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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Lessee Disclosure [Abstract] |
Schedule of Cumulative Effects of Adoption of ASC 842 | The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases: ALBANY INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEET (in thousands, except share data) (unaudited)
| As previously reported at December 31, 2018 |  | Adjustments Increase/ (decrease) |  | Opening balance, as adjusted, January 1, 2019
ASSETS |  |  |  |  |
Cash and cash equivalents | $197,755 |  | $ - |  | $197,755
Accounts receivable, net | 223,176 |  | - |  | 223,176
Contract assets | 57,447 |  | - |  | 57,447
Inventories | 85,904 |  | - |  | 85,904
Income taxes prepaid and receivable | 7,473 |  | - |  | 7,473
Prepaid expenses and other current assets | 21,294 |  | (370) |  | 20,924
Total current assets | 593,049 |  | (370) |  | 592,679
Property, plant and equipment, net | 462,055 |  | (6,144) |  | 455,911
Intangibles, net | 49,206 |  | - |  | 49,206
Goodwill | 164,382 |  | - |  | 164,382
Deferred income taxes | 62,622 |  | (20) |  | 62,602
Noncurrent receivables | 45,061 |  | - |  | 45,061
Other assets | 41,617 |  | 13,615 |  | 55,232
Total assets | $1,417,992 |  | $7,081 |  | $1,425,073
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |
Notes and loans payable | $- |  | $- |  | $-
Accounts payable | 52,246 |  | - |  | 52,246
Accrued liabilities | 129,030 |  | 4,964 |  | 133,994
Current maturities of long-term debt | 1,224 |  | (1,206) |  | 18
Income taxes payable | 6,806 |  | - |  | 6,806
Total current liabilities | 189,306 |  | 3,758 |  | 193,064
Long-term debt | 523,707 |  | (24,680) |  | 499,027
Other noncurrent liabilities | 88,277 |  | 27,968 |  | 116,245
Deferred taxes and other liabilities | 8,422 |  | - |  | 8,422
Total liabilities | 809,712 |  | 7,046 |  | 816,758
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 |  | 35 |  | 589,680
Accumulated items of other comprehensive income: |  |  |  |  |
Translation adjustments | (115,976) |  | - |  | (115,976)
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 |  | 35 |  | 605,284
Noncontrolling interest | 3,031 |  | - |  | 3,031
Total equity | 608,280 |  | 35 |  | 608,315
Total liabilities and shareholders' equity | $1,417,992 |  | $7,081 |  | $1,425,073
Schedule of Components of Lease Expense | The components of lease expense were as follows:
(in thousands) | For the three months ended March 31, 2019
Finance lease |
Amortization of right-of-use asset | $ 253
Interest on lease liabilities | 399
Operating lease |
Fixed lease cost | 1,217
Variable lease cost | 57
Short-term lease cost | 332
Total lease expense | $ 2,258
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
(in thousands) | For the three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases | $ 1,191
Operating cash flows from finance leases | 399
Financing cash flows from finance leases | 400
Right-of-use assets obtained in exchange for lease obligations:
Operating leases | $ 412
Finance leases | -
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
(in thousands) | March 31, 2019
Operating leases |
Right of use assets included in Other assets | $ 12,969
Lease liabilities included in |
Accrued liabilities | $ 4,182
Other noncurrent liabilities | 8,935
Total operating lease liabilities | $ 13,117
Finance leases |
Right of use assets included in Property, plant and equipment, net | $ 10,890
Lease liabilities included in |
Accrued liabilities | $ 1,216
Other noncurrent liabilities | 18,564
Total finance lease liabilities | $ 19,780
Schedule of Additional Information Related to Leases | Additional information for leases existing at March 31, 2019 was as follows:
Weighted average remaining lease term |
Operating leases | 5 years
Finance leases | 11 years
Weighted average discount rate |
Operating leases | 6.1%
Finance leases | 8.0%
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of March 31, 2019 were as follows:
(in thousands) | Operating leases | Finance lease
Year ending December 31, |  |
2019 | $ 3,487 | $ 2,057
2020 | 4,068 | 2,790
2021 | 2,033 | 2,790
2022 | 1,419 | 2,838
2023 | 1,346 | 3,004
Thereafter | 3,047 | 15,512
Total lease payments | 15,400 | 28,991
Less imputed interest | (2,283) | (9,211)
Total | $ 13,117 | $ 19,780
Schedule of Maturities of SLC Finance Lease Liability | As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments:
| (in thousands)
Year ending December 31, |
2019 | $ 2,451
2020 | 2,974
2021 | 2,990
2022 | 3,054
2023 | 3,277
Thereafter | 18,930
Total minimum payments | 33,676
Less imputed interest | (7,790)
Total | $ 25,886

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