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Quarterly Financial Data (unaudited) | 12 Months Ended
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Dec. 31, 2018
Quarterly Financial Data [Abstract] |
Quarterly Financial Data | 24. Quarterly Financial Data (unaudited) Presented below is certain unaudited quarterly consolidated statement of operations data from continuing operations for each of the quarters in the years ended December 31, 2018, 2017, and 2016. The information has been prepared on substantially the same basis as the audited consolidated financial statements contained in this report. Fourth quarter results presented below may vary from our quarterly earnings report in order to agree to the full year totals. The results of operations for any quarter are not necessarily indicative of the results to be expected for any future period. Revision to 2018 quarterly financial data In the fourth quarter of 2018, the Company discovered that ASC 606, Revenue from contracts with customers, implementation issues in its MC business segment had resulted in immaterial errors in certain reported segment and consolidated Company financial statement line items – including Net sales and Net income - for each of the first three quarters of 2018. Included below are tables reflecting the revised amounts for each of the first three quarters of 2018, and a table showing amounts originally reported for those periods and the effects of the revision.
(in millions, except per share amounts) |  |  |  |  |  |  |  |  |
2018 |  | 1st |  | 2nd |  | 3rd |  | 4th | Total
Net sales |  |  |  |  |  |  |  |  |
Machine Clothing |  | $141.8 |  | $161.8 |  | $157.6 |  | $150.7 | $611.9
Albany Engineered Composites |  | 81.8 |  | 93.6 |  | 94.3 |  | 100.9 | 370.6
Total |  | $223.6 |  | $255.4 |  | $251.9 |  | $251.6 | $982.5
Gross profit |  |  |  |  |  |  |  |  |
Machine Clothing |  | $66.3 |  | $79.1 |  | $78.7 |  | $73.3 | $297.4
Albany Engineered Composites |  | 11.5 |  | 12.6 |  | 13.7 |  | 14.7 | 52.5
Corporate expenses |  | (0.1) |  | 0.0 |  | 0.0 |  | (0.1) | (0.2)
Total |  | $77.7 |  | $91.7 |  | $92.4 |  | $87.9 | $349.7
Operating income |  |  |  |  |  |  |  |  |
Machine Clothing |  | $26.9 |  | $50.3 |  | $49.7 |  | $42.9 | $169.8
Albany Engineered Composites |  | 2.3 |  | 4.1 |  | 3.6 |  | 6.6 | 16.6
Corporate expenses |  | (12.2) |  | (12.2) |  | (12.5) |  | (12.1) | (49.0)
Total |  | $17.0 |  | $42.2 |  | $40.8 |  | $37.4 | $137.4
Net income attributable to the Company |  | $7.7 |  | $29.9 |  | $27.7 |  | $17.6 | $82.9
Basic earnings per share |  | 0.24 |  | 0.93 |  | 0.86 |  | 0.54 | 2.57
Diluted earnings per share |  | 0.24 |  | 0.93 |  | 0.86 |  | 0.54 | 2.57
Cash dividends per share |  | 0.17 |  | 0.17 |  | 0.17 |  | 0.18 | 0.69
Class A Common Stock prices: |  |  |  |  |  |  |  |  |
High |  | 67.30 |  | 65.45 |  | 81.40 |  | 78.31 |
Low |  | 60.05 |  | 58.35 |  | 60.70 |  | 58.41 |
2017 |  | 1st |  | 2nd |  | 3rd |  | 4th | Total
Net sales |  | $199.3 |  | $215.6 |  | $222.1 |  | $226.7 | $863.7
Gross profit |  | 76.0 |  | 63.2 |  | 79.6 |  | 77.5 | 296.3
Net income attributable to the Company |  | 10.8 |  | 1.1 |  | 15.3 |  | 5.9 | 33.1
Basic earnings per share |  | 0.34 |  | 0.03 |  | 0.47 |  | 0.19 | 1.03
Diluted earnings per share |  | 0.34 |  | 0.03 |  | 0.47 |  | 0.19 | 1.03
Cash dividends per share |  | 0.17 |  | 0.17 |  | 0.17 |  | 0.17 | 0.68
Class A Common Stock prices: |  |  |  |  |  |  |  |  |
High |  | 49.05 |  | 53.40 |  | 57.60 |  | 65.25 |
Low |  | 43.90 |  | 43.90 |  | 50.25 |  | 56.45 |
2016 |  | 1st |  | 2nd |  | 3rd |  | 4th | Total
Net sales |  | $172.3 |  | $203.2 |  | $191.3 |  | $213.0 | $779.8
Gross profit |  | 72.7 |  | 78.5 |  | 72.6 |  | 77.5 | 301.3
Net income attributable to the Company |  | 13.5 |  | 10.4 |  | 13.1 |  | 15.7 | 52.7
Basic earnings per share |  | 0.42 |  | 0.32 |  | 0.41 |  | 0.49 | 1.64
Diluted earnings per share |  | 0.42 |  | 0.32 |  | 0.41 |  | 0.49 | 1.64
Cash dividends per share |  | 0.17 |  | 0.17 |  | 0.17 |  | 0.17 | 0.68
Class A Common Stock prices: |  |  |  |  |  |  |  |  |
High |  | 38.21 |  | 41.31 |  | 43.78 |  | 49.25 |
Low |  | 31.43 |  | 37.27 |  | 38.92 |  | 38.65 |
In 2018, restructuring charges reduced earnings per share by $0.18 in the first quarter, $0.06 in the second quarter, $0.06 in the third quarter, and $0.04 in the fourth quarter. The charges primarily related to the closure of the MC Facility in Sélestat, France and discontinuation of certain manufacturing processes in Salt Lake City. In 2018, discrete income tax adjustments, increased/(decreased) earnings per share by $0.01 in the first quarter, $0.12 in the second quarter, $0.00 in the third quarter, and $(0.01) in the fourth quarter. In 2017, restructuring charges reduced earnings per share by $0.05 in the first quarter, $0.04 in the second quarter, $0.11 in the third quarter, and $0.07 in the fourth quarter. The amount recognized in the third quarter was primarily non-cash charges associated with the decision to exit a discontinued product line. In 2017, discrete income tax adjustments, increased/(decreased) earnings per share by ($0.03) in the first quarter, ($0.02) in the second quarter, $0.12 in the third quarter, and ($0.21) in the fourth quarter. The amount recognized in the fourth quarter was primarily from changes in U.S. tax laws. In 2017, we recorded a write-off of inventory in a discontinued product line in the third quarter of 2017. The write-off (decreased)/increased earnings per share by ($0.06) in the third quarter and $0.01 in the fourth quarter. In 2016, restructuring charges reduced earnings per share by $0.01 in the first quarter, $0.13 in the second quarter, $0.01 in the third quarter, and $0.01 in the fourth quarter. In 2016, we recorded measurement period adjustments related to the business acquisition that occurred in the second quarter of 2016. Measurement period adjustments decreased earnings per share by $0.03 in the third quarter, and $0.00 in the fourth quarter. Costs related to the acquisition transaction reduced earnings per share by $0.03 in the first quarter, $0.08 in the second quarter, $0.00 in the third quarter, and $0.00 in the fourth quarter. In 2016, discrete income tax adjustments increased earnings per share by $0.03 in the first quarter, $0.00 in the second quarter, $0.00 in the third quarter, and $0.04 in the fourth quarter. The Company’s Class A Common Stock is traded principally on the New York Stock Exchange. As of December 31, 2018, there were over 20,000 beneficial owners of the Company’s common stock, including employees owning shares through the Company’s 401(k) defined contribution plan. As described above, in the fourth quarter of 2018, the Company discovered errors in its financial reports for the first three quarters of 2018. The table below presents the amounts originally reported, the amount of the error, and the revised amounts for certain income statement accounts.
|  | 1st quarter 2018 | 2nd quarter 2018
(in millions, except per share amounts) | As previously reported | Increase / (decrease) | As revised | As previously reported | Increase / (decrease) | As revised
Machine Clothing segment |  |  |  |  |  |  |
| Net sales | $148.2 | $(6.4) | $141.8 |  | $162.6 | $(0.8) | $161.8
| Gross profit | 70.2 | (3.9) | 66.3 |  | 79.6 | (0.5) | 79.1
| Operating income | 30.8 | (3.9) | 26.9 |  | 50.8 | (0.5) | 50.3
Total Company |  |  |  |  |  |  |
| Net income attributable to the Company | 10.2 | (2.5) | 7.7 |  | 30.4 | (0.5) | 29.9
| Basic earnings per share | 0.32 | (0.08) | 0.24 |  | 0.94 | (0.01) | 0.93
| Diluted earnings per share | 0.32 | (0.08) | 0.24 |  | 0.94 | 0.01) | 0.93
|  | 3rd quarter 2018 | First 3 quarters of 2018
(in millions, except per share amounts) | As previously reported | Increase / (decrease) | As revised | As previously reported | Increase / (decrease) | As revised
Machine Clothing segment |  |  |  |  |  |  |
| Net sales | $159.0 | $(1.4) | $157.6 |  | $469.8 | $(8.6) | $461.2
| Gross profit | 79.4 | (0.7) | 78.7 |  | 229.2 | (5.1) | 224.1
| Operating income | 50.3 | (0.6) | 49.7 |  | 131.9 | (5.0) | 126.9
Total Company |  |  |  |  |  |  |
| Net income attributable to the Company | 28.2 | (0.5) | 27.7 |  | 68.8 | (3.5) | 65.3
| Basic earnings per share | 0.87 | (0.01) | 0.86 |  | 2.13 | (0.11) | 2.02
| Diluted earnings per share | 0.87 | (0.01) | 0.86 |  | 2.13 | (0.11) | 2.02

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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