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Noncontrolling Interest

6 Months Ended

Jun. 30, 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 six months ended June 30, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at June 30, 2024 was $0.6 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			Six months ended June 30,
(in thousands, except percentages)			2024			2023
Net income of Albany Safran Composites (ASC)			$	1,841		$	4,146
Less: Return attributable to the Company's preferred holding			589			637
Net income of ASC available for common ownership			$	1,252		$	3,509
Ownership percentage of noncontrolling shareholder			10		%	10		%
Net income attributable to the noncontrolling interest			$	125		$	351
Noncontrolling interest, beginning of year			$	5,423		$	4,494
Net income attributable to noncontrolling interest			125			351
Changes in other comprehensive income attributable to the noncontrolling interest			(304)			417
ASC Noncontrolling interest, end of interim period			$	5,244		$	5,262
Arcari Noncontrolling interest, end of interim period			$	562		$	—
Total Noncontrolling interest, end of interim period			$	5,806		$	5,262

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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

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- References

No definition available.

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