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Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
We currently have one class of Common Stock, Class A Common Stock, with a par value of $0.001. Each share is entitled to one vote on all matters submitted to shareholders, and will receive dividends as approved by the Board of Directors.
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. As of December 31, 2023, the Company has repurchased in total 1,308,003 shares for a total cost of $109.4 million. Of this, 1,022,717 shares were purchased in 2022 for $85.1 million and 285,286 shares were purchased in 2021 for $24.4 million. We are currently authorized to repurchase shares up to $90.6 million.
Activity in Shareholders’ equity for 2021, 2022, and 2023 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, 202139,115 $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 shares20 — — — 2,441 — — — — — 2,441 
Options exercised7 — — — 153 — — — — — 153 
Shares issued to Directors'— — — — 706 — — (11)241 — 947 
Purchase of Treasury shares (a)— — — — — — — 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 (b)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 
(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, 202240,760 $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 shares24 — — — 3,727 — — — — — 3,727 
Options exercised1 — — — 17 — — — — — 17 
Shares issued to Directors'— — — — 800 — — (13)285 — 1,085 
Purchase of Treasury shares (c)— — — — — — — 1,023 (85,065)— (85,065)
Dividends declared
Class A Common Stock, $0.81 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 
Derivative valuation adjustment— — — — — — 19,321 — — — 19,321 
December 31, 202240,785 $41 — $— $441,540 $931,318 $(144,927)9,675 $(364,923)$4,494 $867,543 
(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, 202340,785 $41 — $— $441,540 $931,318 $(144,927)9,675 $(364,923)$4,494 $867,543 
Net income— — — — — 111,120 — — — 490 111,610 
Compensation and benefits paid or payable in shares71 — — — 5,851 — — — — — 5,851 
Shares issued to Directors'— — — — 827 — — (13)258 — 1,085 
Dividends declared
Class A Common Stock, $1.01 per share
— — — — — (31,496)— — — — (31,496)
Initial equity related to Noncontrolling interest in Arcari— — — — — — — — — 509 509 
Cumulative translation adjustments— — — — — — 21,950 — — 459 22,409 
Pension and postretirement liability adjustments— — — — — — (1,563)— — — (1,563)
Derivative valuation adjustment— — — — — — (8,628)— — — (8,628)
December 31, 202340,856 $41 — $— $448,218 $1,010,942 $(133,168)9,662 $(364,665)$5,952 $967,320 
(a)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.
(b)Class B Stock had a par value of $0.001, was entitled to 10 votes on all matters submitted to shareholders, and received dividends as approved by the Board of Directors. In 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. Since December 31, 2022, there were no Class B Common Stock outstanding nor will any Class B shares be issued.
(c)In 2022, as part of the Share Repurchase program, the Company repurchased 1,022,717 shares totaling $85.1 million.