XML 28 R9.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Reportable Segments | 9 Months Ended
--- | ---
Sep. 30, 2015
Reportable Segments [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 September 30, |  | Nine months ended September 30,
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Machine Clothing |  | $ | 154,522 |  |  | $ | 157,891 |  |  |  | $ | 463,577 |  |  | $ | 494,788 |
Albany Engineered Composites |  |  | 24,267 |  |  |  | 21,970 |  |  |  |  | 68,825 |  |  |  | 58,898 |
Consolidated total |  | $ | 178,789 |  |  | $ | 179,861 |  |  |  | $ | 532,402 |  |  | $ | 553,686 |
Operating income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Machine Clothing |  | $ | 41,956 |  |  | $ | 33,308 |  |  |  | $ | 110,969 |  |  | $ | 103,329 |
Albany Engineered Composites |  |  | (4,191 | ) |  |  | (2,765 | ) |  |  |  | (26,635 | ) |  |  | (9,785 | )
Corporate expenses |  |  | (11,922 | ) |  |  | (11,385 | ) |  |  |  | (35,304 | ) |  |  | (34,808 | )
Operating income before reconciling items |  |  | 25,843 |  |  |  | 19,158 |  |  |  |  | 49,030 |  |  |  | 58,736 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (428 | ) |  |  | (527 | ) |  |  |  | (1,205 | ) |  |  | (1,079 | )
Interest expense |  |  | 3,099 |  |  |  | 3,013 |  |  |  |  | 9,254 |  |  |  | 9,200 |
Other expense/(income), net |  |  | 1,249 |  |  |  | (1,864 | ) |  |  |  | 784 |  |  |  | (4,464 | )
Income before income taxes |  | $ | 21,923 |  |  | $ | 18,536 |  |  |  | $ | 40,197 |  |  | $ | 55,079 |
The table below presents restructuring costs by reportable segment (also see Note 5):
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2015 |  |  | 2014 |  | 2015 |  | 2014
Restructuring expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Machine Clothing |  | $ | 3,717 |  |  | $ | 968 |  | $ | 13,929 |  |  | $ | 3,127 |
Albany Engineered Composites |  |  | - |  |  |  | (49 | ) |  | - |  |  |  | 931 |
Consolidated total |  | $ | 3,717 |  |  | $ | 919 |  | $ | 13,929 |  |  | $ | 4,058 |
In the second quarter of 2015, the Company recorded a charge of $14.0 million associated with a revision in the profitability of a contract in the AEC segment. AEC has a long-term contract for the manufacture of composite components for the Rolls-Royce BR 725 engine (BR 725), which powers the Gulfstream G-650 business jet. These components are manufactured in AEC's Boerne, Texas, facility. The contract for this program was signed in 2007 and contains a very aggressive approach to pricing compared to AEC's other contracts. AEC was required to fund certain development costs for nonrecurring engineering and tooling and expected to recover those costs over the duration of the contract, which is anticipated to be more than 20 years. The deferred costs were included in Other assets on the Company's Consolidated Balance Sheets and, as of June 30, 2015, the Company had accumulated deferred contract expenses of approximately $10.9 million. The Company tests the recoverability of these deferred costs each quarter. During the second quarter of 2015, the Company revised its estimate of the profitability of this contract and determined that the entire balance of these deferred costs should be written off. The Company recorded an additional charge of approximately $3.1 million as a provision for anticipated contract losses. The total charge of $14.0 million is included in Cost of goods sold. In the Consolidated Statements of Cash Flows, the write-off of previously deferred costs is included in Other, net. 2015 Machine Clothing restructuring expense was principally related to the discontinuation of manufacturing operations at its press fabric manufacturing facility in Germany in April. Land and building related to the former manufacturing facility in Germany has been reclassified as Asset held for sale in the accompanying Consolidated Balance Sheets. Based on preliminary offers from active market participants we recorded a charge of $3.2 million in the third quarter of 2015 related to the write down of the land and building to the estimated fair market value. There were no other material changes in the total assets of the reportable segments during this period. Machine Clothing restructuring costs in 2014 were principally related to restructuring actions in France. Albany Engineered Composites restructuring expense in 2014 was related to organizational changes.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration