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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:
June 30, 2021
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 DriveRochesterNew 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)
Class B 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 30.7 million shares of Class A Common Stock and 1.6 million shares of Class B Common Stock outstanding as of July 16, 2021.



ALBANY INTERNATIONAL CORP.
TABLE OF CONTENTS
Page No.
Consolidated balance sheets as of June 30, 2021 and December 31, 2020


Index

ITEM 1. FINANCIAL STATEMENTS

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Net sales$234,519 $225,990 $456,880 $461,754 
Cost of goods sold132,791 123,010 266,606 269,302 
Gross profit101,728 102,980 190,274 192,452 
Selling, general, and administrative expenses42,009 38,543 79,203 78,649 
Technical and research expenses9,762 8,873 19,243 18,003 
Restructuring expenses, net(9)2,837 43 3,479 
Operating income49,966 52,727 91,785 92,321 
Interest expense, net4,218 3,823 7,787 7,800 
Other expense/(income), net862 1,091 1,462 16,660 
Income before income taxes44,886 47,813 82,536 67,861 
Income tax expense13,446 15,364 23,486 27,818 
Net income31,440 32,449 59,050 40,043 
Net income/(loss) attributable to the noncontrolling interest43 95 70 (1,420)
Net income attributable to the Company$31,397 $32,354 $58,980 $41,463 
Earnings per share attributable to Company shareholders - Basic$0.97 $1.00 $1.82 $1.28 
Earnings per share attributable to Company shareholders - Diluted$0.97 $1.00 $1.82 $1.28 
Shares of the Company used in computing earnings per share:
Basic32,375 32,328 32,363 32,320 
Diluted32,422 32,336 32,411 32,328 
Dividends declared per share, Class A and Class B$0.20 $0.19 $0.40 $0.38 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Net income$31,440 $32,449 $59,050 $40,043 
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments13,651 8,753 (1,788)(16,202)
Pension/postretirement settlements and curtailments 378  378 
Amortization of pension liability adjustments:
Prior service credit(1,118)(1,114)(2,237)(2,228)
Net actuarial loss1,108 1,232 2,217 2,476 
Payments and amortization related to interest rate swaps included in earnings1,770 1,116 3,246 1,523 
Derivative valuation adjustment125 (1,366)(353)(12,130)
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement settlements and curtailments (113) (113)
Amortization of prior service cost335 278 671 557 
Amortization of net actuarial loss(332)(308)(665)(619)
Payments and amortization related to interest rate swaps included in earnings(457)(286)(838)(390)
Derivative valuation adjustment(44)349 91 3,102 
Comprehensive income/(loss)46,478 41,368 59,394 16,397 
Comprehensive income/(loss) attributable to the noncontrolling interest226 247 43 (1,159)
Comprehensive income/(loss) attributable to the Company$46,252 $41,121 $59,351 $17,556 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, 2021December 31, 2020
ASSETS
Cash and cash equivalents$253,330 $241,316 
Accounts receivable, net190,937 188,423 
Contract assets, net113,225 139,289 
Inventories120,665 110,478 
Income taxes prepaid and receivable6,236 5,940 
Prepaid expenses and other current assets33,089 31,830 
Total current assets$717,482 $717,276 
Property, plant and equipment, net438,392 448,554 
Intangibles, net42,998 46,869 
Goodwill185,293 187,553 
Deferred income taxes33,102 38,757 
Noncurrent receivables, net34,466 36,265 
Other assets74,907 74,662 
Total assets$1,526,640 $1,549,936 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable$55,348 $49,173 
Accrued liabilities108,007 125,459 
Current maturities of long-term debt 9 
Income taxes payable12,233 16,222 
Total current liabilities175,588 190,863 
Long-term debt350,000 398,000 
Other noncurrent liabilities121,333 130,424 
Deferred taxes and other liabilities11,660 10,784 
Total liabilities658,581 730,071 
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
  
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 39,142,483 issued in 2021 and 39,115,405 in 2020
39 39 
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 1,617,998 in 2021 and 2020
2 2 
Additional paid in capital435,230 433,696 
Retained earnings816,778 770,746 
Accumulated items of other comprehensive income:
Translation adjustments(85,384)(83,203)
Pension and postretirement liability adjustments(39,282)(39,661)
Derivative valuation adjustment(7,398)(9,544)
Treasury stock (Class A), at cost; 8,379,804 shares in 2021 and 8,391,011 shares in 2020
(255,768)(256,009)
Total Company shareholders' equity864,217 816,066 
Noncontrolling interest3,842 3,799 
Total equity868,059 819,865 
Total liabilities and shareholders' equity$1,526,640 $1,549,936 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended June 30,
2021202020212020
OPERATING ACTIVITIES
Net income$31,440 $32,449 $59,050 $40,043 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation15,971 15,498 32,560 31,004 
Amortization2,280 2,456 4,573 5,020 
Change in deferred taxes and other liabilities974 3,543 5,416 9,360 
Impairment of property, plant and equipment353 36 538 233 
Non-cash interest expense265 20 310 171 
Compensation and benefits paid or payable in Class A Common Stock1,639 1,198 1,626 516 
Provision for credit losses from uncollected receivables and contract assets27 114 (83)1,769 
Foreign currency remeasurement (gain)/loss on intercompany loans(723)194 (1,031)15,581 
Fair value adjustment on foreign currency options1  140 64 
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable(129)11,511 (3,365)8,117 
Contract assets9,539 (11,169)25,643 (20,009)
Inventories(1,821)(4,878)(10,384)(24,628)
Prepaid expenses and other current assets(606)(301)(1,505)(2,457)
Income taxes prepaid and receivable1,156 29 (309)(208)
Accounts payable(4,580)(9,337)4,608 (10,383)
Accrued liabilities2,062 4,171 (17,423)(10,901)
Income taxes payable4,121 5,526 (3,956)1,955 
Noncurrent receivables1,099 628 1,587 397 
Other noncurrent liabilities(2,166)(464)(4,263)(524)
Other, net1,051 (552)1,908 (1,086)
Net cash provided by operating activities61,953 50,672 95,640 44,034 
INVESTING ACTIVITIES
Purchases of property, plant and equipment(10,302)(9,212)(22,836)(21,971)
Purchased software(286) (288)(46)
Net cash used in investing activities(10,588)(9,212)(23,124)(22,017)
FINANCING ACTIVITIES
Proceeds from borrowings  8,000 70,000 
Principal payments on debt(34,002)(56,005)(56,009)(59,011)
Principal payments on finance lease liabilities(355)(329)(704)(6,463)
Taxes paid in lieu of share issuance  (998)(490)
Proceeds from options exercised21 20 149 20 
Dividends paid(6,474)(6,141)(12,942)(12,280)
Net cash used in financing activities(40,810)(62,455)(62,504)(8,224)
Effect of exchange rate changes on cash and cash equivalents4,904 2,352 2,002 (5,296)
Increase/(decrease) in cash and cash equivalents15,459 (18,643)12,014 8,497 
Cash and cash equivalents at beginning of period237,871 222,680 241,316 195,540 
Cash and cash equivalents at end of period$253,330 $204,037 $253,330 $204,037 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Significant Accounting Policies
Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2020.

2. Reportable Segments and Revenue Recognition
In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments.
The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, nonwovens, fiber cement and several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate.
We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.
The Albany Engineered Composites (“AEC”) segment, including Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group (“Safran”) owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. AEC net sales to Safran were $54.0 million and $57.0 million in the first six months of 2021 and 2020, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $105.1 million and $127.1 million as of June 30, 2021 and December 31, 2020, respectively. Other significant programs by AEC include the F-35, Boeing 787, Sikorsky CH-53K and JASSM, as well as the fan case for the GE9X engine. In 2020, approximately 46 percent of AEC sales were related to U.S. government contracts or programs.
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Index
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended June 30,Six months ended June 30,
(in thousands)
2021202020212020
Net sales
Machine Clothing
$159,921 $153,433 $308,127 $290,035 
Albany Engineered Composites74,598 72,557 148,753 171,719 
Consolidated total
$234,519 $225,990 $456,880 $461,754 
Operating income/(loss)
Machine Clothing
$55,902 $56,543 $106,264 $103,718 
Albany Engineered Composites7,164 8,299 10,102 15,922 
Corporate expenses
(13,100)(12,115)(24,581)(27,319)
Operating income$49,966 $52,727 $91,785 $92,321 
Reconciling items:
Interest income(401)(348)(930)(795)
Interest expense
4,619 4,171 8,717 8,595 
Other expense/(income), net862 1,091 1,462 16,660 
Income before income taxes
$44,886 $47,813 $82,536 $67,861 

There were no material changes to total assets of the reportable segments in the first six months of 2021.
The table below presents restructuring costs by reportable segment (also see Note 4):
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Machine Clothing$10 $388 $(58)$1,030 
Albany Engineered Composites(48)2,248 41 2,248 
Corporate expenses29 201 60 201 
Total$(9)$2,837 $43 $3,479 

Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. Changes in the estimated profitability of long-term contracts increased operating income by $4.3 million and $3.7 million for the second quarter and first half of 2021, respectively. Adjustments in the estimated profitability of long-term contracts increased operating income by $7.4 million and $6.4 million for the second quarter and first half of 2020, respectively.
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Index
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:
Three months ended June 30, 2021
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$159,056 $865 $159,921 
Albany Engineered Composites
ASC
 26,170 26,170 
Other AEC4,432 43,996 48,428 
Total Albany Engineered Composites
4,432 70,166 74,598 
                                         
Total revenue$163,488 $71,031 $234,519 
Six months ended June 30, 2021
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$306,397 $1,730 $308,127 
Albany Engineered Composites
ASC 53,254 53,254 
Other AEC8,312 87,187 95,499 
Total Albany Engineered Composites8,312 140,441 148,753 
Total revenue$314,709 $142,171 $456,880 

Three months ended June 30, 2020
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$152,585 $848 $153,433 
Albany Engineered Composites
ASC
 17,576 17,576 
Other AEC4,143 50,838 54,981 
Total Albany Engineered Composites
4,143 68,414 72,557 
Total revenue
$156,728 $69,262 $225,990 

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Index
Six months ended June 30, 2020
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$288,339 $1,696 $290,035 
Albany Engineered Composites
ASC 55,470 55,470 
Other AEC10,463 105,786 116,249 
Total Albany Engineered Composites10,463 161,256 171,719 
Total revenue$298,802 $162,952 $461,754 
The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended June 30,Six months ended June 30,
(in thousands)
2021202020212020
Americas PMC$82,343 $81,225 $155,645 $154,902 
Eurasia PMC
55,900 54,166 111,043 99,297 
Engineered Fabrics21,678 18,042 41,439 35,836 
Total Machine Clothing Net sales
$159,921 $153,433 $308,127 $290,035 

As permitted by ASC 606, we only disclose the value of unsatisfied performance obligations for contracts with an original expected duration of greater than one year. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $149 million and $85 million as of June 30, 2021 and 2020, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of June 30, 2021, we expect to recognize as revenue approximately $48 million during 2021, $62 million during 2022, $24 million during 2023, and the remainder during 2024.


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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 for the six months ended June 30, 2021 and 2020, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2021202020212020
Components of net periodic benefit cost:
Service cost
$1,090 $1,148 $66 $100 
Interest cost2,674 3,071 551 857 
Expected return on assets(3,211)(3,415)  
Settlement 145   
Curtailment 233   
Amortization of prior service cost/(credit)7 16 (2,244)(2,244)
Amortization of net actuarial loss1,087 1,180 1,130 1,296 
Net periodic benefit cost$1,647 $2,378 $(497)$9 
The amount of net periodic benefit cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first six months of 2021. In the second quarter of 2020, the Company recorded expense of $0.4 million related to curtailments and settlements.
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
Restructuring costs in the first six months of 2021 were not significant. Restructuring costs in the first six months of 2020 were related to reductions in workforce at various AEC locations, principally in the United States, as well as related to discontinued operations at the Machine Clothing production facility in Sélestat, France. Since 2017, we have recorded $13.9 million of restructuring charges related to this action. There were no charges related to the impairment of assets for the periods presented.
The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:
Three months ended June 30,Six months ended June 30,
(in thousands)2021202020212020
Machine Clothing$10 $388 $(58)$1,030 
Albany Engineered Composites(48)2,248 41 2,248 
Corporate expenses29 201 60 201 
Total$(9)$2,837 $43 $3,479 

The table below presents the year-to-date changes in restructuring liabilities for 2021 and 2020, all of which are related to termination and other costs:
(in thousands)
December 31,
2020
Restructuring
charges accrued
Payments
Currency
translation /other
June 30,
2021
Total termination and other costs$2,195 $43 $(1,485)$11 $764 
(in thousands)
December 31,
2019
Restructuring
charges accrued
Payments
Currency
translation /other
June 30,
2020
Total termination and other costs$2,042 $3,479 $(1,410)$(5)$4,106 
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Index

We expect that approximately $0.6 million of Accrued liabilities for restructuring at June 30, 2021 will be paid within one year and approximately $0.2 million will be paid the following year.

5. Other (Income)/Expense, net
The components of Other (Income)/Expense, net are:
Three months ended June 30,Six months ended June 30,
(in thousands)
2021202020212020
Currency transaction (gains)/losses$175 $17 $341 $14,851 
Bank fees and amortization of debt issuance costs
104 93 210 168 
Components of net periodic pension and postretirement cost other than service(4)754 (6)1,139 
Other
587 227 917 502 
Total$862 $1,091 $1,462 $16,660 

Other (income)/expense, net included losses related to the revaluation of nonfunctional-currency balances of $0.3 million for the first six months of 2021, compared to losses of $14.9 million for the first six months of 2020, which principally resulted from an intercompany demand loan payable by a Mexican subsidiary. As a result of changes in business conditions that occurred in the first quarter of 2020, loan repayments on that intercompany loan are not expected in the foreseeable future and, beginning April 1, 2020, the revaluation effects are recorded in Other comprehensive income.
6. Income Taxes
The following table presents components of income tax expense for the three and six months ended June 30, 2021 and 2020:
Three months ended June 30,Six months ended
June 30,
(in thousands, except percentages)
2021202020212020
Income tax based on income from continuing operations (1)$13,251 $16,262 $24,583 $23,571 
Provision for change in estimated tax rate(218)(490)(218)(490)
Income tax before discrete items13,033 15,772 24,365 23,081 
Discrete tax expense:
Exercise of U.S. stock options(14) (156) 
Adjustments to prior period tax liabilities22 879 (1,421)767 
Revaluation of deferred tax assets due to tax rate change352  352  
Provision for/resolution of tax audits and contingencies, net (1,489)278 (1,733)
Write-off of net operating losses related to tax audit   1,830 
Tax effect of non-deductible foreign exchange loss on intercompany loan (13) 3,656 
Creation of valuation allowance 222  222 
Other53 (7)68 (5)
Total income tax expense$13,446 $15,364 $23,486 $27,818 
(1) Calculated at estimated tax rates of 29.5% and 34.0%, respectively
Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.
In the second quarter of 2020, the Company recorded a net tax benefit of $1.5 million as a result of a US state tax audit settlement; the Company also recorded a net deferred tax expense of $1.0 million due to an adjustment of net operating losses related to settled audits. In the first quarter of 2020, the Company recorded a $1.8 million out-of-period charge related to developments in ongoing tax audits, which resulted in a corresponding decrease in deferred tax assets.
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Index

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 June 30,Six months ended
June 30,
(in thousands, except market price and earnings per share)
2021202020212020
Net income attributable to the Company$31,397 $32,354 $58,980 $41,463 
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share
32,375 32,328 32,363 32,320 
Effect of dilutive stock-based compensation plans47 8 48 8 
Weighted average number of shares used in calculating diluted net income per share32,422 32,336 32,411 32,328 
Average market price of common stock used for calculation of dilutive shares$87.53 $54.08 $83.48 $59.73 
Net income attributable to the Company per share:
Basic$0.97 $1.00 $1.82 $1.28 
Diluted$0.97 $1.00 $1.82 $1.28 

8. Accumulated Other Comprehensive Income (AOCI)
The table below presents changes in the components of AOCI for the period December 31, 2020 to June 30, 2021:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
adjustment
Total Other
Comprehensive
Income
December 31, 2020$(83,203)$(39,661)$(9,544)$(132,408)
Other comprehensive income/(loss) before reclassifications, net of tax
(2,181)393 (262)(2,050)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax