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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission file number: 1-10026
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

216 Airport DriveRochesterNew Hampshire
(Address of principal executive offices)

14-0462060
(IRS Employer Identification No.)

03867
(Zip Code)

603-330-5850
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareAINThe New York Stock Exchange (NYSE)
Class B Common Stock, $0.001 par value per shareAINThe New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
The registrant had 30.7 million shares of Class A Common Stock and 1.6 million shares of Class B Common Stock outstanding as of October 21, 2020.



ALBANY INTERNATIONAL CORP.
TABLE OF CONTENTS
Page No.


Index

ITEM 1. FINANCIAL STATEMENTS

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Net sales$211,999 $271,133 $673,753 $796,454 
Cost of goods sold124,697 167,026 393,999 495,394 
Gross profit87,302 104,107 279,754 301,060 
Selling, general, and administrative expenses39,518 39,841 118,167 121,602 
Technical and research expenses8,301 8,832 26,304 28,323 
Restructuring expenses, net710 (244)4,189 1,139 
Operating income38,773 55,678 131,094 149,996 
Interest expense, net2,242 3,987 10,042 13,035 
Other expense/(income), net(2,745)(1,628)13,915 (1,906)
Income before income taxes39,276 53,319 107,137 138,867 
Income tax expense9,686 13,194 37,504 35,075 
Net income29,590 40,125 69,633 103,792 
Net income/(loss) attributable to the noncontrolling interest1 116 (1,419)539 
Net income attributable to the Company$29,589 $40,009 $71,052 $103,253 
Earnings per share attributable to Company shareholders - Basic$0.92 $1.24 $2.20 $3.20 
Earnings per share attributable to Company shareholders - Diluted$0.91 $1.24 $2.20 $3.20 
Shares of the Company used in computing earnings per share:
Basic32,337 32,306 32,326 32,293 
Diluted32,344 32,317 32,333 32,305 
Dividends declared per share, Class A and Class B$0.19 $0.18 $0.57 $0.54 
The accompanying notes are an integral part of the consolidated financial statements
3

Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Net income$29,590 $40,125 $69,633 $103,792 
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments19,249 (22,041)3,047 (24,243)
Pension/postretirement settlements and curtailments  378  
Amortization of pension liability adjustments:
Prior service credit(1,114)(1,105)(3,342)(3,315)
Net actuarial loss1,244 1,118 3,720 3,357 
Payments and amortization related to interest rate swaps included in earnings1,219 (245)2,742 (1,117)
Derivative valuation adjustment(385)(1,532)(12,515)(10,796)
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement settlements and curtailments  (113) 
Amortization of pension liability adjustment(32)(4)(94)(13)
Payments and amortization related to interest rate swaps included in earnings(311)62 (701)285 
Derivative valuation adjustment98 392 3,200 2,759 
Comprehensive income49,558 16,770 65,955 70,709 
Comprehensive income/(loss) attributable to the noncontrolling interest202 103 (957)520 
Comprehensive income/(loss) attributable to the Company$49,356 $16,667 $66,912 $70,189 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
September 30, 2020December 31, 2019
ASSETS
Cash and cash equivalents
$215,304 $195,540 
Accounts receivable, net
210,326 218,271 
Contract assets, net
104,853 79,070 
Inventories
113,107 95,149 
Income taxes prepaid and receivable
6,560 6,162 
Prepaid expenses and other current assets
30,485 24,142 
Total current assets
$680,635 $618,334 
Property, plant and equipment, net
442,469 466,462 
Intangibles, net
48,281 52,892 
Goodwill
184,287 180,934 
Deferred income taxes
38,387 51,621 
Noncurrent receivables, net
36,228 41,234 
Other assets
60,405 62,891 
Total assets
$1,490,692 $1,474,368 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable
$46,740 $65,203 
Accrued liabilities
119,221 125,885 
Current maturities of long-term debt
12 20 
Income taxes payable
12,936 11,611 
Total current liabilities
178,909 202,719 
Long-term debt
418,000 424,009 
Other noncurrent liabilities
134,903 132,725 
Deferred taxes and other liabilities
9,022 12,226 
Total liabilities
740,834 771,679 
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
  
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 39,113,172 issued in 2020 and 39,098,792 in 2019
39 39 
Class B Common Stock, par value $0.001 per share; authorized 25,000,000 shares; issued and outstanding 1,617,998 in 2020 and 2019
2 2 
Additional paid in capital
432,823 432,518 
Retained earnings
749,678 698,496 
Accumulated items of other comprehensive income:
Translation adjustments
(119,814)(122,852)
Pension and postretirement liability adjustments
(49,436)(49,994)
Derivative valuation adjustment
(10,409)(3,135)
Treasury stock (Class A), at cost; 8,394,022 shares in 2020 and 8,408,770 shares in 2019
(256,074)(256,391)
Total Company shareholders' equity
746,809 698,683 
Noncontrolling interest
3,049 4,006 
Total equity
749,858 702,689 
Total liabilities and shareholders' equity
$1,490,692 $1,474,368 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
OPERATING ACTIVITIES
Net income$29,590 $40,125 $69,633 $103,792 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation16,285 15,672 47,289 46,659 
Amortization1,997 1,582 7,017 6,305 
Change in deferred taxes and other liabilities3,074 13,548 12,434 12,802 
Provision for write-off of property, plant and equipment303 (5)536 1,101 
Non-cash interest (income)/expense(309)151 (138)454 
Compensation and benefits paid or payable in Class A Common Stock80 790 596 1,413 
Fair value adjustment on foreign currency option(64)   
Provision for credit losses from uncollected receivables and contract assets(105)332 1,664 1,136 
Foreign currency remeasurement loss/(gain) on intercompany loans169 (1,049)15,750 (2,656)
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable(2,048)(10,282)6,069 (8,276)
Contract assets(7,923)(9,605)(27,932)(6,558)
Inventories4,585 (3,760)(20,043)(21,927)
Prepaid expenses and other current assets(4,532)131 (6,989)(4,057)
Income taxes prepaid and receivable(454)304 (662)662 
Accounts payable(5,108)363 (15,491)7,837 
Accrued liabilities2,838 3,407 (8,063)(8,762)
Income taxes payable1,786 (5,611)3,741 1,619 
Noncurrent receivables(228)(339)169 (679)
Other noncurrent liabilities111 (2,251)(413)(4,411)
Other, net(388)(6)(1,474)139 
Net cash provided by operating activities39,659 43,497 83,693 126,593 
INVESTING ACTIVITIES
Purchases of property, plant and equipment(9,349)(13,442)(31,320)(48,846)
Purchased software(109)(257)(155)(306)
Net cash used in investing activities(9,458)(13,699)(31,475)(49,152)
FINANCING ACTIVITIES
Proceeds from borrowings  70,000 20,000 
Principal payments on debt(17,005)(58,006)(76,016)(95,014)
Principal payments on finance lease liabilities(335)(298)(6,798)(876)
Taxes paid in lieu of share issuance  (490)(971)
Proceeds from options exercised5 33 25 105 
Dividends paid(6,144)(5,814)(18,424)(17,435)
Net cash used in financing activities(23,479)(64,085)(31,703)(94,191)
Effect of exchange rate changes on cash and cash equivalents4,545 (7,207)(751)(7,266)
Increase/(decrease) in cash and cash equivalents11,267 (41,494)19,764 (24,016)
Cash and cash equivalents at beginning of period204,037 215,233 195,540 197,755 
Cash and cash equivalents at end of period$215,304 $173,739 $215,304 $173,739 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Significant Accounting Policies
Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2019.
Effective January 1, 2020, we adopted the provisions of ASC 326Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the new standard. The effect of the application of CECL during the first quarter of 2020 is further described in Notes 11 and 12.

2. Reportable Segments
In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments.
The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, nonwovens, fiber cement and several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate.
We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.
The Albany Engineered Composites (“AEC”) segment, including Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group (“Safran”) owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. In the fourth quarter of 2019, Safran leased manufacturing space from AEC for the GE9X program. Rent paid by Safran under this lease amounted to $0.7 million for the first nine months of 2020. AEC Net sales to Safran, substantially all of which were through ASC, were $73.6 million and $175.2 million in the first nine months of 2020 and 2019, respectively.
The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $119.8 million and $114.5 million as of September 30, 2020 and December 31, 2019, respectively. Other significant programs by AEC include the F-35, Boeing 787, Sikorsky CH-53K and JASSM, as well as the fan case for the GE9X engine. In 2019, approximately 25 percent of AEC sales were related to U.S. government contracts or programs.
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Index
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2020201920202019
Net sales
Machine Clothing
$138,747 $151,324 $428,782 $450,673 
Albany Engineered Composites
73,252 119,809 244,971 345,781 
Consolidated total
$211,999 $271,133 $673,753 $796,454 
Operating income/(loss)
Machine Clothing
$45,699 $51,906 $149,418 $145,688 
Albany Engineered Composites
6,828 17,345 22,749 44,598 
Corporate expenses
(13,754)(13,573)(41,073)(40,290)
Operating income
$38,773 $55,678 $131,094 $149,996 
Reconciling items:
Interest income
(1,485)(851)(2,280)(2,037)
Interest expense
3,727 4,838 12,322 15,072 
Other expense/(income), net
(2,745)(1,628)13,915 (1,906)
Income before income taxes
$39,276 $53,319 $107,137 $138,867 

There were no material changes in the total assets of the reportable segments in the first nine months of 2020.
The table below presents restructuring costs by reportable segment (also see Note 5):
Three months ended September 30, Nine months ended September 30,
(in thousands)2020201920202019
Machine Clothing$384 $(211)$1,414 $1,125 
Albany Engineered Composites358 (33)2,606 18 
Corporate expenses(32) 169 (4)
Total$710 $(244)$4,189 $1,139 

Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. In 2020, net adjustments to the estimated profitability of long-term contracts increased gross profit by $3.5 million and $9.5 million for the three and nine month periods, respectively, ended September 30, 2020. In 2019, net adjustments to the estimated profitability of long-term contracts increased gross profit by $3.2 million and $8.8 million for the three and nine month periods, respectively, ended September 30, 2019.


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Index
We disaggregate revenue earned from contracts with customers for each of our business segments and product groups based on the timing of revenue recognition, and groupings used for internal review purposes.
The following tables disaggregate revenue for each product group by timing of revenue recognition:
Three months ended September 30, 2020
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$137,899 $848 $138,747 
Albany Engineered Composites
ASC 17,301 17,301 
Other AEC4,479 51,472 55,951 
Total Albany Engineered Composites4,479 68,773 73,252 
Total revenue$142,378 $69,621 $211,999 

Nine months ended September 30, 2020
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$426,238 $2,544 $428,782 
Albany Engineered Composites
ASC 72,771 72,771 
Other AEC14,942 157,258 172,200 
Total Albany Engineered Composites14,942 230,029 244,971 
Total revenue$441,180 $232,573 $673,753 

Three months ended September 30, 2019
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$150,524 $800 $151,324 
Albany Engineered Composites
ASC 56,414 56,414 
Other AEC6,708 56,687 63,395 
Total Albany Engineered Composites6,708 113,101 119,809 
Total revenue$157,232 $113,901 $271,133 
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Index
Nine months ended September 30, 2019
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$448,273 $2,400 $450,673 
Albany Engineered Composites
ASC 170,551 170,551 
Other AEC22,850 152,380 175,230 
Total Albany Engineered Composites22,850 322,931 345,781 
Total revenue$471,123 $325,331 $796,454 

The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended September 30,Nine months ended September 30,
(in thousands)2020201920202019
Americas PMC$70,663 $82,763 $225,565 $239,686 
Eurasia PMC50,923 50,330 150,220 155,849 
Engineered Fabrics17,161 18,231 52,997 55,138 
Total Machine Clothing Net sales$138,747 $151,324 $428,782 $450,673 

In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $81 million as of both September 30, 2020 and 2019 and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2020, we expect to recognize as revenue approximately $36 million during 2020 and the remainder during 2021.

3. Business Acquisition
On November 20, 2019, the Company acquired CirComp GmbH, a privately-held developer and manufacturer of high-performance composite components located in Kaiserslautern, Germany for $32.4 million. The Company also agreed to pay approximately $5.5 million that will become due as certain post-closing obligations are performed. Expense related to that agreement will be recognized over the five year performance period. The Company funded the acquisition using a combination of cash on hand and funds drawn on its revolving credit facility. In March 2020, the Company purchased, in cash, the primary operating facility in Germany for $5.8 million, which resulted in the recording of land and building assets, and the removal of the Right of use assets and associated lease liabilities included in the acquisition-date balance sheet.
The seller provided representations, warranties and indemnities customary for acquisition transactions, including indemnities for certain customer claims identified, before closing. The acquired entity is part of the AEC segment. CirComp specializes in designing and manufacturing customized engineered composite components for aerospace and other demanding industrial applications.
The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:
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Index
(in thousands)November 20, 2019
Assets acquired
Cash$1,607 
Accounts receivable986 
Contract assets1,992 
Inventories525 
Prepaid expenses and other current assets452 
Right of use assets5,686 
Property, plant and equipment4,884 
Amortizable intangible assets10,302 
Goodwill17,676 
Total assets acquired$44,110 
Liabilities assumed
Accounts payable$65 
Accrued liabilities2,777 
Lease liabilities502 
Deferred income taxes3,182 
Other noncurrent liabilities5,184 
Total liabilities assumed$11,710 
Net assets acquired$32,400 
Purchase of business, net of cash acquired$30,793 

During the first six months of 2020, management identified adjustments to the provisional value of assets and liabilities acquired reported in the Form 10-K for the year ended December 31, 2019, which resulted in a decrease to Contract assets of $0.3 million, an increase to Accrued liabilities of $0.5 million, an increase to Amortizable intangible assets of $0.3 million, a decrease to Deferred income tax liabilities of $0.2 million, and an increase to Goodwill of $0.3 million. Management's review of the purchase price allocation has been completed.
Acquired Goodwill of $17.7 million reflects the Company’s belief that the acquisition complements and expands Albany’s portfolio of proprietary, advanced manufacturing technologies for composite components, increases the Company’s position as a leading innovator in advanced materials processing and automation, and opens a geographic footprint in Europe to better serve our global customer base. The acquisition significantly increases the Company’s opportunities for future growth. The goodwill is non-deductible for tax purposes.
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4. Pensions and Other Postretirement Benefit Plans
Pension Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998, and benefits accrued under this plan have been frozen since February 2009. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009 but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.
Other Postretirement Benefits
The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plans as claims are paid.
The composition of the net periodic benefit cost for the nine months ended September 30, 2020 and 2019, was as follows:
Pension plansOther postretirement benefits
(in thousands)2020201920202019
Components of net periodic benefit cost:
Service cost$1,728 $1,892 $150 $142 
Interest cost4,621 5,368 1,285 1,585 
Expected return on assets(5,139)(6,155)  
Settlement cost145    
Curtailment cost233    
Amortization of prior service cost/(credit)24 51 (3,366)(3,366)
Amortization of net actuarial loss1,776 1,687 1,944 1,670 
Net periodic benefit cost$3,388 $2,843 $13 $31 

The amount of net periodic pension cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. In the second quarter of 2020, the Company recorded expense of $0.4 million related to curtailments and settlements. There were no curtailments or settlements in other quarters.
Service cost for defined benefit pension and postretirement plans are reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period.
Other components of net periodic benefit cost are presented in the income statement separately from the service cost component and outside a subtotal of income from operations, in the line item Other (income)/expense, net in the Consolidated Statements of Income.

5. Restructuring

In 2020, AEC reduced its workforce at various locations, principally in the United States, leading to restructuring charges of $2.6 million for the first nine months of 2020.

Machine Clothing restructuring charges for the first nine months of 2020 and 2019 were principally related to the plant closure of its MC production facility in Sélestat, France that was announced in 2017. Since 2017, we have recorded $13.3 million of restructuring charges related to this action.
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Index
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)
2020201920202019
Machine Clothing
$384 $(211)$1,414 $1,125 
Albany Engineered Composites
358 (33)2,606 18 
Corporate expenses
(32) 169 (4)
Total
$710 $(244)$4,189 $1,139 
Nine Months Ended September 30, 2020
Total
restructuring
costs incurred
Termination
and other
costs
Impairment of assets
(in thousands)
Machine Clothing
$1,414 $1,414 $ 
Albany Engineered Composites
2,606 2,606  
Corporate expenses
169 169  
Total
$4,189 $4,189 $ 
Nine Months Ended September 30, 2019
Total
restructuring
costs incurred
Termination
and other
costs
Impairment of assets
(in thousands)
Machine Clothing$1,125 $1,081 $