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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2017
Defined Benefit Plan Disclosure |
Schedule of Costs of Retirement Plans | The Company sponsors six defined contribution plans for hourly and salaried employees across our domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans.
|  | Twelve Months Ended December 31,
|  | 2017 |  | 2016 |  | 2015
United States |  | $ | 2,641 |  |  | $ | 1,813 |  |  | $ | 2,434 |
Canada |  | 223 |  |  | 225 |  |  | 226 |
United Kingdom |  | 450 |  |  | 376 |  |  | 494 |
|  | $ | 3,314 |  |  | $ | 2,414 |  |  | $ | 3,154 |
Pension Plan | UNITED STATES |
Defined Benefit Plan Disclosure |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2017 and 2016:
|  | 2017 |  | 2016
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 18,241 |  |  | $ | 17,759 |
Service cost |  | — |  |  | 36 |
Interest cost |  | 684 |  |  | 746 |
Actuarial loss |  | 775 |  |  | 534 |
Benefits paid |  | (917 | ) |  | (834 | )
Benefit obligation at end of year |  | $ | 18,783 |  |  | $ | 18,241 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 14,180 |  |  | $ | 14,235 |
Actual gain on plan assets |  | 1,629 |  |  | 779 |
Benefits paid |  | (917 | ) |  | (834 | )
Fair value of assets at end of year |  | 14,892 |  |  | 14,180 |
Funded status at end of year |  | $ | (3,891 | ) |  | $ | (4,061 | )
Amounts recognized in the consolidated balance sheet consist of: |  |  |  |
Other long-term liabilities |  | $ | (3,891 | ) |  | $ | (4,061 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |
Net loss |  | $ | 3,913 |  |  | $ | 4,186 |
Schedule of Changes in Fair Value of Plan Assets | The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2017 and 2016:
|  | 2017 |  | 2016
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 18,241 |  |  | $ | 17,759 |
Service cost |  | — |  |  | 36 |
Interest cost |  | 684 |  |  | 746 |
Actuarial loss |  | 775 |  |  | 534 |
Benefits paid |  | (917 | ) |  | (834 | )
Benefit obligation at end of year |  | $ | 18,783 |  |  | $ | 18,241 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 14,180 |  |  | $ | 14,235 |
Actual gain on plan assets |  | 1,629 |  |  | 779 |
Benefits paid |  | (917 | ) |  | (834 | )
Fair value of assets at end of year |  | 14,892 |  |  | 14,180 |
Funded status at end of year |  | $ | (3,891 | ) |  | $ | (4,061 | )
Amounts recognized in the consolidated balance sheet consist of: |  |  |  |
Other long-term liabilities |  | $ | (3,891 | ) |  | $ | (4,061 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |
Net loss |  | $ | 3,913 |  |  | $ | 4,186 |
Schedule of Net Benefit Costs | Net periodic pension costs for the three years ended December 31, 2017 are as follows:
|  | 2017 |  | 2016 |  | 2015
Components of net periodic benefit cost: |  |
Service cost |  | $ | — |  |  | $ | 36 |  |  | $ | 38 |
Interest cost |  | 684 |  |  | 746 |  |  | 742 |
Expected return on plan assets |  | (710 | ) |  | (717 | ) |  | (816 | )
Amortization of prior service cost |  | — |  |  | — |  |  | 3 |
Recognized net actuarial loss |  | 130 |  |  | 276 |  |  | 275 |
Net periodic pension cost |  | $ | 104 |  |  | $ | 341 |  |  | $ | 242 |
Schedule of Assumptions Used | 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.
|  | 2017 |  | 2016 |  | 2015
Discount rate |  | 3.9 | % |  | 4.3 | % |  | 4.3 | %
Expected rate of return on plan assets |  | 5.9 | % |  | 5.2 | % |  | 5.2 | %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets are as follows at December 31:
|  | 2017 |  | 2016
Projected benefit obligation |  | $ | 18,783 |  |  | $ | 18,241 |
Accumulated benefit obligation |  | 18,783 |  |  | 18,241 |
Fair value of plan assets |  | 14,892 |  |  | 14,180 |
Schedule of Allocation of Plan Assets | The investment target ranges and actual allocation of pension plan assets by major category at December 31, 2017 and 2016 are as follows:
|  | Target |  | 2017 |  | 2016
Asset Category |  |  |  |  |  |
Cash and cash equivalents |  | 0 - 10% |  | 2 | % |  | 5 | %
Total fixed income funds |  | 25 - 50 |  | 32 |  |  | 33 |
Total mutual funds and equities |  | 50 - 70 |  | 66 |  |  | 62 |
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, 2017 and 2016. Additional information regarding FASB ASC 820 and the fair value hierarchy can be found in Note 18 Fair Value Measurements.
|  | 2017 |  | 2016
Asset Category |  |  |  |
Cash and cash equivalents |  | $ | 284 |  |  | $ | 660 |
Fixed income funds |  |  |  |
Corporate bonds |  | 4,755 |  |  | 4,767 |
Total fixed income funds |  | 4,755 |  |  | 4,767 |
Equity funds and equities |  |  |  |
Mutual funds |  | 712 |  |  | 8,753 |
Exchange-Traded Funds (“ETF”) |  | 9,141 |  |  | — |
Total mutual funds and equities |  | 9,853 |  |  | 8,753 |
Total |  | $ | 14,892 |  |  | $ | 14,180 |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid:
|  | Pension
|  | Benefits
2018 |  | $ | 927 |
2019 |  | 996 |
2020 |  | 1,003 |
2021 |  | 1,058 |
2022 |  | 1,071 |
Years 2023-2027 |  | 5,608 |
Pension Plan | Foreign Plan |
Defined Benefit Plan Disclosure |
Schedule of Changes in Fair Value of Plan Assets | The funded status of the United Kingdom defined benefit plan at December 31, 2017 and 2016 is as follows:
|  | 2017 |  | 2016
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 8,104 |  |  | $ | 7,862 |
Interest cost |  | 236 |  |  | 259 |
Actuarial (gain) loss |  | (451 | ) |  | 1,532 |
Benefits paid |  | (322 | ) |  | (273 | )
Foreign currency exchange rate changes |  | 768 |  |  | (1,276 | )
Benefit obligation at end of year |  | $ | 8,335 |  |  | $ | 8,104 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 5,826 |  |  | $ | 6,661 |
Actual gain on plan assets |  | 573 |  |  | 265 |
Employer contribution |  | 276 |  |  | 253 |
Benefits paid |  | (322 | ) |  | (273 | )
Foreign currency exchange rate changes |  | 551 |  |  | (1,080 | )
Fair value of assets at end of year |  | 6,904 |  |  | 5,826 |
Funded status at end of year |  | $ | (1,431 | ) |  | $ | (2,278 | )
Amounts recognized in the consolidated balance sheet consist of: |  |  |  |
Other long-term liabilities |  | $ | (1,431 | ) |  | $ | (2,278 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |
Net loss |  | $ | 1,161 |  |  | $ | 2,015 |
Prior service cost |  | 39 |  |  | 53 |
|  | $ | 1,200 |  |  | $ | 2,068 |
Schedule of Net Benefit Costs | Net periodic pension costs for the three years ended December 31 are as follows:
|  | 2017 |  | 2016 |  | 2015
Components of net periodic benefit cost: |  |
Interest cost |  | $ | 236 |  |  | $ | 259 |  |  | $ | 295 |
Expected return on plan assets |  | (280 | ) |  | (290 | ) |  | (324 | )
Amortization of prior service cost |  | 19 |  |  | 17 |  |  | 27 |
Recognized net actuarial loss |  | 192 |  |  | 275 |  |  | 225 |
Net periodic pension cost |  | $ | 167 |  |  | $ | 261 |  |  | $ | 223 |
Schedule of Assumptions Used | 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.
|  | 2017 |  | 2016 |  | 2015
Discount rate |  | 2.5 | % |  | 2.7 | % |  | 4.0 | %
Expected rate of return on plan assets |  | 4.1 | % |  | 4.4 | % |  | 5.2 | %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets are as follows at December 31:
|  | 2017 |  | 2016
Projected benefit obligation |  | $ | 8,335 |  |  | $ | 8,104 |
Accumulated benefit obligation |  | 8,335 |  |  | 8,104 |
Fair value of plan assets |  | 6,904 |  |  | 5,826 |
Schedule of Allocation of Plan Assets | The target asset allocation percentages for 2017 are as follows:
|  | 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 United Kingdom defined benefit 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, 2017 and 2016 are as follows:
|  | 2017 |  | 2016
Asset Category |  |
Cash and cash equivalents |  | $ | 695 |  |  | $ | 707 |
Equity securities |  | 2,707 |  |  | 2,617 |
Bonds |  | 2,276 |  |  | 1,347 |
Other |  | 1,226 |  |  | 1,155 |
Total |  | $ | 6,904 |  |  | $ | 5,826 |
Schedule of Expected Benefit Payments | The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:
|  | Pension
|  | Benefits
2018 |  | $ | 259 |
2019 |  | 275 |
2020 |  | 291 |
2021 |  | 299 |
2022 |  | 317 |
Years 2023-2027 |  | 2,040 |
Other Postretirement Benefits Plan |
Defined Benefit Plan Disclosure |
Schedule of Assumptions Used | 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.
|  | 2017 |  | 2016
Discount rate |  | 3.6 | % |  | 4.0 | %
Weighted average health care trend rate |  | 5.1 | % |  | 5.1 | %

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