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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 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 and per share data)
|  | As previously reported at December 31, 2017 |  |  | Adjustments |  |  | Opening balance as adjusted January 1, 2018 |
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $183,727 |  |  | $- |  |  | $183,727 |
Accounts receivable, net |  | 202,675 |  |  | 8,486 |  |  | 211,161 |
Contract assets |  | - |  |  | 47,415 |  |  | 47,415 |
Inventories |  | 136,519 |  |  | (48,583 | ) |  | 87,936 |
Income taxes prepaid and receivable |  | 6,266 |  |  | - |  |  | 6,266 |
Prepaid expenses and other current assets |  | 14,520 |  |  | - |  |  | 14,520 |
Total current assets |  | 543,707 |  |  | 7,318 |  |  | 551,025 |
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 |  |  | 2,889 |  |  | 71,537 |
Noncurrent receivable |  | 32,811 |  |  | - |  |  | 32,811 |
Other assets |  | 39,493 |  |  | 1,119 |  |  | 40,612 |
Total assets |  | $1,361,198 |  |  | $11,326 |  |  | $1,372,524 |
Liabilities |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Notes and loans payable |  | $262 |  |  | $- |  |  | $262 |
Accounts payable |  | 44,899 |  |  | - |  |  | 44,899 |
Accrued liabilities |  | 105,914 |  |  | 17,217 |  |  | 123,131 |
Current maturities of long-term debt |  | 1,799 |  |  | - |  |  | 1,799 |
Income taxes payable |  | 8,643 |  |  | - |  |  | 8,643 |
Total current liabilities |  | 161,517 |  |  | 17,217 |  |  | 178,734 |
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 |  |  | 17,269 |  |  | 805,452 |
Commitments and Contingencies |  |  |  |  |  |  |  |  |
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 |  | 37 |  |  | - |  |  | 37 |
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2017 |  | 3 |  |  | - |  |  | 3 |
Additional paid-in capital |  | 428,423 |  |  | - |  |  | 428,423 |
Retained earnings |  | 534,082 |  |  | (5,616 | ) |  | 528,466 |
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 |  | (256,876 | ) |  | - |  |  | (256,876 | )
Total Company shareholders’ equity |  | 569,768 |  |  | (5,616 | ) |  | 564,152 |
Noncontrolling interest |  | 3,247 |  |  | (327 | ) |  | 2,920 |
Total Equity |  | 573,015 |  |  | (5,943 | ) |  | 567,072 |
Total liabilities and shareholders’ equity |  | $1,361,198 |  |  | $11,326 |  |  | $1,372,524 |
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 presents disaggregated revenue for each reporting unit by timing of revenue recognition:
|  |  |  |  | For the Year Ended |  |  |  |
|  |  |  |  | December 31, 2018 |  |  |  |
(in thousands) |  | Point in Time Revenue Recognition |  |  | Over Time Revenue Recognition |  |  | Total |
Machine Clothing |  | $608,658 |  |  | $3,200 |  |  | $611,858 |
Albany Engineered Composites |  |  |  |  |  |  |  |  |
ASC |  | - |  |  | 182,699 |  |  | 182,699 |
Other AEC |  | 21,614 |  |  | 166,308 |  |  | 187,922 |
Total Albany Engineered Composites |  | 21,614 |  |  | 349,007 |  |  | 370,621 |
Total revenue |  | $630,272 |  |  | $352,207 |  |  | $982,479 |
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 Year Ended
(in thousands) |  | December 31, 2018
Americas PMC |  | $303,768 |
Eurasia PMC |  | 227,493 |
Engineered Fabrics |  | 80,597 |
Total Machine Clothing Net sales |  | $611,858 |
Schedule of Consolidated Statement of Income | The following tables show the balances as reported for the year ended December 31, 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)
|  | As reported for Year Ended December 31, 2018 |  |  | Adjustments to reverse effects of ASC 606 |  |  | As adjusted for Year Ended December 31, 2018 to exclude adoption of ASC 606 |
Net sales |  | $982,479 |  |  | $7,120 |  |  | $989,599 |
Cost of goods sold |  | 632,730 |  |  | 10,433 |  |  | 643,163 |
Gross profit |  | 349,749 |  |  | (3,313 | ) |  | 346,436 |
Selling, general and administrative expenses |  | 156,189 |  |  | 12 |  |  | 156,201 |
Technical and research expenses |  | 40,582 |  |  | - |  |  | 40,582 |
Restructuring expenses, net |  | 15,570 |  |  | - |  |  | 15,570 |
Operating income |  | 137,408 |  |  | (3,325 | ) |  | 134,083 |
Interest income |  | (2,118 | ) |  | - |  |  | (2,118 | )
Interest expense |  | 20,242 |  |  | - |  |  | 20,242 |
Other expense, net |  | 4,037 |  |  | - |  |  | 4,037 |
Income before income taxes |  | 115,247 |  |  | (3,325 | ) |  | 111,922 |
Income tax expense |  | 32,228 |  |  | (877 | ) |  | 31,351 |
Net income |  | 83,019 |  |  | (2,448 | ) |  | 80,571 |
Net income/(loss) attributable to the noncontrolling interest |  | 128 |  |  | (129 | ) |  | (1 | )
Net income attributable to the Company |  | $82,891 |  |  | $(2,319 | ) |  | $80,572 |
Earnings per share attributable to Company shareholders - Basic |  | $2.57 |  |  | $(0.07 | ) |  | $2.50 |
Earnings per share attributable to Company shareholders - Diluted |  | $2.57 |  |  | $(0.07 | ) |  | $2.50 |
Schedule of Consolidated Statement of Comprehensive Income (Loss) | Albany International Corp. Consolidated Statement of Comprehensive Income (in thousands)
|  | As reported for Year Ended December 31, 2018 |  |  | Adjustments to reverse effects of ASC 606 |  |  | As adjusted for Year Ended December 31, 2018 to exclude adoption of ASC 606 |
Net income |  | $83,019 |  |  | $(2,448 | ) |  | $80,571 |
Other comprehensive income/(loss), before tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  | (27,383 | ) |  | 575 |  |  | (26,808 | )
Pension/postretirement settlements and curtailments |  | 1,494 |  |  | - |  |  | 1,494 |
Pension/postretirement plan remeasurement |  | 851 |  |  | - |  |  | 851 |
Amortization of pension liability adjustments: |  |  |  |  |  |  |  |  |
Prior service credit |  | (4,454 | ) |  | - |  |  | (4,454 | )
Net actuarial loss |  | 5,175 |  |  | - |  |  | 5,175 |
Payments related to interest rate swaps included in earnings |  | (146 | ) |  | - |  |  | (146 | )
Derivative valuation adjustment |  | 3,832 |  |  | - |  |  | 3,832 |
Income taxes related to items of other comprehensive income/(loss): |  |  |  |  |  |  |  |  |
Pension/postretirement settlements and curtailments |  | (348 | ) |  | - |  |  | (348 | )
Pension/postretirement plan remeasurement |  | (408 | ) |  | - |  |  | (408 | )
Amortization of pension liability adjustments |  | (158 | ) |  | - |  |  | (158 | )
Payments related to interest rate swaps included in earnings |  | 37 |  |  | - |  |  | 37 |
Derivative valuation adjustment |  | (979 | ) |  | - |  |  | (979 | )
Comprehensive income |  | 60,532 |  |  | (1,873 | ) |  | 58,659 |
Comprehensive income/(loss) attributable to the noncontrolling interest |  | 111 |  |  | (129 | ) |  | (18 | )
Comprehensive income attributable to the Company |  | $60,421 |  |  | $(1,744 | ) |  | $58,677 |
Schedule of Consolidated Balance Sheets | Albany International Corp. Consolidated Balance Sheet (in thousands, except share and per share data)
|  | As reported December 31, 2018 |  |  | Adjustments to reverse effects of ASC 606 |  |  | As adjusted for December 31, 2018 to exclude adoption of ASC 606 |
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $197,755 |  |  | $- |  |  | $197,755 |
Accounts receivable, net |  | 223,176 |  |  | 5,578 |  |  | 228,754 |
Contract assets |  | 57,447 |  |  | (57,447 | ) |  | - |
Inventories |  | 85,904 |  |  | 42,701 |  |  | 128,605 |
Income taxes prepaid and receivable |  | 7,473 |  |  | - |  |  | 7,473 |
Prepaid expenses and other current assets |  | 21,294 |  |  | - |  |  | 21,294 |
Total current assets |  | 593,049 |  |  | (9,168 | ) |  | 583,881 |
Property, plant and equipment, net |  | 462,055 |  |  | - |  |  | 462,055 |
Intangibles, net |  | 49,206 |  |  | - |  |  | 49,206 |
Goodwill |  | 164,382 |  |  | - |  |  | 164,382 |
Deferred income taxes |  | 62,622 |  |  | (2,012 | ) |  | 60,610 |
Noncurrent receivables |  | 45,061 |  |  | - |  |  | 45,061 |
Other assets |  | 41,617 |  |  | (1,256 | ) |  | 40,361 |
Total assets |  | $1,417,992 |  |  | $(12,436 | ) |  | $1,405,556 |
Liabilities |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Notes and loans payable |  | $- |  |  | $- |  |  | $- |
Accounts payable |  | 52,246 |  |  | - |  |  | 52,246 |
Accrued liabilities |  | 129,030 |  |  | (16,454 | ) |  | 112,576 |
Current maturities of long-term debt |  | 1,224 |  |  | - |  |  | 1,224 |
Income taxes payable |  | 6,806 |  |  | - |  |  | 6,806 |
Total current liabilities |  | 189,306 |  |  | (16,454 | ) |  | 172,852 |
Long-term debt |  | 523,707 |  |  | - |  |  | 523,707 |
Other noncurrent liabilities |  | 88,277 |  |  | - |  |  | 88,277 |
Deferred taxes and other liabilities |  | 8,422 |  |  | (52 | ) |  | 8,370 |
Total liabilities |  | 809,712 |  |  | (16,506 | ) |  | 793,206 |
Commitments and Contingencies |  |  |  |  |  |  |  |  |
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 |  | 430,555 |  |  | - |  |  | 430,555 |
Retained earnings |  | 589,645 |  |  | 3,297 |  |  | 592,942 |
Accumulated items of other comprehensive income: |  |  |  |  |  |  |  |  |
Translation adjustments |  | (115,976 | ) |  | 575 |  |  | (115,401 | )
Pension and postretirement liability adjustments |  | (47,109 | ) |  | - |  |  | (47,109 | )
Derivative valuation adjustment |  | 4,697 |  |  | - |  |  | 4,697 |
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 |  | 605,249 |  |  | 3,872 |  |  | 609,121 |
Noncontrolling interest |  | 3,031 |  |  | 198 |  |  | 3,229 |
Total Equity |  | 608,280 |  |  | 4,070 |  |  | 612,350 |
Total liabilities and shareholders’ equity |  | $1,417,992 |  |  | $(12,436 | ) |  | $1,405,556 |
Schedule of Consolidated Statement of Cash Flows |
|  | As reported for Year Ended December 31, 2018 |  |  | Adjustments to reverse effects of ASC 606 |  |  | As adjusted for Year Ended December 31, 2018 to exclude adoption of ASC 606 |
Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $83,019 |  |  | $(2,448 | ) |  | $80,571 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation |  | 68,800 |  |  | - |  |  | 68,800 |
Amortization |  | 10,236 |  |  | - |  |  | 10,236 |
Change in other noncurrent liabilities |  | (5,479 | ) |  | - |  |  | (5,479 | )
Change in deferred taxes and other liabilities |  | 8,972 |  |  | (877 | ) |  | 8,095 |
Provision for write-off of property, plant and equipment |  | 3,707 |  |  | - |  |  | 3,707 |
Non-cash interest expense |  | 459 |  |  | - |  |  | 459 |
Write-off of pension liability adjustment due to settlement/curtailment |  | 1,494 |  |  | - |  |  | 1,494 |
Compensation and benefits paid or payable in Class A Common Stock |  | 2,203 |  |  | - |  |  | 2,203 |
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition: |  |  |  |  |  |  |  |  |
Accounts receivable |  | (19,139 | ) |  | (17,387 | ) |  | (36,526 | )
Contract assets |  | (10,267 | ) |  | 10,267 |  |  | - |
Inventories |  | (968 | ) |  | 10,433 |  |  | 9,465 |
Prepaid expenses and other current assets |  | (5,815 | ) |  | - |  |  | (5,815 | )
Income taxes prepaid and receivable |  | (1,402 | ) |  | - |  |  | (1,402 | )
Noncurrent receivables |  | (12,249 | ) |  | - |  |  | (12,249 | )
Accounts payable |  | 9,340 |  |  | - |  |  | 9,340 |
Accrued liabilities |  | 8,209 |  |  | 12 |  |  | 8,221 |
Income taxes payable |  | (824 | ) |  | - |  |  | (824 | )
Other, net |  | (7,811 | ) |  | - |  |  | (7,811 | )
Net cash provided by operating activities |  | 132,485 |  |  | - |  |  | 132,485 |
Net cash used in investing activities |  | (82,886 | ) |  | - |  |  | (82,886 | )
Net cash used in financing activities |  | (27,258 | ) |  | - |  |  | (27,258 | )
Effect of exchange rate changes on cash and cash equivalents |  | (8,313 | ) |  | - |  |  | (8,313 | )
Increase in cash and cash equivalents |  | 14,028 |  |  | - |  |  | 14,028 |
Cash and cash equivalents at beginning of year |  | 183,727 |  |  | - |  |  | 183,727 |
Cash and cash equivalents at end of year |  | $197,755 |  |  | $- |  |  | $197,755 |

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