QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended: |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from __________ to __________ |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) |
(Address of principal executive offices) |
(IRS Employer Identification No.) |
(Zip Code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
The New York Stock Exchange (NYSE) | ||||||||
The New York Stock Exchange (NYSE) |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page No. | ||||||||
Consolidated statements of comprehensive income/(loss) – three and six months ended June 30, 2020 and 2019 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general, and administrative expenses | |||||||||||||||||||||||
Technical and research expenses | |||||||||||||||||||||||
Restructuring expenses, net | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Other expense/(income), net | ( | ||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net (loss)/income attributable to the noncontrolling interest | ( | ||||||||||||||||||||||
Net income attributable to the Company | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share attributable to Company shareholders - Basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share attributable to Company shareholders - Diluted | $ | $ | $ | $ | |||||||||||||||||||
Shares of the Company used in computing earnings per share: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Dividends declared per share, Class A and Class B | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income/(loss), before tax: | |||||||||||||||||||||||
Foreign currency translation and other adjustments | ( | ( | ( | ||||||||||||||||||||
Pension/postretirement settlements and curtailments | |||||||||||||||||||||||
Amortization of pension liability adjustments: | |||||||||||||||||||||||
Prior service credit | ( | ( | ( | ( | |||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Payments and amortization related to interest rate swaps included in earnings | ( | ( | |||||||||||||||||||||
Derivative valuation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Income taxes related to items of other comprehensive income/(loss): | |||||||||||||||||||||||
Pension/postretirement settlements and curtailments | ( | ( | |||||||||||||||||||||
Amortization of pension liability adjustment | ( | ( | ( | ( | |||||||||||||||||||
Payments and amortization related to interest rate swaps included in earnings | ( | ( | |||||||||||||||||||||
Derivative valuation adjustment | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive income/(loss) attributable to the noncontrolling interest | ( | ||||||||||||||||||||||
Comprehensive income/(loss) attributable to the Company | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Contract assets, net | |||||||||||
Inventories | |||||||||||
Income taxes prepaid and receivable | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | $ | $ | |||||||||
Property, plant and equipment, net | |||||||||||
Intangibles, net | |||||||||||
Goodwill | |||||||||||
Deferred income taxes | |||||||||||
Noncurrent receivables, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Current maturities of long-term debt | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Other noncurrent liabilities | |||||||||||
Deferred taxes and other liabilities | |||||||||||
Total liabilities | |||||||||||
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; 39,112,722 issued in 2020 and 39,098,792 in 2019 | |||||||||||
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 1,617,998 in 2020 and 2019 | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated items of other comprehensive income: | |||||||||||
Translation adjustments | ( | ( | |||||||||
Pension and postretirement liability adjustments | ( | ( | |||||||||
Derivative valuation adjustment | ( | ( | |||||||||
Treasury stock (Class A), at cost; 8,394,022 shares in 2020 and 8,408,770 shares in 2019 | ( | ( | |||||||||
Total Company shareholders' equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||
Amortization | |||||||||||||||||||||||
Change in deferred taxes and other liabilities | ( | ||||||||||||||||||||||
Provision for write-off of property, plant and equipment | |||||||||||||||||||||||
Non-cash interest expense | |||||||||||||||||||||||
Compensation and benefits paid or payable in Class A Common Stock | |||||||||||||||||||||||
Fair value adjustment on foreign currency option | |||||||||||||||||||||||
Provision for credit losses from uncollected receivables and contract assets | |||||||||||||||||||||||
Foreign currency remeasurement loss/(gain) on intercompany loans | ( | ||||||||||||||||||||||
Changes in operating assets and liabilities that provided/(used) cash: | |||||||||||||||||||||||
Accounts receivable | |||||||||||||||||||||||
Contract assets | ( | ( | |||||||||||||||||||||
Inventories | ( | ( | ( | ( | |||||||||||||||||||
Prepaid expenses and other current assets | ( | ( | ( | ( | |||||||||||||||||||
Income taxes prepaid and receivable | ( | ( | |||||||||||||||||||||
Accounts payable | ( | ( | ( | ||||||||||||||||||||
Accrued liabilities | ( | ( | ( | ||||||||||||||||||||
Income taxes payable | |||||||||||||||||||||||
Noncurrent receivables | ( | ( | |||||||||||||||||||||
Other noncurrent liabilities | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Purchases of property, plant and equipment | ( | ( | ( | ( | |||||||||||||||||||
Purchased software | ( | ( | ( | ||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ( | |||||||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from borrowings | |||||||||||||||||||||||
Principal payments on debt | ( | ( | ( | ( | |||||||||||||||||||
Principal payments on finance lease liabilities | ( | ( | ( | ( | |||||||||||||||||||
Taxes paid in lieu of share issuance | ( | ( | |||||||||||||||||||||
Proceeds from options exercised | |||||||||||||||||||||||
Dividends paid | ( | ( | ( | ( | |||||||||||||||||||
Net cash used in financing activities | ( | ( | ( | ( | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ( | ||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | ( | ||||||||||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net sales | ||||||||||||||
Machine Clothing | $ | $ | $ | $ | ||||||||||
Albany Engineered Composites | ||||||||||||||
Consolidated total | $ | $ | $ | $ | ||||||||||
Operating income/(loss) | ||||||||||||||
Machine Clothing | $ | $ | $ | $ | ||||||||||
Albany Engineered Composites | ||||||||||||||
Corporate expenses | ( | ( | ( | ( | ||||||||||
Operating income | $ | $ | $ | $ | ||||||||||
Reconciling items: | ||||||||||||||
Interest income | ( | ( | ( | ( | ||||||||||
Interest expense | ||||||||||||||
Other expense/(income), net | ( | |||||||||||||
Income before income taxes | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Machine Clothing | $ | $ | $ | $ | ||||||||||
Albany Engineered Composites | ( | |||||||||||||
Corporate expenses | ( | ( | ||||||||||||
Total | $ | $ | $ | $ |
Three months ended June 30, 2020 | |||||||||||
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total | ||||||||
Machine Clothing | $ | $ | $ | ||||||||
Albany Engineered Composites | |||||||||||
ASC | |||||||||||
Other AEC | |||||||||||
Total Albany Engineered Composites | |||||||||||
Total revenue | $ | $ | $ |
Six months ended June 30, 2020 | |||||||||||
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total | ||||||||
Machine Clothing | $ | $ | $ | ||||||||
Albany Engineered Composites | |||||||||||
ASC | |||||||||||
Other AEC | |||||||||||
Total Albany Engineered Composites | |||||||||||
Total revenue | $ | $ | $ |
Three months ended June 30, 2019 | |||||||||||
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total | ||||||||
Machine Clothing | $ | $ | $ | ||||||||
Albany Engineered Composites | |||||||||||
ASC | |||||||||||
Other AEC | |||||||||||
Total Albany Engineered Composites | |||||||||||
Total revenue | $ | $ | $ |
Six months ended June 30, 2019 | |||||||||||
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total | ||||||||
Machine Clothing | $ | $ | $ | ||||||||
Albany Engineered Composites | |||||||||||
ASC | |||||||||||
Other AEC | |||||||||||
Total Albany Engineered Composites | |||||||||||
Total revenue | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Americas PMC | $ | $ | $ | $ | ||||||||||
Eurasia PMC | ||||||||||||||
Engineered Fabrics | ||||||||||||||
Total Machine Clothing Net sales | $ | $ | $ | $ |
(in thousands) | November 20, 2019 | ||||
Assets acquired | |||||
Cash | $ | ||||
Accounts receivable | |||||
Contract assets | |||||
Inventories | |||||
Prepaid expenses and other current assets | |||||
Right of use assets | |||||
Property, plant and equipment | |||||
Amortizable intangible assets | |||||
Goodwill | |||||
Total assets acquired | $ | ||||
Liabilities assumed | |||||
Accounts payable | $ | ||||
Accrued liabilities | |||||
Lease liabilities | |||||
Deferred income taxes | |||||
Other noncurrent liabilities | |||||
Total liabilities assumed | $ | ||||
Net assets acquired | $ | ||||
Purchase of business, net of cash acquired | $ |
Pension plans | Other postretirement benefits | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on assets | ( | ( | ||||||||||||
Settlement cost | ||||||||||||||
Curtailment cost | ||||||||||||||
Amortization of prior service cost/(credit) | ( | ( | ||||||||||||
Amortization of net actuarial loss | ||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Machine Clothing | $ | $ | $ | $ | ||||||||||
Albany Engineered Composites | ( | |||||||||||||
Corporate expenses | ( | ( | ||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | Total restructuring costs incurred | Termination and other costs | Impairment of assets | ||||||||
(in thousands) | |||||||||||
Machine Clothing | $ | $ | $ | ||||||||
Albany Engineered Composites | |||||||||||
Corporate expenses | |||||||||||
Total | $ | $ | $ |
Six Months Ended June 30, 2019 | Total restructuring costs incurred | Termination and other costs | Impairment of assets | ||||||||
(in thousands) | |||||||||||
Machine Clothing | $ | $ | $ | ||||||||
Albany Engineered Composites | |||||||||||
Corporate expenses | ( | ( | |||||||||
Total | $ | $ | $ |
(in thousands) | December 31, 2019 | Restructuring charges accrued | Payments | Currency translation /other | June 30, 2020 | ||||||||||||
Total termination and other costs | $ | $ | $ | ( | $ | ( | $ |
(in thousands) | December 31, 2018 | Restructuring charges accrued | Payments | Currency translation /other | June 30, 2019 | ||||||||||||
Total termination and other costs | $ | $ | $ | ( | $ | ( | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Currency transaction (gains)/losses | $ | $ | $ | $ | ( | |||||||||
Bank fees and amortization of debt issuance costs | ||||||||||||||
Components of net periodic pension and postretirement cost other than service | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ | $ | $ | ( |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Income tax based on income from continuing operations, at estimated tax rates of 34.0% and 28.4%, respectively | $ | $ | $ | $ | ||||||||||
Provision for change in estimated tax rate | ( | ( | ( | ( | ||||||||||
Income tax before discrete items | ||||||||||||||
Discrete tax expense: | ||||||||||||||
Exercise of U.S. stock options | ( | ( | ||||||||||||
Adjustments to prior period tax liabilities | ||||||||||||||
Provision for/resolution of tax audits and contingencies, net | ( | ( | ||||||||||||
Out-of-period adjustments to deferred tax assets | ( | |||||||||||||
Changes in opening valuation allowance | ( | ( | ||||||||||||
Changes in valuation allowance | ||||||||||||||
Other | ( | ( | ( | |||||||||||
Total income tax expense | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except market price and earnings per share) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net income attributable to the Company | $ | $ | $ | $ | ||||||||||
Weighted average number of shares: | ||||||||||||||
Weighted average number of shares used in calculating basic net income per share | ||||||||||||||
Effect of dilutive stock-based compensation plans: | ||||||||||||||
Stock options | ||||||||||||||
Weighted average number of shares used in calculating diluted net income per share | ||||||||||||||
Average market price of common stock used for calculation of dilutive shares | $ | $ | $ | $ | ||||||||||
Net income attributable to the Company per share: | ||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||
Diluted | $ | $ | $ | $ |
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Accumulated Other Comprehensive Income | ||||||||||
December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other comprehensive income/(loss) before reclassifications, net of tax | ( | ( | ( | |||||||||||
Pension/postretirement curtailment loss, net of tax | ||||||||||||||
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | ||||||||||||||
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | ||||||||||||||
Net current period other comprehensive income | ( | ( | ( | |||||||||||
June 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( |
(in thousands) | Translation adjustments | Pension and postretirement liability adjustments | Derivative valuation adjustment | Total Accumulated Other Comprehensive Income | ||||||||||
December 31, 2018 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive income/(loss) before reclassifications, net of tax | ( | ( | ( | ( | ||||||||||
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | ( | ( | ||||||||||||
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | ||||||||||||||
Adjustment related to prior period change in opening valuation allowance | ( | ( | ||||||||||||
Net current period other comprehensive income | ( | ( | ( | ( | ||||||||||
June 30, 2019 | $ | ( | $ | ( | $ | ( | $ | ( |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: | ||||||||||||||
Expense/(income) related to interest rate swaps included in Income before taxes (a) | $ | $ | ( | $ | $ | ( | ||||||||
Income tax effect | ( | ( | ||||||||||||
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | $ | ( | $ | $ | ( | ||||||||
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: | ||||||||||||||
Pension/postretirement curtailment | $ | $ | $ | $ | ||||||||||
Amortization of prior service credit | ( | ( | ( | ( | ||||||||||
Amortization of net actuarial loss | ||||||||||||||
Total pretax amount reclassified (b) | ||||||||||||||
Income tax effect | ( | ( | ( | ( | ||||||||||
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ | $ | $ | $ |
Six months ended June 30, | ||||||||
(in thousands, except percentages) | 2020 | 2019 | ||||||
Net (loss)/income of Albany Safran Composites (ASC) | $ | ( | $ | |||||
Less: Return attributable to the Company's preferred holding | ||||||||
Net (loss)/income of ASC available for common ownership | $ | ( | $ | |||||
Ownership percentage of noncontrolling shareholder | % | % | ||||||
Net (loss)/income attributable to noncontrolling interest | $ | ( | $ | |||||
Noncontrolling interest, beginning of year | $ | $ | ||||||
Net (loss)/income attributable to noncontrolling interest | ( | |||||||
Changes in other comprehensive income attributable to noncontrolling interest | ( | |||||||
Noncontrolling interest, end of interim period | $ | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||
Trade and other accounts receivable | $ | $ | ||||||
Bank promissory notes | ||||||||
Allowance for expected credit losses | ( | ( | ||||||
Accounts receivable, net | $ | $ |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||
Noncurrent receivables | $ | $ | ||||||
Allowance for expected credit losses | ( | |||||||
Noncurrent receivables, net | $ | $ |
(in thousands) | December 31, 2019 | CECL transition adjustment | Charges | Currency translation | Other | June 30, 2020 | ||||||||||||||
Specific customer reserves | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||
Incremental expected credit losses | ( | ( | ( | ( | ||||||||||||||||
Accounts receivable expected credit losses | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( |
(in thousands) | December 31, 2019 | CECL transition adjustment | Charges | Currency translation | Other | June 30, 2020 | ||||||||||||||
Noncurrent receivables expected credit losses | $ | $ | ( | $ | ( | $ | $ | $ | ( |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||
Contract assets | $ | $ | ||||||
Allowance for expected credit losses | ( | |||||||
Contract assets, net | $ | $ | ||||||
Contract liabilities | $ | $ |
(in thousands) | December 31, 2019 | CECL transition adjustment | Charges | Currency translation | Other | June 30, 2020 | ||||||||||||||
Contract assets expected credit losses | $ | $ | ( | $ | ( | $ | $ | $ | ( |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||
Raw materials | $ | $ | ||||||
Work in process | ||||||||
Finished goods | ||||||||
Total inventories | $ | $ |
As of June 30, 2020 | Weighted average amortization life in years | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||
(in thousands) | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
AEC Trademarks and trade names | 6-15 | $ | $ | ( | $ | |||||||||
AEC Technology | 10-15 | ( | ||||||||||||
AEC Intellectual property | ( | |||||||||||||
AEC Customer contracts | ( | |||||||||||||
AEC Customer relationships | 8-15 | ( | ||||||||||||
AEC Other intangibles | ( | |||||||||||||
Total amortized intangible assets | $ | $ | ( | $ | ||||||||||
Unamortized intangible assets: | ||||||||||||||
MC Goodwill | $ | $ | $ | |||||||||||
AEC Goodwill | ||||||||||||||
Total unamortized intangible assets: | $ | $ | $ |
As of December 31, 2019 | Weighted average amortization life in years | Gross carrying amount | Accumulated amortization | Net carrying amount | ||||||||||
(in thousands) | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
AEC Trademarks and trade names | 6-15 | $ | $ | ( | $ | |||||||||
AEC Technology | 10-15 | ( | ||||||||||||
AEC Intellectual property | ( | |||||||||||||
AEC Customer contracts | ( | |||||||||||||
AEC Customer relationships | 8-15 | ( | ||||||||||||
AEC Other intangibles | ( | |||||||||||||
Total amortized intangible assets | $ | $ | ( | $ | ||||||||||
Unamortized intangible assets: | ||||||||||||||
MC Goodwill | $ | $ | $ | |||||||||||
AEC Goodwill | ||||||||||||||
Total unamortized intangible assets: | $ | $ | $ |
(in thousands) | December 31, 2019 | Other Changes | Amortization | Currency Translation | June 30, 2020 | ||||||||||||
Amortized intangible assets: | |||||||||||||||||
AEC Trademarks and trade names | $ | $ | $ | ( | $ | $ | |||||||||||
AEC Technology | ( | ||||||||||||||||
AEC Intellectual property | ( | ||||||||||||||||
AEC Customer contracts | ( | ||||||||||||||||
AEC Customer relationships | ( | ||||||||||||||||
AEC Other intangibles | ( | ||||||||||||||||
Total amortized intangible assets | $ | $ | $ | ( | $ | $ | |||||||||||
Unamortized intangible assets: | |||||||||||||||||
MC Goodwill | $ | $ | $ | $ | $ | ||||||||||||
AEC Goodwill | |||||||||||||||||
Total unamortized intangible assets: | $ | $ | $ | $ | $ |
Year | Annual amortization (in thousands) | ||||
2020 | $ | ||||
2021 | |||||
2022 | |||||
2023 | |||||
2024 |
(in thousands, except interest rates) | June 30, 2020 | December 31, 2019 | ||||||
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.11% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2022 | $ | $ | ||||||
Other debt, at an average end of period rate of 5.50% in both 2020 and 2019, due in varying amounts through 2021 | ||||||||
Long-term debt | ||||||||
Less: current portion | ( | ( | ||||||
Long-term debt, net of current portion | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
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Cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
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Common stock of unaffiliated foreign public company (a) | |||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||
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Other noncurrent liabilities: | |||||||||||||||||||||||
Interest rate swaps | ( | ᵇ | ( | ᶜ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Foreign currency options gains/(losses) | $ | $ | $ | $ |
Year ended December 31, | Opening Number of Claims | Claims Dismissed, Settled, or Resolved | New Claims | Closing Number of Claims | Amounts Paid (thousands) to Settle or Resolve | ||||||||||||
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2020 (As of June 30) | $ |
Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
— | — | — | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||
Compensation and benefits paid or payable in shares | — | — | — | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||
Options exercised | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Shares issued to Directors | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Dividends declared | |||||||||||||||||||||||||||||||||||
Class A Common Stock, $0.19 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Class B Common Stock, $0.19 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||
Pension and postretirement liability adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Derivative valuation adjustment | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||
March 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Compensation and benefits paid or payable in shares | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||
Options exercised | 1 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Shares issued to Directors | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends declared | |||||||||||||||||||||||||||||||||||
Class A Common Stock, $0.19 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Class B Common Stock, $0.19 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Pension and postretirement liability adjustments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Derivative valuation adjustment | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||
Three Months Ended June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
December 31, 2018 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Compensation and benefits paid or payable in shares | — | — | — | ( | — | — | — | — | — | ( | |||||||||||||||||||||||||
Options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Shares issued to Directors | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Dividends declared | |||||||||||||||||||||||||||||||||||
Class A Common Stock, $0.18 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Class B Common Stock, $0.18 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||
Pension and postretirement liability adjustments | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||
Derivative valuation adjustment | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||
March 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Compensation and benefits paid or payable in shares | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||
Options exercised | 2 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Shares issued to Directors | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Dividends declared | |||||||||||||||||||||||||||||||||||
Class A Common Stock, $0.18 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Class B Common Stock, $0.18 per share | — | — | — | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||
Conversion of Class B shares to Class A shares, rounding | ( | ( | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||
Cumulative translation adjustments | — | — | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||
Pension and postretirement liability adjustments | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||
Derivative valuation adjustment | — | — | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||
June 30, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in thousands, except percentages) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||
Machine Clothing | $ | 153,433 | $ | 155,016 | (1.0) | % | $ | 290,035 | $ | 299,349 | (3.1) | % | ||||||||
Albany Engineered Composites | 72,557 | 118,933 | (39.0) | % | 171,719 | 225,972 | (24.0) | % | ||||||||||||
Consolidated total | $ | 225,990 | $ | 273,949 | (17.5) | % | $ | 461,754 | $ | 525,321 | (12.1) | % |
(in thousands, except percentages) | Net sales as reported, Q2 2020 | Decrease due to changes in currency translation rates | Q2 2020 sales on same basis as Q2 2019 currency translation rates | Net sales as reported, Q2 2019 | % Change compared to Q2 2019, excluding currency rate effects | ||||||||||||
Machine Clothing | $ | 153,433 | $ | 1,559 | $ | 154,992 | $ | 155,016 | — | % | |||||||
Albany Engineered Composites | 72,557 | 26 | 72,583 | 118,933 | (39.0) | % | |||||||||||
Consolidated total | $ | 225,990 | $ | 1,585 | $ | 227,575 | $ | 273,949 | (16.9) | % | |||||||
(in thousands, except percentages) | Net sales as reported, YTD 2020 | Decrease due to changes in currency translation rates | YTD 2020 sales on same basis as 2019 currency translation rates | Net sales as reported, YTD 2019 | % Change compared to 2019, excluding currency rate effects | ||||||||||||
Machine Clothing | $ | 290,035 | $ | 3,124 | $ | 293,159 | $ | 299,349 | (2.1) | % | |||||||
Albany Engineered Composites | 171,719 | 486 | 172,205 | 225,972 | (23.8) | % | |||||||||||
Consolidated total | $ | 461,754 | $ | 3,610 | $ | 465,364 | $ | 525,321 | (11.4) | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Machine Clothing | $ | 83,612 | $ | 80,287 | $ | 156,264 | $ | 154,815 | ||||||
Albany Engineered Composites | 19,368 | 24,895 | 36,188 | 42,138 | ||||||||||
Consolidated total | $ | 102,980 | $ | 105,182 | $ | 192,452 | $ | 196,953 | ||||||
% of Net sales | 45.6 | % | 38.4 | % | 41.7 | % | 37.5 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Machine Clothing | $ | 26,682 | $ | 29,814 | $ | 51,517 | $ | 59,700 | ||||||
Albany Engineered Composites | 8,821 | 7,195 | 18,018 | 14,832 | ||||||||||
Corporate expenses | 11,913 | 13,049 | 27,117 | 26,720 | ||||||||||
Consolidated total | $ | 47,416 | $ | 50,058 | $ | 96,652 | $ | 101,252 | ||||||
% of Net sales | 21.0 | % | 18.3 | % | 20.9 | % | 19.3 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Machine Clothing | $ | 388 | $ | 935 | $ | 1,030 | $ | 1,336 | ||||||
Albany Engineered Composites | 2,248 | (32) | 2,248 | 51 | ||||||||||
Corporate expenses | 201 | (4) | 201 | (4) | ||||||||||
Consolidated total | $ | 2,837 | $ | 899 | $ | 3,479 | $ | 1,383 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Machine Clothing | $ | 56,543 | $ | 49,538 | $ | 103,718 | $ | 93,781 | ||||||
Albany Engineered Composites | 8,299 | 17,732 | 15,922 | 27,254 | ||||||||||
Corporate expenses | (12,115) | (13,045) | (27,319) | (26,717) | ||||||||||
Consolidated total | $ | 52,727 | $ | 54,225 | $ | 92,321 | $ | 94,318 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Interest expense, net | $ | 3,823 | $ | 4,631 | $ | 7,800 | $ | 9,048 | ||||||
Other expense/(income), net | 1,091 | 930 | 16,660 | (278) | ||||||||||
Income tax expense | 15,364 | 14,405 | 27,818 | 21,881 | ||||||||||
Net income/(loss) attributable to the noncontrolling interest | 95 | 205 | (1,420) | 423 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(in thousands, except percentages) | Tax Amount | % | Tax Amount | % | Tax Amount | % | Tax Amount | % | ||||||||||||||||||
Continuing Operations (excluding discrete items) | $ | 16,262 | 34.0 | % | $ | 13,821 | 28.4 | % | $ | 23,081 | 34.0 | % | $ | 24,286 | 28.4 | % | ||||||||||
Audit settlements | (1,492) | (3.1) | % | — | — | % | (1,492) | (2.2) | % | — | — | % | ||||||||||||||
Changes in uncertain tax positions | 3 | — | % | 5 | — | % | (241) | (0.4) | % | (2,227) | (2.6) | % | ||||||||||||||
Out-of-period adjustments to deferred tax assets | — | — | % | — | — | % | 1,830 | 2.7 | % | — | — | % | ||||||||||||||
Impact of Mexico foreign currency revaluation losses | (13) | — | % | — | — | % | 3,656 | 5.4 | % | — | — | % | ||||||||||||||
Changes in opening valuation allowance | — | — | % | — | — | % | — | — | % | (1,346) | (1.6) | % | ||||||||||||||
Changes in valuation allowance | 222 | 0.5 | % | 841 | 1.7 | % | 222 | 0.3 | % | 841 | 1.0 | % | ||||||||||||||
Other tax adjustments | 382 | 0.7 | % | (262) | (0.5) | % | 762 | 1.2 | % | 327 | 0.4 | % | ||||||||||||||
Effective Tax Rate | $ | 15,364 | 32.1 | % | $ | 14,405 | 29.6 | % | $ | 27,818 | 41.0 | % | $ | 21,881 | 25.6 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net sales | $ | 153,433 | $ | 155,016 | $ | 290,035 | $ | 299,349 | ||||||
Gross profit | 83,612 | 80,287 | 156,264 | 154,815 | ||||||||||
% of Net sales | 54.5 | % | 51.8 | % | 53.9 | % | 51.7 | % | ||||||
STG&R expenses | 26,682 | 29,814 | 51,517 | 59,700 | ||||||||||
Operating income | 56,543 | 49,538 | 103,718 | 93,781 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in thousands, except percentages) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net sales | $ | 72,557 | $ | 118,933 | $ | 171,719 | $ | 225,972 | ||||||
Gross profit | 19,368 | 24,895 | 36,188 | 42,138 | ||||||||||
% of Net sales | 26.7 | % | 20.9 | % | 21.1 | % | 18.6 | % | ||||||
STG&R expenses | 8,821 | 7,195 | 18,018 | 14,832 | ||||||||||
Operating income | 8,299 | 17,732 | 15,922 | 27,254 |
Six months ended June 30, | ||||||||
(in thousands) | 2020 | 2019 | ||||||
Net income | $ | 40,043 | $ | 63,667 | ||||
Depreciation and amortization | 36,024 | 35,710 | ||||||
Changes in working capital (a) | (57,804) | (17,809) | ||||||
Changes in other noncurrent liabilities and deferred taxes | 8,836 | (2,906) | ||||||
Other operating items | 16,935 | 4,434 | ||||||
Net cash provided by operating activities | 44,034 | 83,096 | ||||||
Net cash used in investing activities | (22,017) | (35,453) | ||||||
Net cash used in financing activities | (8,224) | (30,106) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (5,296) | (59) | ||||||
Increase/(decrease) in cash and cash equivalents | 8,497 | 17,478 | ||||||
Cash and cash equivalents at beginning of period | 195,540 | 197,755 | ||||||
Cash and cash equivalents at end of period | $ | 204,037 | $ | 215,233 |
Three months ended June 30, 2020 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 56,543 | $ | 8,299 | $ | (12,115) | $ | 52,727 | ||||||
Interest, taxes, other income/(expense) | — | — | (20,278) | (20,278) | ||||||||||
Net income/(loss) (GAAP) | 56,543 | 8,299 | (32,393) | 32,449 | ||||||||||
Interest expense, net | — | — | 3,823 | 3,823 | ||||||||||
Income tax expense | — | — | 15,364 | 15,364 | ||||||||||
Depreciation and amortization expense | 4,981 | 11,971 | 1,002 | 17,954 | ||||||||||
EBITDA (non-GAAP) | 61,524 | 20,270 | (12,204) | 69,590 | ||||||||||
Restructuring expenses | 388 | 2,248 | 201 | 2,837 | ||||||||||
Foreign currency revaluation (gains)/losses | 973 | 30 | 20 | 1,023 | ||||||||||
Acquisition/integration costs | — | 278 | — | 278 | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (58) | — | (58) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 62,885 | $ | 22,768 | $ | (11,983) | $ | 73,670 | ||||||
Three months ended June 30, 2019 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 49,538 | $ | 17,732 | $ | (13,045) | $ | 54,225 | ||||||
Interest, taxes, other income/(expense) | — | — | (19,966) | (19,966) | ||||||||||
Net income/(loss) (GAAP) | 49,538 | 17,732 | (33,011) | 34,259 | ||||||||||
Interest expense, net | — | — | 4,631 | 4,631 | ||||||||||
Income tax expense | — | — | 14,405 | 14,405 | ||||||||||
Depreciation and amortization expense | 5,606 | 11,071 | 1,077 | 17,754 | ||||||||||
EBITDA (non-GAAP) | 55,144 | 28,803 | (12,898) | 71,049 | ||||||||||
Restructuring expenses | 935 | (32) | (4) | 899 | ||||||||||
Foreign currency revaluation (gains)/losses | 317 | 79 | 345 | 741 | ||||||||||
Pre-tax (income) attributable to noncontrolling | — | (272) | — | (272) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 56,396 | $ | 28,578 | $ | (12,557) | $ | 72,417 |
Six months ended June 30, 2020 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 103,718 | $ | 15,922 | $ | (27,319) | $ | 92,321 | ||||||
Interest, taxes, other income/(expense) | — | — | (52,278) | (52,278) | ||||||||||
Net income/(loss) (GAAP) | 103,718 | 15,922 | (79,597) | 40,043 | ||||||||||
Interest expense, net | — | — | 7,800 | 7,800 | ||||||||||
Income tax expense | — | — | 27,818 | 27,818 | ||||||||||
Depreciation and amortization expense | 10,068 | 23,956 | 2,000 | 36,024 | ||||||||||
EBITDA (non-GAAP) | 113,786 | 39,878 | (41,979) | 111,685 | ||||||||||
Restructuring expenses | 1,030 | 2,248 | 201 | 3,479 | ||||||||||
Foreign currency revaluation (gains)/losses | (2,688) | 727 | 14,850 | 12,889 | ||||||||||
Former CEO termination costs | — | — | 2,742 | 2,742 | ||||||||||
Acquisition/integration costs | — | 576 | — | 576 | ||||||||||
Pre-tax loss attributable to noncontrolling interest | — | 1,434 | — | 1,434 | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 112,128 | $ | 44,863 | $ | (24,186) | $ | 132,805 | ||||||
Six months ended June 30, 2019 | ||||||||||||||
(in thousands) | Machine Clothing | Albany Engineered Composites | Corporate expenses and other | Total Company | ||||||||||
Operating income/(loss) (GAAP) | $ | 93,781 | $ | 27,254 | $ | (26,717) | $ | 94,318 | ||||||
Interest, taxes, other income/(expense) | — | — | (30,651) | (30,651) | ||||||||||
Net income/(loss) (GAAP) | 93,781 | 27,254 | (57,368) | 63,667 | ||||||||||
Interest expense, net | — | — | 9,048 | 9,048 | ||||||||||
Income tax expense | — | — | 21,881 | 21,881 | ||||||||||
Depreciation and amortization expense | 11,525 | 21,973 | 2,212 | 35,710 | ||||||||||
EBITDA (non-GAAP) | 105,306 | 49,227 | (24,227) | 130,306 | ||||||||||
Restructuring expenses | 1,336 | 51 | (4) | 1,383 | ||||||||||
Foreign currency revaluation (gains)/losses | 286 | 314 | (1,691) | (1,091) | ||||||||||
Pre-tax (income) attributable to noncontrolling interest | — | (561) | — | (561) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 106,928 | $ | 49,031 | $ | (25,922) | $ | 130,037 |
Three months ended June 30, 2020 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses | $ | 2,837 | $ | 953 | $ | 1,884 | $ | 0.06 | ||||||
Foreign currency revaluation (gains)/losses | 1,023 | 536 | 487 | 0.02 | ||||||||||
Acquisition/integration costs | 278 | 83 | 195 | 0.01 | ||||||||||
Three months ended June 30, 2019 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses | $ | 899 | $ | 255 | $ | 644 | $ | 0.02 | ||||||
Foreign currency revaluation (gains)/losses | 741 | 210 | 531 | 0.02 |
Six months ended June 30, 2020 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses | $ | 3,479 | $ | 1,145 | $ | 2,334 | $ | 0.07 | ||||||
Foreign currency revaluation (gains)/losses(a) | 12,889 | (1,009) | 13,898 | 0.44 | ||||||||||
Former CEO termination costs | 2,742 | 713 | 2,029 | 0.06 | ||||||||||
Acquisition/integration costs | 576 | 172 | 404 | 0.02 | ||||||||||
Six months ended June 30, 2019 (in thousands, except per share amounts) | Pre tax Amounts | Tax Effect | After tax Effect | Per share Effect | ||||||||||
Restructuring expenses | $ | 1,383 | $ | 397 | $ | 986 | $ | 0.03 | ||||||
Foreign currency revaluation (gains)/losses | (1,091) | (329) | (762) | (0.02) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
Per share amounts (Basic) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Earnings per share (GAAP) | $ | 1.00 | $ | 1.05 | $ | 1.28 | $ | 1.96 | ||||||
Adjustments, after tax: | ||||||||||||||
Restructuring expenses | 0.06 | 0.02 | 0.07 | 0.03 | ||||||||||
Foreign currency revaluation (gains)/losses | 0.02 | 0.02 | 0.44 | (0.02) | ||||||||||
Former CEO termination costs | — | — | 0.06 | — | ||||||||||
Acquisition/integration costs | 0.01 | — | 0.02 | — | ||||||||||
Adjusted Earnings per share | $ | 1.09 | $ | 1.09 | $ | 1.87 | $ | 1.97 |
(in thousands) | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||
Current maturities of long-term debt | $ | 17 | $ | 20 | $ | 20 | |||||
Long-term debt | 435,000 | 491,002 | 424,009 | ||||||||
Total debt | 435,017 | 491,022 | 424,029 | ||||||||
Cash and cash equivalents | 204,037 | 222,680 | 195,540 | ||||||||
Net debt | $ | 230,980 | $ | 268,342 | $ | 228,489 |
Exhibit No. | Description | ||||
101.INS | XBRL 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.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |
ALBANY INTERNATIONAL CORP. | ||||||||
(Registrant) | ||||||||
Date: July 30, 2020 | By | /s/ Stephen M. Nolan | ||||||
Stephen M. Nolan Chief Financial Officer and Treasurer (Principal Financial Officer) |
Date: July 30, 2020 | By | /s/ A. William Higgins | ||||||
A. William Higgins President and Chief Executive Officer (Principal Executive Officer) |
Date: July 30, 2020 | By | /s/ Stephen M. Nolan | ||||||
Stephen M. Nolan Chief Financial Officer and Treasurer (Principal Financial Officer) |
Date: July 30, 2020 | /s/ A. William Higgins | |||||||
A. William Higgins President and Chief Executive Officer (Principal Executive Officer) | ||||||||
/s/ Stephen M. Nolan | ||||||||
Stephen M. Nolan Chief Financial Officer and Treasurer (Principal Financial Officer) |
(in thousands, except interest rates) | |||||
Long-term debt | |||||
Credit agreement with borrowings outstanding, net of fixed rate portion, at an end of period interest rate of 1.555% in 2020, due in 2022 | $85,000 | ||||
Total | $85,000 |
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Preferred stock, par 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 |
Treasury stock, shares (in shares) | 8,394,022 | 8,408,770 |
Common Class A [Member] | ||
Common stock, par 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) | 39,112,722 | 39,098,792 |
Common Class B [Member] | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 1,617,998 | 1,617,998 |
Common stock, shares outstanding (in shares) | 1,617,998 | 1,617,998 |
Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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, 2019. Effective January 1, 2020, we adopted the provisions of , Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the new standard. The effect of the application of CECL during the first quarter of 2020 is further described in Notes 11 and 12.
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Reportable Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments | Reportable Segments In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The Machine Clothing (“MC”) segment 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. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. In the fourth quarter of 2019, Safran leased manufacturing space from AEC for the GE9X program. Rent paid by Safran under this lease amounted to $0.5 million for the first six months of 2020. AEC net sales to Safran, substantially all of which were through ASC, were $57.0 million and $116.3 million in the first six months of 2020 and 2019, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $105.4 million and $114.5 million as of June 30, 2020 and December 31, 2019, 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 2019, approximately 25 percent of AEC sales 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:
There were no material changes in the total assets of the reportable segments in the first six months of 2020. The table below presents restructuring costs by reportable segment (also see Note 5):
Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. In 2020, net adjustments to the estimated profitability of long-term contracts increased gross profit by $7.4 million and $6.4 million for the three and six month periods,respectively, ended June 30, 2020. In 2019, net adjustments to the estimated profitability of long-term contracts increased gross profit by $5.0 million and $5.6 million for the three and six month periods, respectively, ended June 30, 2019. 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:
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:
In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $85 million and $112 million as of June 30, 2020 and 2019, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of June 30, 2020, we expect to recognize as revenue approximately $52 million during 2020 and the remainder during 2021.
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Business Acquisition |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition | Business Acquisition On November 20, 2019, the Company acquired CirComp GmbH, a privately-held developer and manufacturer of high-performance composite components located in Kaiserslautern, Germany for $32.4 million. The Company also agreed to pay approximately $5.5 million that will become due as certain post-closing obligations are performed. Expense related to that agreement will be recognized over the five years performance period. The Company funded the acquisition using a combination of cash on hand and funds drawn on its revolving credit facility. In March 2020, the Company purchased, in cash, the primary operating facility in Germany for $5.8 million, which resulted in the recording of land and building assets, and the removal of the Right of use assets and associated lease liabilities included in the acquisition-date balance sheet. The seller provided representations, warranties and indemnities customary for acquisition transactions, including indemnities for certain customer claims identified, before closing. The acquired entity is part of the AEC segment. CirComp specializes in designing and manufacturing customized engineered composite components for aerospace and other demanding industrial applications. The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:
During the first six months of 2020, management identified adjustments to the provisional value of assets and liabilities acquired reported in the Form 10-K for the year ended December 31, 2019, which resulted in a decrease to Contract assets of $0.3 million, an increase to Accrued liabilities of $0.5 million, an increase to Amortizable intangible assets of $0.3 million, a decrease to Deferred income tax liabilities of $0.2 million, and an increase to Goodwill of $0.3 million. Management's review of the purchase price allocation has been completed. Acquired Goodwill of $17.7 million reflects the Company’s belief that the acquisition complements and expands Albany’s portfolio of proprietary, advanced manufacturing technologies for composite components, increases the Company’s position as a leading innovator in advanced materials processing and automation, and opens a geographic footprint in Europe to better serve our global customer base. The acquisition significantly increases the Company’s opportunities for future growth. The goodwill is non-deductible for tax purposes.
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Pensions and Other Postretirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefit Plans | Pensions and Other Postretirement Benefit Plans Pension Plans The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998, and benefits accrued under this plan have been frozen since February 2009. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009 but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location. Other Postretirement Benefits The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plans as claims are paid. The composition of the net periodic benefit cost for the six months ended June 30, 2020 and 2019, was as follows:
The amount of net periodic pension cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. 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 or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are presented in the income statement separately from the service cost component and outside a subtotal of income from operations, in the line item Other (income)/expense, net in the Consolidated Statements of Income.
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Restructuring |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring In the second quarter of 2020, AEC reduced its workforce at various locations, principally in the United States, leading to restructuring charges of $2.2 million. Machine Clothing restructuring charges for the first six months of 2020 and 2019 were principally related to discontinued operations at its MC production facility in Sélestat, France that was announced in 2017. Since 2017, we have recorded $13.1 million of restructuring charges related to this action. The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:
We expect that approximately $3.7 million of Accrued liabilities for restructuring at June 30, 2020 will be paid within one year and approximately $0.4 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2020 and 2019, all of which are related to termination costs:
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Other (Income)/Expense, net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income)/Expense, net | Other (Income)/Expense, net The components of Other (Income)/Expense, net are:
Other (Income)/Expense, net for the first three months of 2020 includes losses related to the revaluation of nonfunctional-currency balances of $14.8 million, which principally resulted from an intercompany demand loan payable by a Mexican subsidiary combined with the effects of a much weaker peso in 2020. As a result of changes in business conditions that occurred in the first quarter of 2020, certain loan repayments are no longer expected in the foreseeable future and, beginning April 1, 2020, the revaluation effects for those loans are being recorded in Other comprehensive income. This resulted in gains of $0.6 million being recorded in Other comprehensive income in the second quarter of 2020. Other (income)/expense, net, for the first six months of 2019 included gains related to the revaluation of nonfunctional-currency balances of $1.7 million.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents components of income tax expense for the three and six months ended June 30, 2020 and 2019:
The second quarter estimated annual effective tax rate on continuing operations was 34.0 percent in 2020, compared to 28.4 percent for the same period in 2019. Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter. The Company’s tax rate is affected by recurring items such as the income tax rate in the U.S. and in non-U.S. jurisdictions and the mix of income earned in those jurisdictions, including changes in losses and income from excluded loss jurisdictions, and the impact of discrete items in the respective quarter. The higher estimated second quarter 2020 income tax rate is primarily driven by an increase in losses in a foreign jurisdiction that is excluded in calculating the quarterly income tax provision. The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $143.0 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $2.3 million and state income taxes of $2.4 million which have already been recorded. The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2007 to 2020. The Company is currently under audit in U.S and non-U.S. tax jurisdictions, including but not limited to Canada and Italy. In the first quarter of 2020, the Company recorded a $1.8 million out-of-period immaterial charge related to developments in ongoing tax audits, which resulted in a corresponding decrease in deferred tax assets.In the second quarter of 2020, the US state tax audit was settled. As a result of the audit settlement, the Company recorded a net tax benefit of $1.5 million. The Company recorded a net deferred tax expense of $1.0 million due to an adjustment of net operating losses related to settled audits. Additionally, the Company also recorded a $0.2 million valuation allowance on the net deferred tax assets of one of its foreign subsidiaries in the second quarter of 2020. The Company’s subsidiary in Mexico has an intercompany loan payable in U.S. dollars. As a result of the weaker Mexican peso, the Company recorded a revaluation loss of $12.7 million in the first quarter of 2020. That foreign currency loss is not deductible under Mexican tax law, which had a $3.7 million discrete tax impact in the first quarter of 2020. This intercompany loan was designated as a long-term loan as of April 1, 2020 and, as such, the foreign currency impacts are not recorded in the income statement.
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Earnings Per Share |
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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:
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Accumulated Other Comprehensive Income (AOCI) |
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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 December 31, 2019 to June 30, 2020:
The table below presents changes in the components of AOCI for the period December 31, 2018 to June 30, 2019:
The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the three and six months ended June 30, 2020 and 2019:
(a)Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16). (b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).
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Noncontrolling Interest |
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Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest | Noncontrolling Interest The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC:
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Accounts Receivable |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of June 30, 2020 and December 31, 2019, Accounts receivable consisted of the following:
The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables are invoiced to the customer, with 2% interest, over a 10-year period that began in 2020. As of June 30, 2020 and December 31, 2019, Noncurrent receivables consisted of the following:
As described in Note 1, effective January 1, 2020, the Company adopted the provisions of , Current Expected Credit Losses (CECL). The overarching purpose of the new standard is to provide greater transparency and understanding of the Company’s credit risk. The CECL accounting update replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under the new standard, the Company recognizes an allowance for expected credit losses on financial assets measured at amortized cost, such as Accounts receivable, Contract assets and Noncurrent receivables. The allowance is determined using a CECL model that is based on an historical average three-year loss rate and is measured by financial asset type on a collective (pool) basis when similar risk characteristics exist, at an amount equal to lifetime expected credit losses. The estimate reflects the risk of loss due to credit default, even when the risk is remote, and considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable expected future economic conditions. While an expected credit loss allowance is recorded at the same time the financial asset is recorded, the Company monitors financial assets for credit impairment events to assess whether there has been a significant increase in credit risk since initial recognition, and considers both quantitative and qualitative information. The risk of loss due to credit default increases when one or more events occur that can have a detrimental impact on estimated future cash flows of that financial asset. Evidence that a financial asset is subject to greater credit risk include observable data about significant financial difficulty of the customer, a breach of contract, such as a default or past due event, or it becomes probable that the customer will enter bankruptcy or other financial reorganization, among other factors. It may not be possible to identify a single discrete event, but rather, the combined effect of several events may cause an increase in risk of loss. The probability of default is driven by the relative financial health of our customer base and that of the industries in which we do business, as well as the broader macro-economic environment. A changing economic environment or forecasted economic scenario can lead to a different probability of default and can suggest that credit risk has changed. Such is the case with the global COVID-19 pandemic, which has increased uncertainty and poses a significant challenge to the macro-economic environment. Management believes this has increased the probability of credit default, causing the Company to increase the allowance for expected credit losses during the current year. At each reporting period, the Company will recognize the amount of change in current expected credit losses as an allowance gain or loss in Selling, general, and administrative expenses in the Consolidated Statements of Income. Financial assets are written-off when the Company has no reasonable expectation of recovering the financial asset, either in its entirety, or a portion thereof. This is the case when the Company determines that the customer does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Accounts receivable:
The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Noncurrent receivables:
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Contract Assets and Liabilities |
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities | Contract Assets and Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets. Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of June 30, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following:
Contract assets increased $17.0 million during the six-month period ended June 30, 2020. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the six month periods ended June 30, 2020 and 2019. As described in Notes 1 and 11, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL). The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets:
Contract liabilities increased $3.1 million during the six-month period ended June 30, 2020, primarily due to increased billings in excess of revenue recognized from satisfied performance obligations for contracts that were in a contract liability position. Revenue recognized for the six-month periods ended June 30, 2020 and 2019 that was included in the Contract liability balance at the beginning of the year was $2.1 million and $5.2 million, respectively.
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Inventories |
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Inventories | InventoriesCosts included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. As of June 30, 2020 and December 31, 2019, Inventories consisted of the following:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually at the reporting unit level. Impairment is the condition that exists when the carrying amount of a reporting unit, including goodwill, exceeds its fair value. Our reportable segments are consistent with our operating segments. Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. To determine fair value, we utilize market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company, as well as publicly available industry information, to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. In the second quarter of 2020, management applied the quantitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. As part of this evaluation, the Company considered projected cash flows and market multiples for the Company’s Machine Clothing reporting unit and three AEC reporting units. Management performed assessments as to whether the fair value of each reporting unit was less than its carrying value as of June 30, 2020 and concluded that it was more likely than not that each reporting unit’s fair value continued to 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 have been recorded during the six months ended June 30, 2020. We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2020 and December 31, 2019, were as follows:
The changes in intangible assets, net and goodwill from December 31, 2019 to June 30, 2020, were as follows:
Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows:
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Financial Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Long-term debt, principally to banks and noteholders, consists of:
On November 7, 2017, we entered into a $685 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $550 million Agreement, entered into on April 8, 2016 (the “Prior Agreement”). Under the Credit Agreement, $435 million of borrowings were outstanding as of June 30, 2020. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on June 26, 2020, the spread was 1.375%. The spread was based on a pricing grid, which ranged from 1.250% to 1.750%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA, and without modification to any other credit agreements, as of June 30, 2020, we would have been able to borrow an additional $250 million under the Agreement. The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default that are comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company’s subsidiaries. Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement). On November 27, 2017, we terminated our interest rate swap agreements, originally entered into on May 9, 2016, that had effectively fixed the interest rate on $300 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We received $6.3 million when the swap agreements were terminated and that payment will be amortized into interest expense through March 2021. On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements, which was fully amortized into interest expense through June 2020. On November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on June 16, 2020 was .20%, during the swap period. On June 16, 2020, the all-in-rate on the $350 million of debt was 3.485%. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16. No cash collateral was received or pledged in relation to the swap agreements. Under the Credit Agreement, we are currently required to maintain a leverage ratio (as defined in the agreement) of not greater than 3.50 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00. As of June 30, 2020, our leverage ratio was 1.48 to 1.00 and our interest coverage ratio was 14.51 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash, provided our leverage ratio does not exceed the limits noted above. Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of June 30, 2020.
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Fair-Value Measurements |
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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. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at June 30, 2020, or at December 31, 2019. 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:
(a)Original cost basis $0.5 million. (b)Net of $1.7 million receivable floating leg and $17.4 million liability fixed leg. (c)Net of $15.2 million receivable floating leg and $20.7 million liability fixed leg. Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities. The common stock of the unaffiliated foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. Changes in the fair value of the investment are reported in the Consolidated Statements of Income. We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net. When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies. Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, general and administrative expenses or Other (income)/expense, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expense, net) or third-party trade (recorded in selling, general and administrative expenses) receivable or payable balances in a currency other than their local reporting (or functional) currency. Operating results can also be affected by the translation of sales and costs, for each non-U.S. subsidiary, from the local functional currency to the U.S. dollar. The translation effect on the Consolidated Statements of Income is dependent on our net income or expense position in each non-U.S. currency in which we do business. A net income position exists when sales realized in a particular currency exceed expenses paid in that currency; a net expense position exists if the opposite is true. The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of June 30, 2020, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled $1.9 million for the six month period ended June 30, 2020, and $(0.6) million for the six month period ended June 30, 2019. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.4 million for the six month period ended June 30, 2020 and $0.2 million for the six month period ended June 30, 2019. 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:
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Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies | 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 3,693 claims as of June 30, 2020. 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:
We anticipate that additional claims will be filed against the Company and related companies in the future, but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims. While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of June 30, 2020, we had resolved, by means of settlement or dismissal, 37,835 claims. The total cost of resolving all claims was $10.4 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims. The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,710 claims as of June 30, 2020, only twelve claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights. In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions. We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.
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Changes in Shareholders' Equity |
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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, 2019 to June 30, 2020:
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to June 30, 2019:
(a)As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million. (b)The Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. We plan to adopt the new standard effective January 1, 2021. We do not expect the adoption of this update to significantly impact our financial statements. In December 2019, an accounting update was issued which removes certain exceptions for recognizing deferred taxes for investments and performing intra-period tax allocations. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We plan to adopt the new standard as of January 1, 2021 and we are assessing the potential impact on our financial statements. In March 2020, an accounting update was issued which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR. The expedients and exceptions provided by this update will not be available after December 31, 2022, other than for certain hedging relationships entered into prior. We are currently assessing the potential impact on our financial statements.
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Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, 2019. Effective January 1, 2020, we adopted the provisions of , Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the new standard. The effect of the application of CECL during the first quarter of 2020 is further described in Notes 11 and 12.
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Reportable Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Schedule of Restructuring Costs by Reporting Segment | The table below presents restructuring costs by reportable segment (also see Note 5):
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Disaggregation of Revenue | The following table disaggregates revenue for each product group by timing of revenue recognition:
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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:
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Business Acquisition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:
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Pensions and Other Postretirement Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The composition of the net periodic benefit cost for the six months ended June 30, 2020 and 2019, was as follows:
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Restructuring (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:
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Schedule of Restructuring Reserve by Type of Cost | We expect that approximately $3.7 million of Accrued liabilities for restructuring at June 30, 2020 will be paid within one year and approximately $0.4 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2020 and 2019, all of which are related to termination costs:
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Other (Income)/Expense, net (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) | The components of Other (Income)/Expense, net are:
|
Income Taxes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents components of income tax expense for the three and six months ended June 30, 2020 and 2019:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Accumulated Other Comprehensive Income (AOCI) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2019 to June 30, 2020:
The table below presents changes in the components of AOCI for the period December 31, 2018 to June 30, 2019:
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Reclassification out of Accumulated Other Comprehensive Income | The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the three and six months ended June 30, 2020 and 2019:
(a)Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16). (b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).
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Noncontrolling Interest (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 subsidiary Albany Safran Composites, LLC:
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Accounts Receivable (Tables) |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 |
Jun. 30, 2020 |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of June 30, 2020 and December 31, 2019, Accounts receivable consisted of the following:
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Schedule of Contract Receivables | As of June 30, 2020 and December 31, 2019, Noncurrent receivables consisted of the following:
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Accounts Receivable, Allowance for Credit Loss | The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Accounts receivable:
The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Noncurrent receivables:
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Contract Assets and Liabilities (Tables) |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 |
Jun. 30, 2020 |
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Assets and Contract Liabilities | As of June 30, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following:
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Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | As of June 30, 2020 and December 31, 2019, Inventories consisted of the following:
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2020 and December 31, 2019, were as follows:
The changes in intangible assets, net and goodwill from December 31, 2019 to June 30, 2020, were as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows:
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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt, principally to banks and noteholders, consists of:
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Fair-Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(a)Original cost basis $0.5 million. (b)Net of $1.7 million receivable floating leg and $17.4 million liability fixed leg. (c)Net of $15.2 million receivable floating leg and $20.7 million liability fixed leg.
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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:
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Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loss Contingencies by Contingency [Table Text Block] | 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:
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Changes in Shareholders' Equity (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | The following table summarizes changes in Shareholders’ Equity for the period December 31, 2019 to June 30, 2020:
The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to June 30, 2019:
(a)As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million. (b)The Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
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Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jan. 01, 2020 |
Jan. 01, 2019 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 726,233 | $ 698,496 | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Accounts and financing receivable, allowance for credit loss | $ 1,800 | ||||
Retained earnings | $ (1,400) | $ 100 |
Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||||
Net sales | $ 225,990 | $ 273,949 | $ 461,754 | $ 525,321 | |
Gross profit | 102,980 | 105,182 | 192,452 | 196,953 | |
Revenue, remaining performance obligation, amount | 85,000 | 112,000 | 85,000 | 112,000 | |
Remaining performance obligation expected to be recognized during 2020 | 2,100 | 5,200 | |||
Albany Safran Composites, LLC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating lease, lease income | 500 | ||||
Net sales | 57,000 | 116,300 | |||
Receivables, net, current | 105,400 | 105,400 | $ 114,500 | ||
Albany Engineered Composites [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 72,557 | 118,933 | 171,719 | 225,972 | |
Gross profit | $ 7,400 | $ 5,000 | $ 6,400 | $ 5,600 |
Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Segment Reporting Information, Additional Information [Abstract] | ||||
Restructuring expenses, net | $ 2,837 | $ 899 | $ 3,479 | $ 1,383 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
Restructuring expenses, net | 201 | (4) | 201 | (4) |
Machine Clothing [Member] | Operating Segments [Member] | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
Restructuring expenses, net | 388 | 935 | 1,030 | 1,336 |
Albany Engineered Composites [Member] | Operating Segments [Member] | ||||
Segment Reporting Information, Additional Information [Abstract] | ||||
Restructuring expenses, net | $ 2,248 | $ (32) | $ 2,248 | $ 51 |
Reportable Segments (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 225,990 | $ 273,949 | $ 461,754 | $ 525,321 |
Machine Clothing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 153,433 | 155,016 | 290,035 | 299,349 |
Machine Clothing [Member] | Americas PMC [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 81,225 | 81,583 | 154,902 | 156,923 |
Machine Clothing [Member] | Eurasia PMC [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 54,166 | 54,081 | 99,297 | 105,519 |
Machine Clothing [Member] | Engineered Fabrics [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 18,042 | $ 19,352 | $ 35,836 | $ 36,907 |
Reportable Segments (Remaining Performance Obligations) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 85 | $ 112 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 52 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1,148 | $ 1,261 |
Interest cost | 3,071 | 3,578 |
Expected return on assets | (3,415) | (4,102) |
Settlement cost | 145 | 0 |
Curtailment cost | 233 | 0 |
Amortization of prior service cost/(credit) | 16 | 34 |
Amortization of net actuarial loss | 1,180 | 1,125 |
Amortization of prior service cost/(credit) | 2,378 | 1,896 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 100 | 95 |
Interest cost | 857 | 1,057 |
Expected return on assets | 0 | 0 |
Settlement cost | 0 | 0 |
Curtailment cost | 0 | 0 |
Amortization of prior service cost/(credit) | (2,244) | (2,244) |
Amortization of net actuarial loss | 1,296 | 1,114 |
Amortization of prior service cost/(credit) | $ 9 | $ 22 |
Pensions and Other Postretirement Benefit Plans - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Retirement Benefits [Abstract] | |
Gain (loss) due to settlement and curtailment | $ (0.4) |
Restructuring (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 42 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses, net | $ 2,837 | $ 899 | $ 3,479 | $ 1,383 | |
Restructuring expense | $ 13,100 | ||||
Restructuring reserve, current | 3,700 | 3,700 | 3,700 | ||
Restructuring reserve, noncurrent | 400 | 400 | $ 400 | ||
Operating Segments [Member] | Albany Engineered Composites [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expenses, net | $ 2,248 | $ (32) | $ 2,248 | $ 51 |
Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 2,042 | $ 5,570 |
Restructuring charges accrued | 3,479 | 1,356 |
Payments | (1,410) | (3,129) |
Currency translation /other | (5) | (290) |
Ending balance | $ 4,106 | $ 3,507 |
Other (Income)/Expense, net (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Other Income and Expenses [Abstract] | ||||
Currency transaction (gains)/losses | $ 17 | $ 342 | $ 14,851 | $ (1,696) |
Bank fees and amortization of debt issuance costs | 93 | 72 | 168 | 181 |
Components of net periodic pension and postretirement cost other than service | 754 | 281 | 1,139 | 562 |
Other | 227 | 235 | 502 | 675 |
Total | 1,091 | 930 | $ 16,660 | $ (278) |
Foreign currency transaction gain (loss), realized | (14,800) | |||
Other income (expense), net | $ 600 | $ 1,700 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Line Items] | |||||
Effective income tax rate reconciliation, percent | 34.00% | 28.40% | |||
Foreign earnings repatriated | $ 143,000 | ||||
Current foreign tax expense (benefit) | 2,300 | ||||
Current state and local tax expense (benefit) | 2,400 | ||||
Deferred federal income tax expense (benefit) | $ 1,800 | ||||
Provision for/resolution of tax audits and contingencies, net | $ (1,489) | $ 153 | (1,733) | $ 347 | |
Deferred income tax expense (benefit) | 1,000 | ||||
Deferred tax assets, valuation allowance | $ 200 | $ 200 | |||
Discrete tax charge | 3,700 | ||||
Mexico, Pesos | |||||
Income Tax Disclosure [Line Items] | |||||
Revaluation loss | $ 12,700 | ||||
Latest Tax Year [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Open tax year | 2020 | ||||
Earliest Tax Year [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Open tax year | 2007 |
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax based on income from continuing operations | $ 16,262 | $ 13,821 | $ 23,571 | $ 24,668 |
Provision for change in estimated tax rate | (490) | (382) | (490) | (382) |
Income tax before discrete items | 15,772 | 13,439 | 23,081 | 24,286 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract] | ||||
Exercise of U.S. stock options | 0 | (6) | 0 | (56) |
Adjustments to prior period tax liabilities | 879 | 0 | 767 | 0 |
Provision for/resolution of tax audits and contingencies, net | (1,489) | 153 | (1,733) | 347 |
Out-of-period adjustments to deferred tax assets | 0 | 5 | 1,830 | (2,227) |
Changes in opening valuation allowance | (13) | 0 | 3,656 | (1,346) |
Changes in valuation allowance | 222 | 841 | 222 | 841 |
Other | (7) | (27) | (5) | 36 |
Total income tax expense | $ 15,364 | $ 14,405 | $ 27,818 | $ 21,881 |
Accounts Receivable (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Receivables [Abstract] | |
Construction receivables, to be collected after year one, interest rate | 2.00% |
Noncurrent receivables invoice terms | over a 10-year |
Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Receivables [Abstract] | ||
Trade and other accounts receivable | $ 186,266 | $ 201,427 |
Bank promissory notes | 20,279 | 18,563 |
Allowance for expected credit losses | (3,933) | (1,719) |
Accounts receivable, net | $ 202,612 | $ 218,271 |
Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Receivables [Abstract] | ||
Noncurrent receivables | $ 37,288 | $ 41,234 |
Allowance for expected credit losses | (387) | 0 |
Noncurrent receivables, net | $ 36,901 | $ 41,234 |
Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Noncurrent Receivables) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Noncurrent receivables expected credit losses at beginning | $ 0 | ||
Charges | 190 | ||
Currency translation | 9 | ||
Other | 0 | ||
Noncurrent receivables expected credit losses at end | $ (387) | $ 0 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Noncurrent receivables expected credit losses at beginning | $ (206) | ||
Noncurrent receivables expected credit losses at end | $ (206) |
Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Decrease in contract assets | $ 17.0 | |
Increase (decrease) in contract with customer, liability | 3.1 | |
Contract with customer, liability, revenue recognized | $ 2.1 | $ 5.2 |
Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract assets | $ 96,794 | $ 79,070 |
Allowance for expected credit losses | (702) | 0 |
Contract assets, net | 96,092 | 79,070 |
Contract liabilities | $ 8,759 | $ 5,656 |
Contract Assets and Liabilities (Schedule of (Increases)/ Decreases in Allowance for Credit Losses) (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |
Beginning Balance | $ 0 |
Charges | (315) |
Currency translation | 9 |
Other | 7 |
Ending Balance | (702) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |
Beginning Balance | $ (403) |
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 64,897 | $ 52,960 |
Work in process | 39,096 | 31,744 |
Finished goods | 11,539 | 10,445 |
Total inventories | $ 115,532 | $ 95,149 |
Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 7,200 |
2021 | 7,100 |
2022 | 4,900 |
2023 | 4,200 |
2024 | $ 4,200 |
Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||
Long-term debt | $ 435,017 | $ 424,029 |
Less: current portion | (17) | (20) |
Long-term debt, net of current portion | 435,000 | 424,009 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 435,000 | $ 424,000 |
Interest rate | 3.11% | 3.43% |
Maturity date range, end | Dec. 31, 2022 | |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 17 | $ 29 |
Interest rate | 5.50% | 5.50% |
Maturity date range, end | Dec. 31, 2021 |
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | ||||
Interest income (expense), net | $ (3,823) | $ (4,631) | $ (7,800) | $ (9,048) |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Interest income (expense), net | 1,900 | (600) | ||
Interest Rate Swap Buyouts [Member] | ||||
Derivative [Line Items] | ||||
Interest income (expense), net | $ 400 | $ 200 |
Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Fair Value Disclosures [Abstract] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 | $ 64 | $ 0 |
Contingencies (Narrative) (Details) - Asbestos Issue [Member] $ in Millions |
Jun. 30, 2020
USD ($)
claims
|
Dec. 31, 2019
claims
|
Dec. 31, 2018
claims
|
Dec. 31, 2017
claims
|
Dec. 31, 2016
claims
|
Dec. 31, 2015
claims
|
Dec. 31, 2014
claims
|
---|---|---|---|---|---|---|---|
Loss Contingencies [Line Items] | |||||||
Number of claims | 3,693 | 3,708 | 3,684 | 3,730 | 3,745 | 3,791 | 3,821 |
Total resolved claims, by means of settlement or dismissal | 37,835 | ||||||
Total cost of resolution | $ | $ 10.4 | ||||||
Confirmed insurance coverage | $ | $ 140.0 | ||||||
Resolution costs paid by insurance carrier | 100.00% | ||||||
Brandon Drying Fabrics, Inc. [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Total resolved claims, by means of settlement or dismissal | 7,710 | ||||||
Resolution costs paid by insurance carrier | 100.00% |
Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Issue [Member] $ in Thousands |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
claims
|
Dec. 31, 2019
USD ($)
claims
|
Dec. 31, 2018
USD ($)
claims
|
Dec. 31, 2017
USD ($)
claims
|
Dec. 31, 2016
USD ($)
claims
|
Dec. 31, 2015
USD ($)
claims
|
|
Loss Contingency Accrual [Roll Forward] | ||||||
Opening Number of Claims | 3,708 | 3,684 | 3,730 | 3,745 | 3,791 | 3,821 |
Claims Dismissed, Settled, or Resolved | 38 | 51 | 152 | 105 | 148 | 116 |
New Claims | 23 | 75 | 106 | 90 | 102 | 86 |
Closing Number of Claims | 3,693 | 3,708 | 3,684 | 3,730 | 3,745 | 3,791 |
Amounts Paid (thousands) to Settle or Resolve | $ | $ 47 | $ 25 | $ 100 | $ 55 | $ 758 | $ 164 |
Changes in Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
|
Dividends declared per share (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.38 | $ 0.36 | ||||
Retained earnings | $ 726,233 | $ 726,233 | $ 698,496 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Retained earnings | $ (1,400) | $ 100 | ||||||
Common Class A [Member] | ||||||||
Dividends declared per share (in dollars per share) | $ 0.19 | $ 0.19 | 0.18 | 0.18 | ||||
Common Class B [Member] | ||||||||
Dividends declared per share (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 |
Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | $ 669,561,000 | $ 702,689,000 | $ 626,407,000 | $ 608,280,000 | $ 702,689,000 | $ 608,280,000 | $ 608,280,000 | |||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | |||||||||||||||
Net income | 32,449,000 | 7,594,000 | 34,259,000 | 29,408,000 | $ 40,043,000 | 63,667,000 | ||||||||||||
Compensation and benefits paid or payable in shares | 783,000 | (682,000) | 1,170,000 | (547,000) | ||||||||||||||
Options exercised | 20,000 | 0 | 28,000 | 44,000 | ||||||||||||||
Shares issued to Directors | 416,000 | |||||||||||||||||
Dividends declared | (5,835,000) | (5,834,000) | (5,523,000) | (5,231,000) | ||||||||||||||
Dividends declared Class B | (307,000) | (307,000) | (291,000) | (582,000) | ||||||||||||||
Cumulative translation adjustments | 9,116,000 | (25,638,000) | 1,000 | (662,000) | ||||||||||||||
Pension and postretirement liability adjustments | 142,000 | 890,000 | (40,000) | (1,487,000) | ||||||||||||||
Derivative valuation adjustment | (187,000) | (7,708,000) | (4,695,000) | (2,851,000) | ||||||||||||||
Ending balance | 706,158,000 | 669,561,000 | 651,316,000 | 626,407,000 | 706,158,000 | 651,316,000 | $ 702,689,000 | $ 608,280,000 | ||||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | (1,443,000) | [1] | 35,000 | [2] | (1,443,000) | [1] | 35,000 | [2] | 35,000 | [2] | ||||||||
Ending balance | (1,443,000) | [1] | 35,000 | [2] | ||||||||||||||
Common Stock [Member] | Common Class A [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | $ 39,000 | $ 39,000 | $ 37,000 | $ 37,000 | $ 39,000 | $ 37,000 | $ 37,000 | |||||||||||
Beginning balance (in shares) | 39,112,000 | 39,099,000 | 37,478,000 | 37,450,000 | 39,099,000 | 37,450,000 | 37,450,000 | |||||||||||
Compensation and benefits paid or payable in shares | $ 25,000 | |||||||||||||||||
Compensation and benefits paid or payable in shares (in shares) | 0 | 13,000 | 0 | |||||||||||||||
Options exercised | 3,000 | |||||||||||||||||
Shares issued to Directors (in shares) | 0 | 0 | 0 | |||||||||||||||
Conversion of Class B shares to Class A shares (in shares) | 1,616,000 | |||||||||||||||||
Conversion of Class B shares to Class A shares | $ 2,000 | |||||||||||||||||
Ending balance | $ 39,000 | $ 39,000 | $ 39,000 | $ 37,000 | $ 39,000 | $ 39,000 | $ 39,000 | $ 37,000 | ||||||||||
Ending balance (in shares) | 39,113,000 | 39,112,000 | 39,096,000 | 37,478,000 | 39,113,000 | 39,096,000 | 39,099,000 | 37,450,000 | ||||||||||
Common Stock [Member] | Common Class B [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | $ 2,000 | $ 2,000 | $ 3,000 | $ 3,000 | $ 2,000 | $ 3,000 | $ 3,000 | |||||||||||
Beginning balance (in shares) | 1,618,000 | 1,618,000 | 3,234,000 | 3,234,000 | 1,618,000 | 3,234,000 | 3,234,000 | |||||||||||
Conversion of Class B shares to Class A shares (in shares) | (1,616,000) | |||||||||||||||||
Conversion of Class B shares to Class A shares | $ (1,000) | |||||||||||||||||
Ending balance | $ 2,000 | $ 2,000 | $ 2,000 | $ 3,000 | $ 2,000 | $ 2,000 | $ 2,000 | $ 3,000 | ||||||||||
Ending balance (in shares) | 1,618,000 | 1,618,000 | 1,618,000 | 3,234,000 | 1,618,000 | 1,618,000 | 1,618,000 | 3,234,000 | ||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | $ 431,836,000 | $ 432,518,000 | $ 430,052,000 | $ 430,555,000 | $ 432,518,000 | $ 430,555,000 | $ 430,555,000 | |||||||||||
Compensation and benefits paid or payable in shares | 466,000 | (682,000) | 958,000 | (547,000) | ||||||||||||||
Options exercised | 20,000 | 28,000 | 44,000 | |||||||||||||||
Shares issued to Directors | 416,000 | |||||||||||||||||
Conversion of Class B shares to Class A shares | (1,000) | |||||||||||||||||
Ending balance | 432,738,000 | 431,836,000 | 431,037,000 | 430,052,000 | 432,738,000 | 431,037,000 | 432,518,000 | $ 430,555,000 | ||||||||||
Retained Earnings [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | 700,021,000 | 698,496,000 | 613,057,000 | 589,645,000 | 698,496,000 | 589,645,000 | 589,645,000 | |||||||||||
Net income | 32,354,000 | 9,109,000 | 34,054,000 | 29,190,000 | ||||||||||||||
Ending balance | 726,233,000 | 700,021,000 | 641,297,000 | 613,057,000 | 726,233,000 | 641,297,000 | 698,496,000 | 589,645,000 | ||||||||||
Retained Earnings [Member] | Revision of Prior Period, Adjustment [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | (1,443,000) | [1] | 35,000 | [2] | (1,443,000) | [1] | 35,000 | [2] | 35,000 | [2] | ||||||||
Ending balance | (1,443,000) | [1] | 35,000 | [2] | ||||||||||||||
Retained Earnings [Member] | Common Class A [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Dividends declared | (5,835,000) | (5,834,000) | (5,523,000) | (5,231,000) | ||||||||||||||
Retained Earnings [Member] | Common Class B [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Dividends declared Class B | (307,000) | (307,000) | (291,000) | (582,000) | ||||||||||||||
AOCI Attributable to Parent [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | (208,546,000) | (175,981,000) | (163,380,000) | (158,388,000) | (175,981,000) | (158,388,000) | (158,388,000) | |||||||||||
Cumulative translation adjustments | 8,964,000 | (25,747,000) | (1,000) | (654,000) | ||||||||||||||
Pension and postretirement liability adjustments | 142,000 | 890,000 | (40,000) | (1,487,000) | ||||||||||||||
Derivative valuation adjustment | (187,000) | (7,708,000) | (4,695,000) | (2,851,000) | ||||||||||||||
Ending balance | (199,627,000) | (208,546,000) | (168,116,000) | (163,380,000) | (199,627,000) | (168,116,000) | (175,981,000) | (158,388,000) | ||||||||||
Treasury Stock [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | $ (256,391,000) | $ (256,391,000) | $ (256,603,000) | $ (256,603,000) | $ (256,391,000) | $ (256,603,000) | $ (256,603,000) | |||||||||||
Beginning balance (in shares) | 8,409 | 8,409 | 8,419 | 8,419 | 8,409 | 8,419 | 8,419 | |||||||||||
Compensation and benefits paid or payable in shares | $ 317,000 | $ 212,000 | ||||||||||||||||
Compensation and benefits paid or payable in shares (in shares) | (15) | (10) | ||||||||||||||||
Ending balance | $ (256,074,000) | $ (256,391,000) | $ (256,391,000) | $ (256,603,000) | $ (256,074,000) | $ (256,391,000) | $ (256,391,000) | $ (256,603,000) | ||||||||||
Ending balance (in shares) | 8,394 | 8,409 | 8,409 | 8,419 | 8,394 | 8,409 | 8,409 | 8,419 | ||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Beginning balance | $ 2,600,000 | $ 4,006,000 | $ 3,241,000 | $ 3,031,000 | $ 4,006,000 | $ 3,031,000 | $ 3,031,000 | |||||||||||
Net income | 95,000 | (1,515,000) | 205,000 | 218,000 | ||||||||||||||
Cumulative translation adjustments | 152,000 | 109,000 | 2,000 | (8,000) | ||||||||||||||
Ending balance | $ 2,847,000 | $ 2,600,000 | $ 3,448,000 | $ 3,241,000 | $ 2,847,000 | $ 3,448,000 | $ 4,006,000 | $ 3,031,000 | ||||||||||
|
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