4 unchanged sentences
Three Months Ended
+Added: June 30, Six Months Ended
+Added: 2026 2025 2026 2025
Net revenues $ 329,482 $ 311,399 $ 640,815 $ 600,173
5 unchanged sentences
Operating income 32,138 22,270 57,511 50,533
−Removed: Interest expense/(income), net 5,467 3,655
+Added: Interest expense, net 6,068 5,150 11,535 8,805
Other expense/(income), net 39 3,534 ( 3,154 ) 4,517
2 unchanged sentences
Net income 17,704 9,332 33,153 26,681
−Removed: Net income/(loss) attributable to the noncontrolling interest 168 ( 6 )
+Added: Net income attributable to the noncontrolling interest 290 149 458 143
Net income attributable to the Company $ 17,414 $ 9,183 $ 32,695 $ 26,538
10 unchanged sentences
Three Months Ended
+Added: June 30, Six Months Ended
+Added: 2026 2025 2026 2025
Net income $ 17,704 $ 9,332 $ 33,153 $ 26,681
14 unchanged sentences
Comprehensive income 20,861 47,191 32,014 78,379
−Removed: Comprehensive income/(loss) attributable to the noncontrolling interest 121 ( 216 )
+Added: Comprehensive income attributable to the noncontrolling interest 386 304 507 88
Comprehensive income attributable to the Company $ 20,475 $ 46,887 $ 31,507 $ 78,291
3 unchanged sentences
(in thousands, except share and per share data)
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Cash and cash equivalents $ 77,349 $ 112,350
46 unchanged sentences
(in thousands)
−Removed: Three Months Ended
+Added: Six Months Ended
Cash flows from operating activities:
4 unchanged sentences
Change in deferred taxes 2,179 ( 2,761 )
−Removed: Impairment of property, plant and equipment 127 473
+Added: Loss/(gain) on disposal of property, plant and equipment 324 ( 66 )
Non-cash interest expense 515 513
2 unchanged sentences
Foreign currency remeasurement loss/(gain) on intercompany loans ( 3,788 ) 7,171
+Added: Gain on sale of assets — ( 1,566 )
Changes in operating assets and liabilities that provided/(used) cash:
13 unchanged sentences
Purchases of property, plant and equipment ( 21,170 ) ( 29,526 )
+Added: Purchased software ( 12 ) ( 1,005 )
+Added: Proceeds received from sale of assets — 3,243
+Added: Proceeds from sale of investment 1,660 —
Net cash used in investing activities ( 19,522 ) ( 27,288 )
5 unchanged sentences
Dividends paid ( 15,867 ) ( 16,693 )
−Removed: Net cash provided by financing activities 13,769 15,091
+Added: Net cash used in financing activities ( 19,200 ) ( 24,508 )
Effect of exchange rate changes on cash and cash equivalents 729 8,369
−Removed: Increase in cash and cash equivalents 10,207 4,071
+Added: Decrease in cash and cash equivalents ( 35,001 ) ( 8,594 )
Cash and cash equivalents at beginning of period 112,350 115,283
Cash and cash equivalents at end of period $ 77,349 $ 106,689
+Added: ALBANY INTERNATIONAL CORP.
+Added: CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
+Added: (in thousands)
Supplemental disclosure of cash flow information:
70 unchanged sentences
Reconciliation of Net Revenues to Operating Income(loss):
−Removed: Three Months Ended March 31, 2026
+Added: Three Months Ended June 30, 2026
(in thousands) MC AEC Corporate Total
6 unchanged sentences
Operating income/(loss) $ 34,705 $ 11,429 $ ( 13,996 ) $ 32,138
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended June 30, 2025
(in thousands) MC AEC Corporate Total
6 unchanged sentences
Operating income/(loss) $ 37,702 $ ( 2,674 ) $ ( 12,758 ) $ 22,270
+Added: Six Months Ended June 30, 2026
+Added: (in thousands) MC AEC Corporate Total
+Added: Net revenues $ 344,662 $ 296,153 $ — $ 640,815
+Added: Cost of goods sold 188,653 244,467 — 433,120
+Added: Gross profit 156,009 51,686 — 207,695
+Added: Selling, general and administrative expenses 66,739 22,901 24,727 114,367
+Added: Technical and research expenses 13,548 8,758 2,373 24,679
+Added: Restructuring expenses, net 9,065 — 2,073 11,138
+Added: Operating income/(loss) $ 66,657 $ 20,027 $ ( 29,173 ) $ 57,511
+Added: Six Months Ended June 30, 2025
+Added: (in thousands) MC AEC Corporate Total
+Added: Net revenues $ 355,623 $ 244,550 $ — $ 600,173
+Added: Cost of goods sold 191,962 214,218 — 406,180
+Added: Gross profit 163,661 30,332 — 193,993
+Added: Selling, general and administrative expenses 68,550 21,903 21,861 112,314
+Added: Technical and research expenses 14,616 7,799 2,033 24,448
+Added: Restructuring expenses, net 4,362 1,688 648 6,698
+Added: Operating income/(loss) $ 76,133 $ ( 1,058 ) $ ( 24,542 ) $ 50,533
Schedule of Depreciation and Amortization Expenses:
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
(in thousands)
+Added: 2026 2025 2026 2025
Depreciation and amortization
3 unchanged sentences
Consolidated depreciation and amortization $ 17,018 $ 21,751 $ 34,147 $ 43,042
−Removed: As a result of the Amelia Earhart Drive facility meeting the held-for-sale accounting criteria, the facility's assets and liabilities were classified as held-for-sale in the consolidated balance sheets as of December 31, 2025 and March 31, 2026.
+Added: As a result of the Amelia Earhart Drive facility meeting the held-for-sale accounting criteria, the facility's assets and liabilities were classified as held-for-sale in the consolidated balance sheets as of December 31, 2025 and June 30, 2026.
Upon classification as held for sale, the Company ceased depreciation and amortization of the related long-lived assets in accordance with applicable accounting guidance.
Reconciliation of Operating Income/(loss) to Income before income taxes:
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
(in thousands)
+Added: 2026 2025 2026 2025
Consolidated Operating income/(loss) $ 32,138 $ 22,270 $ 57,511 $ 50,533
2 unchanged sentences
Interest expense
+Added: 6,761 6,555 13,110 11,848
Other (income)/expense, net 39 3,534 ( 3,154 ) 4,517
2 unchanged sentences
(in thousands)
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Segment assets
8 unchanged sentences
The following table presents capital expenditures by reportable segment:
−Removed: Three months ended March 31,
+Added: Six months ended June 30,
(in thousands)
9 unchanged sentences
The LEAP engine is used on the Airbus A320neo, A321neo, Boeing 737 MAX, and COMAC C919 aircraft.
−Removed: AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM International's LEAP engine) were $ 48.3 million and $ 39.4 million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: The total of Accounts receivable and Contract assets due from SAFRAN amounted to $ 57.1 million and $ 60.8 million as of March 31, 2026 and December 31, 2025, respectively.
+Added: AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM International's LEAP engine) were $ 53.8 million and $ 44.4 million for the three months ended June 30, 2026 and 2025, respectively and $ 102.1 million and $ 83.8 million for the six months ended June 30, 2026 and 2025.
+Added: The total of Accounts receivable and Contract assets due from SAFRAN amounted to $ 53.4 million and $ 60.8 million as of June 30, 2026 and December 31, 2025, respectively.
Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead projections, material costs, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors.
−Removed: The cumulative changes in the estimated profitability of long-term contracts increased revenue by $ 1.2 million and decreased operating income by $ 1.8 million during the first quarter of 2026.
−Removed: The decrease in profitability during the first quarter of 2026 was primarily driven by a few large complex programs, including adjustments of $ 3.1 million for various CH-53K programs, primarily based on changes to future overhead rates over the remainder of the contract.
−Removed: These negative impacts to profitability were offset by positive cumulative adjustments of $ 1.6 million on our F-35 program.
+Added: The cumulative changes in the estimated profitability of long-term contracts decreased revenue by $ 2.7 million during the second quarter of 2026 and $ 1.5 million for the first six months of 2026.
+Added: The cumulative changes in the estimated profitability of long-term contracts increased operating income by $ 0.2 million during the second quarter of 2026 and decreased operating income by $ 1.6 million for the six months ended June 30, 2026.
+Added: The increase in profitability during the second quarter of 2026 was primarily driven by a few large complex programs, including adjustments of $ 0.9 million for various CH-53K programs, primarily based on changes to future overhead rates over the remainder of the contract.
+Added: The decrease in profitability during the six months ended June 30, 2026 was primarily driven by a few large complex programs, including adjustments of $ 2.2 million for various CH-53K programs, primarily based on changes to future overhead rates over the remainder of the contract.
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.
−Removed: The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2026:
−Removed: Three months ended March 31, 2026
+Added: The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended June 30, 2026:
+Added: Three months ended June 30, 2026
(in thousands)
Point in Time Revenue
−Removed: Over Time Revenue
+Added: Recognition Over Time Revenue
+Added: Recognition Total
Machine Clothing $ 177,658 $ 1,052 $ 178,710
5 unchanged sentences
Total revenues $ 181,693 $ 147,789 $ 329,482
−Removed: The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2025:
−Removed: Three months ended March 31, 2025
+Added: The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended June 30, 2025:
+Added: Three months ended June 30, 2025
(in thousands)
10 unchanged sentences
and for PMC, the geographical region to which the paper machine clothing was sold:
−Removed: Three months ended March 31,
+Added: Six months ended June 30, 2026
(in thousands)
+Added: Point in Time Revenue
+Added: Recognition Over Time Revenue
+Added: Recognition Total
+Added: Machine Clothing $ 342,558 $ 2,104 $ 344,662
+Added: Albany Engineered Composites:
+Added: ASC — 99,358 99,358
+Added: Other AEC 7,044 189,751 196,795
+Added: Total Albany Engineered Composites
+Added: $ 7,044 $ 289,109 $ 296,153
+Added: Total revenues $ 349,602 $ 291,213 $ 640,815
+Added: Six months ended June 30, 2025
+Added: (in thousands)
+Added: Point in Time Revenue
+Added: Over Time Revenue
+Added: Machine Clothing $ 353,580 $ 2,043 $ 355,623
+Added: Albany Engineered Composites:
+Added: ASC — 83,766 83,766
+Added: Other AEC 7,137 153,647 160,784
+Added: Total Albany Engineered Composites
+Added: $ 7,137 $ 237,413 $ 244,550
+Added: Total revenues $ 360,717 $ 239,456 $ 600,173
+Added: Three months ended June 30, Six months ended June 30,
+Added: (in thousands)
+Added: 2026 2025 2026 2025
Americas PMC $ 82,735 $ 87,488 $ 158,844 $ 170,334
4 unchanged sentences
Contracts in the MC segment are generally for periods of less than a year and certain contracts in the AEC segment are relatively short duration firm-fixed-price orders.
−Removed: Remaining performance obligations on contracts that had an original duration of greater than one year totaled $ 1.0 billion and $ 1.1 billion as of March 31, 2026 and 2025, respectively, and related primarily to firm fixed price contracts in the AEC segment.
−Removed: Of the remaining performance obligations as of March 31, 2026, we expect to recognize as revenue approximately $ 120.9 million during 2026, $ 182.6 million during 2027, $ 153.4 million during 2028, and the remainder thereafter.
+Added: Remaining performance obligations on contracts that had an original duration of greater than one year totaled $ 977.5 million related primarily to firm fixed price contracts in the AEC segment.
+Added: Of the remaining performance obligations as of June 30, 2026, we expect to recognize as revenue approximately $ 81.7 million during 2026, $ 191.4 million during 2027, $ 153.4 million during 2028, and the remainder thereafter.
Pensions and Other Postretirement Benefit Plans
2 unchanged sentences
The Company accrues the cost of providing these benefits during the active service period of the employees.
−Removed: The composition of the net periodic benefit cost/(income) for the three months ended March 31, 2026 and 2025, was as follows:
−Removed: Pension plans
−Removed: Other postretirement benefits
+Added: The composition of the net periodic benefit cost/(income) for the six months ended June 30, 2026 and 2025, was as follows:
+Added: Pension plans Other postretirement benefits
(in thousands)
11 unchanged sentences
726 609 8 ( 16 )
−Removed: Net periodic benefit cost/(credit)
−Removed: $ 1,416 $ ( 722 ) $ 314 $ 324
+Added: Net periodic benefit cost $ 2,826 $ 245 $ 629 $ 650
The amount of net periodic benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement.
−Removed: There were no material curtailments or settlements during the three months ended March 31, 2026.
−Removed: In the first three months of 2025, we took action to settle certain pension plan liabilities related to an MC pension plan in Switzerland, resulting in a net gain totaling $ 1.6 million.
−Removed: Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period.
+Added: There were no material curtailments or settlements during the six months ended June 30, 2026.
+Added: In the first six months of 2025, we took action
+Added: to settle certain pension plan liabilities related to an MC pension plan in Switzerland, resulting in a net gain totaling $ 1.6 million.
+Added: Service cost for defined benefit pension and postretirement plans is reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period.
Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.
1 unchanged sentence
At MC, restructuring actions were taken in 2026 and 2025 to consolidate production activities across multiple facilities.
−Removed: For the three months ended March 31, 2026, these actions related to workforce reductions, manufacturing expenses related to ceased production and transfers of fixed assets to other locations.
−Removed: For the three months ended March 31, 2025, restructuring charges incurred included $ 3.1 million related to workforce reductions, fixed asset impairments and related costs, as well as charges of $ 0.2 million in cost of goods sold for the write-off of inventory, offset by a $ 1.8 million pension curtailment gain.
−Removed: At AEC, restructuring activities for the three months ended March 31, 2025 were related to reorganizational and workforce reduction costs, which resulted in restructuring expenses of $ 1.2 million.
−Removed: AEC did not incur any restructuring costs for the three months ended March 31, 2026.
−Removed: The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":
−Removed: Three months ended March 31,
+Added: For the three and six months ended June 30, 2026, restructuring expenses were related to transfers of fixed assets to other locations including overseas, workforce reductions, and manufacturing expenses related to ceased production.
+Added: For the three months ended June 30, 2025, these actions were related to workforce reductions of $ 3.0 million.
+Added: For the six months ended June 30, 2025, restructuring charges were related to workforce reductions, fixed asset impairments and related costs and inventory write-off costs of $ 6.1 million offset by a $ 1.8 million pension curtailment gain.
+Added: At AEC, restructuring activities in prior year were related to reorganizational and workforce reduction costs, which resulted in restructuring expenses of $ 0.5 million and $ 1.7 million for the three and six months ended June 30, 2025, respectively.
+Added: AEC did not incur any restructuring costs for the three and six months ended June 30, 2026.
+Added: The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
+Added: Three months ended June 30,
+Added: Six months ended June 30,
(in thousands) 2026 2025 2026 2025
4 unchanged sentences
The following tables summarize charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
−Removed: Three months ended March 31, 2026 Total
+Added: Six months ended June 30, 2026 Total
restructuring
6 unchanged sentences
Total $ 11,138 $ 6,738 $ 4,400
−Removed: Three months ended March 31, 2025 Total
+Added: Six months ended June 30, 2025 Total
restructuring
8 unchanged sentences
(in thousands) December 31, 2025 Restructuring
−Removed: charges accrued Payments and other March 31, 2026
+Added: charges accrued Payments and other June 30, 2026
Total restructuring and other liabilities $ 2,766 $ 11,138 $ ( 12,433 ) $ 1,471
(in thousands) December 31, 2024 Restructuring
−Removed: charges accrued Payments and other March 31, 2025
+Added: charges accrued Payments and other June 30, 2025
Total restructuring and other liabilities $ 4,996 $ 7,991 $ ( 8,441 ) $ 4,546
1 unchanged sentence
The components of Other (income)/expense, net are:
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
(in thousands)
+Added: 2026 2025 2026 2025
Currency transaction losses/(gains)
6 unchanged sentences
In addition, changes in the fair value of derivative instruments included gains driven by currency rate movements, most notably the Brazilian Real and Mexican Peso.
−Removed: The Company's effective income tax rate for the three months ended March 31, 2026 and 2025, is as follows:
−Removed: Three months ended March 31,
+Added: The Company's effective income tax rate for the three and six months ended June 30, 2026 and 2025, is as follows:
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Effective income tax rate 32.0 % 31.3 % 32.5 % 28.3 %
2 unchanged sentences
Our 2026 estimated annual effective tax rate primarily reflects the 21% federal tax rate, the impact of state and local taxation, the impact of taxation upon foreign operations, and forecasted permanent differences.
−Removed: Our actual effective tax rates were 33.1 % and 26.6 % for the three months ended March 31, 2026 and 2025, respectively.
−Removed: The effective rate for the three months ended March 31, 2026 was higher than the effective tax rate for the three months ended March 31, 2025, largely due to the absence of favorable discrete tax items in the current year.
+Added: Our actual effective tax rates were 32.5 % and 28.3 % for the six months ended June 30, 2026 and 2025, respectively.
+Added: The effective rate for the six months ended June 30, 2026 was higher than the effective tax rate for the six months ended June 30, 2025, primarily due to unfavorable discrete tax items recognized in the current year, partially offset by favorable discrete tax items in the current year.
The Company is subject to audit in the U.S.
5 unchanged sentences
The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
(in thousands, except earnings per share) 2026 2025 2026 2025
9 unchanged sentences
Accumulated Other Comprehensive Income ("AOCI")
−Removed: The table below presents changes in the components of AOCI for the period from December 31, 2025 to March 31, 2026:
+Added: The table below presents changes in the components of AOCI for the period from December 31, 2025 to June 30, 2026:
(in thousands)
6 unchanged sentences
( 2,735 ) 380 904 ( 1,451 )
−Removed: Pension settlement/curtailment, net of tax
Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income/(Loss), net of tax — — ( 154 ) ( 154 )
1 unchanged sentence
Net current period other comprehensive income/(loss) ( 2,735 ) 846 750 ( 1,139 )
−Removed: March 31, 2026 $ ( 124,214 ) $ ( 23,327 ) $ ( 293 ) $ ( 147,834 )
−Removed: The table below presents changes in the components of AOCI for the period from December 31, 2024 to March 31, 2025:
+Added: June 30, 2026 $ ( 121,743 ) $ ( 23,065 ) $ 131 $ ( 144,677 )
+Added: The table below presents changes in the components of AOCI for the period from December 31, 2024 to June 30, 2025:
(in thousands) Translation
10 unchanged sentences
Net current period other comprehensive income/(loss) 55,971 ( 3,517 ) ( 757 ) 51,697
−Removed: March 31, 2025 $ ( 164,419 ) $ ( 16,990 ) $ ( 741 ) $ ( 182,150 )
+Added: June 30, 2025 $ ( 125,584 ) $ ( 17,845 ) $ ( 863 ) $ ( 144,292 )
The components of AOCI that are reclassified to the Consolidated Statements of Income/(Loss) relate to our pension and postretirement plans and interest rate swaps.
−Removed: The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income/(Loss) that were affected for the three months ended March 31, 2026, and the Consolidated Statements of Income/(Loss) for the three months ended March 31, 2025:
−Removed: Three months ended March 31,
+Added: The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income/(Loss) that were affected for the three and six months ended June 30, 2026, and the Consolidated Statements of Income/(Loss) for the three and six months ended June 30, 2025:
+Added: Three months ended June 30, Six months ended June 30,
(in thousands)
+Added: 2026 2025 2026 2025
Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income/(Loss):
5 unchanged sentences
Pension settlement/curtailment
+Added: $ — $ ( 3,200 ) $ 0 $ ( 1,600 )
Amortization of prior service credit $ ( 39 ) $ ( 37 ) $ ( 78 ) $ ( 74 )
Amortization of net actuarial loss
+Added: 366 306 734 593
Total pre-tax amount reclassified (b)
+Added: 327 ( 2,931 ) 656 ( 1,081 )
Income tax effect ( 86 ) 763 ( 190 ) 264
10 unchanged sentences
In connection with the sale, the corresponding value of the noncontrolling interest was reduced to zero .
−Removed: The Company did not retain any ownership in Arcari as a result of the sale and accordingly there was no impact on operating results during the first quarter of 2026.
+Added: The Company did not retain any ownership in Arcari as a result of the sale and accordingly there was no impact on operating results during the three and six months ended June 30, 2026.
The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:
−Removed: ASC Noncontrolling Interest Three months ended March 31,
+Added: ASC Noncontrolling Interest Six months ended June 30,
(in thousands, except percentages) 2026 2025
15 unchanged sentences
The notes may be presented for payment at maturity, which is less than one year.
−Removed: As of March 31, 2026 and December 31, 2025, Accounts receivable consisted of the following:
−Removed: (in thousands) March 31, 2026 December 31, 2025
+Added: As of June 30, 2026 and December 31, 2025, Accounts receivable consisted of the following:
+Added: (in thousands) June 30, 2026 December 31, 2025
Trade and other accounts receivable $ 237,576 $ 221,592
8 unchanged sentences
Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period.
−Removed: As of March 31, 2026 and December 31, 2025, Contract assets and Contract liabilities consisted of the following:
−Removed: (in thousands) March 31, 2026 December 31, 2025
+Added: As of June 30, 2026 and December 31, 2025, Contract assets and Contract liabilities consisted of the following:
+Added: (in thousands) June 30, 2026 December 31, 2025
Contract assets $ 77,758 $ 87,573
3 unchanged sentences
Contract liabilities $ 36,585 $ 33,397
−Removed: Contract assets, net decreased $ 6.3 million during the three months ended March 31, 2026, primarily due to a decrease in unbilled revenue related to commercial and defense programs.
−Removed: There were no impairment losses related to our Contract assets during the three months ended March 31, 2026 and March 31, 2025.
−Removed: Contract liabilities increased $ 5.4 million for the period ended March 31, 2026 compared to December 31, 2025, primarily due to amounts invoiced to customers for contracts that were in a contract liability position exceeding the revenue recognition from satisfied performance obligations.
−Removed: Revenue recognized for the three months ended March 31, 2026 and 2025 that was included in the Contract liability balance at the beginning of the year was $ 16.1 million and $ 4.2 million, respectively.
−Removed: As of March 31, 2026 and December 31, 2025, Inventories consisted of the following:
−Removed: (in thousands) March 31, 2026 December 31, 2025
+Added: Contract assets, net decreased $ 9.8 million during the six months ended June 30, 2026, primarily due to a decrease in unbilled revenue related to commercial and defense programs.
+Added: There were no impairment losses related to our Contract assets during the six months ended June 30, 2026 and June 30, 2025.
+Added: Contract liabilities increased $ 3.2 million for the period ended June 30, 2026 compared to December 31, 2025, primarily due to amounts invoiced to customers for contracts that were in a contract liability position exceeding the revenue recognition from satisfied performance obligations.
+Added: Revenue recognized for the six months ended June 30, 2026 and 2025 that was included in the Contract liability balance at the beginning of the year was $ 20.8 million and $ 4.8 million, respectively.
+Added: As of June 30, 2026 and December 31, 2025, Inventories consisted of the following:
+Added: (in thousands) June 30, 2026 December 31, 2025
Raw materials $ 69,844 $ 60,311
5 unchanged sentences
Goodwill and Other Intangible Assets
−Removed: The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of March 31, 2026 and December 31, 2025:
−Removed: March 31, 2026
+Added: The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of June 30, 2026 and December 31, 2025:
+Added: June 30, 2026
(in thousands) Amortization
39 unchanged sentences
$ 190,795 $ ( 21,832 ) $ 168,963
−Removed: The changes in intangible assets, net and goodwill from December 31, 2025 to March 31, 2026, were as follows:
−Removed: (in thousands) December 31, 2025 Other
−Removed: Changes Amortization Currency
−Removed: Translation March 31, 2026
+Added: As of June 30, 2026 and December 31, 2025, $ 13.4 million of finite-lived assets and $ 21.8 million of AEC goodwill related to the Amelia Earhart Drive facility were reclassified to held for sale.
+Added: The changes in intangible assets, net and goodwill from December 31, 2025 to June 30, 2026, were as follows:
+Added: (in thousands) December 31, 2025 Amortization Currency
+Added: Translation June 30, 2026
Finite-lived intangible assets:
15 unchanged sentences
The following table represents the Company's outstanding debt:
−Removed: (in thousands, except interest rates) March 31, 2026 December 31, 2025
+Added: (in thousands, except interest rates) June 30, 2026 December 31, 2025
Borrowings under the Amended Credit Agreement
15 unchanged sentences
0.350 % 1.000 % 2.000 %
−Removed: As of March 31, 2026, 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 1.625 %.
−Removed: As of March 31, 2026, there was $ 476.5 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $ 323.5 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).
−Removed: As of March 31, 2026 and December 31, 2025, the USD interest rate in effect was 5.50 % and 5.56 %, respectively, including the effect of interest rate swaps;
−Removed: at the end of March 31, 2026 and December 31, 2025, the EUR interest rate in effect was 3.73 % and 3.73 %, respectively, including the effect of interest rate swaps.
+Added: As of June 30, 2026, 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 1.625 %.
+Added: As of June 30, 2026, there was $ 450.7 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $ 349.3 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement).
+Added: As of June 30, 2026 and December 31, 2025, the USD interest rate in effect was 5.48 % and 5.56 %, respectively, including the effect of interest rate swaps;
+Added: at the end of June 30, 2026 and December 31, 2025, the EUR interest rate in effect was 3.83 % and 3.73 %, respectively, including the effect of interest rate swaps.
Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition.
1 unchanged sentence
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
−Removed: As of March 31, 2026, our leverage ratio wa s 1.83 to 1.00 and our interest coverage ratio was 7.66 to 1.00.
−Removed: As of March 31, 2026, we were in compliance with all applicable covenants.
+Added: As of June 30, 2026, our leverage ratio wa s 1.71 to 1.00 and our interest coverage ratio was 8.07 to 1.00.
+Added: As of June 30, 2026, 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.
5 unchanged sentences
Such contracts are intended to economically hedge the reference rate component of future interest payments associated with outstanding borrowings under the Company’s Amended Credit Agreement.
+Added: On April 15, 2026, the Company entered into a USD and a EUR forward starting interest rate swap agreement with starting dates of November 15, 2026 and November 14, 2026, respectively.
+Added: These instruments are intended to replace the Company's existing interest rate swap agreements upon their maturity on those same dates and are entered into for the purpose of managing the Company's exposure to variability in cash flows attributable to changes in benchmark interest rates.
+Added: Changes in fair value during the forward period, from the trade date through the respective starting dates, will be recorded in other comprehensive income (loss).
+Added: The USD forward starting interest rate swap agreement has a three-year tenor and matures on November 15, 2029.
+Added: The swap has the effect of fixing the SOFR portion of the interest rate on $ 80 million of USD indebtedness drawn under the Amended Credit Facility.
+Added: Under this interest rate swap agreement, the Company pays a fixed rate of 3.516 % and the counterparty pays a floating rate based on the one-month term SOFR rate, reset monthly.
+Added: The EUR forward starting interest rate swap agreement has a three-year tenor and matures on November 14, 2029.
+Added: The swap has the
+Added: effect of fixing the EURIBOR portion of the interest rate on € 25 million of EUR indebtedness drawn under the Amended Credit Facility.
+Added: Under this agreement, the Company pays a fixed rate of 2.602 % and the counterparty pays a floating rate based on the one-month EURIBOR rate, reset monthly.
In November, 2024, we entered into two interest rate swap agreements:
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This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
−Removed: We had no Level 3 financial assets or liabilities at March 31, 2026 or at December 31, 2025, other than certain pension assets as indicated in our December 31, 2025 Annual Report on Form 10-K.
+Added: We had no Level 3 financial assets or liabilities at June 30, 2026 or at December 31, 2025, other than certain pension assets as indicated in our December 31, 2025 Annual Report on Form 10-K.
Debt is carried at cost, which approximates fair value.
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:
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
+Added: markets Significant
+Added: inputs Quoted
(in thousands)
+Added: (Level 1) (Level 2) (Level 1)
Cash equivalents $ 11,404 $ — $ 10,584 $ —
−Removed: Foreign currency option contracts — — — —
−Removed: Foreign currency forward contracts — — — —
Other Assets:
2 unchanged sentences
Foreign currency option contracts — 340 — —
−Removed: Other noncurrent liabilities:
−Removed: Foreign currency forward contracts — — — —
−Removed: Interest rate swaps — ( 241 ) — —
(a) Original cost basis $ 0.5 million.
4 unchanged sentences
Unrealized gains and losses on the interest rate swaps are recorded as a component of Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets.
−Removed: As of March 31, 2026, these interest rate swaps were determined to be highly effective hedges of interest rate cashflow risk.
+Added: As of June 30, 2026, these interest rate swaps were determined to be highly effective hedges of interest rate cashflow 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.
−Removed: Interest expense/(income) related to payments under the active swap agreements totaled $( 0.1 ) million for the three months ended March 31, 2026 and $( 0.2 ) million for the three months ended March 31, 2025.
+Added: Interest expense/(income) related to payments under the active swap agreements totaled $( 0.3 ) million for the six months ended June 30, 2026 and $( 0.3 ) million for the six months ended June 30, 2025.
We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results.
6 unchanged sentences
(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:
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
(in thousands) 2026 2025 2026 2025
1 unchanged sentence
Foreign currency options (gains)/losses $ ( 91 ) $ ( 735 ) $ ( 1,174 ) $ ( 3,261 )
−Removed: Commitments and Contingencies
+Added: Contingencies
Asbestos Litigation
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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.
−Removed: We were defending 3,682 claims as of March 31, 2026.
+Added: We were defending 3,660 claims as of June 30, 2026.
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:
2 unchanged sentences
Amounts Paid to
−Removed: For the period ended December 31, 2025 3,646 28 59 3,677 $ 173
−Removed: For the period ended March 31, 2026 3,677 8 13 3,682 $ 10
+Added: Twelve months ended December 31, 2025 3,646 28 59 3,677 $ 173
+Added: Six months ended June 30, 2026 3,677 37 20 3,660 $ 40
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.
1 unchanged sentence
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.
−Removed: Our insurance carrier has defended each case and funded settlements under a standard reservation of rights.
−Removed: As of March 31, 2026, we had resolved, by means of settlement or dismissal, 38,087 claims at a total cost of $ 10.9 million.
+Added: Our insurance carrier has defended each
+Added: case and funded settlements under a standard reservation of rights.
+Added: As of June 30, 2026, we had resolved, by means of settlement or dismissal, 38,116 claims at a total cost of $ 10.9 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.
1 unchanged sentence
(“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos.
−Removed: While Brandon was defending against 7,675 claims as of March 31, 2026, only twelve claims have been filed against Brandon since January 1, 2012, and only $ 15,000 in settlement costs have been incurred since 2001.
+Added: While Brandon was defending against 7,675 claims as of June 30, 2026, only twelve claims have been filed against Brandon since January 1, 2012, and only $ 15,000 in settlement costs have been incurred since 2001.
Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999.
10 unchanged sentences
Changes in Shareholders’ Equity
−Removed: The following tables summarize changes in Shareholders’ Equity for the three month period ended March 31, 2026:
+Added: The following tables summarize changes in Shareholders’ Equity for the three and six month periods ended June 30, 2026:
Common Stock Additional paid-in capital Retained
2 unchanged sentences
Shares Amount Shares Amount
+Added: March 31, 2026 41,041 41 460,629 983,704 ( 147,834 ) 12,686 ( 567,139 ) 6,014 735,415
+Added: Net income — — — 17,414 — — — 290 17,704
+Added: Stock issued under incentive compensation plans 1 — — — — — — — —
+Added: Taxes paid in lieu of share issuance — — ( 30 ) — — — — — ( 30 )
+Added: Stock-based compensation — — 2,667 — — — — — 2,667
+Added: Shares issued to Directors 15 — 882 — — — — — 882
+Added: Purchase of Treasury shares — — — — — — — — —
+Added: Share repurchase excise tax adjustment — — — — — — 146 — 146
+Added: Dividends declared on Class A Common Stock, $ 0.28 per share
+Added: — — — ( 7,944 ) — — — — ( 7,944 )
+Added: Dividends paid to noncontrolling interests — — — — — — — — —
+Added: Cumulative translation adjustments — — — 2,471 — — 96 2,567
+Added: Pension and postretirement liability adjustments — — — 262 — — — 262
+Added: Derivative valuation adjustment and other — — — ( 4 ) 424 — — — 420
+Added: June 30, 2026 41,057 41 464,148 993,170 ( 144,677 ) 12,686 ( 566,993 ) 6,400 752,089
+Added: Common Stock Additional paid-in capital Retained
+Added: earnings Accumulated items of other comprehensive income Class A
+Added: Treasury Stock Noncontrolling Interest Total Shareholders' Equity
+Added: Shares Amount Shares Amount
December 31, 2025 40,989 $ 41 $ 460,472 $ 976,373 $ ( 143,538 ) 12,686 $ ( 567,139 ) $ 5,893 $ 732,102
−Removed: Net income/(loss) — — — 15,281 — — — 168 15,449
+Added: Net income — — — 32,695 — — — 458 33,153
Stock issued under incentive compensation plans 53 — — — — — — — —
1 unchanged sentence
Stock-based compensation — — 4,127 — — — — — 4,127
+Added: Shares issued to Directors 15 — 882 — — — — — 882
+Added: Share repurchase excise tax adjustment — — — — — — 146 — 146
Dividends declared on Class A Common Stock, $ 0.56 per share
3 unchanged sentences
Derivative valuation adjustment and other — — — ( 15 ) 750 — — — 735
+Added: June 30, 2026 41,057 $ 41 $ 464,148 $ 993,170 $ ( 144,677 ) 12,686 $ ( 566,993 ) $ 6,400 $ 752,089
+Added: The following tables summarize changes in Shareholders’ Equity for the three month and six month periods ended June 30, 2025:
+Added: Additional paid-in capital
+Added: Accumulated items of other comprehensive income Class A
+Added: Treasury Stock
+Added: Noncontrolling Interest
+Added: Shareholders' Equity
+Added: (in thousands)
March 31, 2025 40,973 $ 41 $ 455,584 $ 1,074,863 $ ( 182,150 ) 10,770 $ ( 448,363 ) $ 5,193 $ 905,168
−Removed: The following table summarizes changes in Shareholders’ Equity for the three month period ended March 31, 2025:
+Added: Net income — — 9,183 — — — 149 9,332
+Added: Compensation and benefits paid or payable in shares — — 243 — — — — — 243
+Added: Shares issued to Directors' 11 — 760 — — — — — 760
+Added: Purchase of Treasury shares (a) — — — — — 746 ( 51,295 ) — ( 51,295 )
+Added: Dividends declared on Class A Common Stock, $ 0.27 per share
+Added: — — — ( 8,024 ) — — — — ( 8,024 )
+Added: Cumulative translation adjustments — — — 38,835 — — 67 38,902
+Added: Pension and postretirement liability adjustments — — — ( 855 ) — — — ( 855 )
+Added: Derivative valuation adjustment and other — — — ( 88 ) ( 122 ) — — 88 ( 122 )
+Added: June 30, 2025 40,984 $ 41 $ 456,587 $ 1,075,934 $ ( 144,292 ) 11,516 $ ( 499,658 ) $ 5,497 $ 894,109
Additional paid-in capital
7 unchanged sentences
Compensation and benefits paid or payable in shares 56 — 2,894 — — — — — 2,894
+Added: Shares issued to Directors 11 — 760 — — — — — 760
Purchase of Treasury shares (a) — — — — — 1,671 ( 120,448 ) — ( 120,448 )
5 unchanged sentences
Derivative valuation adjustment — — — ( 81 ) ( 757 ) — — 88 ( 750 )
−Removed: March 31, 2025 40,973 $ 41 $ 455,584 $ 1,074,863 $ ( 182,150 ) 10,770 $ ( 448,363 ) $ 5,193 $ 905,168
+Added: June 30, 2025 40,984 $ 41 $ 456,587 $ 1,075,934 $ ( 144,292 ) 11,516 $ ( 499,658 ) $ 5,497 $ 894,109
(a) 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.
Held for Sale
−Removed: During the fourth quarter of 2025, we announced that we will commence a strategic review of the Amelia Earhart Drive facility in Salt Lake City.
−Removed: This review is expected to be completed by the end of 2026, and management expects the review to result in a sale of the facility, including the CH-53K contract work.
−Removed: As of December 31, 2025, the Company determined that the Amelia Earhart Drive facility met held-for-sale accounting criteria.
+Added: During the fourth quarter of 2025, we announced plans to commence a strategic review of the Amelia Earhart Drive facility in Salt Lake City.
+Added: This review is progressing according to our planned timeline, and we have received multiple
+Added: indications of interest with regards to a sale of the facility.
+Added: We continue to engage closely with our customers throughout the strategic assessment process.
+Added: This review is expected to be completed by the end of 2026.
+Added: The Company has determined that the Amelia Earhart Drive facility met held-for-sale accounting criteria.
Accordingly, the facility's assets and liabilities were classified as held-for-sale in the consolidated balance sheets for all periods presented.
Upon classification as held for sale, the Company ceased depreciation and amortization of the related long-lived assets in accordance with applicable accounting guidance.
−Removed: The following table presents the assets and liabilities classified as held-for-sale at March 31, 2026 and December 31, 2025:
−Removed: (in thousands) March 31, 2026 December 31, 2025
+Added: The following table presents the assets and liabilities classified as held-for-sale at June 30, 2026 and December 31, 2025:
+Added: (in thousands) June 30, 2026 December 31, 2025
Accounts receivable, net $ 22,567 $ 27,159
16 unchanged sentences
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.