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 reached agreement on the restructuring plan with the Works Council and manufacturing operations discontinued during the second quarter. Approximately 50 employees were terminated under this plan, and the estimated severance payments were recorded in the first quarter of 2015. In the third quarter of 2015, we recorded a charge of $3.2 million related to the write down of the land and building to the estimated fair market value. Cost savings associated with this action will reduce Cost of goods sold in future periods.

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 expenses, net”:

	Three months ended September 30,					Nine months ended September 30,
(in thousands)	2015		2014			2015		2014
Machine Clothing	$	3,717	$	968		$	13,929	$	3,127
Albany Engineered Composites		-		(49	)		-		931
Total	$	3,717	$	919		$	13,929	$	4,058

Nine months ended September 30, 2015 (in thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of plant and equipment		Benefit plan curtailment/ settlement
Machine Clothing	$	13,929	$	10,704	$	3,225	$	-
Albany Engineered Composites		-		-		-		-
Total	$	13,929	$	10,704	$	3,225	$	-

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	)

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:

					Restructuring					Currency
(in thousands)		December 31, 2014			charges accrued		Payments			translation/ other			September 30, 2015

Total termination costs	$	1,874		$	10,607	$	(10,637	)	$	96		$	1,940

					Restructuring					Currency
(in thousands)			December 31, 2013		charges accrued		Payments			translation/ other			September 30, 2014

Total termination costs	$	9,656		$	4,148	$	(10,904	)	$	(277	)	$	2,623