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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2015

 

2014

 

2013

 

 

 

United States

$

2,434 

$

2,425 

$

2,151 

Canada

 

226 

 

227 

 

266 

United Kingdom

 

494 

 

158 

 

136 

 

$

3,154 

$

2,810 

$

2,553 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

Discount rate

 

4.2 

%

4.0 

%

Weighted average health care trend rate

 

5.0 

%

6.2 

%

 

UNITED STATES  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

18,925 

$

16,112 

Service cost

 

38 

 

23 

Interest cost

 

742 

 

771 

Actuarial (gain) loss

 

(1,148)

 

2,753 

Benefits paid

 

(798)

 

(734)

Benefit obligation at end of year

$

17,759 

$

18,925 

 

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

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

15,205 

$

15,039 

Actual (loss) gain on plan assets

 

(172)

 

601 

Employer contribution

 

 -

 

299 

Benefits paid

 

(798)

 

(734)

Fair value of assets at end of year

 

14,235 

 

15,205 

Funded status at end of year

$

(3,524)

$

(3,720)

 

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

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(3,524)

$

(3,720)

 

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

$

3,993 

$

4,429 

Prior service cost

 

 -

 

 

$

3,993 

$

4,432 

 

Schedule of Net Benefit Costs [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

Components of net periodic benefit cost:

 

 

 

Service cost

$

38 

$

23 

$

33 

 

Interest cost

 

742 

 

771 

 

707 

 

Expected return on plan assets

 

(816)

 

(968)

 

(856)

 

Amortization of prior service cost

 

 

 

 

Recognized net actuarial loss

 

275 

 

65 

 

212 

 

Net periodic pension cost (income)

$

242 

$

(108)

$

97 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

Discount rate

 

4.3 

%

4.0 

%

4.9 

%

Expected rate of return on plan assets

 

5.2 

%

5.5 

%

6.5 

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Projected benefit obligation

 

 

$

17,759 

$

18,925 

 

Accumulated benefit obligation

 

 

 

17,759 

 

18,925 

 

Fair value of plan assets

 

 

$

14,235 

$

15,205 

 

 

Schedule of Allocation of Plan Assets [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target

 

2015

 

2014

 

Asset Category

 

 

 

 

 

 

 

Cash and cash equivalents

 

0 - 10

%

%

%

Total fixed income funds

 

25 - 50

 

35 

 

34 

 

Total mutual funds and equities

 

50 - 70

 

56 

 

64 

 

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, 2015 and 2014.  Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18, Fair Value Measurements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

 

Asset Category

 

 

 

 

Cash and cash equivalents

$

1,248 

$

347 

Fixed income funds

 

 

 

 

Corporate bonds

 

4,926 

 

5,194 

Total fixed income funds

 

4,926 

 

5,194 

Equity funds and equities

 

 

 

 

Mutual funds

 

8,061 

 

3,566 

Common stock

 

 -

 

6,098 

Total mutual funds and equities

 

8,061 

 

9,664 

Total

$

14,235 

$

15,205 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

 

2016

$

823 

2017

 

879 

2018

 

907 

2019

 

974 

2020

 

1,015 

Years 2021-2025

 

5,611 

 

UNITED KINGDOM  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

8,797 

$

8,450 

Interest cost

 

295 

 

360 

Actuarial (gain) loss

 

(416)

 

883 

Benefits paid

 

(339)

 

(397)

Foreign currency exchange rate changes

 

(475)

 

(499)

Benefit obligation at end of year

$

7,862 

$

8,797 

 

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

 

 

 

 

 

 

 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

6,757 

$

6,769 

Actual gain on plan assets

 

307 

 

502 

Employer contribution

 

302 

 

284 

Benefits paid

 

(339)

 

(397)

Foreign currency exchange rate changes

 

(366)

 

(401)

Fair value of assets at end of year

 

6,661 

 

6,757 

Funded status at end of year

$

(1,201)

$

(2,040)

 

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

$

(1,201)

$

(2,040)

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated other comprehensive income consist of:

 

 

 

 

Net loss

$

706 

$

1,413 

Prior service cost

 

85 

 

112 

 

$

791 

$

1,525 

 

Schedule of Net Benefit Costs [Table Text Block]

Net periodic pension costs for the three years ended December 31, 2015, 2014, and 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

Components of net periodic benefit cost:

 

 

Interest cost

$

295 

$

360 

$

348 

Expected return on plan assets

 

(324)

 

(370)

 

(321)

Amortization of transition obligation

 

 -

 

(50)

 

(46)

Amortization of prior service cost

 

27 

 

30 

 

22 

Recognized net actuarial loss

 

225 

 

185 

 

229 

Net periodic pension cost

$

223 

$

155 

$

232 

 

Schedule of Assumptions Used [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

Discount rate

 

4.0 

%

3.6 

%

4.6 

%

Expected rate of return on plan assets

 

5.2 

%

5.0 

%

5.8 

%

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

 

 

 

Projected benefit obligation

$

7,862 

$

8,797 

 

Accumulated benefit obligation

 

7,862 

 

8,797 

 

Fair value of plan assets

 

6,661 

 

6,757 

 

 

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 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 two years ended December 31, 2015 and 2014 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

Asset Category

 

 

 

Cash and cash equivalents

$

242 

$

218 

 

Equity securities

 

2,656 

 

2,156 

 

Bonds

 

1,301 

 

1,899 

 

Commercial property

 

2,462 

 

2,484 

 

Total

$

6,661 

$

6,757 

 

 

Schedule of Expected Benefit Payments [Table Text Block]

 

 

 

 

 

 

 

 

Pension

 

 

Benefits

 

 

 

2016

$

247 

2017

 

268 

2018

 

286 

2019

 

303 

2020

 

321 

Years 2021-2025

 

1,939