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Reportable Segments and Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by 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:
|  | Three Months Ended March 31, 2025
(in thousands) |  | MC |  | AEC |  | Corporate |  | Total
Net revenues |  | $ | 174,697 |  |  | $ | 114,077 |  |  | $ | — |  |  | $ | 288,774 |
Cost of goods sold |  | $ | 94,795 |  |  | $ | 97,493 |  |  | $ | — |  |  | $ | 192,288 |
Gross profit |  | $ | 79,902 |  |  | $ | 16,584 |  |  | $ | — |  |  | $ | 96,486 |
Selling, general and administrative expenses |  | $ | 32,881 |  |  | $ | 10,126 |  |  | $ | 10,805 |  |  | $ | 53,812 |
Technical and research expenses |  | $ | 7,243 |  |  | $ | 3,674 |  |  | $ | 979 |  |  | $ | 11,896 |
Restructuring expenses, net |  | $ | 1,347 |  |  | $ | 1,168 |  |  | $ | — |  |  | $ | 2,515 |
Operating income/(loss) |  | $ | 38,431 |  |  | $ | 1,616 |  |  | $ | (11,784) |  |  | $ | 28,263 |
|  | Three Months Ended March 31, 2024
(in thousands) |  | MC |  | AEC |  | Corporate |  | Total
Net revenues |  | $ | 185,217 |  |  | $ | 128,113 |  |  | $ | — |  |  | $ | 313,330 |
Cost of goods sold |  | $ | 100,562 |  |  | $ | 104,082 |  |  | $ | — |  |  | $ | 204,644 |
Gross profit |  | $ | 84,655 |  |  | $ | 24,031 |  |  | $ | — |  |  | $ | 108,686 |
Selling, general and administrative expenses |  | $ | 32,767 |  |  | $ | 11,540 |  |  | $ | 10,528 |  |  | $ | 54,835 |
Technical and research expenses |  | $ | 7,520 |  |  | $ | 5,145 |  |  | $ | — |  |  | $ | 12,665 |
Restructuring expenses, net |  | $ | 21 |  |  | $ | 2,188 |  |  | $ | — |  |  | $ | 2,209 |
Operating income/(loss) |  | $ | 44,347 |  |  | $ | 5,158 |  |  | $ | (10,528) |  |  | $ | 38,977 |
|  | Three months ended March 31,
(in thousands) |  |  | 2025 | 2024
Net revenues |  |  |  |
Machine Clothing |  |  | $ | 174,697 |  | $ | 185,217 |
Albany Engineered Composites |  |  | 114,077 |  | 128,113 |
Consolidated revenues |  |  | $ | 288,774 |  | $ | 313,330 |
Gross profit |  |  |  |
Machine Clothing |  |  | $ | 79,902 |  | $ | 84,655 |
Albany Engineered Composites |  |  | 16,584 |  | 24,031 |
Consolidated gross profit |  |  | $ | 96,486 |  | $ | 108,686 |
Depreciation and amortization |  |  |  |
Machine Clothing |  |  | $ | 7,706 |  | $ | 8,511 |
Albany Engineered Composites |  |  | 13,295 |  | 13,503 |
Corporate |  |  | 290 |  | 290 |
Consolidated depreciation and amortization |  |  | $ | 21,291 |  | $ | 22,304 |
Operating income/(loss) |  |  |  |
Machine Clothing |  |  | $ | 38,431 |  | $ | 44,347 |
Albany Engineered Composites |  |  | 1,616 |  | 5,158 |
Corporate |  |  | (11,784) |  | (10,528) |
Consolidated Operating income |  |  | $ | 28,263 |  | $ | 38,977 |
Reconciling items: |  |  |  |
Interest income |  |  | (1,638) |  | (1,123) |
Interest expense |  |  | 5,293 |  | 4,442 |
Other (income)/expense, net |  |  | 983 |  | (2,982) |
Income before income taxes |  |  | $ | 23,625 |  | $ | 38,640 |
Schedule of Operating Assets and Capital Expenditures by Reporting Segment | The following table presents assets by reportable segment:
(in thousands) | March 31, 2025 | December 31, 2024
Segment assets |  |
Machine Clothing | $ | 621,691 |  | $ | 600,603 |
Albany Engineered Composites | $ | 749,287 |  | $ | 736,306 |
Reconciling items: |  |
Cash | $ | 119,354 |  | $ | 115,283 |
Income taxes prepaid, receivable and deferred | 45,761 |  | 47,944 |
Prepaid and Other assets | 151,983 |  | 148,560 |
Consolidated total assets | $ | 1,688,076 |  | $ | 1,648,696 |
The following table presents capital expenditures by reportable segment:
| Three months ended March 31,
(in thousands) | 2025 | 2024
Capital expenditures and purchased software |  |
Machine Clothing | $ | 6,232 |  | $ | 6,357 |
Albany Engineered Composites | 9,365 |  | 20,523 |
Corporate expenses | — |  | — |
Total capital expenditures and purchased software | $ | 15,597 |  | $ | 26,880 |
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 March 31, 2025:
| Three months ended March 31, 2025
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $ | 173,676 |  | $ | 1,021 |  | $ | 174,697 |
Albany Engineered Composites: |  |  |
ASC | — |  | 38,920 |  | 38,920 |
Other AEC | 4,077 |  | 71,080 |  | 75,157 |
Total Albany Engineered Composites | 4,077 |  | 110,000 |  | 114,077 |
Total revenues | $ | 177,753 |  | $ | 111,021 |  | $ | 288,774 |
The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2024:
| Three months ended March 31, 2024
(in thousands) | Point in Time Revenue Recognition | Over Time Revenue Recognition | Total
Machine Clothing | $ | 184,235 |  | $ | 982 |  | $ | 185,217 |
Albany Engineered Composites: |  |  |
ASC | — |  | 49,739 |  | 49,739 |
Other AEC | 5,757 |  | 72,617 |  | 78,374 |
Total Albany Engineered Composites | 5,757 |  | 122,356 |  | 128,113 |
Total revenues | $ | 189,992 |  | $ | 123,338 |  | $ | 313,330 |
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 March 31,
(in thousands) |  |  | 2025 | 2024
Americas PMC |  |  | $ | 82,846 |  | $ | 83,501 |
Eurasia PMC |  |  | 68,197 |  | 76,190 |
Engineered Fabrics |  |  | 23,654 |  | 25,526 |
Total Machine Clothing Net revenues |  |  | $ | 174,697 |  | $ | 185,217 |

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