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Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
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.