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Pension and Employee Benefit Plans
 9 Months Ended
Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension and Employee Benefit Plans
12. Pension and Employee Benefit Plans

We sponsor several non-contributory defined benefit pension plans for certain union employees. During 2013, the Company acquired two defined benefit pension plans covering eligible employees in the United States in connection with the acquisition of Met-Pro. All plans are funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

We also sponsor a postretirement health care plan for office employees retired before January 1, 1990. The plan allowed retirees who attained the age of 65 to elect the type of coverage desired.

 

Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following:

 

(Table only in thousands)    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2014     2013     2014     2013  

Pension plan:

         

Service cost

    $ 50      $ 32      $ 150      $ 66   

Interest cost

      357        166        1,071        322   

Expected return on plan assets

      (488 )      (214 )      (1,464 )      (418 ) 

Amortization of net actuarial loss

      44        130        132        314   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit cost (gain)

    $ (37 )    $ 114      $ (111 )    $ 284   
  

 

 

    

 

 

    

 

 

    

 

 

  

Health care plan:

         

Interest cost

    $ 1      $ 1      $ 3      $ 3   

Amortization of gain

      (1 )      (4 )      (3 )      (12 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic benefit gain

    $ —        $ (3 )    $ —        $ (9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

We made contributions to our defined benefit plans during the nine months ended September 30, 2014 and 2013 totaling $1.4 million and $0.2 million, respectively. We anticipate contributing $0.5 million to fund the pension plan and $21,000 for the retiree health care plan during the remainder of 2014. The unfunded liability of the plans of $5.3 million and $6.6 million as of September 30, 2014 and December 31, 2013, respectively, is included in the Other Liabilities on our condensed consolidated balance sheets.