Noncontrolling Interest

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interests

Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC ("ASC").

On August 31, 2023, the Company acquired all of the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. On the date of the acquisition, the fair value of the noncontrolling interest in Arcari was $1.6 million. For the month ended September 30, 2023, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at September 30, 2023 was $1.6 million.

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:

ASC Noncontrolling Interest	Nine months ended September 30,
(in thousands, except percentages)	2023			2022
Net income of Albany Safran Composites (ASC)	$	4,929		$	7,320
Less: Return attributable to the Company's preferred holding	974			974
Net income of ASC available for common ownership	$	3,955		$	6,346
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	396		$	635
Noncontrolling interest, beginning of year	$	4,494		$	3,638
Net income attributable to noncontrolling interest	396			635
Changes in other comprehensive income attributable to the noncontrolling interest	317			(91)
ASC Noncontrolling interest, end of interim period	$	5,207		$	4,182
Arcari Noncontrolling Interest
Net income of Arcari available for common ownership	$	34		$	—
Ownership percentage of noncontrolling shareholder	15		%	—
Net income attributable to the noncontrolling interest	$	5		$	—
Noncontrolling interest, beginning of year	$	—		$	—
Initial equity related to Noncontrolling interest in Arcari	1,632			—
Net income attributable to noncontrolling interest	5			—
Changes in other comprehensive income attributable to the noncontrolling interest	(50)			—
Arcari Noncontrolling interest, end of interim period	$	1,587		$	—
Total Noncontrolling interest, end of interim period	$	6,794		$	4,182