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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2018
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.
Year Ended December 31,
20182017
United States$2,762 $2,641 
Canada193 223 
United Kingdom451 450 
$3,406 $3,314 
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, 2018 and 2017:
December 31, 
20182017
Changes in benefit obligation:
Benefit obligation at beginning of year$18,783 $18,241 
Interest cost622 684 
Actuarial (gain) loss(1,249)775 
Benefits paid(1,439)(917)
Benefit obligation at end of year$16,717 $18,783 
Change to plan assets:
Fair value of assets at beginning of year$14,892 $14,180 
Actual (loss) gain on plan assets(985)1,629 
Benefits paid(1,439)(917)
Fair value of assets at end of year12,468 14,892 
Funded status at end of year$(4,249)$(3,891)
Amounts recognized in the consolidated balance sheet consist of:
Other long-term liabilities$(4,249)$(3,891)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$4,406 $3,913 
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, 2018 and 2017:
December 31, 
20182017
Changes in benefit obligation:
Benefit obligation at beginning of year$18,783 $18,241 
Interest cost622 684 
Actuarial (gain) loss(1,249)775 
Benefits paid(1,439)(917)
Benefit obligation at end of year$16,717 $18,783 
Change to plan assets:
Fair value of assets at beginning of year$14,892 $14,180 
Actual (loss) gain on plan assets(985)1,629 
Benefits paid(1,439)(917)
Fair value of assets at end of year12,468 14,892 
Funded status at end of year$(4,249)$(3,891)
Amounts recognized in the consolidated balance sheet consist of:
Other long-term liabilities$(4,249)$(3,891)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$4,406 $3,913 
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2018 and 2017 are as follows:
Year Ended December 31, 
20182017
Components of net periodic benefit cost:
Interest cost622 684 
Expected return on plan assets(853)(710)
Recognized net actuarial loss96 130 
Net periodic pension (income) cost$(135)$104 
Schedule of Weighted Average 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.
Year Ended December 31, 
20182017
Discount rate3.4 %3.9 %
Expected rate of return on plan assets5.9 %5.9 %
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 were as follows as of December 31:
December 31, 
20182017
Projected benefit obligation$16,717 $18,783 
Accumulated benefit obligation16,717 18,783 
Fair value of plan assets12,468 14,892 
Schedule of Investment Allocation and Target Allocation The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2018 and 2017 are as follows:
December 31, 
Target20182017
Asset Category
Cash and cash equivalents0 - 10% %%
Total fixed income funds25 - 50% 28  32  
Total mutual funds and equities50 - 70% 69  66  
Total100 %100 %
In accordance with the fair value disclosure requirements of ASC 820, “Fair Value Measurements and Disclosures,” the following assets were measured at fair value on a recurring basis as of December 31, 2018 and 2017. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 18.
December 31, 
20182017
Asset Category
Cash and cash equivalents$355 $284 
Fixed income funds
Corporate bonds3,521 4,755 
Total fixed income funds3,521 4,755 
Equity funds and equities
Mutual funds1,881 712 
Exchange-traded funds6,711 9,141 
Total mutual funds and equities8,592 9,853 
Total$12,468 $14,892 
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid:
Pension
Year Ending December 31,Benefits
2019$940 
2020946 
20211,004 
20221,021 
20231,080 
Years 2024-2028 5,396 
Pension Plan | United Kingdom  
Defined Benefit Plan Disclosure  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The funded status of the United Kingdom defined benefit plan as of December 31, 2018 and 2017 was as follows:
December 31, 
20182017
Changes in benefit obligation:
Benefit obligation at beginning of year$8,335 $8,104 
Interest cost194 236 
Actuarial gain(201)(451)
Benefits paid(292)(322)
Foreign currency exchange rate changes(475)768 
Benefit obligation at end of year$7,750 $8,335 
Change to plan assets:
Fair value of assets at beginning of year$6,904 $5,826 
Actual (loss) gain on plan assets(144)573 
Employer contribution271 276 
Benefits paid(292)(322)
Foreign currency exchange rate changes(392)551 
Fair value of assets at end of year6,347 6,904 
Funded status at end of year$(1,403)$(1,431)
Amounts recognized in the consolidated balance sheet consist of:
Other long-term liabilities$(1,403)$(1,431)
Amounts recognized in accumulated other comprehensive income consist of:
Net loss$1,116 $1,161 
Prior service cost208 39 
$1,324 $1,200 
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31 were as follows:
Year Ended December 31, 
20182017
Components of net periodic benefit cost:
Interest cost$194 $236 
Expected return on plan assets(260)(280)
Amortization of prior service cost42 19 
Recognized net actuarial loss208 192 
Net periodic pension cost$184 $167 
Schedule of Weighted Average 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.
Year Ended December 31, 
20182017
Discount rate2.8 %2.5 %
Expected rate of return on plan assets3.8 %4.1 %
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 were as follows as of December 31:
December 31, 
20182017
Projected benefit obligation$7,750 $8,335 
Accumulated benefit obligation7,750 8,335 
Fair value of plan assets6,347 6,904 
Schedule of Investment Allocation and Target Allocation The target asset allocation percentages for 2018 were 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 equity 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 years ended December 31, 2018 and 2017 are as follows:
December 31, 
20182017
Asset Category
Cash and cash equivalents$685 $695 
Equity securities2,001 2,707 
Bonds2,866 2,276 
Other795 1,226 
Total$6,347 $6,904 
Schedule of Expected Benefit Payments
The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:
 Pension 
Year Ending December 31,Benefits 
2019$261 
2020276 
2021283 
2022301 
2023325 
Years 2024-20282,044 
Other Postretirement Benefits Plan  
Defined Benefit Plan Disclosure  
Schedule of Weighted Average 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.
Year Ended December 31, 
20182017
Discount rate3.8 %3.6 %
Weighted average health care trend rate4.9 %5.1 %