XML 27 R10.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
At MC, restructuring actions were taken in the second and third quarters of 2024 to cease operations at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, and at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK. The principal driver of $3.3 million in Restructuring expenses, net for the first nine months of 2024 related to workforce reductions, fixed asset impairments and related costs, as well as charges of $1.3 million in Costs of goods sold for the write-off of inventory. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year. Restructuring expenses incurred at MC during 2023 were not significant.
At AEC, restructuring activities were related to reductions in the workforce at various AEC locations, which resulted in restructuring expenses of $3.1 million for the first nine months of 2024. Restructuring expenses incurred at AEC during 2023 were not significant.
The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":
Three months ended September 30,
Nine months ended September 30,
(in thousands)2024202320242023
Machine Clothing$2,207 $82 $3,294 $227 
Albany Engineered Composites34 — 3,144 — 
Corporate expenses31 — 146 — 
Total$2,272 $82 $6,584 $227 
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":
Nine months ended September 30, 2024Total
restructuring
costs incurred
Termination
and other
costs
Impairment of assets
(in thousands)
Machine Clothing$4,581 $3,294 $1,287 
Albany Engineered Composites3,144 3,144  
Corporate expenses146 146  
Total$7,871 $6,584 $1,287 
Nine months ended September 30, 2023Total
restructuring
costs incurred
Termination
and other
costs
Impairment of assets
(in thousands)
Machine Clothing$227 $227 $— 
Albany Engineered Composites— — — 
Corporate expenses— — — 
Total$227 $227 $— 

The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023:
(in thousands)December 31, 2023Restructuring
charges accrued
PaymentsCurrency
translation /other
September 30, 2024
Total termination and other costs$ $6,584 $(4,064)$90 $2,610 
(in thousands)December 31, 2022Restructuring
charges accrued
PaymentsCurrency
translation /other
September 30, 2023
Total termination and other costs$— $227 $(227)$— $—