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Noncontrolling Interest
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interest
Effective October 31, 2013, SAFRAN S.A. ("SAFRAN") acquired a 10% equity interest in a new Albany subsidiary, Albany Safran Composites, LLC ("ASC"). Under the terms of the transaction agreements, ASC will be the exclusive supplier to SAFRAN of advanced 3D-woven composite parts in accordance with agreed upon scope parameters defined between both companies, for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the “SAFRAN Applications”). AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not SAFRAN Applications (such as airframe applications) and any non-aerospace applications.
The agreement provides SAFRAN an option to purchase Albany’s remaining 90% interest upon the occurrence of certain bankruptcy or performance default events, or if Albany’s Engineered Composites business is sold to a direct competitor of SAFRAN. The purchase price is based initially on the same valuation of ASC used to determine SAFRAN’s 10% equity interest, and increases over time as LEAP production increases.
In accordance with the operating agreement, Albany received a $28 million preferred holding in ASC which includes a preferred return based on the Company’s revolving credit agreement. The common shares of ASC are owned 90% by Albany and 10% by SAFRAN.
The Company also owns 85% of Arcari, SRL ("Arcari"), a manufacturer of textile and plastic industrial technical products and conveyor belts, which is a subsidiary of Heimbach GmbH, the paper machine clothing manufacturer
acquired by the Company on August 31, 2023 and reported within the MC segment. As of December 31, 2024, the net income/(loss) attributable to Arcari's noncontrolling interest was less than $0.1 million and the noncontrolling interest balance was $0.4 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:
(in thousands, except percentages)
20242023
Net income/(loss) of Albany Safran Composites (ASC)$4,759 $6,036 
Less: Return attributable to the Company's preferred holding
1,329 1,300 
Net income/(loss) of ASC available for common ownership$3,430 $4,736 
Ownership percentage of noncontrolling shareholder
10 %10 %
Net income/(loss) attributable to noncontrolling interest$343 $474 
Noncontrolling interest, beginning of year
$5,423 $4,494 
Net income/(loss) attributable to noncontrolling interest
343 474 
Changes in other comprehensive income attributable to noncontrolling interest
(783)455 
ASC noncontrolling interest, end of year
$4,983 $5,423 
Arcari Noncontrolling Interest:
(in thousands, except percentages)
20242023
Noncontrolling interest, beginning of year
$529 $— 
Initial equity related to Noncontrolling interest in Arcari— 509 
Net income attributable to noncontrolling interest
89 16 
Dividends to noncontrolling interests(166)— 
Changes in other comprehensive income attributable to noncontrolling interest
(26)4 
Arcari noncontrolling interest, end of year
$426 $529 
Total noncontrolling interest, end of year
$5,409 $5,952