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Noncontrolling Interest
9 Months Ended
Sep. 30, 2018
Noncontrolling Interest [Abstract]  
Noncontrolling Interest

9. Noncontrolling Interest

 

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC, and the impact that the ASC 606 revenue standard had on Company results for the first nine months of 2018, included in the consolidated financial statements:

 

  Nine months ended
September 30,
(in thousands) 2018 2017
Net income of Albany Safran Composites (ASC) $5,433 $2,805
Less: Return attributable to the Company’s preferred holding 965 782
Net income of ASC available for common ownership $4,468 $2,023
Ownership percentage of noncontrolling shareholder 10% 10%
Net income attributable to noncontrolling interest $447 $202
     
Noncontrolling interest, beginning of year $3,247 $3,767
Decrease attributable to application of ASC 606 (327) -
Net income attributable to noncontrolling interest 447 202
Changes in other comprehensive income attributable to noncontrolling interest (1) 19
Noncontrolling interest $3,366 $3,988