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Restructuring (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, |
(in thousands) | 2025 | 2024 |  |
Machine Clothing | $ | 1,347 |  | $ | 21 |  |  |
Albany Engineered Composites | 1,168 |  | 2,188 |  |  |
Corporate expenses | — |  | — |  |  |
Total | $ | 2,515 |  | $ | 2,209 |  |  |
The following tables summarize charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":
Three months ended March 31, 2025 | Total restructuring costs incurred | Termination and other costs | Impairment of assets | Pension Curtailment (Gain)/Loss
(in thousands) |  |  |  |
Machine Clothing | $ | 1,603 |  | $ | 2,640 |  | $ | 723 |  | $ | (1,760) |
Albany Engineered Composites | 1,168 |  | 1,168 |  | — |  | — |
Corporate expenses | — |  | — |  | — |  | — |
Total | $ | 2,771 |  | $ | 3,808 |  | $ | 723 |  | $ | (1,760) |
Three months ended March 31, 2024 | Total restructuring costs incurred | Termination and other costs | Impairment of assets | Pension Curtailment (Gain)/Loss
(in thousands) |  |  |  |
Machine Clothing | $ | 21 |  | $ | 21 |  | $ | — |  | $ | — |
Albany Engineered Composites | 2,188 |  | 2,188 |  | — |  | — |
Corporate expenses | — |  | — |  | — |  | — |
Total | $ | 2,209 |  | $ | 2,209 |  | $ | — |  | $ | — |
Schedule of Changes in Restructuring Liabilities | The table below presents the year-to-date changes in restructuring liabilities for 2025 and 2024:
(in thousands) | December 31, 2024 | Restructuring charges accrued | Payments | Currency translation /other | March 31, 2025
Total termination and other costs | $ | 4,996 |  | $ | 3,808 |  | $ | (4,160) |  | $ | 24 |  | $ | 4,668 |
(in thousands) | December 31, 2023 | Restructuring charges accrued | Payments | Currency translation /other | March 31, 2024
Total termination and other costs | $ | — |  | $ | 2,209 |  | $ | (221) |  | $ | (1) |  | $ | 1,987 |

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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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