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Shareholders' Equity
 12 Months Ended
Dec. 31, 2021
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. In 2021, Standish Family Holdings, LLC and J.S. Standish Company (the "Selling Stockholders") agreed to sell to J.P. Morgan Securities LLC all of its ownership in the Company's Class A common stock. Such constituted a sale of nearly all of the remaining 1.6 million shares of the Company’s Class A Common Stock, par value $0.001 per share, to be issued upon conversion of an equal number of shares of the Company’s Class B common stock, par value $0.001 per share, at a price per share of $75.9656 (the "Transaction"). Immediately following the Transaction, the Selling Stockholders and related persons (including Christine L. Standish and John C. Standish) hold in the aggregate shares of the Company’s common stock entitling them to cast less than one percent of the combined votes entitled to be cast by all stockholders of the Company.
In 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. Through December 31, 2021, the Company has repurchased 285,286 shares for a total of cost of $24.4 million.
Activity in Shareholders’ equity for 2019, 2020, and 2021 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, 201937,450 $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 (a)— — — — — 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 (b)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 (c)— — — — — (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 
Net income attributable to the Company— — — — — 118,478 — — — 290 118,768 
Compensation and benefits paid or payable in shares20 — — — 2,441 — — — — — 2,441 
Options exercised7 — — — 153 — — — — — 153 
Shares issued to Directors'— — — — 706 — — (11)241 — 947 
Purchase of Treasury shares (d)— — — — — — — 285 (24,375)— (24,375)
Dividends declared
Class A Common Stock, $0.81 per share
— — — — — (25,520)— — — — (25,520)
Class B Common Stock, $0.81 per share
— — — — — (647)— — — — (647)
Conversion of Class B shares to Class A shares (e)1,618 2 (1,618)(2)— — — — — — — 
Cumulative translation adjustments— — — — — — (22,677)— — (451)(23,128)
Pension and postretirement liability adjustments— — — — — — 1,171 — — — 1,171 
Derivative valuation adjustment— — — — — — 7,930 — — — 7,930 
December 31, 202140,760 $41 — $— $436,996 $863,057 $(145,984)8,665 $(280,143)$3,638 $877,605 

(a)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.
(b)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.
(c)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.
(d)On October 25, 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million.
(e)In the third and fourth quarters of 2021, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offerings, 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.