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Leases (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2019 | For the six months ended June 30, 2019
Finance lease |  |
Amortization of right-of-use asset | $246 | $499
Interest on lease liabilities | 394 | 793
Operating lease |  |
Fixed lease cost | 1,208 | 2,425
Variable lease cost | 147 | 204
Short-term lease cost | 340 | 672
Total lease expense | $2,335 | $4,593
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 June 30, 2019 | For the six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $1,182 | $2,373
Operating cash flows from finance leases | 394 | 793
Financing cash flows from finance leases | 178 | 578
Right-of-use assets obtained in exchange for lease obligations: |
Operating leases | $2,590 | $3,002
Finance leases | — | —
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
(in thousands) | June 30, 2019
Operating leases |
Right of use assets included in Other assets | $14,443
Lease liabilities included in |
Accrued liabilities | $3,854
Other noncurrent liabilities | 10,637
Total operating lease liabilities | $14,491
Finance leases |
Right of use assets included in Property, plant and equipment, net | $10,472
Lease liabilities included in |
Accrued liabilities | $1,252
Other noncurrent liabilities | 18,235
Total finance lease liabilities | $19,487
Schedule of Additional Information Related to Leases | Additional information for leases existing at June 30, 2019 was as follows:
Weighted average remaining lease term |
Operating leases | 5 years
Finance leases | 11 years
Weighted average discount rate |
Operating leases | 5.6%
Finance leases | 8.0%
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of June 30, 2019 were as follows:
(in thousands) | Operating leases | Finance lease
Year ending December 31, |  |
2019 | $2,317 | $1,371
2020 | 4,496 | 2,790
2021 | 3,304 | 2,790
2022 | 2,271 | 2,838
2023 | 1,495 | 3,004
Thereafter | 3,054 | 15,512
Total lease payments | 16,937 | 28,305
Less imputed interest | (2,446) | (8,818)
Total | $ 14,491 | $ 19,487
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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