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Reportable Segments and Geographic Data (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Financial Data by Reporting Segment | The following tables show data by reportable segment that is regularly provided to the CODM, reconciled to consolidated totals included in the financial statements:
|  | Year ended December 31, 2024
(in thousands) |  | MC |  | AEC |  | Corporate |  | Total
Net revenues |  | $ | 749,907 |  |  | $ | 480,708 |  |  | $ | — |  |  | $ | 1,230,615 |
Cost of goods sold |  | 403,863 |  |  | 424,976 |  |  | — |  |  | 828,839 |
Gross profit |  | 346,044 |  |  | 55,732 |  |  | — |  |  | 401,776 |
Selling, general and administrative expenses |  | 123,120 |  |  | 47,421 |  |  | 40,341 |  |  | 210,882 |
Technical and research expenses |  | 29,832 |  |  | 16,265 |  |  | — |  |  | 46,097 |
Restructuring expenses, net |  | 9,460 |  |  | 3,649 |  |  | 329 |  |  | 13,438 |
Operating income/(loss) |  | $ | 183,632 |  |  | $ | (11,603) |  |  | $ | (40,670) |  |  | $ | 131,359 |
Certain prior year amounts have been reclassified in order to conform to current year presentation. Global information system costs previously included in Corporate expenses are allocated to the segments. Management believes this presentation better reflects the performance of the segments and is how management will review segment performance on a going forward basis. For the year ended December 31, 2024, Selling, general and administrative expenses include global information systems costs of $15.2 million, $15.7 million and $1.0 million for MC, AEC and Corporate, respectively. Global information systems costs were previously included in Corporate expenses.
|  | Year ended December 31, 2023
(in thousands) |  | MC |  | AEC |  | Corporate |  | Total
Net revenues |  | $ | 670,768 |  |  | $ | 477,141 |  |  | $ | — |  |  | $ | 1,147,909 |
Cost of goods sold |  | 339,210 |  |  | 384,981 |  |  | — |  |  | 724,191 |
Gross profit |  | 331,558 |  |  | 92,160 |  |  | — |  |  | 423,718 |
Selling, general and administrative expenses |  | 118,196 |  |  | 48,833 |  |  | 47,886 |  |  | 214,915 |
Technical and research expenses |  | 24,651 |  |  | 15,976 |  |  | — |  |  | 40,627 |
Restructuring expenses, net |  | 282 |  |  | — |  |  | — |  |  | 282 |
Operating income/(loss) |  | $ | 188,429 |  |  | $ | 27,351 |  |  | $ | (47,886) |  |  | $ | 167,894 |
For the year ended December 31, 2023, Selling, general and administrative expenses include global information systems costs of $10.9 million, $14.2 million and $2.1 million for MC, AEC and Corporate, respectively. Global information systems costs were previously included in Corporate expenses.
|  | Year ended December 31, 2022
(in thousands) |  | MC |  | AEC |  | Corporate |  | Total
Net revenues |  | $ | 609,461 |  |  | $ | 425,426 |  |  | $ | — |  |  | $ | 1,034,887 |
Cost of goods sold |  | 297,176 |  |  | 347,929 |  |  | — |  |  | 645,105 |
Gross profit |  | 312,285 |  |  | 77,497 |  |  | — |  |  | 389,782 |
Selling, general and administrative expenses |  | 91,393 |  |  | 42,339 |  |  | 34,981 |  |  | 168,713 |
Technical and research expenses |  | 24,588 |  |  | 15,353 |  |  | — |  |  | 39,941 |
Restructuring expenses, net |  | 92 |  |  | — |  |  | 14 |  |  | 106 |
Operating income/(loss) |  | $ | 196,212 |  |  | $ | 19,805 |  |  | $ | (34,995) |  |  | $ | 181,022 |
For the year ended December 31, 2022, Selling, general and administrative expenses include global information systems costs of $10.0 million, $11.8 million and $1.0 million for MC, AEC and Corporate, respectively. Global information systems costs were previously included in Corporate expenses.
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Net revenues |  |  |  |  |  |
Machine Clothing |  | $ | 749,907 |  |  | $ | 670,768 |  |  | $ | 609,461 |
Albany Engineered Composites |  | 480,708 |  |  | 477,141 |  |  | 425,426 |
Consolidated total |  | $ | 1,230,615 |  |  | $ | 1,147,909 |  |  | $ | 1,034,887 |
Gross profit |  |  |  |  |  |
Machine Clothing |  | 346,044 |  |  | 331,558 |  |  | 312,285 |
Albany Engineered Composites |  | 55,732 |  |  | 92,160 |  |  | 77,497 |
Consolidated total |  | $ | 401,776 |  |  | $ | 423,718 |  |  | $ | 389,782 |
Depreciation and amortization |  |  |  |  |  |
Machine Clothing |  | 33,917 |  |  | 24,616 |  |  | 19,982 |
Albany Engineered Composites |  | 54,228 |  |  | 50,764 |  |  | 47,578 |
Corporate |  | 1,149 |  |  | 1,353 |  |  | 1,489 |
Consolidated total |  | $ | 89,294 |  |  | $ | 76,733 |  |  | $ | 69,049 |
Operating income/(loss) |  |  |  |  |  |
Machine Clothing |  | 183,632 |  |  | 188,429 |  |  | 196,212 |
Albany Engineered Composites |  | (11,603) |  |  | 27,351 |  |  | 19,805 |
Corporate |  | (40,670) |  |  | (47,886) |  |  | (34,995) |
Operating income |  | $ | 131,359 |  |  | $ | 167,894 |  |  | $ | 181,022 |
Reconciling items: |  |  |  |  |  |
Interest income |  | (4,064) |  |  | (6,566) |  |  | (3,835) |
Interest expense |  | 16,613 |  |  | 20,167 |  |  | 17,835 |
Pension settlement expense |  | — |  |  | — |  |  | 49,128 |
Other (income)/expense, net |  | 1,721 |  |  | (6,163) |  |  | (14,086) |
Income before income taxes |  | $ | 117,089 |  |  | $ | 160,456 |  |  | $ | 131,980 |
Schedule of Operating Assets and Capital Expenditures by Reporting Segment | The following table presents assets and capital expenditures by reportable segment:
|  | As of December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Segment assets |  |  |  |  |  |
Machine Clothing |  | $ | 600,603 |  |  | $ | 669,907 |  |  | $ | 455,390 |
Albany Engineered Composites |  | 736,306 |  |  | 800,931 |  |  | 717,972 |
Reconciling items: |  |  |  |  |  |
Cash |  | 115,283 |  |  | 173,420 |  |  | 291,776 |
Income taxes prepaid, receivable and deferred |  | 47,944 |  |  | 33,984 |  |  | 23,134 |
Prepaid and Other assets |  | 148,560 |  |  | 156,772 |  |  | 153,983 |
Total assets |  | $ | 1,648,696 |  |  | $ | 1,835,014 |  |  | $ | 1,642,255 |
Capital expenditures and purchased software |  |  |  |  |  |
Machine Clothing |  | $ | 21,270 |  |  | $ | 25,917 |  |  | $ | 20,901 |
Albany Engineered Composites |  | 58,121 |  |  | 57,404 |  |  | 74,845 |
Corporate expenses |  | 1,816 |  |  | 1,108 |  |  | 602 |
Total capital expenditures and purchased software |  | $ | 81,207 |  |  | $ | 84,429 |  |  | $ | 96,348 |
Schedule of Financial Data by Geographic Area | The following table shows data by geographic area. Net revenues are based on the location of the operation recording the final sale to the customer. Net revenues recorded by our entity in Switzerland are derived from products sold throughout Europe and Asia, and are invoiced in various currencies.
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Net revenues |  |  |  |  |  |
United States |  | $ | 650,532 |  |  | $ | 649,500 |  |  | $ | 586,779 |
Switzerland |  | 109,751 |  |  | 115,207 |  |  | 119,069 |
Germany |  | 86,991 |  |  | 32,239 |  |  | 4,461 |
France |  | 81,141 |  |  | 77,573 |  |  | 76,826 |
China |  | 67,732 |  |  | 65,135 |  |  | 63,914 |
Brazil |  | 66,943 |  |  | 69,527 |  |  | 66,175 |
Mexico |  | 57,928 |  |  | 58,874 |  |  | 58,519 |
Other countries |  | 109,597 |  |  | 79,854 |  |  | 59,144 |
Total Net revenues |  | $ | 1,230,615 |  |  | $ | 1,147,909 |  |  | $ | 1,034,887 |
Property, plant and equipment, net |  |  |  |  |  |
United States |  | $ | 299,370 |  |  | $ | 303,578 |  |  | $ | 278,500 |
China |  | 52,063 |  |  | 57,070 |  |  | 33,432 |
Germany |  | 46,033 |  |  | 52,934 |  |  | 9,562 |
Mexico |  | 38,762 |  |  | 46,759 |  |  | 42,320 |
France |  | 30,935 |  |  | 31,069 |  |  | 31,382 |
United Kingdom |  | 16,651 |  |  | 18,306 |  |  | 9,699 |
Canada |  | 14,313 |  |  | 15,318 |  |  | 14,264 |
Spain |  | 12,154 |  |  | 14,804 |  |  | — |
Other countries |  | 53,150 |  |  | 62,151 |  |  | 26,499 |
Total Property, plant and equipment, net |  | $ | 563,431 |  |  | $ | 601,989 |  |  | $ | 445,658 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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