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Reportable Segments and Revenue Recognition (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
| Three months ended September 30, | Nine months ended September 30,
(in thousands) | 2023 | 2022 | 2023 | 2022
Net revenues |  |  |  |
Machine Clothing | $ | 166,588 |  | $ | 153,389 |  | $ | 479,027 |  | $ | 459,121 |
Albany Engineered Composites | 114,518 |  | 107,174 |  | 345,298 |  | 306,980 |
Consolidated revenues | $ | 281,106 |  | $ | 260,563 |  | $ | 824,325 |  | $ | 766,101 |
Operating income/(loss) |  |  |  |
Machine Clothing | $ | 50,710 |  | $ | 57,247 |  | $ | 153,400 |  | $ | 161,752 |
Albany Engineered Composites | 9,374 |  | 9,958 |  | 27,460 |  | 20,688 |
Corporate expenses | (20,014) |  | (13,561) |  | (54,747) |  | (39,327) |
Consolidated Operating income | $ | 40,070 |  | $ | 53,644 |  | $ | 126,113 |  | $ | 143,113 |
Reconciling items: |  |  |  |
Interest income | (1,826) |  | (965) |  | (4,770) |  | (2,463) |
Interest expense | 5,479 |  | 4,759 |  | 14,819 |  | 13,799 |
Pension settlement expense | — |  | 49,128 |  | — |  | 49,128 |
Other (income)/expense, net | 56 |  | (6,918) |  | (4,910) |  | (17,891) |
Income before income taxes | $ | 36,361 |  | $ | 7,640 |  | $ | 120,974 |  | $ | 100,540 |
Schedule of Disaggregation of Revenue For Each Product Group by Timing of Revenue Recognition | The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2023:
| Three months ended September 30, 2023
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $ | 165,643 |  | $ | 945 |  | $ | 166,588 |
Albany Engineered Composites: |  |  |
ASC | — |  | 46,654 |  | 46,654 |
Other AEC | 4,955 |  | 62,909 |  | 67,864 |
Total Albany Engineered Composites | 4,955 |  | 109,563 |  | 114,518 |
Total revenues | $ | 170,598 |  | $ | 110,508 |  | $ | 281,106 |
The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended September 30, 2022:
| Three months ended September 30, 2022
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $ | 152,490 |  | $ | 899 |  | $ | 153,389 |
Albany Engineered Composites: |  |  |
ASC | — |  | 41,463 |  | 41,463 |
Other AEC | 5,819 |  | 59,892 |  | 65,711 |
Total Albany Engineered Composites | 5,819 |  | 101,355 |  | 107,174 |
Total revenues | $ | 158,309 |  | $ | 102,254 |  | $ | 260,563 |
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2023:
| Nine months ended September 30, 2023
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $ | 476,194 |  | $ | 2,833 |  | $ | 479,027 |
Albany Engineered Composites: |  |  |
ASC | — |  | 138,603 |  | 138,603 |
Other AEC | 14,259 |  | 192,436 |  | 206,695 |
Total Albany Engineered Composites | 14,259 |  | 331,039 |  | 345,298 |
Total revenues | $ | 490,453 |  | $ | 333,872 |  | $ | 824,325 |
The following table disaggregates revenue for each product group by timing of revenue recognition for the nine months ended September 30, 2022:
| Nine months ended September 30, 2022
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $ | 456,423 |  | $ | 2,698 |  | $ | 459,121 |
Albany Engineered Composites: |  |  |
ASC | — |  | 122,836 |  | 122,836 |
Other AEC | 14,750 |  | 169,394 |  | 184,144 |
Total Albany Engineered Composites | 14,750 |  | 292,230 |  | 306,980 |
Total revenues | $ | 471,173 |  | $ | 294,928 |  | $ | 766,101 |
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service | The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing ("PMC") and engineered fabrics); and for PMC, the geographical region to which the paper machine clothing was sold:
| Three months ended September 30, | Nine months ended September 30,
(in thousands) | 2023 | 2022 | 2023 | 2022
Americas PMC | $ | 84,405 |  | $ | 83,124 |  | $ | 261,937 |  | $ | 240,173 |
Eurasia PMC | 64,493 |  | 49,828 |  | 164,771 |  | 157,751 |
Engineered Fabrics | 17,690 |  | 20,437 |  | 52,319 |  | 61,197 |
Total Machine Clothing Net revenues | $ | 166,588 |  | $ | 153,389 |  | $ | 479,027 |  | $ | 459,121 |

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