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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2019
Stockholders' Equity Note [Abstract] |
Schedule of Activity in Shareholders' Equity | In 2019, a public offering of a portion of the Standish Family shares reduced the number of Class A Common Stock reserved for the conversion of Class B shares, by 1.6 million. At December 31, 2019, 1.6 million shares of Class A Common Stock were reserved for the conversion of Class B Common Stock and the exercise of stock options. In August 2006, we announced that the Board of Directors authorized management to purchase up to 2 million additional shares of our Class A Common Stock. The Board’s action authorizes management to purchase shares from time to time, in the open market or otherwise, whenever it believes such purchase to be advantageous to our shareholders, and it is otherwise legally permitted to do so. We have made no share purchases under the August 2006 authorization. Activity in Shareholders’ equity for 2017, 2018, and 2019 is presented below: 101 Index ALBANY INTERNATIONAL CORP. Notes to Consolidated Financial Statements 23. Shareholders’ Equity — (continued)
(in thousands) |  | Class A Common Stock |  | Class B Common Stock |  | Additional paid-in capital |  | Retained earnings |  | Accumulated items of other comprehensive income |  | Class A Treasury Stock |  | Noncontrolling Interest |  | Total Equity
Shares |  | Amount | Shares |  | Amount | Shares |  | Amount
January 1, 2017 |  | 37,319 |  | $37 |  | 3,234 |  | $3 |  | $425,953 |  | $522,855 |  | $(184,189) |  | 8,443 |  | $(257,136) |  | $3,767 |  | $511,290
Net income |  | — |  | — |  | — |  | — |  | — |  | 33,111 |  | — |  | — |  | — |  | (526) |  | 32,585
Compensation and benefits paid or payable in shares |  | 44 |  | — |  | — |  | — |  | 1,564 |  | — |  | — |  | — |  | — |  | — |  | 1,564
Options exercised |  | 33 |  | — |  | — |  | — |  | 597 |  | — |  | — |  | — |  | — |  | — |  | 597
Shares issued to Directors' |  | — |  | — |  | — |  | — |  | 309 |  | — |  | — |  | (12) |  | 260 |  | — |  | 569
Dividends declared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.68 per share |  | — |  | — |  | — |  | — |  | — |  | (19,685) |  | — |  | — |  | — |  | — |  | (19,685)
Class B Common Stock, $0.68 per share |  | — |  | — |  | — |  | — |  | — |  | (2,199) |  | — |  | — |  | — |  | — |  | (2,199)
Cumulative translation adjustments |  | — |  | — |  | — |  | — |  | — |  | — |  | 45,980 |  | — |  | — |  | 6 |  | 45,986
Pension and postretirement liability adjustments |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,183 |  | — |  | — |  | — |  | 1,183
Derivative valuation adjustment. |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,125 |  | — |  | — |  | — |  | 1,125
December 31, 2017 |  | 37,396 |  | $37 |  | 3,234 |  | $3 |  | $428,423 |  | $534,082 |  | $(135,901) |  | 8,431 |  | $(256,876) |  | $3,247 |  | $573,015
Net income |  | — |  | — |  | — |  | — |  | — |  | 82,891 |  | — |  | — |  | — |  | 128 |  | 83,019
Adoption of accounting standards (a),(b) |  | — |  | — |  | — |  | — |  | — |  | (5,068) |  | — |  | — |  | — |  | (327) |  | (5,395)
Compensation and benefits paid or payable in shares |  | 44 |  | — |  | — |  | — |  | 1,437 |  | — |  | — |  | — |  | — |  | — |  | 1,437
Options exercised |  | 10 |  | — |  | — |  | — |  | 201 |  | — |  | — |  | — |  | — |  | — |  | 201
Shares issued to Directors' |  | — |  | — |  | — |  | — |  | 494 |  | — |  | — |  | (12) |  | 273 |  | — |  | 767
Dividends declared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.69 per share |  | — |  | — |  | — |  | — |  | — |  | (20,029) |  | — |  | — |  | — |  | — |  | (20,029)
Class B Common Stock, $0.69 per share |  | — |  | — |  | — |  | — |  | — |  | (2,231) |  | — |  | — |  | — |  | — |  | (2,231)
Cumulative translation adjustments |  | — |  | — |  | — |  | — |  | — |  | — |  | (28,658) |  | — |  | — |  | (17) |  | (28,675)
Pension and postretirement liability adjustments |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,427 |  | — |  | — |  | — |  | 3,427
Derivative valuation adjustment. |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,744 |  | — |  | — |  | — |  | 2,744
December 31, 2018 |  | 37,450 |  | $37 |  | 3,234 |  | $3 |  | $430,555 |  | $589,645 |  | $(158,388) |  | 8,419 |  | $(256,603) |  | $3,031 |  | $608,280
Net income |  | — |  | — |  | — |  | — |  | — |  | 132,398 |  | — |  | — |  | — |  | 985 |  | 133,383
Adoption of accounting standards (c) |  | — |  | — |  | — |  | — |  | — |  | 35 |  | — |  | — |  | — |  | — |  | 35
Compensation and benefits paid or payable in shares |  | 26 |  | — |  | — |  | — |  | 1,311 |  | — |  | — |  | — |  | — |  | — |  | 1,311
Options exercised |  | 7 |  | — |  | — |  | — |  | 112 |  | — |  | — |  | — |  | — |  | — |  | 112
Shares issued to Directors' |  | — |  | — |  | — |  | — |  | 540 |  | — |  | — |  | (10) |  | 212 |  | — |  | 752
Dividends declared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.73 per share |  | — |  | — |  | — |  | — |  | — |  | (21,818) |  | — |  | — |  | — |  | — |  | (21,818)
Class B Common Stock, $0.73 per share |  | — |  | — |  | — |  | — |  | — |  | (1,763) |  | — |  | — |  | — |  | — |  | (1,763)
Conversion of Class B shares to Class A shares (d) |  | 1,616 |  | 2 |  | (1,616) |  | (1) |  | — |  | (1) |  | — |  | — |  | — |  | — |  | —
Cumulative translation adjustments |  | — |  | — |  | — |  | — |  | — |  | — |  | (6,876) |  | — |  | — |  | (10) |  | (6,886)
Pension and postretirement liability adjustments |  | — |  | — |  | — |  | — |  | — |  | — |  | (2,885) |  | — |  | — |  | — |  | (2,885)
Derivative valuation adjustment. |  | — |  | — |  | — |  | — |  | — |  | — |  | (7,832) |  | — |  | — |  | — |  | (7,832)
December 31, 2019 |  | 39,099 |  | $39 |  | 1,618 |  | $2 |  | $432,518 |  | $698,496 |  | $(175,981) |  | 8,409 |  | $(256,391) |  | $4,006 |  | $702,689
(a) | As described in Note 2, 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.
102 Index ALBANY INTERNATIONAL CORP. Notes to Consolidated Financial Statements 23. Shareholders’ Equity — (continued)
(b) | The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.
(c) | As described in Note 20, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
(d) | 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.

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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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