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Noncontrolling Interest
 3 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interests
Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in Albany Safran Composites, LLC ("ASC").
On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. On the date of the acquisition, the fair value of the noncontrolling interest in Arcari was $0.5 million. For the three months ended March 31, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at March 31, 2024 was $0.5 million.
The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries:
ASC Noncontrolling InterestThree months ended March 31,
(in thousands, except percentages)20242023
Net income of Albany Safran Composites (ASC)$1,014 $2,282 
Less: Return attributable to the Company's preferred holding308 308 
Net income of ASC available for common ownership$706 $1,974 
Ownership percentage of noncontrolling shareholder10 %10 %
Net income attributable to the noncontrolling interest$71 $197 
Noncontrolling interest, beginning of year$5,423 $4,494 
Net income attributable to noncontrolling interest71 197 
Changes in other comprehensive income attributable to the noncontrolling interest57 238 
ASC Noncontrolling interest, end of interim period
$5,551 $4,929 
Arcari Noncontrolling interest, end of interim period
$525 $— 
Total Noncontrolling interest, end of interim period$6,076 $4,929