5. Restructuring

In 2015, the Company announced a plan to discontinue manufacturing operations at its press fabric manufacturing facility in Göppingen, Germany and manufacturing operations were discontinued during the second quarter. The restructuring program was driven by the Company's need to balance manufacturing capacity with demand. Approximately 50 employees were terminated under this plan, and the estimated severance payments were recorded in the first quarter of 2015. We recorded charges of $11.4 million related to this restructuring, including $3.3 million related to the write down of the land and former manufacturing facility to the estimated fair market value. Cost savings associated with this action will reduce Cost of goods sold in future periods.

In the fourth quarter of 2015, the Company implemented an early retirement program for certain employees in the United States. Restructuring charges associated with this restructuring program were $8.1 million. Cost savings from this initiative are expected to be $5 million to $6 million and will reduce STG&R expenses, most of which will be recognized in 2016.

2015 restructuring charges also includes $4.3 million related to the reduction in STG&R employment in Machine Clothing and Corporate. Machine Clothing restructuring costs in 2014 and 2013 were principally related to restructuring of manufacturing operations in France, where employment was reduced by approximately 200 positions.

Albany Engineered Composites restructuring expenses in 2014 and 2013 were principally related to organizational changes and exiting certain aerospace programs.

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


Year ended December 31, 2015
(in thousands)	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment	Benefit plan curtailment/ settlement
Machine Clothing	$22,211	$18,906	$3,305	$-
Albany Engineered Composites	-	-	-	-
Corporate expenses	1,635	1,635	-	-
Total	$23,846	$20,541	$3,305	$-

Year ended December 31, 2014	Total restructuring costs		Impairment of plant and	Benefit plan curtailment/
(in thousands)	incurred	Termination and other costs	equipment	settlement
Machine Clothing	$4,828	$5,769	$-	($941	)
Albany Engineered Composites	931	319	612	-
Corporate expenses	-	-	-	-
Total	$5,759	$6,088	$612	($941	)

Year ended December 31, 2013	Total restructuring costs		Impairment of plant and	Benefit plan curtailment/
(in thousands)	incurred	Termination and other costs	equipment	settlement
Machine Clothing	$24,568	$25,838	$-	($1,270	)
Albany Engineered Composites	540	452	88	-
Corporate expenses	-	-	-	-
Total	$25,108	$26,290	$88	($1,270	)

We expect that approximately $6.9 million of Accrued liabilities for restructuring at December 31, 2015 will be paid within one year and approximately $3.3 million will be paid in 2017. The table below presents the changes in restructuring liabilities for 2015 and 2014, all of which related to termination costs:

	December 31,		Restructuring					Currency		December 31,
(in thousands)	2014		charges accrued		Payments			translation/other		2015

Total Termination costs	$	1,874	$	20,541	$	(12,323	)	$	85	$	10,177

	December 31,		Restructuring					Currency			December 31,
(in thousands)	2013		charges accrued		Payments			translation/other			2014

Total Termination costs	$	9,656	$	6,088	$	(13,240	)	$	(630	)	$	1,874