Pensions and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Schedule of Segment Operating Expenses

The tables below show the 2017 and 2016 amounts reclassified by segment and financial statement line item that resulted from adopting this update:

Effect by segment operating expenses:

(in thousands)	Increase/(decrease) in expense for December 31, 2017		Increase/(decrease) in expense for December 31, 2016
Machine Clothing	$(44	)	$24
Albany Engineered Composites	-		-
Corporate expenses	(2,481	)	(2,380	)
Total operating expenses	$(2,525	)	$(2,356	)
Other expense, net	$2,525		$2,356

Effect by Statement of Income line item:

(in thousands)	Increase/(decrease) in expense for December 31, 2017		Increase/(decrease) in expense for December 31, 2016
Cost of goods sold	$(503	)	$(716	)
Selling, general and administrative expenses	(2,022	)	(1,754	)
Technical and research expenses	-		2
Restructuring expenses, net	-		112
Total operating expenses	$(2,525	)	$(2,356	)

Schedule of Plan Benefit Obligations

The following table sets forth the plan benefit obligations:

	As of December 31, 2018				As of December 31, 2017
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Benefit obligation, beginning of year	$230,911		$58,531		$210,856		$57,488
Service cost	2,723		232		2,720		244
Interest cost	7,217		2,024		7,476		2,214
Plan participants' contributions	228		-		211		-
Actuarial (gain)/loss	(10,666	)	(6,100	)	6,626		2,743
Benefits paid	(7,814	)	(3,473	)	(7,697	)	(4,230	)
Settlements and curtailments	(13,807	)	-		(8	)	-
Plan amendments and other	534		-		(3	)	-
Foreign currency changes	(7,876	)	(87	)	10,730		72
Benefit obligation, end of year	$201,450		$51,127		$230,911		$58,531
Accumulated benefit obligation	$193,870		$-		$220,622		$-
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate - U.S. plan	4.41%		4.31%		3.70%		3.59%
Discount rate - non-U.S. plans	2.93%		3.65%		2.83%		3.40%
Compensation increase - U.S. plan	-		3.00%		-		-
Compensation increase - non-U.S. plans	3.02%		3.00%		3.02%		3.00%

Schedule of Plan Assets

The following sets forth information about plan assets:

	As of December 31, 2018				As of December 31, 2017
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$205,586		$-		$180,672		$-
Actual return on plan assets, net of expenses	(8,449	)	-		19,182		-
Employer contributions	10,071		3,474		4,645		4,230
Plan participants' contributions	228		14		211		37
Benefits paid	(7,813	)	(3,488	)	(7,697	)	(4,267	)
Settlements	(13,029	)	-		(8	)	-
Foreign currency changes	(7,652	)	-		8,581		-
Fair value of plan assets, end of year	$178,942		$-		$205,586		$-

Schedule of Funded Status of Plans

The funded status of the plans was as follows:

	As of December 31, 2018				As of December 31, 2017
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$178,942		$-		$205,586		$-
Benefit obligation	201,450		51,127		230,911		58,531
Funded status	$(22,508	)	$(51,127	)	$(25,325	)	$(58,531	)
Accrued benefit cost, end of year	$(22,508	)	$(51,127	)	$(25,325	)	$(58,531	)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset	$14,206		$-		$16,242		$-
Current liability	(2,124	)	(3,890	)	(2,094	)	(4,108	)
Noncurrent liability	(34,590	)	(47,237	)	(39,473	)	(54,423	)
Net amount recognized	$(22,508	)	$(51,127	)	$(25,325	)	$(58,531	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$68,110		$25,660		$67,283		$34,717
Prior service cost/(credit)	1,020		(21,922	)	572		(26,411	)
Net amount recognized	$69,130		$3,738		$67,855		$8,306

Schedule of composition of the net pension plan funded status

The composition of the net pension plan funded status as of December 31, 2018 was as follows:

			Non-U.S.
(in thousands)	U.S. plan		plans		Total
Pension plans with pension assets	$(2,594	)	$11,735		$9,141
Pension plans without pension assets	(6,716	)	(24,933	)	(31,649	)
Total	$(9,310	)	$(13,198	)	$(22,508	)

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2018, 2017, and 2016, was as follows:

	Pension plans						Other postretirement benefits
(in thousands)	2018		2017		2016		2018		2017		2016
Components of net periodic benefit cost:
Service cost	$2,723		$2,720		$2,656		$232		$244		$254
Interest cost	7,217		7,476		7,885		2,024		2,214		2,443
Expected return on assets	(8,873	)	(8,152	)	(8,675	)	-		-		-
Amortization of prior service cost/(credit)	34		36		38		(4,488	)	(4,488	)	(4,488	)
Amortization of net actuarial loss	2,219		2,628		2,283		2,956		2,811		2,819
Settlement	2,246		-		163		-		-		-
Curtailment (gain)/loss	(752	)	-		(112	)	-		-		-
Net periodic benefit cost	$4,814		$4,708		$4,238		$724		$781		$1,028
Weighted average assumptions used to determine
net cost:
Discount rate - U.S. plan	3.70	%	4.20	%	4.54	%	3.59	%	4.00	%	4.24	%
Discount rate - non-U.S. plans	2.83	%	2.98	%	3.67	%	3.40	%	3.70	%	4.00	%
Expected return on plan assets - U.S. plan	3.87	%	4.40	%	4.74	%	-		-		-
Expected return on plan assets - non-U.S. plans	4.83	%	4.46	%	5.39	%	-		-		-
Rate of compensation increase - U.S. plan	-		-		-		-		-		-
Rate of compensation increase - non-U.S. plans	3.04	%	3.29	%	3.24	%	3.00	%	3.00	%	3.00	%

Schedule of Pretax (gains)/Losses Recognized in Other Comprehensive Income

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2018, 2017, and 2016, was as follows:

	Pension plans						Other postretirement benefits
(in thousands)	2018		2017		2016		2018		2017		2016
Settlements/curtailments	$(1,494	)	$ -		$(51	)	$ -		$ -		$ -
Asset/liability loss/(gain)	6,411		(4,408	)	6,519		(6,100	)	2,743		(395	)
Amortization of actuarial (loss)	(2,219	)	(2,628	)	(2,283	)	(2,956	)	(2,811	)	(2,819	)
Amortization of prior service cost/(credit)	(34	)	(36	)	(38	)	4,488		4,488		4,488
Currency impact	(1,389	)	1,930		(1,655	)	-		2		(1	)
Cost/(benefit) in Other comprehensive income	$1,275		$(5,142	)	$2,492		$(4,568	)	$4,422		$1,273

Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income

The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2019 are as follows:

		Total
	Total	postretirement
(in thousands)	pension	benefits
Actuarial loss	$2,254	$2,226
Prior service cost/(benefit)	68	(4,488	)
Total	$2,322	$(2,262	)

Schedule of Fair Value of Plan Assets

The following tables present plan assets as of December 31, 2018, and 2017, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 17. Certain investments that are measured at fair value using net asset value (NAV) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above. As of December 31, 2018 and 2017, there were no investments expected to be sold at a value materially different than NAV.

	Assets at Fair Value as of December 31, 2018
(in thousands)	Quoted prices in active markets Level 1	Significant other observable inputs Level 2	Significant unobservable inputs Level 3	Total

Common Stocks and equity funds		$284	$-	$-	$284
Debt securities		-	78,523	-	78,523
Insurance contracts		-	-	2,890	2,890
Cash and short-term investments		3,016	-	-	3,016
Total investments in the fair value hierarchy		$3,300	$78,523	$2,890	84,713
Investments at net asset value:
	Common Stocks and equity funds				42,852
	Fixed income funds				47,534
	Limited partnerships				3,843
Total plan assets					$178,942

	Assets at Fair Value as of December 31, 2017
(in thousands)	Quoted prices in active markets Level 1	Significant other observable inputs Level 2	Significant unobservable inputs Level 3	Total

Common Stocks and equity funds		$335	$-	$-	$335
Debt securities		-	81,363	-	81,363
Insurance contracts		-	-	2,407	2,407
Cash and short-term investments		3,253	-	-	3,253
Total investments in the fair value hierarchy		$3,588	$81,363	$2,407	87,358
Investments at net asset value:
	Common Stocks and equity funds				37,768
	Fixed income funds				75,881
	Limited partnerships				4,579
Total plan assets					$205,586

Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2018 and 2017:

(in thousands)	December 31, 2017	Net realized gains	Net unrealized gains		Net purchases, issuances and settlements	Net transfers (out of) Level 3	December 31, 2018
Insurance contracts -
Total level 3 assets	$2,407	$-	$(45	)	$528	$-	$2,890

(in thousands)	December 31, 2016	Net realized gains	Net unrealized gains	Net purchases, issuances and settlements	Net transfers (out of) Level 3	December 31, 2017
Insurance contracts -
Total level 3 assets	$2,238	$-	$56	$113	$-	$2,407

Schedule of Asset Allocation

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2017 and 2018, and the target allocation, by asset category, are as follows:

		United States Plan			Non-U.S. Plans
	Target Allocation	Percentage of plan assets at plan measurement date		Target Allocation	Percentage of plan assets at plan measurement date
Asset category		2018	2017		2018	2017
Equity securities	-	1%	1%	20%	19%	30%
Debt securities	100%	94%	95%	75%	74%	64%
Real estate	-	4%	4%	1%	1%	1%
Other  (1)	-	1%	-	4%	6%	5%
	100%	100%	100%	100%	100%	100%

(1)       Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.

Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

At the end of 2018 and 2017, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:

	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2018	2017
Projected benefit obligation	$123,261	$131,717
Fair value of plan assets	86,547	90,149
	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2018	2017
Accumulated benefit obligation	$120,869	$129,698
Fair value of plan assets	86,062	90,149

Schedule of Expected Cash Flows

Information about expected cash flows for the pension and other benefit obligations are as follows:

(in thousands)	Pension plans	Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$4,150	$3,890
Expected benefit payments
2019	7,292	3,890
2020	7,472	3,771
2021	8,175	3,701
2022	8,322	3,653
2023	8,647	3,613
2024-2028	49,846	17,066