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Restructuring (Tables)

6 Months Ended

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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- References

No definition available.

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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

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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
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-SubTopic 10
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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)
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-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

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-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

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