*Other supplemental schedules required by Form 5500 [29 CFR 2520.103-800 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Retirement Income Security Act of 1974 (ERISA)] have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Plan Participants and Plan Administrator
Albany International Corp Prosperity Plus Savings Plan:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Albany International Corp. Prosperity Plus Savings Plan (the Plan) as of December 31, 2022 and 2021, the related statement of changes in net assets available for benefits for the years ended December 31, 2022 and 2021, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years ended December 31, 2022 and 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan 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 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 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.
Accompanying Supplemental Information
The Schedule H, line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying
1
accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ KPMG LLP
We have served as the Plan’s auditor since 2014
Albany, New York
June 27, 2023
2
Albany International Corp.
Prosperity Plus Savings Plan
Statements of Net Assets Available for Benefits
December 31, 2022 and 2021
2022
2021
Assets
Cash and cash equivalents
$1,716,335
$598,516
Investments, at fair value:
Registered investment companies
172,936,283
388,150,304
Preferred stocks and common stocks
1,733,283
2,774,758
Common collective trust funds
188,646,105
40,321,027
Albany International Corp. common stock
22,619,300
24,762,661
Other self-directed brokerage accounts
595,883
684,038
Total investments
388,247,189
457,291,304
Receivables:
Employer contribution receivable
4,451,998
4,732,186
Notes receivable from participants
5,941,711
6,198,027
Total receivables
10,393,709
10,930,213
Total assets
398,640,898
468,221,517
Net assets available for benefits
$398,640,898
$468,221,517
The accompanying notes are an integral part of these financial statements.
3
Albany International Corp.
Prosperity Plus Savings Plan
Statements of Changes in Net Assets Available for Benefits
December 31, 2022 and 2021
2022
2021
Investment (loss) income:
Interest and dividends
$7,038,463
$16,731,223
Net (depreciation) appreciation in fair value of investments
(70,626,671)
42,971,207
Net investment (loss)/income
(63,588,208)
59,702,430
Contributions:
Employer
11,018,022
10,889,481
Participants
19,550,925
14,849,419
Total contributions
30,568,947
25,738,900
Interest income on notes receivable from participants
275,131
286,156
Total (reductions)/additions
(32,744,130)
85,727,486
Deductions:
Benefits paid to participants
36,488,552
39,606,843
Administrative expenses and other deductions
347,937
377,783
Total deductions
36,836,489
39,984,626
Net (decrease)/increase
(69,580,619)
45,742,860
Net assets available for benefits:
Beginning of year
468,221,517
422,478,657
End of year
$398,640,898
$468,221,517
The accompanying notes are an integral part of these financial statements.
4
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
1. Description of Plan
The following description of the Albany International Corp. (the “Company” or the “Sponsor”) Prosperity Plus Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan covers all domestic employees of the Company and its subsidiaries, except those covered by a collective bargaining agreement that does not provide for participation in the Plan, temporary employees, leased employees, contractors, interns and co-op students. Eligible employees hired on or after January 1, 2009, automatically become participants in the Plan for purposes of making pre-tax participant contributions, unless otherwise elected by the participant.
Contributions
Participants may make voluntary contributions to the Plan, that do not exceed the greater of 100% of the participant’s compensation, subject to certain limitations, on a before-tax and/or after-tax basis as defined in the Plan. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions, as well as the employer contributions, into various investment options offered by the Plan. The Plan currently offers various investment options including registered investment companies, common stock, common collective trusts, and a participant directed brokerage option. The Company makes a matching contribution to the Plan up to 5% of the participant’s eligible compensation, which is comprised of a 100% match of the first 4% of compensation contributed by a participant and a 50% match of the next 2% of compensation contributed by a participant.
Discretionary Matching Contributions
The plan allows for discretionary matching contributions. The Company uses such discretion to provide profit sharing contributions to eligible 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. Discretionary matching contributions are based upon a minimum 1% employee participation in the Plan and are in addition to, and separate from, Company non-discretionary matching contributions. In order to receive a discretionary matching contribution, an employee must be an active contributing participant in the Plan on the last day of the year for which the discretionary matching contribution is made. If an employee is eligible, yet chooses to participate for less than a full year, the discretionary matching contribution will be pro-rated. The Company’s discretionary matching contribution is in the form of cash and was $4,451,998 and $4,732,186 for the years
5
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
ended December 31, 2022 and 2021, respectively. Discretionary matching contributions are reported as Employer Contributions within the Statements of Changes in Net Assets Available for Benefits. Contributions are subject to certain IRS limitations.
Participant Accounts
Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contributions and (b) Plan earnings. Allocations are based on participant earnings or account balances, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Notes Receivable from Participants
Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000, minus the participant’s highest outstanding note balance over the last 12 months, or 50% of their account balance. Interest rates on notes are determined by the Compensation Committee of the Plan Sponsor’s board of directors from time to time with the rate remaining constant throughout the life of the note (rates, which are calculated as prime rate plus 1%, range between 4.25% and 10.25% at December 31, 2022 and 2021). Notes are to be repaid through payroll deductions, although they may be repaid in a lump sum amount, generally over a period from 1 to 5 years except for notes for the purchase of a primary residence, which range from 1 to 20 years.
Vesting
Participants are vested immediately in their and the Company’s contributions plus actual earnings thereon.
Payment of Benefits
Upon termination of service, total disability, death or retirement, participants have the option to receive an amount equal to the value of their accounts in a lump sum payment or, in the case of total disability or retirement, monthly installments over a period not to exceed 15 years. Participants may also elect prior to retirement to withdraw up to 100% of their after-tax contributions and up to 100% of before-tax contributions if the Internal Revenue Service’s criteria for “financial hardship” are met.
Plan Termination
The Company intends to continue the Plan indefinitely but reserves the right to modify, amend, suspend or terminate the Plan. In the event of plan termination, distributions would be allocated based on the value of the participant accounts.
Administrative Costs
Certain direct costs incurred in administering the Plan are borne by the Company. The Company paid Plan administrative expenses of $152,458 and $145,120 during 2022 and 2021, respectively, which principally consisted of plan fiduciary services. Expenses paid by the Plan included investment advisory fees and securities brokerage fees.
6
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared on the accrual basis of accounting.
Use of Estimates
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan 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 Statement of Net Assets Available for Benefits and the reported amounts of changes in net assets during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides for various investment options in any combination of stocks, common collective trusts, registered investment companies and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Market disruptions can adversely affect investment and thus investment securities performance. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.
Investment Valuation and Income Recognition
Plan investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Compensation Committee of the Plan Sponsor’s board of directors determines the Plan’s valuation policies utilizing information provided by the investment advisers and custodians. See Note 3 for discussion of fair value measurements.
Security transactions are recorded on a trade-date basis. Gains or losses on sales of securities are based on average cost.
Dividend income is recorded on the ex-dividend date. Dividends declared by the Board of Directors of the Company on Albany International Corp. Class A common stock may be reinvested in the Plan or allocated as a cash distribution to the participant’s respective accounts, as elected by the participant. Total cash dividends received by participants were $184,686 and $217,643 for the years ended December 31, 2022 and 2021, respectively. Interest income is recorded as earned.
7
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
The Plan presents in the Statements of Changes in Net Assets Available for Benefits the net appreciation/depreciation in the fair value of its investments, which consists of realized gains and losses and unrealized appreciation/depreciation on those investments.
Payment of Benefits
Benefit payments are recorded when paid.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Fees related to participant loans are paid by the participants. No allowance for credit losses has been recorded as of December 31, 2022 or 2021. Delinquent participant loans are recorded as deemed distributions on the basis of the terms of the Plan agreement.
Expenses
Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Fees charged by fund managers are included in net appreciation/ depreciation of fair value of investments.
Subsequent Events
Management considers events or transactions that occur after the date of the Statement of Net Assets Available for Benefits, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date the financial statements were available for issuance.
Effective February 28, 2023, the Plan Sponsor terminated The Albany International Stock Fund as an investment option for participants. All participant balances were converted to other investments as directed by investment selections of the participants, or to a qualified default investment alternative, as applicable.
3. Fair Value Measurements
The Fair Value Measurement topic of the FASB Accounting Standards Codification provides the framework for measuring fair value. That framework provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The three levels of the fair value hierarchy are described as follows:
Level 1 Inputs to the valuation methodology are unadjusted quoted prices for
assets or liabilities in active markets that the Plan has the ability
to access.
8
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
Level 2 Inputs include:
–quoted prices for similar assets or liabilities in active markets;
–quoted prices for identical assets or similar assets or liabilities in
inactive markets;
–inputs other than quoted prices that are observable for the asset
and liability;
–inputs that are derived principally from or corroborated by
observable market data by correlation or other means.
Level 3 Inputs are unobservable and significant to the fair value measurement.
Level 3 inputs are unobservable inputs for the asset or liability, and include
situations in which there is little, if any, market activity for the asset or
liability. The unobservable inputs reflect the Plan’s own assumptions about
the assumptions that market participants would use in pricing an asset or
liability.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the valuation methodologies used for investments measured at fair value.
Investments in registered investment companies are valued using the quoted sales price on the last business day of the year, which represents the net asset value of shares held by the Plan at year-end.
Common stock, preferred stock, and other self-directed brokerage accounts (exchange traded funds, closed-end funds, and mutual funds) are valued using active markets at the latest quoted sales price on the last business day of the year on its principal exchange.
Investments in common collective trust (CCT) funds are investment vehicles valued using the net asset values (NAV) provided by fund managers. The NAV is the total value of the fund divided by the number of shares outstanding and is based on the fair value of underlying investments held by the CCT funds. CCT funds are traded at NAV, determined daily or monthly, and are categorized as Level 2 because the NAV’s, although readily determinable, are not published on an active exchange nor publicly available. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the CCT funds, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. There are no penalties or restrictions for withdrawing assets from the CCT funds at any time.
9
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2022 and 2021.
Assets at Fair Value as of December 31, 2022
Quoted prices in active market
Significant other observable inputs
Significant unobservable inputs
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$1,716,335
$—
$—
$1,716,335
Registered investment companies:
Balanced funds
1,112,351
—
—
1,112,351
Domestic stock funds
129,026,053
—
—
129,026,053
Bond funds
24,482,637
—
—
24,482,637
International stock funds
18,104,848
—
—
18,104,848
Money market funds
210,394
—
—
210,394
Preferred stocks and common stocks
1,733,283
—
—
1,733,283
Common collective trust funds
—
188,646,105
—
188,646,105
Albany International Class A common stock
22,619,300
—
—
22,619,300
Other self-directed brokerage accounts
595,883
—
—
595,883
Total investments
$199,601,084
$188,646,105
$—
$388,247,189
10
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
Assets at Fair Value as of December 31, 2021
Quoted prices in active market
Significant other observable inputs
Significant unobservable inputs
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$598,516
$—
$—
$598,516
Registered investment companies:
Balanced funds
172,098,804
—
—
172,098,804
Domestic stock funds
166,646,254
—
—
166,646,254
Bond funds
27,523,309
—
—
27,523,309
International stock funds
21,735,299
—
—
21,735,299
Money market funds
146,638
—
—
146,638
Preferred stocks and common stocks
2,774,758
—
—
2,774,758
Common collective trust funds
—
40,321,027
—
40,321,027
Albany International Class A common stock
24,762,661
—
—
24,762,661
Other self-directed brokerage accounts
684,038
—
—
684,038
Total investments
$416,970,277
$40,321,027
$—
$457,291,304
During 2022 and 2021, the Plan’s investments earned interest and dividend income as follows:
2022
2021
Registered Investment companies
$6,060,302
$15,804,230
Albany International Corp. common stock
221,936
261,859
Common collective trust
699,754
571,738
Common Stocks and other self-directed brokerage accounts
56,471
93,396
$7,038,463
$16,731,223
11
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
4. Related party and Party-in-interest Transactions
The Plan invests in shares of mutual funds (including the Vanguard brokerage option) managed by an affiliate of Vanguard Fiduciary Trust Company (“VFTC”). VFTC acts as trustee for the investments held by the Plan. The Plan also invests in shares of the Plan Sponsor’s Albany International Class A common stock. The Plan purchased $185,116 and $222,088 and sold $4,749,268 and $5,742,485 of Albany International Class A common stock during the years ended December 31, 2022 and 2021, respectively. In May 2021, the Plan Sponsor determined The Albany International Stock Fund would be removed as an investment option effective February 2023. Any participant balances in that fund at that time were converted to other investments as directed by investment selections of the participants, or to a qualified default investment alternative, as applicable.Transactions in such investments qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules. Participant loans also qualify as party-in-interest transactions.
5. Tax Status
The Internal Revenue Service has determined and informed the Company by a letter dated October 2, 2017, that the Plan is qualified and the trust established under the Plan is tax-exempt, under the appropriate sections of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, management and ERISA counsel believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, the Plan administrator believes that the Plan was qualified and the related trust was tax-exempt as of the financial statement date.
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2022 and 2021 there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
6. Reconciliation of Financial Statements to Form 5500
In certain circumstances, notes receivable from participants that are in default continue to be treated on the financial statements as notes receivable, but are treated on Form 5500 as deemed distributions, which are considered taxable distributions from the Plan.
12
Albany International Corp.
Prosperity Plus Savings Plan
Notes to Financial Statements
December 31, 2022 and 2021
A reconciliation of total investments per the financial statements at December 31, 2022 and 2021 to the annual report filed on Form 5500:
2022
2021
Total investments per financial statements
$388,247,189
$457,291,304
Notes receivable from participants
5,941,711
6,198,027
Deemed distributions
(148,435)
(36,923)
Total notes receivable per Form 5500
5,793,276
6,161,104
Total investments per Form 5500
$394,040,465
$463,452,408
The following is a reconciliation of net assets available for benefits per the financial statements Form 5500 at December 31, 2022 and 2021:
2022
2021
Net assets available for benefits per the financial statements
$398,640,898
$468,221,517
Deemed distributions
(148,435)
(36,923)
Net assets available for benefits per Form 5500
$398,492,463
$468,184,594
The following is a reconciliation of the increase in net assets available for benefits per the financial statements Form 5500 at December 31, 2022 and 2021:
2022
2021
Net (decrease)/increase in net assets available for benefits per the financial statements
($69,580,619)
$45,742,860
Changes in deemed distributions
(111,512)
8,784
Net (decrease)/increase in net assets available for benefits per Form 5500
($69,692,131)
$45,751,644
13
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
Supplemental Schedule
14
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
(a)
(b)
(c)
(d)
(e)
Identity of Issue/Borrower, Lessor or Similar Party
Description of Investments Including Maturity Date, Rate of Interest, Collateral, Par, or Maturity Value
Cost **
Current Value
*
Cash and cash equivalents
Cash and Cash Equivalents
$1,716,335
*
Dodge & Cox Intl St Fd Cl I
Registered Investment Company
—
7,680,086
*
Goldman Sachs Small Cap Val
Registered Investment Company
—
5,954,008
*
Prin DiverseRealAsset I
Registered Investment Company
—
1,112,351
*
T. Rowe Price Equity Income; R
Registered Investment Company
—
19,955,087
*
Vanguard Cash Res Fed MM Adm
Registered Investment Company
—
210,394
*
Vanguard FTSE All Wrd ex-US Ad
Registered Investment Company
—
10,424,762
*
Vanguard Inst Index Fd Inst'l
Registered Investment Company
—
63,388,831
*
Vanguard Md-Cap Index Fund Ins
Registered Investment Company
—
24,919,100
*
Vanguard Total Bond Idx Inst
Registered Investment Company
—
24,482,637
*
Vanguard U.S. Growth Adm
Registered Investment Company
—
14,809,027
172,936,283
*
Albany International Class A
Company Stock Fund
—
22,619,300
*
3 D Systems Inc Com
Stock
—
7
*
3M Company Com
Stock
—
3,006
*
89Bio Inc Com
Stock
—
23,525
*
9 Meters Biopharma Inc Com
Stock
—
221
*
Abbvie Inc Com
Stock
—
7,036
*
Advanced Micro Devices Inc Com
Stock
—
5,570
*
Affirm Hldgs Inc Com Cl A
Stock
—
174
*
Aflac Inc Com
Stock
—
2,675
*
Air Products & Chemicals Inc Com
Stock
—
1,863
*
Allstate Corp Com
Stock
—
949
*
Alphabet Inc Com Cl A
Stock
—
3,088
*
Alphabet Inc Com Cl C
Stock
—
1,952
*
Alps ETF Trust Alerian Mlp ETF
Stock
—
6,472
*
Amazon Com Inc Com
Stock
—
5,376
*
Amc Entertainment Holdings Inc Pfd Eqt Unit Dep Rep 1/100
Stock
—
1,410
*
American Century Investments Avantis Emgmkt ETF
Stock
—
17,183
*
American Century Investments Avantis Us Sml Cp Valu ETF
Stock
—
44,930
*
American Century Investments Emerging Markets Value ETF
Stock
—
9,830
15
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
American Century Investments Intl Eqt ETF
Stock
—
957
*
American Century Investments Intl Smcp Vlu ETF
Stock
—
21,674
*
American Century Investments Us Eqt ETF
Stock
—
1,292
*
American Express Co Com
Stock
—
742
*
American Tower Corp Com Usd0.01
Stock
—
1,066
*
Annaly Capital Management Inc Com
Stock
—
1,939
*
Apple Inc Com
Stock
—
47,713
*
Arbutus Biopharma Corp Com
Stock
—
2,330
*
Ardelyx Inc Com
Stock
—
23,484
*
Ark Etf Tr Fintech Innova ETF
Stock
—
928
*
Arrow Financial Corp Com
Stock
—
67,868
*
Assertio Holdings Inc Com
Stock
—
22,837
*
AT&T Inc Com
Stock
—
1,841
*
Aurora Cannabis Inc Com
Stock
—
24
*
Automatic Data Processing Inc Com
Stock
—
3,129
*
Avalon Advanced Materials Inc Com
Stock
—
281
*
Avidxchange Hldgs Inc Com
Stock
—
845
*
Avista Corp Com
Stock
—
2,217
*
Ballard Power Systems Inc Com
Stock
—
1,911
*
Banco Santander Sa Adr Sponsored
Stock
—
5,921
*
Bank Of America Corporation Com
Stock
—
4,225
*
Banner Corp Com
Stock
—
3,160
*
Barrick Gold Corporation Com
Stock
—
6,099
*
Bed Bath And Beyond Com
Stock
—
7,530
*
Berkshire Hathaway Inc Com Cl B
Stock
—
10,812
*
Beyond Meat Inc Com
Stock
—
1,231
*
Blackrock Energy Com
Stock
—
3,759
*
Blackrock Taxable Muni Bond Tr Tax Municpal Bd Tr Shs
Stock
—
6,736
*
Blackstone Inc Com
Stock
—
1,706
*
Boeing Co Com
Stock
—
8,763
*
Boston Properties Inc Com
Stock
—
1,419
*
Boxed Inc Com
Stock
—
96
*
Bright Scholar Education Hldgs Adr
Stock
—
5
*
Broadcom Inc Com
Stock
—
559
*
Broadmark Realty Capital Inc Com
Stock
—
15,500
*
Btcs Inc Com
Stock
—
2
*
Cannabis Sativa Inc Com
Stock
—
10
*
Canopy Growth Corporation Com
Stock
—
34,802
*
Caretrust Reit Inc Com
Stock
—
2,415
*
Caterpillar Inc Com
Stock
—
1,209
*
Cemex S.A.B. De C.V. Adr Sponsored
Stock
—
2,025
*
Chargepoint Holdings Inc Com Cl A
Stock
—
1,858
16
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
Check-Cap Ltd Com
Stock
—
1,725
*
Cheniere Energy Inc Com
Stock
—
4,499
*
Chevron Corporation Com
Stock
—
25,667
*
Cinedigm Corporation Com Cl A
Stock
—
3,877
*
Cisco Systems Inc Com
Stock
—
5,391
*
Coca-Cola Co Com
Stock
—
4,453
*
Coinbase Global Inc Com Cl A
Stock
—
2,407
*
Colgate-Palmolive Co Com
Stock
—
2,386
*
Community Trust Bancorp Inc Com
Stock
—
4,593
*
Compass Inc Com Cl A
Stock
—
892
*
Costco Wholesale Corp Com
Stock
—
6,023
*
Cpi Card Group Inc Com
Stock
—
27,637
*
Cvrx Inc Com
Stock
—
23,470
*
Delcath Systems Inc Com
Stock
—
4
*
Delta Air Lines Inc Com
Stock
—
23,758
*
Digital Realty Trust Inc Com Stk
Stock
—
407
*
Dimensional Etf Tr International Value ETF
Stock
—
4,794
*
Dominion Energy Inc Com
Stock
—
499
*
Duke Energy Corp Com
Stock
—
633
*
Easterly Government Prop Inc Com
Stock
—
3,068
*
Essex Property Trust Inc Com
Stock
—
856
*
ETF Managers Trust Prime Mobile Pay ETF
Stock
—
393
*
Evofem Biosciences Inc Com
Stock
—
23
*
Exxon Mobil Corporation Com
Stock
—
1,678
*
First Solar Inc Com
Stock
—
14,979
*
Fisker Inc Com Cl A
Stock
—
11,996
*
Ford Motor Co Com
Stock
—
779
*
Fresh Tracks Therapeutics Inc Com
Stock
—
183
*
Fubotv Inc Com
Stock
—
522
*
Geckosystems Intl Com
Stock
—
69
*
General Dynamics Corp Com
Stock
—
1,255
*
General Electric Co Com
Stock
—
4,190
*
General Mills Inc Com
Stock
—
1,618
*
Global Arena Holding Inc Com
Stock
—
2
*
Global X Fds Global X MSCI Superdivd Emr
Stock
—
8,857
*
Glycomimetics Inc Com
Stock
—
23,573
*
Golden Matrix Group Inc Com
Stock
—
2,286
*
Golden Ocean Group Ltd Com
Stock
—
1,738
*
Growgeneration Corp Com
Stock
—
3,998
*
Guggenheim Taxble Muni Bd & In Com
Stock
—
8,180
*
Halliburton Co Com
Stock
—
8,145
*
Home Depot Inc Com
Stock
—
24,014
*
Hormel Foods Corp Com
Stock
—
276
17
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
Inseego Corp Com
Stock
—
506
*
Intel Corp Com
Stock
—
8,804
*
Intuitive Surgical Inc Com
Stock
—
13,268
*
Invesco Exchange Traded Fd Tr S&P500 Pur Val ETF
Stock
—
12,278
*
Invesco Exchange Traded Fund T Cef Inm Compsi ETF
Stock
—
13,590
*
Invesco Exchange Traded Fund T S&P500 Hdl Vol ETF
Stock
—
25,179
*
Invesco Mortgage Capital Inc Com
Stock
—
4,557
*
Invesco QQQ Trust Unit Ser 1 ETF
Stock
—
4,527
*
Iqiyi Inc Adr
Stock
—
2,385
*
Ishares Trust Core S&P Scp ETF
Stock
—
8,950
*
Ishares Trust Eafe Value ETF
Stock
—
963
*
Itonis Inc Com
Stock
—
387
*
Iveric Bio Inc Com
Stock
—
2,848
*
Jack In The Box Inc Com
Stock
—
13,646
*
Joby Aviation Inc Com
Stock
—
844
*
Johnson & Johnson Com
Stock
—
9,361
*
JP Morgan Chase & Co Com
Stock
—
7,121
*
Kimberly Clark Corp Com
Stock
—
962
*
Kinder Morgan Inc Com
Stock
—
1,808
*
Kraneshares Tr Quadrtc Int Rt ETF
Stock
—
6,783
*
Kroger Co Com
Stock
—
985
*
Latham Group Inc Com
Stock
—
6,440
*
Lexicon Pharmaceuticals Inc Com
Stock
—
443
*
Lightning Emotors Incorporated Com
Stock
—
1,191
*
Lightspeed Commerce Inc Com
Stock
—
1,430
*
Liminal Biosciences Inc Com
Stock
—
1,625
*
Livent Corporation Com
Stock
—
101,337
*
Lockheed Martin Corp Com
Stock
—
3,949
*
Lsi Industries Com
Stock
—
22,999
*
Lynas Rare Earths Ltd Com
Stock
—
610
*
Macquarie Gbl Infr Com
Stock
—
4,998
*
Marathon Digital Holdings Inc Com
Stock
—
86
*
Matterport Inc Com Cl A
Stock
—
591
*
Mcdonald's Corporation Com
Stock
—
533
*
Medical Properties Trust Inc Com
Stock
—
588
*
Medmen Enterprises Inc Com
Stock
—
32
*
Medtronic Plc Com
Stock
—
393
*
Merck & Co Inc Com
Stock
—
13,314
*
Meritage Homes Corp Com
Stock
—
922
*
Meta Platforms Inc Com Cl A
Stock
—
4,453
*
Micron Technology Inc Com
Stock
—
3,848
*
Microsoft Corp Com
Stock
—
13,966
*
Mks Instruments Inc Com
Stock
—
3,643
18
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
Morgan Stanley Com
Stock
—
5,299
*
Msc Industrial Direct Co Com Cl A
Stock
—
832
*
Mullen Automotive Inc Com
Stock
—
2,860
*
National Health Investors Com Stk
Stock
—
1,336
*
Ndt Pharmaceuticals Inc Com
Stock
—
11
*
Neoleukin Therapeutics Inc Com
Stock
—
382
*
Nine Energy Service Inc Com
Stock
—
26,314
*
Northrop Grumman Corp Com
Stock
—
5,486
*
Norwegian Cruise Line Hldgs Lt Com
Stock
—
1,787
*
Nutanix Inc Com Cl A
Stock
—
4,793
*
Nuveen Dow 30 Dynamic Overwrit Shs
Stock
—
13,959
*
Nuveen S&P 500 Buywrite Income Com
Stock
—
4,554
*
Nuveen Taxable Muni Income Fd Taxable Muni Income Fund
Stock
—
15,960
*
Nxp Semiconductors N V Com
Stock
—
2,845
*
Omega Healthcare Investors Com Stk
Stock
—
2,236
*
On Semiconductor Corp Com
Stock
—
5,239
*
On Track Innovations Csh Mrg
Stock
—
24
*
Ontrak Inc Com
Stock
—
92
*
Organon & Co Com
Stock
—
335
*
Packaging Corp Of America Com
Stock
—
54,618
*
Palantir Tech Inc Com Cl A
Stock
—
1,284
*
Pepsico Inc Com
Stock
—
732
*
Pfizer Inc Com
Stock
—
2,479
*
Physicians Realty Trust Com
Stock
—
2,171
*
Plug Power Inc Com
Stock
—
841
*
Portland General Electric Co Com
Stock
—
4,900
*
Price T Rowe Groups Com
Stock
—
768
*
Procter & Gamble Co Com
Stock
—
9,460
*
Proqr Therapeutics N V Com
Stock
—
14,800
*
Qualcomm Inc Com
Stock
—
5,497
*
Rapid7 Inc Com
Stock
—
1,291
*
Rapt Therapeutics Inc Com
Stock
—
2,119
*
Rare Element Resources Ltd Com
Stock
—
98
*
Rayonier Adv Materials Inc Com
Stock
—
23,856
*
Raytheon Tech Corp Com
Stock
—
609
*
Realty Income Corp Com
Stock
—
1,811
*
Reaves Utility Income Fd Com Sh Ben Int
Stock
—
13,004
*
Regal Rexnord Corp Com
Stock
—
720
*
Repare Therapeutics Inc Com
Stock
—
1,471
*
Restaurant Brands Intl Inc Com
Stock
—
2,640
*
Robinhood Markets Inc Com Cl A
Stock
—
204
*
Roblox Corp Com Cl A
Stock
—
2,846
*
Ryder System Inc Com
Stock
—
1,671
19
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
Schwab Strategic Tr Schwb Fdt Int Sc ETF
Stock
—
2,929
*
Schwab Strategic Tr Us Dividend Eq ETF
Stock
—
36,594
*
Science 37 Hldgs Inc Com
Stock
—
167
*
Sensata Tech Holding Plc Com
Stock
—
4,684
*
Shift Technologies Inc Com Cl A
Stock
—
179
*
Silvergate Capital Corporation Com Cl A
Stock
—
296
*
Smiledirectclub Inc Com Cl A
Stock
—
423
*
Sndl Inc Com
Stock
—
627
*
Sofi Technologies Inc Com
Stock
—
899
*
Softbank Group Corp Adr Unsponsored
Stock
—
1,269
*
Sonoco Products Co Com
Stock
—
3,036
*
Southern Co Com
Stock
—
721
*
Southstate Corporation Com
Stock
—
2,291
*
Spdr S&P500 Etf Trust Tr Unit ETF
Stock
—
107,845
*
Spdr Series Trust Portfli Intrmdit ETF
Stock
—
226
*
Spdr Series Trust S&P Regl Bkg ETF
Stock
—
11,748
*
Spire Inc Com
Stock
—
1,377
*
Sprott Physical Gold And Silve Tr Unit
Stock
—
9,862
*
Sprott Physical Gold Trust Unit
Stock
—
10,462
*
Stag Industrial Inc Com
Stock
—
985
*
Starbucks Corp Com
Stock
—
1,488
*
Store Cap Corp Com
Stock
—
1,312
*
Strategy Shares Ns 7Handl Idx ETF
Stock
—
27,801
*
Sunnova Energy Intl Incorp Com
Stock
—
3,836
*
Target Corp Com
Stock
—
2,108
*
Teladoc Health Inc Com
Stock
—
449
*
Tesla Inc Com
Stock
—
37,816
*
Tg Therapeutics Inc Com
Stock
—
7,098
*
The Hartford Fin Services Grp Com
Stock
—
758
*
The Realreal Inc Com
Stock
—
131
*
Tilray Brands Inc Com
Stock
—
1,883
*
T-Mobile Us Inc Com
Stock
—
2,100
*
Travelers Companies Inc Com
Stock
—
2,841
*
Twilio Inc Com Cl A
Stock
—
979
*
Tyson Foods Inc Com Cl A
Stock
—
1,004
*
Unilever Plc Adr Sponsored
Stock
—
3,923
*
Union Pacific Corp Com
Stock
—
1,039
*
United Parcel Service Inc Com Cl B
Stock
—
1,222
*
Unity Software Inc Com
Stock
—
915
*
Vanguard Extended Dur ETF
Stock
—
6,212
*
Vanguard Ftse Developed Mkts ETF
Stock
—
4,772
*
Vanguard Inter Term Treas ETF
Stock
—
14,035
*
Vanguard Real Estate ETF
Stock
—
907
*
Vanguard S&P 500 ETF Shs
Stock
—
7,106
20
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
Vanguard Short Term Treas ETF
Stock
—
116
*
Vanguard Strm Infproidx ETF
Stock
—
9,529
*
Velodyne Lidar Inc Com
Stock
—
389
*
Verizon Communications Com
Stock
—
4,334
*
Verona Pharma Adr Sponsored
Stock
—
27,489
*
Visa Inc Com Cl A
Stock
—
3,122
*
Vislink Technologies Inc Com
Stock
—
1,772
*
Walgreens Boots Alliance Inc Com
Stock
—
453
*
Walmart Inc Com
Stock
—
8,893
*
Walt Disney Company (The) Com
Stock
—
14,770
*
Warner Bros Discovery Inc Com
Stock
—
228
*
Weibo Corporation Adr
Stock
—
18,986
*
Wells Fargo & Company Com
Stock
—
4,129
*
Wisdomtree Trust Emg Mkts Smcap ETF
Stock
—
5,942
*
Workhorse Group Inc Com
Stock
—
1,242
*
Worthington Industries Inc Com
Stock
—
1,491
*
Wynn Resorts Ltd Com
Stock
—
6,020
*
Youngevity International Inc Com
Stock
—
33
*
Zurn Elkay Water Solns Corp Com
Stock
—
633
1,733,283
*
Fidelity Investments Gold Retail
Mutual Fund
—
10,837
*
Northern Lights Tr Pfg Amer Conserv Inc Strat R
Mutual Fund
—
197,304
*
Northern Lights Tr Pfg American Growth Strat R
Mutual Fund
—
237,424
*
Vanguard Energy Investor
Mutual Fund
—
14,545
*
Vanguard Gnma Investor
Mutual Fund
—
8,686
*
Vanguard Long Term Treasury Investor
Mutual Fund
—
15,194
*
Vanguard Short Term Federal Investor
Mutual Fund
—
27,782
*
Vanguard Short Term Treasury Idx Admrl
Mutual Fund
—
28,390
*
Vanguard Wellesley Income Investor
Mutual Fund
—
55,721
595,883
*
Vanguard Retirement Savings Trust III
Common Collective Trust
—
44,341,097
*
Vanguard Tgt Retire 2020 Tr II
Common Collective Trust
—
7,931,818
*
Vanguard Tgt Retire 2025 Tr II
Common Collective Trust
—
31,864,439
*
Vanguard Tgt Retire 2030 Tr II
Common Collective Trust
—
15,893,512
*
Vanguard Tgt Retire 2035 Tr II
Common Collective Trust
—
23,934,081
*
Vanguard Tgt Retire 2040 Tr II
Common Collective Trust
—
8,928,025
*
Vanguard Tgt Retire 2045 Tr II
Common Collective Trust
—
20,251,029
*
Vanguard Tgt Retire 2050 Tr II
Common Collective Trust
—
9,925,436
*
Vanguard Tgt Retire 2055 Tr II
Common Collective Trust
—
8,317,653
*
Vanguard Tgt Retire 2060 Tr II
Common Collective Trust
—
5,758,060
*
Vanguard Tgt Retire 2065 Tr II
Common Collective Trust
—
1,730,065
*
Vanguard Tgt Retire 2070 Tr II
Common Collective Trust
—
43,047
21
Albany International Corp.
Prosperity Plus Savings Plan
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2022
*
Vanguard Tgt Retire Inc Tr II
Common Collective Trust
—
9,727,843
188,646,105
*
Participant Notes Receivable
Participant loans (for a term not exceeding 20 years at interest rates ranging from 4.25% to 10.25%), maturities from 1/31/2023 through 11/18/2041
—
5,941,711
$394,188,900
*
Party-in-interest
**
Cost information is not required for participant-directed investments and therefore, is not included
See accompanying report of independent registered public accounting firm.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALBANY INTERNATIONAL CORP.
By: /s/ Robert D. Starr
Name: Robert D. Starr
Title: Executive Vice President, Chief Financial Officer and Treasurer and
Chairman, Albany International Corp. Plan Administration Committee