Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

Defined Benefit Plan Disclosure

Schedule of Costs of Retirement Plans

The Company sponsors six defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans.

	Twelve Months Ended December 31,
	2017		2016		2015
United States	$	2,641	$	1,813	$	2,434
Canada	223		225		226
United Kingdom	450		376		494
	$	3,314	$	2,414	$	3,154

Pension Plan | UNITED STATES

Defined Benefit Plan Disclosure

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2017 and 2016:

	2017			2016
Changes in benefit obligation:
Benefit obligation at beginning of year	$	18,241		$	17,759
Service cost	—			36
Interest cost	684			746
Actuarial loss	775			534
Benefits paid	(917		)	(834		)
Benefit obligation at end of year	$	18,783		$	18,241
Change to plan assets:
Fair value of assets at beginning of year	$	14,180		$	14,235
Actual gain on plan assets	1,629			779
Benefits paid	(917		)	(834		)
Fair value of assets at end of year	14,892			14,180
Funded status at end of year	$	(3,891	)	$	(4,061	)
Amounts recognized in the consolidated balance sheet consist of:
Other long-term liabilities	$	(3,891	)	$	(4,061	)
Amounts recognized in accumulated other comprehensive income consist of:
Net loss	$	3,913		$	4,186

Schedule of Changes in Fair Value of Plan Assets

The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2017 and 2016:

	2017			2016
Changes in benefit obligation:
Benefit obligation at beginning of year	$	18,241		$	17,759
Service cost	—			36
Interest cost	684			746
Actuarial loss	775			534
Benefits paid	(917		)	(834		)
Benefit obligation at end of year	$	18,783		$	18,241
Change to plan assets:
Fair value of assets at beginning of year	$	14,180		$	14,235
Actual gain on plan assets	1,629			779
Benefits paid	(917		)	(834		)
Fair value of assets at end of year	14,892			14,180
Funded status at end of year	$	(3,891	)	$	(4,061	)
Amounts recognized in the consolidated balance sheet consist of:
Other long-term liabilities	$	(3,891	)	$	(4,061	)
Amounts recognized in accumulated other comprehensive income consist of:
Net loss	$	3,913		$	4,186

Schedule of Net Benefit Costs

Net periodic pension costs for the three years ended December 31, 2017 are as follows:

	2017			2016			2015
Components of net periodic benefit cost:
Service cost	$	—		$	36		$	38
Interest cost	684			746			742
Expected return on plan assets	(710		)	(717		)	(816		)
Amortization of prior service cost	—			—			3
Recognized net actuarial loss	130			276			275
Net periodic pension cost	$	104		$	341		$	242

Schedule of Assumptions Used

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.

	2017		2016		2015
Discount rate	3.9	%	4.3	%	4.3	%
Expected rate of return on plan assets	5.9	%	5.2	%	5.2	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets are as follows at December 31:

	2017		2016
Projected benefit obligation	$	18,783	$	18,241
Accumulated benefit obligation	18,783		18,241
Fair value of plan assets	14,892		14,180

Schedule of Allocation of Plan Assets

The investment target ranges and actual allocation of pension plan assets by major category at December 31, 2017 and 2016 are as follows:

	Target	2017		2016
Asset Category
Cash and cash equivalents	0 - 10%	2	%	5	%
Total fixed income funds	25 - 50	32		33
Total mutual funds and equities	50 - 70	66		62
Total		100	%	100	%

In accordance with the fair value disclosure requirements of FASB ASC 820, “Fair Value Measurements and Disclosures,” the following assets were measured at fair value on a recurring basis at December 31, 2017 and 2016. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18 Fair Value Measurements.

	2017		2016
Asset Category
Cash and cash equivalents	$	284	$	660
Fixed income funds
Corporate bonds	4,755		4,767
Total fixed income funds	4,755		4,767
Equity funds and equities
Mutual funds	712		8,753
Exchange-Traded Funds (“ETF”)	9,141		—
Total mutual funds and equities	9,853		8,753
Total	$	14,892	$	14,180

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid:

	Pension
	Benefits
2018	$	927
2019	996
2020	1,003
2021	1,058
2022	1,071
Years 2023-2027	5,608

Pension Plan | Foreign Plan

Defined Benefit Plan Disclosure

Schedule of Changes in Fair Value of Plan Assets

The funded status of the United Kingdom defined benefit plan at December 31, 2017 and 2016 is as follows:

	2017			2016
Changes in benefit obligation:
Benefit obligation at beginning of year	$	8,104		$	7,862
Interest cost	236			259
Actuarial (gain) loss	(451		)	1,532
Benefits paid	(322		)	(273		)
Foreign currency exchange rate changes	768			(1,276		)
Benefit obligation at end of year	$	8,335		$	8,104
Change to plan assets:
Fair value of assets at beginning of year	$	5,826		$	6,661
Actual gain on plan assets	573			265
Employer contribution	276			253
Benefits paid	(322		)	(273		)
Foreign currency exchange rate changes	551			(1,080		)
Fair value of assets at end of year	6,904			5,826
Funded status at end of year	$	(1,431	)	$	(2,278	)
Amounts recognized in the consolidated balance sheet consist of:
Other long-term liabilities	$	(1,431	)	$	(2,278	)
Amounts recognized in accumulated other comprehensive income consist of:
Net loss	$	1,161		$	2,015
Prior service cost	39			53
	$	1,200		$	2,068

Schedule of Net Benefit Costs

Net periodic pension costs for the three years ended December 31 are as follows:

	2017			2016			2015
Components of net periodic benefit cost:
Interest cost	$	236		$	259		$	295
Expected return on plan assets	(280		)	(290		)	(324		)
Amortization of prior service cost	19			17			27
Recognized net actuarial loss	192			275			225
Net periodic pension cost	$	167		$	261		$	223

Schedule of Assumptions Used

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.

	2017		2016		2015
Discount rate	2.5	%	2.7	%	4.0	%
Expected rate of return on plan assets	4.1	%	4.4	%	5.2	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets are as follows at December 31:

	2017		2016
Projected benefit obligation	$	8,335	$	8,104
Accumulated benefit obligation	8,335		8,104
Fair value of plan assets	6,904		5,826

Schedule of Allocation of Plan Assets

The target asset allocation percentages for 2017 are as follows:

	Portec Rail
	Plan
Equity securities	Up to 100%
Commercial property	Not to exceed 50%
U.K. Government securities	Not to exceed 50%
Cash	Up to 100%

Plan assets held within the United Kingdom defined benefit plan consist of cash and marketable securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy.

The plan assets by category for the two years ended December 31, 2017 and 2016 are as follows:

	2017		2016
Asset Category
Cash and cash equivalents	$	695	$	707
Equity securities	2,707		2,617
Bonds	2,276		1,347
Other	1,226		1,155
Total	$	6,904	$	5,826

Schedule of Expected Benefit Payments

The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:

	Pension
	Benefits
2018	$	259
2019	275
2020	291
2021	299
2022	317
Years 2023-2027	2,040

Other Postretirement Benefits Plan

Defined Benefit Plan Disclosure

Schedule of Assumptions Used

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.

	2017		2016
Discount rate	3.6	%	4.0	%
Weighted average health care trend rate	5.1	%	5.1	%