Restructuring

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

At MC, restructuring actions were taken in 2024 and 2025 to cease operations at several facilities, including at the Company's MC forming fabric manufacturing facility in Chungju, South Korea, at the Company's Heimbach engineered fabric manufacturing facility in Rochdale, UK, at the Company's Heimbach paper machine clothing facility in Olten, Switzerland and at the Company's MC manufacturing facility in Ballo, Italy. These actions drove $3.3 million of restructuring charges during the first three months of 2025, of which $3.1 million in restructuring expenses related to workforce reductions, fixed asset impairments and related costs, as well as charges of $0.2 million in Cost of goods sold for the write-off of inventory, offset by a $1.8 million pension curtailment gain. We expect to incur additional restructuring expenses related to these actions throughout the remainder of the year.

At AEC, restructuring activities were related to reorganizational costs as well as a reduction in the workforce within AEC, which resulted in restructuring expenses of $1.2 million for the first three months of 2025 and $2.2 million for the first three months of 2024.

The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net":


	Three months ended March 31,
(in thousands)	2025		2024
Machine Clothing	$	1,347	$	21
Albany Engineered Composites	1,168		2,188
Corporate expenses	—		—
Total	$	2,515	$	2,209

The following tables summarize charges by type of expense reported in the Consolidated Statements of Income under "Restructuring expenses, net" and "Cost of goods sold":


Three months ended March 31, 2025	Total restructuring costs incurred		Termination and other costs		Impairment of assets		Pension Curtailment (Gain)/Loss
(in thousands)
Machine Clothing	$	1,603	$	2,640	$	723	$	(1,760)
Albany Engineered Composites	1,168		1,168		—		—
Corporate expenses	—		—		—		—
Total	$	2,771	$	3,808	$	723	$	(1,760)


Three months ended March 31, 2024	Total restructuring costs incurred		Termination and other costs		Impairment of assets		Pension Curtailment (Gain)/Loss
(in thousands)
Machine Clothing	$	21	$	21	$	—	$	—
Albany Engineered Composites	2,188		2,188		—		—
Corporate expenses	—		—		—		—
Total	$	2,209	$	2,209	$	—	$	—

The table below presents the year-to-date changes in restructuring liabilities for 2025 and 2024:


(in thousands)	December 31, 2024		Restructuring charges accrued		Payments		Currency translation /other		March 31, 2025
Total termination and other costs	$	4,996	$	3,808	$	(4,160)	$	24	$	4,668


(in thousands)	December 31, 2023		Restructuring charges accrued		Payments		Currency translation /other		March 31, 2024
Total termination and other costs	$	—	$	2,209	$	(221)	$	(1)	$	1,987