Reportable Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Financial Data by Reporting Segment

The following tables show data by reportable segment that is regularly provided to the CODM, reconciled to consolidated totals included in the financial statements:


	Year ended December 31, 2024
(in thousands)	MC		AEC		Corporate		Total
Net revenues	$	749,907	$	480,708	$	—	$	1,230,615
Cost of goods sold	403,863		424,976		—		828,839
Gross profit	346,044		55,732		—		401,776
Selling, general and administrative expenses	123,120		47,421		40,341		210,882
Technical and research expenses	29,832		16,265		—		46,097
Restructuring expenses, net	9,460		3,649		329		13,438
Operating income/(loss)	$	183,632	$	(11,603)	$	(40,670)	$	131,359

Certain prior year amounts have been reclassified in order to conform to current year presentation. Global information system costs previously included in Corporate expenses are allocated to the segments. Management believes this presentation better reflects the performance of the segments and is how management will review segment performance on a going forward basis. For the year ended December 31, 2024, Selling, general and administrative expenses include global information systems costs of $15.2 million, $15.7 million and $1.0 million for MC, AEC and Corporate, respectively. Global information systems costs were previously included in Corporate expenses.


	Year ended December 31, 2023
(in thousands)	MC		AEC		Corporate		Total
Net revenues	$	670,768	$	477,141	$	—	$	1,147,909
Cost of goods sold	339,210		384,981		—		724,191
Gross profit	331,558		92,160		—		423,718
Selling, general and administrative expenses	118,196		48,833		47,886		214,915
Technical and research expenses	24,651		15,976		—		40,627
Restructuring expenses, net	282		—		—		282
Operating income/(loss)	$	188,429	$	27,351	$	(47,886)	$	167,894

For the year ended December 31, 2023, Selling, general and administrative expenses include global information systems costs of $10.9 million, $14.2 million and $2.1 million for MC, AEC and Corporate, respectively. Global information systems costs were previously included in Corporate expenses.


	Year ended December 31, 2022
(in thousands)	MC		AEC		Corporate		Total
Net revenues	$	609,461	$	425,426	$	—	$	1,034,887
Cost of goods sold	297,176		347,929		—		645,105
Gross profit	312,285		77,497		—		389,782
Selling, general and administrative expenses	91,393		42,339		34,981		168,713
Technical and research expenses	24,588		15,353		—		39,941
Restructuring expenses, net	92		—		14		106
Operating income/(loss)	$	196,212	$	19,805	$	(34,995)	$	181,022

For the year ended December 31, 2022, Selling, general and administrative expenses include global information systems costs of $10.0 million, $11.8 million and $1.0 million for MC, AEC and Corporate, respectively. Global information systems costs were previously included in Corporate expenses.


	Years ended December 31,
(in thousands)	2024		2023		2022
Net revenues
Machine Clothing	$	749,907	$	670,768	$	609,461
Albany Engineered Composites	480,708		477,141		425,426
Consolidated total	$	1,230,615	$	1,147,909	$	1,034,887
Gross profit
Machine Clothing	346,044		331,558		312,285
Albany Engineered Composites	55,732		92,160		77,497
Consolidated total	$	401,776	$	423,718	$	389,782
Depreciation and amortization
Machine Clothing	33,917		24,616		19,982
Albany Engineered Composites	54,228		50,764		47,578
Corporate	1,149		1,353		1,489
Consolidated total	$	89,294	$	76,733	$	69,049
Operating income/(loss)
Machine Clothing	183,632		188,429		196,212
Albany Engineered Composites	(11,603)		27,351		19,805
Corporate	(40,670)		(47,886)		(34,995)
Operating income	$	131,359	$	167,894	$	181,022
Reconciling items:
Interest income	(4,064)		(6,566)		(3,835)
Interest expense	16,613		20,167		17,835


Pension settlement expense	—		—		49,128

Other (income)/expense, net	1,721		(6,163)		(14,086)
Income before income taxes	$	117,089	$	160,456	$	131,980

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)	2024		2023		2022
Segment assets
Machine Clothing	$	600,603	$	669,907	$	455,390
Albany Engineered Composites	736,306		800,931		717,972
Reconciling items:
Cash	115,283		173,420		291,776
Income taxes prepaid, receivable and deferred	47,944		33,984		23,134
Prepaid and Other assets	148,560		156,772		153,983
Total assets	$	1,648,696	$	1,835,014	$	1,642,255

Capital expenditures and purchased software
Machine Clothing	$	21,270	$	25,917	$	20,901
Albany Engineered Composites	58,121		57,404		74,845
Corporate expenses	1,816		1,108		602
Total capital expenditures and purchased software	$	81,207	$	84,429	$	96,348

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)	2024		2023		2022
Net revenues
United States	$	650,532	$	649,500	$	586,779
Switzerland	109,751		115,207		119,069
Germany	86,991		32,239		4,461
France	81,141		77,573		76,826
China	67,732		65,135		63,914
Brazil	66,943		69,527		66,175
Mexico	57,928		58,874		58,519
Other countries	109,597		79,854		59,144
Total Net revenues	$	1,230,615	$	1,147,909	$	1,034,887

Property, plant and equipment, net
United States	$	299,370	$	303,578	$	278,500
China	52,063		57,070		33,432
Germany	46,033		52,934		9,562
Mexico	38,762		46,759		42,320
France	30,935		31,069		31,382
United Kingdom	16,651		18,306		9,699
Canada	14,313		15,318		14,264
Spain	12,154		14,804		—
Other countries	53,150		62,151		26,499
Total Property, plant and equipment, net	$	563,431	$	601,989	$	445,658