MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
−Removed: We have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights.
−Removed: Our Class A Common Stock is principally traded on the New York Stock Exchange under the symbol AIN.
+Added: We have Class A Common Stock with a par value of $0.001.
+Added: Our Class A Common Stock is principally traded on the New York Stock Exchange under the ticker symbol AIN.
According to Broadridge, as of December 31, 2023, there were over 50,000 beneficial owners of our Class A Common Stock, including employees owning shares through our 401(k) defined contribution plan.
−Removed: Our Class B Common Stock does not trade publicly.
−Removed: As of December 31, 2022, there were no outstanding Class B shares.
−Removed: Dividends are paid equally on shares of each class.
+Added: 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:
10 unchanged sentences
$ 80.84 $ 75.94 $ 77.50 $ 81.62
−Removed: The graph below matches 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 included in the customized peer group which are:
−Removed: Barnes Group Inc, Bwx Technologies Inc, Curtiss-Wright Corp, Enpro Industries Inc, Esco Technologies Inc, Franklin Electric Co Inc, Graco Inc, Heico Corp, Hexcel Corp, Kadant Inc, Kaman Corp, Mercury Systems Inc, Nordson Corp, Spx Technologies Inc, Teledyne Technologies Inc, Trimas Corp, Triumph Group Inc and Woodward Inc.
+Added: 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 nineteen companies included in the customized peer group which are:
+Added: Astronics Corp, Idex Corp, Barnes Group Inc, Enpro Inc, Tredegar Corp, Ducommun Inc, Curtiss-Wright Corp, Watts Water Technologies Inc, Hexcel Corp, Nordson Corp, Glatfelter 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, 2018 and tracks it through December 31, 2023.
4 unchanged sentences
Fiscal year ending December 31.
−Removed: 2017 2018 2019 2020 2021 2022
+Added: December 31, 2018 2019 2020 2021 2022 2023
Albany International Corp.
3 unchanged sentences
The stock price performance included in this graph is not necessarily indicative of future stock price performance.
−Removed: Restrictions on dividends and other distributions are described in Note 17 of the Consolidated Financial Statements, included under Item 8 of this Form 10-K.
−Removed: Disclosures of securities authorized for issuance under equity compensation plans are included under Item 12 of this Form 10-K.
−Removed: Issuer Purchases of Equity Securities during the year ended December 31, 2022
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: The share repurchase program does not have an expiration date.
+Added: 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.
+Added: In total, the Company has repurchased 1,308,003 shares for a total cost of $109.4M, of which 1,022,717 shares were repurchased in 2022 for $85.1 million and 285,286 shares were repurchased in 2021 for $24.3 million.
+Added: The Company made no share repurchases during 2023.
+Added: Issuer Purchases of Equity Securities during the three months ended December 31, 2023
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)
−Removed: January 1 to January 31, 2022 140,879 $ 85.24 140,879 $ 163,722
−Removed: February 1 to February 28, 2022 145,164 86.29 145,164 151,244
−Removed: March 1 to March 31, 2022 228,643 85.51 228,643 131,688
−Removed: April 1 to April 30, 2022 236,091 82.21 236,091 112,418
−Removed: May 1 to May 31, 2022 271,940 80.98 271,940 90,561
−Removed: June 1 to June 30, 2022 — — — 90,561
−Removed: July 1 to July 31, 2022 — — — 90,561
−Removed: August 1 to August 31, 2022 — — — 90,561
−Removed: September 1 to September 30, 2022 — — — 90,561
October 1 to October 31, 2023
2 unchanged sentences
Total — — 90,561
−Removed: 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.
−Removed: 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.
−Removed: The share repurchase program does not have an expiration date.
−Removed: 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.
−Removed: In total the Company has repurchased 1,308,003 shares for a total cost of $109.4M, of which 1,022,717 shares were repurchased in 2022 for $85.1 million and 285,286 shares were repurchased in 2021 for $24.3 million.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following selected historical financial data have been derived from our Consolidated Financial Statements in Item 8.
−Removed: The data should be read in conjunction with those financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7.
−Removed: (in thousands, except per share amounts) 2022 2021 2020 2019 2018
−Removed: Summary of Operations
−Removed: Net sales (3) (4) $ 1,034,887 $ 929,240 $ 900,610 $ 1,054,132 $ 982,479
−Removed: Cost of goods sold (3) (4) (5) 645,105 550,849 529,538 656,431 632,730
−Removed: Restructuring and other (6) 106 1,331 5,736 2,905 15,570
−Removed: Operating income/(loss) (1) (3) (5) 181,022 178,011 166,080 193,576 137,408
−Removed: Interest expense, net 14,000 14,891 13,584 16,921 18,124
−Removed: Income from continuing operations 96,508 118,768 97,243 133,383 83,019
−Removed: Net income attributable to the Company 95,762 118,478 98,589 132,398 82,891
−Removed: Earnings per share attributable to Company Shareholders- Basic 3.06 3.66 3.05 4.10 2.57
−Removed: Earnings per share attributable to Company Shareholders- Diluted 3.04 3.65 3.05 4.10 2.57
−Removed: Dividends declared per share 0.88 0.81 0.77 0.73 0.69
−Removed: Weighted average number of shares outstanding - basic 31,339 32,348 32,329 32,296 32,252
−Removed: Capital expenditures, including software 96,348 53,699 42,390 67,955 82,886
−Removed: Financial position
−Removed: Cash $ 291,776 $ 302,036 $ 241,316 $ 195,540 $ 197,755
−Removed: Property, plant and equipment, net (2) (3) 445,658 436,417 448,554 466,462 462,055
−Removed: Total assets (1) (2) (3) (4) 1,642,255 1,556,064 1,549,936 1,474,368 1,417,992
−Removed: Current liabilities (2) (3) 211,316 208,166 190,863 202,719 189,306
−Removed: Long-term debt (2) 439,000 350,000 398,000 424,009 523,707
−Removed: Total noncurrent liabilities (2) (3) 563,396 470,293 539,208 568,960 620,406
−Removed: Total liabilities (2) (3) (4) 774,712 678,459 730,071 771,679 809,712
−Removed: Total equity (1) (2) (4) 867,543 877,605 819,865 702,689 608,280
−Removed: (1) In 2020, we adopted the provisions of ASC 326, Current Expected Credit Losses (CECL), using the
−Removed: modified retrospective (or cumulative effect) method for transition.
−Removed: Under this transition method, periods prior to 2020 were not restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2020.
−Removed: (2) In 2019, we adopted the provisions of ASC 842, “Leases”, using the modified retrospective (or cumulative
−Removed: effect) method for transition.
−Removed: Under this transition method, periods prior to 2019 have not been restated and
−Removed: the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained
−Removed: earnings at January 1, 2019.
−Removed: (3) In 2019, we acquired the outstanding shares of CirComp GmbH for net cash of $36.3 million, which includes
−Removed: approximately $5.5 million of deferred payments.
−Removed: (4) In 2018, we adopted the provisions of ASC 606, “Revenue from contracts with customers”, using the modified
−Removed: retrospective (or cumulative effect) method for transition.
−Removed: Under this transition method, periods prior to 2018
−Removed: have not been restated and the cumulative effect of initially applying the new standard was recorded as an
−Removed: adjustment to Retained earnings at January 1, 2018.
−Removed: (5) In 2018, we adopted the provisions of ASU 2017-07, “Compensation – Retirement Benefits:
−Removed: improving the
−Removed: presentation of net periodic pension cost and net periodic postretirement benefit cost”.
−Removed: This update resulted in
−Removed: some pension costs being presented on different line items in the Consolidated Statement of Income.
−Removed: required by that update, we have reclassified pension costs for periods prior to 2018.
−Removed: (6) During the period 2018 through 2022, we recorded restructuring charges related to organizational changes
−Removed: and cost reduction initiatives.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.