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Document and Entity Information - shares shares in Millions	3 Months Ended
Document and Entity Information - shares shares in Millions	Mar. 31, 2019	Apr. 17, 2019
Entity Registrant Name	ALBANY INTERNATIONAL CORP /DE/
Entity Central Index Key	0000819793
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Common Class A [Member]
Entity Common Stock, Shares Outstanding		29.0
Common Class B [Member]
Entity Common Stock, Shares Outstanding		3.3

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 251,373	$ 223,603
Cost of goods sold	159,602	145,821
Gross profit	91,771	77,782
Selling, general, and administrative expenses	40,945	41,888
Technical and research expenses	10,249	10,317
Restructuring expenses, net	484	8,573
Operating income	40,093	17,004
Interest expense, net	4,417	4,288
Other (income)/expense, net	(1,208)	1,452
Income before income taxes	36,884	11,264
Income tax expense	7,476	3,365
Net income	29,408	7,899
Net income attributable to the noncontrolling interest	218	237
Net income attributable to the Company	$ 29,190	$ 7,662
Earnings per share attributable to Company shareholders - Basic	$ 0.90	$ 0.24
Earnings per share attributable to Company shareholders - Diluted	$ 0.90	$ 0.24
Shares of the Company used in computing earnings per share:
Basic	32,272	32,220
Diluted	32,285	32,236
Dividends declared per share, Class A and Class B	$ 0.18	$ 0.17

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 29,408	$ 7,899
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	(2,152)	17,505
Amortization of pension liability adjustments:
Prior service credit	(1,105)	(1,114)
Net actuarial loss	1,121	1,297
Payments and amortization related to interest rate swaps included in earnings	(452)	180
Derivative valuation adjustment	(3,377)	5,715
Income taxes related to items of other comprehensive income/(loss):
Amortization of pension liability adjustment	(5)	(55)
Payments related to interest rate swaps included in earnings	115	(43)
Derivative valuation adjustment	863	(1,372)
Comprehensive income	24,416	30,012
Comprehensive income/(loss) attributable to the noncontrolling interest	210	230
Comprehensive income attributable to the Company	$ 24,206	$ 29,782

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 187,385	$ 197,755	$ 151,426	$ 183,727
Accounts receivable, net	234,127	223,176
Contract assets	57,869	57,447
Inventories	102,379	85,904
Income taxes prepaid and receivable	6,818	7,473
Prepaid expenses and other current assets	23,696	21,294
Total current assets	612,274	593,049
Property, plant and equipment, net	460,520	462,055
Intangibles, net	47,646	49,206
Goodwill	163,438	164,382
Deferred income taxes	63,736	62,622
Noncurrent receivables	45,354	45,061
Other assets	50,313	41,617
Total assets	1,443,281	1,417,992
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	74,050	52,246
Accrued liabilities	122,342	129,030
Current maturities of long-term debt	19	1,224
Income taxes payable	8,387	6,806
Total current liabilities	204,798	189,306
Long-term debt	491,022	523,707
Other noncurrent liabilities	112,726	88,277
Deferred taxes and other liabilities	8,328	8,422
Total liabilities	816,874	809,712
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,052	430,555
Retained earnings	613,057	589,645
Accumulated items of other comprehensive income:
Translation adjustments	(116,630)	(115,976)
Pension and postretirement liability adjustments	(48,596)	(47,109)
Derivative valuation adjustment	1,846	4,697
Treasury stock (Class A), at cost; 8,418,620 shares in 2019 and in 2018	(256,603)	(256,603)
Total Company shareholders' equity	623,166	605,249
Noncontrolling interest	3,241	3,031
Total equity	626,407	608,280	$ 592,578	$ 57,301
Total liabilities and shareholders' equity	1,443,281	1,417,992
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	Mar. 31, 2019	Dec. 31, 2018
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	37,478,402	37,450,329
Treasury stock, shares	8,418,620	8,418,620
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 FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING ACTIVITIES
Net income	$ 29,408	$ 7,899
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation	15,642	18,302
Amortization	2,314	2,646
Change in deferred taxes and other liabilities	(1,065)	(2,028)
Provision for write-off of property, plant and equipment	386	271
Non-cash interest expense	151
Compensation and benefits paid or payable in Class A Common Stock	(547)	289
Fair value adjustment on foreign currency option		37
Changes in operating assets and liabilities that (used)/provided cash:
Accounts receivable	(11,624)	(25,089)
Contract assets	(481)	2,116
Inventories	(16,662)	(11,753)
Prepaid expenses and other current assets	(2,804)	(4,063)
Income taxes prepaid and receivable	674	102
Accounts payable	21,750	(2,538)
Accrued liabilities	(11,095)	(1,227)
Income taxes payable	1,506	(3,431)
Noncurrent receivables	(294)	(2,527)
Other noncurrent liabilities	(1,679)	(377)
Other, net	(1,014)	2,424
Net cash provided by/(used in) operating activities	24,566	(18,947)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(20,798)	(15,771)
Purchased software	(22)	(29)
Net cash used in investing activities	(20,820)	(15,800)
FINANCING ACTIVITIES
Proceeds from borrowings	20,000	13,011
Principal payments on debt	(28,004)	(8,490)
Principal payments on finance lease liabilities	(400)
Taxes paid in lieu of share issuance	(971)	(1,652)
Proceeds from options exercised	44	147
Dividends paid	(5,808)	(5,474)
Net cash used in financing activities	(15,139)	(2,458)
Effect of exchange rate changes on cash and cash equivalents	1,023	4,904
Decrease in cash and cash equivalents	(10,370)	(32,301)
Cash and cash equivalents at beginning of period	197,755	183,727
Cash and cash equivalents at end of period	$ 187,385	$ 151,426

Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

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, the Registrant, the Company, we, us, or our) 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, 2018. Certain quarterly results for 2018 contained within this report have been revised to correct immaterial errors, as described in Note 24 of Item 8 in that same Annual Report on Form 10-K.

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date approach for transition as discussed in Note 3, Leases. Accounting policies have been applied consistently to periods presented, except for the application of ASC 842, as further described in Note 3.

Reportable Segments

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Reportable Segments

2. Reportable Segments

In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments.

The Machine Clothing (MC) segment designs and manufactures fabrics and process felts used in the manufacture of all grades of paper products and other industrial products. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.

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, is a designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace 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 were $56.0 million and $40.8 million in the first quarter of 2019 and 2018, respectively. The total of invoiced receivables, Contract assets and Noncurrent receivables due from Safran amounted to $107.8 million and $96.2 million as of March 31, 2019 and December 31, 2018, respectively.

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

	Three months ended March 31,
(in thousands)	2019	2018
Net sales
Machine Clothing	$144,334	$141,773
Albany Engineered Composites	107,039	81,830
Consolidated total	$251,373	$223,603
Operating income/(loss)
Machine Clothing	$44,243	$26,942
Albany Engineered Composites	9,522	2,275
Corporate expenses	(13,672)	(12,213)
Operating income	$40,093	$17,004
Reconciling items:
Interest income	(599)	(382)
Interest expense	5,016	4,670
Other (income)/expense, net	(1,208)	1,452
Income before income taxes	$36,884	$11,264

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

	Three months ended March 31,
(in thousands)	2019	2018
Machine Clothing	$401	$8,352
Albany Engineered Composites	83	221
Total	$484	$8,573

We disaggregate revenue earned from contracts with customers for each of our business segments and reporting units based on the timing of revenue recognition, and groupings used for internal review purposes.

The following table disaggregates revenue for each reporting unit by timing of revenue recognition:

		For the three months ended March 31, 2019
(in thousands)		Point in Time Revenue Recognition	Over Time Revenue Recognition	Total

Machine Clothing		$143,534	$800	$144,334

Albany Engineered Composites
	ASC	-	55,442	55,442
	Other AEC	6,245	45,352	51,597
Total Albany Engineered Composites		6,245	100,794	107,039

Total revenue		$149,779	$101,594	$251,373

		For the three months ended March 31, 2018
(in thousands)		Point in Time Revenue Recognition	Over Time Revenue Recognition	Total

Machine Clothing		$140,973	$800	$141,773

Albany Engineered Composites
	ASC	-	40,781	40,781
	Other AEC	6,040	35,009	41,049
Total Albany Engineered Composites		6,040	75,790	81,830

Total revenue		$147,013	$76,590	$223,603

The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold:

	For the three months ended March 31,
(in thousands)	2019	2018

Americas PMC	$75,341	$67,629
Eurasia PMC	51,438	53,811
Engineered Fabrics	17,555	20,333
Total Machine Clothing Net sales	$144,334	$141,773

In accordance with ASC 606-10-50-14, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $90 million and $115 million as of March 31, 2019 and 2018, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of March 31, 2019 we expect to recognize as revenue approximately $53 million during 2019, with the remainder to be recognized in between 2020 and 2021.

At the January 1, 2019 date of adoption of ASC 842, Leases, MC assets increased by $5.6 million, AEC assets increased by $0.5 million, and Corporate assets increased by $1.0 million.

Leases

3 Months Ended

Mar. 31, 2019

Lessee Disclosure [Abstract]

Leases

3. Leases

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 have not been restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2019.

The new standard is intended to increase transparency and comparability among organizations by requiring the recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We applied the new accounting standard to leases existing at the date of initial application on January 1, 2019.

We elected the available package of practical expedients, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We implemented processes and internal controls to enable the preparation of financial information on adoption.

The most significant impact resulting from the adoption of the new standard was the recognition of ROU assets and lease liabilities for operating leases on our balance sheet for our real estate and automobile operating leases, in addition to the derecognition and reassessment of assets and liabilities related to our primary manufacturing facility in Salt Lake City, Utah (SLC lease), which had been accounted for as a build-to-suit lease with a failed sale leaseback. For that lease, transitional guidance required the derecognition of existing assets and liabilities and a reassessment of lease classification. We determined that the lease met the criteria for recording as a finance lease and we determined the January 1, 2019 values of the ROU asset and lease liability on the basis of that reassessment. The change in the SLC lease-related assets and liabilities resulted in a $0.3 million pre-tax reduction to retained earnings at the date of adoption.

The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases:

ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEET

(in thousands, except share data)

(unaudited)



	As previously reported at December 31, 2018	Adjustments Increase/ (decrease)	Opening balance, as adjusted, January 1, 2019
ASSETS
Cash and cash equivalents	$197,755	$ -	$197,755
Accounts receivable, net	223,176	-	223,176
Contract assets	57,447	-	57,447
Inventories	85,904	-	85,904
Income taxes prepaid and receivable	7,473	-	7,473
Prepaid expenses and other current assets	21,294	(370)	20,924
Total current assets	593,049	(370)	592,679

Property, plant and equipment, net	462,055	(6,144)	455,911
Intangibles, net	49,206	-	49,206
Goodwill	164,382	-	164,382
Deferred income taxes	62,622	(20)	62,602
Noncurrent receivables	45,061	-	45,061
Other assets	41,617	13,615	55,232
Total assets	$1,417,992	$7,081	$1,425,073

LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable	$-	$-	$-
Accounts payable	52,246	-	52,246
Accrued liabilities	129,030	4,964	133,994
Current maturities of long-term debt	1,224	(1,206)	18
Income taxes payable	6,806	-	6,806
Total current liabilities	189,306	3,758	193,064

Long-term debt	523,707	(24,680)	499,027
Other noncurrent liabilities	88,277	27,968	116,245
Deferred taxes and other liabilities	8,422	-	8,422
Total liabilities	809,712	7,046	816,758

SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share;
authorized 2,000,000 shares; none issued	-	-	-
Class A Common Stock, par value $.001 per share;
authorized 100,000,000 shares; issued 37,450,329 in 2018
and 37,395,753 in 2017	37	-	37
Class B Common Stock, par value $.001 per share;
authorized 25,000,000 shares; issued and
outstanding 3,233,998 in 2018 and 2017	3	-	3
Additional paid in capital	430,555	-	430,555
Retained earnings	589,645	35	589,680
Accumulated items of other comprehensive income:
Translation adjustments	(115,976)	-	(115,976	)
Pension and postretirement liability adjustments	(47,109)	-	(47,109	)
Derivative valuation adjustment	4,697	-	4,697
Treasury stock (Class A), at cost 8,418,620 shares in 2018
and 8,431,335 shares in 2017	(256,603)	-	(256,603	)
Total Company shareholders' equity	605,249	35	605,284
Noncontrolling interest	3,031	-	3,031
Total equity	608,280	35	608,315
Total liabilities and shareholders' equity	$1,417,992	$7,081	$1,425,073

Adoption of the standard had no impact to cash from or used in operating, investing, or financing activities in our Consolidated Statements of Cash Flows.

Significant changes to our accounting policies as a result of adopting the new standard are discussed below.

We determine if an arrangement is a lease at inception. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we would assess whether:

The contract involves the use of an identified asset. This may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset,

We have the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and

We have the right to direct the use of the asset. We have this right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used.

Judgement is required in the application of ASC 842, Leases, including in determining whether a contract contains a lease, the appropriate classification, allocation of consideration, and the determination of the discount rate for the lease. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments.

We are generally the lessee in our lease transactions. For periods ending after December 31, 2018, lessees will be required to recognize a lease liability and an ROU asset for leases with terms greater than 12 months, in accordance with the practical expedient that is available for ongoing accounting.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term, using the rate implicit in the lease. If that rate is not readily determinable, the rate is based on the Company’s incremental borrowing rate. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. Our ROU assets include the values associated with the additional periods when it is reasonably certain that we will exercise the option. We review the carrying value of ROU assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.

We have lease agreements with lease and non-lease components. For most leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain leases, such as for vehicles, we apply a portfolio approach. New leases will be classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement.

Operating lease ROU assets are included in Other assets in the Consolidated Balance Sheets and Operating lease liabilities are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Finance lease ROU assets are included in Property, plant, and equipment, net in the Consolidated Balance Sheets and Finance lease liabilities are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets.

We have operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 11 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense were as follows:

(in thousands)	For the three months ended March 31, 2019
Finance lease
Amortization of right-of-use asset	$ 253
Interest on lease liabilities	399
Operating lease
Fixed lease cost	1,217
Variable lease cost	57
Short-term lease cost	332
Total lease expense	$ 2,258

Lease expense for the same period of 2018 was $2.1 million.

Supplemental cash flow information related to leases was as follows:

(in thousands)	For the three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,191
Operating cash flows from finance leases	399
Financing cash flows from finance leases	400

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 412
Finance leases	-

Supplemental balance sheet information related to leases was as follows:


(in thousands)	March 31, 2019
Operating leases

Right of use assets included in Other assets	$ 12,969


Lease liabilities included in
Accrued liabilities	$ 4,182
Other noncurrent liabilities	8,935
Total operating lease liabilities	$ 13,117

Finance leases

Right of use assets included in Property, plant and equipment, net	$ 10,890


Lease liabilities included in
Accrued liabilities	$ 1,216
Other noncurrent liabilities	18,564
Total finance lease liabilities	$ 19,780

Additional information for leases existing at March 31, 2019 was as follows:

Weighted average remaining lease term
Operating leases	5 years
Finance leases	11 years

Weighted average discount rate
Operating leases	6.1%
Finance leases	8.0%

Maturities of lease liabilities as of March 31, 2019 were as follows:

(in thousands)	Operating leases	Finance lease
Year ending December 31,
2019	$ 3,487	$ 2,057
2020	4,068	2,790
2021	2,033	2,790
2022	1,419	2,838
2023	1,346	3,004
Thereafter	3,047	15,512
Total lease payments	15,400	28,991

Less imputed interest	(2,283)	(9,211)
Total	$ 13,117	$ 19,780

The finance lease liability includes the SLC lease described above, but excludes additional manufacturing space that was included in the September 2018 modification of that lease. We will take control of the additional space during the fourth quarter of 2019, which will be the commencement of this lease component, at which time the lease liability and ROU asset will be recorded. We will have control of the additional space through 2029 and the additional space will increase gross cash outflows during that period by $6.1 million.

As of December 31, 2018, future rental payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year, were: 2019, $4.6 million; 2020, $3.2 million; 2021, $2.1 million; 2022, $1.5 million; and 2023 and thereafter, $6.5 million.

As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments:


	(in thousands)
Year ending December 31,
2019	$ 2,451
2020	2,974
2021	2,990
2022	3,054
2023	3,277
Thereafter	18,930
Total minimum payments	33,676

Less imputed interest	(7,790)
Total	$ 25,886

As of December 31, 2018, the capitalized value associated with the SLC lease was included in Property, plant, and equipment, net at a value of $17.3 million, which included a gross cost of $20.8 million, and Accumulated depreciation of $3.5 million.

Pensions and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2019

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 benefits accrued under this plan have been frozen since February 2009. 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 plans as claims are paid.

The composition of the net periodic benefit cost for the three months ended March 31, 2019 and 2018, was as follows:

	Pension plans		Other postretirement benefits
(in thousands)	2019	2018	2019	2018
Components of net periodic benefit cost:
Service cost	$632	$699	$47	$58
Interest cost	1,794	1,820	528	507
Expected return on assets	(2,057)	(2,247)	-	-
Amortization of prior service cost/(credit)	17	8	(1,122)	(1,122)
Amortization of net actuarial loss	564	558	557	739
Net periodic benefit cost	$950	$838	$10	$182

Service cost for defined benefit pension and postretirement plans are reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are presented in the income statement separately from the service cost component and outside a subtotal of income from operations, in the line item Other (income)/expense, net in the Consolidated Statements of Income.

Restructuring

3 Months Ended

Mar. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring

5. Restructuring

MC restructuring charges include expenses for the first three months of 2019 and 2018 related to discontinued operations at its MC production facility in Sélestat, France. In 2018, the plan was approved by the French Labor Ministry which led to restructuring expense of $8.1 million in the first three months of 2018 for severance and outplacement costs for the approximately 50 positions that were terminated under this plan. In the first quarter of 2019, restructuring charges were $0.4 million. Since 2017, we have recorded $12.1 million of restructuring charges related to this action.

AEC restructuring charges include expenses for the first three months of 2019 and 2018 related to work force reductions in AEC locations in Salt Lake City, Utah and Rochester, New Hampshire. The restructuring charges for the first three months of 2019 and 2018 include expenses of $0.1 million and $0.2 million, respectively.

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


	Three months ended March 31,
(in thousands)	2019	2018
Machine Clothing	$401	$8,352
Albany Engineered Composites	83	221
Corporate expenses	-	-
Total	$484	$8,573

Three months ended March 31, 2019	Total restructuring costs incurred	Termination and other costs
(in thousands)
Machine Clothing	$401	$401
Albany Engineered Composites	83	83
Corporate expenses	-	-
Total	$484	$484

Three months ended March 31, 2018	Total restructuring costs incurred	Termination and other costs
(in thousands)
Machine Clothing	$8,352	$8,352
Albany Engineered Composites	221	221
Corporate expenses	-	-
Total	$8,573	$8,573

We expect substantially all of Accrued liabilities for restructuring at March 31, 2019 will be paid within one year. The table below presents the year-to-date changes in restructuring liabilities for 2019 and 2018, all of which related to termination costs:


	December 31,	Restructuring		Currency	March 31,
(in thousands)	2018	charges accrued	Payments	translation /other	2019

Total termination and other costs	$5,570	$484	($876)	$23	$5,201

	December 31,	Restructuring		Currency	March 31,
(in thousands)	2017	charges accrued	Payments	translation /other	2018

Total termination and other costs	$3,326	$8,573	($2,051)	$25	$9,873

Other (Income)/Expense, net

3 Months Ended

Mar. 31, 2019

Other Income and Expenses [Abstract]

Other (Income)/Expense, net

6. Other (Income)/Expense, net

The components of Other (Income)/Expense, net are:

	Three months ended March 31,
(in thousands)	2019	2018
Currency transaction (gains)/losses	($2,038)	$690
Bank fees and amortization of debt issuance costs	109	108
Components of net periodic pension and postretirement cost other than service	281	263
Other	440	391
Total	($1,208)	$1,452

Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The following table presents components of income tax expense for the three months ended March 31, 2019 and 2018:

	Three months ended
	March 31,
(in thousands, except percentages)	2019	2018
Income tax based on income from continuing operations, at estimated tax
rates of 29.4% and 32.5%, respectively	$10,847	$3,656

Income tax before discrete items	10,847	3,656

Discrete tax expense:

Exercise of U.S. stock options	(50)	(123)
Adjustments to prior period tax liabilities	194	(46)
Provision for resolution of tax audits and contingencies, net	(2,232)	5
Adjustment related to prior period change in opening valuation allowance	(1,346)	-
Other	63	(127)
Total income tax expense	$7,476	$3,365

The first-quarter estimated annual effective tax rate on continuing operations was 29.4 percent in 2019, compared to 32.5 percent for the same period in 2018.

Income tax expense for the quarter was computed in accordance with ASC 740-270 “Income Taxes – Interim Reporting”. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.

The Company’s tax rate is affected by recurring items such as the income tax rate in the U.S. and in non-U.S. jurisdictions and the mix of income earned in those jurisdictions, including changes in losses and income from excluded loss jurisdictions, and the impact of discrete items in the respective quarter.

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 indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $159.2 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $4.1 million and state income taxes of $3.3 million which have already been recorded.

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 the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2007 to 2019. The Company is currently under audit in non-U.S. tax jurisdictions, including but not limited to Italy.

In the first quarter of 2019, the Company recorded a net benefit of $2.2 million for tax audit settlements with Canada. The Canadian Revenue Agency agreed to accept the Company’s appeal of all protested issues. The Company has begun to receive refunds from the Canadian Revenue Agency and Ontario for taxes that were pre-paid at the time of protests. As such, the Company determined that it is more likely than not that the liability for unrecognized tax benefits of $2.2 million that was recorded as of December 31, 2018 was no longer warranted and thus it was reduced in the first quarter of 2019, resulting in a $2.2 million discrete tax benefit.

As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. There was no evidence obtained during the first quarter 2019 that would require the Company to make any changes to its view of the future realization of deferred tax assets. In the first quarter of 2019, the Company recorded a $1.3 million out-of-period immaterial adjustment related to a German tax valuation allowance.

Earnings Per Share

3 Months Ended

Mar. 31, 2019

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 March 31,
(in thousands, except market price and earnings per share)	2019	2018

Net income attributable to the Company	$29,190	$7,662

Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	32,272	32,220
Effect of dilutive stock-based compensation plans:
Stock options	13	16

Weighted average number of shares used in
calculating diluted net income per share	32,285	32,236

Average market price of common stock used
for calculation of dilutive shares	$71.24	$63.86

Net income attributable to the Company per share:
Basic	$0.90	$0.24
Diluted	$0.90	$0.24

Accumulated Other Comprehensive Income (AOCI)

3 Months Ended

Mar. 31, 2019

Accumulated items of other comprehensive income:

Accumulated Other Comprehensive Income (AOCI)

9. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI for the period December 31, 2018 to March 31, 2019:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2018	($115,976)	($47,109)	$4,697	($158,388)
Other comprehensive income/(loss) before reclassifications	(654)	(152)	(2,514)	(3,320)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	(337)	(337)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	11	-	11
Adjustment related to prior period change in opening valuation allowance	-	(1,346)	-	(1,346)
Net current period other comprehensive income	(654)	(1,487)	(2,851)	(4,992)
March 31, 2019	($116,630)	($48,596)	$1,846	($163,380)

The table below presents changes in the components of AOCI for the period December 31, 2017 to March 31, 2018:


(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2017	($87,318)	($50,536)	$1,953	($135,901)
Other comprehensive income/(loss) before reclassifications	17,646	(141)	4,343	21,848
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	137	137
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	128	-	128
Net current period other comprehensive income	17,646	(13)	4,480	22,113
March 31, 2018	($69,672)	($50,549)	$6,433	($113,788)

The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps.

The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the three months ended March 31, 2019 and 2018.

	Three months ended March 31,
(in thousands)	2019	2018
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes (a)	($452)	$180
Income tax effect	115	(43)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	($337)	$137

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	(1,105)	(1,114)
Amortization of net actuarial loss	1,121	1,297
Total pretax amount reclassified (b)	16	183
Income tax effect	(5)	(55)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$11	$128

(a)

Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).

(b)

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

Noncontrolling Interest

3 Months Ended

Mar. 31, 2019

Noncontrolling Interest [Abstract]

Noncontrolling Interest

10. Noncontrolling Interest

Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). Under the terms of the transaction agreements, ASC is the exclusive supplier to Safran of advanced 3D-woven composite parts for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the “Safran Applications”). AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not Safran Applications (such as airframe applications) and any non-aerospace applications.

The agreement provides Safran an option to purchase Albany’s remaining 90 percent interest upon the occurrence of certain bankruptcy or performance default events, or if Albany’s Engineered Composites business is sold to a direct competitor of Safran. The purchase price is based initially on the same valuation of ASC used to determine Safran’s 10 percent equity interest, and increases over time as LEAP production increases.

In accordance with the operating agreement, Albany received a $28 million preferred holding in ASC which includes a preferred return based on the Company’s revolving credit agreement. The common shares of ASC are owned 90 percent by Albany and 10 percent by Safran.

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC:

	Three months ended March 31,
(in thousands)	2019	2018
Net income of Albany Safran Composites (ASC)	$2,510	$2,681
Less: Return attributable to the Company's preferred holding	328	312
Net income of ASC available for common ownership	$2,182	$2,369
Ownership percentage of noncontrolling shareholder	10%	10%
Net income attributable to noncontrolling interest	$218	$237

Noncontrolling interest, beginning of year	$3,031	$3,247
Decrease attributable to 2018 adoption of ASC 606	-	(327)
Net income attributable to noncontrolling interest	218	237
Changes in other comprehensive income attributable to noncontrolling interest	(8)	(7)
Noncontrolling interest	$3,241	$3,150

Accounts Receivable

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

Accounts receivable includes trade receivables.

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 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 March 31, 2019 and December 31, 2018, Accounts receivable consisted of the following:

(in thousands)	March 31, 2019	December 31, 2018
Trade and other accounts receivable	$223,717	$211,244
Bank promissory notes	18,332	19,269
Allowance for doubtful accounts	(7,922)	(7,337)
Accounts receivable, net	$234,127	$223,176

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

As of March 31, 2019 and December 31, 2018, Noncurrent receivables consisted of the following:

(in thousands)

March 31,

2019

December 31,

2018

Noncurrent receivables

$45,354

$45,061

Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2019

Contract with Customer, Asset and Liability [Abstract]

Contract Assets and Liabilities

12. Contract Assets and Liabilities

Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets.

Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of March 31, 2019 and December 31, 2018 Contract assets and contract liabilities consisted of the following:

(in thousands)

March 31,

2019

December 31,

2018

Contract assets

$57,869

$57,447

Contract liabilities

9,865

9,025

Contract assets increased $0.4 million during the three month period ended March 31, 2019. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers. There were no impairment losses related to our Contract assets during the three month period ended March 31, 2019.

Contract liabilities increased $0.8 million during the three month period ended March 31, 2019, primarily due to increased billings in excess of revenue recognized. Revenue recognized for the three month period ended March 31, 2019, that was included in the Contract liability balance as of December 31, 2018 was $3.7 million, and included revenue in the MC and AEC segments.

Inventories

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventories

13. 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.

As of March 31, 2019 and December 31, 2018, Inventories consisted of the following:

(in thousands)	March 31, 2019	December 31, 2018
Raw materials	$47,820	$40,489
Work in process	37,582	33,181
Finished goods	16,977	12,234
Total inventories	$102,379	$85,904

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

14. 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. Our reportable segments are consistent with our operating segments.

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 2018, 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 values, 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 March 31, 2019 and December 31, 2018, were as follows:

As of March 31, 2019 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($131)	$9
AEC technology	15	370	(321)	49
Customer relationships	15	48,421	(9,690)	38,731
Customer contracts	6	17,471	(8,743)	8,728
Other intangibles	5	322	(193)	129
Net amortized intangible assets		$66,724	($19,078)	$47,646

Unamortized intangible assets:
MC Goodwill		$67,708	$-	$67,708
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$163,438	$-	$163,438

As of December 31, 2018 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($129)	$11
AEC technology	15	370	(314)	56
Customer relationships	15	48,421	(8,883)	39,538
Customer contracts	6	17,471	(8,015)	9,456
Other intangibles	5	322	(177)	145
Net amortized intangible assets		$66,724	($17,518)	$49,206

Unamortized intangible assets:
MC Goodwill		$68,652	$-	$68,652
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$164,382	$-	$164,382

The changes in intangible assets, net and goodwill from December 31, 2018 to March 31, 2019, were as follows:

(in thousands)	December 31, 2018	Amortization	Currency Translation	March 31,2019

Amortized intangible assets:
AEC trade names	$11	($2)	$-	$9
AEC technology	56	(7)	-	49
Customer relationships	39,538	(807)	-	38,731
Customer contracts	9,456	(728)	-	8,728
Other intangibles	145	(16)	-	129
Net amortized intangible assets	$49,206	($1,560)	$-	$47,646

Unamortized intangible assets:
MC Goodwill	$68,652	$-	($944)	$67,708
AEC Goodwill	95,730	-	-	95,730
Total unamortized intangible assets:	$164,382	$-	($944)	$163,438

Estimated amortization expense of intangibles for the years ending December 31, 2019 through 2023, is as follows:

	Annual amortization
Year	(in thousands)
2019	$6,234
2020	6,234
2021	6,163
2022	3,949
2023	3,228

Financial Instruments

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Financial Instruments

15. Financial Instruments

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

(in thousands, except interest rates)	March 31, 2019	December 31, 2018

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.61% in 2019 and 3.69% in 2018 (including the effect of interest rate hedging transactions, as described below), due in 2022	$491,000	$499,000

Finance obligation	-	25,886

Other debt, at an average end of period rate of 5.50% in both 2019 and 2018, due in varying amounts through 2021	41	45

Long-term debt	491,041	524,931

Less: current portion	(19)	(1,224)

Long-term debt, net of current portion	$491,022	$523,707

On November 7, 2017, we entered into a $685 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $550 million Agreement, entered into on April 8, 2016 (the “Prior Agreement”). Under the Credit Agreement, $491 million of borrowings were outstanding as of March 31, 2019. 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 March 18, 2019, the spread was 1.375%. 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 March 31, 2019, we would have been able to borrow an additional $194 million under the Agreement.

The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default that are 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).

Due to the implementation of ASC 842, Leases, on January 1, 2019, as further described in Note 3 the finance obligation that had a balance of $25.9 million as of December 31, 2018, was eliminated and replaced with a finance lease obligation that is included in Other noncurrent liabilities and Accrued liabilities.

On November 27, 2017, we terminated our interest rate swap agreements, originally entered into on May 9, 2016, that had effectively fixed the interest rate on $300 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 received $6.3 million when the swap agreements were terminated and that payment will be amortized into interest expense through March 2021.

On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $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 November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 18, 2019 was 2.49%, during the swap period. On March 18, 2019, the all-in-rate on the $350 million of debt was 3.61%.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16. No cash collateral was received or pledged in relation to the swap agreements.

Under the Credit Agreement, we are currently required to maintain a leverage ratio (as defined in the agreement) of not greater than 3.75 to 1.00 for each fiscal quarter ending prior to (but not including) September 30, 2019, and 3.50 to 1.00 for each fiscal quarter ending on or after September 30, 2019, and minimum interest coverage (as defined) of 3.00 to 1.00.

As of March 31, 2019, our leverage ratio was 1.79 to 1.00 and our interest coverage ratio was 12.08 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 does not exceed the limits noted above.

Indebtedness under 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 March 31, 2019.

Fair-Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair-Value Measurements

16. 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 March 31, 2019, or at December 31, 2018.

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

	March 31, 2019			December 31, 2018
	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	$13,897	$-		$14,234	$-
Other Assets:
Common stock of unaffiliated foreign public company (a)	743	-		731	-
Interest rate swaps	-	822	^(b)	-	4,548	^(c)

		(a)	Original cost basis $0.5 million.
		(b)	Net of $26.7 million receivable floating leg and $25.9 million liability fixed leg.
		(c)	Net of $32.0 million receivable floating leg and $27.5 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. Changes in the fair value of the investment are reported in the Consolidated Statements of Income.

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)/expense, 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 mitigate 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)/expense, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expense, 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. As of March 31, 2019, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. 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 payments under the active swap agreements totaled ($0.3) million for the three month period ended March 31, 2019, and $0.5 million for the three month period ended March 31, 2018. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.1 million for the three month period ended March 31, 2019 and $0.2 million for the three month period ended March 31, 2018.

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

	Three months ended March 31,
(in thousands)	2019	2018

Derivatives not designated as hedging instruments
Foreign currency options (losses)	$ -	($37)

- 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

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies

17. 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 3,688 claims as of March 31, 2019.

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
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	3,745	105	90	3,730	55
2018	3,730	152	106	3,684	100
2019 (as of March 31)	3,684	13	17	3,688	$-

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 and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for 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 March 31, 2019 we had resolved, by means of settlement or dismissal, 37,759 claims. The total cost of resolving all claims was $10.3 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 7,709 claims as of March 31, 2019, only eleven 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

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Changes in Shareholders' Equity

18. Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to March 31, 2019:

(in thousands, except per share amounts)	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, 2018	$40	$430,555	$589,645	($158,388)	($256,603)	$3,031	$608,280
Adoption of accounting standards (a)	-	-	35	-	-	-	35
Net income	-	-	29,190	-	-	218	29,408
Compensation and benefits paid or payable in shares	-	(547)	-	-	-	-	(547)
Options exercised	-	44	-	-	-	-	44
Dividends declared:
Class A Common Stock, $0.18 per share	-	-	(5,813)	-	-	-	(5,813)
Class B Common Stock, $0.18 per share	-	-	-	-	-	-	-
Cumulative translation adjustments	-	-	-	(654)	-	(8)	(662)
Pension and postretirement liability adjustments	-	-	-	(1,487)	-	-	(1,487)
Derivative valuation adjustment	-	-	-	(2,851)	-	-	(2,851)
March 31, 2019	$40	$430,052	$613,057	($163,380)	($256,603)	$3,241	$626,407

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to March 31, 2018:

(in thousands, except per share amounts)	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, 2017	$40	$428,423	$534,082	($135,901)	($256,876)	$3,247	$573,015
Adoption of accounting standards (b),(c)	-	-	(5,068)	-	-	(327)	(5,395)
Net income	-	-	7,662	-	-	237	7,899
Compensation and benefits paid or payable in shares	-	289	-	-	-	-	289
Options exercised	-	147	-	-	-	-	147
Dividends declared:
Class A Common Stock, $0.17 per share	-	-	(5,483)	-	-	-	(5,483)
Class B Common Stock, $0.17 per share	-	-	-	-	-	-	-
Cumulative translation adjustments	-	-	-	17,646	-	(7)	17,639
Pension and postretirement liability adjustments	-	-	-	(13)	-	-	(13)
Derivative valuation adjustment	-	-	-	4,480	-	-	4,480
March 31, 2018	$40	$428,859	$531,193	($113,788)	($256,876)	$3,150	$592,578

	(a)	As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
	(b)	The Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
	(c)	The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

19. Recent Accounting Pronouncements

In June 2016, an accounting update was issued which changes the way entities recognize impairment of many financial assets by requiring immediate recognition of credit losses expected to occur over their remaining life. We are continuing to evaluate the expected impact on our consolidated financial statements and related disclosures. We will adopt the new standard effective January 1, 2020.

In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. We do not expect a significant impact to our consolidated assets and liabilities, net earnings, or cash flows as a result of adopting this new standard. We plan to adopt the new standard effective January 1, 2020.

In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. We are currently evaluating the impact of this update. We will adopt the new standard effective January 1, 2020.

In November 2018, an accounting update was issued which clarifies when transactions between collaborative arrangement participants are in the scope of ASC 606. The update also provides some guidance on presentation of transactions not in the scope of ASC 606. We are currently evaluating the impact of this update. We will adopt the new standard effective January 1, 2020.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
(in thousands)	2019	2018
Net sales
Machine Clothing	$144,334	$141,773
Albany Engineered Composites	107,039	81,830
Consolidated total	$251,373	$223,603
Operating income/(loss)
Machine Clothing	$44,243	$26,942
Albany Engineered Composites	9,522	2,275
Corporate expenses	(13,672)	(12,213)
Operating income	$40,093	$17,004
Reconciling items:
Interest income	(599)	(382)
Interest expense	5,016	4,670
Other (income)/expense, net	(1,208)	1,452
Income before income taxes	$36,884	$11,264

Schedule of Restructuring Costs by Reporting Segment

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

	Three months ended March 31,
(in thousands)	2019	2018
Machine Clothing	$401	$8,352
Albany Engineered Composites	83	221
Total	$484	$8,573

Schedule of Disaggregate Revenue for Each Business Segment

The following table disaggregates revenue for each reporting unit by timing of revenue recognition:

		For the three months ended March 31, 2019
(in thousands)		Point in Time Revenue Recognition	Over Time Revenue Recognition	Total

Machine Clothing		$143,534	$800	$144,334

Albany Engineered Composites
	ASC	-	55,442	55,442
	Other AEC	6,245	45,352	51,597
Total Albany Engineered Composites		6,245	100,794	107,039

Total revenue		$149,779	$101,594	$251,373

		For the three months ended March 31, 2018
(in thousands)		Point in Time Revenue Recognition	Over Time Revenue Recognition	Total

Machine Clothing		$140,973	$800	$141,773

Albany Engineered Composites
	ASC	-	40,781	40,781
	Other AEC	6,040	35,009	41,049
Total Albany Engineered Composites		6,040	75,790	81,830

Total revenue		$147,013	$76,590	$223,603

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service

	For the three months ended March 31,
(in thousands)	2019	2018

Americas PMC	$75,341	$67,629
Eurasia PMC	51,438	53,811
Engineered Fabrics	17,555	20,333
Total Machine Clothing Net sales	$144,334	$141,773

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Lessee Disclosure [Abstract]

Schedule of Cumulative Effects of Adoption of ASC 842

The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases:

ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEET

(in thousands, except share data)

(unaudited)



	As previously reported at December 31, 2018	Adjustments Increase/ (decrease)	Opening balance, as adjusted, January 1, 2019
ASSETS
Cash and cash equivalents	$197,755	$ -	$197,755
Accounts receivable, net	223,176	-	223,176
Contract assets	57,447	-	57,447
Inventories	85,904	-	85,904
Income taxes prepaid and receivable	7,473	-	7,473
Prepaid expenses and other current assets	21,294	(370)	20,924
Total current assets	593,049	(370)	592,679

Property, plant and equipment, net	462,055	(6,144)	455,911
Intangibles, net	49,206	-	49,206
Goodwill	164,382	-	164,382
Deferred income taxes	62,622	(20)	62,602
Noncurrent receivables	45,061	-	45,061
Other assets	41,617	13,615	55,232
Total assets	$1,417,992	$7,081	$1,425,073

LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable	$-	$-	$-
Accounts payable	52,246	-	52,246
Accrued liabilities	129,030	4,964	133,994
Current maturities of long-term debt	1,224	(1,206)	18
Income taxes payable	6,806	-	6,806
Total current liabilities	189,306	3,758	193,064

Long-term debt	523,707	(24,680)	499,027
Other noncurrent liabilities	88,277	27,968	116,245
Deferred taxes and other liabilities	8,422	-	8,422
Total liabilities	809,712	7,046	816,758

SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share;
authorized 2,000,000 shares; none issued	-	-	-
Class A Common Stock, par value $.001 per share;
authorized 100,000,000 shares; issued 37,450,329 in 2018
and 37,395,753 in 2017	37	-	37
Class B Common Stock, par value $.001 per share;
authorized 25,000,000 shares; issued and
outstanding 3,233,998 in 2018 and 2017	3	-	3
Additional paid in capital	430,555	-	430,555
Retained earnings	589,645	35	589,680
Accumulated items of other comprehensive income:
Translation adjustments	(115,976)	-	(115,976)
Pension and postretirement liability adjustments	(47,109)	-	(47,109)
Derivative valuation adjustment	4,697	-	4,697
Treasury stock (Class A), at cost 8,418,620 shares in 2018
and 8,431,335 shares in 2017	(256,603)	-	(256,603)
Total Company shareholders' equity	605,249	35	605,284
Noncontrolling interest	3,031	-	3,031
Total equity	608,280	35	608,315
Total liabilities and shareholders' equity	$1,417,992	$7,081	$1,425,073

Schedule of Components of Lease Expense

The components of lease expense were as follows:

(in thousands)	For the three months ended March 31, 2019
Finance lease
Amortization of right-of-use asset	$ 253
Interest on lease liabilities	399
Operating lease
Fixed lease cost	1,217
Variable lease cost	57
Short-term lease cost	332
Total lease expense	$ 2,258

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

(in thousands)	For the three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,191
Operating cash flows from finance leases	399
Financing cash flows from finance leases	400

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 412
Finance leases	-

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


(in thousands)	March 31, 2019
Operating leases

Right of use assets included in Other assets	$ 12,969


Lease liabilities included in
Accrued liabilities	$ 4,182
Other noncurrent liabilities	8,935
Total operating lease liabilities	$ 13,117

Finance leases

Right of use assets included in Property, plant and equipment, net	$ 10,890


Lease liabilities included in
Accrued liabilities	$ 1,216
Other noncurrent liabilities	18,564
Total finance lease liabilities	$ 19,780

Schedule of Additional Information Related to Leases

Additional information for leases existing at March 31, 2019 was as follows:

Weighted average remaining lease term
Operating leases	5 years
Finance leases	11 years

Weighted average discount rate
Operating leases	6.1%
Finance leases	8.0%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2019 were as follows:

(in thousands)	Operating leases	Finance lease
Year ending December 31,
2019	$ 3,487	$ 2,057
2020	4,068	2,790
2021	2,033	2,790
2022	1,419	2,838
2023	1,346	3,004
Thereafter	3,047	15,512
Total lease payments	15,400	28,991

Less imputed interest	(2,283)	(9,211)
Total	$ 13,117	$ 19,780

Schedule of Maturities of SLC Finance Lease Liability

As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments:


	(in thousands)
Year ending December 31,
2019	$ 2,451
2020	2,974
2021	2,990
2022	3,054
2023	3,277
Thereafter	18,930
Total minimum payments	33,676

Less imputed interest	(7,790)
Total	$ 25,886

Pensions and Other Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit cost for the three months ended March 31, 2019 and 2018, was as follows:

	Pension plans		Other postretirement benefits
(in thousands)	2019	2018	2019	2018
Components of net periodic benefit cost:
Service cost	$632	$699	$47	$58
Interest cost	1,794	1,820	528	507
Expected return on assets	(2,057)	(2,247)	-	-
Amortization of prior service cost/(credit)	17	8	(1,122)	(1,122)
Amortization of net actuarial loss	564	558	557	739
Net periodic benefit cost	$950	$838	$10	$182

Restructuring (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
(in thousands)	2019	2018
Machine Clothing	$401	$8,352
Albany Engineered Composites	83	221
Corporate expenses	-	-
Total	$484	$8,573

Three months ended March 31, 2019	Total restructuring costs incurred	Termination and other costs
(in thousands)
Machine Clothing	$401	$401
Albany Engineered Composites	83	83
Corporate expenses	-	-
Total	$484	$484

Three months ended March 31, 2018	Total restructuring costs incurred	Termination and other costs
(in thousands)
Machine Clothing	$8,352	$8,352
Albany Engineered Composites	221	221
Corporate expenses	-	-
Total	$8,573	$8,573

Schedule of Restructuring Liability

The table below presents the year-to-date changes in restructuring liabilities for 2019 and 2018, all of which related to termination costs:


	December 31,	Restructuring		Currency	March 31,
(in thousands)	2018	charges accrued	Payments	translation /other	2019

Total termination and other costs	$5,570	$484	($876)	$23	$5,201

	December 31,	Restructuring		Currency	March 31,
(in thousands)	2017	charges accrued	Payments	translation /other	2018

Total termination and other costs	$3,326	$8,573	($2,051)	$25	$9,873

Other (Income)/Expense, net (Tables)

3 Months Ended

Mar. 31, 2019

Other Income and Expenses [Abstract]

Schedule Other Expense/(Income), net

The components of Other (Income)/Expense, net are:

	Three months ended March 31,
(in thousands)	2019	2018
Currency transaction (gains)/losses	($2,038)	$690
Bank fees and amortization of debt issuance costs	109	108
Components of net periodic pension and postretirement cost other than service	281	263
Other	440	391
Total	($1,208)	$1,452

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table presents components of income tax expense for the three months ended March 31, 2019 and 2018:

	Three months ended
	March 31,
(in thousands, except percentages)	2019	2018
Income tax based on income from continuing operations, at estimated tax
rates of 29.4% and 32.5%, respectively	$10,847	$3,656

Income tax before discrete items	10,847	3,656

Discrete tax expense:

Exercise of U.S. stock options	(50)	(123)
Adjustments to prior period tax liabilities	194	(46)
Provision for resolution of tax audits and contingencies, net	(2,232)	5
Adjustment related to prior period change in opening valuation allowance	(1,346)	-
Other	63	(127)
Total income tax expense	$7,476	$3,365

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
(in thousands, except market price and earnings per share)	2019	2018

Net income attributable to the Company	$29,190	$7,662

Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	32,272	32,220
Effect of dilutive stock-based compensation plans:
Stock options	13	16

Weighted average number of shares used in
calculating diluted net income per share	32,285	32,236

Average market price of common stock used
for calculation of dilutive shares	$71.24	$63.86

Net income attributable to the Company per share:
Basic	$0.90	$0.24
Diluted	$0.90	$0.24

Accumulated Other Comprehensive Income (AOCI) (Tables)

3 Months Ended

Mar. 31, 2019

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, 2018 to March 31, 2019:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2018	($115,976)	($47,109)	$4,697	($158,388)
Other comprehensive income/(loss) before reclassifications	(654)	(152)	(2,514)	(3,320)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	(337)	(337)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	11	-	11
Adjustment related to prior period change in opening valuation allowance	-	(1,346)	-	(1,346)
Net current period other comprehensive income	(654)	(1,487)	(2,851)	(4,992)
March 31, 2019	($116,630)	($48,596)	$1,846	($163,380)

The table below presents changes in the components of AOCI for the period December 31, 2017 to March 31, 2018:


(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2017	($87,318)	($50,536)	$1,953	($135,901)
Other comprehensive income/(loss) before reclassifications	17,646	(141)	4,343	21,848
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	137	137
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	128	-	128
Net current period other comprehensive income	17,646	(13)	4,480	22,113
March 31, 2018	($69,672)	($50,549)	$6,433	($113,788)

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 Consolidated Statements of Income that were affected for the three months ended March 31, 2019 and 2018.

	Three months ended March 31,
(in thousands)	2019	2018
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes (a)	($452)	$180
Income tax effect	115	(43)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	($337)	$137

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Amortization of prior service credit	(1,105)	(1,114)
Amortization of net actuarial loss	1,121	1,297
Total pretax amount reclassified (b)	16	183
Income tax effect	(5)	(55)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$11	$128

(a)

Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).

(b)

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

Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2019

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 in the Company’s subsidiary Albany Safran Composites, LLC:

	Three months ended March 31,
(in thousands)	2019	2018
Net income of Albany Safran Composites (ASC)	$2,510	$2,681
Less: Return attributable to the Company's preferred holding	328	312
Net income of ASC available for common ownership	$2,182	$2,369
Ownership percentage of noncontrolling shareholder	10%	10%
Net income attributable to noncontrolling interest	$218	$237

Noncontrolling interest, beginning of year	$3,031	$3,247
Decrease attributable to 2018 adoption of ASC 606	-	(327)
Net income attributable to noncontrolling interest	218	237
Changes in other comprehensive income attributable to noncontrolling interest	(8)	(7)
Noncontrolling interest	$3,241	$3,150

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Schedule of Accounts Receivable

As of March 31, 2019 and December 31, 2018, Accounts receivable consisted of the following:

(in thousands)	March 31, 2019	December 31, 2018
Trade and other accounts receivable	$223,717	$211,244
Bank promissory notes	18,332	19,269
Allowance for doubtful accounts	(7,922)	(7,337)
Accounts receivable, net	$234,127	$223,176

Schedule of Contract Receivables

As of March 31, 2019 and December 31, 2018, Noncurrent receivables consisted of the following:

(in thousands)

March 31,

2019

December 31,

2018

Noncurrent receivables

$45,354

$45,061

Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Contract with Customer, Asset and Liability [Abstract]

Schedule of Contract Assets and Contract Liabilities

As of March 31, 2019 and December 31, 2018 Contract assets and contract liabilities consisted of the following:

(in thousands)

March 31,

2019

December 31,

2018

Contract assets

$57,869

$57,447

Contract liabilities

9,865

9,025

Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

As of March 31, 2019 and December 31, 2018, Inventories consisted of the following:

(in thousands)	March 31, 2019	December 31, 2018
Raw materials	$47,820	$40,489
Work in process	37,582	33,181
Finished goods	16,977	12,234
Total inventories	$102,379	$85,904

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018, were as follows:

As of March 31, 2019 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($131)	$9
AEC technology	15	370	(321)	49
Customer relationships	15	48,421	(9,690)	38,731
Customer contracts	6	17,471	(8,743)	8,728
Other intangibles	5	322	(193)	129
Net amortized intangible assets		$66,724	($19,078)	$47,646

Unamortized intangible assets:
MC Goodwill		$67,708	$-	$67,708
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$163,438	$-	$163,438

As of December 31, 2018 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($129)	$11
AEC technology	15	370	(314)	56
Customer relationships	15	48,421	(8,883)	39,538
Customer contracts	6	17,471	(8,015)	9,456
Other intangibles	5	322	(177)	145
Net amortized intangible assets		$66,724	($17,518)	$49,206

Unamortized intangible assets:
MC Goodwill		$68,652	$-	$68,652
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$164,382	$-	$164,382

The changes in intangible assets, net and goodwill from December 31, 2018 to March 31, 2019, were as follows:

(in thousands)	December 31, 2018	Amortization	Currency Translation	March 31,2019

Amortized intangible assets:
AEC trade names	$11	($2)	$-	$9
AEC technology	56	(7)	-	49
Customer relationships	39,538	(807)	-	38,731
Customer contracts	9,456	(728)	-	8,728
Other intangibles	145	(16)	-	129
Net amortized intangible assets	$49,206	($1,560)	$-	$47,646

Unamortized intangible assets:
MC Goodwill	$68,652	$-	($944)	$67,708
AEC Goodwill	95,730	-	-	95,730
Total unamortized intangible assets:	$164,382	$-	($944)	$163,438

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2019 through 2023, is as follows:

	Annual amortization
Year	(in thousands)
2019	$6,234
2020	6,234
2021	6,163
2022	3,949
2023	3,228

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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

(in thousands, except interest rates)	March 31, 2019	December 31, 2018

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.61% in 2019 and 3.69% in 2018 (including the effect of interest rate hedging transactions, as described below), due in 2022	$491,000	$499,000

Finance obligation	-	25,886

Other debt, at an average end of period rate of 5.50% in both 2019 and 2018, due in varying amounts through 2021	41	45

Long-term debt	491,041	524,931

Less: current portion	(19)	(1,224)

Long-term debt, net of current portion	$491,022	$523,707

- 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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+ Details

Fair-Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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 and non-financial assets and liabilities, which are measured at fair value on a recurring basis:

	March 31, 2019			December 31, 2018
	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	$13,897	$-		$14,234	$-
Other Assets:
Common stock of unaffiliated foreign public company (a)	743	-		731	-
Interest rate swaps	-	822	^(b)	-	4,548	^(c)

		(a)	Original cost basis $0.5 million.
		(b)	Net of $26.7 million receivable floating leg and $25.9 million liability fixed leg.
		(c)	Net of $32.0 million receivable floating leg and $27.5 million liability fixed leg.

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

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

	Three months ended March 31,
(in thousands)	2019	2018

Derivatives not designated as hedging instruments
Foreign currency options (losses)	$ -	($37)

- 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)

3 Months Ended

Mar. 31, 2019

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
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	3,745	105	90	3,730	55
2018	3,730	152	106	3,684	100
2019 (as of March 31)	3,684	13	17	3,688	$-

- Definition

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

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
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+ Details

Changes in Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Schedule of Activity in Shareholders' Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to March 31, 2019:

(in thousands, except per share amounts)	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, 2018	$40	$430,555	$589,645	($158,388)	($256,603)	$3,031	$608,280
Adoption of accounting standards (a)	-	-	35	-	-	-	35
Net income	-	-	29,190	-	-	218	29,408
Compensation and benefits paid or payable in shares	-	(547)	-	-	-	-	(547)
Options exercised	-	44	-	-	-	-	44
Dividends declared:
Class A Common Stock, $0.18 per share	-	-	(5,813)	-	-	-	(5,813)
Class B Common Stock, $0.18 per share	-	-	-	-	-	-	-
Cumulative translation adjustments	-	-	-	(654)	-	(8)	(662)
Pension and postretirement liability adjustments	-	-	-	(1,487)	-	-	(1,487)
Derivative valuation adjustment	-	-	-	(2,851)	-	-	(2,851)
March 31, 2019	$40	$430,052	$613,057	($163,380)	($256,603)	$3,241	$626,407

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to March 31, 2018:

(in thousands, except per share amounts)	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, 2017	$40	$428,423	$534,082	($135,901)	($256,876)	$3,247	$573,015
Adoption of accounting standards (b),(c)	-	-	(5,068)	-	-	(327)	(5,395)
Net income	-	-	7,662	-	-	237	7,899
Compensation and benefits paid or payable in shares	-	289	-	-	-	-	289
Options exercised	-	147	-	-	-	-	147
Dividends declared:
Class A Common Stock, $0.17 per share	-	-	(5,483)	-	-	-	(5,483)
Class B Common Stock, $0.17 per share	-	-	-	-	-	-	-
Cumulative translation adjustments	-	-	-	17,646	-	(7)	17,639
Pension and postretirement liability adjustments	-	-	-	(13)	-	-	(13)
Derivative valuation adjustment	-	-	-	4,480	-	-	4,480
March 31, 2018	$40	$428,859	$531,193	($113,788)	($256,876)	$3,150	$592,578

	(a)	As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
	(b)	The Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
	(c)	The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 251,373	$ 223,603
Performance obligations	90,000	115,000
Remaining performance obligation expected to be recognized during 2019	53,000
Albany Safran Composites, LLC [Member]
Segment Reporting Information [Line Items]
Net sales	56,000	40,800
Invoiced receivables, unbilled receivables and contract receivables	107,800		$ 96,200
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	$ 144,334	$ 141,773
Increase decrease in assets			5,600
AEC assets [Member]
Segment Reporting Information [Line Items]
Increase decrease in assets			500
Corporate [Member]
Segment Reporting Information [Line Items]
Increase decrease in assets			$ 1,000

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 251,373	$ 223,603
Operating income/(loss)	40,093	17,004
Interest income	(599)	(382)
Interest expense	5,016	4,670
Other (income)/expense, net	(1,208)	1,452
Income before income taxes	36,884	11,264
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	144,334	141,773
Operating income/(loss)	44,243	26,942
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	107,039	81,830
Operating income/(loss)	9,522	2,275
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	$ (13,672)	$ (12,213)

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring expense
Restructuring expenses, net	$ 484	$ 8,573
Machine Clothing [Member]
Restructuring expense
Restructuring expenses, net	401	8,352
Albany Engineered Composites [Member]
Restructuring expense
Restructuring expenses, net	$ 83	$ 221

Reportable Segments (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total Revenue	$ 251,373	$ 223,603
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	144,334	141,773
Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	55,442	40,781
Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	51,597	41,049
Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	107,039	81,830
Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	149,779	147,013
Point in Time Revenue Recognition [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	143,534	140,973
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	6,245	6,040
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	6,245	6,040
Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	101,594	76,590
Over Time Revenue Recognition [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	800	800
Over Time Revenue Recognition [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	55,442	40,781
Over Time Revenue Recognition [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	45,352	35,009
Over Time Revenue Recognition [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 100,794	$ 75,790

Reportable Segments (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 251,373	$ 223,603
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	144,334	141,773
Americas PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	75,341	67,629
Eurasia PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	51,438	53,811
Engineered Fabrics [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 17,555	$ 20,333

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Lessee, Lease, Description [Line Items]
Amount of Lease-related assets and liabilities pre-tax reduction to retained earnings	$ 300
Lease expense	$ 2,258	$ 2,100
Terminate lease	1 year
Increase in gross cash outflows when control of additional manufacturing space commences during the fourth quarter of 2019	$ 6,100
2019	4,600
2020	3,200
2021	2,100
2022	1,500
2023 and thereafter	6,500
Salt Lake City, Utah [Member]
Lessee, Lease, Description [Line Items]
Property, plant, and equipment, net value	17,300
Gross cost	20,800
Accumulated depreciation	$ 3,500
Minimum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease term	11 years
Lease renewal term	10 years

Leases (Schedule of Cumulative Effects of Adoption of ASC 842) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 187,385	$ 197,755	$ 151,426	$ 183,727
Accounts receivable, net	234,127	223,176
Contract assets	57,869	57,447
Inventories	102,379	85,904
Income taxes prepaid and receivable	6,818	7,473
Prepaid expenses and other current assets	23,696	21,294
Total current assets	612,274	593,049
Property, plant and equipment, net	460,520	462,055
Intangibles, net	47,646	49,206
Goodwill	163,438	164,382
Deferred income taxes	63,736	62,622
Noncurrent receivables	45,354	45,061
Other assets	50,313	41,617
Total assets	1,443,281	1,417,992
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	74,050	52,246
Accrued liabilities	122,342	129,030
Current maturities of long-term debt	19	1,224
Income taxes payable	8,387	6,806
Total current liabilities	204,798	189,306
Long-term debt	491,022	523,707
Other noncurrent liabilities	112,726	88,277
Deferred taxes and other liabilities	8,328	8,422
Total liabilities	816,874	809,712
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,052	430,555
Retained earnings	613,057	589,645
Accumulated items of other comprehensive income:
Translation adjustments	(116,630)	(115,976)
Pension and postretirement liability adjustments	(48,596)	(47,109)
Derivative valuation adjustment	1,846	4,697
Treasury stock (Class A), at cost 0 shares in 2019 and 8,418,620 shares in 2018	(256,603)	(256,603)
Total Company shareholders' equity	623,166	605,249
Noncontrolling interest	3,241	3,031
Total equity	626,407	608,280	$ 592,578	$ 57,301
Total liabilities and shareholders' equity	1,443,281	1,417,992
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37	37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	$ 3	3
Adjustments Increase/(Decrease) [Member]
Assets
Cash and cash equivalents
Accounts receivable, net
Contract assets
Inventories
Income taxes prepaid and receivable
Prepaid expenses and other current assets		(370)
Total current assets		(370)
Property, plant and equipment, net		(6,144)
Intangibles, net
Goodwill
Deferred income taxes		(20)
Noncurrent receivables
Other assets		13,615
Total assets		7,081
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable
Accrued liabilities		4,964
Current maturities of long-term debt		(1,206)
Income taxes payable
Total current liabilities		3,758
Long-term debt		(24,680)
Other noncurrent liabilities		27,968
Deferred taxes and other liabilities
Total liabilities		7,046
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital
Retained earnings		35
Accumulated items of other comprehensive income:
Translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Treasury stock (Class A), at cost 0 shares in 2019 and 8,418,620 shares in 2018
Total Company shareholders' equity		35
Noncontrolling interest
Total equity		35
Total liabilities and shareholders' equity		7,081
Opening balance, as adjusted [Member]
Assets
Cash and cash equivalents		197,755
Accounts receivable, net		223,176
Contract assets		57,447
Inventories		85,904
Income taxes prepaid and receivable		7,473
Prepaid expenses and other current assets		20,924
Total current assets		592,679
Property, plant and equipment, net		455,911
Intangibles, net		49,206
Goodwill		164,382
Deferred income taxes		62,602
Noncurrent receivables		45,061
Other assets		55,232
Total assets		1,425,073
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable		52,246
Accrued liabilities		133,994
Current maturities of long-term debt		18
Income taxes payable		6,806
Total current liabilities		193,064
Long-term debt		499,027
Other noncurrent liabilities		116,245
Deferred taxes and other liabilities		8,422
Total liabilities		816,758
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital		430,555
Retained earnings		589,680
Accumulated items of other comprehensive income:
Translation adjustments		(115,976)
Pension and postretirement liability adjustments		(47,109)
Derivative valuation adjustment		4,697
Treasury stock (Class A), at cost 0 shares in 2019 and 8,418,620 shares in 2018		(256,603)
Total Company shareholders' equity		605,284
Noncontrolling interest		3,031
Total equity		608,315
Total liabilities and shareholders' equity		$ 1,425,073

Leases (Schedule of Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finance lease
Amortization of right-of-use asset	$ 253
Interest on lease liabilities	399
Operating lease
Fixed lease cost	1,217
Variable lease cost	57
Short-term lease cost	332
Total lease expense	$ 2,258	$ 2,100

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Lessee Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,191
Operating cash flows from finance leases	399
Financing cash flows from finance leases	400
Right-of-use assets obtained in exchange for operating lease obligations	412
Right-of-use assets obtained in exchange for finance lease obligations

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating leases
Right of use assets included in Other assets	$ 12,969
Total operating lease liabilities	13,117
Finance lease
Right of use assets included in Property, plant and equipment, net	10,890
Total finance lease liabilities	19,780	$ 25,900
Accrued liabilities [Member]
Operating leases
Total operating lease liabilities	4,182
Finance lease
Total finance lease liabilities	1,216
Other Noncurrent Liabilities [Member]
Operating leases
Total operating lease liabilities	8,935
Finance lease
Total finance lease liabilities	$ 18,564

Leases (Schedule of Additional Information Related to Leases) (Details)	Mar. 31, 2019
Lessee Disclosure [Abstract]
Weighted average remaining lease term - Operating leases	5 years
Weighted average remaining lease term - Finance leases	11 years
Weighted average discount rate - Operating leases	6.10%
Weighted average discount rate - Finance leases	8.00%

Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating leases
2019	$ 3,487
2020	4,068
2021	2,033
2022	1,419
2023	1,346
Thereafter	3,047
Total lease payments	15,400
Less imputed interest	(2,283)
Total	13,117
Finance lease
2019	2,057
2020	2,790
2021	2,790
2022	2,838
2023	3,004
Thereafter	15,512
Total lease payments	28,991
Less imputed interest	(9,211)
Total	19,780	$ 25,900
Salt Lake City, Utah [Member]
Finance lease
2019	2,451
2020	2,974
2021	2,990
2022	3,054
2023	3,277
Thereafter	18,930
Total lease payments	33,676
Less imputed interest	(7,790)
Total	$ 25,886

Pensions and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 632	$ 699
Interest cost	1,794	1,820
Expected return on assets	(2,057)	(2,247)
Amortization of prior service cost/(credit)	17	8
Amortization of net actuarial loss	564	558
Net periodic benefit cost	950	838
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	47	58
Interest cost	528	507
Expected return on assets
Amortization of prior service cost/(credit)	(1,122)	(1,122)
Amortization of net actuarial loss	557	739
Net periodic benefit cost	$ 10	$ 182

Restructuring (Narrative) (Details) $ in Thousands	3 Months Ended		27 Months Ended
Restructuring (Narrative) (Details) $ in Thousands	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 400		$ 12,100
Number of positions eliminated to date	50		50
Severance and outplacement costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		$ 8,100
AEC assets [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 100	$ 200

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring and other, net
Restructuring expenses, net	$ 484	$ 8,573
Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	401	8,352
Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net	83	221
Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net
Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net	484	8,573
Termination and other costs [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	401	8,352
Termination and other costs [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net	83	221
Termination and other costs [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net

Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring Reserve [Roll Forward]
Beginning balance	$ 5,570	$ 3,326
Restructuring charges accrued	484	8,573
Payments	(876)	(2,051)
Currency translation/other	23	25
Ending balance	$ 5,201	$ 9,873

Other expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
Other expense, net (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (2,038)	$ 690
Bank fees and amortization of debt issuance costs	109	108
Components of net periodic pension and postretirement cost other than service	281	263
Other	440	391
Total	$ (1,208)	$ 1,452

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Current year and prior year earnings of Company's foreign operations	$ 159,200
Foreign withholding taxes	4,100
Federal tax benefit attributable to adjustments discovered	2,200
State tax charge	$ 3,300
Estimated effective tax rate on continuing operations	29.40%	32.50%
Increase decrease in unrecognized tax benefits			$ 2,200
Discrete tax benefit	$ 2,200
Valuation allowance	$ 1,300
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	2019

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 29.4% and 32.5%, respectively	$ 10,847	$ 3,656
Income tax before discrete items	10,847	3,656
Discrete tax expense:
Exercise of U.S. Stock Options	(50)	(123)
Adjustments to prior period tax liabilities	194	(46)
Provision for resolution of tax audits and contingencies, net	(2,232)	5
Adjustment related to prior period change in opening valuation allowance	(1,346)
Other	63	(127)
Total income tax expense	$ 7,476	$ 3,365

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 29,190	$ 7,662
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,272	32,220
Effect of dilutive stock-based compensation plans:
Stock options	13	16
Weighted average number of shares used in calculating diluted net income per share	32,285	32,236
Average market price of common stock used for calculation of dilutive shares	$ 71.24	$ 63.86
Net income attributable to the Company per share:
Basic	0.90	0.24
Diluted	$ 0.90	$ 0.24

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 605,249
Adjustment related to prior period change in opening valuation allowance	1,300
Ending balance	623,166
Translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(115,976)	$ (87,318)
Other comprehensive income/(loss) before reclassifications	(654)	17,646
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Adjustment related to prior period change in opening valuation allowance
Net current period other comprehensive income	(654)	17,646
Ending balance	(116,630)	(69,672)
Pension and postretirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(47,109)	(50,536)
Other comprehensive income/(loss) before reclassifications	(152)	(141)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	11	128
Adjustment related to prior period change in opening valuation allowance	(1,346)
Net current period other comprehensive income	(1,487)	(13)
Ending balance	(48,596)	(50,549)
Derivative valuation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	4,697	1,953
Other comprehensive income/(loss) before reclassifications	(2,514)	4,343
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	(337)	137
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Adjustment related to prior period change in opening valuation allowance
Net current period other comprehensive income	(2,851)	4,480
Ending balance	1,846	6,433
Total Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(158,388)	(135,901)
Other comprehensive income/(loss) before reclassifications	(3,320)	21,848
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	(337)	137
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	11	128
Adjustment related to prior period change in opening valuation allowance	(1,346)
Net current period other comprehensive income	(4,992)	22,113
Ending balance	$ (163,380)	$ (113,788)

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

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

$ 5,016

$ 4,670

Total pretax amount reclassified

36,884

11,264

Income tax effect

7,476

3,365

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

(29,190)

(7,662)

Prior service credit

(1,105)

(1,114)

Net actuarial loss

1,121

1,297

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

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

^[1]

(452)

180

Income tax effect

115

(43)

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

(337)

137

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

^[2]

183

Income tax effect

(5)

(55)

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

$ 11

$ 128

[1]	Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).
[2]	These accumulated other comprehensive income components are included in the computation of net periodic cost (see Note 4).

Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Oct. 31, 2013	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)		$ 29,408	$ 7,899
Net income of ASC available for common ownership		29,190	7,662
Net income attributable to noncontrolling interest		218	237
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year		3,031
Net income attributable to noncontrolling interest		218	$ 237
Noncontrolling interest		$ 3,241		$ 3,031
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Interest in subsidiary sold	10.00%
Cash contribution	$ 28,000
Albany's remaining interest	90.00%
Ownership percentage of noncontrolling shareholder		10.00%	10.00%
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)		$ 2,510	$ 2,681
Less: Return attributable to the Company's preferred holding		328	312
Net income of ASC available for common ownership		2,182	2,369
Net income attributable to noncontrolling interest		218	237
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year		3,031	3,247	3,247
Decrease attributable to 2018 adoption of ASC 606			(327)
Net income attributable to noncontrolling interest		218	237
Changes in other comprehensive income attributable to noncontrolling interest		(8)	(7)
Noncontrolling interest		$ 3,241	$ 3,150	$ 3,031

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Trade and other accounts receivable	$ 223,717	$ 211,244
Bank promissory notes	18,332	19,269
Allowance for doubtful accounts	(7,922)	(7,337)
Accounts receivable, net	234,127	223,176
Noncurrent receivables	$ 45,354	$ 45,061
Interest rate	2.00%

Contract Assets and Liabilities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Contract with Customer, Asset and Liability [Abstract]
Increase in contract assets	$ 400
Increase in contract liabilities	800
Revenue recognized	$ 3,700

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 57,869	$ 57,447
Contract liabilities	$ 9,865	$ 9,025

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 47,820	$ 40,489
Work in process	37,582	33,181
Finished goods	16,977	12,234
Total inventories	$ 102,379	$ 85,904

Goodwill and Other Intangible Assets (Schedule of intangible assets and goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Amortized intangible assets:
Gross carrying value	$ 66,724	$ 66,724
Accumulated amortization	(19,078)	(17,518)
Net carrying amount	47,646	49,206
Goodwill
Gross carrying value	163,438	164,382
Accumulated amortization
Net carrying amount	163,438	164,382
AEC Trade Names [Member]
Amortized intangible assets:
Gross carrying value	140	140
Accumulated amortization	(131)	(129)
Net carrying amount	$ 9	$ 11
Goodwill
Amortization life in years	15 years	15 years
AEC Technology [Member]
Amortized intangible assets:
Gross carrying value	$ 370	$ 370
Accumulated amortization	(321)	(314)
Net carrying amount	$ 49	$ 56
Goodwill
Amortization life in years	15 years	15 years
Customer Relationships [Member]
Amortized intangible assets:
Gross carrying value	$ 48,421	$ 48,421
Accumulated amortization	(9,690)	(8,883)
Net carrying amount	$ 38,731	$ 39,538
Goodwill
Amortization life in years	15 years	15 years
Customer Contracts [Member]
Amortized intangible assets:
Gross carrying value	$ 17,471	$ 17,471
Accumulated amortization	(8,743)	(8,015)
Net carrying amount	$ 8,728	$ 9,456
Goodwill
Amortization life in years	6 years	6 years
Other Intangible [Member]
Amortized intangible assets:
Gross carrying value	$ 322	$ 322
Accumulated amortization	(193)	(177)
Net carrying amount	$ 129	$ 145
Goodwill
Amortization life in years	5 years	5 years
MC Goodwill [Member]
Goodwill
Gross carrying value	$ 67,708	$ 68,652
Accumulated amortization
Net carrying amount	67,708	68,652
AEC Goodwill [Member]
Goodwill
Gross carrying value	95,730	95,730
Accumulated amortization
Net carrying amount	$ 95,730	$ 95,730

Goodwill and Other Intangible Assets (Schedule of changes in intangible assets and goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Amortized intangible assets:
Beginning Balance	$ 49,206
Amortization	(1,560)
Currency Translation
Ending Balance	47,646
Goodwill
Beginning Balance	164,382
Amortization
Currency Translation	(944)
Ending Balance	163,438
AEC Trade Names [Member]
Amortized intangible assets:
Beginning Balance	11
Amortization	(2)
Currency Translation
Ending Balance	9
AEC Technology [Member]
Amortized intangible assets:
Beginning Balance	56
Amortization	(7)
Currency Translation
Ending Balance	49
Customer Relationships [Member]
Amortized intangible assets:
Beginning Balance	39,538
Amortization	(807)
Currency Translation
Ending Balance	38,731
Customer Contracts [Member]
Amortized intangible assets:
Beginning Balance	9,456
Amortization	(728)
Currency Translation
Ending Balance	8,728
Other Intangible [Member]
Amortized intangible assets:
Beginning Balance	145
Amortization	(16)
Currency Translation
Ending Balance	129
MC Goodwill [Member]
Goodwill
Beginning Balance	68,652
Amortization
Currency Translation	(944)
Ending Balance	67,708
AEC Goodwill [Member]
Goodwill
Beginning Balance	95,730
Amortization
Currency Translation
Ending Balance	$ 95,730

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 6,234
2020	6,234
2021	6,163
2022	3,949
2023	$ 3,228

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 18, 2019	Dec. 31, 2018	Mar. 31, 2018	Nov. 28, 2017	Nov. 27, 2017	Nov. 07, 2017	May 06, 2016	Apr. 08, 2016
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.75
Minimum interest coverage ratio required	3.00
Leverage ratio	1.79
Interest coverage ratio	12.08
Finance lease obligation	$ 19,780		$ 25,900
Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate	3.61%		3.69%	3.69%
Amount of credit facility							$ 685,000		$ 550,000
Amount of credit facility outstanding	$ 491,000
Additional amount that can be borrowed on facility	$ 194,000
LIBOR spread	1.375%
Credit Agreement [Member] \| Interest Rate Current Swap [Member]
Debt Instrument [Line Items]
Borrowings, revolving credit facility						$ 300,000		$ 120,000
Notional amount		$ 350,000			$ 350,000
Fixed interest rate in swap		3.61%			2.11%
LIBOR rate		2.49%
Amount paid to terminate agreement								$ 5,200
Amount received from terminate agreement						$ 6,300
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%

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 491,041	$ 524,931
Less: current portion	(19)	(1,224)
Long-term debt, net of current portion	491,022	523,707
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 491,000	$ 499,000
Interest rate	3.61%	3.69%	3.69%
Maturity date range, end	Dec. 31, 2022
Finance lease obligation [Member]
Debt Instrument [Line Items]
Long-term debt		$ 25,886
Other Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 41	$ 45
Interest rate	5.50%
Maturity date range, end	Dec. 31, 2021

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Interest expense (income)	$ (4,417)	$ (4,288)
Interest Rate Current Swap [Member]
Derivative [Line Items]
Interest expense (income)	(300)	500
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest expense (income)	$ 100	$ 200

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

Mar. 31, 2019

Dec. 31, 2018

Derivative asset:

Common stock of foreign public company, original cost

$ 500

Interest Rate Current Swap [Member]

Derivative asset:

Liability for fixed rate leg

26,700

32,000

Receivable for floating rate leg

25,900

27,500

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

Assets:

Cash equivalents

13,897

14,234

Common stock of unaffiliated foreign public company

^[1]

743

731

Liabilities:

Interest rate swaps

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

Assets:

Cash equivalents

Common stock of unaffiliated foreign public company

^[1]

Liabilities:

Interest rate swaps

$ 822

^[2]

$ 4,548

^[3]

[1]	Original cost basis $0.5 million.
[2]	Net of $26.7 million receivable floating leg and $25.9 million liability fixed leg.
[3]	Net of $32.0 million receivable floating leg and $27.5 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
	Mar. 31, 2019	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Derivatives not designated as hedging instruments Foreign currency options (losses)		$ (37)

Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Thousands	Mar. 31, 2019 USD ($) claims
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	37,759
Total cost of resolution \| $	$ 10,300
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	7,709
Resolution costs paid by insurance carrier	100.00%

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) claims	Dec. 31, 2018 USD ($) claims	Dec. 31, 2017 USD ($) claims	Dec. 31, 2016 USD ($) claims	Dec. 31, 2015 USD ($) claims	Dec. 31, 2014 USD ($) claims
Loss Contingencies [Line Items]
Opening Number of Claims	3,684	3,730	3,745	3,791	3,821	4,299
Claims Dismissed, Settled, or Resolved	13	152	105	148	116	625
New Claims	17	106	90	102	86	147
Closing Number of Claims	3,688	3,684	3,730	3,745	3,791	3,821
Amounts Paid (thousands) to Settle or Resolve \| $		$ 100	$ 55	$ 758	$ 164	$ 437

Changes in Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Dividends declared per share	$ 0.18	$ 0.17
Common Class A [Member]
Dividends declared per share	0.18	0.17
Common Class B [Member]
Dividends declared per share	$ 0.18	$ 0.17
ASC 606 [Member]
Increase decrease in retained earnings			$ 5,600
Increase decrease in non controlling interest			300
ASU 2016-16 [Member]
Increase decrease in retained earnings			500
ASC 842 [Member]
Increase decrease in retained earnings			$ 100

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Balance

$ 608,280

$ 57,301

Adoption of accounting standards

^[1]

(5,395)

^[2],[3]

Net income

29,408

7,899

Compensation and benefits paid or payable in shares

(547)

289

Options exercised

147

Dividends declared

(5,813)

(5,483)

Cumulative translation adjustments

(662)

17,639

Pension and postretirement liability adjustments

(1,487)

(13)

Derivative valuation adjustment

(2,851)

4,480

Balance

626,407

592,578

Common Stock [Member]

Balance

Adoption of accounting standards

^[1]

^[2],[3]

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

Additional paid in capital [Member]

Balance

430,555

428,423

Adoption of accounting standards

^[1]

^[2],[3]

Net income

Compensation and benefits paid or payable in shares

(547)

289

Options exercised

147

Dividends declared

Cumulative translation adjustments

Pension and postretirement liability adjustments

Derivative valuation adjustment

Balance

430,052

428,859

Retained earnings [Member]

Balance

589,645

534,082

Adoption of accounting standards

^[1]

(5,068)

^[2],[3]

Net income

29,190

7,662

Compensation and benefits paid or payable in shares

Options exercised

Dividends declared

Cumulative translation adjustments

Pension and postretirement liability adjustments

Derivative valuation adjustment

Balance

613,057

531,193

Retained earnings [Member] | Common Class A [Member]

Dividends declared

(5,813)

(5,483)

Retained earnings [Member] | Common Class B [Member]

Dividends declared

Total Other Comprehensive Income [Member]

Balance

(158,388)

(135,901)

Adoption of accounting standards

^[1]

^[2],[3]

Net income

Compensation and benefits paid or payable in shares

Options exercised

Dividends declared

Cumulative translation adjustments

(654)

17,646

Pension and postretirement liability adjustments

(1,487)

(13)

Derivative valuation adjustment

(2,851)

4,480

Balance

163,380

(113,788)

Treasury stock [Member]

Balance

(256,603)

(256,876)

Adoption of accounting standards

^[1]

^[2],[3]

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

(256,603)

(256,876)

Noncontrolling Interest [Member]

Balance

3,031

3,247

Adoption of accounting standards

^[1]

(327)

^[2],[3]

Net income

218

237

Compensation and benefits paid or payable in shares

Options exercised

Dividends declared

Cumulative translation adjustments

(8)

(7)

Pension and postretirement liability adjustments

Derivative valuation adjustment

Balance

$ 3,241

$ 3,150

[1]	As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
[2]	The Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
[3]	The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.