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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

 

 

 

United States

$

2,425 

$

2,151 

$

2,107 

Canada

 

227 

 

266 

 

269 

United Kingdom

 

158 

 

136 

 

116 

 

$

2,810 

$

2,553 

$

2,492 

 

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]

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

16,112 

$

18,034 

Service cost

 

23 

 

33 

Interest cost

 

771 

 

707 

Actuarial loss (gain)

 

2,753 

 

(1,924)

Benefits paid

 

(734)

 

(738)

Benefit obligation at end of year

$

18,925 

$

16,112 

 

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

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

15,039 

$

13,262 

Actual gain on plan assets

 

601 

 

2,019 

Employer contribution

 

299 

 

496 

Benefits paid

 

(734)

 

(738)

Fair value of assets at end of year

 

15,205 

 

15,039 

Funded status at end of year

$

(3,720)

$

(1,073)

 

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

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(3,720)

$

(1,073)

 

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

$

4,429 

$

1,375 

Prior service cost

 

 

 

$

4,432 

$

1,379 

 

Schedule of Net Benefit Costs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

 

Components of net periodic benefit cost:

 

 

 

Service cost

$

23 

$

33 

$

31 

 

Interest cost

 

771 

 

707 

 

748 

 

Expected return on plan assets

 

(968)

 

(856)

 

(810)

 

Amortization of prior service cost

 

 

 

 

Recognized net actuarial loss

 

65 

 

212 

 

194 

 

Net periodic pension (income) cost

$

(108)

$

97 

$

164 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

 

Discount rate

 

4.0 

%

4.9 

%

4.0 

%

Expected rate of return on plan assets

 

5.5 

%

6.5 

%

6.5 

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Projected benefit obligation

 

 

$

18,925 

$

12,513 

 

Accumulated benefit obligation

 

 

 

18,925 

 

12,513 

 

Fair value of plan assets

 

 

$

15,205 

$

11,321 

 

 

Schedule of Allocation of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target

 

2014

 

2013

 

Asset Category

 

 

 

 

 

 

 

Cash and cash equivalents

 

0 - 10

%

%

%

Total fixed income funds

 

25 - 50

 

34 

 

27 

 

Total mutual funds and equities

 

50 - 70

 

64 

 

69 

 

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, 2014 and 2013.  Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 19, Fair Value Measurements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

Asset Category

 

 

 

 

Cash and cash equivalents

$

347 

$

568 

Fixed income funds

 

 

 

 

Corporate bonds

 

5,194 

 

4,005 

Total fixed income funds

 

5,194 

 

4,005 

Equity funds and equities

 

 

 

 

Mutual funds

 

3,566 

 

9,142 

Common stock

 

6,098 

 

1,324 

Total mutual funds and equities

 

9,664 

 

10,466 

Total

$

15,205 

$

15,039 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

 

2015

$

793 

2016

 

822 

2017

 

882 

2018

 

915 

2019

 

993 

Years 2020-2024

 

5,606 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

8,450 

$

8,034 

Interest cost

 

360 

 

348 

Actuarial loss

 

883 

 

162 

Benefits paid

 

(397)

 

(247)

Foreign currency exchange rate changes

 

(499)

 

153 

Benefit obligation at end of year

$

8,797 

$

8,450 

 

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

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

6,769 

$

6,051 

Actual gain on plan assets

 

502 

 

545 

Employer contribution

 

284 

 

303 

Benefits paid

 

(397)

 

(247)

Foreign currency exchange rate changes

 

(401)

 

117 

Fair value of assets at end of year

 

6,757 

 

6,769 

Funded status at end of year

$

(2,040)

$

(1,681)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(2,040)

$

(1,681)

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive income consist of:

 

 

 

 

Net loss

$

1,413 

$

906 

Prior service cost

 

112 

 

142 

Transition obligation

 

 -

 

(50)

 

$

1,525 

$

998 

 

Schedule of Net Benefit Costs [Table Text Block]

Net periodic pension costs for the three years ended December 31, 2014 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

Components of net periodic benefit cost:

 

 

Interest cost

$

360 

$

348 

$

338 

Expected return on plan assets

 

(370)

 

(321)

 

(307)

Amortization of transition obligation

 

(50)

 

(46)

 

(49)

Amortization of prior service cost

 

30 

 

22 

 

23 

Recognized net actuarial loss

 

185 

 

229 

 

221 

Net periodic pension cost

$

155 

$

232 

$

226 

 

Schedule of Assumptions Used [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

 

Discount rate

 

3.6 

%

4.6 

%

4.3 

%

Expected rate of return on plan assets

 

5.0 

%

5.8 

%

5.2 

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

 

 

Projected benefit obligation

$

8,797 

$

8,450 

 

Accumulated benefit obligation

 

8,797 

 

8,450 

 

Fair value of plan assets

 

6,757 

 

6,769 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

Asset Category

 

 

 

Cash and cash equivalents

$

218 

$

369 

 

Equity securities

 

2,156 

 

2,803 

 

Bonds

 

1,899 

 

1,468 

 

Commercial property

 

2,484 

 

2,129 

 

Total

$

6,757 

$

6,769 

 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

 

2015

$

246 

2016

 

270 

2017

 

288 

2018

 

307 

2019

 

334 

Years 2020-2024

 

1,965 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

Discount rate

 

4.0 

%

5.0 

%

Weighted average health care trend rate

 

6.2 

%

6.4 

%