Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

At MC, restructuring actions were taken throughout 2024 in order 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, and at the Company's Heimbach paper machine clothing facility in Olten, Switzerland. These actions drove $11.2 million of restructuring charges during 2024, of which $9.5 million in Restructuring expenses, net was due to workforce reductions, fixed asset impairments, and related costs and $1.7 million in Costs of goods sold was due to the write-off of inventory. We expect to incur additional restructuring expenses related to these actions into 2025.

At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in Restructuring expenses of $3.6 million in 2024.

Restructuring expenses incurred at MC and AEC during 2023 and 2022 were not significant.

The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net” and "Cost of goods sold":


Year ended December 31, 2024 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	11,165	$	8,298	$	2,867
Albany Engineered Composites	3,649		3,649		—
Corporate	329		329		—
Total restructuring expense	$	15,143	$	12,276	$	2,867


Year ended December 31, 2023 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	282	$	282	$	—
Albany Engineered Composites	—		—		—
Corporate	—		—		—
Total restructuring expense	$	282	$	282	$	—


Year ended December 31, 2022 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	92	$	92	$	—
Albany Engineered Composites	—		—		—
Corporate	14		14		—
Total restructuring expense	$	106	$	106	$	—

The table below presents the changes in restructuring liabilities for 2024 and 2023:


(in thousands)	December 31, 2023		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2024
Total termination and other costs	$	—	$	12,276	$	(7,378)	$	98	$	4,996

As of December 31, 2024, we expect that the total $5.0 million of Accrued liabilities for restructuring will be paid within one year.


	December 31, 2022		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2023
Total termination and other costs	$	—	$	282	$	(285)	$	3	$	—