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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

2010

 

 

In thousands

Salaried Plan

$

2,028 

$

1,846 

$

1,700 

Union Plan

 

79 

 

62 

 

34 

Montreal Plan

 

126 

 

101 

 

 -

U.K. Plan

 

116 

 

122 

 

 -

Burnaby Plan

 

143 

 

106 

 

 -

 

$

2,492 

$

2,237 

$

1,734 

 

United States Pension Plans of US Entity, Defined Benefit [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

 

In thousands

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

16,986 

$

14,955 

Service cost

 

31 

 

30 

Interest cost

 

748 

 

799 

Actuarial losses

 

980 

 

1,896 

Benefits paid

 

(711)

 

(694)

Benefit obligation at end of year

$

18,034 

$

16,986 

 

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

12,088 

$

11,433 

Actual gain on plan assets

 

1,127 

 

266 

Employer contribution

 

758 

 

1,083 

Benefits paid

 

(711)

 

(694)

Fair value of assets at end of year

 

13,262 

 

12,088 

Funded status at end of year

$

(4,772)

$

(4,898)

 

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated

 

 

 

 

balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(4,772)

$

(4,898)

 

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other

 

 

 

 

comprehensive income consist of:

 

 

 

 

Net loss

$

4,675 

$

4,206 

Prior service cost

 

 

 

$

4,679 

$

4,211 

 

Schedule of Net Benefit Costs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

2010

 

Components of net periodic benefit cost:

 

In thousands

 

Service cost

$

31 

$

30 

$

31 

 

Interest cost

 

748 

 

799 

 

264 

 

Expected return on plan assets

 

(810)

 

(764)

 

(286)

 

Amortization of prior service cost

 

 

 

 -

 

Recognized net actuarial loss

 

194 

 

111 

 

106 

 

Net periodic benefit cost

$

164 

$

177 

$

115 

 

 

Schedule of Assumptions Used [Table Text Block]

The weighted average assumptions used to measure the projected benefit obligation for the years ended December 31, 2012 and 2011 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

Discount rate

 

 

 

4.0 

%

4.5 

%

 

The weighted average assumptions used to determine net periodic benefit costs for the three years ended December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

2010

 

Discount rate

 

4.00 

%

5.48 

%

6.00 

%

Expected rate of return on plan assets

 

6.50 

%

6.70 

%

7.75 

%

 

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

 

 

 

 

In thousands

 

Projected benefit obligation

 

 

$

18,034 

$

16,986 

 

Accumulated benefit obligation

 

 

 

18,034 

 

16,986 

 

Fair value of plan assets

 

 

 

13,262 

 

12,088 

 

 

Schedule of Allocation of Plan Assets [Table Text Block]

 

 

Target

 

2012

 

2011

 

Asset Category

 

 

 

 

 

 

 

Cash and cash equivalents

 

0 - 10

%

%

%

Total fixed income funds

 

30 - 50

 

31 

 

37 

 

Total mutual funds / equities

 

50 - 70

 

62 

 

59 

 

Total

 

 

 

100 

%

100 

%

 

In accordance with the fair value disclosure requirements with FASB ASC 820, “Fair Value Measurements and Disclosures,” the following assets were measured at fair value on a recurring basis at December 31, 2012 and 2011.  Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 20, Fair Value Measurements.

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2012

 

2011

 

 

In thousands

Asset Category

 

 

 

 

Cash and cash equivalents

$

984 

$

513 

Fixed income funds

 

 

 

 

Government bonds

 

 -

 

1,342 

Corporate bonds

 

4,168 

 

3,146 

Total fixed income funds

 

4,168 

 

4,488 

Equity funds and equities

 

 

 

 

Mutual funds

 

7,163 

 

678 

Common stock

 

947 

 

6,409 

Total equity funds and equities

 

8,110 

 

7,087 

 

 

 

 

 

Total

$

13,262 

$

12,088 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

In thousands

2013

$

743 

2014

 

754 

2015

 

766 

2016

 

812 

2017

 

886 

Years 2018-2022

 

5,184 

 

United Kingdom Benefit Plans [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

 

In thousands

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

6,964 

$

6,229 

Interest cost

 

338 

 

331 

Actuarial losses

 

652 

 

544 

Plan transfers

 

 -

 

194 

Benefits paid

 

(236)

 

(309)

Foreign currency exchange rate changes

 

316 

 

(25)

Benefit obligation at end of year

$

8,034 

$

6,964 

 

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

5,160 

$

5,293 

Actual gain (loss) on plan assets

 

596 

 

(233)

Employer contribution

 

297 

 

235 

Plan transfers

 

 -

 

194 

Benefits paid

 

(236)

 

(309)

Foreign currency exchange rate changes

 

234 

 

(20)

Fair value of assets at end of year

 

6,051 

 

5,160 

Funded status at end of year

$

(1,983)

$

(1,804)

 

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated

 

 

 

 

balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(1,983)

$

(1,804)

 

Schedule of Net Benefit Costs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

Components of net periodic benefit cost:

 

In thousands

 

Interest cost

$

338 

$

331 

 

Expected return on plan assets

 

(307)

 

(337)

 

Amortization of transition obligation

 

(49)

 

(47)

 

Amortization of prior service cost

 

23 

 

22 

 

Recognized net actuarial gain

 

221 

 

107 

 

Net periodic benefit cost

$

226 

$

76 

 

 

Schedule of Assumptions Used [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

Discount rate

 

4.3 

%

4.7 

%

Expected rate of return on plan assets

 

5.2 

%

5.7 

%

 

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

 

 

In thousands

 

Projected benefit obligation

$

8,034 

$

6,964 

 

Accumulated benefit obligation

 

8,034 

 

6,964 

 

Fair value of plan assets

 

6,051 

 

5,160 

 

 

Schedule of Allocation of Plan Assets [Table Text Block]

 

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%

 

 

Substantially all plan assets held within the Portec Rail Plan consists of marketable securities and are classified in Level 1 of the fair value hierarchy.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

Asset Category

 

In thousands

 

Cash and cash equivalents

$

520 

$

180 

 

Equity securities

 

2,250 

 

2,286 

 

Bonds

 

1,529 

 

965 

 

Commercial property

 

1,636 

 

1,264 

 

Alternatives

 

116 

 

465 

 

Total

$

6,051 

$

5,160 

 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

In thousands

2013

$

201 

2014

 

232 

2015

 

257 

2016

 

290 

2017

 

313 

Years 2018-2022

 

1,960 

 

Other Post-Retirement Benefit Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011

 

Discount rate

 

4.4 

%

5.3 

%

Weighted average health care trend rate

 

6.6 

%

7.0 

%