Rendering

Component: (Network and Table)
Network
100370 - Disclosure - Retirement Plans (Tables)
(http://www.myersindustries.com/20161231/taxonomy/role/DisclosureRetirementPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000069488 (http://www.sec.gov/CIK)
Compensation And Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation And Retirement Disclosure [Abstract]
 
Net periodic pension cost (benefit)

Net periodic pension cost (benefit) for the years ended December 31, 2016, 2015 and 2014 was as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Interest cost

 

$

270

 

 

$

272

 

 

$

280

 

Expected return on assets

 

 

(319

)

 

 

(332

)

 

 

(371

)

Amortization of net loss

 

 

82

 

 

 

88

 

 

 

45

 

Net periodic pension cost (benefit)

 

$

33

 

 

$

28

 

 

$

(46

)

 

  
Reconciliation of changes in projected benefit obligations

The reconciliation of changes in projected benefit obligations are as follows:

 

 

 

2016

 

 

2015

 

Projected benefit obligation at beginning of year

 

$

6,465

 

 

$

7,167

 

Interest cost

 

 

270

 

 

 

272

 

Actuarial (gain) loss

 

 

238

 

 

 

(496

)

Expenses paid

 

 

(92

)

 

 

(89

)

Benefits paid

 

 

(378

)

 

 

(389

)

Projected benefit obligation at end of year

 

$

6,503

 

 

$

6,465

 

Accumulated benefit obligation at end of year

 

$

6,503

 

 

$

6,465

 

 

  
Assumptions used to determine the net periodic benefit cost and benefit obligations

The assumptions used to determine the net periodic benefit cost and benefit obligations are as follows:

 

 

 

2016

 

 

2015

 

 

2014

 

Discount rate for net periodic pension cost

 

 

4.30

%

 

 

3.90

%

 

 

4.70

%

Discount rate for benefit obligations

 

 

4.00

%

 

 

4.30

%

 

 

3.90

%

Expected long-term return of plan assets

 

 

7.75

%

 

 

7.50

%

 

 

8.00

%

 

  
Change in the fair value of the plan’s assets

The following table reflects the change in the fair value of the plan’s assets:

 

 

 

2016

 

 

2015

 

Fair value of plan assets at beginning of year

 

$

5,443

 

 

$

5,713

 

Actual return on plan assets

 

 

210

 

 

 

60

 

Company contributions

 

 

—

 

 

 

148

 

Expenses paid

 

 

(92

)

 

 

(89

)

Benefits paid

 

 

(378

)

 

 

(389

)

Fair value of plan assets at end of year

 

$

5,183

 

 

$

5,443

 

 

  
Weighted average asset allocations

The weighted average asset allocations at December 31, 2016 and 2015 are as follows:

 

 

 

2016

 

 

2015

 

U.S. Equities securities

 

 

72

%

 

 

83

%

U.S. Debt securities

 

 

24

%

 

 

15

%

Cash

 

 

4

%

 

 

2

%

Total

 

 

100

%

 

 

100

%

 

  
Reconciliation of the funded status of the plan

 

The following table provides a reconciliation of the funded status of the plan at December 31, 2016 and 2015:

 

 

 

2016

 

 

2015

 

Projected benefit obligation

 

$

6,503

 

 

$

6,465

 

Plan assets at fair value

 

 

5,183

 

 

 

5,443

 

Funded status

 

$

(1,320

)

 

$

(1,022

)

 

  
Benefit payments projected for the plan

Benefit payments projected for the plan are as follows:

 

2017

 

$

377

 

2018

 

 

369

 

2019

 

 

375

 

2020

 

 

379

 

2021

 

 

379

 

2022-2026

 

 

1,901