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Noncontrolling Interest | 3 Months Ended
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Mar. 31, 2024
Noncontrolling Interest [Abstract] |
Noncontrolling Interest | Noncontrolling Interests Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in Albany Safran Composites, LLC ("ASC"). On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. On the date of the acquisition, the fair value of the noncontrolling interest in Arcari was $0.5 million. For the three months ended March 31, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at March 31, 2024 was $0.5 million. The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:
ASC Noncontrolling Interest | Three months ended March 31,
(in thousands, except percentages) | 2024 | 2023
Net income of Albany Safran Composites (ASC) | $ | 1,014 |  | $ | 2,282 |
Less: Return attributable to the Company's preferred holding | 308 |  | 308 |
Net income of ASC available for common ownership | $ | 706 |  | $ | 1,974 |
Ownership percentage of noncontrolling shareholder | 10 | % | 10 | %
Net income attributable to the noncontrolling interest | $ | 71 |  | $ | 197 |
Noncontrolling interest, beginning of year | $ | 5,423 |  | $ | 4,494 |
Net income attributable to noncontrolling interest | 71 |  | 197 |
Changes in other comprehensive income attributable to the noncontrolling interest | 57 |  | 238 |
ASC Noncontrolling interest, end of interim period | $ | 5,551 |  | $ | 4,929 |
Arcari Noncontrolling interest, end of interim period | $ | 525 |  | $ | — |
Total Noncontrolling interest, end of interim period | $ | 6,076 |  | $ | 4,929 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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- References No definition available. + Details
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