Retirement Plans

9 Months Ended

Sep. 30, 2018

RETIREMENT PLANS

Retirement Plans

The Company has three retirement plans that cover its hourly and salaried employees in the United States: one defined benefit plan, which is frozen, and two defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company’s contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Company’s policy and investment guidelines applicable to each respective plan. The Company’s policy is to contribute at least the minimum in accordance with the funding standards of ERISA.

The Company maintains two defined contribution plans for its employees in Canada, as well as one post-retirement benefit plan. The Company also maintains two defined contribution plans and one defined benefit plan for its employees in the United Kingdom.

United States Defined Benefit Plan

Net periodic pension costs for the United States defined benefit pension plan for the three- and nine-month periods ended September 30, 2018 and 2017 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2018		2017		2018		2017

Interest cost	$	155	$	171	$	466	$	513
Expected return on plan assets	(213)		(178)		(640)		(533)
Recognized net actuarial loss	24		33		72		98
Net periodic pension (income) cost	$	(34)	$	26	$	(102)	$	78

The Company does not expect to contribute to its United States defined benefit pension plan in 2018.

United Kingdom Defined Benefit Plan

Net periodic pension costs for the United Kingdom defined benefit pension plan for the three- and nine-month periods ended September 30, 2018 and 2017 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2018		2017		2018		2017
Interest cost	$	51	$	56	$	153	$	168
Expected return on plan assets	(70)		(67)		(210)		(201)
Amortization of prior service costs and transition amount	5		4		15		12
Recognized net actuarial loss	48		72		144		216
Net periodic pension cost	$	34	$	65	$	102	$	195

United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. The Company anticipates contributions of approximately $244 to the United Kingdom Rail Technologies pension plan during 2018. For the nine months ended September 30, 2018, the Company contributed approximately $189 to the plan.

Defined Contribution 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:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2018		2017		2018		2017
United States	$	766	$	415	$	2,080	$	1,276
Canada	23		53		91		167
United Kingdom	114		93		328		306
	$	903	$	561	$	2,499	$	1,749