XML 39 R29.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Reportable Segments and Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended March 31,
(in thousands)
20242023
Net revenues
Machine Clothing
$185,217 $153,222 
Albany Engineered Composites128,113 115,874 
Consolidated revenues$313,330 $269,096 
Operating income/(loss)
Machine Clothing
$48,110 $48,964 
Albany Engineered Composites9,188 9,418 
Corporate expenses(18,321)(17,840)
Consolidated Operating income$38,977 $40,542 
Reconciling items:
Interest income(1,123)(1,102)
Interest expense
4,442 4,392 
Other (income)/expense, net(2,982)(455)
Income before income taxes$38,640 $37,707 
Schedule of Disaggregation of Revenue For Each Product Group by Timing of Revenue Recognition
The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2024:
Three months ended March 31, 2024
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$184,235 $982 $185,217 
Albany Engineered Composites:
   ASC— 49,739 49,739 
   Other AEC5,757 72,617 78,374 
Total Albany Engineered Composites
5,757 122,356 128,113 
                                         
Total revenues$189,992 $123,338 $313,330 
The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2023:
Three months ended March 31, 2023
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$152,278 $944 $153,222 
Albany Engineered Composites:
   ASC— 44,532 44,532 
   Other AEC5,793 65,549 71,342 
Total Albany Engineered Composites
5,793 110,081 115,874 
Total revenues$158,071 $111,025 $269,096 
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service
The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing ("PMC") and engineered fabrics); and for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended March 31,
(in thousands)
20242023
Americas PMC$83,501 $83,378 
Eurasia PMC
76,190 51,737 
Engineered Fabrics25,526 18,107 
Total Machine Clothing Net revenues$185,217 $153,222