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Restructuring | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring At MC, restructuring actions were taken in the second and third quarters of 2024 to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, and at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK. The principal driver of $3.3 million in Restructuring expenses, net for the first nine months of 2024 related to workforce reductions, fixed asset impairments and related costs, as well as charges of $1.3 million in Costs of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year. Restructuring expenses incurred at MC during 2023 were not significant. At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in restructuring expenses of $3.1 million for the first nine months of 2024. Restructuring expenses incurred at AEC during 2023 were not significant. 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) | 2024 | 2023 | 2024 | 2023
Machine Clothing | $ | 2,207 |  | $ | 82 |  | $ | 3,294 |  | $ | 227 |
Albany Engineered Composites | 34 |  | — |  | 3,144 |  | — |
Corporate expenses | 31 |  | — |  | 146 |  | — |
Total | $ | 2,272 |  | $ | 82 |  | $ | 6,584 |  | $ | 227 |
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":
Nine months ended September 30, 2024 | Total restructuring costs incurred | Termination and other costs | Impairment of assets
(in thousands) |  |  |
Machine Clothing | $ | 4,581 |  | $ | 3,294 |  | $ | 1,287 |
Albany Engineered Composites | 3,144 |  | 3,144 |  | — |
Corporate expenses | 146 |  | 146 |  | — |
Total | $ | 7,871 |  | $ | 6,584 |  | $ | 1,287 |
Nine months ended September 30, 2023 | Total restructuring costs incurred | Termination and other costs | Impairment of assets
(in thousands) |  |  |
Machine Clothing | $ | 227 |  | $ | 227 |  | $ | — |
Albany Engineered Composites | — |  | — |  | — |
Corporate expenses | — |  | — |  | — |
Total | $ | 227 |  | $ | 227 |  | $ | — |
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 | September 30, 2024
Total termination and other costs | $ | — |  | $ | 6,584 |  | $ | (4,064) |  | $ | 90 |  | $ | 2,610 |
(in thousands) | December 31, 2022 | Restructuring charges accrued | Payments | Currency translation /other | September 30, 2023
Total termination and other costs | $ | — |  | $ | 227 |  | $ | (227) |  | $ | — |  | $ | — |

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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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