Restructuring

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Restructuring costs at MC in the second quarter of 2024 were related primarily to actions taken to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea. This led to a $1.0 million charge to Restructuring expenses, net related to workforce reductions and a $0.5 million charge recorded to Cost of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to this action throughout the remainder of the year.

At AEC, restructuring activities were related to reductions in workforce at various AEC locations. Restructuring charges for the second quarter of 2023 were not significant.

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	$	—

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	$	—