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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

Salaried Plan

$

2,077 

$

2,028 

$

1,846 

Union Plan

 

74 

 

79 

 

62 

Montreal Plan

 

123 

 

126 

 

101 

U.K. Plan

 

136 

 

116 

 

122 

Burnaby Plan

 

143 

 

143 

 

106 

 

$

2,553 

$

2,492 

$

2,237 

 

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]

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

18,034 

$

16,986 

Service cost

 

33 

 

31 

Interest cost

 

707 

 

748 

Actuarial (gain) loss

 

(1,924)

 

980 

Benefits paid

 

(738)

 

(711)

Benefit obligation at end of year

$

16,112 

$

18,034 

 

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

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

13,262 

$

12,088 

Actual gain on plan assets

 

2,019 

 

1,127 

Employer contribution

 

496 

 

758 

Benefits paid

 

(738)

 

(711)

Fair value of assets at end of year

 

15,039 

 

13,262 

Funded status at end of year

$

(1,073)

$

(4,772)

 

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

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated

 

 

 

 

balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(1,073)

$

(4,772)

 

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

$

1,375 

$

4,675 

Prior service cost

 

 

 

$

1,379 

$

4,679 

 

Schedule of Net Benefit Costs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

Components of net periodic benefit cost:

 

 

 

Service cost

$

33 

$

31 

$

30 

 

Interest cost

 

707 

 

748 

 

799 

 

Expected return on plan assets

 

(856)

 

(810)

 

(764)

 

Amortization of prior service cost

 

 

 

 

Recognized net actuarial loss

 

212 

 

194 

 

111 

 

Net periodic benefit cost

$

97 

$

164 

$

177 

 

 

Schedule of Assumptions Used [Table Text Block]

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

Discount rate

 

4.90 

%

4.00 

%

5.48 

%

Expected rate of return on plan assets

 

6.50 

%

6.50 

%

6.70 

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Projected benefit obligation

 

 

$

12,513 

$

18,034 

 

Accumulated benefit obligation

 

 

 

12,513 

 

18,034 

 

Fair value of plan assets

 

 

 

11,321 

 

13,262 

 

 

Schedule of Allocation of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target

 

2013

 

2012

 

Asset Category

 

 

 

 

 

 

 

Cash and cash equivalents

 

0 - 10

%

%

%

Total fixed income funds

 

25 - 50

 

27 

 

31 

 

Total mutual funds / equities

 

50 - 70

 

69 

 

62 

 

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, 2013 and 2012.  Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 19, Fair Value Measurements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

Asset Category

 

 

 

 

Cash and cash equivalents

$

568 

$

984 

Fixed income funds

 

 

 

 

Corporate bonds

 

4,005 

 

4,168 

Total fixed income funds

 

4,005 

 

4,168 

Equity funds and equities

 

 

 

 

Mutual funds

 

9,142 

 

7,163 

Common stock

 

1,324 

 

947 

Total equity funds and equities

 

10,466 

 

8,110 

 

 

 

 

 

Total

$

15,039 

$

13,262 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

 

2014

$

759 

2015

 

773 

2016

 

802 

2017

 

878 

2018

 

912 

Years 2019-2023

 

5,394 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

8,034 

$

6,964 

Interest cost

 

348 

 

338 

Actuarial loss

 

162 

 

652 

Benefits paid

 

(247)

 

(236)

Foreign currency exchange rate changes

 

153 

 

316 

Benefit obligation at end of year

$

8,450 

$

8,034 

 

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

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

6,051 

$

5,160 

Actual gain on plan assets

 

545 

 

596 

Employer contribution

 

303 

 

297 

Benefits paid

 

(247)

 

(236)

Foreign currency exchange rate changes

 

117 

 

234 

Fair value of assets at end of year

 

6,769 

 

6,051 

Funded status at end of year

$

(1,681)

$

(1,983)

 

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

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated

 

 

 

 

balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(1,681)

$

(1,983)

 

 

 

 

 

Amounts recognized in accumulated

 

 

 

 

other comprehensive income consist of:

 

 

 

 

Net loss

$

906 

$

1,176 

Prior service cost

 

142 

 

164 

Transition obligation

 

(50)

 

(96)

 

$

998 

$

1,244 

 

Schedule of Net Benefit Costs [Table Text Block]

Net periodic pension costs for the three years ended December 31, 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Components of net periodic benefit cost:

 

 

Interest cost

$

348 

$

338 

$

331 

Expected return on plan assets

 

(321)

 

(307)

 

(337)

Amortization of transition obligation

 

(46)

 

(49)

 

(47)

Amortization of prior service cost

 

22 

 

23 

 

22 

Recognized net actuarial loss

 

229 

 

221 

 

107 

Net periodic benefit cost

$

232 

$

226 

$

76 

 

Schedule of Assumptions Used [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

Discount rate

 

4.6 

%

4.3 

%

4.7 

%

Expected rate of return on plan assets

 

5.8 

%

5.2 

%

5.7 

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

 

 

 

 

Projected benefit obligation

$

8,450 

$

8,034 

 

Accumulated benefit obligation

 

8,450 

 

8,034 

 

Fair value of plan assets

 

6,769 

 

6,051 

 

 

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%

 

 

Plan assets held within the Portec Rail Plan consist of cash and marketable securities which 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, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

Asset Category

 

 

 

Cash and cash equivalents

$

369 

$

520 

 

Equity securities

 

2,803 

 

2,250 

 

Bonds

 

1,468 

 

1,529 

 

Commercial property

 

2,129 

 

1,636 

 

Alternatives

 

 -

 

116 

 

Total

$

6,769 

$

6,051 

 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

 

2014

$

231 

2015

 

256 

2016

 

290 

2017

 

313 

2018

 

333 

Years 2019-2023

 

2,103 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

Discount rate

 

5.0 

%

4.4 

%

Weighted average health care trend rate

 

6.4 

%

6.6 

%