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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Costs of Retirement Plans [Table Text Block]



 

 

 

 

 

 



 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

December 31,

 

 

2016

 

2015

 

2014

 

 

 

United States

$

1,813 

$

2,434 

$

2,425 

Canada

 

225 

 

226 

 

227 

United Kingdom

 

376 

 

494 

 

158 

 

$

2,414 

$

3,154 

$

2,810 



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



 

 

 

 

 



 

 

 

 

 



 

2016

 

2015

 

Discount rate

 

4.0 

%

4.2 

%

Weighted average health care trend rate

 

5.1 

%

5.0 

%



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



 

 

 

 



 

 

 

 



 

2016

 

2015



 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

17,759 

$

18,925 

Service cost

 

36 

 

38 

Interest cost

 

746 

 

742 

Actuarial loss (gain)

 

534 

 

(1,148)

Benefits paid

 

(834)

 

(798)

Benefit obligation at end of year

$

18,241 

$

17,759 



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



 

 

 

 



 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

14,235 

$

15,205 

Actual gain (loss) on plan assets

 

779 

 

(172)

Employer contribution

 

 -

 

 -

Benefits paid

 

(834)

 

(798)

Fair value of assets at end of year

 

14,180 

 

14,235 

Funded status at end of year

$

(4,061)

$

(3,524)



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



 

 

 

 



 

 

 

 

Amounts recognized in the consolidated balance sheet consist of:

 

 

 

 

Other long-term liabilities

$

(4,061)

$

(3,524)



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

$

4,186 

$

3,993 



Schedule of Net Benefit Costs [Table Text Block]



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

2016

 

2015

 

2014

 

Components of net periodic benefit cost:

 

 

 

Service cost

$

36 

$

38 

$

23 

 

Interest cost

 

746 

 

742 

 

771 

 

Expected return on plan assets

 

(717)

 

(816)

 

(968)

 

Amortization of prior service cost

 

 -

 

 

 

Recognized net actuarial loss

 

276 

 

275 

 

65 

 

Net periodic pension cost (income)

$

341 

$

242 

$

(108)

 



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.





 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

2016

 

2015

 

2014

 

Discount rate

 

4.3 

%

4.3 

%

4.0 

%

Expected rate of return on plan assets

 

5.2 

%

5.2 

%

5.5 

%



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



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

 

2016

 

2015

 



 

 

 

 

 

Projected benefit obligation

 

 

$

18,241 

$

17,759 

 

Accumulated benefit obligation

 

 

 

18,241 

 

17,759 

 

Fair value of plan assets

 

 

 

14,180 

 

14,235 

 



Schedule of Allocation of Plan Assets [Table Text Block]



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

Target

 

2016

 

2015

 

Asset Category

 

 

 

 

 

 

 

Cash and cash equivalents

 

0 - 10

%

%

%

Total fixed income funds

 

25 - 50

 

33 

 

35 

 

Total mutual funds and equities

 

50 - 70

 

62 

 

56 

 

Total

 

 

 

100 

%

100 

%



In accordance with the fair value disclosure requirements of FASB ASC 820, “Fair Value Measurements and Disclosures,” the following assets were measured at fair value on a recurring basis at December 31, 2016 and 2015.  Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18 Fair Value Measurements.





 

 

 

 



 

 

 

 



 

 



 

2016

 

2015



 

 

Asset Category

 

 

 

 

Cash and cash equivalents

$

660 

$

1,248 

Fixed income funds

 

 

 

 

Corporate bonds

 

4,767 

 

4,926 

Total fixed income funds

 

4,767 

 

4,926 

Equity funds and equities

 

 

 

 

Mutual funds

 

8,753 

 

8,061 

Common stock

 

 -

 

 -

Total mutual funds and equities

 

8,753 

 

8,061 

Total

$

14,180 

$

14,235 



Schedule of Expected Benefit Payments [Table Text Block]



 

 



 

 



 

Pension



 

Benefits



 

 

2017

$

894 

2018

 

905 

2019

 

972 

2020

 

1,013 

2021

 

1,078 

Years 2022-2026

 

5,647 



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



 

 

 

 



 

 

 

 



 

2016

 

2015



 

 

Changes in benefit obligation:

 

 

 

 

Benefit obligation at beginning of year

$

7,862 

$

8,797 

Interest cost

 

259 

 

295 

Actuarial (gain) loss

 

1,532 

 

(416)

Benefits paid

 

(273)

 

(339)

Foreign currency exchange rate changes

 

(1,276)

 

(475)

Benefit obligation at end of year

$

8,104 

$

7,862 



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



 

 

 

 



 

 

 

 

Change to plan assets:

 

 

 

 

Fair value of assets at beginning of year

$

6,661 

$

6,757 

Actual gain on plan assets

 

265 

 

307 

Employer contribution

 

253 

 

302 

Benefits paid

 

(273)

 

(339)

Foreign currency exchange rate changes

 

(1,080)

 

(366)

Fair value of assets at end of year

 

5,826 

 

6,661 

Funded status at end of year

$

(2,278)

$

(1,201)



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

$

(2,278)

$

(1,201)



 

 

 

 



 

 

 

 

Amounts recognized in accumulated other comprehensive income consist of:

 

 

 

 

Net loss

$

2,015 

$

706 

Prior service cost

 

53 

 

85 



$

2,068 

$

791 



Schedule of Net Benefit Costs [Table Text Block]

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







 

 

 

 

 

 



 

 

 

 

 

 



 

2016

 

2015

 

2014

Components of net periodic benefit cost:

 

 

Interest cost

$

259 

$

295 

$

360 

Expected return on plan assets

 

(290)

 

(324)

 

(370)

Amortization of transition obligation

 

 -

 

 -

 

(50)

Amortization of prior service cost

 

17 

 

27 

 

30 

Recognized net actuarial loss

 

275 

 

225 

 

185 

Net periodic pension cost

$

261 

$

223 

$

155 



Schedule of Assumptions Used [Table Text Block]



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

2016

 

2015

 

2014

 

Discount rate

 

2.7 

%

4.0 

%

3.6 

%

Expected rate of return on plan assets

 

4.4 

%

5.2 

%

5.0 

%



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



 

 

 

 

 



 

 

 

 

 



 

2016

 

2015

 



 

 

 

Projected benefit obligation

$

8,104 

$

7,862 

 

Accumulated benefit obligation

 

8,104 

 

7,862 

 

Fair value of plan assets

 

5,826 

 

6,661 

 



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, 2016 and 2015 are as follows:





 

 

 

 

 



 

 

 

 

 



 

 

 



 

2016

 

2015

 

Asset Category

 

 

 

Cash and cash equivalents

$

707 

$

242 

 

Equity securities

 

2,617 

 

2,656 

 

Bonds

 

1,347 

 

1,301 

 

Other

 

1,155 

 

2,462 

 

Total

$

5,826 

$

6,661 

 



Schedule of Expected Benefit Payments [Table Text Block]



 

 



 

 



 

Pension



 

Benefits



 

 

2017

$

219 

2018

 

238 

2019

 

252 

2020

 

268 

2021

 

274 

Years 2022-2026

 

1,750