Albany International Corp.

ANNUAL REPORT
AND 10-K

2024 ANNUAL REPORT
OUR STRATEGY
Focus on markets in which we have the basis for sustainable competitive advantage through the 
application of advanced materials science and significant investments in talent and technology 
delivering exceptional value to our customers.
OUR OBJECTIVE
Maintain and grow the market leadership position and profitability of both our Machine Clothing business, 
and our Albany Engineered Composites business. Leverage our materials science capabilities to 
develop new markets and applications.
OUR INVESTMENT PROPOSITION
•	 Industry leader in Machine Clothing with proprietary solutions delivering predictable and strong free 
cash flow.1
•	 Highly attractive & differentiated composites business with ample opportunity to grow both near and 
long-term.
•	 Long history of strong balance sheet, solid execution, and prudent capital management.
Albany International is a leading developer and manufacturer of engineered components, using 
advanced materials processing and automation capabilities, with two core businesses. 
•	 Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential 
for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other 
industrial applications. 
•	 Albany Engineered Composites is a growing designer and manufacturer of advanced materials-
based engineered components for demanding aerospace applications, supporting both commercial 
and military platforms.
Albany International is headquartered in Rochester, New Hampshire, operates 30 facilities in 13 countries, employs approximately 5,400 people 
worldwide, and is listed on the New York Stock Exchange (Symbol: AIN). Additional information about the Company and its products and services 
can be found at www.albint.com.
1Free Cash Flow, a non-GAAP measure is defined as Net cash provided by operating activities – Capital expenditures. For 2024: $218.4 million - 
$81.2 million = $137.2 million
EMPLOYEES
5,400
FACILITIES
30
COUNTRIES
13
ALBANY 
INTERNATIONAL

1
2024 ANNUAL REPORT
YEARS ENDED
DEC 31
US $ million,  
except per share data
2020
2021
2022
2023
2024
FINANCIAL HIGHLIGHTS
2024
US $ million,  
except per share data
Q1
Q2
Q3
Q4
Net Sales
$313.3
$332.0
$298.4
$286.9
$128.1
$138.4
$115.4
$98.8
Albany Engineered Composites
$185.2
$193.6
$183.0
$188.1
Machine Clothing
EBIT
Net income attributable
to the Company
Adjusted Earnings per share - basic
Earnings per share - basic
Earnings per share - diluted
Albany Engineered Composites
Machine Clothing
Total Net Sales
Albany Engineered Composites
Machine Clothing
$166.1
$98.6
$3.72
$3.05
$3.05
$327.7
$573.0
$900.6
$69.9
$301.1
$371.1
$178.0
$118.5
$3.57
$3.66
$3.65
$310.2
$619.0
$929.2
$55.9
$322.5
$378.4
$181.0
$95.8
$3.89
$3.06
$3.04
$425.4
$609.5
$1,034.9
$77.5
$312.3
$389.8
$167.9
$111.1
$4.06
$3.56
$3.55
$477.1
$670.8
$1,147.9
$92.2
$331.6
$423.7
$131.4
$87.6
$3.18
$2.81
$2.80
$480.7
$749.9
$1,230.6
$55.7
$346.0
$401.8
Gross Profit
$0.90
$0.89
$0.80
$0.58
Adjusted earnings per share - diluted
$39.0
$42.9
$25.2
$24.3
EBIT
$27.3
$24.6
$18.0
$17.7
Net income attributable 
to the Company
$0.87
$0.79
$0.58
$0.57
Earnings per share - basic
$0.87
$0.79
$0.57
$0.56
Earnings per share - diluted
TABLE OF 
CONTENTS
CEO
LETTER
2
FORM 
10-K
9
GLOBAL  
LOCATIONS
5

2
2024 ANNUAL REPORT
LETTER TO SHAREHOLDERS
My fellow shareholders; 
2024 has been a year where Albany International focused on laying the foundation for long-term future 
growth. We have assembled a strong and experienced leadership team across the businesses that has 
maintained our focus on operational execution, while building out our capabilities in materials science 
and fostering a healthy and lasting company culture rooted in new company values and behaviors. At the 
same time we have delivered strong financial results in 2024 with robust free cash flow generation and a 
stellar balance sheet that will enable us to execute on our long-term strategic priorities.
OPERATIONAL EXECUTION
Our Machine Clothing (MC) segment again delivered an outstanding year. This performance was 
against the backdrop of a strong North America market, offset by macroeconomic challenges in both 
Europe and China.
We also made further progress on the integration of Heimbach with steps taken towards reducing our 
geographic footprint and improving operational and logistical efficiencies. We are on track to meet 
the long-term synergy targets we announced at the acquisition of Heimbach, and remain confident of 
achieving our goals.
2Adjusted EBITDA is defined as net income excluding interest, income taxes, depreciation and amortization, excluding costs or benefits that are 
not reflective of the Company’s ongoing or expected future operational performance. Such excluded costs or benefits do not consist of normal, 
recurring cash items necessary to generate revenues or operate our business. See Item 7 in the 2024 Form 10-K for a reconciliation of Adjusted 
EBITDA to Net Income.
3Adjusted EBITDA divided by Net sales.
NET SALES
USD MILLIONS
ADJUSTED 
EBITDA
USD MILLIONS
FREE CASH  
FLOW
USD MILLIONS
20
$901
20
$252
20
$98
21
$929
21
$251
21
$164
22
$1,035
22
$254
22
$32
23
$1,148
23
$265
23
$64
24
$1,231
24
$232
24
$137

3
2024 ANNUAL REPORT
Our Engineered Composites (AEC) segment added significant backlog in 2024 as we increase our 
portfolio of major long-term programs. When we work through the significant ramp-up of these complex 
programs, such as CH-53K, we are also developing supply chain and operational capabilities that will 
serve us well in future programs. The LEAP program was impacted by the slowdown at our major end 
customer, but the program is on track for eventual recovery considering our end customer new aircraft 
order backlog that runs beyond the end of this decade.
Our current programs are critical components in major platforms that will remain the premier products in 
their respective market segment for the foreseeable future, whether it be LEAP, the CH-53K, the Joint 
Strike Fighter or the JASSM missile program. We are also making inroads into new market segments, 
particularly Advanced Air Mobility and Space, that will contribute to further growth. All of this translates to 
continued growth in backlog that provides us further confidence in our long-term outlook.   
MATERIALS SCIENCE 
Our expertise in materials science is the common thread that runs across all our businesses, and is 
the catalyst for our long-term growth. We command a technological edge in our Machine Clothing 
products through a continued investment in Research and Technology (R&T). Our ability to use the 
weaving technology developed at Machine Clothing, over a century, created the successful entry into 
the Engineered Composites segment via our partnership with Safran, and has laid the foundation for 
further profitable growth in the Aerospace and Defense industry. 
Accordingly, we have elevated the role that Technology plays in our organization, by the creation of 
a Chief Technology Officer position that reports directly to me and oversees all our R&T across the 
organization. We have also established a New Business Ventures team that will leverage off of our 
technological edge and seed new lines of business. I look forward to sharing more about this exciting 
new part of Albany International.  
CULTURAL CHANGE
This past year we have built out the leadership team that will help propel our long term growth, especially 
with the leaders at our divisions, that have deep industry experience and operational expertise in their 
respective fields.
We also established new company values and behaviors to promote a healthy culture where people 
feel empowered and included. These values serve as guiding principles that influence our interactions, 
decision-making processes, and approach to work. They were developed to improve retention, enhance 
our attractiveness as an employer, and provide the foundation for innovation, effective collaboration, 
decision-making, and achievement of goals.
Furthermore, we have modified our long-term incentive programs to emphasize the financial metrics that 
align us best with the long-term success of our company, namely Total Shareholder Return, Return on 
Invested Capital and growth in EBITDA. This is in addition to adding Free Cash Flow to our short term 
incentive metrics in 2024. The emphasis on Free Cash Flow generation has had the desired effect as 
evidenced with our strong performance in 2024. 

4
2024 ANNUAL REPORT
Gunnar Kleveland
President & Chief Executive Officer
FINANCIAL PERFORMANCE
We closed the year with record revenues of nearly one and a quarter billion dollars, consolidated Adjusted 
EBITDA of $232 million (or 18.8% of revenues) and a Free Cash Flow generation of $137 million. 
We have a stellar balance sheet and we have ample dry powder to execute on our strategic plan.
In 2024, we also resumed our share repurchase program, to supplement our quarterly dividend payouts, 
adding to the total return to our shareholders. 
SUSTAINABILITY
As a company we are committed to waste and emission reductions. Given our focus on effective and 
sustainable materials science solutions, we are proud to be participating in World Engineering Day 
2025, where we showcase our 130 years of innovation and sustainable engineering achievements. 
In addition to our product sustainability, we have continued to focus on our operational sustainability 
including signing a virtual power purchase agreement (VPPA) to advance our emissions reduction goal. 
In service of our zero waste-to-landfill goal, we have increased our focus on waste management, starting 
with new initiatives at our corporate offices, and further planning for sustainability in our consolidated 
global corporate headquarters.
In summary, 2024 was my first full year at Albany. I am excited by the strengths of our businesses and 
the potential they have. The company is competitively positioned in the markets it serves, has the right 
leadership team in place, is in excellent financial health, and has proprietary technologies in materials 
science that will be the catalyst for growth. We are building the foundations today that will drive our 
success in the future.
Sincerely,

5
2024 ANNUAL REPORT
GLOBAL LOCATIONS
MC =
AEC =

6
2024 ANNUAL REPORT
ADJUSTED EBITDA (NON-GAAP)
Net income (GAAP)
 $97.2 
 $118.8 
 $96.5 
 $111.6 
 $88.1 
Interest expense, net
 13.6 
 14.9 
 14.0 
 13.6 
 12.5 
Income tax expense
 41.8 
 47.2 
 35.5 
 48.8 
 29.0 
Depreciation and amortization expense
 72.7 
 74.3 
 69.0 
 76.7 
 89.3 
EBITDA (NON-GAAP)
 225.4 
 255.1 
 215.0 
 250.8 
 218.9 
Adjustments, after tax:4
Restructuring expenses, net
 5.7 
 1.3 
 0.1 
 0.3 
 15.1
Foreign currency revaluation (gains)/losses4,5
 15.4 
 (1.4)
 (9.8)
 1.3 
 (8.4) 
CEO transition expenses
 - 
 - 
 - 
 2.7 
 - 
Inventory step-up impacting Cost of goods sold
 - 
 - 
 - 
 5.5 
 - 
Dissolution of business relationships in Russia
 - 
 - 
 2.3 
 - 
- 
Pension settlement expense
 - 
 - 
 49.1 
 - 
 - 
IP address sale
 - 
 - 
 (3.4)
 - 
 - 
Aviation Manufacturing Jobs Protection (AMJP) 
grant
 - 
 (4.7)
 - 
 - 
 - 
Former CEO termination costs
 2.7 
 - 
 - 
 - 
 - 
Strategic/integration costs
 1.3 
 1.2 
 1.1 
 5.2 
 5.1 
Other transition expenses
-
-
-
-
 1.5 
Pre-tax (income)/loss attributable to 
noncontrolling interest
 1.3 
 (0.5)
 (0.8)
 (0.7)
 (0.3)
ADJUSTED EBITDA  
(NON-GAAP)
 $251.9 
$250.9
$253.5
$265.1
$232.0
$900.6
$929.2
$1,034.9
$1,147.9
$1,230.6
NET REVENUES
Total company
ADJUSTED EBITDA MARGIN 
(NON-GAAP)
28.0%
27.0%
24.5%
23.1%
18.8%
4In 2020, the company recorded losses of approximately $14 million in jurisdictions where it cannot record a tax benefit from the losses, which 
results in an unusual relationship between the pre-tax and after-tax amounts. 
5Foreign currency revaluation (gains)/losses represent unrealized gains and losses arising from the remeasurement of monetary assets and 
liabilities denominated in non-functional currencies on the balance sheet date.
NON-GAAP RECONCILIATIONS
YEARS ENDED  
DECEMBER 31,
(in millions, except percentages)
2020
2021
2022
2023
2024

7
2024 ANNUAL REPORT
ADJUSTED EPS (NON-GAAP)
Earnings per share attributable to Company 
shareholders - Basic (GAAP)
 $3.05 
 $3.66 
 $3.06 
 $3.56 
 $2.81 
Effect of dilutive stock-based compensation plans
 - 
 (0.01)
 (0.02)
 (0.01)
 (0.01)
Earnings per share attributable to Company 
shareholders - Diluted (GAAP)
 $3.05 
 $3.65 
 $3.04 
 $3.55 
 $2.80 
Adjustments, after tax:4
Restructuring expenses, net
 0.11 
 0.02 
 0.01 
 0.01 
 0.40
Foreign currency revaluation (gains)/losses4,5
 0.46 
 (0.04)
 (0.23)
 0.03 
 (0.18) 
CEO transition expenses
 - 
 - 
 - 
 0.09 
 0.04 
Inventory step-up impacting Cost of goods sold
 - 
 - 
 - 
 0.14 
 - 
Dissolution of business relationships in Russia
 - 
 - 
 0.06 
 - 
 - 
Pension settlement expense
 - 
 - 
 1.20 
 - 
 - 
IP address sales
 - 
 - 
 (0.08)
 - 
 - 
Tax impact of stranded OCI benefit from TCJA for 
pension liability6
 - 
 - 
 (0.17)
 - 
 - 
AMJP grant
 - 
 (0.11)
 - 
 - 
 - 
Former CEO termination costs
 0.06 
 - 
 - 
 - 
 - 
Withholding tax related to internal restructuring
 - 
 - 
 - 
 0.10 
 - 
Strategic/integration costs
 0.04 
 0.04 
 0.04 
 0.14 
 0.12 
Adjusted Diluted earnings per share (non-GAAP)
 $3.72 
 $3.56 
 $3.87 
 $4.06 
 $3.18
6Our Adjusted EPS excluded the benefit from the reclassification of stranded income tax effects caused by the TCJA associated with the U.S. 
pension plan liability that was eliminated in September 2022, a one-time event that would not recur in the future. Such stranded income tax effect 
represented a one-time benefit that distorted the effective tax rate for the quarter and year-to-date ended September 30, 2022, and would not be 
indicative of ongoing or expected future income tax rate at the Company. Management believes excluding pension settlement expense and its 
income tax impact, including the stranded income tax effects, from its Adjusted EBITDA and Adjusted EPS for the quarter and year-to-date ended 
September 30, 2022 would provide investors a transparent view and enhanced ability to better assess the Company’s ongoing operational and 
financial performance.
NON-GAAP RECONCILIATIONS
YEARS ENDED  
DECEMBER 31,
(in millions, except percentages)
2020 2021 2022 2023 2024
Per share amounts

8
2024 ANNUAL REPORT
ADJUSTED QUARTERLY EPS (NON-GAAP)
Earnings per share attributable to Company shareholders -  
Basic (GAAP)
 $0.87 
 $0.79 
 $0.58 
 $0.57 
Effect of dilutive stock-based compensation plans
 - 
-
 (0.01) 
(0.01)
Earnings per share attributable to Company shareholders -  
Diluted (GAAP)
 $0.87 
 $0.79 
 $0.57 
 $0.56 
Adjustments, after tax:
Restructuring expenses, net
 0.05
 0.07
0.09
0.19
Foreign currency revaluation (gains)/losses7
 (0.05) 
 (0.03)
0.06
(0.16)
CEO transition expenses
 - 
0.04 
 0.01 
(0.01)
Strategic/integration costs
 0.03 
 0.02 
 0.07 
-
Adjusted Diluted earnings per share (non-GAAP)
 $0.90 
 $0.89 
 $0.80
 $0.58 
7Please see footnote 5, on page 6.
NON-GAAP RECONCILIATIONS
THREE MONTHS 
ENDED,
(in millions, except percentages)
Q1
Q2
Q3
Q4
Per share amounts

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
______________________________________________________________
FORM 10-K 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2024 
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission file number: 1-10026 
______________________________________________________________
ALBANY INTERNATIONAL CORP. 
____________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware  
 
 
 
 
 
 
 
 
14-0462060 
(State or other jurisdiction of incorporation or organization) 
 
 
 
 
(IRS Employer Identification No.)
216 Airport Drive, Rochester, New Hampshire  
 
 
 
 
 
     03867
(Address of principal executive offices) 
 
 
 
 
 
 
(Zip Code)
Registrant’s telephone number, including area code 603-330-5850 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.001 par value per 
share
AIN
The New York Stock Exchange (NYSE)
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 
of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 
such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, 
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging 
growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any 
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm 
that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in 
the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the Common Stock held by non-affiliates of the registrant on June 30, 2024, the last business day of the registrant’s 
most recently completed second quarter, computed by reference to the price at which Common Stock was last sold on such a date, was $2.6 billion.
The registrant had 30.9 million shares of Class A Common Stock outstanding as of February 18, 2025.
DOCUMENTS INCORPORATED BY REFERENCE
PART
Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 16, 2025.
III
9

TABLE OF CONTENTS
Item 1.
Business
13
Item 1A. Risk Factors
22
Item 1B. Unresolved Staff Comments
37
Item 1C. Cybersecurity
37
Item 2.
Properties
39
Item 3.
Legal Proceedings
39
Item 4.
Mine Safety Disclosures
39
PART II
Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of 
Equity Securities
40
Item 6.
[Reserved]
41
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
42
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
56
Item 8.
Financial Statements and Supplementary Data
57
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
114
Item 9A. Controls and Procedures
114
Item 9B. Other Information
115
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
116
Item 11.
Executive Compensation
116
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
117
Item 13.
Certain Relationships, Related Transactions and Director Independence
118
Item 14.
Principal Accountant Fees and Services
118
PART IV
Item 15.
Exhibits and Financial Statement Schedules
119
PART I
10

Forward-Looking Statements
This annual report and the documents incorporated or deemed to be incorporated by reference therein contain 
statements concerning our future results and performance and other matters that are “forward-looking” within the 
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These 
forward-looking statements are intended to provide management's current expectations or plans for our future 
operating and financial performance, based on assumptions currently believed to be valid. Forward-looking 
statements may be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” "seek," 
"target," "approximately," “estimate,” “plan,” “project,” “may,” “will,” "would," “should,” "could," or the negative of such 
words or other comparable terminology in connection with a discussion of future operating or financial performance. 
The discussion of financial outlook, trends, strategy, plans, assumptions, or intentions may also include forward-
looking statements. Readers should not place undue reliance on forward-looking statements, such as financial 
performance forecasts, which speak only as of the date they are first made. Because forward-looking statements are 
subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-
looking statements. There are a number of risks, uncertainties, and other important factors that could cause actual 
results to differ materially from those projected, anticipated, or implied, including, but not limited to:
•
Conditions in the industries in which our Machine Clothing and Albany Engineered Composites segments 
compete, along with the general risks associated with macroeconomic conditions, including higher interest 
rates, inflationary pressures, or the effects of another pandemic, for an extended period of time;
•
Across the entire Company, increasing labor, raw material, energy, and logistic costs due to supply chain 
constraints and inflationary pressures. These challenges have only increased as a result of the ongoing 
Russia-Ukraine war and the conflict in the Middle East;
•
Across both segments, potential port strikes could cause additional disruptions to our supply chain;
•
Harm caused by changes in our relationships or contracts with suppliers and customers;
•
In the Machine Clothing segment, greater than anticipated declines in the demand for publication grades of 
paper, or lower than anticipated growth in other paper grades;
•
In the Albany Engineered Composites segment, longer-than-expected timeframe for the aerospace industry 
to utilize existing inventories, and unanticipated reductions in demand, delays, technical difficulties or 
cancellations in aerospace programs that are expected to generate revenue and drive long-term growth;
•
Inability of our Machine Clothing or Albany Engineered Composite segments to create additional production 
capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a 
result of geopolitical crises, natural disaster, public health crises and epidemics/pandemics, regulatory or 
otherwise);
•
Changes in geopolitical conditions impacting countries where the Company does or intends to do business;
•
Failure to achieve or maintain anticipated profitable growth;
•
Failure to achieve our strategic initiatives and other goals, including, but not limited to, our sustainability 
goals;
•
In the Albany Engineered Composites segment, the estimates and expectations based on aircraft production 
rates provided by Airbus, Boeing and others;
•
In the Albany Engineered Composites segment, risks and uncertainties associated with the successful 
implementation and ramp up of significant new programs, including the ability to manufacture the products to 
the detailed specifications required and recover start-up costs and other investments in the programs;
•
In the Albany Engineered Composites segment, risks associated with changes in estimates and assumptions 
that could result in a decline in program gross margins or turn a profitable program into a loss program;
•
Adverse impacts from inflation, an economic slowdown or recession and by disruption in capital and credit 
markets that might impede our access to credit, increase our borrowing costs and impair the financial 
soundness of our customers and suppliers;
11

•
With the change in the United States Presidential Administration, proposed tariffs by the new Administration 
that may significantly and adversely impact our results of operations;
•
Expectations regarding our ability to attract, motivate, and retain the workforce necessary to execute our 
business strategy;
•
Adverse impacts from fluctuations in foreign currency exchange rates;
•
Harm caused by large customer purchase reductions, payment defaults or contract non-renewal;
•
In the Albany Engineered Composites segment, future funding and compliance risks associated with our 
contracts with government entities, OEM customers or prime contractors on contracts with governmental 
agencies;
•
Costly and disruptive legal disputes and settlements;
•
Future levels of indebtedness and capital expenditures;
•
Adverse impacts from changes in tax legislation or challenges to our tax positions;
•
Cybersecurity incidents or significant computer system compromises or data breaches;
•
Significant problems with information systems or networks;
•
Failure to successfully integrate the Heimbach Group companies into our business systems and processes 
within the expected timeframe or, failure to or delayed realization of anticipated benefits of the acquisition 
could adversely impact the Company’s business, financial condition and results of operations; and
•
Other risks and uncertainties detailed in this report and other periodic reports.
Further information concerning important factors that could cause actual events or results to be materially different 
from the forward-looking statements can be found in “Business Environment Overview and Trends” in Item 7, 
Management's Discussion and Analysis of Financial Condition and Results of Operations, as well as in Item 1A, Risk 
Factors. Although we believe the expectations reflected in our forward-looking statements are based on reasonable 
assumptions, it is not possible to foresee or identify all factors that could have a material and negative impact on our 
future performance. The forward-looking statements included or incorporated by reference in this annual report are 
made on the basis of our assumptions and analyses, as of the time the statements are made, in light of our 
experience and perception of historical conditions, expected future developments, and other factors believed to be 
appropriate under the circumstances, except as otherwise required by law. We undertake no obligation to publicly 
update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, 
except as required by applicable law.
12

PART I
Item 1. 
BUSINESS
General
Founded in 1895, Albany International Corp. is a global leader in advanced textiles and materials processing 
specializing in designing and manufacturing high-performance engineered fabrics and composite components and 
assemblies that serve industries such as paper, industrial manufacturing, and aerospace. The terms the Registrant, 
the Company, Albany, we, us, or our mean Albany International Corp. and its subsidiaries, unless the context indicates 
another meaning.
The following description of our business should be read in conjunction with “Management’s Discussion and Analysis 
of Financial Condition and Results of Operations” within Item 7 of this Annual Report on Form 10-K, including the 
information contained therein under the heading “Business Environment Overview and Trends.” 
Business Segments
The Company operates under two business segments:  Machine Clothing and Albany Engineered Composites. 
Following is a table of Net revenues by segment for years ended December 31, 2024, 2023, and 2022.
(in thousands)
2024
2023
2022
Machine Clothing
$ 
749,907 $ 
670,768 $ 
609,461 
Albany Engineered Composites
 
480,708  
477,141  
425,426 
Total net revenues
$ 1,230,615 $ 1,147,909 $ 1,034,887 
The table that sets forth certain segment financial performance metrics and selected balance sheet data appears in 
Note 3, Reportable Segments and Geographic Data, of the Notes to the Consolidated Financial Statements, in Item 8, 
Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
Machine Clothing
The Machine Clothing (“MC”) segment is the world’s leading producer of custom-designed fabrics and high-speed 
process belts critical in the manufacture of all grades of paper products characterized primarily as Paper Machine 
Clothing (“PMC”). MC supplies highly engineered consumable permeable, and impermeable belts used in the 
manufacture of paper, paperboard, tissue and towel, and pulp, referred to in the industry as “machine clothing” or 
“paper machine clothing.” The MC segment also supplies Engineered Fabric (“EF”) products that provide solutions for 
nonwovens, fiber cement and several other industrial applications.
PMC Products:  We design, manufacture, and market paper machine clothing 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 design and material 
composition of paper machine clothing can have a considerable effect on the quality of paper products produced and 
a meaningful effect on the energy and resource efficiency of the paper machines on which it is used. Principal paper 
machine clothing products include forming, pressing, and drying fabrics, and process belts. A forming fabric assists in 
paper sheet formation and conveys the very wet sheet through the forming section. Pressing fabrics are designed to 
carry the sheet through the press section, where water is mechanically pressed from the sheet as it passes through 
the press nip. In the drying section, drying fabrics manage air movement and hold the sheet against heated cylinders 
to enhance drying and help control tight tolerances of final moisture content depending on the grade. Process belts 
are used in the press section to increase dryness and enhance sheet properties, as well as in other sections of the 
machine to improve runnability and enhance sheet qualities. PMC product revenues accounted for more than 80% of 
MC’s segment Net revenues.
EF products: EF products are solution-focused, custom-designed fabrics and belts. These products are also utilized in 
process industries outside of papermaking such as nonwovens, corrugators, building products, tannery and textile 
industries and designed to improve production rates and lower the overall cost of operation. EF product revenue 
accounted for less than 20% of the MC segment’s Net revenues. 
The MC segment sells its products directly to customer end-users in countries across the globe. MC products, 
manufacturing processes, and distribution channels are substantially similar in each region of the world in which we 
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operate. No individual customer accounted for as much as 10% of MC segment Net revenues in any of the periods 
presented. 
In August 2023, the Company completed the acquisition of Heimbach GmbH ("Heimbach"), a privately-held 
manufacturer of paper machine clothing and technical textiles. For additional information, see Note 24, Business 
Combination, of the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and 
Supplementary Data, of our 2023 Annual Report on Form 10-K. The financial results of the acquired company are 
included in the MC reportable segment.
Albany Engineered Composites
The Albany Engineered Composites (“AEC”) segment is a leader in innovative composite technology solutions and 
manufacturer of engineered components, structures and assemblies for demanding aerospace and defense 
applications. AEC provides highly engineered, advanced composite structures and assembly solutions to customers 
and platforms in the commercial and defense markets, as well as for space-launch vehicles and the emerging 
advanced air mobility market (“AAM”). The segment includes Albany Safran Composites, LLC (“ASC”), in which our 
customer, SAFRAN Group ("SAFRAN"), owns a 10% noncontrolling interest. AEC, through ASC, is the exclusive 
supplier to the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract. 
The LEAP engine is used on the Airbus A320neo and A321neo, Boeing 737 MAX, and COMAC 919 aircrafts. AEC’s 
largest aerospace customer is SAFRAN and sales to SAFRAN (consisting primarily of fan blades and cases for CFM’s 
LEAP engine) accounted for approximately 14% of the Company’s consolidated Net revenues in 2024. Other 
significant AEC programs include the production of structures, parts and sub-assemblies for the Sikorsky CH-53K 
helicopter, F-35 fighter jet, Joint Air-to-Surface Standoff Missile ("JASSM"), Boeing 787 aircraft, and components and 
structures on other commercial, business jet, defense, space and AAM programs. AEC also supplies vacuum waste 
tanks for most Boeing commercial aircraft, as well as the fan case for the GE9X engine used on the Boeing 777 
aircraft. In 2024, approximately 36 of the AEC segment’s revenues were related to U.S. government contracts or 
programs.
International Operations
Our MC business segment maintains manufacturing facilities in Belgium, Brazil, Canada, China, France, Germany, 
Italy, Mexico, Spain, Sweden, the United Kingdom, and the United States. MC's global manufacturing footprint is 
designed to most efficiently meet regional customer requirements. Our AEC business segment maintains 
manufacturing facilities in the United States, France, Mexico, and Germany to meet customer demand in those 
regions.
Our global presence subjects us to certain risks, including tariffs and other restrictions on trade, foreign exchange 
exposure and our ability to repatriate funds from foreign jurisdictions. While global trade and tariff policies have not 
had a material impact to our past results of operations, there is risk that the impact of recent developments on 
companies in our supply chain could cause higher costs from affected suppliers. With the change in the United States 
Presidential Administration, proposed tariffs by the new Administration may significantly adversely impact our results 
of operations. 
We have a cash repatriation strategy that manages a certain amount of foreign current year earnings that are not 
indefinitely reinvested. Changes in the trade or regulatory compliance in any country that we have significant cash 
balances could make it more difficult to repatriate foreign earnings cost-effectively in the future.
Research, Development and Technology
We invest in research, new product development, and technical analysis with the objective of maintaining our 
technological leadership in each business segment. While much of our research activity supports existing products, 
we also engage in significant research and development activities for new technology platforms, products and product 
enhancements.
Our MC segment products are custom-designed for each user, depending on the type, size, and speed of the 
machine, and the products being produced. Products are specifically designed for each section and position on a 
machine, the grade of product being produced, and the quality of the stock used. Technical expertise, judgment, and 
experience are critical in designing the appropriate clothing for each machine, position, and application. As a result, 
many employees in sales and technical functions have engineering degrees, paper mill experience, or other 
manufacturing experience in the markets in which we operate. Our market leadership position reflects our 
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commitment to technology innovation. This innovation has resulted in new products and enhancements across all of 
our product lines.
AEC develops innovative solutions and manufactures advanced composite parts and assemblies for complex 
aerospace applications, using a range of core technologies, including its proprietary 3D-woven reinforced composites 
technology, traditional 2D laminated composite structures, automated fiber placement for both thermoplastics and 
thermoset composites as well as rigid installation for through-thickness reinforcements, and braided structures. In 
addition, AEC continues to leverage its 3D woven technology to develop differentiated processing solutions for high-
temperature applications, including hypersonic flight components. AEC is working closely with its customers to 
develop high performance alternatives to traditional thermal protection and energy absorption requirements. These 
preforms serve as the building blocks for an array of critical applications, ranging from thermal protection to energy 
absorption.
In addition to continuous significant investment in core research and development activities in pursuit of new 
proprietary products and manufacturing processes, experienced research and development employees in each 
business segment also work collaboratively with customers, OEMs and suppliers on targeted development efforts to 
introduce new products and applications in their respective markets.
Technical and research expenses totaled $46.1 million in 2024, $40.6 million in 2023, and $39.9 million in 2022. In 
2024, these costs were 3.7% of total Company Net revenues, including $16.3 million, or 3.4 of Net revenues, in our 
AEC segment. Research and development in the AEC segment include both Company-sponsored and customer-
funded activities. Some customer funded research and development may be on a cost sharing basis, in which case, 
amounts charged to the collaborating entity are credited against research and development costs. For customer-
funded research and development in which we anticipate funding to exceed expenses, we include amounts charged 
to the customer in Net revenues. Cost of goods sold associated with customer-funded research was $5.6 million in 
2024, $6.4 million in 2023, and $5.2 million in 2022.
New Business Ventures
In 2024, the Company launched a New Business Ventures team dedicated to developing innovative products and 
business opportunities that address high growth opportunities which are adjacent to our current business portfolio 
utilizing our existing developed technologies, materials science and extensive expertise across our MC and AEC 
segments. The strategy is to unlock further potential in focus areas, such as 3D weaving, resin transfer molding, large 
scale flat weaving, and the application of technically diverse composite materials and coatings, to create and certify 
groundbreaking products.
For instance, we are currently exploring the use of our 3D weaving expertise in combination with our resin and 
coatings capabilities to enhance the effectiveness of products that can be used in various defense and space 
applications. In coordination with raw material providers and equipment OEMs, we are developing an enhanced value 
proposition for the market that further reduces weight and improves overall performance of identified products in 
applications across various industries.
Our goal is to leverage our existing subject matter experts across our Research, Development and Technology teams 
to drive future profitable growth of new products addressing an expanded range of applications and end-markets. 
Although we do not expect meaningful revenue growth from New Business Ventures until 2027, the investments we 
are making today will be a pillar for new innovative product opportunities.
Intellectual Property
We continue to generate and develop proprietary intellectual property germane to the industries we serve. Our 
intellectual property includes patents and trademarks across multiple jurisdictions worldwide. We also develop and 
own other intellectual property including copyrights, trade secrets, research and development, and engineering and 
manufacturing know-how, which make important contributions to our business. In addition, we have licensed 
intellectual property to and from third parties. While we consider our intellectual property portfolio to be an important 
competitive advantage, in general, we do not believe that any single patent, trademark, license or other intellectual 
property right or group of related intellectual property rights is of such importance that its loss or termination would 
have a material adverse effect on our business taken as a whole.
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Raw Materials
Primary raw materials for our MC products are polymer monofilaments and fibers, which have generally been 
available from a number of suppliers. In addition, we manufacture polymer monofilaments, a basic raw material for all 
types of machine clothing, at our facility in Homer, New York, which supplies approximately 20% of our worldwide 
monofilament requirements. 
In our AEC segment, the primary raw materials are carbon fiber and resin. While there are a number of potential 
suppliers of carbon fiber and other raw materials used by AEC, the use of certain suppliers may be mandated by 
customer agreements, and alternative suppliers would be subject to material qualification or other requirements that 
may preclude or delay their availability. In the case of mandated suppliers, AEC endeavors to enter into long-term 
supply agreements to help mitigate price and availability risks. 
Currently, the primary raw materials used in each segment are derived from petroleum, and are therefore sensitive to 
changes in the price of petroleum and petroleum intermediates.
Competition
Machine Clothing
Price and technology are the primary means of competitive differentiation in the industry. Our MC product portfolio is 
broad and deep, with products for every part of the machine and a wide range of machine types and paper grades. 
MC's research and development team works closely with the sales and technical organization to develop new 
products to meet changes in customer needs, and also pursues targeted joint development activities with customers 
and equipment manufacturers to create new products. Albany’s experienced sales and technical team members – 
many of whom have worked in the industries that we serve – work closely with each customer to acquire deep 
understanding of the customer’s combination of raw materials, manufacturing equipment, manufacturing processes, 
and paper, pulp, nonwovens or other product being produced – a combination that is unique to each customer, plant 
and machine. This experience and knowledge, combined with knowledge of and experience with MC’s own extensive 
product portfolio, allows the sales and technical teams to ensure that the appropriate machine clothing products are 
being supplied for each part of the machine, to customize those products as needed for best performance, and to 
continuously propose new products that offer each customer the possibility of even better performance and increased 
savings. MC's machine clothing solutions enable our customers to reduce energy and water consumption, improve 
resource efficiency, and help maintain and improve water quality. These efforts – which effectively integrate MC’s 
experience and technological expertise into each product we sell – are reflected in MC’s strong competitive position in 
the marketplace. Some of the MC’s paper machine clothing competitors also supply paper machines, papermaking 
equipment, and aftermarket parts and services, and often bundle machine clothing products with original or rebuilt 
machines and/or aftermarket services.
Albany Engineered Composites
The primary competitive factors in the markets in which our AEC segment competes are product performance, 
delivery performance, quality, and price. Achieving lower weight without sacrificing strength is the key to improving fuel 
efficiency, which helps reduce the carbon emissions footprint of global aviation, and is a critical performance 
requirement in the aerospace industry. Our broad array of capabilities in composites enables us to offer customers the 
opportunity to displace metal components and, in some cases, conventional composites with lower-weight, higher-
strength, and higher-temperature and corrosion resistant composites. The dominant competitive factor is the relative 
importance the customer places on these performance benefits, which include fuel savings/emissions reductions due 
to lower weight, against the possible cost advantage of more traditional metal and composite components.
Human Capital Resources
At our company, we are proud to employ approximately 5,400 people across North America, South America, Europe, 
and Asia. Our team’s talent and creativity are our biggest strengths, and we are deeply committed to fostering a 
workplace culture that values respect, engagement, and well-being. We focus on our employees’ physical, mental, 
and social health, offer career development opportunities, and provide competitive pay and benefits. In addition, our 
People strategy is closely aligned with our business goals.
Our top priority is keeping our employees safe. We aim for zero workplace injuries and track safety metrics throughout 
the year, such as Total Recordable Incident Rate (TRIR), Serious Injuries and Fatalities (SIFs), safety behaviors, and 
16

proactive safety actions taken. Our safety culture is reinforced by linking a portion of each Executive Officer's 
incentive compensation to achieving company-wide TRIR goals.
We work hard to create an inclusive and fair environment where a broad range of experiences, backgrounds, and 
skills are celebrated and respected. We believe that this culture boosts innovation and helps our people reach their full 
potential. Our hiring strategy draws from diverse backgrounds to find the most qualified candidates. As of December 
31, 2024, our total workforce is 27.6% female. In the U.S., our headcount is approximately 2,000 employees, with 
33% self-identifying as a minority.
Our talent management strategy includes developing our internal talent for promotion, hiring the best people from 
outside the company when no internal candidate is available, and using our internship program to identify future talent 
and build the talent pipeline. We believe in continuous learning and development and offer various training 
opportunities, including on-the-job training, virtual courses, and external learning programs. All employees regularly 
participate in safety, ethics, and compliance training.
Our four Leadership Training Programs are targeted at different segments of our employee population with programs 
for new and potential managers, more experienced leaders, and executives.
Our employees around the world enjoy competitive compensation and benefits. In the U.S., this includes 401(k) 
matching, profit sharing, paid time off, health and dental insurance, and recognition programs, among others. We also 
emphasize work-life balance and well-being.
We support global human rights, aligning our policies with the United Nations Global Compact and the Universal 
Declaration of Human Rights. Our strategy is to focus on the advantages inherent in our diverse workforce and 
promote an inclusive company culture.
In 2024, we launched an updated set of Albany Values focused on actions our employees can take to set the 
foundation for our future growth and success. The Albany Values are as follows:
•  Albany wins together (Teamwork)
–
We combine our individual strengths for collective success
–
We share knowledge to grow it
–
We embrace the advantage of our diversity
•  Count on each other (Trust & Respect)
–
We empower each other
–
We welcome input and value differences
–
We treat each other fairly and equitably
•  Own your actions (Accountability)
–
We do what we say and say what we do
–
We act with integrity
–
We pursue ever better solutions
•  Care about each other (Safety)
–
We are all responsible for a safe and sustainable environment
–
We make safe choices
–
We value well-being (mental, physical, and social)
•  Share your enthusiasm (Passion)
–
We are excited to be part of Albany
–
We put our hearts into every task
–
We lift each other up
We live these values every day at Albany.
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Sustainability
Product Stewardship
Our business is centered around driving success for our customers. Our products are designed for performance and 
consistency, while enabling our customers to improve their environmental footprint through more sustainable and 
efficient processes and end products.
As described above, our paper machine clothing products enable our paper-making customers to reduce their own 
environmental footprint by reducing their energy consumption, and improving both resource and operating efficiency. 
Energy is one of the top three cost components in the paper making process. Our machine clothing solutions use 
innovative technologies to reduce the amount of heat energy required for paper production. We continue to innovate 
and remain focused on developing and bringing to market proprietary products aimed at improving the energy and 
resource efficiency needed for our customers’ products and their production processes. This includes further 
exploration into increasing both the use of recycled materials in our products, and improving the recyclability of our 
products at the end of their useful life. 
In aerospace, weight savings that drive fuel efficiency are essential for aircraft producers, if the industry is to achieve 
its goals for sustainable aviation. This fundamental design goal has driven the increased use of lightweight composite 
structures in an ever-broadening sphere of aerospace applications. We have applied learnings from our 130 years of 
experience manufacturing machine clothing to pioneer 3D weaving technologies to manufacture our composite 
material. The process involves layering and interweaving fibers in a precise, computer-controlled process to create 
complex, high-strength parts that allows for the production of lightweight and strong composite parts with high-
performance properties. 
This technology has the ability to produce parts with complex geometries and high-performance properties, such as 
high strength, stiffness and resistance to impact and fatigue making it well-suited for use in aerospace, defense and 
industrial applications. These structurally demanding applications have historically been served by heavier, metallic 
structures, and traditional laminated composites do not possess the required structural characteristics that 3D woven 
can offer. As such, our proprietary 3D woven technology expands the role that lightweight composites can serve as 
the next generation of aircraft is designed and built. Our AEC business also develops solutions that champion 
sustainable energy. Through innovative composite technologies and advanced manufacturing processes, we 
contribute to the creation of energy-efficient components, reducing the environmental footprint and bolstering the 
renewable energy sector.
Carbon Emissions Footprint
We are committed to responsible stewardship of the environment, which includes full compliance with environmental 
regulation everywhere we operate. And we are committed to going beyond regulatory requirements, implementing 
responsible and intentional strategies to continually minimize our environmental impact. 
We are proud to partner with an independent third-party enterprise climate platform to enhance measurement, 
reporting, and reduction of our carbon emissions. We have enhanced our carbon accounting to include full disclosure 
of Scope 1, Scope 2 and Scope 3 emissions, which we report to CDP and in our annual Taskforce on Climate-related 
Financial Disclosures ("TCFD") Report. This work has set the foundation for developing a climate transition plan to 
address both our products and services as well as our company operations and manufacturing footprint.
In 2023, we signed a commitment letter with the Science Based Targets Initiative ("SBTi") that commits us to 
establishing near-term Science-Based Targets. In 2024, we agreed on a goal of reducing Scope 1 and Scope 2 
emissions by 50% by 2030. In support of this goal, we have signed a U.S. virtual power purchase agreement 
("VPPA"), which will reduce our Scope 2 emissions by about 25%. This agreement gives us a strong head start on 
reaching our emissions reduction goal while we progress with additional on-site initiatives. 
We continue to focus on the impact of our own operations by evaluating our risks and identifying actionable 
opportunities to drive meaningful improvement in our energy and emissions intensity, as well as our products’ 
environmental impact.
18

Water and Waste
We are also committed to reducing waste, both from our own operations as well as our customers’, and we have a 
goal of zero waste to landfill by 2030 for our operations in the Americas and Europe. We continue to look for 
opportunities to reduce waste generated across our operations and our products. As a first step we strive to separate 
our waste streams across our operations including general waste, hazardous waste, electronic waste, carbon fiber/
raw material waste, and compostable material. Waste streams are collected via appropriate third parties, with the 
objective of optimizing reuse and minimizing waste to landfill. 
Innovation and partnerships are key to our core business and our sustainability objectives. In our AEC business, we 
work with a third-party specialist carbon fiber recycling company to recycle 3D woven fibers, water jet cut off carbon 
fibers, and long tow carbon fibers. These materials are recycled and reused in applications such as thermoplastic 
(which can be recycled) and thermoset products, 3D printing, fiber reinforced concrete, textile yarn, and friction 
materials.
In our MC business, we work with a third-party specialist that collects scrap raw materials and converts it into plastic 
furniture. As recycling technology advances, there are also increasing opportunities to use recycled raw materials in 
some of our manufacturing processes. We continue to explore and trial various options and are pleased to have 
identified several recycled materials that meet our rigorous requirements, and which we will be using from 2024.
Supply Chain Footprint
We recognize the importance of maintaining value and quality throughout our supply chain. We conduct our business 
ethically, legally, environmentally, and socially responsibly, and we expect the same from our suppliers. Accordingly, 
we require our global suppliers to respect human rights, employ fair labor practices, and conduct business ethically, as 
outlined in our Supplier Code of Conduct.
In 2023, we began evaluating climate-related risks and opportunities in our value chain, including engaging with 
suppliers to understand their carbon footprints and driving efficiency in our global logistics. Our procurement teams 
have also progressed a number of initiatives to drive efficiency and sustainability in our logistics. 
Climate and Sustainability Reporting and Regulation
The past several years have seen an unprecedented increase in interest and focus on sustainability and climate 
change, with an associated increase in global regulation. Various jurisdictions around the world in which we operate, 
including the European Union, the U.S., the United Kingdom, Australia, and certain U.S. states, have proposed or 
adopted new regulations related to sustainability and climate reporting. These and potential future regulations and 
policies, which include increased mandatory reporting, disclosure and assurance, including potential changes in 
procurement policies and procedures, could significantly increase our operational and compliance costs. We closely 
monitor developments in sustainability- and climate-related regulation and their associated impacts on our operations. 
As described above, we have a comprehensive sustainability program that seeks to manage the risks and 
opportunities associated with sustainability and climate change. For more information on the risk of sustainability- and 
climate-related regulation, see Item 1A - Risk Factors. 
Executive Officers
The following table sets forth certain information with respect to the executive officers of the Company as of February 
26, 2025:
Gunnar Kleveland, 55, President and Chief Executive Officer, joined the Company in 2023 and serves the Company 
as President and Chief Executive Officer. Prior to joining the Company, Mr. Kleveland served as President and Chief 
Executive Officer of Textron Specialized Vehicles Inc. He has also served as the President of TRU Simulation + 
Training Inc. and Executive Vice President of Integrated Operations for Bell Helicopter Textron Inc. Prior to joining 
Textron in 2004, Mr. Kleveland was a fighter pilot in the Royal Norwegian Air Force (RNoAF).
Robert D. Starr, 57, Executive Vice President and Chief Financial Officer, joined the Company in 2023. Prior to joining 
the Company, he served for 18 months as Chief Financial Officer of Fairbanks Morse Defense, a privately-held 
supplier of naval power and propulsion systems. He previously spent 12 years at Kaman Corporation where he 
served as Chief Financial Officer for eight years and VP, Treasurer for four years. Before joining Kaman, Mr. Starr held 
increasingly senior treasury roles at large publicly listed companies including Crane Co., Aetna and Fisher Scientific 
19

International. Early in his career he worked in investment banking both domestically and internationally across a broad 
range of industries.
Merle Stein, 48, President – Machine Clothing, joined the company in 2011. He has considerable experience in the 
paper and pulp industries and significant knowledge of the Machine Clothing business and a strategic understanding 
of the markets it serves. He comes to the role with considerably broad leadership experiences, particularly in 
operational and customer-facing operations. From 2024 until becoming president, he had served as Division Chief 
Operating Officer for the business segment where he oversaw all operational aspects of the business and led the 
Sales & Marketing, Operations, Procurement and Human Resources functions. Prior to that, he was the Vice 
President Sales & Marketing/Applications for Americas, after having served in various other sales and marketing 
leadership roles since joining the Company, including Vice President Sales MC - North America, Regional Business 
Director and Sales & Service Engineer. Prior to joining the Company, Mr. Stein managed papermaking operations at 
Essity’s green field papermill in Alabama where he had risen to the position of Papermill Manager.
Chris Stone, 52, President – Albany Engineered Composites, joined the company in 2024. He brings a deep 
knowledge of the A&D industry, and considerable broad experiences to his new role. He has held a wide range of 
leadership positions at public companies, with a focus in manufacturing and supply chain management, business 
operations, production control, logistics and organizational transformation. Most recently he served as Vice President 
& Chief Supply Chain Officer at Lockheed Martin Corporation from 2021 to 2024. Prior to joining Lockheed Martin, he 
was Vice President – Supply Chain & Material Management at Aerojet Rocketdyne from 2018 to 2021, and previously 
held various management positions at Textron companies, including Textron Marine & Land System and Bell 
Helicopter from 2005 to 2018. He is a former Aviation Officer with the United States.
Suzanne Purdum, 56, Chief Human Resources Officer, joined the company in 2024. Ms. Purdum brings more than 25 
years of experience in a number of HR disciplines including development and execution of HR strategy, organization 
design and effectiveness, learning and development, talent management, employee and labor relations, change 
management, and compensation and benefits. She is an experienced HR leader and business professional who has 
held executive level positions in Business Partnering, Total Rewards, and Talent Acquisition at a global level for large 
US multinational companies. Most recently, Ms. Purdum served as the Senior Executive Director for Boeing Global 
Human Resources – Europe, Israel and Ukraine. Prior to this role, Ms. Purdum held multiple leadership roles of 
increasing responsibility at Boeing, TRU Simulation + Training, Bell Helicopter, and Textron.
Joseph M. Gaug, 61, Senior Vice President – General Counsel and Secretary, joined the Company in 2004. Mr. Gaug 
is responsible for the Company's global legal, compliance, sustainability, risk management, and intellectual property 
functions, overseeing a team of lawyers, paralegals and other professionals. He has served as General Counsel and 
Secretary since 2020. He previously served as Associate General Counsel from 2004 and as Associate General 
Counsel and Assistant Secretary from 2006 to May 2020. Prior to 2004 he was a principal at the law firm of 
McNamee, Lochner, Titus & Williams, PC, where, among other clients, he had represented the Company in various 
matters as outside counsel.
Robert A. Hansen, 67, Senior Vice President and Chief Technology Officer, joined the Company in 1981. Mr. Hansen 
has served the Company as Senior Vice President and Chief Technology Officer since January 2010. He previously 
served as Vice President – Corporate Research and Development from April 2006 to January 2010, and Director of 
Technical and Marketing – Europe Press Fabrics from 2004 to April 2006. From 2000 to 2004, he served as Technical 
Director – Göppingen, Germany. Before 2000, he served the Company in a number of technical management and 
research and development positions in Europe and the U.S.
John J. Tedone, 60, Vice President – Controller and Chief Accounting Officer, joined the Company in 2023. Prior to 
joining the Company, Mr. Tedone was the Chief Accounting Officer at Eos Energy Enterprises, Inc., a developer and 
manufacturer of energy storage solutions, where he oversaw the accounting, SEC reporting, tax, treasury, and risk 
management functions. Prior to Eos Energy Enterprises, Inc., Mr. Tedone served as Vice President, Finance and 
Chief Accounting Officer of Lydall, Inc. He previously spent 16 years at Kaman Corporation where he served as the 
Vice President, Finance and Chief Accounting Officer from 2007 to 2020. Earlier in his career he held finance and 
accounting roles of increasing responsibility at Diageo NA, United Technologies Corp., and KPMG.
Governance
We are incorporated under the laws of the State of Delaware and are the successor to a New York corporation 
originally incorporated in 1895, which was merged into the Company in August 1987 solely for the purpose of 
20

changing the domicile of the corporation. References to the Company that relate to any time prior to the August 1987 
merger should be understood to refer to the predecessor New York corporation.
We embrace uncompromising honesty and behave ethically and fairly. We are committed to following the laws, 
regulations, standards, and ethical practices everywhere we do business. Ethics and compliance play an integral part 
in our decision making and business operations. Our Corporate Governance Guidelines, Business Ethics Policy, and 
Code of Ethics for the Chief Executive Officer, Chief Financial Officer, and Controller, and the charters of the Audit, 
Compensation, and Governance Committees of the Board of Directors are available at the Corporate Governance 
section of our website (www.albint.com).
Data security is a top priority at the Company. To protect our Company and customer data, we employ industry best 
practices and adhere to the Center for Internet Security ("CIS") 20 and National Institute of Standards and Technology 
("NIST") SP 800-171 cyber security frameworks. Our Data Security strategy is overseen by the Audit Committee of 
our Board of Directors, regularly reviewed at the executive level, directed by our Chief Information Officer, and 
managed by our Enterprise Cyber Security (ECS) team. For information on our approach, see Item 1C, Cybersecurity 
in this Part I and the Sustainability section of our website at https://www.albint.com/sustainability/.
Regulatory Matters
Our AEC segment business is heavily regulated. We may contract with U.S. Government agencies and entities, or we 
are a subcontractor to an OEM who contracts directly with U.S. Government agencies and entities. We must comply 
with, and are affected by, laws and regulations relating to the formation, administration and performance of U.S. 
Government contracts and contracts with foreign governments. The U.S. Government, and other foreign 
governments, may terminate any government contract at their convenience or for default, if we fail to meet specified 
performance measurements. If such contracts were to be terminated for convenience, we would generally be entitled 
to receive payment for work completed and allowable termination and cancellation costs. If the U.S. Government, and 
other foreign governments, terminate a contract due to our default, generally, we would only be paid for work that has 
been accepted by our customer and our customer can require us to pay the differential between the original contract 
price and cost to re-procure the contract items, net of work accepted from the original contract. In addition, we can be 
held liable for damages resulting from our default and may be responsible to provide transition services to another 
supplier or the customer.
Available Information
Our principal executive offices are located at 216 Airport Drive, Rochester, New Hampshire 03867. Our telephone 
number is 603-330-5850 and our website is www.albint.com.
Our current reports on Form 8-K, quarterly reports on Form 10-Q, and annual reports on Form 10-K, proxy statements 
for our annual stockholders' meetings and amendments to those reports are electronically filed with the Securities and 
Exchange Commission (the “SEC”), and all such reports and amendments to such reports filed subsequent to 
November 15, 2002, have been and will be made available, free of charge, through our website at www.albint.com as 
soon as reasonably practicable after such filing. In addition, copies of our Annual Report on Form 10-K will be made 
available, free of charge, upon written request.
We make our website content available for information purposes only. It should not be relied upon for investment 
purposes, nor is it incorporated by reference into this Annual Report on Form 10-K. 
21

Item 1A. 
RISK FACTORS
The risks and uncertainties described below are those that we have identified as material, but are not the only risks 
and uncertainties facing the Company. This list is not all-inclusive or necessarily in order of importance. If any of the 
events contemplated by the following risks occur, our business, financial condition, or results of operations could be 
materially adversely affected. Some of these risks are described below and in the documents incorporated by 
reference, and investors should take these risks into account when evaluating any investment decision involving the 
Company. 
Risks related to our business and operations
A number of industry factors have had, and in future periods could have, an adverse impact on net 
revenues, profitability and cash flow in the Company’s MC and AEC segments.
Significant consolidation and rationalization in the paper industry in recent years have reduced global consumption of 
paper machine clothing in certain markets and for certain grades. Developments in digital media have adversely 
affected demand for newsprint and for printing and writing grades of paper, which has had, and is likely to continue to 
have, an adverse effect on demand for paper machine clothing in those markets. At the same time, technological 
advances in papermaking, including in paper machine clothing, while contributing to the papermaking efficiency of 
customers, have in some cases lengthened the useful life of our products and reduced the number of pieces required 
to produce the same volume of paper. These factors have had, and in the future are likely to have, an adverse effect 
on paper machine clothing net revenues.
The market for paper machine clothing in recent years has been characterized by continuous pressure to provide 
more favorable commercial terms, which has in turn placed pressure on our operating results. We expect such 
pressure to remain intense in all paper machine clothing markets, especially during periods of customer consolidation, 
plant closures, or when major contracts are being renegotiated. The growing sophistication of Asian competitors 
exacerbates this risk.
Similar pressures in the markets in which AEC serves are highly competitive and price sensitive. AEC competes with 
domestic and international companies that have substantially greater manufacturing, purchasing, marketing, and 
financial resources than the Company. Some of AEC's facilities also compete for labor with other industrial and 
commercial businesses. If we are unable to successfully compete for new business, our net revenues, growth, and 
operating margins may decline. 
During 2019, net revenues under the LEAP contract exceeded $210 million, only to significantly decline in the years 
that followed due to several factors outside of the Company's control, including the temporary Boeing 737 MAX 
groundings, other Boeing production issues, and the COVID-19 pandemic. Such events drove a reduction in demand 
for LEAP components and disrupted supply chains for an extended period of time. While these factors have 
somewhat subsided, events like this can recur without notice, on this or other programs, and negatively impact the 
performance of the AEC segment.
Additionally, many of AEC’s customers, as well as the companies supplied by our customers, are under pressure to 
improve returns on their substantial investments made in recent years in new technologies, new programs and new 
product introductions. This has contributed to a relentless focus on capital investments to reduce costs, resulting in 
continuous pressure for cost reductions and customer pricing improvement throughout the supply chain. Future 
consolidation in the aerospace industry could intensify these pressures.
Some of the Company’s competitors in the MC segment have the capability to make and sell paper machines 
and papermaking equipment as well as other engineered fabrics.
Although customers historically have tended to view the purchase of paper machine clothing and the purchase of 
paper machines as separate purchasing decisions, the ability to bundle fabrics with new machines and after-market 
services could provide an advantage to our competitors. This underscores the importance of our ability to maintain the 
technological competitiveness and value of our products, and a failure to do so could have a material adverse effect 
on our business, financial condition, and results of operations. Moreover, we cannot predict how the nature of 
competition in this segment may continue to evolve as a result of future consolidation among our competitors, or 
consolidation involving our competitors and other suppliers to our customers.
22

AEC is subject to significant risks related to the potential manufacture and sale of defective or non-
conforming products.
AEC manufactures and sells products that are incorporated into commercial and military aircraft. If AEC were to 
supply products with manufacturing defects, or products that failed to conform to contractual requirements, we could 
be required to recall and/or replace them, and we could also be subject to substantial contractual damages or 
warranty claims from our customers, including claims to pay the differential between the original contract price and 
cost to re-procure defective contract items, net of work accepted from the original contract, or claims to provide 
transition services to another supplier or the customer. AEC could also be subject to product liability claims if such 
failures were to cause death, injury or losses to third parties, or damage claims resulting from the grounding of aircraft 
into which such defective or non-conforming products are incorporated. We are required to meet, and maintain 
continuous independent certification to, certain international industry standards including AS/EN9100 quality 
management system standards and Nadcap Special Processes certifications that are designed to assure rigorous 
quality standards are maintained throughout the aerospace industry supply chain. Additionally, although we maintain 
product liability insurance and other insurance at levels we believe to be prudent and consistent with industry practice 
to help mitigate these risks, these coverages may not be sufficient to fully cover AEC’s exposure for such risks, which 
could have a material adverse effect on AEC’s results of operations and cash flows.
The long-term organic growth prospects of AEC are subject to a number of risks.
The prospect of future successful organic growth in AEC depends in large part on its ability to maintain and grow a 
healthy pipeline of potential new products and applications for its technologies, to transform a sufficient number of 
those potential opportunities into commercial supply agreements, and to then execute its obligations under such 
agreements. In addition, existing and future supply agreements, especially for commercial and defense aerospace, 
are subject to the same curtailment or cancellation risks as the programs they support.
AEC is currently working on potential new product applications in the aerospace industry. These development projects 
may or may not result in commercial supply opportunities. In the event that AEC succeeds in developing products and 
securing contracts to manufacture and supply them, it will face the same industrialization and manufacturing ramp-up 
risks that it currently faces on its existing contracts, and AEC may or may not be successful in meeting its obligations 
under these contracts. Failure to manage these development, commercialization and execution risks could have a 
material adverse impact on AEC’s prospects for revenue growth.
In addition to these development and manufacturing execution risks, future AEC growth will likely require additional 
cash to fund the investments in equipment, capital, and development efforts needed to achieve this growth. Until AEC 
is able to consistently generate cash flows sufficient to fund its existing operations and any future investments needed 
to support its growth, it will remain dependent on the MC segment’s ability to generate cash. A significant decline in 
MC net revenues, operating income or cash flows could therefore have a material adverse impact on AEC’s ability to 
invest and deliver on future growth.
Deterioration of global economic conditions could have an adverse impact on the Company’s business and 
results of operations.
The Company identifies in this section a number of risks, the effects of which may be exacerbated by an unfavorable 
economic climate. For example, a recession could lead to lower consumption in all paper grades including tissue and 
packaging, which would not only reduce consumption of paper machine clothing, but could also increase price 
competition in the machine clothing industry.
Similarly, in the Company’s AEC segment, a decline in global or regional economic conditions could result in reduced 
orders for aircraft or aircraft engines, or the cancellation of existing orders, which would in turn result in reduced 
demand for the AEC components utilized on such aircraft or engines. Customer demand for AEC’s lightweight 
composite aircraft components is driven by market demand for the lighter, more fuel-efficient aircraft engine and other 
applications into which they are incorporated, such as the CFM International LEAP engine. Fuel costs are a significant 
part of operating costs for airlines and, in many cases, may constitute a carrier’s single largest operating expense. A 
sustained drop in oil prices, and related decline in the price of jet fuel, could prompt airlines to defer orders or delivery 
dates for such newer, more fuel-efficient airframes and aircraft engines, as the urgency to reduce fuel consumption 
may be lessened. In addition, any economic conditions that led to sustained high interest rates could affect the 
airline’s ability to finance new aircraft and engine orders.
23

Weak or unstable economic conditions also increase the risk that one or more of our customers might be unable to 
pay outstanding accounts receivable, whether as the result of bankruptcy or an inability to obtain working capital 
financing from banks or other lenders. Furthermore, both the MC and AEC business segments manufacture products 
that are custom-designed for a specific customer application. In the event of a customer liquidity issue, the Company 
could be required to write off amounts that are included in Contract assets or Inventories. In the case of AEC, such 
write-offs could also include investments in equipment, tooling, and non-recurring engineering costs, some of which 
could be significant depending on the program.
The U.S. Government’s Department of Defense (“DoD”) Cybersecurity Maturity Model Certification (“CMMC”) 
program introduces new and unique risks for DoD contractors. 
Under the applicable federal regulations for DoD contractors, AEC is required to comply with the agency's current 
cybersecurity regulations. In addition to these current regulations, AEC will be required to comply with the new CMMC 
program requirements on future contracts as they are flowed down from our DoD prime customers in the coming 
years. Given the current and planned future portfolio of U.S. Government-related business and based on the CMMC 
Proposed Rule released by the DoD in December 2023, AEC expects to be required to comply fully with CMMC Level 
2 once the rule is finalized, and eventually CMMC Level 3 for certain programs as those requirements are further 
defined. This will require a CMMC Third-Party Assessment Organization (C3PAO) assessment for Level 2 
certification, as well as a DCMA Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) assessment for 
any required Level 3 certification. The CMMC compliance requirements are complex, the costs are significant, and the 
DoD timelines for certifications are aggressive. To the extent that AEC is unable to achieve the required CMMC 
certifications within the timeframes required by the DoD, AEC may be unable to maintain or grow its business with the 
DoD and its prime customers.
The Company continues to experience increasing raw material, energy, logistics, and labor costs due to 
supply chain constraints and inflationary pressures.
The Company is a significant user of raw materials that are based on petroleum or petroleum derivatives. Increases in 
the prices of petroleum or petroleum derivatives, particularly in regions that are experiencing higher levels of inflation, 
could increase our costs, and we may not be able to fully offset the effects through price increases, productivity 
improvements, or cost-reduction programs.
There is a limited number of suppliers of polymer fiber and monofilaments, key raw materials used in the manufacture 
of machine clothing, and of carbon fiber and carbon resin, key raw materials used by AEC. In addition, there are a 
limited number of suppliers of some of the equipment used in each of the MC and AEC segments. The risks 
associated with limited suppliers increased as a result of the COVID-19 pandemic, which has put pressure on the 
supply chain in general, and on transportation companies that deliver raw materials to us and our products to 
customers. While we have been able to meet our raw material and equipment needs, the limited number of suppliers 
of these items creates the potential for disruptions in supply. AEC currently relies on single suppliers under contracts 
we have with SAFRAN to meet the carbon fiber and carbon resin requirements for the LEAP program. Lack of supply, 
delivery delays, or quality issues relating to supplied raw materials or for our key manufacturing equipment could harm 
our production capacity. Such issues could require the Company to attempt to qualify one or more additional 
suppliers, which could be a lengthy, expensive and uncertain process. These disruptions could make it difficult to 
supply our customers with products on time or at all, which could have a negative impact on our business, financial 
condition, and results of operations.
The Company also relies on the labor market to meet our operational requirements, advance our technology and 
differentiate our products. Low rates of unemployment in key geographic areas in which the Company operates can 
lead to high rates of turnover and loss of critical talent, which could in turn lead to higher labor costs.
We may be unable to maintain effective systems of internal controls while consolidating dispersed corporate 
functions to our corporate headquarters in New Hampshire.
The Company is relocating corporate staff working remotely or working in offices outside of New Hampshire to the 
Company's corporate headquarters in New Hampshire. If we lose critical personnel before transferring roles and 
responsibilities and fail to maintain an effective system of internal controls, we may be unable to accurately report our 
results of operations and meet our reporting obligations.
24

Our ability to attract and retain business and employees may depend on our reputation in the marketplace.
We believe our brand names and reputation are important corporate assets that help distinguish our products and 
services from those of our competitors and also contribute to our efforts to recruit and retain talented employees. 
However, our reputation is susceptible to material damage by events such as disputes with customers, suppliers, or 
competitors, cybersecurity incidents or service outages, internal control deficiencies, delivery failures, regulatory 
compliance violations, government investigations or legal proceedings. We may also experience reputational damage 
from employees, advocacy groups, regulators, investors or other stakeholders that disagree with the way we conduct 
our business. Similarly, our reputation could be damaged by actions or statements by current or former customers, 
suppliers, employees, competitors, joint venture partners, adversaries in legal proceedings, legislators or government 
regulators, as well as members of the investment community or the media, including social media influencers.
Our brand and reputation are also associated with our sustainability strategy, including our public commitments 
related to climate, the environment and other matters. Increasing stakeholder environmental, social and governance 
expectations, evolving sustainability and social regulation, contractual requirements, and policy requirements may 
pose risk to our brand and reputation. Our failure to meet stakeholder expectations could harm our reputation and 
adversely affect our relationships with customers and suppliers or our talent recruitment and retention efforts, which 
may impact our ability to achieve our long-term business objectives. In addition, positions we take or do not take on 
environmental or social issues may be unpopular with some of our employees, suppliers, customers or potential 
customers, which may in the future impact our ability to attract or retain employees, suppliers or customers. We also 
may choose not to conduct business with potential customers or suppliers or discontinue or not expand business with 
existing customers or suppliers due to these positions. 
There is a risk that negative or inaccurate information about the Company, even if based on rumor or 
misunderstanding, could adversely affect our business. Damage to our reputation could be difficult, expensive and 
time-consuming to repair, could make potential or existing customers reluctant to select us for new opportunities or 
could negatively impact our relationships with existing customers and suppliers, resulting in a loss of business, and 
could adversely affect our talent recruitment and retention efforts. Damage to our reputation could also reduce 
investor confidence in the Company, materially adversely affecting our share price.
Conditions in the paper industry have required, and could further require, the Company to reorganize 
its operations, which could result in significant expense and could pose risks to the Company’s operations.
We continue to engage in significant restructuring that has included the closing of manufacturing operations. These 
restructuring activities were intended to match manufacturing capacity to shifting global demand, and also to improve 
the efficiency of manufacturing and administrative processes. Future shifting of customer demand, the need to reduce 
costs, or other factors could cause us to determine in the future that additional restructuring steps are required. 
Restructuring involves risks such as employee work stoppages, slowdowns, or strikes, which can threaten 
uninterrupted production, maintenance of high product quality, meeting of customers’ delivery deadlines, and 
maintenance of administrative processes. Increases in output in remaining manufacturing operations can likewise 
impose stress on remaining facilities as they undertake the manufacture of greater volume and, in some cases, a 
greater variety of products. Competitors can attempt to exploit these situations. Although we plan each step of the 
process carefully, and work to reassure customers who could be affected that their requirements will continue to be 
met, we could lose customers and associated revenues if we fail to execute properly on any restructuring.
Natural disasters at one or more of our facilities could make it difficult for us to meet our supply obligations 
to our customers.
AEC’s production of LEAP engine components is currently located in three facilities. A natural disaster at any of these 
locations could have a significant adverse effect on AEC’s ability to timely satisfy orders for LEAP components. 
Production of almost all of AEC’s other legacy and growth programs – including components for the F-35, fuselage 
components for the Boeing 787, components for the CH-53K helicopter, and missile bodies for Lockheed Martin’s 
JASSM air-to-surface missiles – is located primarily in facilities in Salt Lake City, Utah or Boerne, Texas.
Significant consolidation of manufacturing operations in our MC segment over the past decade has reduced the 
number of facilities available to produce our products, and increased utilization significantly at remaining facilities. Not 
all product lines are produced at, or are capable of being produced at, all facilities. 
Based on our assessment of our manufacturing facilities for natural disaster risk, our three facilities in China and two 
facilities in Switzerland are located in areas of high risk for flooding. Our facilities in Belgium, the U.S., and Mexico are 
25

at medium-high risk for flooding. Physical impacts of climate change such as increased frequency of severe and 
extreme weather events could materially impact our facilities and production continuity. We are unable to predict these 
events with certainty; however, we perform ongoing assessments of physical risk, including climate risk, to our 
business. Weather events such as more extreme and volatile temperatures, increased storm intensity and flooding, 
and more volatile precipitation leading to changes in lake and river levels may significantly impact our business.
A significant interruption in the operation of any one or more of our plants, whether as the result of a natural disaster 
or other causes, could significantly impair our ability to timely meet our supply obligations to customers being supplied 
from an affected facility. While the occurrence of a natural disaster or other business interruption event in an area 
where we have a facility may not result in any direct damage to the facility itself, it may cause disruptions in local 
transportation and public utilities on which such locations are reliant, and may also hinder the ability of affected 
employees to report for work. Although we carry property and business interruption insurance to help mitigate the risk 
of property loss or business interruption that could result from the occurrence of such events, such coverage may not 
be adequate to compensate us for all loss or damage that we may incur.
The Company’s insurance coverage may be inadequate to cover other significant risk exposures.
The Company has been named as defendant in a large number of suits relating to the actual or alleged exposure to 
"asbestos-containing products." In addition to asbestos-related claims, the Company may be exposed to other 
liabilities related to cyber incidents and the products and services we provide. AEC is engaged in designing, 
developing, and manufacturing components for commercial jet aircraft and defense and technology systems and 
products. We expect this portion of the business to grow in future periods. Although we maintain insurance for the 
risks associated with our businesses, there can be no assurance that the amount of our insurance coverage will be 
adequate to cover all claims or liabilities. In addition, there can be no assurance that insurance coverage will continue 
to be available to us in the future at a cost that is acceptable. Any material liability not covered by insurance could 
have a material adverse effect on our business, financial condition, and results of operations. Also see "The 
Company is subject to legal proceedings and legal compliance risks".
The Company has significant manufacturing operations outside of the U.S., which could involve 
many uncertainties.
We currently have manufacturing facilities outside the U.S. which are subject to a number of risks and uncertainties, 
including: governments may impose withholding or other taxes on remittances and other payments from our non-U.S. 
operations, or the amount of any such taxes may increase; an outbreak or escalation of any insurrection or armed 
conflict may occur; governments may seek to nationalize our assets; or governments may impose or increase 
investment barriers or other restrictions affecting our business. In addition, emerging markets pose other 
uncertainties, including the protection of our intellectual property, pressure on the pricing of our products, and risks of 
political instability. The occurrence of any of these conditions could disrupt our business or prevent us from conducting 
business in particular countries or regions of the world.
The military invasion of Ukraine by Russia, and the ensuing sanctions are likely to continue to have an impact on our 
business. We have previously stopped shipping our products to Russia and abandoned a small joint venture in that 
country which supplied dryer fabrics to local papermakers, resulting in lost sales. Net assets were written-off in 2022 
and the Company does not expect future write-offs in this country. However, we expect that there could be further 
indirect impacts. For instance, the conflict has already caused disruption in the availability of shipping options between 
Asia and Europe. Supply chain disruptions could make it more difficult to find favorable pricing and reliable sources for 
the raw materials we need, putting upward pressure on our costs and increasing the risk that we may be unable to 
acquire the materials or services we need to continue to make and deliver certain products. Moreover, these same 
pressures could hinder our customers’ ability to source materials needed for their own manufacturing efforts, thereby 
reducing or slowing their demand for our products. There can be no assurance that we will be able to pass through 
input cost increases to our customers or to fully offset them via operational efficiencies. If we are unsuccessful in 
managing such cost increases, they could have a material adverse effect on our business, financial position, results of 
operations, and liquidity.
Geopolitical tensions have heightened elsewhere as well, including between China and Taiwan. MC has significant 
manufacturing operations in China and vendors that support AEC import significant materials from China, and any 
escalation in this region could disrupt either segment of our business. These ongoing conflicts, along with other 
geopolitical uncertainties such as the current conflict in the Middle East, could have broader adverse impacts on 
macroeconomic factors that impact our business, cash flows, financial condition and results of operations.
26

Changes in U.S. trade policy with foreign countries, or other changes in U.S. laws and policies governing foreign 
trade, as well as any responsive or retaliatory changes in regulations or policies by such countries, could have an 
adverse impact on our business, either directly or in the form of increased costs on our supply chain. While the direct 
impact to date of recent developments in global trade and tariff policy has not been significant, there is a risk that the 
impact of such developments on our supply chain will be reflected in higher costs from affected suppliers. 
In addition, our global presence subjects us to certain risks, including controls on foreign exchange and the 
repatriation of funds. While we have been able to repatriate current earnings in excess of working capital 
requirements from certain countries in which we operate without substantial governmental restrictions, there can be 
no assurance that we will be able to cost effectively repatriate foreign earnings in the future.
The implementation of trade tariffs could result in significant impacts on our business operations, financial 
condition, and overall market environment.
In 2024, the Company imported over $100 million into the U.S. from other countries, of which approximately 45% of 
the imports were from Mexico and 29% of the imports were from Canada. Tariffs on imported goods may lead to 
higher costs for raw materials, components, or finished products that we procure from affected countries. These 
increased costs may not be fully absorbed or passed on to customers, thereby impacting our profit margins. Tariffs 
may lead to disruptions in our supply chain if suppliers face increased costs or decide to relocate production. Delays 
or shortages could also affect our ability to meet customer demand on time. Trade partners affected by these tariffs 
may impose retaliatory tariffs on goods exported from the United States. This could reduce demand for our products in 
international markets and limit our growth opportunities. Tariff-related policies could further create price volatility and 
uncertainty in global markets. This may lead to fluctuations in customer demand and difficulty in forecasting revenues. 
Higher costs stemming from tariffs could lead customers to seek alternative products or services from competitors in 
regions not affected by such trade policies. Navigating the complexities of new trade regulations and compliance 
requirements may increase administrative burdens and operational costs. We continue to monitor developments 
regarding trade tariffs and assess their potential impact on our business. While we are exploring strategies to mitigate 
these risks, the full extent of tariffs' impact on our operations remains uncertain and may vary depending on the scope 
and duration of the policies.
Our growth strategy includes evaluating selected acquisitions, which entails certain risks to our business, 
and presents financial, managerial and operational challenges that may adversely affect our operating results 
and financial condition.
Our growth strategy includes acquisitions. Acquisitions involve various inherent risks, such as our ability to assess 
accurately the fair value, strengths, weaknesses, internal controls, contingent and other liabilities and potential 
profitability of the acquired business. We cannot assure that all potential risks or liabilities are adequately discovered, 
disclosed, or understood in each instance. We may fail to achieve anticipated synergies and lose key employees of 
the acquired business. In addition, internal controls over financial reporting of acquired companies may not be 
compliant with required standards. Issues may exist that could rise to the level of significant deficiencies or, in some 
cases, material weaknesses, particularly with respect to foreign companies or non-public U.S. companies. Customer 
dissatisfaction or performance problems with an acquired business, technology, service or product could also have a 
material adverse effect on our reputation and business. 
We might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures 
or divesting businesses.
We have a history of making acquisitions, entering new markets, and pursuing joint ventures and we expect to 
opportunistically seek to make acquisitions, invest in strategic growth initiatives including possible entry into new 
markets, or enter into joint ventures in the future. We are subject to numerous risks as a result of our growth strategy, 
including, but not limited to, the following:
•
We may invest time and capital pursuing acquisitions, joint ventures, or new products that do not materialize;
•
We may incur costs and expenses associated with any unidentified or potential liabilities of the acquired 
companies;
•
We may not achieve anticipated revenue and cost benefits from the acquisitions, joint ventures, or new 
product development;
•
We may encounter unforeseen difficulties in integrating acquired operations, joint ventures, or new 
businesses into our existing operations; and 
27

•
Our past or future acquisitions, joint ventures, or new businesses might not ultimately improve our competitive 
position and business.
We also periodically evaluate, and have engaged in, the disposition of assets and businesses. Divestitures could 
involve difficulties in the separation of operations, services, products and personnel, the diversion of management’s 
attention, the disruption of our business and the potential loss of key employees. After reaching an agreement with a 
buyer for the disposition of a business, the transaction may be subject to the satisfaction of pre-closing conditions, 
including obtaining necessary regulatory and government approvals, which, if not satisfied or obtained, may prevent 
us from completing the transaction. Divestitures may also involve continued financial involvement in or liability with 
respect to the divested assets and businesses, such as indemnities or other financial obligations, in which the 
performance of the divested assets or businesses could impact our results of operations. Any divestiture we 
undertake could adversely affect our results of operations.
We may fail to realize all of the anticipated benefits of the acquisition of Heimbach or those benefits may take 
longer to realize than expected.
We continue to devote significant management attention to integrating the business practices and operations of 
Heimbach. We may experience disruptions to our business and, if integrated ineffectively, it could restrict the 
realization of the full expected benefits of the acquisition. The failure to meet the challenges involved in the integration 
process and to realize the anticipated benefits of the acquisition of Heimbach could cause an interruption or loss of 
momentum in our operations.
Difficulties in the integration of the acquired business may include rationalizing the operations, processes and systems 
of the acquired business, retaining and motivating key management and employees, and integrating existing business 
relationships with suppliers and customers. Even if integration is successful, the financial and operational results may 
differ materially from our assumptions and forecasts due to unforeseen expenses, delays, conditions and liabilities. In 
addition, we may incur unanticipated costs or expenses following an acquisition, including post-closing asset 
impairment charges, expenses associated with eliminating duplicate facilities, and other liabilities.
Furthermore, the acquisition of Heimbach may result in material unanticipated problems, expenses, charges, 
liabilities, competitive responses, loss of customers and other business relationships, and diversion of management’s 
attention. Additional integration challenges may include difficulty in achieving anticipated cost savings, synergies, 
business opportunities and growth prospects from the acquisition; difficulties in the integration of operations and 
systems, including pricing and marketing strategies; and difficulties in conforming standards, controls, procedures, 
financial reporting and accounting and other policies, business cultures and compensation structures.
Many of these factors will be outside of our control and any one of them could result in increased costs, including 
restructuring charges, decreases in revenues and diversion of management’s time and energy, which could adversely 
affect our business, financial condition and results of operations.
Risks related to our contracts
AEC is subject to significant financial risk related to potential quality escapes that could cause 
customer recalls, or production shortfalls that could cause delays in customer deliveries.
AEC manufactures critical aerospace parts and must meet increasingly demanding quality, delivery, and cost targets 
across a broad spectrum of programs and facilities. AEC’s ability to realize its full financial objectives will depend on 
how effectively it meets these challenges. Failure to accomplish these customer quality, delivery, and cost targets on 
any key program could result in material losses to the Company and have a material adverse impact on the amount 
and timing of anticipated AEC revenues, segment operating income, and cash flows, which could in turn have a 
material adverse impact on our consolidated financial results.
Long-term supply contracts in our AEC segment pose certain risks.
AEC has a number of long-term contracts with fixed pricing, and is likely to enter into similar contracts in the future. 
While long-term contracts provide an opportunity to realize steady and reliable revenues for extended periods, they 
pose a number of risks, such as program cancellations, reductions or delays in orders by customers, the termination 
of such contracts or orders, changes in the customers’ requirements that may not entitle AEC to additional 
compensation or payment, or the occurrence of similar events over which AEC has no or limited control. 
28

Accounting for long-term contracts and related assets requires estimates and judgments related to our progress 
toward completion and the long-term performance on the contract. Significant judgments include potential risks 
associated with the ability and cost to achieve program schedule, including customer-directed delays or reductions in 
scheduled deliveries, and technical and other specific contract requirements including customer activity levels and 
variable consideration based upon that activity. Due to the size and long-term nature of many of AEC contracts, the 
estimation of total revenues and cost at completion is complex and subject to many variables. Management must 
make assumptions and estimates regarding contract revenue and cost (which may include estimates of variable 
consideration, including award fees and penalties), including, but not limited to, labor productivity and availability,  
complexity and scope of the work to be performed, availability and cost of materials, length of time to complete the 
performance obligation, availability and timing of funding from our customers, as well as overhead cost rates. In 2024, 
the Company recorded negative cumulative adjustments to the estimated profitability of long-term contracts in the 
amount of $43.2 million, primarily related to our CH-53K, Gulfstream, F-35, and GE Platforms programs. Because of 
the significance of management’s judgments and estimation processes, it is likely that materially different estimates 
could be recorded in the future if we used different assumptions or if the underlying circumstances were to change. 
Changes in underlying assumptions, circumstances or estimates may adversely affect our future results of operations 
and financial condition.
Sales of components for a number of programs that are currently considered to be important to the future revenue-
growth of AEC are pursuant to short-term purchase orders for a finite period or number of parts, or short-term supply 
agreements with terms of one to four years. Such programs include airframe components for the F-35; forward 
fuselage frames for the Boeing 787; AFT assembly including skins and longerons, sponson assemblies, tail rotor 
pylon and the horizontal stabilizer for the CH-53K helicopter, and other long-term programs. As a result, while AEC 
reasonably expects to continue as a supplier on these programs for so long as it meets its obligations, there can be 
no assurance that this will be the case, or that, in programs where it is currently a sole supplier, this sole supplier 
status will continue. Even if AEC’s status as a supplier is extended or renewed, there can be no assurance that such 
extension or renewal will be on the same or similar commercial or other terms. Any failure by AEC to maintain its 
current supplier status under these programs, or any material change in their commercial or other terms, could have a 
material adverse effect on AEC’s future revenues and segment operating income.
AEC derives a significant portion of its revenue from contracts related to U.S. Government Department of 
Defense, which are subject to unique risks.
The funding of DoD programs is subject to congressional appropriations. Many of the DoD programs in which we 
participate may last several years, but they are normally funded annually. Changes in military strategy and priorities 
may affect future opportunities and/or existing programs. Long-term DoD contracts and related orders are subject to 
cancellation, delay or restructure if appropriations for subsequent performance periods are not made. The termination 
or reduction of funding for existing or new DoD programs could result in a material adverse effect on our earnings, 
cash flow and financial position.
Additionally, our business funded by the U.S. Government is subject to extensive federal and DoD agency acquisition 
regulations. As a result, specific business systems and processes, as well as our proposed contract costs, are subject 
to audits by U.S. Government agencies. U.S. Government representatives may audit our compliance with these 
required federal regulations, and such audits could result in adjustments to allowable contract costs. Any costs found 
to be improperly allocated to a specific contract will not be reimbursed, and such costs already reimbursed must be 
refunded. Certain business systems or processes found to be non-compliant to federal and agency regulations could 
result in a suspension of work until such compliance issues are corrected. If any audit uncovers improper or illegal 
activities, we may be subject to civil and criminal penalties and administrative sanctions, including termination of 
contracts, forfeiture of profits, suspension of payments, fines and suspension or prohibition from doing business with 
the U.S. Government. Realization of any of these risks could result in a material adverse effect on our earnings, cash 
flow and financial position.
See also “The U.S. Government’s Department of Defense ("DoD") Cybersecurity Maturity Model Certification 
(“CMMC”) program introduces new and unique risks for DoD contractors.”
29

The loss of one or more major customers could have a material adverse effect on Net revenues and 
profitability.
In the AEC segment, our customer Safran accounted for approximately 37% of AEC's Net revenues in 2024, 
substantially all of which was under an exclusive long-term supply agreement relating to parts for the LEAP engine. 
Although we are an exclusive supplier of such parts, and although this is a cost-plus-fee arrangement, our customer is 
not obligated to purchase any minimum quantity of parts, and cancellation or significant reduction in demand for the 
LEAP program would have a material adverse impact on AEC’s Net revenues and profitability. 
LEAP engines are currently used on the Boeing 737 MAX, Airbus A320neo, Airbus A321neo and COMAC 919 aircraft. 
The LEAP long-term supply agreement contains certain events of default that, if triggered, could result in termination 
of the agreement by the customer, which would also have a material adverse impact on segment Net revenues and 
profitability.
A substantial portion of AEC’s non-LEAP revenue in the near term, and revenue growth opportunity in the longer term, 
is dependent upon a small number of customers and programs. Unlike the 3D-woven composite components supplied 
by ASC, parts supplied for such non-LEAP programs are capable of being made by a number of other suppliers. Such 
programs include airframe components for the F-35, forward fuselage frames for the Boeing 787, and sponsons, tail-
rotor pylons, horizontal stabilizers and struts for the CH-53K helicopter. Any failure by AEC to maintain its current 
supplier status under these programs, or any material change in their commercial or other terms, could have a 
material adverse effect on AEC’s future Net revenues and operating income.
Our top ten customers in the MC segment accounted for a significant portion of our Net revenues in 2024. The loss of 
one or more of these customers, or a significant decrease in the amount of machine clothing they purchase from us, 
could have a material adverse impact on MC's Net revenues and profitability. We could also be subject to similar 
impacts if one or more such customers were to suffer financial difficulties and be unable to pay us for products they 
have purchased. While we normally enter into long-term supply agreements with significant MC customers, the 
agreements generally do not obligate the customer to purchase any products from us, and may be terminated by the 
customer at any time with appropriate notice.
Risks related to information technology and cybersecurity
We are dependent on information technology networks, systems and cloud-based services to securely 
process, transmit and store electronic information and to communicate among our locations around the 
world and with our employees, customers and suppliers. The failure to prevent attacks on our operational 
systems and/or infrastructure or our cloud-based providers could result in disruptions to our businesses, 
loss or disclosure of regulated data, or the loss or disclosure of confidential and proprietary intellectual 
property or other assets. 
As the breadth and complexity of this infrastructure continues to grow, including the increasing reliance on, and use 
of, mobile technologies and cloud-based services, and as some of our global employees work remotely, the risk of 
security incidents and cyberattacks has increased. Cybersecurity threats are constantly expanding and evolving, 
becoming increasingly sophisticated and complex, increasing the difficulty of detecting and defending against them 
and maintaining effective security measures and protocols. The use of emerging technologies by organized cyber 
criminals, such as artificial intelligence and quantum computing, has increased the range of security threats faced by 
the Company. As AEC continues to perform aerospace and defense work, attacks from threat actors could become 
more persistent, including attacks from highly organized adversaries such as nation state actors, which target the 
defense industrial base and other critical infrastructure sectors. The improper conduct of our employees or others 
working on our behalf who have access to export controlled or other sensitive information could also adversely affect 
our business and reputation. 
Our customers, suppliers, and subcontractors experience similar security threats and an incident at one of these 
entities could adversely impact our business. These entities are typically outside our control and may have access to 
our information with varying levels of security and cybersecurity resources, expertise, safeguards and capabilities. 
Breaches in our supply chain could compromise our data and adversely affect customer deliverables. We also rely on 
our supply chain to adequately detect and report cyber incidents, which could affect our ability to report or respond to 
cybersecurity incidents effectively or in a timely manner.
30

Our information technology systems, processes, sites and cloud-based providers may suffer interruptions or 
failures, or we may experience disruptions or challenges arising from the implementation or upgrading of 
new information technology systems, which may affect our ability to conduct our business.
Our information technology systems may be damaged or cease to function properly due to any number of causes, 
such as catastrophic events, power outages and security breaches (including destructive malware such as 
ransomware) resulting in unauthorized access or cyber-attacks. If our business continuity plans, incident response 
capabilities, and security controls do not function effectively, we may experience partial or complete interruptions in 
our operations, which may adversely impact our business, financial condition, results of operations and cash flows.
As part of our ongoing efforts to enhance operational efficiency and support our growth strategy, we are undertaking a 
significant upgrade to our Enterprise Resource Planning (ERP) system by transitioning to a cloud-based platform. This 
upgrade is expected to streamline our business processes, improve data accessibility, and provide greater scalability. 
However, the implementation of this new ERP system involves substantial operational and internal controls risks. We 
are committed to managing these risks through careful planning, rigorous testing, and ongoing monitoring.
We face legal, reputational and financial risks from any failure to protect customer and/or Company data from 
security incidents or cyberattacks.
Such incidents could lead to shutdowns or disruptions of or damage to our systems and those of our customers and 
suppliers, and unauthorized disclosure of sensitive or confidential information, potentially including personal data and 
proprietary business information. Unauthorized disclosure of, denial of access to, or other incidents involving sensitive 
or confidential Company, employee, customer or supplier data, whether through systems failure, employee 
negligence, fraud, misappropriation, or cybersecurity, ransomware or malware attacks, or other intentional or 
unintentional acts, could damage our reputation and our competitive positioning in the marketplace, disrupt our or our 
customer’s business, cause us to lose customers and result in significant financial exposure and legal liability.
We are subject to numerous laws and regulations designed to protect this information, such as the European Union’s 
General Data Protection Regulation (“GDPR”) and the United Kingdom’s GDPR, the Cybersecurity Law of the 
People's Republic of China, as well as various other U.S. federal and state laws governing the protection of privacy, 
health or other personally identifiable information and data privacy and cybersecurity laws in other regions. We are 
subject to U.S. federal procurement regulations such as the DFARS clause 252.204-7012, based on the NIST 
800-171 framework whose goal is protecting controlled unclassified information in non-federal systems and 
organizations. In 2024, we continued efforts to comply with the forthcoming U.S. Department of Defense 
Cybersecurity Maturity Model Certification ("CMMC") program, which will impact us in the coming years as it is 
formalized through the DFARS and those regulations are incorporated into our contracts for government programs.
These laws and regulations continue to evolve, are increasing in complexity and number and increasingly conflict 
among the various countries in which we operate, which has resulted in greater compliance risk and cost for us. 
Various privacy laws impose compliance obligations regarding the handling of personal data, including the cross-
border transfer of data, and significant financial penalties for noncompliance. If any person, including any of our 
employees, negligently disregards or intentionally breaches our established controls with respect to Company, 
employee, customer or supplier data, or otherwise mismanages or misappropriates that data, we could be subject to 
significant litigation, monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or 
more jurisdictions. These monetary damages might not be subject to a contractual limit of liability or an exclusion of 
consequential or indirect damages and could be significant. In addition, our liability insurance, which includes cyber 
insurance, might not be sufficient in type or amount to cover us against claims related to security incidents, 
cyberattacks and other related incidents.
Risks related to our liquidity and financial matters
Fluctuations in currency exchange rates could adversely affect the Company’s business, financial 
condition, and results of operations.
We operate our business in many regions of the world, and currency rate movements can have a significant effect on 
operating results. The effect of currency rate changes on gross profit in the MC segment can be difficult to anticipate 
because we use a global sourcing and manufacturing model. Under this model, while some non-U.S. Net revenues 
and associated costs are in the same currency, other non-U.S. Net revenues are denominated in currencies other 
than the currency in which most costs of such sales are incurred. At the same time, the geographic sources of 
materials purchased (and the currencies in which these purchases are denominated) can vary depending on market 
31

forces, and the Company may also shift production of its products between manufacturing locations, which can result 
in a change in the currency in which certain costs to produce such products are incurred.
Changes in exchange rates can result in revaluation gains and losses that are reflected in our Consolidated 
Statements of Income. Revaluation gains and losses occur when our business units hold financial assets or liabilities 
denominated in a currency other than their functional currency. Operating results can also be affected by the 
translation of Net revenues and costs from each non-U.S. subsidiary’s functional currency to the U.S. dollar. 
Changes in the value of foreign currencies relative to the U.S. dollar could impact the reported level, in U.S. dollars, of 
Net revenues and operating expenses which are denominated in those currencies. Changes in currency exchange 
rates could adversely affect the Company’s business, financial condition or results of operations.
We have a substantial amount of indebtedness. At December 31, 2024, the Company had outstanding long-
term debt of $319 million.
At December 31, 2024, our leverage ratio (as defined in our primary borrowing agreement) was 0.88 to 1.00, and we 
had borrowed $318 million under our $800 million revolving credit facility. While we feel that we generate sufficient 
cash from operations and have sufficient borrowing capacity to make required capital expenditures to maintain and 
grow our business, any decrease in our cash generation could result in higher leverage. Higher leverage could hinder 
our ability to make acquisitions, capital expenditures, or other investments in our businesses, pay dividends, or 
withstand business and economic downturns. Our primary borrowing agreement contains a number of covenants and 
financial ratios that the Company is required to satisfy. The most restrictive of these covenants pertain to prescribed 
leverage and interest coverage ratios and asset dispositions. Any breach of any such covenants or restrictions would 
result in a default under such agreement that would permit the lenders to declare all borrowings under such 
agreement to be immediately due and payable and, through cross-default provisions, could entitle other lenders to 
accelerate their loans. In such an event, the Company would need to modify or restructure all or a portion of such 
indebtedness. Depending on prevailing economic conditions at the time, the Company might find it difficult to modify 
or restructure the debt on attractive terms, or at all.
From time to time, we use interest rate swaps to manage the interest cost associated with our borrowings. Future 
changes in the interest rate benchmark could affect the Company’s cost of borrowing and its cash flows, or the 
effectiveness of the hedges, which could have an effect on net income.
As of December 31, 2024, we had approximately $482 million of additional borrowing capacity under our $800 million 
revolving credit facility. The incurrence of additional indebtedness could increase the above-described risks 
associated with higher leverage. In addition, any such indebtedness could contain terms that are more restrictive than 
our current facilities.
Significant changes in critical estimates and assumptions related to pension and other post-retirement 
benefit (“OPEB”) costs and liabilities could affect our earnings and pension contributions in future periods. 
The determination of our pension and other post-retirement benefit plans’ expense or income involves significant 
judgments, specifically related to our discount rate, long-term return on assets, and other actuarial assumptions. We 
establish our discount rate assumption annually and review whether to change our long-term return on assets 
assumption annually. These estimates and actuarial assumptions could change significantly as a result to changes in 
economic, legislative, and/or demographic profiles. Such changes could result in unfavorable changes to our pension 
and OPEB expense and funded status, and our cash contributions thereof, which could have a negative impact on our 
results of operations. Further, the difference between actual investment returns and our long-term return on asset 
assumptions would result in a change to our pension and OPEB expense, funded status, as well as our required 
contributions to the plans. We manage our plan assets in accordance with our investment management objectives, 
and they are subject to market volatility and other conditions. Differences may also arise due to changes in regulatory, 
accounting and other requirements applicable to pension plans.
The Company is exposed to the risk of increased expense in health-care related costs.
We are largely self-insured for some employee and business risks, including health care programs in the U.S. Losses 
under all of these programs are accrued based upon estimates of the ultimate liability for claims reported and an 
estimate of claims incurred but not reported, with assistance from third-party actuaries and service providers. 
However, these liabilities are difficult to assess and estimate due to unknown factors, including the severity of an 
illness and the number of incidents not reported. The accruals are based upon known facts and historical trends, and 
32

management believes such accruals to be adequate. The Company also maintains stop-loss insurance policies to 
protect against catastrophic claims above certain limits. If actual results significantly differ from estimates, our financial 
condition, results of operations, and cash flows could be materially impacted by losses under these programs, as well 
as higher stop-loss premiums in future periods.
Goodwill and other intangible assets represent a significant portion of our assets, and any impairment of 
these assets could negatively impact our results of operations and financial conditions. 
Goodwill and other intangible assets that have indefinite useful lives must be evaluated at least annually for 
impairment. The specific guidance for testing goodwill and other non-amortized intangible assets for impairment 
requires management to make certain estimates and assumptions when allocating goodwill to reporting units and 
determining the fair value of reporting unit net assets and liabilities, including, among other things, an assessment of 
market conditions, projected cash flows, investment rates, cost of capital and growth rates, which could significantly 
impact the reported value of goodwill and other intangible assets. Changes in our estimates and assumptions could 
adversely impact projected cash flows and the fair value of reporting units. Fair value is generally determined using a 
combination of the discounted cash flow, market multiple and market capitalization valuation approaches. Absent any 
impairment indicators, we generally perform our evaluations annually, using available forecast information. If at any 
time we determine an impairment has occurred, we are required to reflect the reduction in value as an expense within 
operating income, resulting in a reduction of earnings and a corresponding reduction in our net asset value in the 
period such impairment is identified. In the event there is deterioration in business conditions or estimated cash flows 
beyond amounts previously or currently forecasted, there is a risk of impairments on our goodwill balance.
Unanticipated changes in tax laws or exposure to additional tax liabilities could affect our future profitability.
We are subject to income taxes in both the U.S. and various non-U.S. jurisdictions. Unanticipated changes in foreign 
and domestic tax laws, regulations, or policies, or their interpretation and application by regulatory bodies, or 
exposure to additional tax liabilities could affect our future profitability and cash flows. Our domestic and international 
tax liabilities are dependent upon the distribution of income among these jurisdictions. Our future results of operations 
could be adversely affected by changes in the effective tax rate as a result of a change in the mix of earnings in 
countries with differing statutory tax rates, as well as changes in the overall profitability of the Company, tax 
legislation, and generally accepted accounting principles.
As of December 31, 2024, we have approximately $140.3 million of net operating loss (“NOL”) carryforwards in 
various taxing jurisdictions. Our ability to utilize the NOL carryforward could be adversely impacted by several factors, 
including but not limited to significant changes to tax legislation and lower than expected future earnings. 
We are subject to tax audits by various tax authorities in many jurisdictions. Following the acquisition of Heimbach, the 
open tax years in these jurisdictions range from approximately 2013 to 2024. We regularly assess the potential 
outcomes of examinations by tax authorities in determining the adequacy of our provision for income taxes. The 
results of tax audits and examinations of previously filed tax returns or related litigation and continuing assessments of 
our tax exposures could materially affect our financial results.
Risks related to our legal and regulatory environment
The Company may fail to adequately protect its proprietary technology or intellectual property, which would 
allow competitors or others to take advantage of its research and development efforts.
Proprietary trade secrets are a source of competitive advantage in each of our segments. If our trade secrets were to 
become available to competitors, it could have a negative impact on our competitive strength. We employ measures 
to maintain the confidential nature of these secrets, including maintaining employment and confidentiality agreements, 
maintaining clear policies intended to protect such trade secrets, educating our employees about such policies, clearly 
identifying proprietary information subject to such agreements and policies, and vigorously enforcing such agreements 
and policies. Despite such measures, our employees, consultants, and third parties to whom such information may be 
disclosed in the ordinary course of our business may breach their obligations not to reveal such information, and any 
legal remedies available to us may be insufficient to compensate our damages.
Our success depends on our ability to protect our intellectual property. We rely on a combination of patents, trade 
secrets, and contractual agreements to safeguard our intellectual property. However, there is a risk that these 
measures may not be sufficient to prevent the unauthorized use or infringement of our intellectual property rights. We 
may also face intellectual property disputes and litigation. These disputes could arise from allegations of infringement 
33

by third parties of our intellectual property or from claims that our operations infringe the intellectual property rights of 
others. Such litigation can be costly, time-consuming, and may divert management's attention and resources from 
other business operations. If we are unsuccessful in defending our intellectual property, or if our intellectual property 
rights are deemed invalid or unenforceable, we may lose valuable competitive advantages. This could result in a 
decline in market share, reduced revenue, and a material adverse effect on our business, financial condition, and 
results of operations. Furthermore, we may be required to license our technology to third parties or to license 
technology from third parties to settle intellectual property disputes. Such licenses may not be available on 
commercially reasonable terms, or at all, which could further harm our business and financial performance.
The Company is subject to legal proceedings and legal compliance risks.
We are subject to a variety of legal proceedings in multiple jurisdictions where we conduct business. Litigation is an 
inherently unpredictable process and unanticipated negative outcomes are always possible. An adverse outcome in 
any period could have an adverse impact on the Company’s operating results for that period.
We are also subject to a variety of legal compliance risks. While we believe that we have adopted appropriate risk 
management and compliance programs, the global and diverse nature of our operations means that legal compliance 
risks will continue to exist and related legal proceedings and other contingencies, the outcome of which cannot be 
predicted with certainty, are likely to arise from time to time. Failure to resolve successfully any legal proceedings 
related to compliance matters could have an adverse impact on our results in any period.
Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, 
and violation of these regulations could harm our business.
We are subject to numerous, and sometimes conflicting, legal regimes on matters as diverse as anti corruption, 
import/export controls, content requirements, trade restrictions, tariffs, taxation, sanctions, immigration, internal and 
disclosure control obligations, securities regulation, sustainability and climate initiatives, human capital requirements, 
anti-competition, anti-money-laundering, data privacy and protection, government compliance, wage-and-hour 
standards, employment and labor relations and human rights. The global nature of our operations further increases 
the difficulty of compliance. 
Compliance with diverse legal requirements is costly, time-consuming and requires significant resources. Violations of 
one or more of these regulations in the conduct of our business could result in significant fines, enforcement actions 
or criminal sanctions against us and/or our employees, prohibitions on doing business and damage to our reputation. 
Violations of these regulations in connection with the performance of our obligations to our customers also could result 
in liability for significant monetary damages, fines, enforcement actions and/or criminal prosecution or sanctions, 
unfavorable publicity and other reputational damage and restrictions on our ability to effectively carry out our 
contractual obligations and thereby expose us to potential claims from our customers. Due to the varying degrees of 
development of the legal systems of the countries in which we operate, local laws may not be well developed or 
provide sufficiently clear guidance and may be insufficient to protect our rights.
In particular, in many parts of the world, including countries in which we operate and/or seek to expand, practices in 
the local business community might not conform to international business standards and could violate anti corruption 
laws, or regulations, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. The Company 
provides, and all employees must participate in, regular training activities with respect to the Company's business 
ethics standards and expectations. Our employees, subcontractors, suppliers, and agents, any companies we may 
acquire and their employees, subcontractors, suppliers and agents, and other third parties with which we associate, 
could take actions that violate policies or procedures designed to promote legal and regulatory compliance or 
applicable anti corruption laws or regulations. Violations of these laws or regulations by us, our employees or any of 
these third parties could subject us to criminal or civil enforcement actions (whether or not we participated or knew 
about the actions leading to the violations), including fines or penalties, disgorgement of profits and suspension or 
disqualification from work, including U.S. federal contracting, any of which could materially adversely affect our 
business, including our results of operations and our reputation. 
Our global operations are subject to increasing environmental, social and governance regulatory 
requirements, increasing operational and compliance costs, as well as the risk of noncompliance.
Evolving sustainability and social regulation, contractual requirements, and policy requirements, including transition 
risks associated with climate change, may pose risk to our market outlook, brand and reputation, financial outlook, 
34

cost of capital, global supply chain, and production continuity, which may impact our ability to achieve long-term 
business objectives. 
Changes in environmental and climate change laws or regulations could lead to additional operational restrictions and 
compliance requirements upon us or our products, require new or additional investment in product and packaging 
designs, result in carbon offset investments or otherwise could negatively impact our business and/or competitive 
position. Increasing industry performance standards, increasing sustainability disclosure requirements in the U.S. and 
globally, and requirements on manufacturing and product air pollutant emissions, especially GHG emissions, may 
result in increased costs or reputational risks and could limit our ability to manufacture and/or market certain of our 
products at acceptable costs, or at all. Increasing global chemical restrictions and bans, increasing regulation related 
to product end-of-life and packaging materials, and water and waste requirements may drive increased costs to us 
and our suppliers and impact our production continuity and data facilities.
For example, the European Union's Corporate Sustainability Reporting Directive (“CSRD”) requires new and 
expansive disclosures related to sustainability risks and opportunities, and its Corporate Sustainability Due Diligence 
Directive (“CSDDD”) requires extensive due diligence and reporting of actual and potential adverse impacts on human 
rights and the environment arising from our own operations and across our value chains, and to remediate any such 
adverse impacts. Changes in laws and regulations could also mandate significant and costly changes to the way we 
conduct our business, including increasing the cost of compliance, or could impose additional taxes. Such changes 
may result in contracts being terminated, greater costs to us, or could have a negative impact on our ability to obtain 
future work from government or other customers. 
Changes in sustainability reporting requirements may impact our global operations as we continue collecting 
information for reports to be published according to new standards. We will face significant challenges in being able to 
implement separate but overlapping standard-setting initiatives, which may contain inconsistencies. While we are 
devoting increasing amounts of resources to sustainability reporting to ensure compliance, the reporting landscape is 
highly dynamic and uncertainty remains. Intensive work must be done in short timetables to comply with newly-
introduced sustainability standards, with resultant costs. Non-compliance could result in various penalties, including 
liability for significant monetary damages, fines, enforcement actions and/or criminal prosecution or sanctions. Given 
the reach of new and proposed regulations in the jurisdictions where we operate, there is the possibility that we may 
not be able to comply, or may not be able to comply in time. We also may not be able to ensure that relevant 
companies within our supply chain are compliant with applicable supply chain due diligence acts, which may require 
us to embark on new due diligence processes with other companies and in some cases parting ways with suppliers.
We closely monitor developments in sustainability- and climate change-related laws, regulations and policies for their 
potential effect on our business, however, we are currently not able to accurately predict the materiality of any 
potential costs associated with such developments. In addition, climate change-related litigation and investigations 
have increased in recent years and any claims or investigations against us could be costly to defend, and our 
business could be adversely affected by the outcome.
Certain provisions of our Certificate of Incorporation, our Bylaws and Delaware law could hinder, delay 
or prevent a change in control of us that you might consider favorable, which could also adversely affect 
the price of our Common Stock.
Certain provisions under our Certificate of Incorporation, our Bylaws and Delaware law could discourage, delay or 
prevent a transaction involving a change in control of the Company, even if doing so would benefit our stockholders. 
These provisions could delay or prevent a change in control and could limit the price that investors might be willing to 
pay in the future for shares of our Common Stock.
Our Certificate of Incorporation authorizes our Board of Directors to issue new series of preferred stock without 
stockholder approval. Depending on the rights and terms of any new series created, and the reaction of the market to 
the series, the rights or value of our Common Stock could be negatively affected. For example, subject to applicable 
law, our Board of Directors could create a series of preferred stock with superior voting rights to our existing common 
stock. The ability of our Board of Directors to issue this new series of preferred stock could also prevent or delay a 
third party from acquiring us, even if doing so would be beneficial to our stockholders.
We may not pay cash dividends on our Common Stock.
It is our current practice to pay cash dividends on our common stock. There can be no assurance, however, that we 
will pay dividends in the future in the amounts that we have in the past, or at all. Our Board of Directors may change 
35

the timing and amount of any future dividend payments or eliminate the payment of future dividends in its sole 
discretion, without any prior notice to our stockholders. Our ability to pay dividends will depend upon many factors, 
including our financial position and liquidity, results of operations, legal requirements, restrictions that may be imposed 
by the terms of our current and future credit facilities and other debt obligations and other factors deemed relevant by 
our Board of Directors. For example, we have a substantial amount of indebtedness and while we feel that we 
generate sufficient cash from operations and have sufficient borrowing capacity to make required capital expenditures 
to maintain and grow our business, any decrease in our cash generation could result in higher leverage. Higher 
leverage could hinder our ability to make acquisitions, capital expenditures, or other investments in our businesses, 
pay dividends, or withstand business and economic downturns.
In the future, we may also enter into other credit agreements or other borrowing arrangements or issue debt securities 
that, in each case, restrict or limit our ability to pay cash dividends on our common stock. In addition, since a 
significant portion of our cash is generated from operations of our subsidiaries, our ability to pay dividends is in part 
dependent on the ability of our subsidiaries – some of which are located outside of the U.S. – to make distributions to 
us. Such distributions will be subject to their operating results, cash requirements and financial condition, as well as 
our ability to repatriate cash held by non-U.S. subsidiaries. Any change in the level of our dividends or the suspension 
of the payment thereof could adversely affect the market price of our common stock.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about 
our business, our stock price and trading volume could decline.
The trading market for our Class A Common Stock depends in part on the research and reports that securities or 
industry analysts publish about us or our business. If one or more of the analysts who covers us downgrades our 
Class A Common Stock or publishes inaccurate or unfavorable research about our business, our stock price would 
likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, 
demand for our Class A Common Stock could decrease, which could cause our stock price and trading volume to 
decline.
Future sales of shares by us or our existing stockholders could cause our stock price to decline.
Sales of substantial amounts of our common stock in the public market, or the perception that these sales could 
occur, could cause the market price of our common stock to decline or might make it more difficult for us to sell equity 
securities in the future at a time and at a price that we deem appropriate. As of February 18, 2025, we had 30.9 million 
shares of Class A Common Stock outstanding. In addition, shares of Common Stock are issuable upon the vesting of 
outstanding equity awards, and certain shares are reserved for future issuance under our equity compensation plans.
Shareholder activism can have a significant impact on our operations, strategy, and overall performance.
Activist shareholders may attempt to influence or enact changes in our corporate governance, business strategies, or 
financial decisions. This can lead to substantial disruptions and pose various risks. Activist campaigns can divert the 
attention of our management team and board of directors from executing our business strategy and managing day-to-
day operations. The need to respond to shareholder activists' demands or proposals can be time-consuming and may 
detract from our ability to focus on long-term goals. Shareholder activists may propose changes to our board 
composition, executive compensation, or other governance practices. Proposed changes could lead to instability or 
conflict within our leadership, potentially affecting the company's strategic direction and decision-making processes. 
Shareholder activism often brings increased scrutiny from the media, investors, and analysts. Negative publicity or 
heightened market perception of instability could adversely affect our stock price, investor confidence, and overall 
market reputation. This could also lead to increased volatility in our stock and potential loss of shareholder value. 
Activist shareholders may push for changes in our business strategies, such as divestitures, acquisitions, cost-cutting 
measures, or shifts in focus. While some suggestions may align with broader market trends or opportunities, others 
may conflict with our long-term vision or operational capabilities, potentially leading to suboptimal business outcomes. 
Engaging with activist shareholders may also increase the risk of legal challenges or regulatory scrutiny. Activist 
campaigns can result in proxy battles, litigation, or regulatory investigations, which can be costly, time-consuming, and 
damaging to our reputation. Prolonged activist campaigns and the associated uncertainty can negatively affect 
employee morale and retention. Employees may become concerned about the stability of their positions or the overall 
direction of the company, potentially leading to decreased productivity and higher turnover rates. Implementing 
changes advocated by activists may involve substantial costs or capital expenditures, which could impact our financial 
position and operating results. We are vigilant in monitoring and addressing potential activism to safeguard our long-
term interests and those of our shareholders.
36

Item 1B. 
UNRESOLVED STAFF COMMENTS
None.
Item 1C. 
CYBERSECURITY
Risk Management and Strategy
Albany International Corp. views cybersecurity risk management as a cornerstone of our Enterprise Risk Management 
("ERM") strategy, and we are committed to protecting our digital assets and sustaining investor confidence. 
Cybersecurity risks we face include data breaches, operational disruptions, reputational harm, and regulatory fines. 
Such incidents could lead to shutdowns or disruptions of or damage to our systems and those of our customers and 
suppliers, and unauthorized disclosure of sensitive or confidential information, potentially including personal data and 
proprietary business information. Unauthorized disclosure of, denial of access to, or other incidents involving sensitive 
or confidential Company, employee, customer or supplier data, whether through systems failure, employee 
negligence, fraud, misappropriation, or cybersecurity, ransomware or malware attacks, or other intentional or 
unintentional acts, could damage our reputation and our competitive positioning in the marketplace, disrupt our 
business or our customers' businesses, cause us to lose customers and result in significant financial exposure and 
legal liability.
These risks are identified, assessed and managed within the broader context of our ERM strategy, ensuring a 
comprehensive approach to organizational risk. We incorporate cybersecurity risk assessments into our overall 
enterprise risk assessment process. This integration ensures that cyber risks are evaluated and managed alongside 
other operational, financial, and strategic risks, offering a holistic view of our risk landscape. Our ERM strategy is 
overseen by an Enterprise Risk Management Committee, which is made up of representatives from our finance, legal, 
accounting, internal audit and global information systems functions, our business leaders and members of the Senior 
Leadership Team. It is led by our Chief Financial Officer and its actions are reported to our Board of Directors on a 
quarterly basis.
Our Chief Information Officer and Director of Information Security, along with members of their respective teams, are 
responsible for identifying and managing cybersecurity risk. The Senior Leadership Team, the Board of Directors and 
the Board’s Audit Committee receive regular updates and engage in regular strategic discussions relating to 
cybersecurity risk management as part of their overall oversight of risk management.
Our cybersecurity framework leverages internationally recognized standards, including the CIS 20 and the NIST SP 
800-171 frameworks, and is required to comply with the Department of Defense CMMC. We have policies and 
procedures in place designed to maintain compliance with relevant cybersecurity and data privacy laws and 
regulations in the jurisdictions in which we operate, such as the European Union GDPR and the California Consumer 
Privacy Act.
Our cybersecurity strategy includes policies, procedures, and technology that proactively safeguard our operations 
against cybersecurity threats. Internal teams and external experts regularly conduct risk assessments and audits to 
identify cybersecurity threats, ensure regulatory compliance, and adhere to control process best practices. Continuous 
monitoring of our networks and systems for threats and vulnerabilities is a key component of our strategy, supported 
by the analysis of threat intelligence from external sources. This multi-layered approach enables early detection and 
facilitates prompt response to potential cybersecurity threats. We regularly review and update our cybersecurity 
strategies, policies and procedures, taking into consideration the latest advancements in cybersecurity practices and 
changes to the threat landscape.
We have a cybersecurity incident response and crisis management plan in place, which incorporates regular training 
and simulation exercises, including with senior management, to ensure readiness and efficacy in responding to 
cybersecurity incidents. Our incident response and crisis management plan coordinates the activities we will take to 
prepare for, detect, respond to and recover from cybersecurity incidents, which include processes to triage, assess 
severity for, escalate, contain, investigate, and remediate the incident, as well as to comply with potentially applicable 
legal obligations and mitigate reputational damage.
In addition, we provide regular security awareness education and training for all employees and consultants, conduct 
internal “phishing” testing and training for “clickers,” require mandatory security training for all new hires and publish 
periodic cybersecurity newsletters to highlight any emerging or urgent security threats. We also carry insurance that 
provides protection against the potential losses arising from a cybersecurity incident.
37

We engage qualified third-party cybersecurity experts for in-depth cyber risk assessments, penetration tests, and 
compliance audits, which provide impartial perspective and insight into our cybersecurity posture and we engage 
consultants for the development and refinement of our cybersecurity strategy and maturity, drawing upon industry best 
practices and regulatory knowledge. These collaborations also include the refinement of our incident response and 
crisis management plan and employee training, emphasizing the transfer of knowledge for sustainable in-house 
capabilities.
Our cybersecurity risk management processes extend to the oversight and identification of threats associated with our 
use of third-party service providers. We set clear objectives for third-party service providers, and we assess 
cybersecurity practices and any history of security incidents before engaging any potential service providers. Our 
contracts explicitly include requirements relating to cybersecurity, including adherence to certain standards, to ensure 
compliance with our security protocols. Once engaged, we regularly monitor the cybersecurity posture of major 
providers through log reports and intelligent threat protection analysis.
Our business strategy, results of operations and financial condition have not been materially affected by risks from 
cybersecurity threats, including as a result of previous cybersecurity incidents, but we cannot provide assurance that 
they will not be materially affected in the future by such risks and any future material incidents. Based on our review of 
past cybersecurity incidents, we believe that all such incidents were addressed promptly and effectively. In the last 
fiscal three years, we have not experienced any material information cybersecurity incidents and the expenses we 
have incurred from any cybersecurity incidents were immaterial. See Item 1A, “Risk Factors” of this Annual Report on 
Form 10-K for more information on our cybersecurity-related risks.
Governance
Board of Directors
The Board of Directors oversees our risk management processes, including with respect to cybersecurity risk, and the 
Board considers cybersecurity risk management an enterprise priority. The Board has delegated primary responsibility 
for reviewing and discussing with management our strategies, initiatives and policies relating to cybersecurity to the 
Audit Committee, which regularly reports to the full Board regarding such review and discussions. In addition, in 
connection with its oversight of cybersecurity risks in relation to financial reporting and internal controls, the Audit 
Committee plays a crucial role in the Board’s understanding and management of the financial and operational impacts 
of cybersecurity risks.
As part of their oversight of cybersecurity risk, the Board and Audit Committee regularly review detailed cybersecurity 
reports, which include analyses of the threat landscape, recent incidents, and the efficacy of our cybersecurity 
strategy. In addition, the Chief Information Officer provides bi-annual updates to the Audit Committee and annual 
briefings to the full Board on our cybersecurity posture, strategy, and risk management. These reviews and updates 
are complemented by ongoing cybersecurity training for board members to enhance their decision-making and 
oversight effectiveness.
Regular active engagement in strategic discussions by the Board and Audit Committee ensures that cybersecurity 
considerations are effectively integrated into our overall business strategy and align with Company objectives and 
demonstrates the Board’s commitment to proactive cybersecurity oversight.
Management
Although the Board oversees our overall risk management, day-to-day management of cybersecurity risk is the 
responsibility of management. Management’s critical role involves assessing and managing these risks through 
regular evaluations, deploying advanced security measures, and developing policies. Management integrates these 
strategies across all our operations, fostering a culture of cybersecurity awareness within the Company. This proactive 
stance is essential to safeguarding digital assets and ensuring operational resilience against evolving cyber threats.
Quarterly, the Chief Information Officer presents detailed cybersecurity reports to the Enterprise Risk Committee, 
focusing on strategic initiatives and evolving threats. The Enterprise Risk Committee, meeting quarterly, evaluates 
cybersecurity within the broader organizational risk context, ensuring consistent assessment and management.
The Chief Financial Officer chairs quarterly Enterprise Risk Management Committee meetings to review and evaluate 
various risk factors, including cybersecurity. The Chief Financial Officer's expertise in financial risk management, 
strategic planning, and organizational leadership is instrumental in guiding the committee's discussions and decisions. 
38

The Chief Financial Officer ensures that appropriate financial and operational implications of cybersecurity risk are 
considered and integrated into our Enterprise Risk Management Strategy. 
The Chief Information Officer oversees our broader IT strategy, including cybersecurity, and presents quarterly to the 
Enterprise Risk Management Committee, bi-annually to the Audit Committee, and annually to the Board. The Chief 
Information Officer's expertise in information technology, cybersecurity, and strategic planning, forged over 24 years, 
20 of which has been spent in leadership at global publicly traded companies, is integral to our approach to 
cybersecurity risk management. This expertise is crucial in aligning our cybersecurity initiatives with business 
objectives, ensuring that our strategies effectively support the Company's overall goals.
The Director of Information Security, reporting to and collaborating with the Chief Information Officer, manages our 
Enterprise Cybersecurity team. Day-to-day responsibilities include the implementation of cybersecurity strategies, 
cybersecurity risk management, and enhancing defenses against evolving threats. Our Director of Information 
Security has over 30 years of IT experience, 10 of which have been spent leading the Company’s cybersecurity 
efforts. The Information Security plays a key role in shaping our cybersecurity strategy, ensuring alignment with 
industry standards and integration into our broader IT strategy.
Regular reporting channels between the Director of Information Security, the Chief Information Officer, and the Chief 
Financial Officer facilitate a cohesive, well-informed approach to managing cybersecurity risks. These reports include 
detailed analyses of potential threats, incident response readiness, and the effectiveness of existing cybersecurity 
measures. 
Item 2. 
PROPERTIES
Our principal manufacturing facilities are located in Belgium, Brazil, Canada, China, France, Germany, Italy, Mexico, 
Spain, Sweden, the United Kingdom, and the United States. The aggregate square footage of our operating facilities 
in the United States is approximately 2.1 million square feet, of which 1.2 million square feet are owned and 0.9 
million square feet are leased. Our facilities located outside the United States comprise approximately 4.9 million 
square feet, of which 4.3 million square feet are owned and 0.6 million square feet are leased. We consider these 
facilities to be in good condition and suitable for our purpose. The capacity associated with these facilities is adequate 
to meet production levels required and anticipated through 2025.
Item 3. 
LEGAL PROCEEDINGS
The information set forth above is described in Note 21, Commitments and Contingencies, of the Notes to the 
Consolidated Financial Statements, in Item 8, Financial Statements and Supplementary Data, of this Annual Report 
on Form 10-K.
Item 4. 
MINE SAFETY DISCLOSURES
Not applicable.
39

PART II
Item 5. 
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND 
ISSUER PURCHASES OF EQUITY SECURITIES
We have Class A Common Stock with a par value of $0.001. Our Class A Common Stock is principally traded on the 
New York Stock Exchange under the ticker symbol AIN. According to Broadridge Financial Solutions, Inc., as of 
December 31, 2024, there were over 70,000 beneficial owners of our Class A Common Stock. Dividends are paid on 
our Class A Common Stock. Our cash dividends, and the high and low prices per share of our Class A Common 
Stock, were as follows for the periods presented:
2024
Cash dividends per share
$ 
0.26 $ 
0.26 $ 
0.26 $ 
0.27 
Class A Common Stock prices:
High
$ 
97.34 $ 
91.16 $ 
94.16 $ 
87.46 
Low
$ 
85.76 $ 
79.75 $ 
81.29 $ 
67.92 
2023
Cash dividends per share
$ 
0.25 $ 
0.25 $ 
0.25 $ 
0.26 
Class A Common Stock prices:
High
$ 
113.72 $ 
93.28 $ 
96.89 $ 
98.96 
Low
$ 
85.28 $ 
84.92 $ 
83.53 $ 
78.48 
Quarter Ended
March 31
June 30
September 30
December 31
The graph below compares the cumulative 5-Year total return of holders of Albany International Corp.’s Common 
Stock with the cumulative total returns of the Russell 2000 index and a customized peer group of eighteen companies 
which are: Astronics Corp, Idex Corp, Barnes Group Inc, Enpro Inc, Tredegar Corp, Ducommun Inc, Curtiss-Wright 
Corp, Watts Water Technologies Inc, Hexcel Corp, Nordson Corp, Heico Corp, Esco Technologies Inc, Enerpac Tool 
Group Corp, Rogers Corp, Trimas Corp, Kadant Inc, National Presto Industries Inc, and Mativ Holdings Inc. The graph 
assumes that the value of the investment in our common stock, in each index, and in the peer group (including 
reinvestment of dividends) was $100 on December 31, 2019 and tracks it through December 31, 2024.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Albany International Corp., the Russell 2000 Index,
and a Peer Group
Albany International Corp.
Russell 2000
Peer Group
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
$0
$25
$50
$75
$100
$125
$150
$175
$200
*$100 invested on 12/31/19 in stock or index, including reinvestment of dividends.
Copyright© 2025 Russell Investment Group. All rights reserved.
40

Fiscal year ending December 31. 
Albany International 
Corp.
$100.00
$98.09
$119.30
$134.28
$135.25
$111.47
Russell 2000
100.00
119.96
137.74
109.59
128.14
142.93
Peer Group
100.00
107.29
128.14
122.40
141.47
152.39
December 31,
2019
2020
2021
2022
2023
2024
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
Restrictions on dividends and other distributions are described in Note 17, Financial Instruments of the Notes to the 
Consolidated Financial Statements, in Item 8, Financial Statements and Supplementary Data, of this Annual Report 
on Form 10-K.
Disclosures of securities authorized for issuance under equity compensation plans are included under Item 12, 
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, of this Annual 
Report on Form 10-K.
In 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million 
through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times 
and amounts. The program does not obligate the Company to acquire any particular amount of common stock, and it 
may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not 
have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, 
general business and market conditions, debt covenant restrictions and other factors, including alternative investment 
opportunities and capital structure. In total, the Company has repurchased 1,490,904 shares for a total cost of $124.0 
million as of December 31, 2024. Of this, 182,901 shares were repurchased in 2024 for $14.5 million, 1,022,717 
shares were repurchased in 2022 for $85.1 million and 285,286 shares were repurchased in 2021 for $24.3 million. As 
of December 31, 2024, we were authorized to repurchase shares up to $76.0 million.
On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to $250 
million (excluding any fees, commissions, taxes or other expenses related to such purchases), which replaces the 
2021 authorization. The purchases may be made through open market purchases, privately negotiated transactions or 
otherwise. The program does not obligate the Company to acquire any particular amount of common stock, and it may 
be suspended or terminated at any time at the Company's discretion. The timing and amount of any share 
repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant 
restrictions and other factors, including alternative investment opportunities and capital structure.
Issuer Purchases of Equity Securities during the three months ended December 31, 2024
Period
Total number of 
shares 
purchased
Average 
price paid 
per share
Total number of shares 
purchased as part of publicly 
announced program
Approx. dollar value of shares 
that may yet be purchased 
under the program (in 
thousands)
October 1 to 
October 31, 2024
 
— $ 
—  
— $ 
90,561 
November 1 to 
November 30, 2024
 
20,174  
79.21  
20,174  
88,963 
December 1 to 
December 31, 2024
 
162,727  
79.56  
162,727  
76,016 
Total
 
182,901 
 
182,901 $ 
76,016 
Item 6. 
[RESERVED]
41

ITEM 7. 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help 
the reader understand the results of operations and financial condition of the Company. MD&A is provided as a 
supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying 
Notes included under Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. 
The MD&A generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. 
Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 
10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results or Operations” in the 
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 
26, 2024, incorporated herein by reference.
Business Environment Overview and Trends
We conduct our business under two reportable segments: Machine Clothing (“MC”) and Albany Engineered 
Composites (“AEC”) each rooted in similar materials sciences know-how that forms a common approach to customer 
value proposition in design and manufacturability. MC competes on the basis of its deep industry knowledge, 
customer reputation and customer service and global advanced textile manufacturing capabilities, which has enabled 
it to develop a robust and market leading product offering that can be tailored to customer specific requirements. AEC 
competes on the basis of its innovative technology solutions, extensive composite manufacturing capabilities and 
capacity that enable it to offer high quality specific part and assembly solutions that achieve its customers’ application 
performance requirements.
General
Global, economic, and political conditions, changes in raw material and commodity prices and supply, labor availability 
and costs, inflation, interest rates, potential changes in U.S. government policy positions, including changes in 
Department of Defense policies or priorities, geopolitical conflicts and strained intercountry relations, U.S. and non-
U.S. tax law changes, foreign currency exchange rates, sanctions, tariffs, energy costs and supply, and the impact 
from natural disasters and weather conditions create uncertainties that could impact our businesses.
Machine Clothing
Prior to the acquisition of Heimbach, the MC segment experienced declining revenues due to changing global market 
consumption of publication grade paper. The MC segment expects revenues to continue to decline for publication 
grade paper into 2025 and beyond, however, we see an offsetting effect due to growth in demand for packaging, and 
to a lesser degree, tissue grade products. During 2024, the MC segment saw stronger revenue in tissue, pulp, and 
engineered fabrics, and weaker revenue in packaging and publication grades, with softness in Asia, particularly China, 
and Europe. Going into 2025, the MC segment expects a modest recovery in Europe beginning in late 2025; however, 
China's recovery remains unclear. The MC segment's backlog continues to be stable going into 2025. 
MC believes it is well-positioned in key markets, with high-quality, low-cost production in growth markets, substantially 
lower fixed costs in mature markets, and continued strength in new product development, technical product support, 
and manufacturing technology. Some of the markets in which MC's products are sold are expected to have volume 
trends that are in line with global GDP. MC continues to face pricing pressures in all markets. Despite these market 
pressures on revenue growth, the MC segment is expected to improve earnings in the future through cost controls 
and manufacturing productivity efficiencies.
The MC segment has been a significant generator of cash for the Company. The Company seeks to maintain the 
cash-generating potential of this business by maintaining lower costs through a continued focus on cost-reduction 
initiatives and strategic investment, and by vigorously using our differentiated and technically superior products to 
reduce our customers’ total cost of operation and improve their paper quality.
In August, 2023, the Company acquired Heimbach, a privately-held manufacturer of paper machine clothing 
headquartered in Düren, Germany, which provides the MC segment with an increase in scale and complementary 
technology that further drives MC's differentiated manufacturing sales and service network. Unlocking the full benefits 
and value of Heimbach is a complex integration process that is well underway and tracking to expectations. It is a 
multi-year program that started with harmonizing Heimbach operations with our legacy MRP systems and establishing 
42

a new global customer and operations organization. There is a disciplined focus to realize not only the combined 
benefits from procurement and overhead, but also to leverage best practices in manufacturing and a deep 
realignment of our operational footprint. During 2024, the Company announced several initiatives to further rationalize 
MC's operating footprint, including the closure of the South Korea facility, the consolidation of activities and facilities 
across the United Kingdom and the closure of Heimbach's Switzerland facility.
Albany Engineered Composites
The AEC segment's strategy is to continue to build on its global brand by leveraging its industry leading performance 
to drive future growth through technology differentiation. This includes continued investment in AEC's proprietary 3D-
woven technology to accelerate solutions that can be offered across a set of broader applications; and by leveraging 
the AEC's non-3D technology capabilities and capacity, on high-value aerospace (both commercial and defense) 
applications, and other emerging markets such as space and advance air mobility ("AAM"). The AEC segment 
provides longer-term growth potential for the Company and the AEC segment continues to penetrate new programs 
and applications, as well as ramping up production on certain long-term programs, such as the CH-53K and other 
commercial aircraft programs that have not yet returned to pre-COVID production rates.
The AEC segment (including Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group owns a 
10% noncontrolling interest) supplies a number of customers in the aerospace industry. AEC’s largest aerospace 
customer is the SAFRAN Group ("SAFRAN") and sales to SAFRAN, through ASC, (consisting primarily of fan blades 
and cases for CFM International’s LEAP engine) accounted for approximately 14% of the Company’s consolidated 
Net revenues in 2024. The AEC segment, through ASC, also supplies 3D-woven composite fan cases for the GE9X 
engine. Outside of ASC, the AEC segment also supplies 3D-woven composite vanes for the F-35 liftfan.
The AEC segment's current portfolio of non-3D programs includes components for the CH-53K helicopter, 
components for the F-35, missile bodies for Lockheed Martin’s JASSM air-to-surface missiles, fuselage components 
for the Boeing 787 aircraft, vacuum waste tanks for Boeing commercial aircraft and components and structures for 
other commercial, business jet, defense, and space and AAM programs. In 2024, approximately 36% of AEC net 
revenues were related to U.S. government contracts or programs.
The AEC segment is dependent on global supply chains and has experienced disruptions in recent years. In addition, 
higher inflation levels increased material costs, higher labor rates and other supplier costs that have impacted the 
AEC segment’s results of operations. The AEC segment attempts to mitigate raw material and supplier costs by 
entering into long-term supply agreements. However, in some cases, higher raw material and supplier costs adversely 
impacted certain firm-fixed price programs resulting in lower program gross margins. In addition, as the AEC segment 
ramps-up larger complex programs, such as CH-53K and Gulfstream, it continues to face challenges in staffing and 
training its workforce to support production rates, which has impacted operational productivity, particularly at its Salt 
Lake City facility, and contributed to increased labor and scrap costs. 
As a result of the higher costs and operational challenges, the AEC segment updated labor, material input and scrap 
assumptions and estimates for certain long-term programs that resulted in negative cumulative changes in estimated 
profitability in the amount of $43.2 million in 2024, primarily related to the CH-53K, Gulfstream, F-35 and GE Platforms 
programs. Although the AEC segment believes it has action plans to mitigate these cost increases, the AEC segment 
may continue to experience similar issues into 2025 as it ramps up production levels on key programs. 
Consolidated Results of Operations
Net Revenues
The following table summarizes our Net revenues by business segment:
Years ended December 31,
2024
2023
2022
Machine Clothing
$ 
749,907 
$ 
670,768 
$ 
609,461 
Albany Engineered Composites
 
480,708 
 
477,141 
 
425,426 
Total net revenues
$ 1,230,615 
$ 1,147,909 
$ 1,034,887 
% change
 7.2 %
 10.9 %
 11.4 %
(in thousands, except percentages)
43

Net revenues increased 7.2% compared to 2023, driven by an increase of Net revenues from the Heimbach 
acquisition in 2023 and marginally higher Net revenues in AEC, partially offset by lower organic Net revenues at MC.
MC's Net revenues increased 11.8% compared to 2023 driven by an increase in Heimbach Net revenues of $95.0 
million as well as better performance in tissue, pulp, and engineered fabrics. This was partially offset by $14.0 million 
of lower Net revenues in the rest of the segment, driven primarily by weakness in publication and packaging globally. 
Changes in currency translation rates had the effect of decreasing Net revenues $1.9 million.
AEC's Net revenues increased 0.7%, primarily driven by growth on certain commercial and space programs, which 
were partially offset by lower revenues on the LEAP, F-35 and CH-53K programs. Changes in currency translation 
rates had an insignificant effect on Net revenues.
Gross Profit
The following table summarizes Gross profit by business segment:
Years ended December 31,
2024
2023
2022
Machine Clothing
$ 
346,044 
$ 
331,558 
$ 
312,285 
Albany Engineered Composites
 
55,732 
 
92,160 
 
77,497 
Total
$ 
401,776 
$ 
423,718 
$ 
389,782 
% of net revenues
 32.6 %
 36.9 %
 37.7 %
(in thousands, except percentages)
The decrease in Gross profit during 2024, as compared to 2023, was driven by increased cost assumptions that 
adjusted the expected profitability of certain long-term contracts in the AEC segment. Gross profit as a percentage of 
revenues was as follows:
•
MC's gross profit margin decreased from 49.4% in 2023 to 46.1% in 2024. This margin decrease was 
primarily attributable to lower gross margin at Heimbach. 
•
AEC's gross profit margin decreased from 19.3% in 2023 to 11.6% in 2024, driven primarily by changes in the 
estimated profitability of long-term contracts, which decreased gross profit by $43.2 million in 2024, as 
compared to a decrease of $4.1 million during 2023, partially offset by a favorable shift in program revenue 
mix.
Selling, General, and Administrative ("SG&A")
Selling, general and administrative ("SG&A") expenses include segment selling, general and administrative expenses 
and corporate expenses. The following table summarizes SG&A by business segment:
Years ended December 31,
2024
2023
2022
Machine Clothing
$ 
123,120 
$ 
118,196 
$ 
91,393 
Albany Engineered Composites
 
47,421 
 
48,833 
 
42,339 
Corporate
 
40,341 
 
47,886 
 
34,981 
Total
$ 
210,882 
$ 
214,915 
$ 
168,713 
% of net revenues
 17.1 %
 18.7 %
 16.3 %
(in thousands, except percentages)
Certain prior year amounts have been reclassified in order to conform to current year presentation. Global information 
system costs previously included in Corporate expenses are allocated to the segments in the above presentation. 
Management believes this presentation better reflects the performance of the segments and is how management will 
review segment performance on a going forward basis. Global information system costs were $31.9 million in 2024, 
$27.3 million in 2023, and $22.7 million in 2022. Corporate expenses include global information system costs of 
$1.0 million in 2024, $2.1 million in 2023 and $1.0 million in 2022. For more information on our segments, see Note 3, 
44

Reportable Segments and Geographic Data, of the Notes to the Consolidated Financial Statements, in Item 8, 
Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
Consolidated SG&A expenses decreased 1.9% as compared to 2023 and as a percentage of Net revenues, SG&A 
expenses decreased from 18.7% in 2023 to 17.1% in 2024.
The overall decrease in SG&A expenses was due to the net effect of the following:
•
MC SG&A expenses increased 4.9 million as compared to 2023, with a $13.5 million increase related to 
Heimbach, partially offset by a $8.2 million decrease due to changes in currency translation rates and a $0.5 
million decrease due to personnel-related costs.
•
In AEC, SG&A expenses decreased 1.4 million, driven by a $0.8 million decrease in marketing costs and a 
$0.6 million decrease in personnel-related costs, partially offset by an increase in global information systems 
costs.
•
Corporate SG&A expenses decreased 7.5 million, driven by a $4.4 million decrease in personnel-related 
costs, a decrease of $1.9 million in professional fees, and a decrease of $1.1 million in global information 
system costs.
Technical and Research
Technical and research expenses include technical, product engineering, internally funded research and development 
expenses.
The following table summarizes technical and research expenses by business segment:
Years ended December 31,
2024
2023
2022
Machine Clothing
$ 
29,832 
$ 
24,651 
$ 
24,588 
Albany Engineered Composites
 
16,265 
 
15,976 
 
15,353 
Total technical and research expenses
$ 
46,097 
$ 
40,627 
$ 
39,941 
% of net revenues
 3.7 %
 3.5 %
 3.9 %
(in thousands, except percentages)
Consolidated Technical and research expenses increased 13.5% as compared to 2023 and as a percentage of Net 
revenues increased from 3.5% in 2023 to 3.7% in 2024.
•
MC Technical and research expenses increased 5.2 million as compared to 2023, driven primarily by a $5.1 
million increase related to Heimbach.
•
AEC Technical and research expenses increased 0.3 million as compared to 2023, driven by increased 
research material and labor costs.
Restructuring
In addition to the items discussed above affecting Gross profit, SG&A and Technical and research expenses, 
Operating income was affected by Restructuring expense, net, of $13.4 million in 2024, as compared to $0.3 million in 
2023.
The following table summarizes Restructuring expenses, net, by business segment:
(in thousands, except percentages)
Years ended December 31,
2024
2023
2022
Machine Clothing
$ 
9,460 $ 
282 $ 
92 
Albany Engineered Composites
 
3,649  
—  
— 
Corporate
 
329  
—  
14 
Total restructuring expenses
$ 
13,438 $ 
282 $ 
106 
45

At MC, restructuring actions were taken throughout 2024 in order to cease operations at several facilities, including at 
the Company's MC forming fabric manufacturing facility in Chungju, South Korea, at the Company's Heimbach 
engineered fabric manufacturing facility in Rochdale, UK, and at the Company's Heimbach paper machine clothing 
facility in Olten, Switzerland. These actions drove $11.2 million of restructuring charges during 2024, of which $9.5 
million in Restructuring expenses, net was due to workforce reductions, fixed asset impairments, and related costs 
and $1.7 million in Costs of goods sold was due to the write-off of inventory. We expect to incur additional 
restructuring expenses related to these actions into 2025.
At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in 
restructuring expenses of $3.6 million for the year ended  2024.
Restructuring expenses incurred at MC and AEC during 2023 were not significant.
During the first quarter of 2025, the Company decided to consolidate headquarters in Portsmouth, NH.  This change 
impacts approximately 100 employees, will take place over the next year and a half, and will cost an estimated $7 
million over that period related to retention, relocation, severance, and professional costs. 
46

Operating Income
The following table summarizes operating income/(loss) by business segment:
Years ended December 31,
2024
2023
2022
Machine Clothing
$ 
183,632 
$ 
188,429 
$ 
196,212 
Albany Engineered Composites
 
(11,603) 
 
27,351 
 
19,805 
Corporate
 
(40,670) 
 
(47,886) 
 
(34,995) 
Total operating income
$ 
131,359 
$ 
167,894 
$ 
181,022 
% of net revenues
 10.7 %
 14.6 %
 17.5 %
(in thousands, except percentages)
See the Segment Results of Operations section of this Management Discussion and Analysis of Financial Condition 
and Results of Operations for significant drivers of Operating income/(loss) for each business segment.
Other Earnings Items
The following table summarizes other earnings items that are presented below Operating income:
Years ended December 31,
2024
2023
2022
Interest expense, net
$ 
12,549 $ 
13,601 $ 
14,000 
Pension settlement expense
 
—  
—  
49,128 
Other (income)/expense, net
 
1,721  
(6,163)  
(14,086) 
Income tax expense
 
29,034  
48,846  
35,472 
Net income/(loss) attributable to the noncontrolling interest
 
432  
490  
746 
(in thousands)
Interest Expense/(income), net
Interest expense/(income), net, decreased over the prior year primarily due to lower average debt balances, in part 
offset by less interest income earned on cash equivalents during the current year. In addition, our 2021 interest rate 
swap contracts expired in the fourth quarter of 2024. Although we entered into new interest rate swap contracts in the 
fourth quarter, our interest cost will increase significantly in 2025 and beyond. For more information, see Note 17, 
Financial Instruments, of the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and 
Supplementary Data, of this Annual Report on Form 10-K. 
Pension settlement expense
During 2022, the Company took actions to settle certain pension plan liabilities in the U.S., leading to charges totaling 
$49.1 million. No similar charges were incurred during 2024 or 2023. See Note 4, Pension, Postretirement, and Other 
Benefit Plans, of the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and 
Supplementary Data, of this Annual Report on Form 10-K for additional information.
Other (income)/expense, net
Other (income)/expense, net included foreign currency related transactions that resulted in gains of $3.9 million in 2024 
and $2.9 million in 2023. In addition, changes in the fair value of derivative instruments included losses of $3.5 million 
in 2024 and gains of $0.4 million in 2023, driven by currency rate movements, most notably the Brazilian Real and 
Mexican Peso. Other (income)/expense also included bank fees, amortization of debt issuance costs, and rental 
income. See Note 6, Other (Income)/Expense, net, of the Notes to the Consolidated Financial Statements in Item 8, 
Financial Statements and Supplementary Data, of this Annual Report on Form 10-K for additional information.
47

 Income Taxes
Years ended December 31, 
2024
2023
2022
Effective tax rate
24.8%
30.4%
26.9%
The effective tax rate represents the combined federal, state and foreign tax effects attributable to pretax earnings. For 
more information on income tax, see Note 7, Income Taxes, of the Notes to the Consolidated Financial Statements in 
Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
The Company has continuously monitored its ability to realize deferred tax assets as it pertains to Heimbach GmbH 
due to their existing net operating loss carryovers. After reviewing the positive and negative evidence available as of 
December 31, 2024, we continue to assert that we will more likely than not be able to utilize the net deferred tax 
assets. Net operating losses, which make up the majority of the deferred tax assets, have an unlimited carryforward 
period in Germany and we expect continued improvements in the business post-acquisition due to synergies and 
efficiencies that will be realized in the near future. The current net deferred tax asset position at Heimbach GmbH as of 
December 31, 2024 is $8.4 million. If it was determined that a valuation allowance was required, a deferred tax 
expense of $8.4 million as of December 31, 2024 would be required to create a reserve against those net deferred tax 
assets. The assessment of the need for a valuation allowance could change in future periods if additional negative 
evidence is observed. The amount of the tax expense needed to book the valuation allowance could also change 
depending on additional activities. 
The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new 
global minimum tax of 15% effective on January 1, 2024. While the U.S. has indicated that it will not adopt the Pillar 
Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will 
ultimately apply to our worldwide operations. We have evaluated the impact of these rules and have determined that it 
did not materially increase our global tax costs in 2024. We will continue to monitor U.S. and global legislative action 
related to Pillar Two for potential impacts.
48

Segment Results of Operations
Machine Clothing Segment
The MC segment accounted for 61 of our consolidated revenues during 2024. A summary of MC's selected financial 
results is as follows:
Years ended December 31,
2024
2023
2022
Net revenues
$ 
749,907 
$ 
670,768 
$ 
609,461 
% change
 11.8 %
 10.1 %
 -1.5 %
Gross profit
 
346,044 
 
331,558 
 
312,285 
% of net revenues
 46.1 %
 49.4 %
 51.2 %
SG&A expenses
 
123,120 
 
118,196 
 
91,393 
Technical and research expenses
 
29,832 
 
24,651 
 
24,588 
Restructuring expenses, net
 
9,460 
 
282 
 
92 
Operating income
$ 
183,632 
$ 
188,429 
$ 
196,212 
% of net revenues
 24.5 %
 28.1 %
 32.2 %
(in thousands, except percentages)
Net revenues
Net revenues increased 11.8% as compared to 2023, driven by the addition of Heimbach Net revenues of $95.0 
million as well as better performance in tissue, pulp, and engineered fabrics. This was partially offset by $14.0 million 
of lower Net revenues in the rest of the segment, driven primarily by weakness in publication and packaging globally. 
Changes in currency translation rates had the effect of decreasing Net revenues $1.9 million.
Heimbach contributed total Net revenues of $141.6 million and $51.2 million in 2024 and 2023, respectively. 
Heimbach reduced MC's Operating income by $20.0 million and $6.3 million in 2024 and 2023, respectively. Included 
in Heimbach's 2024 operating loss is $8.8 million of non-recurring restructuring and acquisition-related costs.
Gross Profit
Gross profit increased by 14.5 million as compared to 2023, driven by the higher sales noted above; however, gross 
profit margin decreased from 49.4% in 2023 to 46.1% in 2024. This margin decrease was primarily driven by lower 
gross margins at Heimbach.
Operating Income
Operating income decreased 4.8 million or 2.5% as compared to 2023. The strong Gross profit performance noted 
above was more than offset by increased SG&A, Technical and Research, and Restructuring expenses. SG&A 
expenses increased 4.9 million as compared to 2023, with a $13.5 million increase related to Heimbach, partially 
offset by a $8.2 million decrease due to changes in currency translation rates and a $0.5 million decrease due to 
personnel-related costs. Technical and research expenses increased 5.2 million as compared to 2023, driven primarily 
by a $5.1 million increase related to Heimbach. In addition, Restructuring expenses increased 9.2 million related to 
announcements during the year to cease operations at multiple manufacturing facilities, further reducing Operating 
income.
Backlog
Backlog at MC represents the summation of the value of all firm, open orders from customers. Backlog in the MC 
segment was $236 million at December 31, 2024. All of the backlog in MC as of December 31, 2024 is expected to be 
recognized as revenues during the next 12 months.
49

Albany Engineered Composites Segment
The AEC segment accounted for 39% of our consolidated net revenues during 2024. A summary of AEC's selected 
financial results is as follows:
Years ended December 31,
2024
2023
2022
Net revenues
$ 
480,708 
$ 
477,141 
$ 
425,426 
% change
 0.7 %
 12.2 %
 37.1 %
Gross profit
 
55,732 
 
92,160 
 
77,497 
% of net revenues
 11.6 %
 19.3 %
 18.2 %
SG&A expenses
 
47,421 
 
48,833 
 
42,339 
Technical and research expenses
 
16,265 
 
15,976 
 
15,353 
Restructuring expenses, net
 
3,649 
 
— 
 
— 
Operating income
$ 
(11,603) 
$ 
27,351 
$ 
19,805 
% of net revenues
 -2.4 %
 5.7 %
 4.7 %
(in thousands, except percentages)
Net revenues
Net revenues increased 0.7%, primarily driven by growth on certain commercial and space programs, which were 
partially offset by lower revenues on the LEAP, F-35 and CH-53K programs. Changes in currency translation rates 
had an insignificant effect on Net revenues.
AEC has contracts with certain customers, including its contract for the LEAP program, where revenue is determined 
by a cost-plus-fee agreement. Revenue earned under these arrangements accounted for approximately 37% of 
segment revenue for 2024 and 2023. 
In addition, AEC has long-term contracts in which the selling price is fixed. In accounting for those contracts, we 
estimate the profit margin expected at the completion of the contract and recognize a pro-rata share of that profit 
during the course of the contract using a cost-to-cost approach. Changes in estimated contract profitability will affect 
revenue and gross profit when the change occurs, which could have a significant favorable or unfavorable effect on 
revenue and gross profit in any reporting period. For contracts with anticipated losses, a provision for the entire 
amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. 
Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or 
administrative cost allocations, which are treated as period expenses. Expected losses on projects include losses on 
contract options that are probable of exercise, excluding profitable options that often follow.
Gross Profit
Gross profit decreased 36.4 million as compared to last year and Gross profit margin decreased from 19.3% in 2023 
to 11.6% in 2024. The reduction was driven primarily by cumulative changes in the estimated profitability of long-term 
contracts, which decreased gross profit by 43.2 million in 2024, as compared to a decrease of 4.1 million during 2023. 
The unfavorable effects in 2024 related to higher labor, material and scrap costs. The negative change in estimated 
profitability in 2024 was primarily driven by a few large complex programs, including approximately $25.5 million for 
the various CH-53K programs, $11.4 million on our Gulfstream program, $3.9 million on our F-35 program, and 
$2.2 million on our GE Platforms program. The unfavorable effects in 2023 related to additional reserves taken on 
certain contracts and inflationary factors decreasing anticipated margins. 
Operating Income/(Loss)
Operating income decreased 39.0 million, principally due to reduced Gross profit as noted above. This was partially 
offset by a decrease in SG&A expenses of 1.4 million, driven by a $0.8 million decrease in marketing costs and a $0.6 
million decrease in personnel-related costs. Technical and research expenses increased 0.3 million as compared to 
2023, driven by increased research material and labor costs. Restructuring activities were related to reductions in the 
workforce at various AEC locations and resulted in restructuring expenses of 3.6 million, further reducing Operating 
income.
50

Backlog
Backlog at AEC represents the aggregate dollar value of products and services for the given term of our contracts with 
customers where we have enforceable rights, including both funded and unfunded contract scope, for which products 
have not been provided or services have not been performed, but excluding unexercised contract options and 
potential orders under ordering-type contracts. For new contract awards, the initial backlog recorded may only reflect 
a portion of the total value of the contract award, particularly for ordering-type contracts. Backlog may increase over 
time as the orders placed against a contract include enforceable rights. For our ASC LEAP contract with our partner 
Safran, our backlog reflects the agreed business plan values with Safran for the subsequent full twelve-month 
calendar year. 
Orders included in our backlog may be modified, canceled, or rescheduled by our customers, although customers 
may incur cancellation penalties as defined in the terms of such customer contracts; and which such terms may vary 
from contract to contract. If any of our enforceable contracts were to be terminated, our backlog would be reduced by 
the expected value of the unfilled orders of such contracts. 
Backlog differs from unsatisfied performance obligations for contracts disclosed in Note 2, Revenue Recognition, of 
the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, of our 
Annual Report on Form 10-K, which excludes unsatisfied performance obligations with an original expected duration 
of one year or less.
Backlog at AEC was $1.4 billion as of December 31, 2024.
Working Capital, Liquidity and Capital Structure
Working Capital
Payment terms granted to paper industry and other machine clothing customers reflect general competitive practices. 
Terms vary with product, competitive conditions, and the country of operation. In some markets, customer agreements 
require us to maintain significant amounts of finished goods inventory to assure continuous availability of our 
products.
In addition to supplying paper, paperboard, and tissue companies, the MC segment is a leading supplier to the 
nonwovens (which includes the manufacture of products such as diapers, personal care, and household wipes), 
building products, and tannery and textile industries. These non-paper industries have a wide range of customers, 
with markets that vary from industrial applications to consumer use products. The AEC segment primarily serves 
customers in the commercial and defense aerospace market through both engine and airframe applications. AEC's 
working capital levels rose sharply in the last several years in line with the segment's growth.
In the MC segment, the Chinese New Year, summer months, and the end of the year are often periods of lower 
production for some of our customers, which, in the past contributed to seasonal variation in sales and orders. In 
recent years, shorter order cycles and lower inventory levels throughout the supply chain have become a more 
significant factor in quarterly sales. The impact of these combined factors on any quarter can be difficult to predict, 
and can make quarterly comparisons less meaningful than annual comparisons. While seasonality is generally not a 
significant factor in the Albany Engineered Composites segment, the commercial terms of the supply agreement 
governing the LEAP program resulted in fourth quarter sales volatility in recent years.
51

Cash Flow Summary
For the years ended December 31,
2024
2023
2022
Net income
$ 
88,055 $ 
111,610 $ 
96,508 
Depreciation and amortization
 
89,294  
76,733  
69,049 
Changes in working capital(a)
 
54,321  
(44,214)  
(63,478) 
Changes in long-term liabilities, deferred taxes and other credits
 
(23,033)  
(11,829)  
(18,629) 
Non-cash portion of pension settlement expense
 
—  
—  
42,657 
Other operating items
 
9,804  
15,756  
2,107 
Net cash provided by operating activities
 
218,441  
148,056  
128,214 
Net cash used in investing activities
 
(80,180)  
(217,899)  
(96,348) 
Net cash used in financing activities
 
(183,832)  
(52,641)  
(23,652) 
Effect of exchange rate changes on cash flows
 
(12,566)  
4,128  
(18,474) 
Increase/(decrease) in cash and cash equivalents
 
(58,137)  
(118,356)  
(10,260) 
Cash and cash equivalents at beginning of year
 
173,420  
291,776  
302,036 
Cash and cash equivalents at end of year
$ 
115,283 $ 
173,420 $ 
291,776 
(in thousands)
_________________________
(a) Includes Accounts receivable, Contract assets, Inventories, Accounts payable and Accrued liabilities.
Net cash provided by operating activities during 2024 was 218.4 million, compared to 148.1 million in the 2023. The 
increase was primarily driven by improved levels of working capital at both segments, but was most pronounced at 
AEC, which invested a much more significant amount in working capital during 2023 related to the expanded CH-53K 
scope of work and the build-up of inventory in the LEAP program as compared to 2024.
Net cash used in investing activities included capital expenditures totaling $80.2 million and $84.4 million during 2024 
and 2023, respectively, including investments in new aerospace programs and to improve productivity in our MC 
segment. In addition, investing activities during the prior year included the acquisition of Heimbach, headquartered in 
Düren, Germany, for net cash of $133.5 million, funded using cash on hand.
Net cash used in financing activities was 183.8 million during 2024 as compared to 52.6 million during 2023. The 
significant increase in net cash used during 2024 was due to increased principal payments on debt, increased share 
repurchases, and increased dividends paid to shareholders. 
Liquidity and Capital Structure
We finance our business activities primarily with cash generated from operations and borrowings, largely through our 
revolving credit agreement as discussed below. Our subsidiaries outside of the United States may also maintain 
working capital lines with local banks.
Under our $800 million unsecured credit agreement, $318.5 million of borrowings were outstanding as of December 
31, 2024. We believe cash flows from operations and the availability of funds under our Amended Credit Agreement 
will be adequate to fund our operations and business needs over the next twelve months.
As of December 31, 2024, we had cash and cash equivalents of $115.3 million and availability under our Credit 
Agreement of $481.5 million, for a total liquidity of approximately $596.8 million. Bank debt at the Company's 
Heimbach subsidiary was paid down to less than $0.1 million as of December 31, 2024. For more information on the 
revolving credit agreement, see Note 17, Financial Instruments, of the Notes to the Consolidated Financial 
Statements in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. 
As of December 31, 2024, $97.6 million of our total cash and cash equivalents was held by non-U.S. subsidiaries. The 
Company has targeted for repatriation $163.0 million of current year and prior year earnings of the Company’s foreign 
operations. The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation 
to the U.S. were approximately $132.9 million, and are intended to remain indefinitely invested in foreign operations. 
Our cash planning strategy includes repatriating current earnings in excess of working capital requirements from 
certain countries in which our subsidiaries operate. While we have been successful in such endeavor to date, there 
52

can be no assurance that we will be able to cost-effectively repatriate funds in the future. Repatriating such cash from 
certain jurisdictions, which is currently considered to be indefinitely reinvested in foreign operations, may also result in 
additional taxes.
We have also returned cash to shareholders through dividends and share repurchases. We paid dividends of 
$32.5 million and $31.2 million during 2024 and 2023, respectively. The Company repurchased 182,901 shares during 
2024 for $14.2 million. In total, the Company repurchased 1,490,904 shares for a total cost of $124.0 million since 
2021. On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to 
$250 million, which replaces the 2021 authorization.
The Company is party to certain off-balance sheet arrangements, including certain guarantees. The Company 
provides financial assurance, such as payment guarantee and letters of credit and surety bonds, primarily to support 
workers’ compensation programs and customs clearance, of less than $12 million. There were no material changes in 
the Company’s off-balance sheet arrangements during 2024.
During the first quarter of 2025, the Company decided to consolidate headquarters in Portsmouth, NH.  This change 
impacts approximately 100 employees, will take place over the next year and a half, and will cost an estimated $7 
million over that period related to retention, relocation, severance, and professional costs.
Other Sources/Uses of Capital
We have contractual commitments to repay debt, make payments under leases, contribute to our pension and 
postretirement plans, and settle obligations related to agreements to purchase goods and services, income taxes, 
compensation plans, and as applicable, interest rate swaps. We estimate these contractual commitments amount to 
approximately $538 million as of December 31, 2024, of which we expect to pay $62 million within the next year. 
Interest payments on debt are expected to be approximately $18 million in 2025, $18 million in 2026, $19 million in 
2027, and $12 million in 2028, and principal payments on debt of $318 million are not due until 2028. For more 
information on the revolving credit agreement, see Note 17, Financial Instruments, for payments related to leases see 
Note 20, Leases, and for payments related to pension and postretirement plans see Note 4, Pension, Postretirement, 
and Other Benefit Plans, as included in the Notes to the Consolidated Financial Statements in Item 8, Financial 
Statements and Supplementary Data, of this Annual Report on Form 10-K. Payments for these commitments are not 
representative of all our future cash requirements, which will vary based on future needs. 
Critical Accounting Estimates
For the discussion of our accounting policies, see Note 1, Accounting Policies, of the Notes to the Consolidated 
Financial Statements in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. 
The preparation of financial statements in conformity with accounting principles generally accepted in the United 
States of America requires management to make assumptions and estimates that directly affect the amounts reported 
in the Consolidated Financial Statements. Each of these assumptions is subject to uncertainties and changes in those 
assumptions or judgments which can affect our results of operations. In addition to the accounting policies stated in 
Note 1, Accounting Policies, of the Notes to the Consolidated Financial Statements in Item 8, Financial Statements 
and Supplementary Data, of this Annual Report on Form 10-K, the financial statement amounts and disclosures are 
significantly influenced by market factors, judgments and estimates as described below.
Revenue Recognition
Contracts with customers in the MC segment have various terms that can affect the point in time when revenue is 
recognized. The contractual terms are closely monitored in order to ensure revenue is recognized in the proper 
period.
Products and services provided under long-term contracts represent a significant portion of net revenues in the AEC 
segment. AEC’s largest source of revenue is derived from the LEAP contract under a cost-plus-fee agreement. The 
fee may vary within a narrow range based on our success in achieving certain cost targets. Revenue is recognized 
over time as costs are incurred. Under this contract, there is judgment involved in determining applicable contract 
costs and the amount of revenue to be recognized.
We also have fixed price long-term contracts, for which revenue is generally recognized over time using an input 
method as the measure of progress. This method requires significant judgment and estimation, which could be 
considerably different if the underlying circumstances were to change. When adjustments in estimated contract 
53

revenues or costs are required, any changes from prior estimates are included in earnings in the period the change 
occurs.
AEC has long-term aerospace contracts under which there are two phases: a phase during which the production part 
is designed and tested, and a phase of supplying production parts. During the design and testing phases, we perform 
pre-production or nonrecurring engineering services, which are normally considered a fulfillment activity, rather than a 
performance obligation. Fulfillment activities that create resources that will be used in satisfying performance 
obligations in the future, and are expected to be recovered, are capitalized in Other assets. The capitalized costs are 
amortized into cost of goods sold over the period which the asset is expected to contribute to future cash flows, 
including anticipated renewal periods. Accumulated capitalized costs are written-off when those costs are determined 
to be unrecoverable.
For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged 
against income in the period in which the loss becomes known. Contract loss provisions include contract options that 
are probable of exercise, excluding any profitable options that might be expected to follow. Contract losses are 
determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative costs, 
which are treated as period expenses. We are required to limit our estimate of contract values to the period of the 
legally enforceable contract. While certain contracts are expected to be profitable over the course of the program life 
when including expected renewals, our estimate of contract revenues and costs is limited to the estimated value of 
enforceable rights and obligations, excluding anticipated renewals. In some cases, the contract period may result in a 
loss contract provision at the inception of the contract. 
Pension and Postretirement Liabilities
We sponsor several pension and postretirement benefit plans. Our liabilities under these defined benefit plans are 
determined using methodologies that involve several actuarial assumptions, the most significant of which are the 
discount rate, health care cost inflation rate and the long-term rate of return on plan assets. We review our actuarial 
assumptions on an annual basis and make modifications to the assumptions when appropriate.
Discount Rate Selection
We select a discount rate for purposes of measuring obligations under defined benefit plans by matching cash flows 
separately for each plan to the yields on high-quality zero-coupon bonds. We use the RATE: Link 60-90 model (the 
"RATE Link"). We believe the projected cash flows used to determine RATE Link provide a good approximation of the 
timing and amounts of our defined benefit payments under our plans and no adjustments to RATE Link has been 
made.
Measurement of our postretirement benefit obligations requires the use of several assumptions about factors that will 
affect the amount and timing of future benefit payments. The assumed health care cost trend rates are the most 
critical estimates for measurement of the postretirement benefit obligation. Changes in the health care cost trend rates 
have a significant effect on the amounts reported for the health care benefit obligation.
Long-term Rate of Return on Plan Assets Assumption
Our expected long-term rate of return on plan assets is derived from our asset allocation strategies and anticipated 
future long-term performance of individual asset classes. Our analysis gives consideration to recent plan performance 
and historical returns; however, the assumptions are primarily based on long-term, prospective rates of return. The 
weighted average long-term rate of return on plan assets for our defined benefit pension plans is 4.98% for 2024.
Based on information provided by actuaries and other relevant sources, the Company believes that the assumptions 
used to estimate expenses, assets and liabilities of pensions and postretirement benefits are reasonable; however, 
changes in these assumptions could impact the Company’s financial position, results of operations or cash flows.
54

Income Taxes
We regularly assess the likelihood that deferred tax assets will be realized through the reversal of existing temporary 
differences and/or future taxable income. To the extent we believe that it is more likely than not that a deferred tax 
asset will not be realized, a valuation allowance is established. The amount of a valuation allowance is based upon 
our best estimate of our ability to realize the deferred tax assets.
Tax positions taken or expected to be taken in a tax return are recognized when it is more-likely-than-not, based on 
technical merits, to be sustained upon examination by taxing authorities. The amount recognized is measured as the 
largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement, including 
resolution of related appeals and/or litigation process, if any.
Business Combinations
As we enter into business combinations, we perform acquisition accounting requirements including the following:
•
Identifying the acquirer,
•
Determining the acquisition date,
•
Recognizing and measuring the identifiable assets acquired and the liabilities assumed, and
•
Recognizing and measuring goodwill, as applicable.
We complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities in 
accordance with the acquisition method under ASC 805, Business Combinations. The acquisition methodology 
requires management to make assumptions and apply judgment to determine the fair value of assets acquired and 
liabilities assumed. If estimates or assumptions used to complete the enterprise valuation and estimates of the fair 
value of the acquired assets and assumed liabilities significantly differ from assumptions made, the resulting 
difference could materially affect the fair value of net assets.
In determining the fair value of the tangible assets, including property, plant and equipment, we consider the cost-
approach and the market approach, which estimates the cost to replace the asset, less accrued depreciation resulting 
from physical deterioration, functional obsolescence and external obsolescence. In the determination of the fair value 
of the identified intangible assets, we use cash flow models following the income approach, specifically, a relief from 
royalty method methodology. Inputs include estimated revenue growth rates, gross margins, operating expenses, and 
estimated attrition, royalty and discount rates. Goodwill is recorded as the difference in the fair value of the acquired 
assets and assumed liabilities and the purchase price, as applicable. 
Goodwill and Intangible assets
Goodwill is not amortized, but is tested for impairment at least annually. Estimating the fair value of reporting units 
requires the use of estimates and significant judgments, including but not limited to revenue growth rates, operating 
margins, discount rates, and future market conditions. It is possible that these judgments and estimates could change 
in future periods.
The determination of the fair value of intangible assets acquired in a business acquisition is subject to many estimates 
and assumptions. Among such estimates and assumptions are royalties, discount rate and useful life. We review 
amortizable intangible asset groups for impairment whenever events and changes in circumstances indicate that the 
related carrying amounts may not be recoverable.
Recent Accounting Pronouncements
See "Recent Accounting Pronouncements" in Note 1, Accounting Policies, of the Notes to the Consolidated Financial 
Statements in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. 
55

Item 7A. 
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to changes in both foreign currency exchange rates and interest rates. From time to time, the 
Company enters into derivative agreements to manage these risks. The market risk is potential losses arising from 
adverse changes in these rates as discussed below.
Foreign Currency Exchange Rate Risk
We have manufacturing plants and sales transactions worldwide and, therefore, are subject to foreign currency risk. 
Our operational results can be materially impacted depending on the volatility and magnitude of foreign rate changes. 
This risk is composed of both potential losses from the translation of foreign currency financial statements and the 
remeasurement of foreign currency transactions. To manage this risk, we periodically enter into forward exchange 
contracts either to hedge the net assets of a foreign investment or to provide an economic hedge against future cash 
flows. The total net assets of non-U.S. operations and long-term intercompany loans denominated in nonfunctional 
currencies subject to potential loss amount to approximately $576.4 million. The potential loss in fair value resulting 
from a hypothetical 10% adverse change in quoted foreign currency exchange rates amounts to $57.6 million. 
Furthermore, related to foreign currency transactions, we have exposure to various nonfunctional currency balances 
totaling $146.2 million. This amount includes, on an absolute basis, exposures to assets and liabilities held in 
currencies other than our local entities' functional currency. On a net basis, we had $74.0 million of foreign currency 
assets as of December 31, 2024. As currency rates change, these nonfunctional currency balances are revalued, and 
the corresponding adjustment is recorded in the income statement. A hypothetical change of 10% in currency rates 
could result in an adjustment to the income statement of approximately $7.4 million. Actual results may differ.
Interest Rate Risk
We are exposed to interest rate fluctuations with respect to our variable rate debt, depending on general economic 
conditions.
On December 31, 2024, we had the following variable rate debt:
(in thousands, except interest rates)
Long-term debt:
    Credit agreement borrowings outstanding (net of fixed rate portion, due in 2028):
USD borrowings (end of period all-in interest rate of 6.00%)
 
100,000 
EUR borrowings (end of period all-in interest rate of 4.40%)
 
46,742 
    Foreign bank debt (end of period all-in interest rate ranging from 4.27% to 5.10%)
 
46 
Total
$ 
146,788 
Assuming borrowings were outstanding for an entire year, an increase of one percentage point in weighted average 
interest rates would increase interest expense by $1.5 million. To manage interest rate risk, we may periodically enter 
into interest rate swap agreements to effectively fix the interest rates on variable rate debt to a specific rate for a 
period of time. (See Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements, in 
Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K).
56

Item 8. 
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
58
Consolidated Statements of Income for the years ended December 31, 2024, 2023, and 2022
61
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022
62
Consolidated Balance Sheets as of December 31, 2024 and 2023
63
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022
64
Notes to Consolidated Financial Statements
65
57

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
Albany International Corp.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Albany International Corp. and subsidiaries (the 
Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive 
income, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related 
notes and financial statement Schedule II - Valuation and Qualifying Accounts (collectively, the consolidated financial 
statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial 
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for 
each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted 
accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria 
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations 
of the Treadway Commission, and our report dated February 26, 2025 expressed an unqualified opinion on the 
effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to 
express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm 
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the 
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and 
the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of 
material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of 
material misstatement of the consolidated financial statements, whether due to error or fraud, and performing 
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the 
amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting 
principles used and significant estimates made by management, as well as evaluating the overall presentation of the 
consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated 
financial statements that was communicated or required to be communicated to the audit committee and that: (1) 
relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our 
especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter 
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating 
the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or 
disclosures to which it relates.
Evaluation of estimated total contract costs at completion for Albany Engineered Composites revenue  
 
 
recognition for certain firm-fixed-price contracts
As discussed in Note 2 to the consolidated financial statements, a portion of the Albany Engineered Composites 
(AEC) segment revenue is earned under firm-fixed-price orders that are placed under definitive agreements, with 
revenue recognized over time as costs are incurred. Under the cost-to-cost measure of progress, the extent of 
progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at 
completion of the performance obligation. Revenue is recorded proportionally as costs are incurred.
We identified the evaluation of estimated total contract costs at completion for AEC revenue recognition for certain 
firm-fixed-price contracts as a critical audit matter. A high degree of auditor judgment was required to evaluate the 
58

estimates of total contract costs at completion because of the varied nature and inherent complexities of the 
contractual performance obligations.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design 
and tested the operating effectiveness of certain internal controls over the AEC revenue process. This included 
controls related to developing forecasted estimated total contract costs. For certain contracts, we compared the 
Company’s historical estimates of costs to actual costs incurred to assess the Company’s ability to estimate 
accurately. We read relevant agreements, including amendments, and inquired of financial and operational personnel 
of the Company to identify factors that should be considered within the cost to complete estimates. We inspected the 
Company’s analysis of contract status, including forecasted costs, which we compared against historical costs.
/s/ KPMG LLP
We have served as the Company’s auditor since 2014.
Albany, New York
February 26, 2025 
59

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
Albany International Corp.:
Opinion on Internal Control Over Financial Reporting
We have audited Albany International Corp. and subsidiaries' (the Company) internal control over financial reporting 
as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by 
the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in 
all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria 
established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations 
of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related 
consolidated statements of income, comprehensive income, and cash flows for each of the years in the three-year 
period ended December 31, 2024, and the related notes and financial statement Schedule II - Valuation and 
Qualifying Accounts (collectively, the consolidated financial statements), and our report dated February 26, 2025 
expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting, included in the accompanying 
Management's Report on Internal Control over Financial Reporting (Item 9A). Our responsibility is to express an 
opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm 
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the 
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and 
the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was 
maintained in all material respects. Our audit of internal control over financial reporting included obtaining an 
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and 
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit 
also included performing such other procedures as we considered necessary in the circumstances. We believe that 
our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding 
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance 
with generally accepted accounting principles. A company’s internal control over financial reporting includes those 
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly 
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that 
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally 
accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance 
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that 
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate.
/s/ KPMG LLP
Albany, New York
February 26, 2025 
60

CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31, 
(in thousands, except per share amounts)
Net revenues
$ 1,230,615 $ 1,147,909 $ 1,034,887 
Cost of goods sold
 
828,839  
724,191  
645,105 
Gross profit
 
401,776  
423,718  
389,782 
Selling, general and administrative expenses
 
210,882  
214,915  
168,713 
Technical and research expenses
 
46,097  
40,627  
39,941 
Restructuring expenses, net
 
13,438  
282  
106 
Operating income
 
131,359  
167,894  
181,022 
Interest income
 
(4,064)  
(6,566)  
(3,835) 
Interest expense
 
16,613  
20,167  
17,835 
Pension settlement expense
 
—  
—  
49,128 
Other (income)/expense, net
 
1,721  
(6,163)  
(14,086) 
Income before income taxes
 
117,089  
160,456  
131,980 
Income tax expense
 
29,034  
48,846  
35,472 
Net income
 
88,055  
111,610  
96,508 
Net income attributable to the noncontrolling interest
 
432  
490  
746 
Net income attributable to the Company
$ 
87,623 $ 
111,120 $ 
95,762 
Earnings per share:
Basic earnings per share attributable to Company shareholders
$ 
2.81 $ 
3.56 $ 
3.06 
Diluted earnings per share attributable to Company shareholders
$ 
2.80 $ 
3.55 $ 
3.04 
Dividends declared per share
$ 
1.05 $ 
1.01 $ 
0.88 
Weighted average shares outstanding:
   Basic
 
31,231  
31,171  
31,339 
   Diluted
 
31,338  
31,276  
31,455 
2024
2023
2022
The accompanying notes are an integral part of the consolidated financial statements.
Albany International Corp.
61

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the years ended December 31, 
(in thousands)
Net income
$ 
88,055 $ 
111,610 $ 
96,508 
Other comprehensive income, before tax:
Foreign currency translation and other adjustments
 
(56,551)  
18,593  
(40,971) 
Reclassification of loss on pension settlement
 
—  
—  
42,657 
Pension/postretirement plan remeasurement
 
3,888  
4,302  
(2,292) 
Amortization of pension and postretirement liability adjustments:
Prior service credit
 
(150)  
(4,122)  
(4,497) 
Net actuarial loss
 
613  
1,383  
3,260 
Payments and amortization related to interest rate swaps included 
in earnings
 
(13,547)  
(15,062)  
468 
Derivative valuation adjustment
 
1,261  
3,512  
25,396 
Income taxes related to items of other comprehensive income:
Reclassification of loss on pension settlement
 
—  
—  
(16,459) 
Pension/postretirement plan remeasurement
 
(1,283)  
(673)  
(370) 
Amortization of pension and postretirement liability adjustments
 
(153)  
904  
408 
Payments and amortization related to interest rate swaps included 
in earnings
 
3,419  
3,811  
(118) 
Derivative valuation adjustment
 
(318)  
(889)  
(6,425) 
Comprehensive income
 
25,234  
123,369  
97,565 
Comprehensive income/(loss) attributable to the noncontrolling interest  
(543)  
949  
856 
Comprehensive income attributable to the Company
$ 
25,777 $ 
122,420 $ 
96,709 
2024
2023
2022
The accompanying notes are an integral part of the consolidated financial statements.
Albany International Corp.
62

CONSOLIDATED BALANCE SHEETS
At December 31,
(in thousands, except share and per share data)
Assets
Current assets:
Cash and cash equivalents
$ 
115,283 $ 
173,420 
Accounts receivable, net
 
246,688  
287,781 
Contract assets, net
 
166,557  
182,281 
Inventories
 
145,845  
169,567 
Income taxes prepaid and receivable
 
19,187  
11,043 
Prepaid expenses and other current assets
 
37,132  
53,872 
Total current assets
 
730,692  
877,964 
Property, plant and equipment, net
 
563,431  
601,989 
Intangibles, net
 
38,127  
44,646 
Goodwill
 
176,261  
180,181 
Deferred income taxes
 
28,757  
22,941 
Noncurrent receivables, net
 
—  
4,392 
Other assets
 
111,428  
102,901 
Total assets
$ 1,648,696 $ 1,835,014 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
$ 
66,095 $ 
87,104 
Accrued liabilities
 
141,904  
142,988 
Current maturities of long-term debt
 
—  
4,218 
Income taxes payable
 
18,367  
14,369 
Total current liabilities
 
226,366  
248,679 
Long-term debt
 
318,531  
452,667 
Other noncurrent liabilities
 
138,830  
139,385 
Deferred taxes and other liabilities
 
16,022  
26,963 
Total liabilities
 
699,749  
867,694 
Commitments and Contingencies (Note 21)
Shareholders’ Equity:
Preferred stock, par value $5.00 per share; 
authorized 2,000,000 shares; none issued
 
—  
— 
Class A Common Stock, par value $0.001 per share; 
authorized 100,000,000 shares; issued 40,917,539 in 2024 and 40,856,910 in 2023  
41  
41 
Additional paid-in capital
 
452,933  
448,218 
Retained earnings
 
1,065,763  
1,010,942 
Accumulated items of other comprehensive income:
Translation adjustments
 
(181,555)  
(124,901) 
Pension and postretirement liability adjustments
 
(14,328)  
(17,346) 
Derivative valuation adjustment
 
(106)  
9,079 
Treasury stock (Class A), at cost; 9,844,746 shares in 2024 and 9,661,845 in 2023
 
(379,210)  
(364,665) 
Total Company shareholders’ equity
 
943,538  
961,368 
Noncontrolling interest
 
5,409  
5,952 
Total shareholders' equity
 
948,947  
967,320 
Total liabilities and shareholders’ equity
$ 1,648,696 $ 1,835,014 
2024
2023
The accompanying notes are an integral part of the consolidated financial statements.
Albany International Corp.
63

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 
(in thousands)
2024
2023
2022
OPERATING ACTIVITIES
Net income
$ 
88,055 
$ 
111,610 
$ 
96,508 
Adjustments to reconcile net income to net cash provided by operating 
activities:
Depreciation
 
82,452 
 
70,374 
 
62,480 
Amortization
 
6,842 
 
6,359 
 
6,569 
Change in deferred taxes and other liabilities
 
(15,331)  
(2,046)  
(8,496) 
Impairment of property, plant, equipment, and inventory
 
2,038 
 
1,773 
 
1,808 
Non-cash interest expense
 
1,025 
 
1,404 
 
1,118 
Non-cash portion of pension settlement expense
 
— 
 
— 
 
42,657 
Compensation and benefits paid or payable in Class A Common Stock
 
4,715 
 
6,936 
 
4,527 
Provision/(recovery) for credit losses from uncollected receivables and 
contract assets
 
310 
 
640 
 
1,408 
Foreign currency remeasurement (gain)/loss on intercompany loans
 
81 
 
(2,831)  
(4,434) 
Fair value adjustment on foreign currency options
 
— 
 
(139)  
(509) 
Gain on sale of assets
 
(513)  
— 
 
— 
Changes in operating assets and liabilities that provided/(used) cash, net of 
impact of business acquisition:
Accounts receivable
 
31,764 
 
(11,038)  
(14,301) 
Contract assets
 
12,289 
 
(32,156)  
(36,434) 
Inventories
 
14,627 
 
15,093 
 
(24,541) 
Prepaid expenses and other current assets
 
4,002 
 
1,530 
 
(4,134) 
Income taxes prepaid and receivable
 
(8,574)  
(2,897)  
(6,005) 
Accounts payable
 
(3,084)  
(5,672)  
8,572 
Accrued liabilities
 
(1,275)  
(10,441)  
3,226 
Income taxes payable
 
6,918 
 
(1,988)  
183 
Noncurrent receivables
 
(780)  
3,723 
 
3,911 
Other noncurrent liabilities
 
(7,702)  
(9,783)  
(10,133) 
Other, net
 
582 
 
7,605 
 
4,234 
Net cash provided by operating activities
 
218,441 
 
148,056 
 
128,214 
INVESTING ACTIVITIES
Purchase of business, net of cash acquired
 
— 
 
(133,470)  
— 
Purchases of property, plant and equipment
 
(80,249)  
(83,560)  
(93,675) 
Purchased software
 
(958)  
(869)  
(2,673) 
Proceeds received from sale of assets
 
1,027 
 
— 
 
— 
Net cash used in investing activities
 
(80,180)  
(217,899)  
(96,348) 
FINANCING ACTIVITIES
Proceeds from borrowings
 
145,595 
 
78,040 
 
162,000 
Principal payments on debt
 
(279,838)  
(92,274)  
(73,000) 
Principal payments on finance lease liabilities
 
— 
 
— 
 
(654) 
Debt acquisition costs
 
— 
 
(4,108)  
— 
Purchase of Treasury shares
 
(14,175)  
— 
 
(84,780) 
Taxes paid in lieu of share issuance
 
(2,931)  
(3,136)  
(770) 
Proceeds from options exercised
 
— 
 
— 
 
17 
Dividends paid
 
(32,483)  
(31,163)  
(26,465) 
Net cash used in financing activities
 
(183,832)  
(52,641)  
(23,652) 
Effect of exchange rate changes on cash and cash equivalents
 
(12,566)  
4,128 
 
(18,474) 
Increase/(decrease) in cash and cash equivalents
 
(58,137)  
(118,356)  
(10,260) 
Cash and cash equivalents at beginning of period
 
173,420 
 
291,776 
 
302,036 
Cash and cash equivalents at end of period
$ 
115,283 
$ 
173,420 
$ 
291,776 
The accompanying notes are an integral part of the consolidated financial statements.
Albany International Corp.
64

1. Accounting Policies
Basis of Consolidation and Presentation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted 
accounting principles in the United States of America ("GAAP") and include the accounts of Albany International Corp. 
and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. Certain prior 
year amounts have been reclassified in order to conform to current year presentation. Global information system costs 
previously included in Corporate expenses are allocated to the segments. Management believes this presentation 
better reflects the performance of the segments and is how management will review segment performance on a going 
forward basis. See Note 3, Reportable Segments and Geographical Data, of the Notes to the Consolidated Financial 
Statements for more information on our segments. 
On August 31, 2023, the Company completed the acquisition of Heimbach GmbH ("Heimbach"), a privately-held 
manufacturer of paper machine clothing and technical textiles, as further described in Note 24, Business Combination, 
of the Notes to the Consolidated Financial Statements of our 2023 Annual Report on Form 10-K. The financial results 
of the acquired company are included in the Machine Clothing reportable segment since the date of the acquisition.
The Company owns 90% of the common equity of Albany Safran Composites, LLC ("ASC") which is reported within 
the Albany Engineered Composites segment. The Company also owns 85% of Arcari, SRL ("Arcari"), a manufacturer 
of textile and plastic industrial technical products and conveyor belts, which is a subsidiary of Heimbach GmbH, the 
paper machine clothing manufacturer recently acquired by the Company and reported within the Machine Clothing 
segment. Additional information regarding noncontrolling interest is included in Note 10, Noncontrolling Interest, of the 
Notes to the Consolidated Financial Statements.
Estimates
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in 
the United States requires management to make estimates and assumptions that affect the reported amounts of 
assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial 
statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in 
the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates 
and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other 
postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our 
estimates are based on historical experience and on various other assumptions, which are believed to be reasonable 
under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in 
future periods may materially differ from those estimates. Estimates and assumptions are reviewed periodically, and 
the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to 
be necessary.
Revenue Recognition
In our Machine Clothing ("MC") business segment, we recognize revenue at the point in time when we satisfy our 
performance obligations related to the manufacture and delivery of products. In our Albany Engineered Composites 
("AEC") business segment, revenue from most long-term contracts is generally recognized over time using an input 
method as the measure of progress. The amount of revenue in excess of progress billings on long-term contracts is 
included in Contract assets, net, which represent rights to consideration that are conditional on something other than 
the passage of time, such as completion of remaining performance obligations. 
For over time contracts, we are required to limit our estimate of contract values to the period of the legally enforceable 
contract. While certain contracts are expected to be profitable over the course of the program life when including 
expected renewals, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights 
and obligations, excluding anticipated renewals. This contract period may result in a loss contract provision at contract 
inception. Expected losses on projects include losses on contract options that are probable of exercise, excluding 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
65

profitable options that may follow. For contracts with anticipated losses, a provision for the entire amount of the 
estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses 
are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative 
cost allocations, which are treated as period expenses.
Products and services provided under long-term contracts represent a significant portion of Net revenues in the AEC 
segment. We have a contract with a major customer for which revenue is recognized under a cost-plus-fee 
agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (incurred 
cost to total estimated cost) method. That method requires significant judgment and estimation, which could be 
considerably different if the underlying circumstances were to change. When adjustments in estimated contract 
revenues or costs are required, any changes from prior estimates are included in earnings in the period the change 
occurs. 
Additional accounting policies related to revenue from contracts with customers are set forth in Note 2, Revenue 
Recognition, of the Notes to the Consolidated Financial Statements.
We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record 
allowances for sales returns as a deduction in the computation of Net revenues. Such provisions are recorded on the 
basis of written communication with customers and/or historical experience. Any value added taxes that are imposed 
on sales transactions are excluded from Net revenues.
Cost of Goods Sold
Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and 
handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other 
expenses. Cost of goods sold also includes provisions for loss contracts and charges for the write-off of inventories 
that result from an exit activity.
Selling, General, and Administrative ("SG&A") Expenses
Selling, general, and administrative expenses are primarily comprised of wages, incentive compensation, benefits, 
travel, professional fees, revaluation of trade foreign currency balances, global information system costs, and other 
costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for 
expected credit losses on financial assets measured at amortized cost.
Technical and Research Expenses
Technical and research expenses are charged to operations as incurred and consist primarily of compensation, 
supplies, and professional fees incurred in connection with intellectual property. 
The AEC segment participates in both company-sponsored, and customer-funded research and development. Some 
customer-funded research and development may be on a cost-sharing basis and considered to be a collaborative 
arrangement, in which case both parties are active participants and are exposed to the risks and rewards dependent 
on the success of the activity. In such cases, amounts charged to the collaborating entity are credited against 
research and development expense. For customer-funded research and development in which we anticipate funding 
to exceed expenses, we include amounts charged to the customer in Net revenues, while expenses are included in 
Cost of goods sold.
Restructuring Expense
We may incur expenses related to exiting a line of business or restructuring of our operations or organizational 
structure, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate 
contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as 
described below under “Property, Plant and Equipment.” Employee termination costs include severance pay and 
social costs for periods after employee service is completed. Termination costs related to an ongoing benefit 
arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
66

time benefit arrangement are recognized at the communication date to employees. Costs related to contract 
termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized 
when incurred.
Income Taxes
Deferred income taxes are recognized for the tax consequences of temporary differences and tax attributes by 
applying enacted statutory tax rates applicable for future years to differences between existing assets and liabilities for 
financial reporting and income tax return purposes. The effect of tax rate changes on deferred taxes is recognized in 
the income tax provision in the period that includes the enactment date. A valuation allowance is established, as 
needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely 
than not that some or all of the deferred tax asset valuation allowances will not be needed, the valuation allowance 
will be adjusted.
In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our 
income tax positions and record tax benefits for all years subject to examination based upon management’s 
evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it 
is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be 
recognized by estimating the largest amount of tax benefit that has a greater than 50% likelihood of being realized 
upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income 
tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been 
recognized in the financial statements. Where applicable, associated interest and penalties have also been 
recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of 
income tax expense. We have not elected to reclassify stranded tax effects from Accumulated items of other 
comprehensive income (AOCI) to retained earnings. 
Earnings Per Share
Basic net income or loss per share is computed using the weighted average number of shares of Class A Common 
Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive 
securities. If we report a net loss from continuing operations, the diluted loss per share is equal to the basic earnings 
per share calculation.
Translation of Financial Statements
Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statement 
accounts are translated at average monthly exchange rates. Gains or losses resulting from translating non-U.S. 
currency financial statements into U.S. dollars are recorded in other comprehensive income and accumulated in 
Shareholders’ equity in the caption “Translation adjustments.”
Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party 
balances, such as receivables and payables, which are denominated in a currency other than the entity’s functional 
currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a 
currency other than the entity’s functional currency, and foreign currency options are generally included in Other 
expense, net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future 
are recorded in other comprehensive income. 
The following table summarizes foreign currency transaction gains and losses recognized in the income statement:
(in thousands)
2024
2023
2022
(Gains)/losses included in:
Selling, general, and administrative expenses
$ 
(4,495) $ 
4,181 $ 
(554) 
Other (income)/expense, net
 
(3,900)  
(2,916)  
(9,996) 
Total transaction (gains)/losses
$ 
(8,395) $ 
1,265 $ 
(10,550) 
Years ended December 31,
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
67

Cash and Cash Equivalents
Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three 
months or less.
Accounts Receivable
Accounts receivable includes trade and other accounts receivables and Bank promissory notes. In connection with 
certain sales in Asia Pacific, 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.
In accordance with ASC 326, Current Expected Credit Losses ("CECL"), the Company recognizes an allowance for 
expected credit losses on financial assets measured at amortized cost, such as Accounts receivable, Contract assets 
and Noncurrent receivables. The allowance is determined using a CECL model that is based on an historical average 
three-year loss rate and is measured by financial asset type on a collective (pool) basis when similar risk 
characteristics exist, at an amount equal to lifetime expected credit losses. The estimate reflects the risk of loss due to 
credit default, even when the risk is remote, and considers available relevant information about the collectability of 
cash flows, including information about past events, current conditions, and reasonable and supportable expected 
future economic conditions.
The Company also has had Noncurrent receivables in the AEC segment that represent revenue earned which had 
extended payment terms. 
See additional information set forth in Note 11, Accounts Receivable, of the Notes to the Consolidated Financial 
Statements.
Contract Assets and Contract 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 payment 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 Sheet.
See additional information set forth in Note 12, Contract Assets and Liabilities, of the Notes to the Consolidated 
Financial Statements.
Inventories
Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw 
materials inventory is 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. Write-downs of inventories 
are charged to Cost of goods sold. 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.
See additional information set forth in Note 2, Revenue Recognition, and Note 13, Inventories, of the Notes to the 
Consolidated Financial Statements.
Leases
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 assess whether:
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
68

•
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,
•
The lessee has the right to obtain substantially all of the economic benefits from use of the asset throughout 
the period of use, and
•
The lessee has the right to direct the use of the asset, which is demonstrated when the lessee has decision-
making rights that are most relevant to changing how and for what purpose the asset is used.
Judgment is required in the determination of 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 have certain lease agreements with lease and non-lease components. For most of these 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 other leases, such as for vehicles, we apply a portfolio 
approach. Such new leases are classified as finance or operating, with classification affecting the pattern and 
classification of expense recognition in the income statement. Expenses related to operating leases are recognized on 
a straight-line basis, while those determined to be finance leases are recognized following a front-loaded expense 
profile, in which interest and amortization are presented separately in the income statement.
Operating lease right of use asset ("ROU") assets are included in Other assets in the Consolidated Balance Sheets, 
while finance lease ROU assets are included in Property, plant, and equipment, net. Lease liabilities for both operating 
and finance leases are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance 
Sheets.
See additional information set forth in Note 20, Leases, of the Notes to the Consolidated Financial Statements.
Debt
The Company relies on bank financing as an important source of liquidity for business activities. Outstanding debt is 
classified as current or long-term based on the maturity of the Company's financing arrangements. See additional 
information set forth in Note 17, Financial Instruments, of the Notes to the Consolidated Financial Statements.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost, or if acquired as part of a business combination, at fair value. 
Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial 
reporting purposes. In some cases, accelerated methods are used for income tax purposes. Significant additions or 
improvements extending assets’ useful lives are capitalized; normal maintenance and repair costs are expensed as 
incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated 
depreciation accounts. When items are sold or retired, related gains or losses are included in Net income.
Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, 
depending on the nature of the asset, after being placed into service, and is included in Property, plant, and 
equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized 
salaries, travel, and consulting costs related to the software development totaled $1.2 million in 2024 and was not 
material in 2023.
We review the carrying value of property, plant and equipment and other long-lived 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.
See additional information set forth in Note 14, Property, Plant and Equipment, Net, of the Notes to the Consolidated 
Financial Statements.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
69

Business Combinations
The total purchase consideration for an acquisition is measured at the fair value of the assets acquired and liabilities 
assumed as of the acquisition date. Costs that are directly attributable to the acquisition are expensed as incurred. 
Identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquisition are measured initially at 
their fair values at the acquisition date. We recognize goodwill if the fair value of the total purchase consideration and 
any noncontrolling interest is in excess of the net fair value of the identifiable assets acquired and the liabilities 
assumed. We include the results of operations of the acquired business in the consolidated financial statements 
beginning on the acquisition date. 
Goodwill, Intangibles, and Other Assets
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. Intangible assets from acquired businesses are recognized at fair 
value on the acquisition date and consist of customer relationships, customer contracts, technology, intellectual 
property and other intangible assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but 
are tested for impairment at least annually. 
We perform an impairment test of our goodwill at least annually in the second quarter or more frequently whenever 
events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes 
in circumstances may include a significant deterioration in overall economic conditions, changes in the business 
climate of our industry, a decline in our market capitalization, operating performance indicators, competition, 
reorganizations of our business, or the disposal of all or a portion of a reporting unit. 
Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our 
business segment level or a level below the business segment. The level at which we test goodwill for impairment 
requires us to determine whether the operations below the business segment constitute a self-sustaining business for 
which discrete financial information is available and segment management regularly reviews the operating results.
We may use qualitative or quantitative approaches when testing goodwill for impairment. When we use the qualitative 
approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine 
the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not 
that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we 
perform a quantitative impairment test. To perform the quantitative impairment test, we compare the fair value of a 
reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, 
goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its 
fair value, a goodwill impairment loss is recognized in an amount equal to that excess. 
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. 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. 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.
Impairment assessments inherently involve management judgments regarding a number of assumptions such as 
those described above. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the 
relative size of our recorded goodwill, differences in assumptions could have a material effect on the estimated fair 
value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. See 
additional information set forth in Note 15, Goodwill and Other Intangible Assets, of the Notes to the Consolidated 
Financial Statements.
For some AEC contracts, we perform pre-production or nonrecurring engineering services. These costs are normally 
considered a fulfillment activity, rather than a performance obligation. Fulfillment activities that create resources that 
will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized to 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
70

Other assets, which is classified as a noncurrent asset in the Consolidated Balance Sheets. The capitalized costs are 
amortized into Cost of goods sold over the period over which the asset is expected to contribute to future cash flows, 
which includes anticipated renewal periods.
Included in Other assets is $17.0 million in 2024 and $19.3 million in 2023 for defined benefit pension plans where 
plan assets exceed the projected benefit obligations. Other assets also include financial assets of $0.6 million in 2024 
and $0.7 million in 2023. See additional information set forth in Note 18, Fair-Value Measurements, of the Notes to the 
Consolidated Financial Statements.
Stock-Based Compensation
We have incentive compensation plans that authorize the issuance of stock-based awards for key employees, which 
are designed to reward short and long-term contributions and provide incentives for recipients to remain with the 
Company. We issue stock-based awards in the form of restricted stock units and performance stock units that 
generally vest between one and five years from the grant date and can be settled in cash or shares. Expenses 
associated with these awards are recognized over each respective vesting period. Liability based awards are settled 
in cash, while equity-based awards are settled in stock. See additional information for stock-based compensation 
plans in Note 22, Stock-Based Compensation, of the Notes to the Consolidated Financial Statements. 
Derivatives
From time to time, we use derivatives to mitigate potentially large adverse effects from changes in currency exchange 
rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of 
potentially large adverse effects versus the costs associated with hedging such risks.
We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives to 
manage foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located 
outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a 
determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed 
to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In 
this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that 
has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the 
risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for 
the derivative.
All derivative contracts are recorded at fair value, as a net asset or a net liability on the Consolidated Balance Sheets. 
The changes in fair values of derivative contracts are recorded each period in earnings or accumulated other 
comprehensive income, depending on whether a derivative is effective as part of the hedged transaction. Gains and 
losses on derivative contracts reported in accumulated other comprehensive income are subsequently included in 
earnings in the periods in which earnings are affected by the hedged item. For transactions that are designated as an 
effective hedge, we perform an evaluation of the effectiveness of the hedge on the date of inception and on an 
ongoing basis. The related gains and losses of derivative instruments, including those designated in hedge 
accounting relationships, are included as operating activities in the Consolidated Statements of Cash Flows.
For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the U.S., 
changes in the fair value of derivatives are reported in other comprehensive income as part of Translation 
adjustments.
The Company does not engage in derivative instruments for speculative or trading purposes. See Note 17, Financial 
Instruments, of the Notes to the Consolidated Financial Statements for additional information.
Pension, Postretirement, and Other Benefit Plans
As described in Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial 
Statements, we have pension and postretirement benefit plans covering substantially all employees. 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
71

The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with 
governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and 
postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key 
assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis. We 
consider current market conditions, including changes in interest rates, in determining these assumptions. Discount 
rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income 
investments with durations that match expected future payments. The assumption for expected return on plan assets 
is based on historical and expected returns on various categories of plan assets.
Government Grants
The Company recognizes government grants only when there is reasonable assurance that we will comply with the 
conditions attached to them and the grants will be received. Government grants are recognized in the Consolidated 
Statements of Income on a systematic basis over the periods in which we recognize as expenses the related costs for 
which the grants are intended to compensate. A government grant that becomes receivable as compensation for 
expenses or losses already incurred or for the purpose of giving immediate financial support with no future related 
costs is recognized in the Consolidated Statements of Income of the period in which it becomes receivable.
Recent Accounting Pronouncements
New Accounting Standards Adopted
In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): 
Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable 
segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The 
guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years 
beginning after December 15, 2024. The guidance is to be applied retrospectively to all prior periods presented in the 
financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods 
should be based on the significant segment expense categories identified and disclosed in the period of adoption. The 
adoption of this standard had an impact on the segment disclosures presented in this Annual Report on Form 10-K, 
however, there was no impact to the results of operations, cash flows, and financial condition. See Note 3, Reportable 
Segments and Geographic Data, of the Notes to the Consolidated Financial Statements for additional information.
New Accounting Standards Not Yet Adopted
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): 
Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to 
require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing 
operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax 
expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires 
entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other 
changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted 
for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be 
applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential 
impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In March 2024, the FASB issued Accounting Standards Update No. 2024-01, "Compensation - Stock Compensation 
(Topic 718): Scope Application of Profits Interest and Similar Awards" (ASU 2024-01), which clarifies how an entity 
determines whether profits interest or similar awards should be considered within the scope of ASC 718 as a share-
based payment arrangement or under ASC 710 or other ASC topics in a manner similar to a cash bonus or profit-
sharing arrangement. The guidance is effective for annual periods beginning after December 15, 2024, and interim 
periods beginning within those annual periods. Early adoption is permitted for both interim and annual financial 
statements that have not yet been issued or made available for issuance. ASU 2024-01 should be applied either (1) 
retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and 
similar awards granted or modified on or after the date at which the entity first applies the amendments. We are 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
72

currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and 
related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement – Reporting 
Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income 
Statement Expenses" (ASU 2024-03), which requires a public business entity to disclose specific information about 
certain costs and expenses in the notes to the financial statements for interim and annual reporting periods. The 
objective of the disclosure requirements is to provide disaggregated information of the public entity's expenses to help 
investors better understand the entity's performance; better assess the entity's prospects for future cash flows; and 
compare an entity's performance over time and with that of other entities. The disaggregation of relevant expense 
captions presented on the face of the income statement may include but is not limited to the following natural 
expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, 
and (5) depreciation, depletion, and amortization. The guidance is effective for annual periods beginning after 
December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. We are 
currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and 
related disclosures.
Other
In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 
33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors". This rule would 
require registrants to disclose certain climate-related information in registration statements and annual reports. In April 
2024, the SEC voluntarily stayed the final rule as a result of legal challenges that are pending judicial review. The 
disclosure requirements would apply to the Company's fiscal year beginning January 1, 2025, pending resolution of 
the stay. The Company is currently evaluating the final rule to determine its impact on the Company's disclosures.
2. Revenue Recognition
We account for a contract when it has approval and commitment from both parties, the rights of the parties are 
identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is 
probable. Revenue is measured based on the consideration specified in the contract with the customer, and excludes 
any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by 
transferring control over a product or service, or a series of distinct goods or services, to the customer which occurs 
either at a point in time, or over time, depending on the performance obligation in the contract. A performance 
obligation is a promise in the contract to transfer a distinct good or service to the customer, and is the unit of account. 
“Control” refers to the ability to direct the use of, and obtain substantially all of the remaining benefits from the product. 
A contract’s transaction price is allocated to each material distinct performance obligation and is recognized as 
revenue when, or as, the performance obligation is satisfied.
In our MC segment, our primary performance obligation in most contracts is to provide solution-based, custom-
designed fabrics and belts to the customer. We satisfy this performance obligation upon transferring control of the 
product to the customer at a specific point in time. Contracts with customers in the MC segment have various terms 
that can affect the point in time when revenue is recognized. Generally, the customer obtains control when the product 
has been received at the location specified by the customer, at which time the only remaining obligations under the 
contract may be fulfillment costs, in the form of shipping and handling, which are accrued when control of the product 
is transferred.
In the MC segment, contracts with certain customers may also obligate us to provide various product-related services 
at no additional cost to the customer. When this obligation is material in the context of the contract with the customer, 
we recognize a separate performance obligation and allocate revenue to those services on a relative estimated 
standalone selling price basis. The standalone selling price for these services is determined based upon an analysis 
of the services offered and an assessment of the price we might charge for such services as a separate offering. As 
we typically provide such services on a stand-ready basis, we recognize this revenue over time. Revenue allocated to 
such service performance obligations is the only MC revenue that is recognized over time.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
1. Accounting Policies — (continued)
73

In our AEC segment, we primarily enter into contracts to manufacture and deliver highly engineered advanced 
composite products to our customers. A significant portion of AEC revenue is earned under a mix of short duration and 
long duration, firm-fixed-price orders that are placed under master agreements that contain general terms and 
conditions applicable to all orders placed under the master agreements. We assess each contract at its inception to 
determine whether it should be combined with other contracts. When making this determination we consider factors 
such as whether two or more contracts were negotiated and executed at or near the same time or were negotiated 
with an overall profit objective. If combined, we treat the combined contracts as a single contract for revenue 
recognition purposes. We evaluate the products or services promised in each contract at inception to determine 
whether the contract should be accounted for as having one or more performance obligations. For most AEC 
contracts, the nature of our promise (or our performance obligation) to the customer is to provide a significant service 
of integrating a complex set of tasks and components into a single project or capability, which will often result in the 
delivery of multiple highly interdependent and interrelated units.
At the inception of a contract, we determine the transaction price based on the consideration we expect to receive for 
the products or services being provided under the contract. For contracts where a portion of the price may vary, we 
estimate variable consideration at the most likely amount, which is included in the transaction price to the extent it is 
probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a 
significant revenue reversal and if necessary, constrain the amount of variable consideration recognized in order to 
mitigate this risk.
We estimate the transaction price based on our current rights, and do not contemplate future modifications (including 
unexercised options) or follow-on contracts until they become legally enforceable. Many AEC contracts are 
subsequently modified to include changes in specifications, requirements or price, which may create new or change 
existing enforceable rights and obligations. Depending on the nature of the modification, we consider whether to 
account for the modification as an adjustment to the existing contract or as a separate contract. Generally, we are able 
to conclude that such modifications are not distinct from the existing contract, due to the significant integration of the 
obligations, and the interrelated nature of tasks, provided for in the modification and the existing contract. Therefore, 
such modifications are accounted for as if they were part of the existing contract, and we accumulate the values of 
such modifications in our estimates of contract value.
Revenue is recognized over time for substantially all of our contracts in AEC as most of our contracts have provisions 
that are deemed to transfer control to the customer over time. Revenue is recognized based on the extent of progress 
towards completion of the performance obligation. The selection of the method to measure progress toward 
completion requires judgment and is based on the nature of the products or services to be provided. We generally use 
the cost-to-cost measure of progress for our contracts because it best depicts the transfer of assets to the customer 
which occurs as we incur costs to produce the contract deliverables. Under the cost-to-cost measure of progress, the 
extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated 
costs at completion of the performance obligation. Revenue, including profit, is recorded proportionally as costs are 
incurred. Accounting for long-term contracts requires significant judgment and estimation, which could be considerably 
different if the underlying circumstances were to change. When any adjustments of estimated contract revenue or 
costs are required, any changes from prior estimates are included in revenues or earnings in the period in which the 
change occurs. The sum of net adjustments to the estimated profitability of long-term contracts decreased AEC 
Operating income by $43.2 million and $4.1 million in 2024 and 2023, respectively, and increased AEC Operating 
income by $0.5 million in 2022. The unfavorable effects in 2024 related to higher labor, material and scrap costs. The 
negative change in estimated profitability in 2024 was primarily driven by a few large complex programs, including 
approximately $25.5 million for the various CH-53K programs, $11.4 million on our Gulfstream program, $3.9 million 
on our F-35 program, and $2.2 million on our GE Platforms program. The unfavorable effects in 2023 related to 
additional reserves taken on certain contracts and inflationary factors decreasing anticipated margins. The favorable 
effects in 2022 were largely due to changes in customer demand and to a lesser extent, efficiency improvements 
during the ramp-up of several programs. 
In other AEC contracts, revenue is recognized at a point in time because the products are offered to multiple 
customers, or we do not have an enforceable right to payment until the product is shipped or delivered to the location 
specified by the customer in the contract.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
2. Revenue Recognition — (continued)
74

AEC’s largest source of revenue is derived from the LEAP contract (see Note 10, Noncontrolling Interest, of the Notes 
to the Consolidated Financial Statements) under a cost-plus-fee agreement. The fee may vary within a narrow range 
based on our success in achieving certain cost targets. Revenue is recognized over time as costs are incurred. Under 
this contract, there is judgment involved in determining applicable contract costs and expected margin, and therefore, 
in determining the amount of revenue to be recognized.
Payment terms granted to MC and AEC customers reflect general competitive practices. Terms vary with product, 
competitive conditions, and the country of operation.
The following table provides a summary of the composition of each business segment:
Machine Clothing (MC)
Machine Clothing
Paper machine clothing: Permeable 
and impermeable belts used in the 
manufacture of paper, paperboard, 
tissue and towel, and pulp
                                                         
Engineered fabrics: Belts used in the 
manufacture of nonwovens, fiber 
cement and several other industrial 
applications
World-wide
Albany Engineered 
Composites (AEC)
Albany Safran 
Composites (ASC)
Airframe and engine 
Components (Other 
AEC)
3D-woven, injected composite 
components for aircraft engines
                                                           
Composite airframe and engine 
components for military and 
commercial aircraft
Rochester, NH 
Commercy, France 
Queretaro, Mexico
                                        
Salt Lake City, UT 
Boerne, TX            
Queretaro, Mexico 
Kaiserslautern, Germany
Segment
Product Group
Principal Product or Service
Principal Locations
We disaggregate revenue earned from contracts with customers for each of our business segments and product 
groups based on the timing of revenue recognition, and groupings used for internal review purposes.
The following table presents disaggregated revenue for each product group by timing of revenue recognition:
For the year ended December 31, 2024
(in thousands)
Point in Time  
 Revenue Recognition
Over Time   
Revenue Recognition
Total
Machine Clothing
$ 
745,978 
$ 
3,929 
$ 
749,907 
Albany Engineered Composites 
ASC
 
— 
 
175,888 
 
175,888 
Other AEC
 
19,518 
 
285,302 
 
304,820 
Total Albany Engineered Composites
 
19,518 
 
461,190 
 
480,708 
Total net revenues
$ 
765,496 
$ 
465,119 
$ 
1,230,615 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
2. Revenue Recognition — (continued)
75

For the year ended December 31, 2023
(in thousands)
Point in Time  
 Revenue Recognition
Over Time   
Revenue Recognition
Total
Machine Clothing
$ 
666,990 
$ 
3,778 
$ 
670,768 
Albany Engineered Composites
ASC
 
— 
 
184,184 
 
184,184 
Other AEC
 
20,546 
 
272,411 
 
292,957 
Total Albany Engineered Composites
 
20,546 
 
456,595 
 
477,141 
Total net revenues
$ 
687,536 
$ 
460,373 
$ 
1,147,909 
For the year ended December 31, 2022
(in thousands)
Point in Time  
 Revenue Recognition
Over Time   
Revenue Recognition
Total
Machine Clothing
$ 
605,863 
$ 
3,598 
$ 
609,461 
Albany Engineered Composites
ASC
 
— 
 
165,775 
 
165,775 
Other AEC
 
19,167 
 
240,484 
 
259,651 
Total Albany Engineered Composites
 
19,167 
 
406,259 
 
425,426 
Total net revenues
$ 
625,030 
$ 
409,857 
$ 
1,034,887 
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:
Years ended December 31,
(in thousands)
2024
2023
2022
Americas PMC
$ 
341,204 $ 
349,544 $ 
321,170 
Eurasia PMC
 
301,436  
250,048  
207,115 
Engineered Fabrics
 
107,267  
71,176  
81,176 
Total Machine Clothing net revenues
$ 
749,907 $ 
670,768 $ 
609,461 
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 a mix of short duration and long duration firm-fixed-price orders, many 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 $1.1 billion as of December 31, 2024, $1.2 billion as of December 
31, 2023, and $553 million as of December 31, 2022, and related primarily to firm contracts in the AEC segment. Of 
the remaining performance obligations as of December 31, 2024, we expect to recognize as revenue approximately 
$151 million during 2025, $147 million during 2026, $143 million during 2027, and the remainder thereafter.
3. Reportable Segments and Geographic Data
The Company is organized based on the nature of its products and is composed of two reportable segments, Machine 
Clothing (“MC”), and Albany Engineered Composites ("AEC”), each overseen by a segment president. These 
segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker 
("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. Our CODM 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
2. Revenue Recognition — (continued)
76

evaluates each segment's performance based on metrics such as net revenues, gross profit, and other key financial 
data, to assess performance and allocate resources that align with company-wide goals. Annual incentive targets are 
established for the segment presidents based on these metrics, in addition to Earnings before interest, taxes, 
depreciation, and amortization (EBITDA) and cash flows, which are reviewed  in summary each month, and in more 
depth each quarter. The Company has not aggregated operating segments for purposes of identifying reportable 
segments. Effective December 31, 2024, the Company adopted the provisions of ASU 2023-07, which expanded the 
content and frequency of segment disclosures required under ASC 280.
The accounting policies of the segments are the same as those described in Note 1, Accounting Policies, of the Notes 
to the Consolidated Financial Statements. Corporate expenses include wages and benefits for corporate 
headquarters personnel, costs related to information systems development and support, and professional fees related 
to legal, audit, and other activities. Corporate expenses are not allocated to the reportable segments, except certain 
global information system costs discussed below, because the decision-making for these functions lies outside of the 
segments.
Machine Clothing:
The MC segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue 
and towel, pulp, nonwovens, fiber cement and several other industrial applications. 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.
On August 31, 2023, the Company completed the acquisition of Heimbach, a privately-held manufacturer of paper 
machine clothing and technical textiles. The financial results of the acquired company are included in the Machine 
Clothing reportable segment.
Albany Engineered Composites:
The AEC segment provides highly engineered, advanced composite structures to customers in the commercial and 
defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer, 
SAFRAN Group ("Safran"), owns a 10 noncontrolling interest. AEC, through ASC, is the exclusive supplier to the 
LEAP program of advanced composite fan blades and fan cases under a long-term supply contract. 
The LEAP engine is used on the Airbus A320neo, A321neo, Boeing 737 MAX, and COMAC 919 aircraft. AEC’s largest 
aerospace customer is SAFRAN and sales to SAFRAN (consisting primarily of fan blades and cases for CFM’s LEAP 
engine) accounted for approximately 14 of the Company’s consolidated Net revenues in 2024. In 2024, SAFRAN 
leased manufacturing space from AEC for the GE9X program. Rent paid by SAFRAN under this lease amounted to 
$1.0 million in 2024 and $1.0 million in 2023. AEC sales to SAFRAN were $178.1 million in 2024, $187.6 million in 
2023, and $169.3 million in 2022. The total of Accounts receivable, Contract assets and Noncurrent receivable due 
from SAFRAN amounted to $78.5 million and $93.8 million as of December 31, 2024 and 2023, respectively.
Other significant programs in AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also 
supplies vacuum waste tanks for Boeing commercial programs, and specialty components for the Rolls Royce lift fan 
on the F-35, as well as the fan case for the GE9X engine. In 2024, approximately 36 of AEC net revenues were 
related to U.S. government contracts or programs.
The following tables show data by reportable segment that is regularly provided to the CODM, reconciled to 
consolidated totals included in the financial statements:
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
3. Reportable Segments and Geographic Data — (continued)
77

Year ended December 31, 2024
(in thousands)
MC
AEC
Corporate
Total
Net revenues
$ 
749,907 $ 
480,708 $ 
— $ 
1,230,615 
Cost of goods sold
 
403,863  
424,976  
—  
828,839 
Gross profit
 
346,044  
55,732  
—  
401,776 
Selling, general and administrative expenses
 
123,120  
47,421  
40,341  
210,882 
Technical and research expenses
 
29,832  
16,265  
—  
46,097 
Restructuring expenses, net
 
9,460  
3,649  
329  
13,438 
Operating income/(loss)
$ 
183,632 $ 
(11,603) $ 
(40,670) $ 
131,359 
Certain prior year amounts have been reclassified in order to conform to current year presentation. Global information 
system costs previously included in Corporate expenses are allocated to the segments. Management believes this 
presentation better reflects the performance of the segments and is how management will review segment 
performance on a going forward basis. For the year ended December 31, 2024, Selling, general and administrative 
expenses include global information systems costs of $15.2 million, $15.7 million and $1.0 million for MC, AEC and 
Corporate, respectively. Global information systems costs were previously included in Corporate expenses.
Year ended December 31, 2023
(in thousands)
MC
AEC
Corporate
Total
Net revenues
$ 
670,768 $ 
477,141 $ 
— $ 
1,147,909 
Cost of goods sold
 
339,210  
384,981  
—  
724,191 
Gross profit
 
331,558  
92,160  
—  
423,718 
Selling, general and administrative expenses
 
118,196  
48,833  
47,886  
214,915 
Technical and research expenses
 
24,651  
15,976  
—  
40,627 
Restructuring expenses, net
 
282  
—  
—  
282 
Operating income/(loss)
$ 
188,429 $ 
27,351 $ 
(47,886) $ 
167,894 
For the year ended December 31, 2023, Selling, general and administrative expenses include global information 
systems costs of $10.9 million, $14.2 million and $2.1 million for MC, AEC and Corporate, respectively. Global 
information systems costs were previously included in Corporate expenses.
Year ended December 31, 2022
(in thousands)
MC
AEC
Corporate
Total
Net revenues
$ 
609,461 $ 
425,426 $ 
— $ 
1,034,887 
Cost of goods sold
 
297,176  
347,929  
—  
645,105 
Gross profit
 
312,285  
77,497  
—  
389,782 
Selling, general and administrative expenses
 
91,393  
42,339  
34,981  
168,713 
Technical and research expenses
 
24,588  
15,353  
—  
39,941 
Restructuring expenses, net
 
92  
—  
14  
106 
Operating income/(loss)
$ 
196,212 $ 
19,805 $ 
(34,995) $ 
181,022 
For the year ended December 31, 2022, Selling, general and administrative expenses include global information 
systems costs of $10.0 million, $11.8 million and $1.0 million for MC, AEC and Corporate, respectively. Global 
information systems costs were previously included in Corporate expenses.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
3. Reportable Segments and Geographic Data — (continued)
78

(in thousands)
2024
2023
2022
Net revenues
Machine Clothing
$ 
749,907 $ 
670,768 $ 
609,461 
Albany Engineered Composites
 
480,708  
477,141  
425,426 
Consolidated total
$ 1,230,615 $ 1,147,909 $ 1,034,887 
Gross profit
Machine Clothing
 
346,044  
331,558  
312,285 
Albany Engineered Composites
 
55,732  
92,160  
77,497 
Consolidated total
$ 
401,776 $ 
423,718 $ 
389,782 
Depreciation and amortization
Machine Clothing
 
33,917  
24,616  
19,982 
Albany Engineered Composites
 
54,228  
50,764  
47,578 
Corporate
 
1,149  
1,353  
1,489 
Consolidated total
$ 
89,294 $ 
76,733 $ 
69,049 
Operating income/(loss)
Machine Clothing
 
183,632  
188,429  
196,212 
Albany Engineered Composites
 
(11,603)  
27,351  
19,805 
Corporate
 
(40,670)  
(47,886)  
(34,995) 
Operating income
$ 
131,359 $ 
167,894 $ 
181,022 
Reconciling items:
Interest income
 
(4,064)  
(6,566)  
(3,835) 
Interest expense
 
16,613  
20,167  
17,835 
Pension settlement expense
 
—  
—  
49,128 
Other (income)/expense, net
 
1,721  
(6,163)  
(14,086) 
Income before income taxes
$ 
117,089 $ 
160,456 $ 
131,980 
Years ended December 31,
Interest income, Interest expense, Pension settlement expense, Other income/expense, and Income taxes are not 
allocated to the business segments.
Results for the years ended December 31, 2024 and December 31, 2023 include Heimbach, which was acquired 
August 31, 2023. Heimbach contributed Net revenues of $141.6 million and $51.2 million in 2024 and 2023, 
respectively. Heimbach reduced MC's Operating income by $20.0 million and $6.3 million in 2024 and 2023, 
respectively. Depreciation expense for Heimbach on Property, plant, and equipment, net was $12.4 million and 
$4.0 million in 2024 and 2023, respectively; and amortization expense on Intangibles, net was $1.0 million and 
$0.3 million in 2024 and 2023, respectively.
In the third quarter of 2022, we took actions to settle certain pension plan liabilities in the U.S., leading to charges 
totaling $49.1 million, which were included as Corporate expenses and other.
In the measurement of assets utilized by each reportable segment, we include Inventories, Accounts receivable, net, 
Contract assets, net, Noncurrent receivables, net, Property, plant and equipment, net, Intangibles, net and Goodwill.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
3. Reportable Segments and Geographic Data — (continued)
79

The following table presents assets and capital expenditures by reportable segment:
(in thousands)
2024
2023
2022
Segment assets
Machine Clothing
$ 
600,603 $ 
669,907 $ 
455,390 
Albany Engineered Composites
 
736,306  
800,931  
717,972 
Reconciling items:
Cash
 
115,283  
173,420  
291,776 
Income taxes prepaid, receivable and deferred
 
47,944  
33,984  
23,134 
Prepaid and Other assets
 
148,560  
156,772  
153,983 
Total assets
$ 1,648,696 $ 1,835,014 $ 1,642,255 
Capital expenditures and purchased software
Machine Clothing
$ 
21,270 $ 
25,917 $ 
20,901 
Albany Engineered Composites
 
58,121  
57,404  
74,845 
Corporate expenses
 
1,816  
1,108  
602 
Total capital expenditures and purchased software
$ 
81,207 $ 
84,429 $ 
96,348 
As of December 31,
The following table shows data by geographic area. Net revenues are based on the location of the operation recording 
the final sale to the customer. Net revenues recorded by our entity in Switzerland are derived from products sold 
throughout Europe and Asia, and are invoiced in various currencies.
(in thousands)
2024
2023
2022
Net revenues
United States
$ 
650,532 $ 
649,500 $ 
586,779 
Switzerland
 
109,751  
115,207  
119,069 
Germany
 
86,991  
32,239  
4,461 
France
 
81,141  
77,573  
76,826 
China
 
67,732  
65,135  
63,914 
Brazil
 
66,943  
69,527  
66,175 
Mexico
 
57,928  
58,874  
58,519 
Other countries
 
109,597  
79,854  
59,144 
Total Net revenues
$ 1,230,615 $ 1,147,909 $ 1,034,887 
Property, plant and equipment, net
United States
$ 
299,370 $ 
303,578 $ 
278,500 
China
 
52,063  
57,070  
33,432 
Germany
 
46,033  
52,934  
9,562 
Mexico
 
38,762  
46,759  
42,320 
France
 
30,935  
31,069  
31,382 
United Kingdom
 
16,651  
18,306  
9,699 
Canada
 
14,313  
15,318  
14,264 
Spain
 
12,154  
14,804  
— 
Other countries
 
53,150  
62,151  
26,499 
Total Property, plant and equipment, net
$ 
563,431 $ 
601,989 $ 
445,658 
Years ended December 31,
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
3. Reportable Segments and Geographic Data — (continued)
80

4. Pension, Postretirement, and Other Benefit Plans
Voluntary Savings Plan
The Company maintains a voluntary savings plan covering all employees in the United States. The Plan, known as 
the Prosperity Plus Savings Plan, is a qualified plan under section 401(k) of the U.S. Internal Revenue Code. The 
Company matches, in the form of cash, between 50% and 100% of employee contributions up to a defined maximum. 
The investment of employee contributions to the plan is self-directed. The Company’s cost of the plan amounted to 
$7.8 million in 2024, $7.3 million in 2023, and $6.6 million in 2022.
The plan allows for discretionary matching contributions. The Company uses such discretion to provide profit sharing 
contributions to plan participants. Such contributions are based on Company performance and vary from year to year 
and contributions are generally made in the first quarter following the Company’s fiscal year-end. The Company’s 
profit-sharing plan covers all employees in the United States. After the close of each year, the Board of Directors 
reviews and approves the amount of the profit-sharing contribution. Company contributions to the plan are in the form 
of cash. The expense recorded for this plan was $2.4 million in 2024, $4.9 million in 2023, and $4.6 million in 2022.
Pension and Postretirement Plans
The Company has defined benefit pension and postretirement plans covering certain U.S. and non-U.S. employees. 
The eligibility, benefit formulas, and contribution requirements for plans vary by location.
As of December 31, 2024, U.S. benefit obligations exist through the U.S. Supplemental Executive Retirement Plan 
(“SERP”), a frozen unfunded pension plan, and the U.S. postretirement welfare plan ("PRW"), which provides various 
medical, dental, and life insurance benefits. The U.S. Pension Plus Plan, a qualified defined benefit pension plan was 
terminated in 2021 and settled during 2022, leading to charges totaling $49.1 million.
Outside the U.S., the Company sponsors defined benefit pension plans covering certain employees and certain 
postretirement life insurance benefits to retired employees in Canada. 
Accounting guidance requires the recognition of the funded status of each defined benefit and other postretirement 
benefit plan. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. 
Company pension plan data for U.S. and non-U.S. plans has been combined for both 2024 and 2023, except where 
indicated below.
The Company’s pension and postretirement benefit costs and benefit obligations are based on actuarial valuations 
that are affected by many assumptions, the most significant of which are the assumed discount rate, expected rate of 
return on pension plan assets, and mortality. Each of the assumptions is reviewed and updated annually, as 
appropriate. The assumed rates of return for pension plan assets are determined for each major asset category based 
on historical rates of return for assets in that category and expectations of future rates of return based, in part, on 
simulated future capital market performance. The assumed discount rate is based on yields from a portfolio of 
currently available high-quality fixed-income investments with durations matching the expected future payments, 
based on the demographics of the plan participants and the plan provisions.
Gains and losses arise from changes in the assumptions used to measure the benefit obligations, and experience 
different from what had been assumed, including asset returns different than what had been expected. The Company 
amortizes gains and losses in excess of a “corridor” over the average future service of the plan’s current participants. 
The corridor is defined as 10% of the greater of the plan’s projected benefit obligation or market-related value of plan 
assets. The market-related value of plan assets is also used to determine the expected return on plan assets 
component of net periodic cost. 
To the extent the Company’s unrecognized net losses and unrecognized prior service costs, including the amount 
recognized through accumulated other comprehensive income, are not reduced by future favorable plan experience, 
they will be recognized as a component of the net periodic cost in future years.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
81

The following table sets forth the plan benefit obligations:
(in thousands, except percentages)
Pension plans
Other
postretirement 
benefits
Pension plans
Other 
postretirement 
benefits
Benefit obligation, beginning of year
$ 158,323 
$ 
28,684 
$ 
83,730 
$ 
35,658 
Service cost
 
1,812 
 
46 
 
1,478 
 
60 
Interest cost
 
6,114 
 
1,416 
 
5,151 
 
1,874 
Plan participants' contributions
 
530 
 
— 
 
281 
 
— 
Actuarial (gain)/loss
 
(3,868) 
 
(709) 
 
6,317 
 
(6,131) 
Benefits paid
 
(9,423) 
 
(2,651) 
 
(6,388) 
 
(2,795) 
Acquisitions
 
— 
 
— 
 
64,947 
 
— 
Settlements and curtailments
 
(7,805) 
 
— 
 
— 
 
— 
Plan amendments and other
 
— 
 
— 
 
(1,985) 
 
— 
Foreign currency changes
 
(8,572) 
 
(71) 
 
4,792 
 
18 
Benefit obligation, end of year
$ 137,111 
$ 
26,715 
$ 158,323 
$ 
28,684 
Accumulated benefit obligation
$ 132,198 
$ 
— 
$ 151,001 
$ 
— 
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan
 5.44 %
 5.61 %
 5.15 %
 5.21 %
Discount rate — non-U.S. plans
 4.32 %
 4.70 %
 4.05 %
 4.70 %
Cash balance interest crediting rate - Switzerland 
pension plan
 1.15 %
 — 
 1.30 %
 — 
Compensation increase — U.S. plan
N/A
N/A
N/A
N/A
Compensation increase — non-U.S. plans
 2.68 %
 2.75 %
 2.89 %
 2.75 %
As of December 31, 2024
As of December 31, 2023
During 2024, pension benefit obligations decreased by $21.2 million, related to several factors including benefit 
payments made to participants of the plan, which resulted in a decrease of $9.4 million, and foreign currency 
changes, which resulted in a decrease of $8.6 million, as well as several other offsetting items. Other postretirement 
benefit obligations decreased by $2.0 million in 2024, primarily driven by payments made by the Company to 
participants of the plan. 
During 2023, pension benefit obligations increased by $74.6 million, largely related to the acquisition of Heimbach 
GmbH, which resulted in an increase of $64.9 million, in addition to net actuarial losses, which resulted in an increase 
of $6.3 million. Other postretirement benefit obligations decreased by $7.0 million in 2023, primarily driven by net 
actuarial gains and payments made by the Company to participants of the plan. 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
4. Pension, Postretirement, and Other Benefit Plans — (continued)
82

The following sets forth information about plan assets:
(in thousands)
Pension plans
Other 
postretirement 
benefits
Pension plans
Other 
postretirement 
benefits
Fair value of plan assets, beginning of year
$ 
112,688 $ 
— $ 
74,929 $ 
— 
Actual return on plan assets, net of expenses
 
(408)  
—  
6,285  
— 
Employer contributions
 
8,744  
2,651  
3,629  
2,795 
Plan participants' contributions
 
530  
—  
281  
— 
Benefits paid
 
(9,423)  
(2,651)  
(6,388)  
(2,795) 
Acquisitions
 
—  
—  
30,941  
— 
Settlements
 
(3,811)  
—  
—  
— 
Other
 
—  
—  
(832)  
— 
Foreign currency changes
 
(5,183)  
—  
3,843  
— 
Fair value of plan assets, end of year
$ 
103,137 $ 
— $ 
112,688 $ 
— 
As of December 31, 2024
As of December 31, 2023
The funded status of the plans was as follows:
(in thousands)
Pension plans
Other 
postretirement 
benefits
Pension plans
Other 
postretirement 
benefits
Fair value of plan assets
$ 
103,137 $ 
— $ 
112,688 $ 
— 
Benefit obligation
 
137,111  
26,715  
158,323  
28,684 
Funded status
$ 
(33,974) $ 
(26,715) $ 
(45,635) $ 
(28,684) 
Accrued benefit cost, end of year
$ 
(33,974) $ 
(26,715) $ 
(45,635) $ 
(28,684) 
Amounts recognized in the consolidated balance 
sheets consist of the following:
Noncurrent asset
$ 
16,982 $ 
— $ 
19,296 $ 
— 
Current liability
 
(4,915)  
(2,772)  
(5,500)  
(2,808) 
Noncurrent liability
 
(46,041)  
(23,943)  
(59,431)  
(25,876) 
Net amount recognized
$ 
(33,974) $ 
(26,715) $ 
(45,635) $ 
(28,684) 
Amounts recognized in accumulated other 
comprehensive income consist of:
Net actuarial loss
$ 
19,529 $ 
1,345 $ 
22,512 $ 
1,991 
Prior service cost/(credit)
 
(96)  
(360)  
(132)  
(484) 
Net amount recognized
$ 
19,433 $ 
985 $ 
22,380 $ 
1,507 
As of December 31, 2024
As of December 31, 2023
The composition of the net pension plan funded status as of December 31, 2024 was as follows:
Pension plans with pension assets
$ 
— $ 
16,982 $ 
16,982 
Pension plans without pension assets
 
(3,284)  
(47,672)  
(50,956) 
Total
$ 
(3,284) $ 
(30,690) $ 
(33,974) 
(in thousands)
U.S. plan
Non-U.S. 
plans
Total
The underfunded balance in the U.S. relates to the Supplemental Executive Retirement Plan.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
4. Pension, Postretirement, and Other Benefit Plans — (continued)
83

The composition of the net periodic benefit plan cost for the years ended December 31, 2024, 2023, and 2022, was 
as follows:
(in thousands, except percentages)
2024
2023
2022
2024
2023
2022
Components of net periodic benefit 
cost:
Service cost
$ 1,812 
$ 1,478 
$ 1,371 
$ 
46 
$ 
60 
$ 
114 
Interest cost
 
6,114 
 
5,151 
 
4,917 
 
1,416 
 
1,874 
 
1,221 
Expected return on assets
 
(5,430) 
 
(4,347) 
 
(5,979) 
 
— 
 
— 
 
— 
Amortization of prior service cost/
(credit)
 
(26) 
 
(32) 
 
(8) 
 
(124) 
 
(4,090) 
 
(4,488) 
Amortization of net actuarial loss
 
647 
 
555 
 
1,377 
 
(34) 
 
828 
 
1,883 
Settlement
 
(33) 
 
— 
 49,128 
 
— 
 
— 
 
— 
Curtailment (gain)/loss
 
(37) 
 
— 
 
— 
 
— 
 
— 
 
— 
Net periodic benefit cost
$ 3,047 
$ 2,805 
$ 50,806 
$ 1,304 
$ (1,328) 
$ (1,270) 
Weighted average assumptions 
used to determine net cost:
Discount rate — U.S. plan
 5.15 %
 5.49 %
 2.63 %
 5.21 %
 5.55 %
 2.83 %
Discount rate — non-U.S. plans
 4.05 %
 5.15 %
 2.41 %
 4.70 %
 5.20 %
 3.05 %
Cash balance interest crediting 
rate - Switzerland pension plan
 1.30 %
 2.15 %
 0.25 %
 — 
 — 
 — 
Expected return on plan assets — 
U.S. plan
N/A
N/A
 3.07 %
N/A
N/A
N/A
Expected return on plan assets — 
non-U.S. plans
 4.98 %
 5.21 %
 3.31 %
N/A
N/A
N/A
Rate of compensation increase — 
U.S. plan
N/A
N/A
N/A
N/A
N/A
N/A
Rate of compensation increase — 
non-U.S. plans
 2.89 %
 3.08 %
 2.70 %
 2.75 %
 2.75 %
 2.75 %
Pension plans
Other postretirement benefits
Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years 
ended December 31, 2024, 2023, and 2022, was as follows:
(in thousands)
2024
2023
2022
2024
2023
2022
Settlements/curtailments
$ 
70 $ 
— $ 
(49,128) $ 
— $ 
— $ 
— 
Asset/liability loss/(gain)
 
(2,023)  
4,365  
16,828  
(709)  
(6,131)  
(6,658) 
Amortization of actuarial 
(loss)
 
(646)  
(554)  
(1,377)  
34  
(828)  
(1,883) 
Amortization of prior service 
cost/(credit)
 
26  
32  
8  
124  
4,090  
3,884 
Currency impact
 
(748)  
757  
(944)  
28  
(8)  
15 
Cost/(benefit) in Other 
comprehensive income
$ 
(3,321) $ 
4,600 $ 
(34,613) $ 
(523) $ 
(2,877) $ 
(4,642) 
Pension plans
Other postretirement benefits
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
4. Pension, Postretirement, and Other Benefit Plans — (continued)
84

Investment Strategy
Our investment strategy for pension assets differs for the various countries in which we have defined benefit pension 
plans. Some of our defined benefit plans do not require funded trusts and, in those arrangements, the Company funds 
the plans on a “pay as you go” basis. The largest of the funded defined benefit plans are in Canada and the United 
Kingdom.
For the countries in which the Company has funded pension trusts, the investment strategy may also be liability driven 
or, in other cases, to achieve a competitive, total investment return, achieving diversification between and within asset 
classes and managing other risks. Investment objectives for each asset class are determined based on specific risks 
and investment opportunities identified. Actual allocations to each asset class vary from target allocations due to 
periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement 
investment allocation positions, and the timing of benefit payments and contributions.
Fair-Value Measurements
The following tables present plan assets as of December 31, 2024, and 2023, using the fair-value hierarchy, which 
has three levels based on the reliability of inputs used, as described in Note 18, Fair-Value Measurements, of the 
Notes to the Consolidated Financial Statements. Certain investments that are measured at fair value using net asset 
value ("NAV") as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair 
value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts 
presented in the funded status table above. As of December 31, 2024 and 2023, there were no investments expected 
to be sold at a value materially different than NAV.
(in thousands)
Quoted prices 
in active 
markets Level 1
Significant 
other 
observable 
inputs Level 2
Significant 
unobservable 
inputs Level 3
Total
Common Stocks and equity funds
$ 
— $ 
4,241 $ 
— $ 
4,241 
Debt securities
 
—  
49,940  
—  
49,940 
Insurance contracts
 
—  
—  
3,528  
3,528 
Real Estate
 
—  
—  
3,244  
3,244 
Hedge Funds
 
—  
—  
836  
836 
Cash and short-term investments
 
5,323  
—  
—  
5,323 
Total investments in the fair value hierarchy
$ 
5,323 $ 
54,181 $ 
7,608  
67,112 
Investments at net asset value:
Common Stocks and equity funds
 
13,124 
Fixed income funds
 
22,901 
Limited partnerships
 
— 
Total plan assets
$ 
103,137 
Assets at Fair Value as of  December 31, 2024
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
4. Pension, Postretirement, and Other Benefit Plans — (continued)
85

Assets at Fair Value as of  December 31, 2023
(in thousands)
Quoted prices 
in active 
markets Level 1
Significant 
other 
observable 
inputs Level 2
Significant 
unobservable 
inputs Level 3
Total
Common Stocks and equity funds
$ 
— $ 
4,159 $ 
— $ 
4,159 
Debt securities
 
—  
56,838  
—  
56,838 
Insurance contracts
 
—  
—  
3,478  
3,478 
Real Estate
 
—  
—  
3,451  
3,451 
Hedge Funds
 
—  
—  
668  
668 
Cash and short-term investments
 
5,740  
—  
—  
5,740 
Total investments in the fair value hierarchy
$ 
5,740 $ 
60,997 $ 
7,597  
74,334 
Investments at net asset value:
Common Stocks and equity funds
 
12,608 
Fixed income funds
 
25,746 
Limited partnerships
 
— 
Total plan assets
$ 
112,688 
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2024 and 
2023:
Insurance contracts -
total level 3 assets
$ 
7,597 $ 
— $ 
58 $ 
(47) $ 
— $ 
7,608 
(in thousands)
December 31, 
2023
Net realized 
gains
Net unrealized 
gains
Net purchases, 
issuances
and 
settlements
Net transfers 
(out of) Level 3
December 31, 
2024
(in thousands)
December 31, 
2022
Net realized 
gains
Net unrealized 
gains
Net purchases, 
issuances
and 
settlements
Net transfers 
(out of) Level 3
December 31, 
2023
Insurance contracts -
total level 3 assets
$ 
2,418 $ 
— $ 
18 $ 
5,161 $ 
— $ 
7,597 
None of the Company's U.S. pension plans held assets during 2024 or 2023. The asset allocation for the Company’s 
non-U.S. pension plans for 2024 and 2023, and the target allocation, by asset category, are as follows:
Target
Allocation
Percentage of plan assets 
at plan measurement date
Asset category
2024
2023
Equity securities
 15 %
 15 %
 13 %
Debt securities
 70 %
 70 %
 73 %
Real estate
 3 %
 3 %
 3 %
Other(1)
 12 %
 12 %
 11 %
 100 %
 100 %
 100 %
Non-U.S. Plans
(1)Other includes hedged equity and absolute return strategies, as well as private equity. The Company has 
procedures to closely monitor the performance of these investments and compares asset valuations to 
audited financial statements of the funds.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
4. Pension, Postretirement, and Other Benefit Plans — (continued)
86

The targeted plan asset allocation is based on an analysis of the actuarial liabilities, a review of viable asset classes, 
and an analysis of the expected rate of return, risk, and other investment characteristics of various investment asset 
classes.
At the end of 2024 and 2023, the projected benefit obligation, accumulated benefit obligation, and fair value of plan 
assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan 
assets were as follows:
(in thousands)
2024
2023
Projected benefit obligation
$ 
55,067 $ 
81,972 
Fair value of plan assets
 
4,111  
17,041 
Plans with projected
benefit obligation in
excess of plan assets
Plans with accumulated
benefit obligation in
excess of plan assets
(in thousands)
2024
2023
Accumulated benefit obligation
$ 
52,493 $ 
77,688 
Fair value of plan assets
 
3,509  
17,041 
Information about expected cash flows for the pension and other benefit obligations are as follows:
Expected employer contributions and direct employer payments in the next 
fiscal year
$ 
5,707 $ 
2,772 
Expected benefit payments
 
2025  
10,249  
2,772 
 
2026  
10,244  
2,672 
 
2027  
9,732  
2,573 
 
2028  
9,963  
2,474 
 
2029  
9,855  
2,375 
2030 to 2034 (expected, combined)  
49,316  
10,418 
(in thousands)
Pension 
plans
Other postretirement 
benefits
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
4. Pension, Postretirement, and Other Benefit Plans — (continued)
87

5. Restructuring
At MC, restructuring actions were taken throughout 2024 in order to cease operations at several facilities, including at 
the Company's MC forming fabric manufacturing facility in Chungju, South Korea, at the Company's Heimbach 
engineered fabric manufacturing facility in Rochdale, UK, and at the Company's Heimbach paper machine clothing 
facility in Olten, Switzerland. These actions drove $11.2 million of restructuring charges during 2024, of which 
$9.5 million in Restructuring expenses, net was due to workforce reductions, fixed asset impairments, and related 
costs and $1.7 million in Costs of goods sold was due to the write-off of inventory. We expect to incur additional 
restructuring expenses related to these actions into 2025.
At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in 
Restructuring expenses of $3.6 million in 2024.
Restructuring expenses incurred at MC and AEC during 2023 and 2022 were not significant. 
The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring 
expenses, net” and "Cost of goods sold":
Machine Clothing
$ 
11,165 $ 
8,298 $ 
2,867 
Albany Engineered Composites
 
3,649  
3,649  
— 
Corporate
 
329  
329  
— 
Total restructuring expense
$ 
15,143 $ 
12,276 $ 
2,867 
Year ended December 31, 2024 (in thousands)
Total 
restructuring 
costs 
incurred
Termination 
and other 
costs
Impairment of 
assets
Year ended December 31, 2023 (in thousands)
Total 
restructuring 
costs 
incurred
Termination 
and other  
costs
Impairment of 
assets
Machine Clothing
$ 
282 $ 
282 $ 
— 
Albany Engineered Composites
 
—  
—  
— 
Corporate
 
—  
—  
— 
Total restructuring expense
$ 
282 $ 
282 $ 
— 
Machine Clothing
$ 
92 $ 
92 $ 
— 
Albany Engineered Composites
 
—  
—  
— 
Corporate
 
14  
14  
— 
Total restructuring expense
$ 
106 $ 
106 $ 
— 
Year ended December 31, 2022 (in thousands)
Total 
restructuring 
costs 
incurred
Termination 
and other 
costs
Impairment of 
assets
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
88

The table below presents the changes in restructuring liabilities for 2024 and 2023:
(in thousands)
December 31, 
2023
Restructuring 
charges 
accrued
Payments
Currency 
translation/
other
December 31, 
2024
Total termination and other costs
$ 
— $ 
12,276 $ 
(7,378) $ 
98 $ 
4,996 
As of December 31, 2024, we expect that the total $5.0 million of Accrued liabilities for restructuring will be paid within 
one year.
December 31,
2022
Restructuring 
charges 
accrued
Payments
Currency 
translation/
other
December 31, 
2023
Total termination and other costs
$ 
— $ 
282 $ 
(285) $ 
3 $ 
— 
6. Other (Income)/Expense, net
The components of Other expense/(income), net, are:
(in thousands)
2024
2023
2022
Currency transactions
$ 
(3,900) $ 
(2,916) $ 
(9,996) 
Sale of IP addresses
 
—  
—  
(3,420) 
Derivative instruments losses/(gains)
 
3,459  
(351)  
(509) 
Bank fees and amortization of debt issuance costs
 
232  
180  
313 
Components of net periodic pension and postretirement cost other 
than service
 
2,493  
(61)  
(1,077) 
Other
 
(563)  
(3,015)  
603 
Total other (income)/expense, net
$ 
1,721 $ 
(6,163) $ 
(14,086) 
Years ended December 31,
Other (income)/expense, net included foreign currency related transactions that resulted in gains of $3.9 million  
during 2024 and gains of $2.9 million during 2023. In addition, changes in the fair value of derivative instruments 
included losses of $3.5 million during 2024 and gains of $0.4 million in 2023, driven by currency rate movements, 
most notably the Brazilian Real and Mexican Peso. Net periodic pension and postretirement costs, other than service 
costs, was $2.5 million during 2024 and was a benefit of $0.1 million during 2023. Other (income)/expense, net, also 
included 2024 bank fees, amortization of debt issuance costs, and rental income. During 2022, the Company 
recorded a gain of $3.4 million on the sale of IP addresses that the Company had no future critical need to retain. 
There were no similar gains of this nature during 2023 or 2024. 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
5. Restructuring — (continued)
89

7. Income Taxes
Provision for income taxes consisted of the following:
Years ended December 31,
(in thousands)
2024
2023
2022
Income before income taxes:
U.S.
$ 
26,660 $ 
68,872 $ 
20,422 
Non-U.S.
 
90,429  
91,584  
111,558 
$ 
117,089 $ 
160,456 $ 
131,980 
Income tax expense/(benefit)
Current:
Federal
$ 
2,682 $ 
17,005 $ 
9,781 
State
 
4,724  
2,030  
5,126 
Non-U.S.
 
34,053  
34,110  
28,605 
$ 
41,459 $ 
53,145 $ 
43,512 
Deferred:
Federal
$ 
1,699 $ 
(1,700) $ 
(9,592) 
State
 
(804)  
863  
(1,866) 
Non-U.S.
 
(13,320)  
(3,462)  
3,418 
$ 
(12,425) $ 
(4,299) $ 
(8,040) 
Total income tax expense
$ 
29,034 $ 
48,846 $ 
35,472 
A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:
2024
2023
2022
U.S. federal statutory tax rate
 21.0 %
 21.0 %
 21.0 %
State taxes, net of federal benefit
 2.3 
 1.9 
 2.5 
Non-U.S. local income taxes
 2.3 
 1.4 
 3.8 
U.S. permanent adjustments
 0.6 
 0.8 
 1.4 
Foreign permanent adjustments
 1.0 
 0.7 
 (2.1) 
Foreign rate differential
 2.1 
 2.0 
 3.1 
Net U.S. tax on non-U.S. earnings and foreign withholdings
 2.8 
 5.1 
 3.5 
Provision for/(resolution) of tax audits and contingencies, net
 (1.3) 
 0.3 
 0.3 
U.S. Pension Settlement - Release of Residual Tax Effect
 — 
 — 
 (4.0) 
Change in valuation allowances
 4.4 
 (1.2) 
 (0.6) 
Impact of Mexico net operating loss inflation revaluation
 (2.2) 
 — 
 — 
Establishment of deferred tax asset for Non-U.S. reserves
 (4.3) 
 — 
 — 
Impact of amended tax returns
 (0.8) 
 — 
 (0.1) 
Return to provision
 (2.2) 
 (1.2) 
 (1.1) 
Other adjustments
 (0.9) 
 (0.4) 
 (0.8) 
Effective income tax rate
 24.8 %
 30.4 %
 26.9 %
Years ended December 31,
In 2024, the Company recorded a net tax benefit of $5.0 million for the establishment of a deferred tax asset for 
reserves in a foreign jurisdiction in accordance with newly adopted local law. The Company does not believe it will be 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
90

able to realize the benefit of these deferred tax assets, as such an offsetting valuation allowance was recorded. This 
valuation allowance is included in the change in valuation allowances line above. 
In 2024, the Company also recorded new valuation allowances totaling $6.7 million and released a valuation 
allowance of $6.3 million in a non-U.S. jurisdiction due to positive evidence indicating that a full valuation allowance 
was no longer required. The remaining increase in valuation allowance is due to increases in deferred tax assets in 
entities that already had established valuation allowances. 
In 2022, the Company recorded a net tax benefit of $5.2 million for the release of the residual tax effects that were 
stranded within other comprehensive income related to the U.S. pension settlement. The residual tax effects were 
created as a result of the remeasurement of deferred tax assets and liabilities originally established in other 
comprehensive income in accordance with the Tax Cuts and Jobs Act lowering the U.S. corporate tax rate from 35% 
to 21% as of December 31, 2017. No similar charges were incurred during 2023 or 2024. 
The Company has operations which constitute a taxable presence in 22 countries outside of the United States. The 
Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions 
generally range from 2013-2024. We believe appropriate provisions for all outstanding tax issues have been made for 
all jurisdictions and all open years.
During the periods reported, income outside of the U.S. was heavily concentrated within Brazil (34 tax rate), China (25 
tax rate), and Mexico (30% tax rate). The foreign rate differential of these jurisdictions was partially offset by 
Switzerland (15 tax rate). As a result, the foreign income tax rate differential was primarily attributable to these tax rate 
differences. 
Cash payments for taxes amounted to $47.3 million in 2024, $54.5 million in 2023, and $50.0 million in 2022.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
7. Income Taxes — (continued)
91

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of certain 
assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the 
Company’s deferred tax assets and liabilities are as follows:
(in thousands)
2024
2023
2024
2023
Deferred tax assets:
Accounts receivable, net
$ 
502 $ 
528 $ 
1,138 $ 
1,489 
Inventories
 
2,473  
1,608  
1,636  
1,429 
Incentive compensation
 
1,453  
5,843  
750  
1,162 
Property, plant, equipment and intangibles, net
 
—  
—  
—  
— 
Pension, post retirement benefits - non-current
 
6,440  
6,939  
2,202  
4,899 
Tax loss carryforwards
 
49  
110  
32,963  
29,811 
Tax credit carryforwards
 
3,602  
3,167  
29  
19 
Leases
 
12,192  
8,685  
2,205  
2,463 
Reserves
 
2,639  
877  
7,150  
1,299 
Deferred revenue
 
—  
244  
—  
— 
Other
 
373  
—  
909  
— 
Deferred tax assets before valuation allowance
 
29,723  
28,001  
48,982  
42,571 
Less: valuation allowance
 
(1,826)  
(118)  
(13,670)  
(9,730) 
Total deferred tax assets
$ 
27,897 $ 
27,883 $ 
35,312 $ 
32,841 
Deferred tax liabilities:
Unrepatriated foreign earnings
$ 
4,961 $ 
4,270 $ 
— $ 
— 
Property, plant, equipment and intangibles, net
 
4,626  
8,433  
14,483  
19,000 
Basis difference in partner capital
 
1,420  
1,719  
—  
— 
Basis difference in investment
 
5,081  
4,192  
—  
— 
Derivatives
 
38  
3,009  
125  
109 
Leases
 
11,433  
8,091  
2,053  
2,331 
Deferred revenue
 
380  
—  
4,663  
9,843 
Other
 
—  
117  
—  
249 
Total deferred tax liabilities
 
27,939  
29,831  
21,324  
31,532 
Net deferred tax (liability)/asset
$ 
(42) $ 
(1,948) $ 
13,988 $ 
1,309 
For the year ended December 31
U.S.
Non-U.S.
Deferred income tax assets, net of valuation allowances, are expected to be realized through the reversal of existing 
taxable temporary differences and future taxable income. 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
7. Income Taxes — (continued)
92

As of December 31, 2024, the Company's net operating loss, capital loss and tax credit carryforwards were as follows: 
Jurisdiction
U.S. Federal
 2025 - 2034 
$ 
— $ 
2,797 
U.S. State
 2033 - 2048
 
940  
357 
U.S. State
 Indefinite 
 
—  
448 
Non-U.S.
 2025 - 2040
 
6,192  
— 
Non-U.S.
 Indefinite 
 
133,174  
— 
Balance at end of year
$ 
140,306 $ 
3,602 
(in thousands)
Expiration Period
Net Operating 
and Capital Loss 
Carryforwards
Tax Credit 
Carryforwards
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 $163.0 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 $4.5 
million and U.S. income taxes of $0.7 million which have already been recorded.
The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation to the U.S. 
were approximately $132.9 million, and are intended to remain indefinitely invested in foreign operations.
No additional income taxes have been provided on the indefinitely invested foreign earnings at December 31, 2024. If 
these earnings were distributed, the Company could be subject to income taxes and additional foreign withholding 
taxes. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference 
in these entities is not practical due to the complexities of the hypothetical calculation.
The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If 
recognized, the $3.1 million would impact the effective tax rate as of December 31, 2024 as follows:
Unrecognized tax benefits balance at January 1,
$ 
2,741 $ 
792 $ 
1,459 
Increase in gross amounts of tax positions related to prior years
 
1,102  
2,373  
399 
Decrease in gross amounts of tax positions related to prior years
 
(224)  
—  
(929) 
Increase in gross amounts of tax positions related to current years
 
—  
196  
37 
Decrease due to settlements with tax authorities
 
(460)  
—  
— 
Increase (decrease) due to lapse in statute of limitations
 
116  
(656)  
— 
Currency translation
 
(133)  
36  
(174) 
Unrecognized tax benefits balance at December 31,
$ 
3,142 $ 
2,741 $ 
792 
(in thousands)
2024
2023
2022
Of the $3.1 million total unrecognized tax benefits balance as of December 31, 2024, $1.0 million is related to 
unrecognized tax benefits acquired in the Heimbach acquisition.
The Company recognizes interest and penalties related to unrecognized tax benefits within its global operations as a 
component of income tax expense. The Company recognized $0.4 million, $0.5 million and $0.1 million interest and 
penalties related to the unrecognized tax benefits noted above, for the years 2024, 2023 and 2022, respectively. It is 
reasonably possible that within the next 12 months, unrecognized tax benefits related to international tax matters may 
decrease by up to $2.4 million based on current estimates.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
7. Income Taxes — (continued)
93

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:
(in thousands, except market price and earnings per share)
2024
2023
2022
Net income attributable to the Company
$ 
87,623 $ 
111,120 $ 
95,762 
Weighted average number of shares:
Weighted average number of shares used in calculating basic net 
income per share
 
31,231  
31,171  
31,339 
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards
 
107  
105  
116 
Weighted average number of shares used in calculating diluted net 
income per share
 
31,338  
31,276  
31,455 
Net income per share:
Basic
$ 
2.81 $ 
3.56 $ 
3.06 
Diluted
$ 
2.80 $ 
3.55 $ 
3.04 
Years ended December 31,
Shares outstanding, net of treasury shares, were 31.1 million as of December 31, 2024, 31.2 million as of December 
31, 2023, and 31.1 million as of December 31, 2022.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
94

9. Accumulated Other Comprehensive Income ("AOCI")
The table below presents changes in the components of AOCI from January 1, 2022 to December 31, 2024:
January 1, 2022
$ 
(105,880) $ 
(38,490) $ 
(1,614) $ 
(145,984) 
Other comprehensive income/(loss) before 
reclassifications
 
(40,971)  
—  
18,971  
(22,000) 
Pension/postretirement settlements and curtailments, 
net of tax
 
—  
26,198  
—  
26,198 
Pension/postretirement plan remeasurement, net of 
tax
 
—  
(2,663)  
—  
(2,663) 
Interest expense related to swaps reclassified to the 
Statements of Income, net of tax
 
—  
—  
350  
350 
Pension and postretirement liability adjustments 
reclassified to Statements of Income, net of tax
 
—  
(828)  
—  
(828) 
Net current period other comprehensive income
 
(40,971)  
22,707  
19,321  
1,057 
December 31, 2022
$ 
(146,851) $ 
(15,783) $ 
17,707 $ 
(144,927) 
Other comprehensive income/(loss) before 
reclassifications
 
21,950  
(3,357)  
2,623  
21,216 
Pension settlement expense, net of tax
 
—  
—  
—  
— 
Pension/postretirement plan remeasurement, net of 
tax
 
—  
3,629  
—  
3,629 
Interest expense related to swaps reclassified to the 
Statements of Income, net of tax
 
—  
—  
(11,251)  
(11,251) 
Pension and postretirement liability adjustments 
reclassified to Statements of Income, net of tax
 
—  
(1,835)  
—  
(1,835) 
Net current period other comprehensive income
 
21,950  
(1,563)  
(8,628)  
11,759 
December 31, 2023
$ 
(124,901) $ 
(17,346) $ 
9,079 $ 
(133,168) 
Other comprehensive income/(loss) before 
reclassifications
 
(56,654)  
103  
943  
(55,608) 
Pension/postretirement plan remeasurement, net of 
tax
 
—  
2,605  
—  
2,605 
Interest expense related to swaps reclassified to the 
Statements of Income, net of tax
 
—  
—  
(10,128)  
(10,128) 
Pension and postretirement liability adjustments 
reclassified to Statements of Income, net of tax
 
—  
310  
—  
310 
Net current period other comprehensive income
 
(56,654)  
3,018  
(9,185)  
(62,821) 
December 31, 2024
$ 
(181,555) $ 
(14,328) $ 
(106) $ 
(195,989) 
(in thousands)
Translation 
adjustments
Pension and 
postretirement 
liability 
adjustments
Derivative 
valuation 
adjustment
Total Other 
Comprehensive 
Income
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.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
95

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income 
that were affected for the years ended December 31, 2024, 2023, and 2022.
Pretax Derivative valuation reclassified from Accumulated Other 
Comprehensive Income:
(Income)/Expense related to interest rate swaps included in Income 
before taxes(a)
$ 
(13,547) $ 
(15,062) $ 
468 
Income tax effect
 
3,419  
3,811  
(118) 
Effect on net income due to items reclassified from Accumulated 
Other Comprehensive Income
$ 
(10,128) $ 
(11,251) $ 
350 
Pretax pension and postretirement liabilities reclassified from 
Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments
$ 
— $ 
— $ 
42,657 
Amortization of prior service credit
 
(150)  
(4,122)  
(4,497) 
Amortization of net actuarial loss
 
613  
1,383  
3,260 
Total pretax amount reclassified(b)
 
463  
(2,739)  
41,420 
Income tax effect
 
(153)  
904  
(16,051) 
Effect on net income due to items reclassified from Accumulated 
Other Comprehensive Income
$ 
310 $ 
(1,835) $ 
25,369 
(in thousands)
2024
2023
2022
________________________
(a)Reported as Interest expense, net in our Consolidated Statements of Income, are payments related to the 
interest rate swap agreements and amortization of swap buyouts (see Note 17, Financial Instruments, and 
Note 18, Fair-Value Measurements, of the Notes to the Consolidated Financial Statements).
(b)Reported as Other (income)/expense, net in our Consolidated Statements of Income, the accumulated other 
comprehensive income components are included in the computation of net periodic pension cost (see Note 4, 
Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated Financial Statements).
10. Noncontrolling Interest
Effective October 31, 2013, SAFRAN S.A. ("SAFRAN") acquired a 10 equity interest in a new Albany subsidiary, 
Albany Safran Composites, LLC ("ASC"). Under the terms of the transaction agreements, ASC will be the exclusive 
supplier to SAFRAN of advanced 3D-woven composite parts in accordance with agreed upon scope parameters 
defined between both companies, 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 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 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 by 
Albany and 10 by SAFRAN.
The Company also owns 85 of Arcari, SRL ("Arcari"), a manufacturer of textile and plastic industrial technical products 
and conveyor belts, which is a subsidiary of Heimbach GmbH, the paper machine clothing manufacturer acquired by 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
9. Accumulated Other Comprehensive Income (AOCI) — (continued)
96

the Company on August 31, 2023 and reported within the MC segment. As of December 31, 2024, the net income/
(loss) attributable to Arcari's noncontrolling interest was less than $0.1 million and the noncontrolling interest balance 
was $0.4 million. 
The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity 
in the Company’s subsidiaries:
(in thousands, except percentages)
2024
2023
Net income/(loss) of Albany Safran Composites (ASC)
$ 
4,759 
$ 
6,036 
Less: Return attributable to the Company's preferred holding
 
1,329 
 
1,300 
Net income/(loss) of ASC available for common ownership
$ 
3,430 
$ 
4,736 
Ownership percentage of noncontrolling shareholder
 10 %
 10 %
Net income/(loss) attributable to noncontrolling interest
$ 
343 
$ 
474 
Noncontrolling interest, beginning of year
$ 
5,423 
$ 
4,494 
Net income/(loss) attributable to noncontrolling interest
 
343 
 
474 
Changes in other comprehensive income attributable to noncontrolling interest
 
(783) 
 
455 
ASC noncontrolling interest, end of year
$ 
4,983 
$ 
5,423 
ASC Noncontrolling Interest:
Arcari Noncontrolling Interest:
(in thousands, except percentages)
2024
2023
Noncontrolling interest, beginning of year
$ 
529 $ 
— 
Initial equity related to Noncontrolling interest in Arcari
 
—  
509 
Net income attributable to noncontrolling interest
 
89  
16 
Dividends to noncontrolling interests
 
(166)  
— 
Changes in other comprehensive income attributable to noncontrolling interest
 
(26)  
4 
Arcari noncontrolling interest, end of year
$ 
426 $ 
529 
Total noncontrolling interest, end of year
$ 
5,409 $ 
5,952 
11. Accounts Receivable
As of December 31, 2024 and 2023, Accounts receivable consisted of the following:
Trade and other accounts receivable
$ 
231,136 $ 
272,351 
Bank promissory notes
 
19,637  
20,690 
Allowance for expected credit losses
 
(4,085)  
(5,260) 
Accounts receivable, net
$ 
246,688 $ 
287,781 
(in thousands)
December 31,
2024
December 31,
2023
The Company had Noncurrent receivables in the AEC segment that represented revenue earned, which had extended 
payment terms. In 2023, the payment terms were amended and the Noncurrent receivables are now included in Trade 
and other accounts receivable. As of December 31, 2024 and December 31, 2023, Noncurrent receivables were as 
follows:
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
10. Noncontrolling Interest — (continued)
97

(in thousands)
December 31,
2024
December 31,
2023
Noncurrent receivables
$ 
— 
$ 
4,414 
Allowance for expected credit losses
 
— 
 
(22) 
Noncurrent receivables, net
$ 
— 
$ 
4,392 
Allowances for expected credit losses are recorded at the same time the financial asset is recorded. The Company 
monitors financial assets for credit impairment events to assess whether there has been a significant increase in 
credit risk since initial recognition, and considers both quantitative and qualitative information. The risk of loss due to 
credit default increases when one or more events occur that can have a detrimental impact on estimated future cash 
flows of that financial asset. Evidence that a financial asset is subject to greater credit risk includes observable data 
about significant financial difficulty of the customer, a breach of contract, such as a default or past due event, or it 
becomes probable that the customer will enter bankruptcy or other financial reorganization, among other factors. It 
may not be possible to identify a single discrete event, but rather, the combined effect of several events that may 
cause an increase in risk of loss.
The probability of default is driven by the relative financial health of our customer base and that of the industries in 
which we operate, as well as the broader macro-economic environment. A changing economic environment or 
forecasted economic scenario can lead to a different probability of default and can suggest that credit risk has 
changed.
At each reporting period, the Company will recognize the amount of change in current expected credit losses as an 
allowance gain or loss in Selling, general, and administrative expenses in the Consolidated Statements of Income. 
Financial assets are written-off when the Company has no reasonable expectation of recovering the financial asset, 
either in its entirety, or a portion thereof. This is the case when the Company determines that the customer does not 
have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-
off.
The following tables present the (increases)/decreases in the allowance for credit losses for Accounts receivable:
(in thousands)
December 31,
2023
(Charge)/ 
benefit
Currency
translation
Other
December 31,
2024
Specific customer reserves
$ 
(2,484) $ 
(541) $ 
128 $ 
(37) $ 
(2,934) 
Incremental expected credit losses
 
(2,776)  
157  
76  
1,392  
(1,151) 
Accounts receivable expected credit losses
$ 
(5,260) $ 
(384) $ 
204 $ 1,355 $ 
(4,085) 
(in thousands)
December 31, 
2022
(Charge)/ 
benefit
Currency
translation
Other
December 31, 
2023
Specific customer reserves
$ 
(2,076) $ 
(424) $ 
(74) $ 
90 $ 
(2,484) 
Incremental expected credit losses
 
(1,021)  
(187)  
(40)  (1,528)  
(2,776) 
Accounts receivable expected credit losses
$ 
(3,097) $ 
(611) $ 
(114) $ (1,438) $ 
(5,260) 
The following tables present the (increases)/decreases in the allowance for credit losses for Noncurrent receivables:
(in thousands)
December 31,
2023
(Charge)/ 
benefit
Currency
translation
Other
December 31,
2024
Noncurrent receivables expected credit losses
$ 
(22) $ 
22 $ 
— $ 
— $ 
— 
(in thousands)
December 31, 
2022
(Charge)/ 
benefit
Currency
translation
Other
December 31, 
2023
Noncurrent receivables expected credit losses
$ 
(140) $ 
123 $ 
(5) $ 
— $ 
(22) 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
11. Accounts Receivable— (continued)
98

12. Contract Assets and Liabilities
Contract assets and Contract liabilities (included in Accrued liabilities) are reported in the Consolidated Balance 
Sheets in a net position, on a contract-by-contract basis at the end of each reporting period. Contract assets and 
contract liabilities are summarized as follows:
Contract assets
$ 
167,397 $ 
183,189 
Allowance for expected credit losses
 
(840)  
(908) 
Contract assets, net
$ 
166,557 $ 
182,281 
Contract liabilities
$ 
6,085 $ 
7,127 
(in thousands)
December 31,
2024
December 31,
2023
Contract assets decreased $15.7 million during the year ended December 31, 2024. The decrease was primarily due 
to a decrease in unbilled revenue related to the satisfaction of performance obligations on larger programs in excess 
of the amounts billed, notably for the Sikorsky CH-53K and the F-35 programs. Other than the allowance for expected 
credit losses, there were no other provisions for losses related to our Contract assets during the years ended 
December 31, 2024 and 2023.
The following tables present the (increases)/ decreases in the allowance for credit losses for Contract assets:
(in thousands)
December 31,
2023
(Charge)/ 
benefit
Currency
translation
Other
December 31,
2024
Contract assets expected credit 
losses
$ 
(908) $ 
52 $ 
16 $ 
— $ 
(840) 
(in thousands)
December 31, 
2022
(Charge)/ 
benefit
Currency
translation
Other
December 31, 
2023
Contract assets expected credit 
losses
$ 
(748) $ 
(152) $ 
(8) $ 
— $ 
(908) 
Contract liabilities decreased $1.0 million during the year ended December 31, 2024, primarily due to revenue 
recognition from satisfied performance obligations exceeding the amounts invoiced to customers for contracts that 
were in a contract liability position. Revenue recognized for the years ended December 31, 2024 and 2023 that was 
included in the Contract liability balance at the beginning of the year was $4.3 million and $15.2 million, respectively.
13. Inventories
As of December 31, 2024 and 2023, inventories consisted of the following:
Raw materials
$ 
76,559 $ 
79,611 
Work in process
 
54,917  
67,743 
Finished goods
 
14,369  
22,213 
Total inventories
$ 
145,845 $ 
169,567 
(in thousands)
December 31, 
2024
December 31, 
2023
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
99

14. Property, Plant and Equipment, net
The table below sets forth the components of property, plant and equipment as of December 31, 2024 and 2023:
Land and land improvements
$ 
28,161 $ 
29,654 25 years for improvements
Buildings
 
306,273  
302,086 15 to 40 years
Machinery and equipment
 
1,188,661  
1,207,504 5 to 15 years
Furniture and fixtures
 
11,457  
11,409 5 years
Computer and other equipment
 
25,024  
24,120 3 to 10 years
Software
 
69,932  
69,191 5 to 8 years
Capital expenditures in progress
 
75,262  
90,759 
Property, plant and equipment, gross
 
1,704,770  
1,734,723 
Accumulated depreciation and amortization
 (1,141,339)  (1,132,734) 
Property, plant and equipment, net
$ 
563,431 $ 
601,989 
(in thousands)
2024
2023
Estimated useful life
Depreciation expense was $82.5 million in 2024, $70.4 million in 2023, and $62.5 million in 2022. Software 
amortization is recorded in Selling, general, and administrative expense and was $1.9 million in 2024, $1.9 million in 
2023, and $1.7 million in 2022.
Capital expenditures, including purchased software, were $81.2 million in 2024, $84.4 million in 2023, and $96.3 
million in 2022. Unamortized software cost was $5.4 million, $6.6 million, and $5.9 million in each of the years ended 
December 31, 2024, 2023, and 2022, respectively. Expenditures for maintenance and repairs are charged to income 
as incurred and amounted to $25.4 million in 2024, $22.4 million in 2023, and $20.7 million in 2022.
15. Goodwill and Other Intangible Assets
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. Goodwill and intangible assets with indefinite useful lives are not 
amortized, however, these assets are tested for impairment at least annually at the reporting unit level, using either a 
qualitative or quantitative approach. Impairment is the condition that exists when the carrying amount of a reporting 
unit, including goodwill, exceeds its fair value.
In the second quarter of 2024, management applied the quantitative assessment approach in performing its annual 
evaluation of goodwill and indefinite-lived trademark intangibles for the Company's Machine Clothing reporting unit 
and Engineered Composites reporting unit. As part of the quantitative assessment, management used the income and 
market approach to determine fair value by considering projected cash flows and market multiples for each reporting 
unit. Management performed the quantitative assessments and concluded that each reporting unit’s fair value 
continued to significantly exceed its carrying value. Accordingly, no impairment charges were recorded.
In the third and fourth quarters of 2024, the Company revised its estimates and assumptions used in certain program 
estimates at completion of its AEC reporting unit. As a result of the changes in estimates, we performed a qualitative 
assessment of the AEC reporting unit's goodwill for impairment and concluded that goodwill was not impaired. The 
excess of the fair value of the AEC reporting unit over its carrying value reduced by approximately 20% from previous 
quarters; and fair value continues to exceed the carrying value by more than 25%.
In the fourth quarter of 2024, the Company wrote-off the remaining Finite-lived intangible assets balance at our 
Rochdale, UK location due to restructuring actions being taken to cease operations at the manufacturing facility. This 
decision resulted in a non-cash write-off of intangibles for $0.3 million, which is presented as other changes in the 
table below for intangible assets and goodwill in 2024.
On August 31, 2023, the Company acquired all the outstanding shares of Heimbach. The preliminary fair values of the 
identifiable intangible assets obtained totaled $14.9 million and consisted of the Heimbach trade name and developed 
technology. The fair value of the trade name was $6.0 million and is considered an indefinite-lived asset because of 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
100

Heimbach's rich brand heritage and customer service to the paper machine clothing industry. The fair value of the 
developed technology was $8.9 million and includes intellectual property-related technologies as well as know-how 
developed by Heimbach; and is being amortized over its economic period of benefit, which is 9 years. See Note 24, 
Business Combination, of the Notes to the Consolidated Financial Statements of our 2023 Annual Report on Form 10-
K, for additional information.
We amortize certain patents, trademarks and names, customer contracts, relationships and technology assets that 
have finite-lives. The changes in intangible assets and goodwill from December 31, 2022 to December 31, 2024, were 
as follows:
Finite-lived intangible 
assets:
AEC Trademarks and 
trade names
6-15
$ 
22 $ 
— $ 
(11) $ 
— $ 
11 
AEC Technology
10-15
 
3,426  
—  
(569)  
(177)  
2,680 
AEC Intellectual property
15
 
911  
—  
(83)  
—  
828 
AEC Customer 
relationships
8-15
 
25,485  
—  
(3,480)  
(113)  
21,892 
Heimbach Developed 
technology
9
 
8,732  
(289)  
(953)  
(486)  
7,004 
Total Finite-Lived intangible 
assets, net
$ 
38,576 $ 
(289) $ 
(5,096) $ 
(776) $ 
32,415 
Indefinite-lived intangible 
assets:
Heimbach Trade name
$ 
6,070 $ 
— $ 
— $ 
(358) $ 
5,712 
MC Goodwill
 
66,873  
—  
—  
(2,885)  
63,988 
AEC Goodwill
 
113,308  
—  
—  
(1,035)  
112,273 
Total Indefinite-lived 
intangible assets
$ 
186,251 $ 
— $ 
— $ 
(4,278) $ 
181,973 
(in thousands, except for years)
Amortization 
life in years
Balance at 
December 31, 
2023
Other 
Changes
Amortization
Currency 
Translation
Balance at 
December 31, 
2024
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
15. Goodwill and Other Intangible Assets — (continued)
101

(in thousands, except for years)
Amortization 
life in years
Balance at 
December 31,
2022
Acquisition
Amortization
Currency
Translation
Balance at 
December 31,
2023
Finite-lived intangible 
assets:
AEC Trademarks and trade 
names
6-15
$ 
34 $ 
— $ 
(12) $ 
— $ 
22 
AEC Technology
10-15
 
3,884  
—  
(567)  
109  
3,426 
AEC Intellectual property
15
 
994  
—  
(83)  
—  
911 
AEC Customer 
relationships
8-15
 
28,899  
—  
(3,480)  
66  
25,485 
Heimbach Developed 
technology
9
 
—  
8,918  
(310)  
124  
8,732 
Total Finite-Lived intangible 
assets, net
$ 
33,811 $ 
8,918 $ 
(4,452) $ 
299 $ 
38,576 
Indefinite-lived intangible 
assets:
Heimbach Trade name
$ 
— $ 
5,982 $ 
— $ 
88 $ 
6,070 
MC Goodwill
 
65,441  
—  
—  
1,432  
66,873 
AEC Goodwill
 
112,776  
—  
—  
532  
113,308 
Total Indefinite-lived intangible 
assets
$ 
178,217 $ 
5,982 $ 
— $ 
2,052 $ 
186,251 
As of December 31, 2024, the gross carrying amount and accumulated amortization of Finite-lived intangible assets 
was $86.1 million and $53.7 million, respectively. 
Amortization expense related to Finite-lived intangible assets was reported in the Consolidated Statement of Income 
as follows: $1.1 million in Cost of goods sold and $4.2 million in Selling, general and administrative expenses in 2024; 
$0.4 million in Cost of goods sold and $4.1 million in Selling, general and administrative expenses in 2023; and $0.8 
million in Cost of goods sold and $4.0 million in Selling, general and administrative expenses in 2022. 
Estimated amortization expense of intangibles for the years ending December 31, 2025 through 2029, is as follows:
2025
$ 
5,000 
2026
 
5,000 
2027
 
5,000 
2028
 
4,900 
2029
 
4,900 
Year
Annual 
amortization
(in thousands)
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
15. Goodwill and Other Intangible Assets — (continued)
102

16. Accrued Liabilities
Accrued liabilities as of December 31, 2024 and 2023 consist of the following:
Salaries, wages and benefits
$ 
57,253 $ 
72,373 
Contract liabilities
 
6,085  
7,127 
Returns and allowances
 
9,422  
10,232 
Dividends
 
8,431  
8,111 
Pension and postretirement 
 
8,744  
9,356 
Operating and finance lease liabilities
 
7,607  
7,335 
Other tax
 
7,329  
10,171 
Contract loss reserve
 
10,524  
2,721 
Freight
 
3,256  
1,979 
Professional fees
 
5,539  
3,912 
Restructuring
 
4,996  
— 
Other
 
12,718  
9,671 
Total accrued liabilities
$ 
141,904 $ 
142,988 
(in thousands)
2024
2023
17. Financial Instruments
Debt principally consists of a revolving credit agreement and foreign bank debt assumed in the acquisition of 
Heimbach. The following table represents our outstanding debt as of December 31, 2024 and 2023:
Borrowings under the Amended Credit Agreement(1):
USD borrowings
$ 
225,000 $ 
446,000 
EUR borrowings
 
93,485  
— 
Foreign bank debt
 
46  
10,885 
Total bank debt
 
318,531  
456,885 
Less: Current maturities of long-term debt
 
—  
4,218 
Long-term debt
$ 
318,531 $ 
452,667 
(1) The credit facility matures in August 2028. At the end of the December 31, 2024 and December 31, 2023, the USD 
interest rate in effect was 5.77 and 3.49, respectively, including the effect of interest rate swaps; at the end of 
December 31, 2024, the EURIBOR interest rate was 4.09%, including the effect of interest rate swaps. 
(in thousands, except interest rates)
2024
2023
There are no principal payments on long-term debt until 2028, at which time the balance of $318.5 million is due. 
Cash payments of interest amounted to $14.7 million in 2024, $18.7 million in 2023 and $16.0 million in 2022.
Amended Credit Agreement
On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility 
Agreement, amended on June 28, 2024 (collectively, the “Amended Credit Agreement”), which matures in August of 
2028.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
103

The applicable interest rate for borrowings under the Amended Credit Agreement is based on both Term SOFR and 
EURIBOR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the 
time of a borrowing as follows:
Leverage Ratio
Commitment Fee
ABR Spread
Term Benchmark/ Daily
Simple SOFR Spread
<1.00:1.00
0.275%
0.500%
1.500%
≥ 1.00:1.00 and < 2.00:1.00
0.300%
0.625%
1.625%
≥ 2.00:1.00 and < 3.00:1.00
0.325%
0.750%
1.750%
≥ 3.00:1.00
0.350%
1.000%
2.000%
As of December 31, 2024, the applicable interest rate for borrowings under the Amended Credit Agreement was 
based on one-month term SOFR and one-month EURIBOR, plus the spread, which was 1.500%.
 As of December 31, 2024, there was $318 million of borrowings outstanding under the Amended Credit Agreement 
and we had borrowings available of $482 million, based on our maximum leverage ratio and our consolidated EBITDA 
(as defined in the Amended Credit Agreement).
Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Amended Credit 
Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to 
maintain a minimum interest coverage ratio (as defined in the Amended Credit Agreement) of greater than 3.00 to 
1.00. If our leverage ratio exceeds 3.50 to 1.00, we will be restricted in paying dividends to a maximum amount of 
$40 million in a calendar year.
As of December 31, 2024, our leverage ratio was 0.88 to 1.00 and our interest coverage ratio was 14.90 to 1.00. As of 
December 31, 2024, we were in compliance with all applicable covenants. We anticipate continued compliance in 
each of the next four quarters while continuing to monitor future compliance based on current and future economic 
conditions.
The borrowings are guaranteed by certain of the Company’s subsidiaries as defined in the Amended Credit 
Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the 
absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit 
Agreement). Indebtedness under the Amended Credit Agreement is ranked equally in right of payment to all 
unsecured senior debt.
In November, 2024, we entered into two interest rate swap agreements:  A USD interest rate swap agreement and a 
EUR interest rate swap agreement. The USD interest rate swap agreement covers the period November 15, 2024 
through November 15, 2026. This transaction has the effect of fixing the SOFR portion of the interest rate (before the 
credit spread) on $125 million of the US indebtedness drawn under the Amended Credit Facility. Under the terms of 
this transaction, the Company pays a fixed rate of 3.987% and our counterparty pays a floating rate based on the one-
month SOFR rate at each monthly calculation date. The EUR interest rate swap agreement covers the period 
November 14, 2024 through November 15, 2026. This transaction has the effect of fixing the EURIBOR portion of the 
interest rate (before the credit spread) on EUR 45 million of the EUR indebtedness drawn under the Amended Credit 
Facility. Under the terms of this transaction, the Company pays a fixed rate of 2.277% and our counterparty pays a 
floating rate based on the one-month EURIBOR rate at each monthly calculation date.
On June 14, 2021, we entered into interest rate swap agreements for the period October 17, 2022 through October 
27, 2024. These transactions had 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 Prior Agreement at the rate of 0.838 during the period. 
Under the terms of these transactions, we paid the fixed rate of 0.838 and the counterparties paid a floating rate 
based on the one-month LIBOR rate at each monthly calculation date. On June 29, 2023, the Company amended 
each Swap agreement, in accordance with the practical expedients included in Accounting Standards Codification 
(“ASC”) 848, Reference Rate Reform, to replace the LIBOR Benchmark with a Term SOFR Benchmark. As a result of 
the amendments, we paid a fixed blended rate of 0.768 (plus a credit spread adjustment as defined in the Swap 
Agreements) through October 27, 2024 on $350 million of borrowings under the Amended Credit Agreement and the 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
17. Financial Instruments — (continued)
104

counterparties paid a floating rate based on the one-month term SOFR at each monthly calculation date. These 
agreements terminated in October, 2024.
These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 18, Fair-
Value Measurements, of the Notes to the Consolidated Financial Statements. No cash collateral was received or 
pledged in relation to the swap agreements.
Assumed Foreign Bank Debt
With the August 31, 2023 acquisition of Heimbach, the Company assumed bank debt in the amount of $32.7 million. 
At December 31, 2024, the balance of Heimbach's debt was less than  $0.1 million.
18. 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. The Company uses a three-level fair value hierarchy that prioritizes the inputs 
used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and 
minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that 
are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value 
of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar 
techniques that use significant unobservable inputs.
We had no Level 3 financial assets or liabilities at December 31, 2024, or at December 31, 2023, other than certain 
pension assets (see Note 4, Pension, Postretirement, and Other Benefit Plans, of the Notes to the Consolidated 
Financial Statements).
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:
(in thousands)
Quoted prices 
in active 
markets
(Level 1)
Significant 
other 
observable 
inputs 
(Level 2)
Quoted prices 
in active 
markets
(Level 1)
Significant 
other 
observable 
inputs
(Level 2)
Fair Value
Assets:
Cash equivalents
$ 
11,273 $ 
— 
$ 
27,157 $ 
— 
Foreign currency option contracts
 
— 
 
1,725 
Foreign currency forward contracts
 
— 
 
199 
Other Assets:
Common stock of unaffiliated foreign public 
company (a)
 
631  
— 
 
682  
— 
Interest rate swaps
 
—  
149 
 
—  
12,214 
Liabilities:
Other Non-Current Liabilities
Interest rate swaps
 
—  
(218) 
 
—  
— 
December 31, 2024
December 31, 2023
(a) Original cost basis $0.5 million
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
17. Financial Instruments — (continued)
105

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 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 interest rate swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity 
section of the Consolidated Balance Sheets. In November, 2024, the Company entered into a USD and EUR interest 
rate swap agreements (see Note 17, Financial Instruments, of the Notes to the Consolidated Financial Statements for 
additional information). As of December 31, 2024, 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/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect 
earnings. Interest (income)/expense related to payments under the active swap agreements totaled $13.4 million in 
2024, $(15.0) million in 2023 and $0.5 million in 2022. 
We operate our business in many regions of the world, and currency rate movements can have a significant effect on 
operating results. From time to time, we enter into 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 
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.
(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:
(in thousands)
2024
2023
2022
Derivatives not designated as hedging
instruments:
Foreign currency hedging (gains)/losses
$ 
3,459 $ 
(351) $ 
(509) 
19. Other Noncurrent Liabilities
As of December 31, 2024 and 2023, Other noncurrent liabilities consisted of the following:
Operating leases
$ 
61,062 $ 
50,637 
Postretirement benefits other than pensions
 
23,943  
25,876 
Pension liabilities
 
46,041  
59,431 
Incentive and deferred compensation
 
1,908  
1,957 
Other
 
5,876  
1,484 
Total other noncurrent liabilities
$ 
138,830 $ 
139,385 
(in thousands)
2024
2023
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
18. Fair-Value Measurements — (continued)
106

20. Leases
We are generally the lessee in our lease transactions. Lessees are required to recognize a lease liability and a right of 
use ("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 entered into operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and 
certain equipment. Our leases have remaining lease terms of 2 years to 15 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 2 years.
The components of lease expense were as follows:
For the years ended
(in thousands)
December 31, 2024
December 31, 2023
December 31, 2022
Finance lease:
Amortization of right-of-use asset $ 
— $ 
— $ 
416 
Interest on lease liabilities
 
—  
—  
529 
Operating lease:
Fixed lease cost
 
10,776  
9,591  
6,036 
Variable lease cost
 
516  
108  
438 
Short-term lease cost
 
2,170  
2,060  
1,025 
Total lease expense
$ 
13,462 $ 
11,759 $ 
8,444 
Supplemental cash flow information related to leases was as follows:
For the years ended
(in thousands)
December 31, 2024
December 31, 2023
December 31, 2022
Cash paid for amounts included in the 
measurement of lease liabilities:
Operating cash outflows from operating 
leases
$ 
11,204 $ 
10,105 $ 
6,612 
Operating cash outflows from finance leases
 
—  
—  
529 
Financing cash outflows from finance leases
 
—  
—  
654 
Right-of-use assets obtained in exchange for 
lease obligations:
Operating leases
$ 
17,698 $ 
9,114 $ 
38,559 
The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is 
excluded from amounts reported in the Consolidated Statements of Cash Flows.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
107

Supplemental balance sheet information related to leases was as follows:
Operating leases
Right of use assets included in Other assets
$ 
61,671 
$ 
50,825 
Lease liabilities included in
Accrued liabilities
$ 
7,607 
$ 
7,335 
Other noncurrent liabilities
 
61,062 
 
50,637 
Total operating lease liabilities
$ 
68,669 
$ 
57,972 
(in thousands)
December 31, 
2024
December 31, 
2023
Additional information for leases existing at December 31, 2024 and 2023 was as follows:
December 31, 2024
December 31, 2023
Weighted average remaining lease term
Operating leases
13 years
10 years
Weighted average discount rate
Operating leases
 5.8 %
 5.4 %
Maturities of lease liabilities as of December 31, 2024 were as follows:
(in thousands)
Operating leases
Year ending December 31,
2025
$ 
11,351 
2026
 
9,893 
2027
 
8,414 
2028
 
5,847 
2029
 
5,354 
Thereafter
 
57,958 
Total lease payments
 
98,817 
Less imputed interest
 
(30,148) 
Total
$ 
68,669 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
20. Leases — (continued)
108

21. Commitments and 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 3,646 claims as of December 31, 2024.
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:
2022
3,609
43
32
3,598
$125
2023
3,598
19
27
3,606
74
2024
3,606
10
50
3,646
13
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
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 we 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 December 31, 2024 we had resolved, by means 
of settlement or dismissal, 38,051 claims. The total cost of resolving all claims was $10.7 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.
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.
22. Stock-Based Compensation
We have cash-based and stock-based incentive compensation plans that can be awarded for key employees, which 
are designed to reward short and long-term contributions and used as retention incentives for key senior 
management. We grant stock-based awards in the form of restricted stock units that are generally settled with the 
issuance of Class A shares. We grant performance phantom stock units that are treated as liability-based awards and 
are generally settled in cash. The vesting periods generally range between one and five years from the grant date. 
Expenses associated with these awards are recognized over each respective vesting period.
Performance and Retention Awards
The Albany International 2017 and 2023 Long-term Incentive Plans provide senior executive members of 
management with incentive compensation based on achieving certain performance or service measures. Awards can 
be settled in cash or shares of Class A Common Stock. If the settlement is in the form of Class A Common Stock, 
participants may elect to receive shares net of applicable income taxes. 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
109

Annual Performance Period Awards 
Annual cash-based incentives were granted to executives as annual performance period ("APP") awards. Cash 
payments of $3.1 million in 2024, $3.9 million in 2023 and $4.5 million in 2022 were made as a result of the 
performance in the preceding year. In addition, due to the vesting of certain compensation costs for executives that 
departed from the Company, additional cash payments were made of $0.6 million in 2024 and $0.9 million in 2023. 
Multi-Year Performance Plan Awards 
Long-term performance incentives were granted to executives as multi-year performance plan ("MPP") awards in 
each of 2022, 2023 and 2024. Each of these awards vests three years after the grant date, and the extent of payout is 
dependent upon the achievement of certain performance metrics during the three-year performance period, as 
defined by the Compensation Committee of the Board of Directors. Settlement of the awards are scheduled to occur 
no later than 90 days after the end of the performance period. If a participant terminates employment prior to the 
award becoming fully vested, the participant forfeits a portion of the MPP award. The grant date share price is 
determined when the awards are approved by the Compensation Committee of the Board of Directors each year and 
that price is used to measure the cost for the share-based portion of an award. MPP awards are generally settled in 
shares. Expense associated with these awards is recognized over the vesting period. In connection with these 
awards, we recognized expense of $1.6 million in 2024, $5.1 million in 2023 and $3.9 million in 2022. The net impact 
to earnings for the respective years was $1.4 million, $4.3 million, and $2.7 million. Based on current estimates of 
achievement of certain performance metrics, we anticipate recognizing $0.9 million of expense in 2025 and 
$0.4 million of expense in 2026. 
Restricted Stock Unit Awards 
Long-term restricted stock unit awards (“RSU”) were granted to executives and vest annually and settle in shares  no 
later than 90 days after the vesting period ends. The grant date share price is the date when the award is approved by 
the Compensation Committee of the Board of Directors and is used to measure the cost of the award. We recognized 
$2.6 million of expense in 2024 associated with these RSU’s, for which the net impact to earnings was $2.3 million. 
Expense recognized for RSU’s was $4.2 million in 2023, which included $1.7 million as a result of executives that 
departed during the year, and $1.5 million in 2022. The net impact to earnings during these respective years was 
$3.5 million and $1.0 million. Based on RSU’s outstanding at December 31, 2024, we expect to record approximately 
$1.4 million of expense in 2025 and $0.9 million of expense in 2026. 
Special Retention Incentives
During 2024 and 2023, RSU awards with performance conditions were issued as special retention incentives to 
certain executives. The expenses for these awards were $2.2 million in 2024 and $0.9 million in 2023, for which the 
net impact to earnings was $1.9 million in 2024 and $0.8 million in 2023. Based on awards outstanding at December 
31, 2024, we expect to record approximately $1.2 million of expense in 2025.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
22. Stock-Based Compensation — (continued)
110

As of December 31, 2024, there were 1,524,080 shares of Company stock authorized for the payment of awards 
under these plans. Information with respect to these plans is presented below:
Shares potentially payable at January 1, 2022
 
107,630 $ 
75.99 $ 
8,179 
Forfeitures
 
— 
Payments
 
(35,897) $ 
84.27 
Shares accrued based on 2022 performance
 
64,208 $ 
86.00 
Shares potentially payable at December 31, 2022
 
135,941 $ 
79.11 $ 
10,754 
Forfeitures
 
(9,035) $ 
92.02 
Payments
 
(112,279) $ 
86.35 
Shares accrued based on 2023 performance
 
124,181 $ 
92.52 
Shares potentially payable at December 31, 2023
 
138,808 $ 
84.41 $ 
11,717 
Forfeitures
 
(14,689) $ 
87.61 
Payments
 
(77,782) $ 
89.44 
Shares accrued based on 2024 performance
 
81,468 $ 
91.80 
Shares potentially payable at December 31, 2024
 
127,805 $ 
85.69 $ 
10,952 
(in thousands, except number of shares and weighted average grant date value 
per share)
Number of 
shares
Weighted 
average grant 
date value 
per share
Year-end 
intrinsic value
Performance Phantom Stock
Long-term cash retention incentives with a performance component were granted to members of management as 
Phantom Stock Plan ("PSP") awards. Awards under this plan vest over a 3 to 5 year period and are paid annually in 
cash based on current market prices of the Company’s stock. Under this program, employees may earn more or less 
than the target award based on the Company’s results in the year of the award. Expense recognized for this plan 
amounted to $5.4 million in 2024, $7.8 million in 2023, and $8.6 million in 2022. The net impact to earnings for the 
respective years was $3.7 million, $5.5 million, and $6.0 million. Based on awards outstanding at December 31, 2024, 
we expect to record approximately $6.9 million of compensation cost from 2025 to 2027. The weighted average period 
for recognition of that cost is approximately 1.5 years.
Non-employee Director stock compensation
The Company’s independent Directors are paid an annual retainer, of which a certain amount is required to be paid in 
shares. The total number of shares paid to each independent Director is determined by the share closing price on the 
day of the Annual Meeting at which the election of Directors occurs. This resulted in compensation expense of 
$1.2 million in 2024, $1.1 million in 2023, and $1.1 million in 2022 in the form of shares. 
23. Shareholders’ Equity
We currently have one class of Common Stock, Class A Common Stock, with a par value of $0.001. Each share is 
entitled to one vote on all matters submitted to shareholders, and will receive dividends as approved by the Board of 
Directors. 
The Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open 
market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. 
The program does not obligate the Company to acquire any particular amount of common stock, and it may be 
suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an 
expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general 
business and market conditions, debt covenant restrictions and other factors, including alternative investment 
opportunities and capital structure. As of December 31, 2024, the Company has repurchased in total 1,490,904 
shares for a total cost of $124.0 million. Of this, 182,901 shares were repurchased in 2024 for $14.5 million, 1,022,717 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
22. Stock-Based Compensation — (continued)
111

shares were purchased in 2022 for $85.1 million, and 285,286 shares were purchased in 2021 for $24.4 million. We 
are currently authorized to repurchase shares up to $76.0 million.
Activity in Shareholders’ equity for 2022, 2023, and 2024 is presented below:  
(in thousands)
Class A
Common Stock
Additional 
paid-in capital
Retained 
earnings
Accumulated 
items of other
comprehensive 
income
Class A
Treasury Stock
Noncontrolling 
Interest
Total Equity
Shares
Amount
Shares
Amount
January 1, 2022
 
40,760 
$ 
41 
$ 
436,996 
$ 
863,057 
$ 
(145,984)  
8,665 
$ (280,143) $ 
3,638 
$ 
877,605 
Net income
 
— 
 
— 
 
— 
 
95,762 
 
— 
 
— 
 
— 
 
746 
 
96,508 
Compensation and 
benefits paid or 
payable in shares
 
24 
 
— 
 
3,727 
 
— 
 
— 
 
— 
 
— 
 
— 
 
3,727 
Options exercised
 
1 
 
— 
 
17 
 
— 
 
— 
 
— 
 
— 
 
— 
 
17 
Shares issued to 
Directors'
 
— 
 
— 
 
800 
 
— 
 
— 
 
(13)  
285 
 
— 
 
1,085 
Purchase of 
Treasury shares (a)
 
— 
 
— 
 
— 
 
— 
 
— 
 
1,023 
 
(85,065)  
— 
 
(85,065) 
Dividends declared 
on Class A Common 
Stock, $0.88 per 
share
 
— 
 
— 
 
— 
 
(27,501)  
— 
 
— 
 
— 
 
— 
 
(27,501) 
Cumulative 
translation 
adjustments
 
— 
 
— 
 
— 
 
— 
 
(40,971)  
— 
 
— 
 
110 
 
(40,861) 
Pension and 
postretirement 
liability adjustments
 
— 
 
— 
 
— 
 
— 
 
(3,491)  
— 
 
— 
 
— 
 
(3,491) 
Settlement of certain 
pension liabilities
 
— 
 
— 
 
— 
 
— 
 
26,198 
 
26,198 
Derivative valuation 
adjustment
 
— 
 
— 
 
— 
 
— 
 
19,321 
 
— 
 
— 
 
— 
 
19,321 
December 31, 2022
 
40,785 
$ 
41 
$ 
441,540 
$ 
931,318 
$ 
(144,927)  
9,675 
$ (364,923) $ 
4,494 
$ 
867,543 
(in thousands)
Class A
Common Stock
Additional 
paid-in capital
Retained 
earnings
Accumulated 
items of other
comprehensive 
income
Class A
Treasury Stock
Noncontrolling 
Interest
Total Equity
Shares
Amount
Shares
Amount
January 1, 2023
 
40,785 
$ 
41 
$ 
441,540 
$ 
931,318 
$ 
(144,927)  
9,675 
$ (364,923) $ 
4,494 
$ 
867,543 
Net income
 
— 
 
— 
 
— 
 
111,120 
 
— 
 
— 
 
— 
 
490 
 
111,610 
Compensation and 
benefits paid or 
payable in shares
 
71 
 
— 
 
5,851 
 
— 
 
— 
 
— 
 
— 
 
— 
 
5,851 
Shares issued to 
Directors'
 
— 
 
— 
 
827 
 
— 
 
— 
 
(13)  
258 
 
— 
 
1,085 
Dividends declared 
on Class A Common 
Stock, $1.01 per 
share
 
— 
 
— 
 
— 
 
(31,496)  
— 
 
— 
 
— 
 
— 
 
(31,496) 
Initial equity related 
to Noncontrolling 
interest in Arcari
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
509 
 
509 
Cumulative 
translation 
adjustments
 
— 
 
— 
 
— 
 
— 
 
21,950 
 
— 
 
— 
 
459 
 
22,409 
Pension and 
postretirement 
liability adjustments
 
— 
 
— 
 
— 
 
— 
 
(1,563)  
— 
 
— 
 
— 
 
(1,563) 
Derivative valuation 
adjustment
 
— 
 
— 
 
— 
 
— 
 
(8,628)  
— 
 
— 
 
— 
 
(8,628) 
December 31, 2023
 
40,856 
$ 
41 
$ 
448,218 
$ 
1,010,942 
$ 
(133,168)  
9,662 
$ (364,665) $ 
5,952 
$ 
967,320 
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
23. Shareholders’ Equity — (continued)
112

(in thousands)
Class A
Common Stock
Additional 
paid-in capital
Retained 
earnings
Accumulated 
items of other
comprehensive 
income
Class A
Treasury Stock
Noncontrolling 
Interest
Total Equity
Shares
Amount
Shares
Amount
January 1, 2024
 
40,856 
$ 
41 
$ 
448,218 
$ 
1,010,942 
$ 
(133,168)  
9,662 
$ (364,665) $ 
5,952 
$ 
967,320 
Net income
 
— 
 
— 
 
— 
 
87,623 
 
— 
 
— 
 
— 
 
432 
 
88,055 
Compensation and 
benefits paid or 
payable in shares
 
51 
 
— 
 
3,812 
 
— 
 
— 
 
— 
 
— 
 
— 
 
3,812 
Shares issued to 
Directors'
 
10 
 
— 
 
903 
 
— 
 
— 
 
— 
 
— 
 
— 
 
903 
Purchase of 
Treasury shares (a)
 
— 
 
— 
 
— 
 
— 
 
— 
 
183 
 
(14,545)  
— 
 
(14,545) 
Dividends declared 
on Class A Common 
Stock, $1.05 per 
share
 
— 
 
— 
 
— 
 
(32,802)  
— 
 
— 
 
— 
 
— 
 
(32,802) 
Dividends paid to 
noncontrolling 
interests
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(166)  
(166) 
Cumulative 
translation 
adjustments
 
— 
 
— 
 
— 
 
— 
 
(56,654)  
— 
 
— 
 
(809)  
(57,463) 
Pension and 
postretirement 
liability adjustments
 
— 
 
— 
 
— 
 
— 
 
3,018 
 
— 
 
— 
 
— 
 
3,018 
Derivative valuation 
adjustment
 
— 
 
— 
 
— 
 
— 
 
(9,185)  
— 
 
— 
 
— 
 
(9,185) 
December 31, 2024
 
40,917 
$ 
41 
$ 
452,933 
$ 
1,065,763 
$ 
(195,989)  
9,845 
$ (379,210) $ 
5,409 
$ 
948,947 
(a) On October 25, 2021, the Company's Board of Directors authorized the Company to repurchase shares of up 
to $200 million through open market purchases, privately negotiated transactions or otherwise, and to 
determine the prices, times and amounts. In 2022, the Company repurchased 1,022,717 shares totaling $85.1 
million and in 2024, the Company repurchased 182,901 shares totaling $14.5 million. 
24. Subsequent Events
On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to 
$250 million (excluding any fees, commissions, taxes or other expenses related to such purchases), which replaces 
the 2021 authorization. The purchases may be made through open market purchases, privately negotiated 
transactions or otherwise. The program does not obligate the Company to acquire any particular amount of common 
stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase 
program does not have an expiration date. The timing and amount of any share repurchases will be based on the 
Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including 
alternative investment opportunities and capital structure.
ALBANY INTERNATIONAL CORP.
Notes to Consolidated Financial Statements
23. Shareholders’ Equity — (continued)
113

Item 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL 
DISCLOSURE
None.
Item 9A. 
CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company, with the participation of its management, including its Chief Executive Officer and Chief Financial 
Officer, has carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) as of December 31, 2024. Such 
disclosure controls and procedures are designed to ensure that information required to be disclosed in reports under 
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the 
Commission's rules and forms, and to ensure that information required to be disclosed under the Exchange Act is 
accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as 
appropriate to allow timely decisions regarding required disclosure.
Based on and as of the date of this evaluation, the Chief Executive Officer and the Chief Financial Officer have 
concluded that the Company’s disclosure controls and procedures were effective as of such date.
Management’s Report on Internal Control over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial 
reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Company’s 
internal control system is a process designed to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external reporting purposes in accordance with accounting 
principles generally accepted in the United States of America and includes those policies and procedures that (1) 
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as 
necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, 
and that receipts and expenditures of the Company are being made only in accordance with authorizations of 
management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely 
detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on 
the financial statements.
Because of its limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may 
deteriorate.
Management, under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer, and 
oversight of the Board of Directors, conducted an assessment of the effectiveness of the Company’s internal control 
over financial reporting as of December 31, 2024 using the criteria set forth by the 2013 Committee of Sponsoring 
Organizations of the Treadway Commission ("COSO") in Internal Control – Integrated Framework.
Based on management’s assessment, we have concluded that our internal control over financial reporting was 
effective at December 31, 2024. Our independent registered accounting firm has issued a report on the effectiveness 
of our internal control over financial reporting which is included under Item 8.
Changes in Internal Control over Financial Reporting
Management of the Company has evaluated the changes in the Company's internal controls over financial reporting 
during 2024. Except for including the Heimbach business in our assessment of the effectiveness of the Company's 
internal controls over financial reporting, there were no changes in our internal control over financial reporting during 
our fourth fiscal quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal 
control over financial reporting.
114

/s/ Gunnar Kleveland
/s/ Robert D. Starr
/s/ John J. Tedone
Gunnar Kleveland
Robert D. Starr
John J. Tedone
President and
Chief Executive Officer
and Director
Executive Vice 
President and Chief 
Financial Officer
Vice President - 
Controller and Chief 
Accounting Officer
(Principal Executive Officer)
(Principal Financial Officer)
(Principal Accounting Officer)
Item 9B. 
OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
During the three months ended December 31, 2024, none of the members of our Board of Directors or Executive 
Officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Albany International 
Corp. securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 
10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.
Board of Director's authorize increase in share buy-back program
On February 21, 2025, the Company's Board of Directors authorized the Company to repurchase shares up to 
$250 million (excluding any fees, commissions, taxes or other expenses related to such purchases), which replaces 
the 2021 authorization. The purchases may be made through open market purchases, privately negotiated 
transactions or otherwise. The program does not obligate the Company to acquire any particular amount of common 
stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase 
program does not have an expiration date. The timing and amount of any share repurchases will be based on the 
Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including 
alternative investment opportunities and capital structure.
115

PART III
The information required by Items 10, 11, 12, 13, and 14 is set forth under the headings below and when applicable is 
incorporated herein by reference to the Company’s 2025 Proxy Statement (“Proxy Statement”) to be filed with the 
SEC within 120 days after December 31, 2024 in connection with the solicitation of proxies for the Company’s 2025 
annual meeting of shareholders.
Item 10. 
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
a)
Directors. The information set out in the section captioned “Election of Directors”, will be filed within the Proxy 
Statement. 
b)
Executive Officers. Information about the officers of the Company is included in Item 1, Business, in Part I of 
this Annual Report on Form 10-K.
c)
Significant Employees. Same as Executive Officers in b) above.
d)
Nature of any family relationship between any director, executive officer, person nominated or chosen to 
become a director or executive officer. The information is included in the section captioned “Certain Business 
Relationships and Related Person Transactions”, filed within in the Proxy Statement.
e)
Business experience, during the past five years, of each director, executive officer, person nominated or 
chosen to become director or executive officer, and significant employees. Information about the Company's 
Executive Officers is included in Item 1, Business, in Part I of this Annual Report on Form 10-K and the 
information about the Company's Directors is included in the section captioned “Election of Directors” in the 
Proxy Statement.
f)
Involvement in certain legal proceedings by any director, person nominated to become a director or executive 
officer. The information, if any, is included in the section captioned “Election of Directors”, filed within the Proxy 
Statement.
g)
Certain promoters and control persons. None.
h)
Audit Committee Financial Expert. The information is included in the section captioned “Corporate Governance 
at Albany International”, filed within the Proxy Statement.
i)
Code of Ethics. The Company has adopted a Code of Ethics that applies to all of its employees, directors, and 
officers, including the Chief Executive Officer, Chief Financial Officer and Vice President- Controller and Chief 
Accounting Officer. A copy of the Code of Ethics is filed as Exhibit 10(p) and is available at the Corporate 
Governance section of the Company’s website (www.albint.com), within the investor materials section. A copy 
of the Code of Ethics may be obtained, without charge, by writing to: Investor Relations Department, Albany 
International Corp., 216 Airport Drive, Rochester, New Hampshire 03867. Any amendment to the Code of 
Ethics will be disclosed by posting the amended Code of Ethics on the Company’s website. Any waiver of any 
provision of the Code of Ethics will be disclosed by the filing of a Form 8-K.
j)
Insider Trading Policy. The Company has adopted an insider trading policy governing the purchase, sale, and/
or other dispositions of its securities by our directors, officers and employees that we believe is reasonably 
designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing 
standards applicable to the Company. A copy of our Insider Trading Policy is filed as Exhibit 19. It is the 
Company’s policy to comply with all applicable securities and state laws (including appropriate approvals by 
the Company’s board of directors or appropriate committee, if required) when engaging in transactions in the 
Company’s securities.
Item 11. 
EXECUTIVE COMPENSATION
The information required by this item is set forth in the sections of the Company’s 2025 Proxy Statement captioned 
“2024 Executive Compensation Earned,” “Summary Compensation Table,” “CEO Pay Ratio,” “Grants of Plan-Based 
Awards,” “Outstanding Equity Awards At Fiscal Year-End,” “Option Exercises and Stock Vested,” “Pension Benefits,” 
“Nonqualified Deferred Compensation,” “Director Compensation,” “Compensation Committee Report,” “Compensation 
Discussion and Analysis,” and “Compensation Committee Interlocks and Insider Participation” and is incorporated 
herein by reference.
116

Item 12. 
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED 
STOCKHOLDER MATTERS
The information required by this item is set forth in the section captioned “Share Ownership” in the Company’s 2025 
Proxy Statement and is incorporated herein by reference.
Equity Compensation Plan Information
(a)
(b)
(c)
Equity compensation plans 
approved by security holders
 
— (1)  
—  
1,524,080 (1),(2),(3),(4),(5)
Equity compensation plans not 
approved by security holders
 
— 
 
—  
— 
Total
 
— (1)  
—  
1,524,080 (1),(2),(3),(4),(5)
Plan Category
Number of securities to 
be issued upon
exercise of outstanding 
options, warrants,
and rights
Weighted average 
exercise price of
outstanding options, 
warrants, and rights
Number of securities 
remaining available
for future issuance 
under equity
compensation plans 
(excluding securities
reflected in column (a))
_______________________
(1)
Does not include 30,956, 82,379, and 85,871 shares that have been granted and may be issued pursuant to 
2022, 2023 and 2024, respectively, performance incentive awards granted to certain executive officers pursuant 
to either the 2017 Incentive Plan or the 2023 Incentive Plan. Nor does it include 4,557 shares that will be issued 
pursuant to non-employee director restricted stock units issued pursuant to the 2023 Incentive Plan (see footnote 
5 below). In each case such awards are not “exercisable,” but will be paid out to the recipients in accordance 
with their terms, subject to certain conditions. The ultimate number of shares actually issued pursuant to such 
awards may be higher or lower depending upon, among other things, forfeitures, cancellation, or, in the particular 
case of performance share unit awards, actual performance as measured against the performance award target 
goals.
(2)
Reflects the number of shares that may be issued pursuant to future awards under the 2023 Incentive Plan. This 
includes the Common Stock that remained available for issuance under the 2017 Incentive Plan but which are 
now issuable under the 2023 Incentive Plan (see footnote 4 below).
(3)
The 2017 Incentive Plan does not permit the Board of Directors to increase the number of shares that may be 
issued under the Plan without shareholder consent. Shares of Common Stock covered by awards granted under 
the 2017 Incentive Plan through 2023 are counted as used to the extent the awards are actually earned and 
settled in shares, including shares withheld to satisfy participant personal income tax requirements. If shares are 
issued subject to conditions that may result in the forfeiture, cancellation, or return of such shares to the 
Company, any shares forfeited, canceled, or returned shall be treated as not issued.
(4)
The 2023 Incentive Plan does not permit the Board of Directors to increase the number of shares that may be 
issued under the Plan without shareholder consent. However, the 2023 Incentive Plan expressly provides that 
any shares remaining available for issuance under the 2017 Incentive Plan would be available for issuance 
under the 2023 Incentive Plan, in addition to the 1,000,000 shares authorized by shareholders with the approval 
of the 2023 Incentive Plan. Shares of Common Stock covered by awards granted under the 2023 Incentive Plan 
are counted as used to the extent the awards are actually earned and settled in shares, including shares 
withheld to satisfy participant personal income tax requirements. If shares are issued subject to conditions that 
may result in the forfeiture, cancellation, or return of such shares to the Company, any shares forfeited, canceled, 
or returned shall be treated as not issued.
(5)
The Company’s independent Directors are paid an annual retainer in the aggregate dollar amount of $220,000 
for service as a member of the Company’s Board of Directors (excluding additional fees for committee 
memberships), of which $135,000 is required to be paid in shares of Class A Common Stock. The total number 
of shares to be paid to each independent Director each year shall be determined by the closing price of a share 
of such stock on the day of the Annual Meeting at which the election of Directors for such year occurs ("the 
Valuation Price"), as such Valuation Price is reported for such day in the Wall Street Journal, rounded down to 
117

the nearest whole number. Independent Directors are expected to hold shares with a value of $660,000 or three 
times the value of the annual retainer. Independent Directors may elect to receive, in stock, all of the retainer 
payable in shares of Common Stock. Beginning in 2024, the shares paid to independent Directors are paid from 
the pool of shares available pursuant to the 2023 Incentive Plan. In addition, beginning in 2024 Directors can 
elect to defer receipt of all or a portion of such shares until a future date, in which case they are granted a non-
employee director restricted stock unit award, awarding restricted stock units in a number equal to the number of 
shares deferred. 
Item 13. 
CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
The information required by this item is set forth in the section captioned "Director Independence" and “Election of 
Directors” in the Company’s 2025 Proxy Statement and is incorporated herein by reference.
Item 14. 
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Our independent registered public accounting firm is KPMG LLP, Albany, NY, Auditor Firm ID: 185.
The information required by this item is included in Item 2, "Ratification of Independent Auditors" in the Company’s 
2025 Proxy Statement and is incorporated herein by reference.
118

PART IV
Item 15. 
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)(1) 
FINANCIAL STATEMENTS
Page Number in Form 10-K
See Item 8 of this Form 10-K setting forth the Report of the Independent Registered Public 
Accounting Firm (PCAOB ID 185) and our Consolidated Financial Statements.
58
(a)(2) 
FINANCIAL STATEMENT SCHEDULES
ALBANY INTERNATIONAL CORP. AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
(Amounts in thousands)
Column A
Column B
Column C
Column D
Column E
Description
Balance at 
beginning of 
period
Charge 
to expense
Other (a)
Balance at end 
of the period
Allowance for doubtful accounts
Year ended December 31:
2024
$ 
6,190 $ 
310 $ 
(1,575) $ 
4,925 
2023
 
3,984  
640  
1,566  
6,190 
2022
 
3,248  
1,408  
(672)  
3,984 
Allowance for sales returns
Year ended December 31:
2024
$ 
10,232 $ 
6,253 $ 
(7,063) $ 
9,422 
2023
 
9,070  
5,499  
(4,337)  
10,232 
2022
 
9,552  
6,130  
(6,612)  
9,070 
Valuation allowance deferred tax assets
Year ended December 31:
2024
$ 
9,848 $ 
6,855 $ 
(1,207) $ 
15,496 
2023
 
9,786  
(1,381)  
1,443  
9,848 
2022
 
10,659  
(839)  
(34)  
9,786 
__________________________
(a) Amounts acquired, sold, written off, or recovered, and the effect of changes in currency translation rates, are 
included in Column D.
119

3 (a)
Amended and Restated Certificate of Incorporation 
of Company
8-K
05/18/23
3.1
Albany International Corp. By Laws, effective as of 
September 20, 2024.
8-K
09/26/24
4.1
Description of the Company's securities registered 
pursuant to Section 12 of the Securities Exchange Act 
of 1934, as amended.
8-K
08/05/21
4 (a)
Article IV of Certificate of Incorporation of Company
8-K
05/18/23
4 (b)
Specimen Stock Certificate for Class A Common Stock
S-1, No. 
33-16254
09/30/87
Credit Agreements
10.1
First Amendment to Amended and Restated Credit 
Agreement, dated as of June 28, 2024, between 
Albany International Corp. and JPMorgan Chase 
Bank, N.A., as Administrative Agent.
10-Q
6/30/24
08/06/24
10(k)(xx)
$800 million Five-Year Revolving Credit Facility 
Agreement among Albany International Corp., the 
other Borrowers named therein, the Lenders Party 
thereto, JPMorgan Chase Bank, N.A., as 
Administrative Agent, dated as of August 16, 2023.
8-K
08/16/23
10(k)(xx)
$700 Million Five-Year Revolving Credit 
Facility Agreement among Albany International Corp., 
the other Borrowers named therein, the Lenders Party 
thereto, JPMorgan Chase Bank, N.A., as 
Administrative Agent, dated as of October 27, 2020
8-K
10/29/20
Restricted Stock Units
10(l)(vi)
2003 Restricted Stock Unit Plan, as amended May 
7, 2008
8-K
05/13/08
10(l)(viii)
2011 Performance Phantom Stock Plan as adopted 
on May 26, 2011
10-Q
6/30/11
08/09/11
10(l)(xi)
Form of Restricted Stock Unit Award for units 
granted on August 28, 2018
8-K
09/04/18
10(l)(xii)
Form of Restricted Stock Unit Award for units 
granted on April 1, 2019
10-Q
3/31/19
05/01/19
10(l)(xiii)
Form of Restricted Stock Unit Award for units 
granted on November 4, 2019
10-K
12/31/19
02/28/20
10(l)(xiv)
Form of 2011 Performance Stock Bonus agreement
10-K
12/31/19
02/28/20
10(l)(xv)
Form of 2021 Restricted Stock Unit Award Agreement
8-K
02/25/21
10(l)(xvi)
Form of 2024 Restricted Stock Unit Award Agreement
8-K
02/29/24
10(l)(xvii)
Form of 2024 Non-Employee Director Restricted Stock 
Unit Award Agreement
8-K
02/29/24
Stock Options
10(m)(i)
1992 Stock Option Plan
8-K
01/18/93
10(m)(vii)
1998 Stock Option Plan, as amended and restated as 
of August 7, 2003
10-Q
9/30/03
11/06/03
Executive Compensation
10(m)(xix)
Form of 2021 Multi-year Performance Bonus 
Agreement
8-K
02/25/21
10(m)(xx)
Form of Special Incentive Award Agreement
8-K
06/14/23
Incorporated by Reference
Exhibit 
Number
Exhibit Description
Filed 
Herewith
Form
Period 
Ending
Filing Date
120

10(m)(xxi)
Form of 2024 Multi-Year Performance Bonus 
Agreement
8-K
02/29/24
10(l)(viii)
Form of Severance Agreement between the 
Company and certain corporate officers or key 
executives
8-K
01/04/16
10(n)(i)
Supplemental Executive Retirement Plan, adopted as 
of January 1, 1994, as amended and restated as 
of January 1, 2008
8-K
01/02/08
10(n)(ii)
2017 Incentive Plan
Def 14A
03/29/17
10(n)(vii)
2023 Long Term Incentive Plan
Def 14A
03/30/23
10(n)(viii)
Form of 2024 Annual Performance Bonus Award 
Agreement
8-K
02/29/24
10(o)(iv)
Directors’ Annual Retainer Plan, as amended 
and restated as of February 23, 2018
Def 14A
03/28/18
10(p)
Code of Ethics
10-K
12/31/03
03/11/04
10(q)
Directors Pension Plan, amendment dated as 
of January 12, 2005
8-K
01/13/05
10(t)
Form of Indemnification Agreement
8-K
04/12/06
10(u)(ix)
Mutual Separation Agreement, dated August 7, 2024, 
between the Company and Gregory Harwell
10-Q
9/30/24
10/30/24
10.2
Amended and restated LLC operating agreement 
by and between Albany Engineered Composites 
and Safran Aerospace Composites, Inc. 10% equity 
interest in ASC for $28 million
10-K
12/31/13
02/26/14
10.3
Employment agreement, dated September 1, 2023, 
between the Company and Gunnar Kleveland
8-K
08/21/23
10.4
Form of Special Incentive Award Agreement
8-K
08/21/23
19
Insider Trading Policy
X
10-K
12/31/24
02/26/25
21
Subsidiaries of Company
X
10-K
12/31/24
02/26/25
23
Consent of Independent Registered Public 
Accounting Firms
X
10-K
12/31/24
02/26/25
24
Powers of Attorney
X
10-K
12/31/24
02/26/25
31(a)
Certification of Gunnar Kleveland required pursuant to 
Rule 13a-14(a) or Rule 15d-14(a)
X
10-K
12/31/24
02/26/25
31(b)
Certification of Robert D. Starr required pursuant 
to Rule 13a-14(a) or Rule 15d-14(a)
X
10-K
12/31/24
02/26/25
32(a)
Certification of Gunnar Kleveland and Robert D. Starr 
required pursuant to Rule 13a-14(b) or Rule 15d-14(b) 
and Section 1350 of Chapter 63 of Title 18 of the 
United States Code
X
10-K
12/31/24
02/26/25
97
Incentive Compensation Recovery Policy
X
10-K
12/31/24
02/26/25
Incorporated by Reference
Exhibit 
Number
Exhibit Description
Filed 
Herewith
Form
Period 
Ending
Filing Date
121

The following information from the Registrant’s Annual Report on Form 10-K for the year ended December 31, 
2024, formatted in Inline XBRL (Extensive Business Reporting Language), filed herewith:
101(i)
Consolidated Statements of Income for the years 
ended December 31, 2024, 2023, and 2022
X
10-K
12/31/24
02/26/25
101(ii)
Consolidated Statements of Comprehensive Income 
for the years ended December 31, 2024, 2023, and 
2022
X
10-K
12/31/24
02/26/25
101(iii)
Consolidated Balance Sheets as of December 31, 
2024 and 2023
X
10-K
12/31/24
02/26/25
101(iv)
Consolidated Statements of Cash Flows for the years 
ended December 31, 2024, 2023, and 2022
X
10-K
12/31/24
02/26/25
101(v)
Notes to Consolidated Financial Statements
X
10-K
12/31/24
02/26/25
101.INS
XBRL Instance Document – the instance document does not appear in the Interactive Data File 
because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover page formatted as Inline XBRL and contained in Exhibit 101
122

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly 
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 26th day of 
February, 2025.
ALBANY INTERNATIONAL CORP.
By
/s/ Robert D. Starr
Robert D. Starr
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
123

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following 
persons on behalf of the Company and in the capacities and on the dates indicated.
*
President and Chief Executive Officer and Director
February 26, 2025
Gunnar Kleveland
(Principal Executive Officer)
/s/ Robert D. Starr
Executive Vice President and Chief Financial Officer
February 26, 2025
Robert D. Starr
(Principal Financial Officer)
*
Vice President - Controller and Chief Accounting Officer
February 26, 2025
John J. Tedone
(Principal Accounting Officer)
*
Chairman of the Board and Director
February 26, 2025
John R. Scannell
*
Director
February 26, 2025
Katharine L. Plourde
*
Director
February 26, 2025
Mark J. Murphy
*
Director
February 26, 2025
Kenneth W. Krueger
*
Director
February 26, 2025
J. Michael McQuade
*
Director
February 26, 2025
Christina M. Alvord
*
Director
February 26, 2025
Russell E. Toney
*
Director
February 26, 2025
Bonnie C. Lind
*By /s/ Robert D. Starr
Robert D. Starr
Attorney-in-fact
Signature
Title
Date
124

CORPORATE INFORMATION
Investor Relations
The Company's Investor Relations Department may be contacted at:
Investor Relations Department
Albany International Corp.
216 Airport Drive
Rochester, NH 03867
Telephone: (603) 330-5850
Fax: (603) 994-3974
E-mail: investor.relations@albint.com
Transfer Agent and Registrar
Computershare
PO box 43078
Providence, RI 02940-3078
Telephone (toll-free): 1-877-277-9931
Web: www.computershare.com/investor
Shareholder Services
As an Albany International shareholder, you are invited to take advantage of our convenient shareholder services.
Computershare maintains the records for our registered shareholders and can help you with a variety of shareholder-
related services at no charge, including:
•
Change of name and/or address
•
Consolidation of accounts
•
Duplicate mailings
•
Dividend reinvestment enrollment
•
Lost stock certificates
•
Transfer of stock to another person
•
Additional administrative services
Access your investor statements online 24 hours a day, 7 days a week at Investor Center. For more information, go to 
www.computershare.com/investor.
Notice of Annual Meeting
We will again hold our Annual Meeting virtually this year. The Annual Meeting of the Company’s shareholders will be 
held virtually on Friday, May 16, 2025 at 9:00 a.m. EDT. Access details for the virtual meeting will be published in the 
Company’s 2025 Proxy filed with the Securities and Exchange Commission.
Equal Employment Opportunity
Albany International, as a matter of policy, does not discriminate against any employee or applicant for employment 
because of race, color, religion, sex, sexual orientation, national origin, age, physical or mental disability, or status as 
a disabled or Vietnam-era veteran. This policy of nondiscrimination is applicable to matters of hiring, upgrading, 
promotions, transfers, layoffs, terminations, rates of pay, selection for training, recruitment, and recruitment 
advertising. The Company maintains affirmative action programs to implement its EEO policy. 
125

Directors and Officers
Directors:
John R. Scannell, Chairman2 
Gunnar Kleveland
Retired – Chief Executive Officer,
President and Chief Executive Officer
Moog, Inc.
Katharine L. Plourde1,3
Kenneth W. Krueger1,3
Former Principal and Analyst,
Former Interim President and Chief Executive Officer
Donaldson, Lufkin & Jenrette, Inc.
Manitowoc Company Inc.
Mark J. Murphy1,3
J. Michael McQuade2,3
Chief Financial Officer,
Director, the Belfer Center for Science and International Affairs
Micron Technology, Inc.
Harvard University Kennedy School of Government
Christina M. Alvord2,3
Russell E. Toney1,2
Former President, Central Division,
President, 
Vulcan Materials Company
Nortek Air Solutions
Bonnie C. Lind1, 2
Former Sr. Vice President, CFO & Treasurer
Neenah Inc.
1 Member, Audit Committee
2 Member, Compensation Committee
3 Member, Governance Committee
Officers:
Gunnar Kleveland
Robert D. Starr
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer
Merle Stein
Christopher Stone
President – Machine Clothing
President – Albany Engineered Composites
Suzanne Purdum
Robert A. Hansen
Chief Human Resources Officer
Senior Vice President and Chief Technology Officer
John J. Tedone
Joseph M. Gaug
Vice President – Controller and Chief Accounting 
Officer
Senior Vice President – General Counsel and Secretary
126

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216 AIRPORT DRIVE,  
ROCHESTER, NH 03867 USA
(603) 330-5850
www.albint.com
investor.relations@albint.com