Reportable Segments

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Reportable Segments

3. Reportable Segments

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

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2016		2015		2016		2015
Net sales
Machine Clothing	$148,934		$150,561		$294,197		309,055
Albany Engineered Composites	54,256		21,728		81,324		44,558
Consolidated total	$203,190		$172,289		$375,521		$353,613
Operating income/(loss)
Machine Clothing	$35,405		$33,323		$72,543		$69,013
Albany Engineered Composites	(5,848	)	(18,633	)	(9,553	)	(22,444	)
Corporate expenses	(11,700	)	(11,652	)	(22,864	)	(23,382	)
Operating income	17,857		3,038		40,126		23,187
Reconciling items:
Interest income	(547	)	(437	)	(673	)	(777	)
Interest expense	4,238		3,139		6,602		6,155
Other income, net	(2,017	)	2,820		(2,345	)	(465	)
Income before income taxes	$16,183		($2,484	)	$36,542		$18,274

Total assets of the AEC segment increased by approximately $223 million during the second quarter of 2016 due to the acquisition of AAC.

Total capital expenditures for the first six months of 2016 were $30.9 million, including amounts that were included in Accounts payable. In the Consolidated Statements of Cash Flows, capital expenditures and accounts payable were each adjusted by $2.1 million to reflect the non-cash nature of the transactions.

During the first six months of 2016, the Company recorded expenses of $5.4 million for acquisition-related costs. These costs are included in Selling, general and administrative expenses of the AEC segment.

The table below presents restructuring costs by reportable segment (also see Note 5):

	Three months ended  June 30,		Six months ended June 30,
(in thousands)	2016	2015	2016	2015
Restructuring expenses, net
Machine Clothing	$5,434	$1,211	$6,132	$10,212
Albany Engineered Composites	1,147	-	1,147	-
Corporate expenses	67	-	48	-
Consolidated total	$6,648	$1,211	$7,327	$10,212