Reportable Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Financial Data by Reporting Segment

The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:


	Years ended December 31,
(in thousands)	2023		2022		2021
Net revenues
Machine Clothing	$	670,768	$	609,461	$	619,015
Albany Engineered Composites	477,141		425,426		310,225
Consolidated total	$	1,147,909	$	1,034,887	$	929,240
Depreciation and amortization
Machine Clothing	23,891		19,483		20,191
Albany Engineered Composites	49,030		46,202		50,402
Corporate	3,812		3,364		3,662
Consolidated total	$	76,733	$	69,049	$	74,255
Operating income/(loss)
Machine Clothing	199,378		206,214		215,654
Albany Engineered Composites	41,587		31,579		16,160
Corporate	(73,071)		(56,771)		(53,803)
Operating income	$	167,894	$	181,022	$	178,011
Reconciling items:
Interest income	(6,566)		(3,835)		(2,500)
Interest expense	20,167		17,835		17,391


Pension settlement expense	—		49,128		—
AMJP grant	—		—		(5,832)
Other (income)/expense, net	(6,163)		(14,086)		3,021
Income before income taxes	$	160,456	$	131,980	$	165,931

Schedule of Restructuring Costs by Reporting Segment

The table below presents restructuring costs by reportable segment (also see Note 5, Restructuring, of the Notes to the Consolidated Financial Statements):


	Years ended December 31,
(in thousands)	2023		2022		2021
Restructuring expenses, net
Machine Clothing	$	282	$	92	$	1,202
Albany Engineered Composites	—		—		32
Corporate expenses	—		14		97
Total restructuring expenses, net	$	282	$	106	$	1,331

Schedule of Operating Assets and Capital Expenditures by Reporting Segment

The following table presents assets and capital expenditures by reportable segment:


	As of December 31,
(in thousands)	2023		2022		2021
Segment assets
Machine Clothing	$	669,907	$	455,390	$	459,182
Albany Engineered Composites	800,931		717,972		652,702
Reconciling items:
Cash	173,420		291,776		302,036
Income taxes prepaid, receivable and deferred	33,984		23,134		28,334
Prepaid and Other assets	156,772		153,983		113,810
Total assets	$	1,835,014	$	1,642,255	$	1,556,064

Capital expenditures and purchased software
Machine Clothing	$	25,258	$	20,093	$	20,177
Albany Engineered Composites	56,786		73,614		31,012
Corporate expenses	2,385		2,641		2,510
Total capital expenditures and purchased software	$	84,429	$	96,348	$	53,699

Schedule of Financial Data by Geographic Area

The following table shows data by geographic area. Net revenues are based on the location of the operation recording the final sale to the customer. Net revenues recorded by our entity in Switzerland are derived from products sold throughout Europe and Asia, and are invoiced in various currencies.


	Years ended December 31,
(in thousands)	2023		2022		2021
Net revenues
United States	$	649,500	$	586,779	$	497,231
Switzerland	115,207		119,069		128,698
France	77,573		76,826		68,929
Brazil	69,527		66,175		62,925
China	65,135		63,914		67,098
Mexico	58,874		58,519		37,547
Germany	32,239		4,461		5,308
Other countries	79,854		59,144		61,504
Total Net revenues	$	1,147,909	$	1,034,887	$	929,240

Property, plant and equipment, net
United States	$	303,578	$	278,500	$	258,453
China	57,070		33,432		41,039
Germany	52,934		9,562		9,652
Mexico	46,759		42,320		40,699
France	31,069		31,382		33,802
United Kingdom	18,306		9,699		10,156
Canada	15,318		14,264		14,139
Spain	14,804		—		—
Other countries	62,151		26,499		28,477
Total Property, plant and equipment, net	$	601,989	$	445,658	$	436,417