5. Restructuring

During the first quarter of 2015, the Company announced a plan to discontinue manufacturing operations at its press fabric manufacturing facility in Göppingen, Germany. The restructuring program was driven by the Company's need to balance manufacturing capacity with demand. In April 2015, we completed negotiations and reached agreement on the restructuring plan with the Works Council. Approximately 50 employees will be terminated under this plan, and the restructuring expense recorded in the first quarter of 2015 reflects our estimate of the severance costs. Manufacturing operations will be discontinued in the second quarter of 2015. It is likely that we will record additional charges for asset impairments, but the amounts are presently not estimable. Whereas the affected employees are related to manufacturing operations, cost savings associated with this action will flow through Cost of goods sold.

Machine Clothing restructuring costs in 2014 were principally related to restructuring actions in France. Albany Engineered Composites restructuring expense in 2014 was related to organizational changes.

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

	Three months ended March 31,
(in thousands)		2015		2014
Machine Clothing		$	9,001	$	862
Albany Engineered Composites			-		320
Total		$	9,001	$	1,182

Three months ended March 31, 2015 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of plant and equipment		Benefit plan curtailment/ settlement
Machine Clothing	$	9,001	$	9,001	$	-	$	-
Albany Engineered Composites		-		-		-		-
Total	$	9,001	$	9,001	$	-	$	-

Three months ended March 31, 2014 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of plant and equipment		Benefit plan curtailment/ settlement
Machine Clothing	$	862	$	1,355	$	-	$	(493	)
Albany Engineered Composites		320		320		-		-
Total	$	1,182	$	1,675	$	-	$	(493	)

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 2015 and 2014, all of which related to termination costs:

	December 31,		Restructuring					Currency			March 31,
(in thousands)	2014		charges accrued		Payments			translation/other			2015
Total Termination costs	$	1,874	$	9,001	$	(2,122	)	$	(228	)	$	8,525

	December 31,		Restructuring					Currency		March 31,
(in thousands)	2013		charges accrued		Payments			translation/other		2014
Total Termination costs	$	9,656	$	1,182	$	(4 633	)	$	481	$	6 686