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Restructuring | 3 Months Ended
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Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring At MC, restructuring actions were taken in 2024 and 2025 to cease operations at several facilities, including at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK, at the Company's Heimbach paper machine clothing facility in Olten, Switzerland and at the Company's MC manufacturing facility in Ballo, Italy. These actions drove $3.3 million of restructuring charges during the first three months of 2025, of which $3.1 million in restructuring expenses related to workforce reductions, fixed asset impairments and related costs, as well as charges of $0.2 million in Cost of goods sold for the write-off of inventory, offset by a $1.8 million pension curtailment gain. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year. At AEC, restructuring activities were related to reorganizational costs as well as a reduction in the workforce within AEC, which resulted in restructuring expenses of $1.2 million for the first three months of 2025 and $2.2 million for the first three months of 2024. 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 |  | $ | — |  | $ | — |
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 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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