XML 43 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

Shareholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2022
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity We have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights. Each share of our Class A Common Stock is entitled to one vote on all matters submitted to shareholders, and each share of Class B Common Stock is entitled to 10 votes. Class A and Class B Common Stock will receive equal dividends as the Board of Directors may determine from time to time. The Class B Common Stock is convertible into an equal number of shares of Class A Common Stock at any time. As of December 31, 2022, there were no Class B Common Stock outstanding nor any were anticipated to be issued. 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. In 2021, Standish Family Holdings, LLC and J.S. Standish Company (the "Selling Stockholders") agreed to sell to J.P. Morgan Securities LLC all of its ownership in the Company's Class A common stock. Such constituted a sale of nearly all of the remaining 1.6 million shares of the Company’s Class A Common Stock, par value $0.001 per share, to be issued upon conversion of an equal number of shares of the Company’s Class B common stock, par value $0.001 per share, at a price per share of $75.9656 (the "Transaction"). Immediately following the Transaction, the Selling Stockholders and related persons (including Christine L. Standish and John C. Standish) hold in the aggregate shares of the Company’s common stock entitling them to cast less than one percent of the combined votes entitled to be cast by all stockholders of the Company. In 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. As of December 31, 2022, the Company has repurchased in total 1,308,003 shares for a total cost of $109.4 million. Of this, 1,022,717 shares were purchased in 2022 for $85.1 million and 285,286 shares were purchased in 2021 for $24.4 million. Activity in Shareholders’ equity for 2020, 2021, and 2022 is presented below:
(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, 2020 | 39,099 |  |  | $ | 39 |  |  | 1,618 |  |  | $ | 2 |  |  | $ | 432,518 |  |  | $ | 698,496 |  |  | $ | (175,981) |  |  | 8,409 |  |  | $ | (256,391) |  |  | $ | 4,006 |  |  | $ | 702,689 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,589 |  |  | — |  |  | — |  |  | — |  |  | (1,346) |  |  | 97,243 |
Adoption of accounting standards (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,443) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,443) |
Compensation and benefits paid or payable in shares | 13 |  |  | — |  |  | — |  |  | — |  |  | 622 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 622 |
Options exercised | 3 |  |  | — |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 55 |
Shares issued to Directors' | — |  |  | — |  |  | — |  |  | — |  |  | 501 |  |  | — |  |  | — |  |  | (18) |  |  | 382 |  |  | — |  |  | 883 |
Dividends declared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.77 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,651) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,651) |
Class B Common Stock, $0.77 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,245) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,245) |
Cumulative translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,649 |  |  | — |  |  | — |  |  | 1,139 |  |  | 40,788 |
Pension and postretirement liability adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,333 |  |  | — |  |  | — |  |  | — |  |  | 10,333 |
(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
Derivative valuation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,409) |  |  | — |  |  | — |  |  | — |  |  | (6,409) |
December 31, 2020 | 39,115 |  |  | $ | 39 |  |  | 1,618 |  |  | $ | 2 |  |  | $ | 433,696 |  |  | $ | 770,746 |  |  | $ | (132,408) |  |  | 8,391 |  |  | $ | (256,009) |  |  | $ | 3,799 |  |  | $ | 819,865 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 118,478 |  |  | — |  |  | — |  |  | — |  |  | 290 |  |  | 118,768 |
Compensation and benefits paid or payable in shares | 20 |  |  | — |  |  | — |  |  | — |  |  | 2,441 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,441 |
Options exercised | 7 |  |  | — |  |  | — |  |  | — |  |  | 153 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 153 |
Shares issued to Directors' | — |  |  | — |  |  | — |  |  | — |  |  | 706 |  |  | — |  |  | — |  |  | (11) |  |  | 241 |  |  | — |  |  | 947 |
Purchase of Treasury shares (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 285 |  |  | (24,375) |  |  | — |  |  | (24,375) |
Class A Common Stock, $0.81 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25,520) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25,520) |
Class B Common Stock, $0.81 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (647) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (647) |
Conversion of Class B shares to Class A shares (c) | 1,618 |  |  | 2 |  |  | (1,618) |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cumulative translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,677) |  |  | — |  |  | — |  |  | (451) |  |  | (23,128) |
Pension and postretirement liability adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,171 |  |  | — |  |  | — |  |  | — |  |  | 1,171 |
Derivative valuation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,930 |  |  | — |  |  | — |  |  | — |  |  | 7,930 |
December 31, 2021 | 40,760 |  |  | $ | 41 |  |  | — |  |  | $ | — |  |  | $ | 436,996 |  |  | $ | 863,057 |  |  | $ | (145,984) |  |  | 8,665 |  |  | $ | (280,143) |  |  | $ | 3,638 |  |  | $ | 877,605 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,762 |  |  | — |  |  | — |  |  | — |  |  | 746 |  |  | 96,508 |
Compensation and benefits paid or payable in shares | 24 |  |  | — |  |  | — |  |  | — |  |  | 3,727 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,727 |
Options exercised | 1 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |
Shares issued to Directors' | — |  |  | — |  |  | — |  |  | — |  |  | 800 |  |  | — |  |  | — |  |  | (13) |  |  | 285 |  |  | — |  |  | 1,085 |
Purchase of Treasury shares (d) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,023 |  |  | (85,065) |  |  | — |  |  | (85,065) |
Dividends declared |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock, $0.88 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,501) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,501) |
Cumulative translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (40,971) |  |  | — |  |  | — |  |  | 110 |  |  | (40,861) |
Pension and postretirement liability adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,491) |  |  | — |  |  | — |  |  | — |  |  | (3,491) |
Settlement of certain pension liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,198 |  |  | — |  |  | — |  |  | — |  |  | 26,198 |
(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
Derivative valuation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,321 |  |  | — |  |  | — |  |  | — |  |  | 19,321 |
December 31, 2022 | 40,785 |  |  | $ | 41 |  |  | — |  |  | $ | — |  |  | $ | 441,540 |  |  | $ | 931,318 |  |  | $ | (144,927) |  |  | 9,675 |  |  | $ | (364,923) |  |  | $ | 4,494 |  |  | $ | 867,543 |
(a)As described in Note 1, the Company adopted the provisions of ASC 326, Current expected credit losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million. (b)On October 25, 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million. (c)In the third and fourth quarters of 2021, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offerings, 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. (d)In 2022, as part of the Share Repurchase program, the Company repurchased 1,022,717 shares totaling $85.1 million.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration