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Restructuring | 6 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring Restructuring costs at MC in the second quarter of 2024 were related primarily to actions taken to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea. This led to a $1.0 million charge to Restructuring expenses, net related to workforce reductions and a $0.5 million charge recorded to Cost of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to this action throughout the remainder of the year. At AEC, restructuring activities were related to reductions in workforce at various AEC locations. Restructuring charges for the second quarter of 2023 were not significant. The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":
| Three months ended June 30, | Six months ended June 30,
(in thousands) | 2024 | 2023 | 2024 | 2023
Machine Clothing | $ | 1,066 |  | $ | 125 |  | $ | 1,087 |  | $ | 145 |
Albany Engineered Composites | 922 |  | — |  | 3,110 |  | — |
Corporate expenses | 115 |  | — |  | 115 |  | — |
Total | $ | 2,103 |  | $ | 125 |  | $ | 4,312 |  | $ | 145 |
The following tables summarizes charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
Six months ended June 30, 2024 | Total restructuring costs incurred | Termination and other costs | Impairment of assets
(in thousands) |  |  |
Machine Clothing | $ | 1,605 |  | $ | 1,087 |  | $ | 518 |
Albany Engineered Composites | 3,110 |  | 3,110 |  | — |
Corporate expenses | 115 |  | 115 |  | — |
Total | $ | 4,830 |  | $ | 4,312 |  | $ | 518 |
Six months ended June 30, 2023 | Total restructuring costs incurred | Termination and other costs | Impairment of assets
(in thousands) |  |  |
Machine Clothing | $ | 145 |  | $ | 145 |  | $ | — |
Albany Engineered Composites | — |  | — |  | — |
Corporate expenses | — |  | — |  | — |
Total | $ | 145 |  | $ | 145 |  | $ | — |
The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:
(in thousands) | December 31, 2023 | Restructuring charges accrued | Payments | Currency translation /other | June 30, 2024
Total termination and other costs | $ | — |  | $ | 4,312 |  | $ | (1,381) |  | $ | (7) |  | $ | 2,924 |
(in thousands) | December 31, 2022 | Restructuring charges accrued | Payments | Currency translation /other | June 30, 2023
Total termination and other costs | $ | — |  | $ | 145 |  | $ | (147) |  | $ | 2 |  | $ | — |

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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/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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