Albany international corp. (AIN)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES
Net income

133,383

83,019

32,585

52,812

57,265

41,749

17,658

30,977

34,938

37,636

-33,458

Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Depreciation

62,085

68,800

61,517

58,106

52,974

56,575

57,182

56,769

57,502

54,447

60,254

Amortization

8,710

10,236

10,439

9,355

7,140

7,717

6,607

6,466

8,883

8,549

8,572

Gain on early retirement of debt

-

-

-

-

-

-

-

-

-

-

51,959

Settlement of accreted debt discount

-

-

-

-

-

-

-

-

-

-

-11,955

Change in deferred taxes and other liabilities

13,702

8,972

-1,264

5,889

-29,517

1,521

-12,261

-123,887

237

13,125

-20,727

Provision for write-off of property, plant and equipment

3,119

3,707

2,870

2,778

867

1,915

619

427

2,345

4,630

15,541

Fair value adjustment on available-for-sale assets

-

-

-

-

3,212

0

0

-

-

-

-

Provision for impairment of investment

-

-

-

-

-

-

-

-

-

-

2,624

Increase in cash surrender value of life insurance

-

-

-

-

-

-

-

-

-

-

-2,445

Loss/(gain) on disposition of discontinued operations

-

-

-

-

-

-

-

-

-

-

-10,000

Gain on disposition or involuntary conversion of assets

-

-

-

-

1,056

1,126

3,763

92,457

1,022

9,404

815

Stock option expense

-

-

-

-

-

-

-

-

-

-

70

Excess tax benefit of options exercised

-

-

-

-

-

201

1,134

40

93

450

0

Non-cash interest expense

605

459

660

564

0

0

-

1,027

753

753

2,281

Compensation and benefits paid or payable in Class A Common Stock

2,063

2,203

2,133

2,433

1,707

1,384

-766

2,790

2,812

4,896

5,406

Write-off of pension liability adjustment due to settlement/curtailment

450

1,494

-

51

103

8,331

0

118,350

0

0

-

Write-off of intangible assets in a discontinued product line

-

-

4,149

-

0

-

-

-

-

-

-

Changes in operating assets and liabilities that (used)/provided cash:
Accounts receivable

-9,587

19,139

21,859

12,697

404

6,564

8,878

4,990

12,082

9,509

-43,524

Contract assets

19,199

10,267

-

-

-

-

-

-

-

-

-

Inventories

8,923

968

-3,090

12,520

8,277

744

-5,739

-11,565

-7,105

-16,639

-42,069

Prepaid expenses and other current assets

2,291

5,815

4,989

2,595

-1,253

-1,318

-545

-592

-314

2,031

-2,137

Income taxes prepaid and receivable

-1,390

1,402

941

2,206

3,156

-2,566

-5,731

-9,472

3,747

-997

23,651

Accounts payable

10,524

9,340

2,910

2,108

-6,001

640

955

3,298

-1,677

-7,700

-23,476

Accrued liabilities

-7,393

8,209

5,303

1,312

2,081

-11,042

4,628

7,616

6,124

-16,776

-9,000

Income taxes payable

3,979

-824

-799

1,398

9,072

1,535

-7,348

7,308

2,422

1,009

-2,369

Noncurrent receivables

1,341

12,249

18,766

14,045

0

0

-

-

-

-

-

Noncurrent liabilities

-6,573

-5,479

-10,145

-5,232

3,608

-12,246

-

-

-

-

-

Other, net

3,525

7,811

2,677

6,571

-7,139

9,132

2,883

776

-455

-2,761

-1,352

Net cash (used in)/provided by operating activities

200,352

132,485

64,216

80,940

98,010

84,196

62,631

34,507

105,269

99,572

13,975

INVESTING ACTIVITIES
Purchase of business, net of cash acquired

30,793

-

-

187,000

0

0

-

-

-

-

-

Purchases of property, plant and equipment

67,358

81,579

85,510

71,244

48,622

58,224

61,844

37,046

24,988

27,334

38,262

Purchased software

597

1,307

2,127

2,248

1,973

649

2,613

161

3,692

4,257

4,234

Purchase price adjustment from sale of discontinued operations

-

-

-

-

-

-

-

-

-

-

10,000

Proceeds from sale or involuntary conversion of assets

-

-

-

6,939

2,797

1,126

6,268

0

2,860

12,256

7,534

Proceeds from sale of discontinued operations, net of expenses

-

-

-

-

-

-

16,797

150,654

0

0

-

Cash received from life insurance policy terminations

-

-

-

-

-

-

-

-

-

49,302

2,272

Acquisitions, net of cash acquired

-

-

-

-

-

-

-

-

-

1,902

0

Premiums paid for life insurance policies

-

-

-

-

-

-

-

-

-

-

957

Net cash used in investing activities

-98,748

-82,886

-87,637

-253,553

-47,798

-57,747

-41,392

113,447

-25,820

28,065

-43,647

FINANCING ACTIVITIES
Proceeds from borrowings

45,000

26,031

115,334

235,907

95,126

13,396

117,452

46,028

14,386

17,712

123,314

Principal payments on debt

120,017

29,913

84,047

34,356

102,215

45,124

132,691

102,128

65,575

92,448

12,989

Principal payments on finance lease liabilities

1,180

-

-

-

-

-

-

-

-

-

-

Debt acquisition costs

-

-

2,130

1,771

1,673

0

1,639

0

0

-

-

Cash received to settle swap agreements

-

-

6,346

-5,175

0

0

-

-

-

-

-

Taxes paid in lieu of share issuance

-971

-1,652

-1,364

-1,272

-1,449

201

1,134

40

93

450

0

Cash received for noncontrolling interest in Albany Safran Composites

-

-

-

-

-

-

28,000

0

0

-

-

Early retirement of debt

-

-

-

-

-

-

-

-

-

-

73,664

Proceeds from options exercised

112

202

597

517

1,897

773

5,538

1,311

789

125

24

Debt issuance costs

-

-

-

-

-

-

-

-

-

4,471

0

Dividends paid

23,251

21,926

21,869

21,812

21,088

19,729

13,929

21,315

15,616

14,885

14,593

Net cash provided by/(used in) financing activities

-100,307

-27,258

12,867

172,038

-29,402

-50,483

3,865

-76,064

-65,923

-93,517

22,092

Effect of exchange rate changes on cash and cash equivalents

-3,512

-8,313

12,539

-2,796

-15,499

-18,830

6,844

-81

-3,373

-9,285

-1,525

Increase/(decrease) in cash and cash equivalents

-2,215

14,028

1,985

-3,371

5,311

-42,864

31,948

71,809

10,153

24,835

-9,105

Change in cash balances of discontinued operations

-

-

-

-

-

-

-

-

-9,169

-1,049

-754