5. Restructuring

During the second quarter of 2013, the Company commenced a program to restructure operations at the Company's Machine Clothing production facilities in France. The restructuring, when completed, will have reduced employment by approximately 200 positions at these locations. As of September 30, 2014, approximately 190 positions had been eliminated.

Under the terms of the restructuring plan, the Company provides training, outplacement and other benefits, the costs of which are recorded as restructuring when they are incurred. The Company recorded a curtailment gain of $0.7 million for the first nine months of 2014 related to the elimination of pension accruals, which reduced net restructuring expense as reflected in the table below. Such curtailment gains are recorded as employees terminate employment and, accordingly, we expect to record additional gains during 2014. Remaining costs for this program are expected to be between $1 and $2 million, and we expect these costs to occur over the next several quarters.

Restructuring expenses in the Albany Engineered Composites operations were principally related to organizational changes and exiting certain aerospace programs.

The following table summarizes charges reported in the Statements of Income under “Restructuring and other, net”:

	Three months ended September 30,						Nine months ended September 30,
(in thousands)		2014			2013			2014		2013
Machine Clothing		$	968		$	2,250		$	3,127	$	26,673
Albany Engineered Composites			(49	)		6			931		540
Total		$	919		$	2,256		$	4,058	$	27,213

Nine months ended September 30, 2014 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of plant and equipment		Benefit plan curtailment/ settlement
Machine Clothing	$	3,127	$	3,837	$	-	$	(710	)
Albany Engineered Composites		931		320		611		-
Total	$	4,058	$	4,157	$	611	$	(710	)

Nine months ended September 30, 2013 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of plant and equipment		Benefit plan curtailment/ settlement
Machine Clothing	$	26,673	$	26,837	$	-	$	(164	)
Albany Engineered Composites		540		452		88		-
Total	$	27,213	$	27,289	$	88	$	(164	)

We expect that substantially all Accrued liabilities for restructuring will be paid within one year. The table below presents year-to-date changes in restructuring liabilities for 2014 and 2013 all of which related to termination costs:

	December 31,		Restructuring					Currency			September 30,
(in thousands)	2013		charges accrued		Payments			translation/other			2014
Total Termination costs	$	9,656	$	4,148	$	(10,904	)	$	(277	)	$	2,623

	December 31,		Restructuring					Currency		September 30,
(in thousands)	2012		charges accrued		Payments			translation/other		2013
Total Termination costs	$	4,947	$	25,860	$	(5,529	)	$	609	$	25,887