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Restructuring | 9 Months Ended
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Sep. 30, 2016
Restructuring and Related Activities [Abstract] |
Restructuring | 5. Restructuring During the first quarter of 2016 the Company announced the initiation of discussions with the relevant employee Works Council regarding a proposal to discontinue research and development activities at its Machine Clothing production facility in Sélestat, France. In May 2016, we reached agreement with the Works Council on the restructuring plan and we recorded $2.0 million of restructuring expense in the first nine months of 2016 as our current estimate of the cost for severance, outplacement, and the write-off of equipment. Cost savings associated with this action will reduce research and development expenses in future periods. Machine Clothing restructuring charges for the first nine months of 2016 also include $1.9 million for the relocation of equipment from our former manufacturing facility in Germany. Albany Engineered Composites restructuring expenses in 2016 were principally related to the consolidation of the Company’s legacy programs into Boerne, Texas. Machine Clothing restructuring costs in 2015 were principally related to plant closure costs in Göppingen, Germany. The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Machine Clothing |  | ($212 | ) |  | $3,717 |  |  | $5,921 |  |  | $13,929 |
Albany Engineered Composites |  | 640 |  |  | - |  |  | 1,787 |  |  | - |
Corporate Expenses |  | (102 | ) |  | - |  |  | (55 | ) |  | - |
Total |  | $326 |  |  | $3,717 |  |  | $7,653 |  |  | $13,929 |
Nine months ended September 30, 2016 (in thousands) |  | Total restructuring costs incurred |  | Termination and other costs |  | Impairment of plant and equipment |  | Benefit plan curtailment/ settlement
Machine Clothing |  | $5,921 |  |  | $5,751 |  |  | $300 |  |  | $(130 | )
Albany Engineered Composites |  | 1,787 |  |  | 1,498 |  |  | 289 |  |  | - |
Corporate Expenses |  | (55 | ) |  | (55 | ) |  | - |  |  | - |
Total |  | $7,653 |  |  | $7,194 |  |  | $589 |  |  | $(130 | )
Nine months ended September 30, 2015 (in thousands) |  | Total restructuring costs incurred |  | Termination and other costs |  | Impairment of plant and equipment |  | Benefit plan curtailment/ settlement
Machine Clothing |  | $13,929 |  |  | $10,704 |  |  | $3,225 |  |  | $- |
Albany Engineered Composites |  | - |  |  | - |  |  | - |  |  | - |
Corporate Expenses |  | - |  |  | - |  |  | - |  |  | - |
Total |  | $13,929 |  |  | $10,704 |  |  | $3,225 |  |  | $- |
We expect that approximately $6.0 million of Accrued liabilities for restructuring at September 30, 2016 will be paid within one year and approximately $1.5 million will be paid in the following year. The table below presents the year-to-date changes in restructuring liabilities for 2016 and 2015, all of which related to termination costs:
(in thousands) |  | December 31, 2015 |  | Restructuring charges accrued |  | Payments |  | Currency translation/other |  | September 30, 2016
Total termination costs |  | $10,177 |  |  | $7,194 |  |  | ($9,862 | ) |  | $2 |  |  | $7,511 |
(in thousands) |  | December 31, 2014 |  | Restructuring charges accrued |  | Payments |  | Currency translation/other |  | September 30, 2015
Total termination costs |  | $1,874 |  |  | $10,607 |  |  | ($10,637 | ) |  | $96 |  |  | $1,940 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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