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Reportable Segments and Geographic Data | 12 Months Ended
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Dec. 31, 2015
Reportable Segments and Geographic Data [Abstract] |
Reportable Segments and Geographic Data | 3. Reportable Segments and Geographic Data In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The accounting policies of the segments are the same as those described in Note 1. Corporate expenses include wages and benefits for Corporate headquarters personnel, costs related to information systems development and support, and professional fees related to legal, audit, and other activities. These costs are not allocated to the reportable segments because the decision-making for these functions lies outside of the segments. Machine Clothing: The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and several other industrial applications. The Machine Clothing segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. We sell our Machine Clothing products directly to customer end-users. Our products, manufacturing processes, and distribution channels for Machine Clothing are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. Albany Engineered Composites: The Albany Engineered Composites segment (AEC), including Albany Safran Composites, LLC (ASC), in which our customer SAFRAN Group owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures based on proprietary technology to customers in the aerospace and defense industries. AEC's largest program relates to CFM International's LEAP engine, which is scheduled to enter into service in 2016. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. In 2015, approximately 15 percent of AEC sales were related to U.S. government contracts or programs. In February 2016, our customer on the BR 725 contract notified us that they disagreed with our calculation of pricing for the parts to be sold in 2016, which could, potentially, have an adverse effect on the profitability of this contract in the future. While the Company believes that its position is supported by the contract, as well as by the prior course of dealing between the parties, if the customer's position were to prevail it could have a material effect on operating results in future periods. The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
(in thousands) | 2015 | 2014 | 2013
Net Sales |  |  |
Machine Clothing | $608,581 | $655,026 | $674,747
Albany Engineered Composites | 101,287 | 90,319 | 82,667
Consolidated total | $709,868 | $745,345 | $757,414
Depreciation and amortization |  |  |
Machine Clothing | 39,503 | 45,066 | 46,521
Albany Engineered Composites | 12,140 | 10,880 | 8,460
Corporate expenses | 8,471 | 8,346 | 8,808
Consolidated total | $60,114 | $64,292 | $63,789
Operating income/(loss) |  |  |
Machine Clothing | 141,311 | 136,450 | 114,370
Albany Engineered Composites | (28,478) | (10,483) | (14,404)
Corporate expenses | (48,938) | (54,607) | (47,875)
Operating income | $63,895 | $71,360 | $52,091
Reconciling items: |  |  |
Interest income | (1,857) | (1,541) | (1,468)
Interest expense | 11,841 | 12,254 | 15,227
Other expense/(income),net | 2,433 | (6,853) | 7,256
Income before income taxes | $51,478 | $67,500 | $31,076
The table below presents pension settlement and restructuring costs by reportable segment (also see Note 5):
(in thousands) | 2015 | 2014 | 2013
Pension settlement expense |  |  |
Corporate expenses | $- | $ 8,190 | $-
Restructuring expenses, net |  |  |
Machine Clothing | $22,211 | $4,828 | $24,568
Albany Engineered Composites | - | 931 | 540
Corporate expenses | 1,635 | - | -
Consolidated total | $23,846 | $5,759 | $25,108
In the measurement of assets utilized by each reportable segment, we include accounts receivable, inventories, net property, plant and equipment, intangibles and goodwill. Excluded from segment assets are cash, tax related assets, prepaid and other current assets, and certain other assets not directly associated with segment operations. The following table presents assets and capital expenditures by reportable segment:
(in thousands) | 2015 | 2014 | 2013
Segment assets |  |  |
Machine Clothing | $494,347 | $565,853 | $624,388
Albany Engineered Composites | 181,825 | 175,338 | 147,104
Reconciling items: |  |  |
Cash | 185,113 | 179,802 | 222,666
Asset held for sale | 4,988 | - | -
Income taxes prepaid, receivable and deferred | 111,872 | 76,283 | 92,754
Other assets | 31,417 | 32,028 | 39,245
Consolidated total assets | $1,009,562 | $1,029,304 | $1,126,157
Capital expenditures and purchased software |  |  |
Machine Clothing | $16,010 | $23,202 | $22,892
Albany Engineered Composites | 30,378 | 32,141 | 36,928
Corporate expenses | 4,207 | 3,530 | 4,637
Consolidated total | $50,595 | $58,873 | $64,457
The following table shows data by geographic area. Net sales are based on the location of the operation recording the final sale to the customer. Net sales recorded by our entity in Switzerland are derived from products sold throughout Europe and Asia, and are invoiced in various currencies.
(in thousands) | 2015 | 2014 | 2013
Net sales |  |  |
United States | $323,399 | $324,750 | $338,729
Switzerland | 159,804 | 184,022 | 190,035
Brazil | 58,846 | 59,332 | 62,076
China | 48,490 | 52,822 | 43,265
Mexico | 30,581 | 27,431 | 24,938
France | 26,081 | 26,654 | 21,557
Other countries | 62,667 | 70,334 | 76,814
Consolidated total | $709,868 | $745,345 | $757,414
Property, plant and equipment, at cost, net |  |  |
United States | $172,372 | $168,848 | $162,380
China | 80,786 | 93,182 | 103,109
France | 28,539 | 25,091 | 15,893
Korea | 19,095 | 23,473 | 35,542
United Kingdom | 19,029 | 22,222 | 25,246
Canada | 12,861 | 18,236 | 22,434
Other countries | 24,788 | 44,061 | 54,226
Consolidated total | $357,470 | $395,113 | $418,830

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- 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
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