and Other Postretirement Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The composition of the net periodic benefit cost/(income) for the nine months ended September 30, 2024 and 2023, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2024202320242023
Components of net periodic benefit cost/(income):
Service cost
$1,473 $986 $35 $45 
Interest cost4,545 3,447 1,063 1,405 
Expected return on assets
(4,030)(3,063)— — 
Amortization of prior service cost/(income)(20)(24)(93)(3,068)
Amortization of net actuarial loss
556 421 (26)621 
Net periodic benefit cost/(credit)
$2,524 $1,767 $979 $(997)
v3.24.3
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges
The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":
Three months ended September 30,
Nine months ended September 30,
(in thousands)2024202320242023
Machine Clothing$2,207 $82 $3,294 $227 
Albany Engineered Composites34 — 3,144 — 
Corporate expenses31 — 146 — 
Total$2,272 $82 $6,584 $227 
The following tables summarizes charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
Nine months ended September 30, 2024Total
restructuring
costs incurred		Termination
and other
costs		Impairment of assets
(in thousands)
Machine Clothing$4,581 $3,294 $1,287 
Albany Engineered Composites3,144 3,144 — 
Corporate expenses146 146 — 
Total$7,871 $6,584 $1,287 
Nine months ended September 30, 2023Total
restructuring
costs incurred		Termination
and other
costs		Impairment of assets
(in thousands)
Machine Clothing$227 $227 $— 
Albany Engineered Composites— — — 
Corporate expenses— — — 
Total$227 $227 $— 
Schedule of Changes in Restructuring Liabilities
The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:
(in thousands)December 31, 2023Restructuring
charges accrued		PaymentsCurrency
translation /other		September 30, 2024
Total termination and other costs$— $6,584 $(4,064)$90 $2,610 
(in thousands)December 31, 2022Restructuring
charges accrued		PaymentsCurrency
translation /other		September 30, 2023
Total termination and other costs$— $227 $(227)$— $— 
v3.24.3
Other (Income)/Expense, net (Tables)
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other (Income)/Expense, net
The components of Other (income)/expense, net are:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Currency transaction (gains)/losses$1,834 $511 $692 $(3,622)
Derivative instruments losses/(gains)(485)704 3,788 581 
Bank fees and amortization of debt issuance costs
48 49 169 140 
Components of net periodic pension and postretirement cost other than service cost663 (15)1,995 (260)
Other1,197 (1,193)(712)(1,749)
Total other (income)/expense, net$3,257 $56 $5,932 $(4,910)
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate
The Company's effective income tax rate for the three and nine months ended September 30, 2024 and 2023, is as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Effective income tax rate6.6 %25.3 %23.9 %33.0 %
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except earnings per share)2024202320242023
Net income attributable to the Company$18,029 $27,109 $69,944 $80,670 
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share
31,251 31,185 31,234 31,163 
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards116 98 99 93 
Weighted average number of shares used in calculating diluted net income per share31,367 31,283 31,333 31,256 
Net income attributable to the Company per share:
Basic$0.58 $0.87 $2.24 $2.59 
Diluted$0.57 $0.87 $2.23 $2.58 
..
v3.24.3
Accumulated Other Comprehensive Income ("AOCI") (Tables)
 9 Months Ended
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The table below presents changes in the components of AOCI for the period from December 31, 2023 to September 30, 2024:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2023$(124,901)$(17,346)$9,079 $(133,168)
Other comprehensive income/(loss) before reclassifications, net of tax
(12,472)(285)298 (12,459)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (8,212)(8,212)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
— 290 — 290 
Net current period other comprehensive income(12,472)5 (7,914)(20,381)
September 30, 2024$(137,373)$(17,341)$1,165 $(153,549)
The table below presents changes in the components of AOCI for the period from December 31, 2022 to September 30, 2023:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2022$(146,851)$(15,783)$17,707 $(144,927)
Other comprehensive income/(loss) before reclassifications, net of tax(4,326)(183)3,386 (1,123)
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax— — (8,136)(8,136)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax— (1,423)— (1,423)
Net current period other comprehensive income(4,326)(1,606)(4,750)(10,682)
September 30, 2023$(151,177)$(17,389)$12,957 $(155,609)
Schedule of Reclassification Out of Accumulated Other Comprehensive Income
The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three and nine ended September 30, 2024 and 2023:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2024202320242023
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Interest expense/(income), net related to interest rate swaps included in Income before taxes
$(2,675)$(3,990)$(10,893)$(10,891)
Income tax effect658 1,009 2,681 2,755 
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income
$(2,017)$(2,981)$(8,212)$(8,136)
Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit$(37)$(1,031)$(113)$(3,092)
Amortization of net actuarial loss
176 349 530 1,042 
Total pre-tax amount reclassified (a)
139 (682)417 (2,050)
Income tax effect(42)208 (127)627 
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income$97 $(474)$290 $(1,423)

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans).
v3.24.3
Noncontrolling Interests (Tables)
 9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity
The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:
ASC Noncontrolling InterestNine months ended September 30,
(in thousands, except percentages)20242023
Net income of Albany Safran Composites (ASC)$3,754 $4,929 
Less: Return attributable to the Company's preferred holding850 974 
Net income of ASC available for common ownership$2,904 $3,955 
Ownership percentage of noncontrolling shareholder10 %10 %
Net income attributable to the noncontrolling interest$290 $396 
Noncontrolling interest, beginning of year$5,423 $4,494 
Net income attributable to noncontrolling interest290 396 
Changes in other comprehensive income attributable to the noncontrolling interest(481)317 
ASC Noncontrolling interest, end of interim period
$5,232 $5,207 
Arcari Noncontrolling interest, end of interim period
$447 $1,587 
Total Noncontrolling interest, end of interim period$5,679 $6,794 
v3.24.3
Accounts Receivable (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable As of September 30, 2024 and December 31, 2023, Accounts receivable consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Trade and other accounts receivable$254,194 $272,351 
Bank promissory notes21,535 20,690 
Allowance for expected credit losses(3,754)(5,260)
Accounts receivable, net$271,975 $287,781 
Schedule of Contract Receivables As of September 30, 2024 and December 31, 2023, Noncurrent receivables consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Noncurrent receivables$— $4,414 
Allowance for expected credit losses
— (22)
Noncurrent receivables, net$— $4,392 
v3.24.3
Contract Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Schedule of Contract Assets and Contract Liabilities
As of September 30, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Contract assets$196,765 $183,189 
Allowance for expected credit losses
(983)(908)
Contract assets, net$195,782 $182,281 
Contract liabilities$7,122 $7,127 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory
As of September 30, 2024 and December 31, 2023, Inventories consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Raw materials$84,257 $79,611 
Work in process
54,772 67,743 
Finished goods21,588 22,213 
Total inventories
$160,617 $169,567 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of September 30, 2024 and December 31, 2023:
September 30, 2024
(in thousands)Amortization 
life in years		Gross carrying amountAccumulated amortizationNet carrying amount
Finite-lived assets:
AEC Trademarks and trade names
6-15
$208 $(194)$14 
AEC Technology
10-15
6,226 (3,201)3,025 
AEC Intellectual property
15
1,250 (402)848 
AEC Customer relationships
8-15
69,395 (46,500)22,895 
Heimbach Developed technology
9
9,166 (1,090)8,076 
Total Finite-lived intangible assets$86,245 $(51,387)$34,858 
Indefinite-lived intangible assets:
Heimbach Trade name$6,138 $— $6,138 
MC Goodwill67,407 — 67,407 
AEC Goodwill113,505 — 113,505 
Total Indefinite-lived intangible assets:$187,050 $— $187,050 
December 31, 2023
(in thousands)Amortization 
life in years		Gross carrying amountAccumulated amortizationNet carrying amount
Finite-lived assets:
AEC Trademarks and trade names
6-15
$208 $(186)$22 
AEC Technology
10-15
6,161 (2,735)3,426 
AEC Intellectual property
15
1,250 (339)911 
AEC Customer relationships
8-15
69,360 (43,875)25,485 
Heimbach Developed technology
9
9,042 (310)8,732 
Total Finite-lived assets$86,021 $(47,445)$38,576 
Indefinite-lived intangible assets:
Heimbach Trade name$6,070 $— $6,070 
MC Goodwill66,873 — 66,873 
AEC Goodwill113,308 — 113,308 
Total Indefinite-lived intangible assets:$186,251 $— $186,251 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The changes in intangible assets, net and goodwill from December 31, 2023 to September 30, 2024, were as follows:
(in thousands)December 31, 2023Other
Changes		AmortizationCurrency
Translation		September 30, 2024
Finite-lived intangible assets:
AEC Trademarks and trade names$22 $— $(8)$— $14 
AEC Technology3,426 — (428)27 3,025 
AEC Intellectual property911 — (63)— 848 
AEC Customer relationships25,485 — (2,611)21 22,895 
Heimbach Developed technology8,732 — (767)111 8,076 
Total Finite-lived intangible assets$38,576 $— $(3,877)$159 $34,858 
Indefinite-lived intangible assets:
Heimbach Trade name$6,070 $— $— $68 $6,138 
MC Goodwill66,873 — — 534 67,407 
AEC Goodwill113,308 — — 197 113,505 
Total Indefinite-lived assets:$186,251 $— $— $799 $187,050 
v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments The following table represents the Company's outstanding debt:
(in thousands, except interest rates)September 30, 2024December 31, 2023
Borrowings under the Amended Credit Agreement (1)$360,000 $446,000 
Foreign bank debt2,194 10,885 
Total bank debt362,194 456,885 
Less: Current maturities of long-term debt555 4,218 
Long-term debt$361,639 $452,667 
(1) the credit facility matures in August 2028. At the end of September 30, 2024 and December 31, 2023, the interest rate in effect was 2.50% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.
Schedule Interest Rate for Borrowings The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows:
Leverage RatioCommitment FeeABR SpreadTerm Benchmark/ Daily
Simple SOFR Spread
<1.00:1.00
0.275%0.500%1.500%
≥ 1.00:1.00 and < 2.00:1.00
0.300%0.625%1.625%
≥ 2.00:1.00 and < 3.00:1.00
0.325%0.750%1.750%
≥ 3.00:1.00
0.350%1.000%2.000%
v3.24.3
Fair-Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis:
September 30, 2024December 31, 2023
Quoted
prices in
active
markets
Significant
other
observable
inputs
Quoted
prices in
active
markets
Significant
other
observable
inputs
(in thousands)
(Level 1)
(Level 2)
(Level 1)
(Level 2)
Fair Value
Assets:
Cash equivalents$13,401 $— $27,157 $— 
Foreign currency option contracts
— — — 1,725 
Foreign currency forward contracts
— — — 199 
Other Assets:
Common stock of unaffiliated foreign public company (a)693 — 682 — 
Interest rate swaps— 1,722 — 12,214 
Liabilities
Foreign currency forward contracts
— (1,105)— — 
(a)Original cost basis $0.5 million.
Schedule of Derivative Instruments, Gain (Loss)
(Gains)/losses related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Derivatives not designated as hedging instruments:
Foreign currency options (gains)/losses$(485)$704 $3,788 $581 
v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Loss Contingencies by Contingency
The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:
(in thousands, except number of claims)
Opening
Number of
Claims
Claims
Dismissed,
Settled, or
Resolved
New Claims
Closing
Number of
Claims
Amounts Paid to
Settle or
Resolve
For the period ended December 31, 20233,598 19 27 3,606 $74 
For the period ended September 30, 20243,606 9 45 3,642 $13 
v3.24.3
Changes in Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2023 to September 30, 2024:
Class A
Common Stock
Additional paid-in capital
Retained 
earnings
Accumulated items of other comprehensive income
Class A
Treasury Stock
Noncontrolling Interest
Total Shareholders' Equity
 
Shares
Amount
Shares
Amount
December 31, 202340,856 $41 $448,218 $1,010,942 $(133,168)9,662 $(364,665)$5,952 $967,320 
Net income— — — 27,291 — — — 78 27,369 
Compensation and benefits paid or payable in shares42 — 810 — — — — — 810 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,122)— — — — (8,122)
Cumulative translation adjustments— — — — (12,116)— — 46 (12,070)
Pension and postretirement liability adjustments— — — — 382 — — — 382 
Derivative valuation adjustment— — — — (2,124)— — — (2,124)
March 31, 202440,898 $41 $449,028 $1,030,111 $(147,026)9,662 $(364,665)$6,076 $973,565 
Net income— — — 24,624 — — — 96 24,720 
Compensation and benefits paid or payable in shares— — 2,530 — — — — — 2,530 
Shares issued to Directors'10 —903 — — — — — 903 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,123)— — — — (8,123)
Cumulative translation adjustments— — — — (17,287)— — (366)(17,653)
Pension and postretirement liability adjustments— — — — 246 — — — 246 
Derivative valuation adjustment— — — — (2,840)— — — (2,840)
June 30, 202440,908 $41 $452,461 $1,046,612 $(166,907)9,662 $(364,665)$5,806 $973,348 
Net income— — — 18,029 — — — 192 18,221 
Compensation and benefits paid or payable in shares9 — 195 — — — — — 195 
Dividends declared on Class A Common Stock, $0.26 per share
— — — (8,127)— — — — (8,127)
Dividends paid to noncontrolling interests— — — — — — — (166)(166)
Cumulative translation adjustments— — — — 16,931 — — (153)16,778 
Pension and postretirement liability adjustments— — — — (623)— — — (623)
Derivative valuation adjustment— — — — (2,950)— — — (2,950)
September 30, 202440,917 $41 $452,656 $1,056,514 $(153,549)9,662 $(364,665)$5,679 $996,676 
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to September 30, 2023:
Class A
Common Stock
Additional paid-in capital
Retained 
earnings
Accumulated items of other comprehensive income
Class A
Treasury Stock
Noncontrolling Interest
Total 
Shareholders' Equity
(in thousands)
Shares
Amount
Shares
Amount
December 31, 202240,785 $41 $441,540 $931,318 $(144,927)9,675 $(364,923)$4,494 $867,543 
Net income— — — 26,889 — — — 197 27,086 
Compensation and benefits paid or payable in shares58 — 378 — — — — — 378 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,792)— — — — (7,792)
Cumulative translation adjustments— — — — 13,881 — — 238 14,119 
Pension and postretirement liability adjustments— — — — (916)— — — (916)
Derivative valuation adjustment— — — — (2,902)— — — (2,902)
March 31, 202340,842 $41 $441,917 $950,415 $(134,864)9,675 $(364,923)$4,929 $897,515 
Net income— — — 26,672 — — — 154 26,826 
Compensation and benefits paid or payable in shares— — 811 — — — — — 811 
Shares issued to Directors'— — 828 — — (12)258 — 1,086 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,795)— — — — (7,795)
Cumulative translation adjustments— — — — (2,568)— — 179 (2,389)
Pension and postretirement liability adjustments— — — — (724)— — — (724)
Derivative valuation adjustment— — — — 389 — — — 389 
June 30, 202340,842 $41 $443,556 $969,292 $(137,767)9,663 $(364,665)$5,262 $915,719 
Net income— — — 27,109 — — — 45 27,154 
Compensation and benefits paid or payable in shares15 — 2,914 — — (1)— — 2,914 
Dividends declared on Class A Common Stock, $0.25 per share
— — — (7,799)— — — — (7,799)
Initial equity related to Noncontrolling interest in Arcari— — — — — — — 1,632 1,632 
Cumulative translation adjustments— — — — (15,639)— — (145)(15,784)
Pension and postretirement liability adjustments— — — — 34 — — — 34 
Derivative valuation adjustment— — — — (2,237)— — — (2,237)
September 30, 202340,857 $41 $446,470 $988,602 $(155,609)9,662 $(364,665)$6,794 $921,633 
v3.24.3
Reportable Segments and Revenue Recognition (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
segment
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]          
Number of reportable segments | segment     2    
Net revenues $ 298,386 $ 281,106 $ 943,710 $ 824,325  
Global information system expense 7,800 6,300 24,200 19,300  
Operating income (loss) 25,171 40,070 107,053 126,113  
Heimbach          
Segment Reporting Information [Line Items]          
Net revenue of acquiree since acquisition date, actual 27,800 15,600 105,500 15,600  
Operating loss of acquiree since acquisition date, actual (4,300) (500) (6,700) (500)  
Albany Engineered Composites          
Segment Reporting Information [Line Items]          
Net revenues 115,353 114,518 381,882 345,298  
Operating income (loss) (22,400) $ 900 (28,300) (4,100)  
Albany Engineered Composites | CH-53K Programs          
Segment Reporting Information [Line Items]          
Operating income (loss) (13,300)        
Albany Engineered Composites | Gulfstream Program          
Segment Reporting Information [Line Items]          
Operating income (loss) (6,500)        
Albany Engineered Composites | F-35 Program          
Segment Reporting Information [Line Items]          
Operating income (loss) (2,200)        
Albany Engineered Composites | Other Program          
Segment Reporting Information [Line Items]          
Operating income (loss) (400)        
Revenue Benchmark | Product Concentration Risk | Albany Engineered Composites | US Government Contracts Or Programs          
Segment Reporting Information [Line Items]          
Concentration risk percentage         39.00%
SAFRAN Group | Albany Engineered Composites          
Segment Reporting Information [Line Items]          
Net revenues     142,200 $ 140,800  
Receivables $ 89,900   $ 89,900   $ 93,800
SAFRAN Group | Revenue Benchmark | Customer Concentration Risk | Albany Engineered Composites          
Segment Reporting Information [Line Items]          
Concentration risk percentage         16.00%
Albany Safran Composites, LLC          
Segment Reporting Information [Line Items]          
Ownership percentage of noncontrolling shareholder 10.00%   10.00%    
v3.24.3
Reportable Segments and Revenue Recognition (Schedule of Financial Data by Reporting Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Consolidated revenues $ 298,386 $ 281,106 $ 943,710 $ 824,325
Consolidated Operating income 25,171 40,070 107,053 126,113
Other (income)/expense, net 3,257 56 5,932 (4,910)
Income before income taxes 19,503 36,361 92,441 120,974
Corporate expenses        
Segment Reporting Information [Line Items]        
Consolidated Operating income (16,017) (20,014) (54,552) (54,747)
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Interest income (1,019) (1,826) (3,101) (4,770)
Interest expense 3,430 5,479 11,781 14,819
Other (income)/expense, net 3,257 56 5,932 (4,910)
Machine Clothing        
Segment Reporting Information [Line Items]        
Consolidated revenues 183,033 166,588 561,828 479,027
Machine Clothing | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated revenues 183,033 166,588 561,828 479,027
Consolidated Operating income 51,481 50,710 153,276 153,400
Albany Engineered Composites        
Segment Reporting Information [Line Items]        
Consolidated revenues 115,353 114,518 381,882 345,298
Consolidated Operating income (22,400) 900 (28,300) (4,100)
Albany Engineered Composites | Operating Segments        
Segment Reporting Information [Line Items]        
Consolidated revenues 115,353 114,518 381,882 345,298
Consolidated Operating income $ (10,293) $ 9,374 $ 8,329 $ 27,460
v3.24.3
Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net revenues $ 298,386 $ 281,106 $ 943,710 $ 824,325
Point in Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 186,192 170,598 574,789 490,453
Over Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 112,194 110,508 368,921 333,872
Machine Clothing        
Disaggregation of Revenue [Line Items]        
Net revenues 183,033 166,588 561,828 479,027
Machine Clothing | Point in Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 182,050 165,643 558,881 476,194
Machine Clothing | Over Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 983 945 2,947 2,833
Albany Engineered Composites        
Disaggregation of Revenue [Line Items]        
Net revenues 115,353 114,518 381,882 345,298
Albany Engineered Composites | Point in Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 4,142 4,955 15,908 14,259
Albany Engineered Composites | Over Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 111,211 109,563 365,974 331,039
ASC        
Disaggregation of Revenue [Line Items]        
Net revenues 40,115 46,654 140,146 138,603
ASC | Point in Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 0 0 0 0
ASC | Over Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 40,115 46,654 140,146 138,603
Other AEC        
Disaggregation of Revenue [Line Items]        
Net revenues 75,238 67,864 241,736 206,695
Other AEC | Point in Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues 4,142 4,955 15,908 14,259
Other AEC | Over Time Revenue Recognition        
Disaggregation of Revenue [Line Items]        
Net revenues $ 71,096 $ 62,909 $ 225,828 $ 192,436
v3.24.3
Reportable Segments and Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Net revenues $ 298,386 $ 281,106 $ 943,710 $ 824,325
Machine Clothing        
Disaggregation of Revenue [Line Items]        
Net revenues 183,033 166,588 561,828 479,027
Machine Clothing | Americas PMC        
Disaggregation of Revenue [Line Items]        
Net revenues 86,408 84,405 258,442 261,937
Machine Clothing | Eurasia PMC        
Disaggregation of Revenue [Line Items]        
Net revenues 70,083 64,493 224,792 164,771
Machine Clothing | Engineered Fabrics        
Disaggregation of Revenue [Line Items]        
Net revenues $ 26,542 $ 17,690 $ 78,594 $ 52,319
v3.24.3
Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, amount $ 1,100 $ 759
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, amount $ 40  
Revenue, remaining performance obligation, expected timing of satisfaction, period 3 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, amount $ 167  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, amount $ 147  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period  
v3.24.3
Pensions and Other Postretirement Benefit Plans (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Pension plans    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 1,473 $ 986
Interest cost 4,545 3,447
Expected return on assets (4,030) (3,063)
Amortization of prior service cost/(income) (20) (24)
Amortization of net actuarial loss 556 421
Net periodic benefit cost/(credit) 2,524 1,767
Other postretirement benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 35 45
Interest cost 1,063 1,405
Expected return on assets 0 0
Amortization of prior service cost/(income) (93) (3,068)
Amortization of net actuarial loss (26) 621
Net periodic benefit cost/(credit) $ 979 $ (997)
v3.24.3
Restructuring (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses, net $ 2,272 $ 82 $ 6,584 $ 227
Machine Clothing        
Restructuring Cost and Reserve [Line Items]        
Inventory write-down     1,300  
Workforce Reductions | Machine Clothing        
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses, net     3,300  
Workforce Reductions | Albany Engineered Composites        
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses, net     3,100  
Inventory Write-off        
Restructuring Cost and Reserve [Line Items]        
Restructuring expenses, net     $ 1,287 $ 0
v3.24.3
Restructuring (Schedule of Restructuring Charges) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring expenses, net        
Total restructuring expenses, net $ 2,272 $ 82 $ 6,584 $ 227
Total restructuring costs incurred        
Restructuring expenses, net        
Total restructuring expenses, net     7,871 227
Termination and other costs        
Restructuring expenses, net        
Total restructuring expenses, net 2,272 82 6,584 227
Impairment of assets        
Restructuring expenses, net        
Total restructuring expenses, net     1,287 0
Operating Segments | Machine Clothing | Total restructuring costs incurred        
Restructuring expenses, net        
Total restructuring expenses, net     4,581 227
Operating Segments | Machine Clothing | Termination and other costs        
Restructuring expenses, net        
Total restructuring expenses, net 2,207 82 3,294 227
Operating Segments | Machine Clothing | Impairment of assets        
Restructuring expenses, net        
Total restructuring expenses, net     1,287 0
Operating Segments | Albany Engineered Composites | Total restructuring costs incurred        
Restructuring expenses, net        
Total restructuring expenses, net     3,144 0
Operating Segments | Albany Engineered Composites | Termination and other costs        
Restructuring expenses, net        
Total restructuring expenses, net 34 0 3,144 0
Operating Segments | Albany Engineered Composites | Impairment of assets        
Restructuring expenses, net        
Total restructuring expenses, net     0 0
Corporate expenses | Total restructuring costs incurred        
Restructuring expenses, net        
Total restructuring expenses, net     146 0
Corporate expenses | Termination and other costs        
Restructuring expenses, net        
Total restructuring expenses, net $ 31 $ 0 146 0
Corporate expenses | Impairment of assets        
Restructuring expenses, net        
Total restructuring expenses, net     $ 0 $ 0
v3.24.3
Restructuring (Schedule of Restructuring Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Reserve [Roll Forward]        
Restructuring charges accrued $ 2,272 $ 82 $ 6,584 $ 227
Termination and other costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     0 0
Restructuring charges accrued 2,272 82 6,584 227
Payments     (4,064) (227)
Currency translation /other     90 0
Ending balance $ 2,610 $ 0 $ 2,610 $ 0
v3.24.3
Other (Income)/Expense, net (Schedule of Other (Income)/Expense, net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Income and Expenses [Abstract]        
Currency transaction (gains)/losses $ 1,834 $ 511 $ 692 $ (3,622)
Derivative instruments losses/(gains) (485) 704 3,788 581
Bank fees and amortization of debt issuance costs 48 49 169 140
Components of net periodic pension and postretirement cost other than service cost 663 (15) 1,995 (260)
Other 1,197 (1,193) (712) (1,749)
Total other (income)/expense, net $ 3,257 $ 56 $ 5,932 $ (4,910)
v3.24.3
Other (Income)/Expense, net (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Business Acquisition [Line Items]        
Foreign currency transaction gain (loss), realized $ (1,800) $ (500) $ (700) $ 3,600
Derivative instruments gains (losses) $ 485 $ (704) (3,788) (581)
Loss on sale of assets     (515) $ 0
Heimbach        
Business Acquisition [Line Items]        
Loss on sale of assets     $ 700  
v3.24.3
Income Taxes (Schedule of Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate 6.60% 25.30% 23.90% 33.00%
v3.24.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate 6.60% 25.30% 23.90% 33.00%
Discrete tax benefit $ 8.5   $ 11.0  
Decrease in unrecognized tax benefits is reasonably possible $ 1.8   $ 1.8  
v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to the Company $ 18,029 $ 27,109 $ 69,944 $ 80,670
Weighted average number of shares:        
Weighted average number of shares used in calculating basic net income per share (in shares) 31,251 31,185 31,234 31,163
Effect of dilutive stock-based compensation plans:        
Weighted average number of shares used in calculating diluted net income per share (in shares) 31,367 31,283 31,333 31,256
Net income attributable to the Company per share:        
Basic (in dollars per share) $ 0.58 $ 0.87 $ 2.24 $ 2.59
Diluted (in dollars per share) $ 0.57 $ 0.87 $ 2.23 $ 2.58
RSU and MPP        
Effect of dilutive stock-based compensation plans:        
Restricted stock units and multi-year awards (in shares) 116 98 99 93
v3.24.3
Accumulated Other Comprehensive Income ("AOCI") (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at start of the period $ 967,320 $ 867,543
Other comprehensive income/(loss) before reclassifications, net of tax (12,459) (1,123)
Net current period other comprehensive income (20,381) (10,682)
Balance at end of the period 996,676 921,633
Total Other Comprehensive Income    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at start of the period (133,168) (144,927)
Balance at end of the period (153,549) (155,609)
Translation adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at start of the period (124,901) (146,851)
Other comprehensive income/(loss) before reclassifications, net of tax (12,472) (4,326)
Net current period other comprehensive income (12,472) (4,326)
Balance at end of the period (137,373) (151,177)
Pension and postretirement liability adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at start of the period (17,346) (15,783)
Other comprehensive income/(loss) before reclassifications, net of tax (285) (183)
Amounts reclassified to the Consolidated Statements of Income, net of tax 290 (1,423)
Net current period other comprehensive income 5 (1,606)
Balance at end of the period (17,341) (17,389)
Derivative valuation adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at start of the period 9,079 17,707
Other comprehensive income/(loss) before reclassifications, net of tax 298 3,386
Amounts reclassified to the Consolidated Statements of Income, net of tax (8,212) (8,136)
Net current period other comprehensive income (7,914) (4,750)
Balance at end of the period $ 1,165 $ 12,957
v3.24.3
Accumulated Other Comprehensive Income ("AOCI") (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense/(income), net related to interest rate swaps included in Income before taxes $ 3,257 $ 56 $ 5,932 $ (4,910)
Income tax effect 1,282 9,207 22,131 39,908
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income (18,029) (27,109) (69,944) (80,670)
Amortization of prior service credit (37) (1,031) (113) (3,092)
Amortization of net actuarial loss 176 349 530 1,042
Total pre-tax amount reclassified (19,503) (36,361) (92,441) (120,974)
Reclassification out of Accumulated Other Comprehensive Income | Derivative valuation adjustment        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense/(income), net related to interest rate swaps included in Income before taxes (2,675) (3,990) (10,893) (10,891)
Income tax effect 658 1,009 2,681 2,755
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income (2,017) (2,981) (8,212) (8,136)
Reclassification out of Accumulated Other Comprehensive Income | Pension and postretirement liability adjustments        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Income tax effect (42) 208 (127) 627
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income 97 (474) 290 (1,423)
Amortization of prior service credit (37) (1,031) (113) (3,092)
Amortization of net actuarial loss 176 349 530 1,042
Total pre-tax amount reclassified $ 139 $ (682) $ 417 $ (2,050)
v3.24.3
Noncontrolling Interests (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Jul. 31, 2021
Oct. 31, 2013
Noncontrolling Interest [Line Items]                      
Net income attributable to noncontrolling interest (less than) $ 18,221 $ 24,720 $ 27,369 $ 27,154 $ 26,826 $ 27,086 $ 70,310 $ 81,066      
Noncontrolling interest 5,679     6,794     5,679 6,794 $ 5,952    
Arcari                      
Noncontrolling Interest [Line Items]                      
Net income attributable to noncontrolling interest (less than)             100        
Noncontrolling interest $ 447     $ 1,587     $ 447 $ 1,587      
Heimbach | Arcari                      
Noncontrolling Interest [Line Items]                      
Business acquisition, percentage of voting interests acquired                   85.00%  
Albany Safran Composites, LLC                      
Noncontrolling Interest [Line Items]                      
Ownership percentage of noncontrolling shareholder 10.00%           10.00%        
Albany Safran Composites, LLC | Safran                      
Noncontrolling Interest [Line Items]                      
Ownership percentage of noncontrolling shareholder 10.00%     10.00%     10.00% 10.00%     10.00%
v3.24.3
Noncontrolling Interests (Schedule of Income Attributable to the Noncontrolling Interest and Noncontrolling Equity) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Oct. 31, 2013
Noncontrolling Interest [Line Items]                  
Net income of Albany Safran Composites (ASC) $ 18,221 $ 24,720 $ 27,369 $ 27,154 $ 26,826 $ 27,086 $ 70,310 $ 81,066  
Net income of ASC available for common ownership 18,029     27,109     69,944 80,670  
Net income attributable to the noncontrolling interest 192     45     366 396  
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                  
Noncontrolling interest, beginning of year     5,952       5,952    
Net income attributable to the noncontrolling interest 192     45     366 396  
Noncontrolling interest, end of interim period 5,679     6,794     5,679 6,794  
Arcari                  
Noncontrolling Interest [Line Items]                  
Net income of Albany Safran Composites (ASC)             100    
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                  
Noncontrolling interest, end of interim period $ 447     1,587     $ 447 1,587  
Albany Safran Composites, LLC                  
Noncontrolling Interest [Line Items]                  
Ownership percentage of noncontrolling shareholder 10.00%           10.00%    
Albany Safran Composites, LLC                  
Noncontrolling Interest [Line Items]                  
Net income of Albany Safran Composites (ASC)             $ 3,754 4,929  
Less: Return attributable to the Company's preferred holding             850 974  
Net income of ASC available for common ownership             2,904 3,955  
Net income attributable to the noncontrolling interest             290 396  
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                  
Noncontrolling interest, beginning of year     $ 5,423     $ 4,494 5,423 4,494  
Net income attributable to the noncontrolling interest             290 396  
Changes in other comprehensive income attributable to the noncontrolling interest             (481) 317  
Noncontrolling interest, end of interim period $ 5,232     $ 5,207     $ 5,232 $ 5,207  
Safran | Albany Safran Composites, LLC                  
Noncontrolling Interest [Line Items]                  
Ownership percentage of noncontrolling shareholder 10.00%     10.00%     10.00% 10.00% 10.00%
v3.24.3
Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Trade and other accounts receivable $ 254,194 $ 272,351
Bank promissory notes 21,535 20,690
Allowance for expected credit losses (3,754) (5,260)
Accounts receivable, net $ 271,975 $ 287,781
v3.24.3
Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Noncurrent receivables $ 0 $ 4,414
Allowance for expected credit losses 0 (22)
Noncurrent receivables, net $ 0 $ 4,392
v3.24.3
Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Contract assets $ 196,765 $ 183,189
Allowance for expected credit losses (983) (908)
Contract assets, net 195,782 182,281
Contract liabilities $ 7,122 $ 7,127
v3.24.3
Contract Assets and Liabilities (Narrative) (Details) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Contract with customer, asset, period increase $ 13,500,000  
Contract with customer, asset, impairment loss 0 $ 0
Contract with customer, liability, revenue recognized $ 3,700,000 $ 14,400,000
v3.24.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 84,257 $ 79,611
Work in process 54,772 67,743
Finished goods 21,588 22,213
Total inventories $ 160,617 $ 169,567
v3.24.3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]    
Gross carrying amount $ 86,245 $ 86,021
Accumulated amortization (51,387) (47,445)
Net carrying amount 34,858 38,576
Goodwill [Line Items]    
Goodwill 180,912 180,181
Total Indefinite-lived intangible assets: 187,050 186,251
MC Goodwill    
Goodwill [Line Items]    
Goodwill 67,407 66,873
AEC Goodwill    
Goodwill [Line Items]    
Goodwill 113,505 113,308
Heimbach Trade name    
Indefinite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) 6,138 6,070
AEC Trademarks and trade names    
Finite-lived Intangible Assets [Roll Forward]    
Gross carrying amount 208 208
Accumulated amortization (194) (186)
Net carrying amount $ 14 $ 22
AEC Trademarks and trade names | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 6 years 6 years
AEC Trademarks and trade names | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 15 years 15 years
AEC Technology    
Finite-lived Intangible Assets [Roll Forward]    
Gross carrying amount $ 6,226 $ 6,161
Accumulated amortization (3,201) (2,735)
Net carrying amount $ 3,025 $ 3,426
AEC Technology | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 10 years 10 years
AEC Technology | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 15 years 15 years
AEC Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 15 years 15 years
Finite-lived Intangible Assets [Roll Forward]    
Gross carrying amount $ 1,250 $ 1,250
Accumulated amortization (402) (339)
Net carrying amount 848 911
AEC Customer relationships    
Finite-lived Intangible Assets [Roll Forward]    
Gross carrying amount 69,395 69,360
Accumulated amortization (46,500) (43,875)
Net carrying amount $ 22,895 $ 25,485
AEC Customer relationships | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 8 years 8 years
AEC Customer relationships | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 15 years 15 years
Heimbach Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Amortization  life in years 9 years 9 years
Finite-lived Intangible Assets [Roll Forward]    
Gross carrying amount $ 9,166 $ 9,042
Accumulated amortization (1,090) (310)
Net carrying amount $ 8,076 $ 8,732
v3.24.3
Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance $ 38,576
Other Changes 0
Amortization (3,877)
Currency Translation 159
Ending balance 34,858
Goodwill [Roll Forward]  
Beginning balance 180,181
Ending balance 180,912
Indefinite-Lived Intangible Assets Including Goodwill [Roll Forward]  
Beginning Balance 186,251
Other Changes 0
Currency Translation 799
Ending Balance 187,050
MC Goodwill  
Goodwill [Roll Forward]  
Beginning balance 66,873
Other Changes 0
Currency Translation 534
Ending balance 67,407
AEC Goodwill  
Goodwill [Roll Forward]  
Beginning balance 113,308
Other Changes 0
Currency Translation 197
Ending balance 113,505
Heimbach Trade name  
Indefinite-Lived Intangible Assets [Roll Forward]  
Beginning Balance 6,070
Other Changes 0
Currency Translation 68
Ending Balance 6,138
AEC Trademarks and trade names  
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance 22
Other Changes 0
Amortization (8)
Currency Translation 0
Ending balance 14
AEC Technology  
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance 3,426
Other Changes 0
Amortization (428)
Currency Translation 27
Ending balance 3,025
AEC Intellectual property  
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance 911
Other Changes 0
Amortization (63)
Currency Translation 0
Ending balance 848
AEC Customer relationships  
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance 25,485
Other Changes 0
Amortization (2,611)
Currency Translation 21
Ending balance 22,895
Heimbach Developed technology  
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance 8,732
Other Changes 0
Amortization (767)
Currency Translation 111
Ending balance $ 8,076
v3.24.3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
 3 Months Ended
Oct. 03, 2024
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Goodwill impairment charges   $ 0
Subsequent Event    
Finite-Lived Intangible Assets [Line Items]    
Reporting unit, reduction in percentage of fair value in excess of carrying amount 26.00%  
Reporting unit, percentage of fair value in excess of carrying amount 20.00%  
v3.24.3
Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 362,194 $ 456,885
Less: Current maturities of long-term debt 555 4,218
Long-term debt 361,639 452,667
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt $ 360,000 $ 446,000
Interest rate, effective percentage 2.50% 3.49%
Foreign bank debt    
Debt Instrument [Line Items]    
Long-term debt $ 2,194 $ 10,885
v3.24.3
Financial Instruments (Narrative) (Details)
 9 Months Ended
Sep. 30, 2024
USD ($)
Aug. 16, 2023
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]        
Maximum leverage ratio allowed 3.50 3.75 3.50  
Maximum leverage ratio allowed, after significant acquisition   4.25    
Minimum interest coverage ratio required   3.00    
Leverage ratio 0.99   0.99  
Interest coverage ratio 15.39   15.39  
Line of Credit | Interest rate swaps        
Debt Instrument [Line Items]        
Derivative, notional amount $ 350,000,000   $ 350,000,000 $ 350,000,000
All-in interest SOFR rate 2.38%   2.38%  
Unsecured Debt | Line of Credit        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 800,000,000    
Debt instrument, term   5 years    
Total spread 1.50%      
Borrowings outstanding $ 360,000,000   $ 360,000,000  
Line of credit facility, remaining borrowing capacity $ 440,000,000   440,000,000  
Debt covenant, maximum annual dividend payout amount     $ 40,000,000  
v3.24.3
Financial Instruments (Schedule Interest Rate for Borrowings) (Details) - Line of Credit - Unsecured Debt
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread 1.50%  
Less than 1.00:1.00    
Line of Credit Facility [Line Items]    
Commitment Fee   0.275%
Less than 1.00:1.00 | Maximum    
Line of Credit Facility [Line Items]    
Leverage Ratio   1.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00    
Line of Credit Facility [Line Items]    
Commitment Fee   0.30%
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 | Maximum    
Line of Credit Facility [Line Items]    
Leverage Ratio   2.00
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 | Minimum    
Line of Credit Facility [Line Items]    
Leverage Ratio   1.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00    
Line of Credit Facility [Line Items]    
Commitment Fee   0.325%
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 | Maximum    
Line of Credit Facility [Line Items]    
Leverage Ratio   3.00
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 | Minimum    
Line of Credit Facility [Line Items]    
Leverage Ratio   2.00
Greater than or equal to 3.00:1.00    
Line of Credit Facility [Line Items]    
Commitment Fee   0.35%
Greater than or equal to 3.00:1.00 | Minimum    
Line of Credit Facility [Line Items]    
Leverage Ratio   3.00
Base Rate | Less than 1.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   0.50%
Base Rate | Greater than or equal to 1.00:1.00 and less than 2.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   0.625%
Base Rate | Greater than or equal to 2.00:1.00 and less than 3.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   0.75%
Base Rate | Greater than or equal to 3.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   1.00%
SOFR | Less than 1.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   1.50%
SOFR | Greater than or equal to 1.00:1.00 and less than 2.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   1.625%
SOFR | Greater than or equal to 2.00:1.00 and less than 3.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   1.75%
SOFR | Greater than or equal to 3.00:1.00    
Line of Credit Facility [Line Items]    
Term Benchmark/ Daily Simple SOFR Spread   2.00%
v3.24.3
Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Derivative Asset [Abstract]    
Equity securities, cost basis $ 500 $ 500
Fair Value, Recurring | (Level 1)    
Assets:    
Cash equivalents 13,401 27,157
Common stock of unaffiliated foreign public company 693 682
Fair Value, Recurring | (Level 1) | Foreign currency option contracts    
Assets:    
Derivative asset 0 0
Fair Value, Recurring | (Level 1) | Foreign currency forward contracts    
Assets:    
Derivative asset 0 0
Liabilities:    
Derivative liability 0 0
Fair Value, Recurring | (Level 1) | Interest rate swaps    
Assets:    
Derivative asset 0 0
Fair Value, Recurring | (Level 2)    
Assets:    
Cash equivalents 0 0
Common stock of unaffiliated foreign public company 0 0
Fair Value, Recurring | (Level 2) | Foreign currency option contracts    
Assets:    
Derivative asset 0 1,725
Fair Value, Recurring | (Level 2) | Foreign currency forward contracts    
Assets:    
Derivative asset 0 199
Liabilities:    
Derivative liability (1,105) 0
Fair Value, Recurring | (Level 2) | Interest rate swaps    
Assets:    
Derivative asset $ 1,722 $ 12,214
v3.24.3
Fair-Value Measurements (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative [Line Items]        
Interest (income) expense $ 2,411 $ 3,653 $ 8,680 $ 10,049
Interest rate swaps        
Derivative [Line Items]        
Interest (income) expense     $ (10,900) $ (10,900)
v3.24.3
Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign currency options (gains)/losses $ (485) $ 704 $ 3,788 $ 581
Foreign currency option contracts | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign currency options (gains)/losses $ (485) $ 704 $ 3,788 $ 581
v3.24.3
Commitments and Contingencies (Narrative) (Details)
$ in Thousands
 9 Months Ended 12 Months Ended 153 Months Ended 249 Months Ended 285 Months Ended
Sep. 30, 2024
USD ($)
claim
Dec. 31, 2023
claim
Sep. 30, 2024
USD ($)
claim
Sep. 30, 2024
USD ($)
claim
Sep. 30, 2024
USD ($)
claim
Dec. 31, 2022
claim
Loss Contingencies [Line Items]            
Number of pending claims 3,642   3,642 3,642 3,642  
Subsidiaries | Brandon Drying Fabrics, Inc.            
Loss Contingencies [Line Items]            
Number of pending claims 7,676   7,676 7,676 7,676  
Resolution costs paid by insurance carrier       100.00%    
New claims     12      
Loss contingency, damages paid, value | $         $ 15,000  
Asbestos Issue            
Loss Contingencies [Line Items]            
Number of pending claims 3,642 3,606 3,642 3,642 3,642 3,598
Total resolved claims, by means of settlement or dismissal 38,050   38,050 38,050 38,050  
Total cost of resolution | $ $ 10,700   $ 10,700 $ 10,700 $ 10,700  
Resolution costs paid by insurance carrier 100.00%          
Confirmed insurance coverage | $ $ 140,000   $ 140,000 $ 140,000 $ 140,000  
New claims 45 27        
v3.24.3
Commitments and Contingencies (Schedule of Changes in Claims) (Details)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
claim
Dec. 31, 2023
USD ($)
claim
Loss Contingency Accrual [Roll Forward]    
Closing Number of Claims 3,642  
Asbestos Issue    
Loss Contingency Accrual [Roll Forward]    
Opening Number of Claims 3,606 3,598
Claims Dismissed, Settled, or Resolved 9 19
New Claims 45 27
Closing Number of Claims 3,642 3,606
Amounts Paid to Settle or Resolve | $ $ 13 $ 74
v3.24.3
Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at start of the period $ 973,348 $ 973,565 $ 967,320 $ 915,719 $ 897,515 $ 867,543 $ 967,320 $ 867,543
Net income 18,221 24,720 27,369 27,154 26,826 27,086 70,310 81,066
Compensation and benefits paid or payable in shares 195 2,530 810 2,914 811 378    
Shares issued to Directors'   903     1,086      
Initial equity related to Noncontrolling interest in Arcari       1,632        
Dividends paid to noncontrolling interests (166)              
Cumulative translation adjustments 16,778 (17,653) (12,070) (15,784) (2,389) 14,119    
Pension and postretirement liability adjustments (623) 246 382 34 (724) (916)    
Derivative valuation adjustment (2,950) (2,840) (2,124) (2,237) 389 (2,902)    
Balance at end of the period $ 996,676 973,348 $ 973,565 $ 921,633 915,719 897,515 $ 996,676 $ 921,633
Dividends declared on Class A Common Stock (in dollars per share) $ 0.26     $ 0.25     $ 0.78 $ 0.75
Common Class A                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Treasury stock, balance at the beginning of the period (in shares)     9,661,845       9,661,845  
Dividends declared on Class A Common Stock $ (8,127) $ (8,123) $ (8,122) $ (7,799) $ (7,795) $ (7,792)    
Treasury stock, balance at the end of the period (in shares) 9,661,845           9,661,845  
Dividends declared on Class A Common Stock (in dollars per share) $ 0.26 $ 0.26 $ 0.26 $ 0.25 $ 0.25 $ 0.25    
Common Stock | Common Class A                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock, balance at the beginning of the period (in shares) 40,908,000 40,898,000 40,856,000 40,842,000 40,842,000 40,785,000 40,856,000 40,785,000
Balance at start of the period $ 41 $ 41 $ 41 $ 41 $ 41 $ 41 $ 41 $ 41
Compensation and benefits paid or payable in shares (in shares) 9,000   42,000 15,000   58,000    
Shares issued to Directors' (in shares)   (10,000)            
Common stock, balance at the end of the period (in shares) 40,917,000 40,908,000 40,898,000 40,857,000 40,842,000 40,842,000 40,917,000 40,857,000
Balance at end of the period $ 41 $ 41 $ 41 $ 41 $ 41 $ 41 $ 41 $ 41
Additional paid-in capital                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at start of the period 452,461 449,028 448,218 443,556 441,917 441,540 448,218 441,540
Compensation and benefits paid or payable in shares 195 2,530 810 2,914 811 378    
Shares issued to Directors'   903     828      
Balance at end of the period 452,656 452,461 449,028 446,470 443,556 441,917 452,656 446,470
Retained  earnings                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at start of the period 1,046,612 1,030,111 1,010,942 969,292 950,415 931,318 1,010,942 931,318
Net income 18,029 24,624 27,291 27,109 26,672 26,889    
Balance at end of the period 1,056,514 1,046,612 1,030,111 988,602 969,292 950,415 1,056,514 988,602
Retained  earnings | Common Class A                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared on Class A Common Stock (8,127) (8,123) (8,122) (7,799) (7,795) (7,792)    
Accumulated items of other comprehensive income                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at start of the period (166,907) (147,026) (133,168) (137,767) (134,864) (144,927) (133,168) (144,927)
Cumulative translation adjustments 16,931 (17,287) (12,116) (15,639) (2,568) 13,881    
Pension and postretirement liability adjustments (623) 246 382 34 (724) (916)    
Derivative valuation adjustment (2,950) (2,840) (2,124) (2,237) 389 (2,902)    
Balance at end of the period (153,549) (166,907) (147,026) (155,609) (137,767) (134,864) (153,549) (155,609)
Treasury Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at start of the period $ (364,665) $ (364,665) $ (364,665) $ (364,665) $ (364,923) $ (364,923) $ (364,665) $ (364,923)
Treasury stock, balance at the beginning of the period (in shares) 9,662,000 9,662,000 9,662,000 9,663,000 9,675,000 9,675,000 9,662,000 9,675,000
Compensation and benefits paid or payable in shares (in shares)       1,000        
Shares issued to Directors' (in shares)         (12,000)      
Shares issued to Directors'         $ 258      
Balance at end of the period $ (364,665) $ (364,665) $ (364,665) $ (364,665) $ (364,665) $ (364,923) $ (364,665) $ (364,665)
Treasury stock, balance at the end of the period (in shares) 9,662,000 9,662,000 9,662,000 9,662,000 9,663,000 9,675,000 9,662,000 9,662,000
Noncontrolling Interest                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance at start of the period $ 5,806 $ 6,076 $ 5,952 $ 5,262 $ 4,929 $ 4,494 $ 5,952 $ 4,494
Net income 192 96 78 45 154 197    
Initial equity related to Noncontrolling interest in Arcari       1,632        
Dividends paid to noncontrolling interests (166)              
Cumulative translation adjustments (153) (366) 46 (145) 179 238    
Balance at end of the period $ 5,679 $ 5,806 $ 6,076 $ 6,794 $ 5,262 $ 4,929 $ 5,679 $ 6,794
Grafico Azioni Albany (NYSE:AIN)
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Da Nov 2024 a Dic 2024 Clicca qui per i Grafici di Albany
Grafico Azioni Albany (NYSE:AIN)
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Da Dic 2023 a Dic 2024 Clicca qui per i Grafici di Albany