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Changes in Shareholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2019
Stockholders' Equity Note [Abstract] |
Schedule of Activity in Shareholders' Equity | The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to June 30, 2019:
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Non-controlling Interest | Total Equity
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount
December 31, 2018 | 37,450 | $37 | 3,234 | $3 | $430,555 | $589,645 | $(158,388) | 8,419 | $(256,603) | $3,031 | $608,280
Adoption of accounting standards(a) | — | — | — | — | — | 35 | — | — | — | — | 35
Net income | — | — | — | — | — | 29,190 | — | — | — | 218 | 29,408
Compensation and benefits paid or payable in shares | 25 | — | — | — | (547) | — | — | — | — | — | (547)
Options exercised | 3 | — | — | — | 44 | — | — | — | — | — | 44
Shares issued to Directors | — | — | — | — | — | — | — | — | — | — | —
Dividends declared: |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.18 per share | — | — | — | — | — | (5,231) | — | — | — | — | (5,231)
Class B Common Stock, $0.18 per share | — | — | — | — | — | (582) | — | — | — | — | (582)
Cumulative translation adjustments | — | — | — | — | — | — | (654) | — | — | (8) | (662)
Pension and postretirement liability adjustments | — | — | — | — | — | — | (1,487) | — | — | — | (1,487)
Derivative valuation adjustment | — | — | — | — | — | — | (2,851) | — | — | — | (2,851)
March 31, 2019 | 37,478 | $37 | 3,234 | $3 | $430,052 | $613,057 | $(163,380) | 8,419 | $(256,603) | $3,241 | $626,407
Net income | — | — | — | — | — | 34,054 | — | — | — | 205 | 34,259
Compensation and benefits paid or payable in shares | — | — | — | — | 958 | — | — | (10) | 212 | — | 1,170
Options exercised | 2 | — | — | — | 28 | — | — | — | — | — | 28
Shares issued to Directors | — | — | — | — | — | — | — | — | — | — | —
Dividends declared | — | — | — | — | — | — | — | — | — | — | —
Class A Common Stock, $0.18 per share | — | — | — | — | — | (5,523) | — | — | — | — | (5,523)
Class B Common Stock, $0.18 per share | — | — | — | — | — | (291) | — | — | — | — | (291)
Conversion of Class B shares to Class A shares, rounding(b) | 1,616 | 2 | (1,616) | (1) | (1) | — | — | — | — | — | —
Cumulative translation adjustments | — | — | — | — | — | — | (1) | — | — | 2 | 1
Pension and postretirement liability adjustments | — | — | — | — | — | — | (40) | — | — | — | (40)
Derivative valuation adjustment | — | — | — | — | — | — | (4,695) | — | — | — | (4,695)
June 30, 2019 | 39,096 | $39 | 1,618 | $2 | $431,037 | $641,297 | $(168,116) | 8,409 | $(256,391) | $3,448 | $651,316
29 Index The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to June 30, 2018:
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings | Accumulated items of other comprehensive income | Class A Treasury Stock | Non-controlling Interest | Total Equity
(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount
December 31, 2017 | 37,396 | $37 | 3,234 | $3 | $428,423 | $534,082 | $(135,901) | 8,431 | $(256,876) | $3,247 | $573,015
Adoption of accounting standards(c)(d) | — | — | — | — | — | (5,068) | — | — | — | (327) | (5,395)
Net income | — | — | — | — | — | 7,662 | — | — | — | 237 | 7,899
Compensation and benefits paid or payable in shares | 44 | — | — | — | 289 | — | — | — | — | — | 289
Options exercised | 8 | — | — | — | 147 | — | — | — | — | — | 147
Shares issued to Directors | — | — | — | — | — | — | — | — | — | — | —
Dividends declared |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.17 per share | — | — | — | — | — | (4,933) | — | — | — | — | (4,933)
Class B Common Stock, $0.17 per share | — | — | — | — | — | (550) | — | — | — | — | (550)
Cumulative translation adjustments | — | — | — | — | — | — | 17,646 | — | — | (7) | 17,639
Pension and postretirement liability adjustments | — | — | — | — | — | — | (13) | — | — | — | (13)
Derivative valuation adjustment | — | — | — | — | — | — | 4,480 | — | — | — | 4,480
March 31, 2018 | 37,448 | $37 | 3,234 | $3 | $428,859 | $531,193 | $(113,788) | 8,431 | $(256,876) | $3,150 | $592,578
Net income | — | — | — | — | — | 29,902 | — | — | — | (59) | 29,843
Compensation and benefits paid or payable in shares | — | — | — | — | 773 | — | — |  | 274 | — | 1,047
Options exercised | — | — | — | — | 3 | — | — | — | — | — | 3
Shares issued to Directors | — | — | — | — | — | — | — | (12) | — | — | —
Dividends declared | — | — | — | — | — | — | — | — | — | — | —
Class A Common Stock, $0.17 per share | — | — | — | — | — | (4,935) | — | — | — | — | (4,935)
Class B Common Stock, $0.17 per share | — | — | — | — | — | (550) | — | — | — | — | (550)
Cumulative translation adjustments | — | — | — | — | — | — | (33,216) | — | — | 11 | (33,205)
Pension and postretirement liability adjustments | — | — | — | — | — | — | 2,127 | — | — | — | 2,127
Derivative valuation adjustment | — | — | — | — | — | — | 1,722 | — | — | — | 1,722
June 30, 2018 | 37,448 | $37 | 3,234 | $3 | $429,635 | $555,610 | $(143,155) | 8,419 | $(256,602) | $3,102 | $588,630
(a) | As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
(b) | In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.
(c) | The Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
(d) | The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.
30 Index

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- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644 + Details
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