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Document and Entity Information - shares shares in Millions	6 Months Ended
Document and Entity Information - shares shares in Millions	Jun. 30, 2017	Jul. 25, 2017
Entity Registrant Name	ALBANY INTERNATIONAL CORP /DE/
Entity Central Index Key	0000819793
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017
Common Class A [Member]
Entity Common Stock, Shares Outstanding		28.9
Common Class B [Member]
Entity Common Stock, Shares Outstanding		3.2

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Net sales	$ 215,571	$ 203,190	$ 414,848	$ 375,521
Cost of goods sold	152,517	124,875	275,889	224,705
Gross profit	63,054	78,315	138,959	150,816
Selling, general, and administrative expenses	41,817	43,534	82,723	82,955
Technical and research expenses	9,973	10,276	20,235	20,408
Restructuring expenses, net	2,036	6,648	4,717	7,327
Operating income	9,228	17,857	31,284	40,126
Interest expense, net	4,285	3,691	8,613	5,929
Other expense/(income), net	1,931	(2,017)	2,135	(2,345)
Income before income taxes	3,012	16,183	20,536	36,542
Income tax expense	1,779	6,082	8,329	13,125
Net income	1,233	10,101	12,207	23,417
Net income/(loss) attributable to the noncontrolling interest	116	(266)	251	(451)
Net income attributable to the Company	$ 1,117	$ 10,367	$ 11,956	$ 23,868
Earnings per share attributable to Company shareholders - Basic	$ 0.03	$ 0.32	$ 0.37	$ 0.74
Earnings per share attributable to Company shareholders - Diluted	$ 0.03	$ 0.32	$ 0.37	$ 0.74
Shares of the Company used in computing earnings per share:
Basic	32,166	32,093	32,147	32,067
Diluted	32,200	32,131	32,182	32,106
Dividends declared per share, Class A and Class B	$ 0.17	$ 0.17	$ 0.34	$ 0.34

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 1,233	$ 10,101	$ 12,207	$ 23,417
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	17,436	(10,126)	27,374	2,615
Pension/postretirement plan remeasurement				(170)
Amortization of pension liability adjustments:
Prior service credit	(1,113)	(1,112)	(2,226)	(2,225)
Net actuarial loss	1,353	1,296	2,700	2,574
Payments related to interest rate swaps included in earnings	343	305	943	586
Derivative valuation adjustment	(1,414)	(4,581)	(998)	(7,433)
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement plan remeasurement				65
Amortization of pension liability adjustment	(72)	(56)	(142)	(105)
Payments related to interest rate swaps included in earnings	(130)	(116)	(358)	(223)
Derivative valuation adjustment	537	1,741	379	2,825
Comprehensive income	18,173	(2,548)	39,879	21,926
Comprehensive income/(loss) attributable to the noncontrolling interest	124	(264)	264	(452)
Comprehensive income attributable to the Company	$ 18,049	$ (2,284)	$ 39,615	$ 22,378

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 138,792	$ 181,742
Accounts receivable, net	193,065	171,193
Inventories	151,534	133,906
Income taxes prepaid and receivable	8,076	5,213
Prepaid expenses and other current assets	11,980	9,251
Total current assets	503,447	501,305
Property, plant and equipment, net	446,814	422,564
Intangibles, net	62,916	66,454
Goodwill	164,328	160,375
Income taxes receivable and deferred	77,323	68,865
Contract receivables	21,581	14,045
Other assets	31,859	29,825
Total assets	1,308,268	1,263,433
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable	249	312
Accounts payable	46,666	43,305
Accrued liabilities	96,617	95,195
Current maturities of long-term debt	51,732	51,666
Income taxes payable	8,916	9,531
Total current liabilities	204,180	200,009
Long-term debt	444,030	432,918
Other noncurrent liabilities	104,893	106,827
Deferred taxes and other liabilities	13,074	12,389
Total liabilities	766,177	752,143
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	427,538	425,953
Retained earnings	523,875	522,855
Accumulated items of other comprehensive income:
Translation adjustments	(104,845)	(133,298)
Pension and postretirement liability adjustments	(52,466)	(51,719)
Derivative valuation adjustment	794	828
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016	(256,876)	(257,136)
Total Company shareholders' equity	538,060	507,523
Noncontrolling interest	4,031	3,767
Total equity	542,091	511,290
Total liabilities and shareholders' equity	1,308,268	1,263,433
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37	37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	$ 3	$ 3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Stock, par value per share	$ 5.00	$ 5.00
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Common Class A [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	37,372,553	37,319,266
Treasury stock, shares	8,431,335	8,443,444
Common Class B [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	3,233,998	3,233,998
Common Stock, shares outstanding	3,233,998	3,233,998

CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net income	$ 1,233	$ 10,101	$ 12,207	$ 23,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,201	15,142	29,845	28,266
Amortization	2,632	2,817	5,281	4,513
Change in other noncurrent liabilities	(758)	(3,371)	(2,354)	(4,735)
Change in deferred taxes and other liabilities	(6,745)	(1,457)	(7,357)	1,072
Provision for write-off of property, plant and equipment	534	484	830	1,076
Non-cash interest expense	212		423
Compensation and benefits paid or payable in Class A Common Stock	681	668	1,670	1,532
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:
Accounts receivable	(14,395)	(10,384)	(15,136)	(11,286)
Inventories	1,655	(6,027)	(13,266)	(7,375)
Prepaid expenses and other current assets	(651)	2,561	(2,568)	(2,821)
Income taxes prepaid and receivable	(2,817)	3,732	(2,817)	1,837
Accounts payable	(1,459)	1,267	2,065	2,899
Accrued liabilities	10,071	689	(900)	(8,154)
Income taxes payable	1,978	2,903	(508)	(933)
Contract receivables	(3,621)	(7,768)	(7,536)	(7,768)
Other, net	4,638	7,291	3,938	2,490
Net cash provided by operating activities	8,389	18,648	3,817	24,030
INVESTING ACTIVITIES
Purchase of business, net of cash acquired		(187,000)		(187,000)
Purchases of property, plant and equipment	(21,360)	(20,112)	(46,405)	(28,105)
Purchased software	(353)	(589)	(391)	(671)
Proceeds from sale or involuntary conversion of assets		1,736		1,736
Net cash used in investing activities	(21,713)	(205,965)	(46,796)	(214,040)
FINANCING ACTIVITIES
Proceeds from borrowings	16,114	207,134	32,259	219,530
Principal payments on debt	(540)	(426)	(21,142)	(22,824)
Debt acquisition costs		(1,571)		(1,771)
Swap termination payment		(5,175)		(5,175)
Taxes paid in lieu of share issuance			(1,364)	(1,272)
Proceeds from options exercised	100	185	175	390
Dividends paid	(5,467)	(5,454)	(10,926)	(10,897)
Net cash (used in)/provided by financing activities	10,207	194,693	(998)	177,981
Effect of exchange rate changes on cash and cash equivalents	(1,424)	(966)	1,027	2,941
(Decrease)/increase in cash and cash equivalents	(4,541)	6,410	(42,950)	(9,088)
Cash and cash equivalents at beginning of period	143,333	169,615	181,742	185,113
Cash and cash equivalents at end of period	$ 138,792	$ 176,025	$ 138,792	$ 176,025

Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

1. Significant Accounting Policies

Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (“Albany”) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Risk Factors,” “Legal Proceedings,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” “Quantitative and Qualitative Disclosures about Market Risk” and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the year ended December 31, 2016.

Business Acquisition

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Business Acquisition

2. Business Acquisition

On April 8, 2016, the Company acquired the outstanding shares of Harris Corporation’s composite aerostructures business for cash of $187 million, plus the assumption of certain liabilities. The Company funded the cash payable at closing by utilizing proceeds from a $550 million, unsecured credit facility agreement that was completed April 8, 2016. The acquired entity is located in Salt Lake City, Utah (“SLC”) and is part of the Albany Engineered Composites (“AEC”) segment.

The Consolidated Statements of Income for 2016 includes operational activity of the acquired business for only the period subsequent to the closing, which affects comparability of results. The following table shows total Company pro forma results for the three and six month periods ended June 30, 2016 as if the acquisition had occurred on January 1, 2015.

(in thousands, except per share amounts)	Three months ended June 30, 2016		Six months ended June 30, 2016

Combined Net sales	$204,371		$397,706

Combined Income before income taxes	$15,765		$38,915

Pro forma increase/(decrease) to income before income taxes:
Acquisition expenses	3,771		5,367
Interest expense related to purchase price	(81	)	(1,133	)

Acquisition accounting adjustments:
Depreciation and amortization on property, plant and equipment, and intangible assets	(121	)	(1,696	)
Valuation of contract inventories	145		2,036
Interest expense on captial lease obligation	23		323
Interest expense on other obligations	(10	)	(143	)
Pro forma Income before income taxes	$19,492		$43,669
Pro forma Net Income	$11,922		$28,187

Reportable Segments

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Reportable Segments

3. Reportable Segments

The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Net sales
Machine Clothing	$146,572		$148,934		$289,399		$294,197
Albany Engineered Composites (AEC)	68,999		54,256		125,449		81,324
Consolidated total	$215,571		$203,190		$414,848		$375,521
Operating income/(loss)
Machine Clothing	38,418		35,405		76,679		72,543
Albany Engineered Composites	(17,828	)	(5,848	)	(22,942	)	(9,553	)
Corporate expenses	(11,362	)	(11,700	)	(22,453	)	(22,864	)
Operating income	$9,228		$17,857		$31,284		$40,126
Reconciling items:
Interest income	(340	)	(547	)	(447	)	(673	)
Interest expense	4,625		4,238		9,060		6,602
Other expense/(income), net	1,931		(2,017	)	2,135		(2,345	)
Income before income taxes	$3,012		$16,183		$20,536		$36,542

There were no material changes in the total assets of the reportable segments in the first six months of 2017.

In the second quarter of 2017, the Company recorded a charge to Cost of goods sold of approximately $15.8 million associated with revisions in the estimated profitability of two AEC contracts. The charge was principally due to second-quarter 2017 downward revisions of estimated customer demand for the components manufactured by AEC related to the BR 725 and A380 programs. The charge included a $4.0 million write-off of program inventory costs, and a reserve for future losses of $11.8 million, which is included in Accrued liabilities in the Consolidated Balance Sheets. Total reserves for future contract losses were $11.8 million as of June 30, 2017, and $0.1 million as of December 31, 2016.

The Albany Engineered Composites (AEC) segment, including Albany Safran Composites, LLC (ASC), in which our customer SAFRAN Group (Safran) owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures to customers in the aerospace and defense industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. AEC net sales to Safran in 2017 were $25.6 million in the first quarter and $30.1 million in the second quarter. AEC net sales to Safran in 2016 were $17.1 million in the first quarter and $18.5 million in the second quarter. The total of invoiced receivables, unbilled receivables and contract receivables due from Safran amounted to $55.5 million and $37.1 million as of June 30, 2017 and December 31, 2016, respectively.

The table below presents restructuring costs by reportable segment (also see Note 5):

	Three months ended June 30,		Six months ended June 30,
(in thousands)	2017	2016	2017	2016
Restructuring expenses, net
Machine Clothing	$805	$5,434	$916	$6,132
Albany Engineered Composites	1,231	1,147	3,801	1,147
Corporate expenses	-	67	-	48
Consolidated total	$2,036	$6,648	$4,717	$7,327

Pensions and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2017

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

4. Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009 but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

Other Postretirement Benefits

The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid.

The composition of the net periodic benefit plan cost for the six months ended June 30, 2017 and 2016, was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2017		2016		2017		2016
Components of net periodic benefit cost:
Service cost	$1,307		$1,319		$122		$127
Interest cost	3,671		4,049		1,107		1,221
Expected return on assets	(4,003	)	(4,482	)	-		-
Amortization of prior service cost/(credit)	18		19		(2,244	)	(2,244	)
Amortization of net actuarial loss	1,295		1,164		1,405		1,410
Net periodic benefit cost	$2,288		$2,069		$390		$514

Restructuring

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Restructuring

5. Restructuring

Machine Clothing restructuring costs for the first six months of 2017 were principally related to additional costs for restructuring in France. Machine Clothing restructuring costs in 2016 were principally related to plant closure costs in Göppingen, Germany and the cessation of research and development activities at the production facility in Sélestat, France.

AEC incurred restructuring charges of $3.8 million in the first six months of 2017, principally related to a reduction in personnel in Salt Lake City, Utah. AEC restructuring expenses in 2016 were principally related to the consolidation of legacy programs into Boerne, Texas.

The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:

	Three months ended June 30,		Six months ended June 30,
(in thousands)	2017	2016	2017	2016
Machine Clothing	$805	$5,434	$916	$6,132
Albany Engineered Composites	1,231	1,147	3,801	1,147
Corporate Expenses	-	67	-	48
Total	$2,036	$6,648	$4,717	$7,327

Six months ended June 30, 2017	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment
(in thousands)
Machine Clothing	$916	$916	$-
Albany Engineered Composites	3,801	3,356	445
Corporate Expenses	-	-	-
Total	$4,717	$4,272	$445

Six months ended June 30, 2016	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment
(in thousands)
Machine Clothing	$6,132	$5,832	$300
Albany Engineered Composites	1,147	921	226
Corporate Expenses	48	48	-
Total	$7,327	$6,801	$526

We expect that approximately $5.0 million of Accrued liabilities for restructuring at June 30, 2017 will be paid within one year and approximately $0.4 million will be paid in the following year. The table below presents the year-to-date changes in restructuring liabilities for 2017 and 2016, all of which related to termination costs:

(in thousands)	December 31, 2016	Restructuring charges accrued	Payments		Currency translation / other	June 30, 2017

Total termination and other costs	$5,559	$4,272	($4,513	)	$65	$5,383

(in thousands)	December 31, 2015	Restructuring charges accrued	Payments		Currency translation / other	June 30, 2016

Total termination and other costs	$10,177	$6,801	($6,835	)	$13	$10,156

Other Expense/(Income), net

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Other Expense/(Income), net

6. Other Expense/(Income), net

The components of other expense/(income), net are:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Currency transaction losses/(gains)	$1,948		($1,571	)	$2,049		($2,049	)
Bank fees and amortization of debt issuance costs	111		394		259		546
Other	(128	)	(840	)	(173	)	(842	)
Total	$1,931		($2,017	)	$2,135		($2,345	)

Income Taxes

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The following table presents components of income tax expense for the three and six months ended June 30, 2017 and 2016:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016

Income tax based on income from continuing operations, at estimated tax rates of 32.8% in 2017 and 38.7% in 2016, respectively	$989		$6,258		$6,744		$14,131
Provision for change in estimated tax rate	36		(203	)	-		-
Income tax expense before discrete items	1,025		6,055		6,744		14,131

Discrete tax expense/(benefit):
Provision for/resolution of tax audits and contingencies, net	109		-		961		(825	)
Uncertain Tax Positions	490		-		490		-
Adjustments to prior period tax liabilities	189		-		189		(243	)
Other discrete tax adjustments, net	(34	)	27		(55	)	62
Total income tax expense	$1,779		$6,082		$8,329		$13,125

The second quarter estimated income tax rate based on continuing operations was 32.8 percent in 2017, compared to 38.7 percent for the same period in 2016.

The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be permanently reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. At June 30, 2017, the Company calculated a deferred tax liability of $4.5 million on $62.6 million of non-U.S. earnings that have been targeted for future repatriation to the U.S.

The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as United States, Brazil, Canada, France, Germany, Italy, Mexico and Switzerland. The open tax years range from 2007 to 2016. The Company is currently under audit in certain non-U.S. tax jurisdictions, including but not limited to Canada and Italy.

It is reasonably possible that over the next twelve months the amount of unrecognized tax benefits may decrease up to $0.4 million from the reevaluation of uncertain tax positions arising in examinations, in appeals, or in the courts, or from the closure of tax statutes of limitations.

In March 2016, an accounting update was issued which simplified several aspects related to accounting for share-based payment transactions, including the income tax consequences. The Company adopted this update on January 1, 2017. The income tax consequences which related to accounting for excess tax benefits have been adopted prospectively, resulting in recognition of excess tax benefits against income tax expense rather than additional paid-in capital of $0.6 million for the six months ended June 30, 2017. No adjustment was necessary related to the deferred tax balances.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:

	Three months ended June 30,		Six months ended June 30,
(in thousands, except market price and earnings per share)	2017	2016	2017	2016

Net income attributable to the Company	$1,117	$10,367	$11,956	$23,868

Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	32,166	32,093	32,147	32,067
Effect of dilutive stock-based compensation plans:
Stock options	34	38	35	39

Weighted average number of shares used in
calculating diluted net income per share	32,200	32,131	32,182	32,106

Average market price of common stock used
for calculation of dilutive shares	$48.44	$39.47	$47.47	$37.40

Net income per share:
Basic	$0.03	$0.32	$0.37	$0.74
Diluted	$0.03	$0.32	$0.37	$0.74

Noncontrolling Interest

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest [Abstract]

Noncontrolling Interest

9. Noncontrolling Interest

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity:

	Six months ended June 30,
(in thousands)	2017		2016
Net income/(loss) of Albany Safran Composites, LLC ("ASC")	$3,029		($4,033	)
Less: Return attributable to the Company's preferred holding	515		480
Net income/(loss) of ASC available for common ownership	$2,514		($4,513	)
Ownership percentage of noncontrolling shareholder	10	%	10	%
Net income/(loss) attributable to noncontrolling interest	$251		($451	)

Noncontrolling interest, beginning of year	$3,767		$3,690
Net income/(loss) attributable to noncontrolling interest	251		(451	)
Changes in other comprehensive income attributable to noncontrolling interest	13		(1	)
Noncontrolling interest	$4,031		$3,238

Accumulated Other Comprehensive Income (AOCI)

6 Months Ended

Jun. 30, 2017

Accumulated items of other comprehensive income:

Accumulated Other Comprehensive Income (AOCI)

10. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI for the period December 31, 2016 to June 30, 2017:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2016	($133,298	)	($51,719	)	$828		($184,189	)
Other comprehensive income/(loss) before reclassifications	28,453		(1,079	)	(619	)	26,755
Interest expense related to swaps reclassified to the Statement of Income, net of tax	-		-		585		585
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	-		332		-		332
Net current period other comprehensive income	28,453		(747	)	(34	)	27,672
June 30, 2017	($104,845	)	($52,466	)	$794		($156,517	)

The table below presents changes in the components of AOCI for the period December 31, 2015 to June 30, 2016:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2015	($108,655	)	($48,725	)	($1,464	)	($158,844	)
Other comprehensive income/(loss) before reclassifications	2,393		12		(4,608	)	(2,203	)
Pension/postretirement plan remeasurement	-		105		-		105
Interest expense related to swaps reclassified to the Statement of Income, net of tax	-		-		363		363
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	-		244		-		244
Net current period other comprehensive income	2,393		361		(4,245	)	(1,491	)
June 30, 2016	($106,262	)	($48,364	)	($5,709	)	($160,335	)

The table below presents the expense/(income) amounts reclassified, and the line items of the Statements of Income that were affected for the periods ended June 30, 2017 and 2016.

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$343		$305		$943		$586
Income tax effect	(130	)	(116	)	(358	)	(223	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$213		$189		$585		$363

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	($1,113	)	($1,112	)	($2,226	)	($2,225	)
Amortization of net actuarial loss	1,353		1,296		2,700		2,574
Total pretax amount reclassified (b)	240		184		474		349
Income tax effect	(72	)	(56	)	(142	)	(105	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$168		$128		$332		$244

(a)	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15).

(b)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

Accounts Receivable

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

Accounts receivable includes trade receivables and revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites segment. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer-specific facts and economic conditions. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

As of June 30, 2017 and December 31, 2016, Accounts receivable consisted of the following:

(in thousands)	June 30, 2017		December 31, 2016
Trade and other accounts receivable	$152,410		$146,460
Bank promissory notes	17,009		15,759
Revenue in excess of progress billings	30,664		15,926
Allowance for doubtful accounts	(7,018	)	(6,952	)
Total accounts receivable	$193,065		$171,193

In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year.

The Company also has Contract receivables in the AEC segment that represent revenue earned which has extended payment terms. The Contract receivables will be invoiced to the customer, with 2% interest, over a 10-year period starting in 2020.

As of June 30, 2017 and December 31, 2016, Contract Receivables consisted of the following:


(in thousands)	June 30, 2017	December 31, 2016
Contract receivable	$21,581	$14,045

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Inventories

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Inventories

12. Inventories

Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. The AEC segment has long-term contracts under which we incur engineering and development costs that are allocable to parts that will be delivered over multiple years. These costs are included in Work in process in the table below.

As of June 30, 2017 and December 31, 2016, inventories consisted of the following:

(in thousands)	June 30, 2017	December 31, 2016
Raw materials	$40,474	$37,691
Work in process	75,917	58,715
Finished goods	35,143	37,500
Total inventories	$151,534	$133,906

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

13. Goodwill and Other Intangible Assets

Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination.

Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable.

To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company as well as publicly available industry information to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.

In the second quarter of 2017, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair, and carrying value, of each reporting unit.

We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of December 31, 2016 to June 30, 2017, were as follows:

As of June 30, 2017 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$43	$25	$18
AEC technology	15	228	136	92
Customer relationships	15	49,490	4,131	45,359
Customer contracts	6	20,420	4,263	16,157
Other intangibles	5	1,720	430	1,290
Total amortized intangible assets		$71,901	$8,985	$62,916

Unamortized intangible assets:
MC Goodwill		$68,598	$-	$68,598
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$164,328	$-	$164,328

As of December 31, 2016 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$43	$23	$20
AEC technology	15	228	124	104
Customer relationships	15	49,490	2,481	47,009
Customer contracts	6	20,420	2,561	17,859
Other intangibles	5	1,720	258	1,462
Total amortized intangible assets		$71,901	$5,447	$66,454

Unamortized intangible assets:
MC Goodwill		$64,645	$-	$64,645
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$160,375	$-	$160,375

The changes in intangible assets and goodwill from December 31, 2016 to June 30, 2017, were as follows:

(in thousands)	December 31, 2016	Amortization		Currency Translation	June 30, 2017

Amortized intangible assets:
AEC trade names	$20	$(2	)	$-	$18
AEC technology	104	(12	)	-	92
Customer relationships	47,009	(1,650	)	-	45,359
Customer contracts	17,859	(1,702	)	-	16,157
Other intangibles	1,462	(172	)	-	1,290
Total amortized intangible assets	$66,454	($3,538	)	$-	$62,916

Unamortized intangible assets:
MC Goodwill	$64,645	$-		$3,953	$68,598
AEC Goodwill	95,730	-		-	95,730
Total unamortized intangible assets:	$160,375	$-		$3,953	$164,328

Estimated amortization expense of intangibles for the years ending December 31, 2017 through 2021, is as follows:

	Annual amortization
Year	(in thousands)
2017	$7,076
2018	7,076
2019	7,076
2020	7,076
2021	6,796

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Financial Instruments

6 Months Ended

Jun. 30, 2017

Long-term Debt and Capital Lease Obligations [Abstract]

Financial Instruments

14. Financial Instruments

Long-term debt, principally to banks and bondholders, consists of:

(in thousands, except interest rates)	June 30, 2017	December 31, 2016

Private placement with a fixed interest rate of 6.84%, due 2017	$50,000	$50,000
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 2.70% in 2017 and 2.58% in 2016 (including the effect of interest rate hedging transactions, as described below), due in 2021	430,000	418,000

Obligation under capital lease, matures 2022	15,762	16,584

Long-term debt	495,762	484,584

Less: current portion	(51,732)	(51,666)

Long-term debt, net of current portion	$444,030	$432,918

A note agreement and guaranty (“Prudential Agreement”) was originally entered into in October 2005 with the Prudential Insurance Company of America, and certain other purchasers, with interest at 6.84%. The remaining principal under the Prudential Agreement is $50.0 million, and is due on the maturity date of October 25, 2017. At the noteholders’ election, certain prepayments may also be required in connection with certain asset dispositions or financings. The notes may not otherwise be prepaid without a premium, under certain market conditions. The Prudential Agreement contains customary terms, as well as affirmative covenants, negative covenants, and events of default, comparable to those in our current principal credit facility agreement (as described below). The Prudential Agreement has been amended a number of times, most recently in April 2016, in order to maintain terms comparable to our current principal credit facility. For disclosure purposes, we are required to measure the fair value of outstanding debt on a recurring basis. As of June 30, 2017, the fair value of this debt was approximately $51.5 million, and was measured using active market interest rates, which would be considered Level 2 for fair value measurement purposes.

On April 8, 2016, we entered into a $550 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $400 million Agreement, entered into on June 18, 2015 (the “Prior Agreement”). Under the Credit Agreement, $430 million of borrowings were outstanding as of June 30, 2017. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on June 23, 2017, the spread was 1.500%. The spread was based on a pricing grid, which ranged from 1.250% to 1.750%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA, and without modification to any other credit agreements, as of June 30, 2017, we would have been able to borrow an additional $120 million under the Agreement.

The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company's subsidiaries.

Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement).

The Company has a long-term capital lease obligation for real property in Salt Lake City, Utah. The lease has an implied interest rate of 5.0% and matures in 2022.

The following schedule presents future minimum annual lease payments under the capital lease obligation and the present value of the minimum lease payments, as of June 30, 2017.

Years ending December 31,	(in thousands)
2017	$1,212
2018	2,473
2019	2,473
2020	2,520
2021	2,520
Thereafter	7,373
Total minimum lease payments	18,571
Less: Amount representing interest	(2,809	)

Present value of minimum lease payments	$15,762

On May 6, 2016, we terminated our interest rate swap agreements that had effectively fixed the interest rate on up to $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements and that cost will be amortized into interest expense through June 2020.

On May 9, 2016, we entered into interest rate hedges for the period May 16, 2016 through March 16, 2021. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $300 million of indebtedness drawn under the Credit Agreement at the rate of 1.245% during the period. Under the terms of these transactions, we pay the fixed rate of 1.245% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on June 16, 2017 was 1.180%, plus the applicable spread, during the swap period. On June 16, 2017, the all-in-rate on the $300 million of debt was 2.745%.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15 of the Notes to Consolidated Financial Statements. No cash collateral was received or pledged in relation to the swap agreements.

Under the Credit Agreement and Prudential Agreement, we are currently required to maintain a leverage ratio (as defined in the agreements) of not greater than 3.50 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00.

As of June 30, 2017, our leverage ratio was 2.55 to 1.00 and our interest coverage ratio was 9.41 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash provided our leverage ratio would not exceed 3.50 to 1.00 after giving pro forma effect to any such acquisition.

Indebtedness under each of the Prudential Agreement and the Credit Agreement is ranked equally in right of payment to all unsecured senior debt.

We were in compliance with all debt covenants as of June 30, 2017.

Fair-Value Measurements

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair-Value Measurements

15. Fair-Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at December 31, 2016 or June 30, 2017.

The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial assets and liabilities, which are measured at fair value on a recurring basis:

	June 30, 2017				December 31, 2016
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs

(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$11,742		$-		$8,468		$-
Prepaid expenses and other current assets:
Foreign currency options	2		-		-		-
Other Assets:
Common stock of unaffiliated foreign public company	838	^(a)	-		762	^(a)	-
Interest rate swaps	-		5,307	^(b)	-		5,784	^(c)

(a)

Original cost basis $0.5 million

(b)

Net of $19.1 million receivable floating leg and $13.8 million liability fixed leg

(c)

Net of $21.4 million receivable floating leg and $15.6 million liability fixed leg

Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities.

The common stock of the unaffiliated foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. The securities are classified as available for sale, and as a result any unrealized gain or loss is recorded in the Shareholders’ Equity section of the Consolidated Balance Sheets rather than in the Consolidated Statements of Income. When the security is sold or impaired, gains and losses are reported on the Consolidated Statements of Income. Investments are considered to be impaired when a decline in fair value is judged to be other than temporary.

We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expenses, net.

When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to control risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies.

Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, General and Administrative expenses or Other (income)/expenses, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expenses, net) or third-party trade (recorded in Selling, General and Administrative expenses) receivable or payable balances in a currency other than their local reporting (or functional) currency.

Operating results can also be affected by the translation of sales and costs, for each non-U.S. subsidiary, from the local functional currency to the U.S. dollar. The translation effect on the Consolidated Statements of Income is dependent on our net income or expense position in each non-U.S. currency in which we do business. A net income position exists when sales realized in a particular currency exceed expenses paid in that currency; a net expense position exists if the opposite is true.

The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets, to the extent that the hedges are highly effective. As of June 30, 2017, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Any gains and losses related to the ineffective portion of the hedges will be recognized in the current period in earnings. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest expense related to the current swaps totaled $0.5 million for the six month period ended June 30, 2017 and $0.6 million for the six month period ended June 30, 2016. Additionally, interest expense related to the swap buyouts totaled $0.4 million for the six month period ended June 30, 2017 and $0.1 million of the six month period ended June 30, 2016.

Gains and losses related to changes in fair value of derivative instruments that were recognized in Other expenses/(income), net in the Consolidated Statements of Income were as follows:

	Three months ended June 30,			Six months ended June 30,
(in thousands)	2017		2016	2017		2016

Derivatives not designated as hedging instruments
Foreign currency options (losses)/gains	($75	)	$250	($129	)	$455

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Contingencies

16. Contingencies

Asbestos Litigation

Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills.

We were defending 3,737 claims as of June 30, 2017.

The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:

Year ended December 31,	Opening Number of Claims	Claims Dismissed,Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2012	4,446	90	107	4,463	$530
2013	4,463	230	66	4,299	78
2014	4,299	625	147	3,821	437
2015	3,821	116	86	3,791	164
2016	3,791	148	102	3,745	758
2017 (as of June 30)	3,745	39	31	3,737	$10

We anticipate that additional claims will be filed against the Company and related companies in the future, but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims.

While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of June 30, 2017 we had resolved, by means of settlement or dismissal, 37,528 claims. The total cost of resolving all claims was $10.2 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.

The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,706 claims as of June 30, 2017, only eight claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.

We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.

Changes in Shareholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Changes in Shareholders' Equity

17. Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity:

(in thousands)	Common Stock Class A and B	Additional paid in capital	Retained earnings		Accumulated items of other comprehensive income/(loss)		Treasury stock		Noncontrolling Interest	Total Equity
December 31, 2016	$40	$425,953	$522,855		($184,189	)	($257,136	)	$3,767	$511,290
Net income	-	-	11,956		-		-		251	12,207
Compensation and benefits paid or payable in shares	-	1,410	-		-		260		-	1,670
Options exercised	-	175	-		-		-		-	175
Dividends declared	-	-	(10,936	)	-		-		-	(10,936	)
Cumulative translation adjustments	-	-	-		28,453		-		13	28,466
Pension and postretirement liability adjustments	-	-	-		(747	)	-		-	(747	)
Derivative valuation adjustment	-	-	-		(34	)	-		-	(34	)
June 30, 2017	$40	$427,538	$523,875		($156,517	)	($256,876	)	$4,031	$542,091

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2017

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

18. Recent Accounting Pronouncements

In May 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. We will adopt the standard on January 1, 2018 using the cumulative effect method for transitioning to the new standard. In our Machine Clothing segment, we currently record revenue for the sale of a product when persuasive evidence of an arrangement exists, delivery has occurred, title has been transferred, the selling price is fixed, and collectability is reasonably assured. In this segment, we often have contracts with customers whereby the Company satisfies its performance obligation related to the manufacture and delivery of a product before title has transferred to the customer. Under the new accounting standard, this will result in earlier recognition of revenue associated with these contracts. The selling price of products may include a performance obligation to provide certain support services for no additional cost. When we adopt the new standard, it is probable that, for some of these arrangements, we will need to allocate a portion of the associated revenue to such services. We currently estimate less than 5% of revenue will be allocated to such services. While we currently expect that the timing of revenue recognition and the line-item description of Machine Clothing revenue will be affected by the new standard, we do not expect a significant effect in total annual Machine Clothing revenue. We are continuing to assess the effect that the new revenue recognition will have on the Albany Engineered Composites (AEC) segment and expect to provide more information in our next quarterly report. One change that we anticipate is that we use the units-of-delivery method for some long-term contracts, which is considered an output method. Under the new standard, we expect that revenue for most of these contracts will be recognized over time using an input method as the measure of progress, which is expected to result in earlier recognition of revenue. We are currently unable to determine the full effect that the new standard will have on our financial statements. We are also currently unable to quantify the cumulative effect of adopting the new standard. The new standard will also require some additional footnote disclosures, including footnote disclosure of 2018 results under the current standard.

In January 2016, an accounting update was issued which requires entities to present separately in Other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This accounting update is effective for reporting periods beginning after December 15, 2017. We have not determined the impact of this update on our financial statements.

In February 2016, an accounting update was issued which requires lessees to recognize most leases on the balance sheet. The update may significantly increase reported assets and liabilities. This accounting update is effective for reporting periods beginning after December 15, 2018. We have not determined the impact of this update on our financial statements.

In March 2016, an accounting update was issued which simplifies several aspects related to the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, and classification of excess tax benefits and cash paid to a tax authority in lieu of share issuances to employees on the statements of cash flows. The update also affects presentation in the Statements of Cash Flows of income tax effects of shares withheld for incentive compensation, and the exercise of stock options. We adopted this accounting update January 1, 2017 and it had an insignificant effect on income tax expense. The updates affecting the Statements of Cash Flows have been applied retrospectively as follows:

As a result of the change affecting cash payments of taxes in lieu of share issuance, operating cash flows for the six month period ending June 30, 2016 were increased $1.3 million and financing cash flows were decreased by the same amount.

As a result of the change affecting classification of excess tax benefits, operating cash flows for the six month period ending June 30, 2016 cash flows were increased $0.1 million and financing cash flows were decreased by the same amount.

In October 2016, an accounting update was issued which modifies the recognition of income tax effects on intracompany transfers of assets, other than inventory. This accounting update is effective for reporting periods beginning after December 15, 2017. We have not determined the effect of this update on our financial statements.

In November 2016, an accounting update was issued which provides clarification of how changes in restricted cash should be reported in the statement of cash flows. This accounting update is effective for reporting periods beginning after December 15, 2017. We do not expect this update to have a material impact on our financial statements.

In January 2017, an accounting update was issued which provides the definition of a business for the purposes of business combination accounting. This accounting update is effective for reporting periods beginning after December 15, 2017 and is to be applied prospectively. Accordingly, there will

be no effect on prior business combinations. We have not determined the impact of the update due to the absence of transactions that would be impacted.

In January 2017, an accounting update was issued which simplifies the process for determining the amount of goodwill impairment. We adopted this standard as of January 1, 2017 and it did not have any effect on the conclusions reached in our periodic goodwill impairment assessment.

In March 2017, an accounting update was issued which requires that service cost for defined benefit pension and postretirement plans be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This accounting update is effective for reporting periods beginning after December 15, 2017. We expect that the principal effect of adopting this standard will be to reclassify a portion of our pension and postretirement costs to Other expense/(income).

In May 2017, an accounting update was issued to provide clarity as to when a company must account for changes to stock-based compensation programs as award modifications. Award modifications require an update to the value of the award, resulting in an adjustment to compensation expense. We have not made changes to awards in recent years that would be affected by this update, but such changes are possible in future periods. The update is effective for periods beginning after December 15, 2017.

Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Business Acquisition (Tables)

6 Months Ended

Jun. 30, 2017

Business Combinations [Abstract]

Schedule of Proforma Statement of Operations

The following table shows total Company pro forma results for the three and six month periods ended June 30, 2016 as if the acquisition had occurred on January 1, 2015.

(in thousands, except per share amounts)	Three months ended June 30, 2016		Six months ended June 30, 2016

Combined Net sales	$204,371		$397,706

Combined Income before income taxes	$15,765		$38,915

Pro forma increase/(decrease) to income before income taxes:
Acquisition expenses	3,771		5,367
Interest expense related to purchase price	(81	)	(1,133	)

Acquisition accounting adjustments:
Depreciation and amortization on property, plant and equipment, and intangible assets	(121	)	(1,696	)
Valuation of contract inventories	145		2,036
Interest expense on captial lease obligation	23		323
Interest expense on other obligations	(10	)	(143	)
Pro forma Income before income taxes	$19,492		$43,669
Pro forma Net Income	$11,922		$28,187

Reportable Segments and Geographic Data (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Schedule of Financial Data by Reporting Segment

The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Net sales
Machine Clothing	$146,572		$148,934		$289,399		$294,197
Albany Engineered Composites (AEC)	68,999		54,256		125,449		81,324
Consolidated total	$215,571		$203,190		$414,848		$375,521
Operating income/(loss)
Machine Clothing	38,418		35,405		76,679		72,543
Albany Engineered Composites	(17,828	)	(5,848	)	(22,942	)	(9,553	)
Corporate expenses	(11,362	)	(11,700	)	(22,453	)	(22,864	)
Operating income	$9,228		$17,857		$31,284		$40,126
Reconciling items:
Interest income	(340	)	(547	)	(447	)	(673	)
Interest expense	4,625		4,238		9,060		6,602
Other expense/(income), net	1,931		(2,017	)	2,135		(2,345	)
Income before income taxes	$3,012		$16,183		$20,536		$36,542

Schedule of Restructuring Costs by Reporting Segment

The table below presents restructuring costs by reportable segment (also see Note 5):

	Three months ended June 30,		Six months ended June 30,
(in thousands)	2017	2016	2017	2016
Restructuring expenses, net
Machine Clothing	$805	$5,434	$916	$6,132
Albany Engineered Composites	1,231	1,147	3,801	1,147
Corporate expenses	-	67	-	48
Consolidated total	$2,036	$6,648	$4,717	$7,327

Pensions and Other Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2017

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the six months ended June 30, 2017 and 2016, was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2017		2016		2017		2016
Components of net periodic benefit cost:
Service cost	$1,307		$1,319		$122		$127
Interest cost	3,671		4,049		1,107		1,221
Expected return on assets	(4,003	)	(4,482	)	-		-
Amortization of prior service cost/(credit)	18		19		(2,244	)	(2,244	)
Amortization of net actuarial loss	1,295		1,164		1,405		1,410
Net periodic benefit cost	$2,288		$2,069		$390		$514

Restructuring (Tables)

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:

	Three months ended June 30,		Six months ended June 30,
(in thousands)	2017	2016	2017	2016
Machine Clothing	$805	$5,434	$916	$6,132
Albany Engineered Composites	1,231	1,147	3,801	1,147
Corporate Expenses	-	67	-	48
Total	$2,036	$6,648	$4,717	$7,327

Six months ended June 30, 2017	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment
(in thousands)
Machine Clothing	$916	$916	$-
Albany Engineered Composites	3,801	3,356	445
Corporate Expenses	-	-	-
Total	$4,717	$4,272	$445

Six months ended June 30, 2016	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment
(in thousands)
Machine Clothing	$6,132	$5,832	$300
Albany Engineered Composites	1,147	921	226
Corporate Expenses	48	48	-
Total	$7,327	$6,801	$526

Schedule of Restructuring Liability

The table below presents the year-to-date changes in restructuring liabilities for 2017 and 2016, all of which related to termination costs:

(in thousands)	December 31, 2016	Restructuring charges accrued	Payments		Currency translation / other	June 30, 2017

Total termination and other costs	$5,559	$4,272	($4,513	)	$65	$5,383

(in thousands)	December 31, 2015	Restructuring charges accrued	Payments		Currency translation / other	June 30, 2016

Total termination and other costs	$10,177	$6,801	($6,835	)	$13	$10,156

Other Expense/(Income), net (Tables)

6 Months Ended

Jun. 30, 2017

Other Income and Expenses [Abstract]

Schedule Other Expense/(Income), net

The components of other expense/(income), net are:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Currency transaction losses/(gains)	$1,948		($1,571	)	$2,049		($2,049	)
Bank fees and amortization of debt issuance costs	111		394		259		546
Other	(128	)	(840	)	(173	)	(842	)
Total	$1,931		($2,017	)	$2,135		($2,345	)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table presents components of income tax expense for the three and six months ended June 30, 2017 and 2016:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016

Income tax based on income from continuing operations, at estimated tax rates of 32.8% in 2017 and 38.7% in 2016, respectively	$989		$6,258		$6,744		$14,131
Provision for change in estimated tax rate	36		(203	)	-		-
Income tax expense before discrete items	1,025		6,055		6,744		14,131

Discrete tax expense/(benefit):
Provision for/resolution of tax audits and contingencies, net	109		-		961		(825	)
Uncertain Tax Positions	490		-		490		-
Adjustments to prior period tax liabilities	189		-		189		(243	)
Other discrete tax adjustments, net	(34	)	27		(55	)	62
Total income tax expense	$1,779		$6,082		$8,329		$13,125

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule Computing Earnings Per Share

The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:

	Three months ended June 30,		Six months ended June 30,
(in thousands, except market price and earnings per share)	2017	2016	2017	2016

Net income attributable to the Company	$1,117	$10,367	$11,956	$23,868

Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	32,166	32,093	32,147	32,067
Effect of dilutive stock-based compensation plans:
Stock options	34	38	35	39

Weighted average number of shares used in
calculating diluted net income per share	32,200	32,131	32,182	32,106

Average market price of common stock used
for calculation of dilutive shares	$48.44	$39.47	$47.47	$37.40

Net income per share:
Basic	$0.03	$0.32	$0.37	$0.74
Diluted	$0.03	$0.32	$0.37	$0.74

Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2017

Noncontrolling Interest [Abstract]

Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity:

	Six months ended June 30,
(in thousands)	2017		2016
Net income/(loss) of Albany Safran Composites, LLC ("ASC")	$3,029		($4,033	)
Less: Return attributable to the Company's preferred holding	515		480
Net income/(loss) of ASC available for common ownership	$2,514		($4,513	)
Ownership percentage of noncontrolling shareholder	10	%	10	%
Net income/(loss) attributable to noncontrolling interest	$251		($451	)

Noncontrolling interest, beginning of year	$3,767		$3,690
Net income/(loss) attributable to noncontrolling interest	251		(451	)
Changes in other comprehensive income attributable to noncontrolling interest	13		(1	)
Noncontrolling interest	$4,031		$3,238

Accumulated Other Comprehensive Income (AOCI) (Tables)

6 Months Ended

Jun. 30, 2017

Accumulated items of other comprehensive income:

Schedule of Accumulated Other Comprehensive Income

The table below presents changes in the components of AOCI for the period December 31, 2016 to June 30, 2017:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2016	($133,298	)	($51,719	)	$828		($184,189	)
Other comprehensive income/(loss) before reclassifications	28,453		(1,079	)	(619	)	26,755
Interest expense related to swaps reclassified to the Statement of Income, net of tax	-		-		585		585
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	-		332		-		332
Net current period other comprehensive income	28,453		(747	)	(34	)	27,672
June 30, 2017	($104,845	)	($52,466	)	$794		($156,517	)

The table below presents changes in the components of AOCI for the period December 31, 2015 to June 30, 2016:

(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
December 31, 2015	($108,655	)	($48,725	)	($1,464	)	($158,844	)
Other comprehensive income/(loss) before reclassifications	2,393		12		(4,608	)	(2,203	)
Pension/postretirement plan remeasurement	-		105		-		105
Interest expense related to swaps reclassified to the Statement of Income, net of tax	-		-		363		363
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	-		244		-		244
Net current period other comprehensive income	2,393		361		(4,245	)	(1,491	)
June 30, 2016	($106,262	)	($48,364	)	($5,709	)	($160,335	)

Schedule of Accumulated Other Comprehensive Income Components Reclassified to Statement of Income

The table below presents the expense/(income) amounts reclassified, and the line items of the Statements of Income that were affected for the periods ended June 30, 2017 and 2016.

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$343		$305		$943		$586
Income tax effect	(130	)	(116	)	(358	)	(223	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$213		$189		$585		$363

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	($1,113	)	($1,112	)	($2,226	)	($2,225	)
Amortization of net actuarial loss	1,353		1,296		2,700		2,574
Total pretax amount reclassified (b)	240		184		474		349
Income tax effect	(72	)	(56	)	(142	)	(105	)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$168		$128		$332		$244

(a)	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15).

(b)	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2017

Receivables [Abstract]

Schedule of Accounts Receivable

As of June 30, 2017 and December 31, 2016, Accounts receivable consisted of the following:

(in thousands)	June 30, 2017		December 31, 2016
Trade and other accounts receivable	$152,410		$146,460
Bank promissory notes	17,009		15,759
Revenue in excess of progress billings	30,664		15,926
Allowance for doubtful accounts	(7,018	)	(6,952	)
Total accounts receivable	$193,065		$171,193

Schedule of Contract Receivables

As of June 30, 2017 and December 31, 2016, Contract Receivables consisted of the following:


(in thousands)	June 30, 2017	December 31, 2016
Contract receivable	$21,581	$14,045

Inventories (Tables)

6 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Schedule of Inventories

As of June 30, 2017 and December 31, 2016, inventories consisted of the following:

(in thousands)	June 30, 2017	December 31, 2016
Raw materials	$40,474	$37,691
Work in process	75,917	58,715
Finished goods	35,143	37,500
Total inventories	$151,534	$133,906

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Intangible Assets and Goodwill

The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of December 31, 2016 to June 30, 2017, were as follows:

As of June 30, 2017 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$43	$25	$18
AEC technology	15	228	136	92
Customer relationships	15	49,490	4,131	45,359
Customer contracts	6	20,420	4,263	16,157
Other intangibles	5	1,720	430	1,290
Total amortized intangible assets		$71,901	$8,985	$62,916

Unamortized intangible assets:
MC Goodwill		$68,598	$-	$68,598
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$164,328	$-	$164,328

As of December 31, 2016 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$43	$23	$20
AEC technology	15	228	124	104
Customer relationships	15	49,490	2,481	47,009
Customer contracts	6	20,420	2,561	17,859
Other intangibles	5	1,720	258	1,462
Total amortized intangible assets		$71,901	$5,447	$66,454

Unamortized intangible assets:
MC Goodwill		$64,645	$-	$64,645
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$160,375	$-	$160,375

The changes in intangible assets and goodwill from December 31, 2016 to June 30, 2017, were as follows:

(in thousands)	December 31, 2016	Amortization		Currency Translation	June 30, 2017

Amortized intangible assets:
AEC trade names	$20	$(2	)	$-	$18
AEC technology	104	(12	)	-	92
Customer relationships	47,009	(1,650	)	-	45,359
Customer contracts	17,859	(1,702	)	-	16,157
Other intangibles	1,462	(172	)	-	1,290
Total amortized intangible assets	$66,454	($3,538	)	$-	$62,916

Unamortized intangible assets:
MC Goodwill	$64,645	$-		$3,953	$68,598
AEC Goodwill	95,730	-		-	95,730
Total unamortized intangible assets:	$160,375	$-		$3,953	$164,328

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2017 through 2021, is as follows:

	Annual amortization
Year	(in thousands)
2017	$7,076
2018	7,076
2019	7,076
2020	7,076
2021	6,796

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Long-term Debt and Capital Lease Obligations [Abstract]

Schedule of Long-Term Debt

Long-term debt, principally to banks and bondholders, consists of:

(in thousands, except interest rates)	June 30, 2017	December 31, 2016

Private placement with a fixed interest rate of 6.84%, due 2017	$50,000	$50,000
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 2.70% in 2017 and 2.58% in 2016 (including the effect of interest rate hedging transactions, as described below), due in 2021	430,000	418,000

Obligation under capital lease, matures 2022	15,762	16,584

Long-term debt	495,762	484,584

Less: current portion	(51,732)	(51,666)

Long-term debt, net of current portion	$444,030	$432,918

Schedule of Future Minimum Annual Capital Lease Obilgations

The following schedule presents future minimum annual lease payments under the capital lease obligation and the present value of the minimum lease payments, as of June 30, 2017.

Years ending December 31,	(in thousands)
2017	$1,212
2018	2,473
2019	2,473
2020	2,520
2021	2,520
Thereafter	7,373
Total minimum lease payments	18,571
Less: Amount representing interest	(2,809	)

Present value of minimum lease payments	$15,762

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Fair-Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial assets and liabilities, which are measured at fair value on a recurring basis:

	June 30, 2017				December 31, 2016
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs

(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$11,742		$-		$8,468		$-
Prepaid expenses and other current assets:
Foreign currency options	2		-		-		-
Other Assets:
Common stock of unaffiliated foreign public company	838	^(a)	-		762	^(a)	-
Interest rate swaps	-		5,307	^(b)	-		5,784	^(c)

(a)

Original cost basis $0.5 million

(b)

Net of $19.1 million receivable floating leg and $13.8 million liability fixed leg

(c)

Net of $21.4 million receivable floating leg and $15.6 million liability fixed leg

Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments

Gains and losses related to changes in fair value of derivative instruments that were recognized in Other expenses/(income), net in the Consolidated Statements of Income were as follows:

	Three months ended June 30,			Six months ended June 30,
(in thousands)	2017		2016	2017		2016

Derivatives not designated as hedging instruments
Foreign currency options (losses)/gains	($75	)	$250	($129	)	$455

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Contingencies (Tables)

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Claims

The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:

Year ended December 31,	Opening Number of Claims	Claims Dismissed,Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2012	4,446	90	107	4,463	$530
2013	4,463	230	66	4,299	78
2014	4,299	625	147	3,821	437
2015	3,821	116	86	3,791	164
2016	3,791	148	102	3,745	758
2017 (as of June 30)	3,745	39	31	3,737	$10

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=82913245&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14453-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82913245&loc=d3e12053-110248

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14394-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14435-108349

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14326-108349

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14557-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14615-108349

+ Details

Changes in Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Schedule of Activity in Shareholders' Equity

The following table summarizes changes in Shareholders’ Equity:

(in thousands)	Common Stock Class A and B	Additional paid in capital	Retained earnings		Accumulated items of other comprehensive income/(loss)		Treasury stock		Noncontrolling Interest	Total Equity
December 31, 2016	$40	$425,953	$522,855		($184,189	)	($257,136	)	$3,767	$511,290
Net income	-	-	11,956		-		-		251	12,207
Compensation and benefits paid or payable in shares	-	1,410	-		-		260		-	1,670
Options exercised	-	175	-		-		-		-	175
Dividends declared	-	-	(10,936	)	-		-		-	(10,936	)
Cumulative translation adjustments	-	-	-		28,453		-		13	28,466
Pension and postretirement liability adjustments	-	-	-		(747	)	-		-	(747	)
Derivative valuation adjustment	-	-	-		(34	)	-		-	(34	)
June 30, 2017	$40	$427,538	$523,875		($156,517	)	($256,876	)	$4,031	$542,091

Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 08, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 18, 2015
Business Acquisition [Line Items]
Cash consideration for acquisition			$ 187,000		$ 187,000
Credit Agreement [Member]
Business Acquisition [Line Items]
Proceeds from unsecured credit facility agreement	$ 550,000					$ 400,000
Harris Corporation's Composite Aerostructures Division [Member]
Business Acquisition [Line Items]
Cash consideration for acquisition	$ 187,000

Business Acquisition (Summary of pro-forma information of AAC) (Details) - Harris Corporation's Composite Aerostructures Division [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Combined Net sales	$ 204,371	$ 397,706
Combined Income before income taxes	15,765	38,915
Pro forma increase/(decrease) to income before income taxes:
Acquisition expenses	3,771	5,367
Interest expense related to purchase price	(81)	(1,133)
Acquisition accounting adjustments:
Depreciation and amortization on property, plant and equipment, and intangible assets	(121)	(1,696)
Valuation of contract inventories	145	2,036
Interest expense on capital lease obligation	23	323
Interest expense on other obligations	(10)	(143)
Pro forma Income before income taxes	19,492	43,669
Pro forma Net Income	$ 11,922	$ 28,187

Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Cost of goods sold	$ 152,517		$ 124,875		$ 275,889	$ 224,705
Net sales	215,571		203,190		414,848	375,521
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Cost of goods sold	15,800
Write-off inventory cost	4,000
Reserve for future loss	11,800				11,800		$ 100
Net sales	68,999		54,256		125,449	$ 81,324
Albany Safran Composites, LLC [Member]
Segment Reporting Information [Line Items]
Net sales	30,100	$ 25,600	$ 18,500	$ 17,100
Invoiced receivables, unbilled receivables and contract receivables	$ 55,500				$ 55,500		$ 37,100

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Net sales	$ 215,571	$ 203,190	$ 414,848	$ 375,521
Operating income/(loss)	9,228	17,857	31,284	40,126
Interest income	(340)	(547)	(447)	(673)
Interest expense	4,625	4,238	9,060	6,602
Other expense/(income), net	1,931	(2,017)	2,135	(2,345)
Income before income taxes	3,012	16,183	20,536	36,542
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	146,572	148,934	289,399	294,197
Operating income/(loss)	38,418	35,405	76,679	72,543
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	68,999	54,256	125,449	81,324
Operating income/(loss)	(17,828)	(5,848)	(22,942)	(9,553)
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	$ (11,362)	$ (11,700)	$ (22,453)	$ (22,864)

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restructuring expense
Restructuring expenses, net	$ 2,036	$ 6,648	$ 4,717	$ 7,327
Machine Clothing [Member]
Restructuring expense
Restructuring expenses, net	805	5,434	916	6,132
Albany Engineered Composites [Member]
Restructuring expense
Restructuring expenses, net	1,231	1,147	3,801	1,147
Corporate Expenses [Member]
Restructuring expense
Restructuring expenses, net		$ 67		$ 48

Pensions and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,307	$ 1,319
Interest cost	3,671	4,049
Expected return on assets	(4,003)	(4,482)
Amortization of prior service cost/(credit)	18	19
Amortization of net actuarial loss	1,295	1,164
Net periodic benefit cost	2,288	2,069
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	122	127
Interest cost	1,107	1,221
Expected return on assets
Amortization of prior service cost/(credit)	(2,244)	(2,244)
Amortization of net actuarial loss	1,405	1,410
Net periodic benefit cost	$ 390	$ 514

Restructuring (Narrative) (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Restructuring and Related Activities [Abstract]
Accrued restructuring costs expected to be paid within one year	$ 5,000
Accrued restructuring costs expected to be paid in year two	$ 400

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restructuring and other, net
Restructuring expenses, net	$ 2,036	$ 6,648	$ 4,717	$ 7,327
Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	805	5,434	916	6,132
Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net	1,231	1,147	3,801	1,147
Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net		$ 67		48
Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net			4,272	6,801
Termination and other costs [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			916	5,832
Termination and other costs [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net			3,356	921
Termination and other costs [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net				48
Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net			445	526
Impairment of plant and equipment [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net				300
Impairment of plant and equipment [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net			445	226
Impairment of plant and equipment [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net
Restructuring costs incurred [Member]
Restructuring and other, net
Restructuring expenses, net			4,717	7,327
Restructuring costs incurred [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			916	6,132
Restructuring costs incurred [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net			3,801	1,147
Restructuring costs incurred [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net				$ 48

Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Restructuring Reserve [Roll Forward]
Beginning balance	$ 5,559	$ 10,177
Restructuring charges accrued	4,272	6,801
Payments	(4,513)	(6,835)
Currency translation/other	65	13
Ending balance	$ 5,383	$ 10,156

Other Expense/(Income), net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Income and Expenses [Abstract]
Currency transaction losses/(gains)	$ 1,948	$ (1,571)	$ 2,049	$ (2,049)
Bank fees and amortization of debt issuance costs	111	394	259	546
Other	(128)	(840)	(173)	(842)
Total	$ 1,931	$ (2,017)	$ 2,135	$ (2,345)

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Line Items]
Unrepatriated foreign earnings	$ 4,500
Net increase from the reevaluation of uncertain tax positions arising in examinations	600
Net decrease from the reevaluation of uncertain tax positions arising in examinations	$ 400
Income Tax Expense Benefit Estimated Tax Rate	32.80%	38.70%
Non-U.S. earnings that have been targeted for future repatriation	$ 62,600
Earliest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years	2007
Latest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years	2016

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 32.8% in 2017 and 38.7% in 2016, respectively	$ 989	$ 6,258	$ 6,744	$ 14,131
Provision for change in estimated tax rate	36	(203)
Income tax expense before discrete items	1,025	6,055	6,744	14,131
Discrete tax expense/(benefit):
Provision for/resolution of tax audits and contingencies, net	109		961	(825)
Uncertain Tax Positions	490		490
Adjustments to prior period tax liabilities	189		189	(243)
Other discrete tax adjustments, net	(34)	27	(55)	62
Total income tax expense	$ 1,779	$ 6,082	$ 8,329	$ 13,125

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 1,117	$ 10,367	$ 11,956	$ 23,868
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,166	32,093	32,147	32,067
Effect of dilutive stock-based compensation plans:
Stock options	34	38	35	39
Weighted average number of shares used in calculating diluted net income per share	32,200	32,131	32,182	32,106
Average market price of common stock used for calculation of dilutive shares	$ 48.44	$ 39.47	$ 47.47	$ 37.40
Net income per share:
Basic	0.03	0.32	0.37	0.74
Diluted	$ 0.03	$ 0.32	$ 0.37	$ 0.74

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Noncontrolling Interest [Line Items]
Net income/(loss) of ASC	$ 1,233	$ 10,101	$ 12,207	$ 23,417
Net income/(loss) of ASC available for common ownership	1,117	10,367	11,956	23,868
Net income/(loss) attributable to noncontrolling interest	116	(266)	251	(451)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			3,767
Net (loss)/income attributable to noncontrolling interest	116	$ (266)	251	(451)
Noncontrolling interest	$ 4,031		4,031
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income/(loss) of ASC			3,029	(4,033)
Less: Return attributable to the Company's preferred holding			515	480
Net income/(loss) of ASC available for common ownership			$ 2,514	$ (4,513)
Ownership percentage of noncontrolling shareholder	10.00%	10.00%	10.00%	10.00%
Net income/(loss) attributable to noncontrolling interest			$ 251	$ (451)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			3,767	3,690
Net (loss)/income attributable to noncontrolling interest			251	(451)
Changes in other comprehensive income attributable to noncontrolling interest			13	(1)
Noncontrolling interest	$ 4,031	$ 3,238	$ 4,031	$ 3,238

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 507,523
Ending balance	538,060
Translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(133,298)	$ (108,655)
Other comprehensive income/(loss) before reclassifications	28,453	2,393
Pension/postretirement plan remeasurement
Interest expense related to swaps reclassified to the Statement of Income, net of tax
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax
Net current period other comprehensive income	28,453	2,393
Ending balance	(104,845)	(106,262)
Pension and postretirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(51,719)	(48,725)
Other comprehensive income/(loss) before reclassifications	(1,079)	12
Pension/postretirement plan remeasurement		105
Interest expense related to swaps reclassified to the Statement of Income, net of tax
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	332	244
Net current period other comprehensive income	(747)	361
Ending balance	(52,466)	(48,364)
Derivative valuation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	828	(1,464)
Other comprehensive income/(loss) before reclassifications	(619)	(4,608)
Pension/postretirement plan remeasurement
Interest expense related to swaps reclassified to the Statement of Income, net of tax	585	363
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax
Net current period other comprehensive income	(34)	(4,245)
Ending balance	794	(5,709)
Total Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(184,189)	(158,844)
Other comprehensive income/(loss) before reclassifications	26,755	(2,203)
Pension/postretirement plan remeasurement		105
Interest expense related to swaps reclassified to the Statement of Income, net of tax	585	363
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	332	244
Net current period other comprehensive income	27,672	(1,491)
Ending balance	$ (156,517)	$ (160,335)

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

$ 4,625

$ 4,238

$ 9,060

$ 6,602

Total pretax amount reclassified

3,012

16,183

20,536

36,542

Income tax effect

1,779

6,082

8,329

13,125

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

(1,117)

(10,367)

(11,956)

(23,868)

Prior service credit

(1,113)

(1,112)

(2,226)

(2,225)

Net actuarial loss

1,353

1,296

2,700

2,574

Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and postretirement liability adjustments [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Total pretax amount reclassified

^[1]

240

184

474

349

Income tax effect

(72)

(56)

(142)

(105)

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

168

128

332

244

Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative valuation adjustment [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

^[2]

343

305

943

586

Income tax effect

(130)

(116)

(358)

(223)

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

$ 213

$ 189

$ 585

$ 363

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).
[2]	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15).

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Receivables [Abstract]
Trade and other accounts receivable	$ 152,410	$ 146,460
Bank promissory notes	17,009	15,759
Revenue in excess of progress billings	30,664	15,926
Allowance for doubtful accounts	(7,018)	(6,952)
Total accounts receivable	193,065	171,193
Contract receivable	$ 21,581	$ 14,045
Interest rate	2.00%

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 40,474	$ 37,691
Work in process	75,917	58,715
Finished goods	35,143	37,500
Total inventories	$ 151,534	$ 133,906

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2017	Dec. 31, 2016
Amortized intangible assets:
Gross carrying value			$ 71,901	$ 71,901
Accumulated amortization			8,985	5,447
Net carrying amount	$ 62,916	$ 66,454	62,916	66,454
Beginning balance	66,454
Amortization	(3,538)
Currency Translation
Ending balance	62,916	66,454
Goodwill
Beginning balance	160,375
Amortization
Currency Translation	3,953
Ending balance	164,328	160,375
AEC Trade Names [Member]
Amortized intangible assets:
Gross carrying value			43	43
Accumulated amortization			25	23
Net carrying amount	20	20	18	20
Beginning balance	20
Amortization	(2)
Currency Translation
Ending balance	$ 18	$ 20
Goodwill
Amortization life in years	15 years	15 years
AEC Technology [Member]
Amortized intangible assets:
Gross carrying value			228	228
Accumulated amortization			136	124
Net carrying amount	$ 104	$ 104	92	104
Beginning balance	104
Amortization	(12)
Currency Translation
Ending balance	$ 92	$ 104
Goodwill
Amortization life in years	15 years	15 years
Customer Relationships [Member]
Amortized intangible assets:
Gross carrying value			49,490	49,490
Accumulated amortization			4,131	2,481
Net carrying amount	$ 45,359	$ 47,009	45,359	47,009
Beginning balance	47,009
Amortization	(1,650)
Currency Translation
Ending balance	$ 45,359	$ 47,009
Goodwill
Amortization life in years	15 years	15 years
Customer Contracts [Member]
Amortized intangible assets:
Gross carrying value			20,420	20,420
Accumulated amortization			4,263	2,561
Net carrying amount	$ 16,157	$ 17,859	16,157	17,859
Beginning balance	17,859
Amortization	(1,702)
Currency Translation
Ending balance	$ 16,157	$ 17,859
Goodwill
Amortization life in years	6 years	6 years
Other Intangible Assets [Member]
Amortized intangible assets:
Gross carrying value			1,720	1,720
Accumulated amortization			430	258
Net carrying amount	$ 1,290	$ 1,462	$ 1,290	1,462
Beginning balance	1,462
Amortization	(172)
Currency Translation
Ending balance	$ 1,290	$ 1,462
Goodwill
Amortization life in years	5 years	5 years
MC Goodwill [Member]
Goodwill
Gross carrying value				64,645
Beginning balance	$ 64,645
Amortization
Currency Translation	3,953
Ending balance	68,598	$ 64,645
AEC Goodwill [Member]
Goodwill
Gross carrying value				$ 95,730
Beginning balance	95,730
Amortization
Currency Translation
Ending balance	$ 95,730	$ 95,730

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 7,076
2018	7,076
2019	7,076
2020	7,076
2021	$ 6,796

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
	Mar. 16, 2016	Jun. 30, 2017	Dec. 31, 2016	Jun. 16, 2016	May 09, 2016	May 06, 2016	Apr. 08, 2016	Jun. 18, 2015
Debt Instrument [Line Items]
Maximum leverage ratio allowed		3.50
Minimum interest coverage ratio required		3.00
Leverage ratio		2.55
Interest coverage ratio		9.41
Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate		2.70%	2.58%
Amount of credit facility							$ 550,000	$ 400,000
Amount of credit facility outstanding		$ 430,000
Additional amount that can be borrowed on facility		$ 120,000
LIBOR spread	1.50%
Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
LIBOR spread		1.25%
Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
LIBOR spread		1.75%
Private Placement, Notes [Member]
Debt Instrument [Line Items]
Interest rate		6.84%
Maturity date		Oct. 25, 2017
Payment required on October 25, 2017		$ 50,000
Fair value of long-term debt		$ 51,500
Interest Rate Current Swap [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowings, revolving credit facility						$ 120,000
Notional amount				$ 300,000	$ 300,000
Fixed interest rate in swap				2.745%	1.245%
LIBOR rate				1.18%
Amount paid to terminate agreement						$ 5,200
AAC [Member]
Debt Instrument [Line Items]
Interest rate		5.00%
Maturity date		Dec. 31, 2022

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 495,762	$ 484,584
Less: current portion	(51,732)	(51,666)
Long-term debt, net of current portion	$ 444,030	432,918
Various Notes and Mortgages [Member]
Debt Instrument [Line Items]
Maturity date range, end	Dec. 31, 2021
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Long-term debt	$ 15,762	16,584
Maturity date range, end	Dec. 31, 2022
Private Placement, Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 50,000	50,000
Interest rate	6.84%
Maturity date range, end	Dec. 31, 2017
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 430,000	$ 418,000
Interest rate	2.70%	2.58%

Financial Instruments (Schedule of future minimum annual lease payments) (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Long-term Debt and Capital Lease Obligations [Abstract]
2017	$ 1,212
2018	2,473
2019	2,473
2020	2,520
2021	2,520
Thereafter	7,373
Total minimum lease payments	18,571
Less: Amount representing interest	(2,809)
Present value of minimum lease payments	$ 15,762

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Interest expense	$ 4,625	$ 4,238	$ 9,060	$ 6,602
Interest Rate Current Swap [Member]
Derivative [Line Items]
Interest expense			500	600
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest expense			$ 400	$ 100

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands

Jun. 30, 2017

Dec. 31, 2016

Derivative asset:

Common stock of foreign public company, original cost

$ 500

Quoted Prices in Active Markets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]

Assets:

Cash equivalents

11,742

8,468

Foreign currency options

Common stock of unaffiliated foreign public company

^[1]

838

762

Liabilities:

Interest rate swaps

Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]

Assets:

Cash equivalents

Foreign currency options

Common stock of unaffiliated foreign public company

Liabilities:

Interest rate swaps

5,307

^[2]

5,784

^[3]

Interest Rate Current Swap [Member]

Derivative asset:

Liability for fixed rate leg

13,800

15,600

Receivable for floating rate leg

$ 19,100

$ 21,400

[1]	Original cost basis $0.5 million
[2]	Net of $19.1 million receivable floating leg and $13.8 million liability fixed leg
[3]	Net of $21.4 million receivable floating leg and $15.6 million liability fixed leg

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017
Fair Value Disclosures [Abstract]
(Losses)/gains recognized in income, net	$ (75)	$ 250	$ 455	$ (129)

Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Thousands	Jun. 30, 2017 USD ($) claims
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	37,528
Total cost of resolution \| $	$ 10,200
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140,000
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	7,706
Resolution costs paid by insurance carrier	100.00%

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017 USD ($) claims	Dec. 31, 2016 USD ($) claims	Dec. 31, 2015 USD ($) claims	Dec. 31, 2014 USD ($) claims	Dec. 31, 2013 USD ($) claims	Dec. 31, 2012 USD ($) claims
Loss Contingencies [Line Items]
Opening Number of Claims	3,745	3,791	3,821	4,299	4,463	4,446
Claims Dismissed, Settled, or Resolved	39	148	116	625	230	90
New Claims	31	102	86	147	66	107
Closing Number of Claims	3,737	3,745	3,791	3,821	4,299	4,463
Amounts Paid (thousands) to Settle or Resolve ($) \| $	$ 10	$ 758	$ 164	$ 437	$ 78	$ 530

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Balance			$ 511,290,000
Net income	$ 1,233,000	$ 10,101,000	12,207,000	$ 23,417,000
Compensation and benefits paid or payable in shares			1,670,000
Options exercised			175,000
Dividends declared			(10,936,000)
Cumulative translation adjustments			28,466,000
Pension and postretirement liability adjustments			(747,000)
Derivative valuation adjustment			(34,000)
Balance	542,091,000		542,091,000
Common Stock [Member]
Balance			40,000
Net income
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	40,000		40,000
Additional Paid-in Capital [Member]
Balance			425,953,000
Net income
Compensation and benefits paid or payable in shares			1,410,000
Options exercised			175,000
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	427,538,000		427,538,000
Retained Earnings [Member]
Balance			522,855,000
Net income			11,956,000
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared			(10,936,000)
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	523,875,000		523,875,000
Total Other Comprehensive Income [Member]
Balance			(184,189,000)
Net income
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments			28,453,000
Pension and postretirement liability adjustments			(747,000)
Derivative valuation adjustment			(34,000)
Balance	(156,517,000)		(156,517,000)
Treasury Stock [Member]
Balance			(257,136,000)
Net income
Compensation and benefits paid or payable in shares			260,000
Options exercised
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	(256,876,000)		(256,876,000)
Noncontrolling Interest [Member]
Balance			3,767,000
Net income			251,000
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments			13,000
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ 4,031,000		$ 4,031,000

Recent Accounting Pronouncements (Details) $ in Thousands	6 Months Ended
Recent Accounting Pronouncements (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Recent Accounting Pronouncements Details
Change affecting cash payments of taxes in lieu of share issuance	$ 1,300
Change affecting classification of excess tax benefits	$ 100