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Restructuring (Tables) | 6 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring Charges | 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 |  | $ | — |
Schedule of Changes in Restructuring Liabilities | 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 Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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