Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

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 capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2018	37,396	$	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 shares	44	—		—	—		1,437		—		—		—	—		—		1,437
Options exercised	10	—		—	—		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, 2018	37,450	$	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 shares	26	—		—	—		1,311		—		—		—	—		—		1,311
Options exercised	7	—		—	—		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, 2019	39,099	$	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 shares	13	—		—	—		622		—		—		—	—		—		622
Options exercised	3	—		—	—		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, 2020	39,115	$	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.