<SEC-DOCUMENT>0000819793-22-000046.txt : 20221212
<SEC-HEADER>0000819793-22-000046.hdr.sgml : 20221212
<ACCEPTANCE-DATETIME>20221021121929
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000819793-22-000046
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALBANY INTERNATIONAL CORP /DE/
		CENTRAL INDEX KEY:			0000819793
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221]
		IRS NUMBER:				140462060
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		216 AIRPORT DRIVE
		CITY:			ROCHESTER
		STATE:			NH
		ZIP:			03867
		BUSINESS PHONE:		6033305850

	MAIL ADDRESS:	
		STREET 1:		216 AIRPORT DRIVE
		CITY:			ROCHESTER
		STATE:			NH
		ZIP:			03867

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALBINT INC
		DATE OF NAME CHANGE:	19870924
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<title>Document</title></head><body><div id="i8b662aa2ffb54f129697fc0b4f3db1f4_1"></div><div style="min-height:108.72pt;width:100%"><div><img alt="image_0.jpg" src="image_0.jpg" style="height:57px;margin-bottom:5pt;vertical-align:text-bottom;width:173px"></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">October 21, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">BY ELECTRONIC TRANSMISSION</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Office of Manufacturing</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Division of Corporate Finance</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">100 F Street, NE</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Washington, D.C. 20549</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Attention&#58; Mr. Dale Welcome</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">&#160;&#160;&#160;&#160;     Mr. Kevin Stertzel</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Re&#58; Albany International Corp.</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">      Form 10-K for the Fiscal Year Ended December 31, 2021</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">      Filed February 25, 2022</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">      File No. 001-10026</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Dear Messrs. Welcome and Stertzel&#58; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">This letter sets forth the responses of Albany International Corp. (the &#8220;Company&#8221;) to the comments of the Securities and Exchange Commission staff (the &#8220;Staff&#8221;) relating to the Company&#8217;s Annual Report on Form 10-K for fiscal year ended December 31, 2021 (the &#8220;Form 10-K&#8221;), contained in your letter dated October 11, 2022 (the &#8220;Comment Letter&#8221;). Set forth below are the Staff&#8217;s comments, followed by the Company&#8217;s responses to the comments.  The numbering of the responses and the headings set forth below correspond to the numbered comments and headings on the letter from the Staff.  The Staff&#8217;s comments are italicized.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Form 10-K for the Fiscal Year Ended December 31, 2021</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Non-GAAP Measures, page 36</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%;padding-left:8pt">We note that you reconcile EBITDA and Adjusted EBITDA to operating income (loss) for each segment and on a consolidated basis. Please revise your presentation in future annual and quarterly filings to reconcile these non-GAAP measures to net income (loss), the most directly comparable GAAP measure. Refer to Item 10(e)(1)(i)(B) of Regulation S-K and Question 103.02 of the SEC&#8217;s Division of Corporation Finance C&#38;DIs on Non-GAAP Measures. This comment also applies to your earnings releases furnished on Form 8-K.</font></div><div style="height:82.8pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Albany International Corp.</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">216 Airport Dr.</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rochester, NH 03867</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(603) 330-5850</font></div></div></div><hr style="page-break-after:always"><div style="min-height:108.72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%">U.S Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%">October 21, 2022</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> of </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">3</font></div><div><font><br></font></div></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Response&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> We will revise our presentation in future annual and quarterly filings, as well as our earnings releases furnished on Form 8K, to reconcile EBITDA and Adjusted EBITDA to net income for each segment and on a consolidated basis.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%;padding-left:8pt">We note that your Adjusted EBITDA non-GAAP measure includes an adjustment for foreign currency revaluation (gains)&#47;losses. Please tell us how you considered Question 100.01 of the SEC&#8217;s Division of Corporation Finance C&#38;DIs on Non-GAAP Measures given that such gains and losses appear to reflect normal business activities of an entity with foreign subsidiaries&#47;operations.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:125%">Response&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%"> The Company has operations in foreign countries where the local currency is the functional currency used to prepare local financial statements, which are then translated into our group reporting currency (US dollar) in accordance with US GAAP.  Certain of our foreign subsidiaries hold monetary assets and liabilities denominated in non-functional currency that are remeasured to each subsidiary&#8217;s respective functional currency on the balance sheet date.  Certain foreign currency gains and losses are included, while others are adjusted for, in our Adjusted EBITDA.  </font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">The Company kindly advises the Staff that foreign currency revaluation (gains)&#47;losses consist of the remeasurement effects of third party receivables and payables, cash, and intercompany loans denominated in a currency other than our subsidiary&#8217;s functional currency on the balance sheet date (collectively, the &#8220;foreign currency revaluation effects&#8221;).   </font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">In response to the Staff&#8217;s question regarding consideration of Question 100.01 of the SEC&#8217;s Division of Corporation Finance C&#38;DIs on Non-GAAP Measures, we note that the foreign currency revaluation effects represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.  Foreign currency revaluation effects do not represent costs necessary to generate revenues or to operate our business and as such are not normal, recurring cash charges.  The Company believes that excluding the impact of the foreign currency revaluation effects from our Adjusted EBITDA provides our financial statement users with a transparent view into the core financial performance of our business, particularly when compared to periods in which the foreign currency revaluation effects had a greater, lesser, or no impact and therefore are not misleading.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">We respectfully advise the Staff that gains and losses realized from transactions denominated in foreign currencies, both functional and non-functional, occurring during </font></div><div style="height:82.8pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:108.72pt;width:100%"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%">U.S Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%">October 21, 2022</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">3</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> of </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:100%">3</font></div><div><font><br></font></div></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">the period are not adjusted for in our Adjusted EBITDA, as such gains and losses are reflective of normal business activities of our foreign subsidiaries.  </font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">We will clarify in our future quarterly and annual filings, as well as in earnings releases furnished on Form 8-K, the nature of foreign currency revaluation effects that are adjusted for in our Adjusted EBITDA, as follows&#58;</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:54pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Foreign currency revaluation (gains)&#47;losses represent unrealized gains and losses arising from the remeasurement of monetary assets and liabilities denominated in non-functional currencies on the balance sheet date.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">In connection with responding to the Staff&#8217;s comments, the Company and its management acknowledges our responsibility for the accuracy and adequacy of our disclosures, notwithstanding any review, comments, action or absence of action by the Staff.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Should you have any questions or comments relating to this letter, please contact the undersigned at (603) 330-5899.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Very truly yours,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:125%;text-decoration:underline">&#47;s&#47; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%;text-decoration:underline">Stephen M. Nolan&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Stephen M. Nolan</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">Chief Financial Officer and Treasurer</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">cc&#58; A. William Higgins, President &#38; Chief Executive Officer, Albany International Corp.</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">      Joseph M. Gaug, General Counsel &#38; Secretary, Albany International Corp.</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">      Cleary Gottlieb Steen &#38; Hamilton LLP (Helena K. Grannis) </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:125%">      KPMG LLP (John Murphy)</font></div><div><font><br></font></div><div style="height:82.8pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
