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Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ EquityWe have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights. Each share of our Class A Common Stock is entitled to one vote on all matters submitted to shareholders, and each share of Class B Common Stock is entitled to 10 votes. Class A and Class B Common Stock will receive equal dividends as the Board of Directors may determine from time to time. The Class B Common Stock is convertible into an equal number of shares of Class A Common Stock at any time.
In 2019, a public offering of a portion of the Standish Family shares reduced the number of Class A Common Stock reserved for the conversion of Class B shares, by 1.6 million. At December 31, 2020, 1.6 million shares of Class A Common Stock were reserved for the conversion of Class B Common Stock and the exercise of stock options.
In August 2006, we announced that the Board of Directors authorized management to purchase up to 2 million additional shares of our Class A Common Stock. The Board’s action authorizes management to purchase shares from time to time, in the open market or otherwise, whenever it believes such purchase to be advantageous to our shareholders, and it is otherwise legally permitted to do so. We have made no share purchases under the August 2006 authorization. Activity in Shareholders’ equity for 2018, 2019, and 2020 is presented below:
(in thousands)
Class A
Common Stock
Class B
Common Stock
Additional paid-in capitalRetained earningsAccumulated items of other
comprehensive income
Class A
Treasury Stock
Noncontrolling InterestTotal Equity
SharesAmountSharesAmountSharesAmount
January 1, 201837,396 $37 3,234 $3 $428,423 $534,082 $(135,901)8,431 $(256,876)$3,247 $573,015 
Net income attributable to the Company— — — — — 82,891 — — — 128 83,019 
Adoption of accounting standards (a),(b)— — — — — (5,068)— — — (327)(5,395)
Compensation and benefits paid or payable in shares44 — — — 1,437 — — — — — 1,437 
Options exercised10 — — — 201 — — — — — 201 
Shares issued to Directors'— — — — 494 — — (12)273 — 767 
Dividends declared
Class A Common Stock, $0.69 per share
— — — — — (20,029)— — — — (20,029)
Class B Common Stock, $0.69 per share
— — — — — (2,231)— — — — (2,231)
Cumulative translation adjustments— — — — — — (28,658)— — (17)(28,675)
Pension and postretirement liability adjustments— — — — — — 3,427 — — — 3,427 
Derivative valuation adjustment— — — — — — 2,744 — — — 2,744 
December 31, 201837,450 $37 3,234 $3 $430,555 $589,645 $(158,388)8,419 $(256,603)$3,031 $608,280 
Net income attributable to the Company— — — — — 132,398 — — — 985 133,383 
Adoption of accounting standards (c)— — — — — 35 — — — — 35 
Compensation and benefits paid or payable in shares26 — — — 1,311 — — — — — 1,311 
Options exercised7 — — — 112 — — — — — 112 
Shares issued to Directors'— — — — 540 — — (10)212 — 752 
Dividends declared
Class A Common Stock, $0.73 per share
— — — — — (21,818)— — — — (21,818)
Class B Common Stock, $0.73 per share
— — — — — (1,763)— — — — (1,763)
Conversion of Class B shares to Class A shares (d)1,616 2 (1,616)(1)— (1)— — — — — 
Cumulative translation adjustments— — — — — — (6,876)— — (10)(6,886)
Pension and postretirement liability adjustments— — — — — — (2,885)— — — (2,885)
Derivative valuation adjustment— — — — — — (7,832)— — — (7,832)
December 31, 201939,099 $39 1,618 $2 $432,518 $698,496 $(175,981)8,409 $(256,391)$4,006 $702,689 
Net income attributable to the Company— — — — — 98,589 — — — (1,346)97,243 
Adoption of accounting standards (e)— — — — — (1,443)— — — — (1,443)
Compensation and benefits paid or payable in shares13 — — — 622 — — — — — 622 
Options exercised3 — — — 55 — — — — — 55 
Shares issued to Directors'— — — — 501 — — (18)382 — 883 
Dividends declared
Class A Common Stock, $0.77 per share
— — — — — (23,651)— — — — (23,651)
Class B Common Stock, $0.77 per share
— — — — — (1,245)— — — — (1,245)
Cumulative translation adjustments— — — — — — 39,649 — — 1,139 40,788 
Pension and postretirement liability adjustments— — — — — — 10,333 — — — 10,333 
Derivative valuation adjustment— — — — — — (6,409)— — — (6,409)
December 31, 202039,115 $39 1,618 $2 $433,696 $770,746 $(132,408)8,391 $(256,009)$3,799 $819,865 

(a)As described in Note 2, the Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
(b)The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.
(c)As described in Note 20, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
(d)In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.
(e)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.