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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 30, 2018
Revenue Recognition [Abstract] |
Schedule of Consolidated Balance Sheet | The table below presents the cumulative effect of changes made to our December 31, 2017 Consolidated Balance Sheet as the result of adoption of ASC 606: ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEET (in thousands, except share data) (unaudited)
|  | As previously reported at December 31, 2017 |  | Adjustments Increase/(decrease) |  | Opening balance, as adjusted, January 1, 2018
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $183,727 |  |  | $- |  |  | $183,727 |
Accounts receivable, net |  | 202,675 |  |  | 7,667 |  |  | 210,342 |
Contract assets |  | - |  |  | 47,415 |  |  | 47,415 |
Inventories |  | 136,519 |  |  | (47,054 | ) |  | 89,465 |
Income taxes prepaid and receivable |  | 6,266 |  |  | - |  |  | 6,266 |
Prepaid expenses and other current assets |  | 14,520 |  |  | - |  |  | 14,520 |
Total current assets |  | 543,707 |  |  | 8,028 |  |  | 551,735 |
Property, plant and equipment, net |  | 454,302 |  |  | - |  |  | 454,302 |
Intangibles, net |  | 55,441 |  |  | - |  |  | 55,441 |
Goodwill |  | 166,796 |  |  | - |  |  | 166,796 |
Deferred income taxes |  | 68,648 |  |  | 1,756 |  |  | 70,404 |
Noncurrent receivables |  | 32,811 |  |  | - |  |  | 32,811 |
Other assets |  | 39,493 |  |  | 1,119 |  |  | 40,612 |
Total assets |  | $1,361,198 |  |  | $10,903 |  |  | $1,372,101 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Notes and loans payable |  | $262 |  |  | $- |  |  | $262 |
Accounts payable |  | 44,899 |  |  | - |  |  | 44,899 |
Accrued liabilities |  | 105,914 |  |  | 16,808 |  |  | 122,722 |
Current maturities of long-term debt |  | 1,799 |  |  | - |  |  | 1,799 |
Income taxes payable |  | 8,643 |  |  | - |  |  | 8,643 |
Total current liabilities |  | 161,517 |  |  | 16,808 |  |  | 178,325 |
Long-term debt |  | 514,120 |  |  | - |  |  | 514,120 |
Other noncurrent liabilities |  | 101,555 |  |  | - |  |  | 101,555 |
Deferred taxes and other liabilities |  | 10,991 |  |  | 52 |  |  | 11,043 |
Total liabilities |  | 788,183 |  |  | 16,860 |  |  | 805,043 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued |  | - |  |  | - |  |  | - |
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,395,753 in 2017 and 37,319,266 in 2016 |  | 37 |  |  | - |  |  | 37 |
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2017 and 2016 |  | 3 |  |  | - |  |  | 3 |
Additional paid in capital |  | 428,423 |  |  | - |  |  | 428,423 |
Retained earnings |  | 534,082 |  |  | (5,630 | ) |  | 528,452 |
Accumulated items of other comprehensive income: |  |  |  |  |  |  |  |  |
Translation adjustments |  | (87,318 | ) |  | - |  |  | (87,318 | )
Pension and postretirement liability adjustments |  | (50,536 | ) |  | - |  |  | (50,536 | )
Derivative valuation adjustment |  | 1,953 |  |  | - |  |  | 1,953 |
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016 |  | (256,876 | ) |  | - |  |  | (256,876 | )
Total Company shareholders’ equity |  | 569,768 |  |  | (5,630 | ) |  | 564,138 |
Noncontrolling interest |  | 3,247 |  |  | (327 | ) |  | 2,920 |
Total equity |  | 573,015 |  |  | (5,957 | ) |  | 567,058 |
Total liabilities and shareholders’ equity |  | $1,361,198 |  |  | $10,903 |  |  | $1,372,101 |
Schedule of Summary of Composition of Each Business Segment | The following table provides a summary of the composition of each business segment:
Segment | Reporting Unit | Principal Product or Service | Principal Locations
Machine Clothing (MC) | Machine Clothing | Paper machine clothing: Permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, and pulp Engineered fabrics: Belts used in the manufacture of nonwovens, fiber cement and several other industrial applications | World-wide
Albany Engineered Composites (AEC) | Albany Safran Composites (ASC) | 3D-woven, injected composite components for aircraft engines | Rochester, NH Commercy, France Queretaro, Mexico
Airframe and engine Components (Other AEC) | Composite airframe and engine components for military and commercial aircraft | Salt Lake City, UT Boerne, TX Queretaro, Mexico
Schedule of Disaggregate Revenue for Each Business Segment | The following table disaggregates revenue for each reporting unit by timing of revenue recognition:
| For the Nine Months Ended |
| September 30, 2018 |
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $467,358 | $2,400 | $469,758
Albany Engineered Composites |  |  |
ASC | - | 134,972 | 134,972
Other AEC | 15,909 | 118,820 | 134,729
Total Albany Engineered Composites | 15,909 | 253,792 | 269,701
Total revenue | $483,267 | $256,192 | $739,459
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service | The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold:
| For the Nine Months Ended
(in thousands) | September 30, 2018
Americas PMC | $232,358
Eurasia PMC | 176,300
Engineered Fabrics | 61,100
Total Machine Clothing Net sales | $469,758
Schedule of Consolidated Statement of Income | The following tables show the balances as reported for the period ended September 30, 2018, and how the consolidated financial statements would have appeared if we had not adopted ASC 606. ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENT OF INCOME (in thousands, except per share amounts) (unaudited)
As reported for the Three Months Ended September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606 |  | As reported for the Nine Months Ended September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606
$253,253 |  | $1,692 |  | $254,945 | Net sales | $739,459 |  | ($6,342) |  | $733,117
160,227 |  | 2,902 |  | 163,129 | Cost of goods sold | 472,604 |  | (1,320) |  | 471,284
93,026 |  | (1,210) |  | 91,816 | Gross profit | 266,855 |  | (5,022) |  | 261,833
39,071 |  | (12) |  | 39,059 | Selling, general, and administrative expenses | 117,708 |  | (67) |  | 117,641
9,958 |  | - |  | 9,958 | Technical and research expenses | 30,473 |  | - |  | 30,473
2,552 |  | - |  | 2,552 | Restructuring expenses, net | 13,714 |  | - |  | 13,714
41,445 |  | (1,198) |  | 40,247 | Operating income | 104,960 |  | (4,955) |  | 100,005
4,621 |  | - |  | 4,621 | Interest expense, net | 13,530 |  | - |  | 13,530
(3,151) |  | - |  | (3,151) | Other (income)/expense, net | (973) |  | - |  | (973)
39,975 |  | (1,198) |  | 38,777 | Income before income taxes | 92,403 |  | (4,955) |  | 87,448
11,491 |  | (431) |  | 11,060 | Income tax expense | 23,131 |  | (1,539) |  | 21,592
28,484 |  | (767) |  | 27,717 | Net income | 69,272 |  | (3,416) |  | 65,856
269 |  | (27) |  | 242 | Net income/(loss) attributable to the noncontrolling interest | 447 |  | (111) |  | 336
$28,215 |  | ($740) |  | $27,475 | Net income attributable to the Company | $68,825 |  | ($3,305) |  | $65,520
$0.87 |  | ($0.02) |  | $0.85 | Earnings per share attributable to Company shareholders - Basic | $2.13 |  | ($0.10) |  | $2.03
$0.87 |  | ($0.02) |  | $0.85 | Earnings per share attributable to Company shareholders - Diluted | $2.13 |  | ($0.10) |  | $2.03
Schedule of Consolidated Statement of Comprehensive Income (Loss) | ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) (in thousands) (unaudited)
As reported for the Three Months Ended September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606 |  |  | As reported for the Nine Months Ended September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606
$28,484 |  | ($767) |  | $27,717 |  | Net income | $69,272 |  | ($3,416) |  | $65,856
|  |  |  |  |  | Other comprehensive income/(loss), before tax: |
(7,847) |  | 157 |  | (7,690) |  | Foreign currency translation adjustments | (21,193) |  | 688 |  | (20,505)
(232) |  | - |  | (232) |  | Pension/postretirement curtailment gain | (750) |  | - |  | (750)
|  |  |  |  |  | Amortization of pension liability adjustments: |  |  |  |  |
(1,114) |  | - |  | (1,114) |  | Prior service credit | (3,341) |  | - |  | (3,341)
1,294 |  | - |  | 1,294 |  | Net actuarial loss | 3,882 |  | - |  | 3,882
(96) |  | - |  | (96) |  | Payments and amortization related to interest rate swaps included in earnings | 138 |  | - |  | 138
1,777 |  | - |  | 1,777 |  | Derivative valuation adjustment | 9,703 |  | - |  | 9,703
|  |  |  |  |  | Income taxes related to items of other comprehensive income/(loss):
70 |  | - |  | 70 |  | Pension/postretirement curtailment gain | 225 |  | - |  | 225
(54) |  | - |  | (54) |  | Amortization of pension liability adjustment | (162) |  | - |  | (162)
23 |  | - |  | 23 |  | Payments and amortization related to interest rate swaps included in earnings | (33) |  | - |  | (33)
(427) |  | - |  | (427) |  | Derivative valuation adjustment | (2,329) |  | - |  | (2,329)
21,878 |  | (610) |  | 21,268 |  | Comprehensive income | 55,412 |  | (2,728) |  | 52,684
264 |  | (27) |  | 237 |  | Comprehensive income/(loss) attributable to the noncontrolling interest | 446 |  | (111) |  | 335
$21,614 |  | ($583) |  | $21,031 |  | Comprehensive income attributable to the Company | $54,966 |  | ($2,617) |  | $52,349
Schedule of Consolidated Balance Sheets | ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEET (in thousands, except share data) (unaudited)
|  | As reported September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for September 30, 2018 to exclude adoption of ASC 606
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $160,593 |  |  | $- |  |  | $160,593 |
Accounts receivable, net |  | 252,464 |  |  | (8,784 | ) |  | 243,680 |
Contract assets |  | 56,100 |  |  | (56,100 | ) |  | - |
Inventories |  | 99,765 |  |  | 50,458 |  |  | 150,223 |
Income taxes prepaid and receivable |  | 6,643 |  |  | - |  |  | 6,643 |
Prepaid expenses and other current assets |  | 20,541 |  |  | - |  |  | 20,541 |
Total current assets |  | 596,106 |  |  | (14,426 | ) |  | 581,680 |
Property, plant and equipment, net |  | 462,438 |  |  | - |  |  | 462,438 |
Intangibles, net |  | 50,765 |  |  | - |  |  | 50,765 |
Goodwill |  | 165,103 |  |  | - |  |  | 165,103 |
Deferred income taxes |  | 79,865 |  |  | (217 | ) |  | 79,648 |
Noncurrent receivables |  | 41,657 |  |  | - |  |  | 41,657 |
Other assets |  | 52,392 |  |  | (1,256 | ) |  | 51,136 |
Total assets |  | $1,448,326 |  |  | ($15,899 | ) |  | $1,432,427 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Notes and loans payable |  | $- |  |  | $- |  |  | $- |
Accounts payable |  | 51,373 |  |  | - |  |  | 51,373 |
Accrued liabilities |  | 132,219 |  |  | (19,076 | ) |  | 113,143 |
Current maturities of long-term debt |  | 1,231 |  |  | - |  |  | 1,231 |
Income taxes payable |  | 20,725 |  |  | - |  |  | 20,725 |
Total current liabilities |  | 205,548 |  |  | (19,076 | ) |  | 186,472 |
Long-term debt |  | 529,003 |  |  | - |  |  | 529,003 |
Other noncurrent liabilities |  | 92,218 |  |  | - |  |  | 92,218 |
Deferred taxes and other liabilities |  | 12,915 |  |  | (52 | ) |  | 12,863 |
Total liabilities |  | 839,684 |  |  | (19,128 | ) |  | 820,556 |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued |  | - |  |  | - |  |  | - |
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017 |  | 37 |  |  | - |  |  | 37 |
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017 |  | 3 |  |  | - |  |  | 3 |
Additional paid in capital |  | 430,231 |  |  | - |  |  | 430,231 |
Retained earnings |  | 581,369 |  |  | $2,325 |  |  | 583,694 |
Accumulated items of other comprehensive income: |  |  |  |  |  |  |  |  |
Translation adjustments |  | (110,900 | ) |  | 688 |  |  | (110,212 | )
Pension and postretirement liability adjustments |  | (48,293 | ) |  | - |  |  | (48,293 | )
Derivative valuation adjustment |  | 9,432 |  |  | - |  |  | 9,432 |
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017 |  | (256,603 | ) |  | - |  |  | (256,603 | )
Total Company shareholders’ equity |  | 605,276 |  |  | 3,013 |  |  | 608,289 |
Noncontrolling interest |  | 3,366 |  |  | 216 |  |  | 3,582 |
Total equity |  | 608,642 |  |  | 3,229 |  |  | 611,871 |
Total liabilities and shareholders’ equity |  | $1,448,326 |  |  | ($15,899 | ) |  | $1,432,427 |
Schedule of Consolidated Statement of Cash Flows | ALBANY INTERNATIONAL CORP. CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands) (unaudited)
As reported for the Three Months Ended September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606 |  | As reported for the Nine Months Ended September 30, 2018 |  | Adjustments to reverse effects of ASC 606 |  | As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606
|  |  |  |  | OPERATING ACTIVITIES |  |  |  |  |
$28,484 |  | ($767) |  | $27,717 | Net income | $69,272 |  | ($3,416) |  | $65,856
|  |  |  |  | Adjustments to reconcile net income to net cash provided by operating activities:
17,436 |  | - |  | 17,436 | Depreciation | 52,852 |  | - |  | 52,852
2,366 |  | - |  | 2,366 | Amortization | 7,571 |  | - |  | 7,571
(5,102) |  | - |  | (5,102) | Change in other noncurrent liabilities | (6,333) |  | - |  | (6,333)
1,331 |  | (431) |  | 900 | Change in deferred taxes and other liabilities | (5,571) |  | (1,539) |  | (7,110)
2,131 |  | - |  | 2,131 | Provision for write-off of property, plant and equipment | 3,255 |  | - |  | 3,255
150 |  | - |  | 150 | Non-cash interest expense | 304 |  | - |  | 304
543 |  | - |  | 543 | Compensation and benefits paid or payable in Class A Common Stock | 1,879 |  | - |  | 1,879
(10) |  | - |  | (10) | Fair value adjustment on foreign currency option | 61 |  | - |  | 61
- |  | - |  | - | Write-off of intangible assets in a discontinued product line | - |  |  |  |
|  |  |  |  | Changes in operating assets and liabilities that provided/(used) cash:
(4,177) |  | 1,348 |  | (2,829) | Accounts receivable | (48,547) |  | (2,379) |  | (50,926)
3,040 |  | (3,040) |  | - | Contract assets | (8,721) |  | 8,721 |  | -
(2,228) |  | 2,902 |  | 674 | Inventories | (12,843) |  | (1,320) |  | (14,163)
103 |  | - |  | 103 | Prepaid expenses and other current assets | (5,117) |  | - |  | (5,117)
(551) |  | - |  | (551) | Income taxes prepaid and receivable | (454) |  | - |  | (454)
(2,728) |  | - |  | (2,728) | Accounts payable | 6,154 |  | - |  | 6,154
7,565 |  | (12) |  | 7,553 | Accrued liabilities | 12,233 |  | (67) |  | 12,166
6,766 |  | - |  | 6,766 | Income taxes payable | 13,355 |  | - |  | 13,355
(4,676) |  | - |  | (4,676) | Noncurrent receivables | (8,846) |  | - |  | (8,846)
(5,728) |  | - |  | (5,728) | Other, net | (9,049) |  | - |  | (9,049)
44,715 |  | - |  | 44,715 | Net cash provided by operating activities | 61,455 |  | - |  | 61,455
(21,519) |  | - |  | (21,519) | Net cash used in investing activities | (60,694) |  | - |  | (60,694)
(12,904) |  | - |  | (12,904) | Net cash used in financing activities | (16,474) |  | - |  | (16,474)
(4,443) |  | - |  | (4,443) | Effect of exchange rate changes on cash and cash equivalents | (7,421) |  | - |  | (7,421)
5,849 | # | - | # | 5,849 | (Decrease)/increase in cash and cash equivalents | (23,134) | # | - | # | (23,134)
154,744 |  | - |  | 154,744 | Cash and cash equivalents at beginning of period | 183,727 |  | - |  | 183,727
$160,593 |  | $ - |  | $160,593 | Cash and cash equivalents at end of period | $160,593 |  | $ - |  | $160,593

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