Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Activity in Shareholders’ equity for 2020, 2021, and 2022 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, 2020	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Net income	—	—		—	—		—		98,589		—		—	—		(1,346)		97,243
Adoption of accounting standards (a)	—	—		—	—		—		(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


(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
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
Net income	—	—		—	—		—		118,478		—		—	—		290		118,768
Compensation and benefits paid or payable in shares	20	—		—	—		2,441		—		—		—	—		—		2,441
Options exercised	7	—		—	—		153		—		—		—	—		—		153
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Purchase of Treasury shares (b)	—	—		—	—		—		—		—		285	(24,375)		—		(24,375)
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 (c)	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, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		95,762		—		—	—		746		96,508
Compensation and benefits paid or payable in shares	24	—		—	—		3,727		—		—		—	—		—		3,727
Options exercised	1	—		—	—		17		—		—		—	—		—		17
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (d)	—	—		—	—		—		—		—		1,023	(85,065)		—		(85,065)
Dividends declared
Class A Common Stock, $0.88 per share	—	—		—	—		—		(27,501)		—		—	—		—		(27,501)


Cumulative translation adjustments	—	—		—	—		—		—		(40,971)		—	—		110		(40,861)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(3,491)		—	—		—		(3,491)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198		—	—		—		26,198


(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
Derivative valuation adjustment	—	—		—	—		—		—		19,321		—	—		—		19,321
December 31, 2022	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543

(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)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.

(c)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.

(d)In 2022, as part of the Share Repurchase program, the Company repurchased 1,022,717 shares totaling $85.1 million.