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Component: (Network and Table)
Network
100370 - Disclosure - Pension and Employee Benefit Plans (Tables)
(http://www.cecoenviro.com/20161231/taxonomy/role/DisclosurePensionAndEmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000003197 (http://www.sec.gov/CIK)
Compensation And Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation And Retirement Disclosure [Abstract]
 
Schedule of Changes in Projected Benefit Obligations

The following tables set forth the plans’ changes in benefit obligations, plan assets and funded status on the measurement dates, December 31, 2016, 2015 and 2014, and amounts recognized in our consolidated balance sheets as of those dates.

 

 

 

Pension Benefits

 

 

Other Benefits

 

(Table only in thousands)

 

2016

 

 

2015

 

 

2014

 

 

2016

 

 

2015

 

 

2014

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

36,140

 

 

$

38,208

 

 

$

32,311

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

Accumulated postretirement benefit obligation

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

$

159

 

 

$

155

 

 

$

116

 

Service cost

 

 

447

 

 

 

233

 

 

 

204

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest cost

 

 

1,426

 

 

 

1,412

 

 

 

1,428

 

 

 

4

 

 

 

5

 

 

 

5

 

Amendments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9

 

 

 

24

 

Actuarial (gain)/loss

 

 

301

 

 

 

(1,744

)

 

 

6,015

 

 

 

(8

)

 

 

18

 

 

 

38

 

Administrative expenses

 

 

(606

)

 

 

(214

)

 

 

(174

)

 

 

—

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(2,696

)

 

 

(1,755

)

 

 

(1,576

)

 

 

(24

)

 

 

(28

)

 

 

(28

)

Projected benefit obligation at end of year

 

 

35,012

 

 

 

36,140

 

 

 

38,208

 

 

 

131

 

 

 

159

 

 

 

155

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

25,296

 

 

 

27,302

 

 

 

25,822

 

 

 

—

 

 

 

—

 

 

 

—

 

Actual return (loss) on plan assets

 

 

2,040

 

 

 

(443

)

 

 

1,404

 

 

 

—

 

 

 

—

 

 

 

—

 

Employer contribution

 

 

29

 

 

 

406

 

 

 

1,826

 

 

 

24

 

 

 

28

 

 

 

28

 

Administrative expenses

 

 

(606

)

 

 

(214

)

 

 

(174

)

 

 

—

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(2,696

)

 

 

(1,755

)

 

 

(1,576

)

 

 

(24

)

 

 

(28

)

 

 

(28

)

Fair value of plan assets at end of year

 

 

24,063

 

 

 

25,296

 

 

 

27,302

 

 

 

—

 

 

 

—

 

 

 

—

 

Funded status

 

$

(10,949

)

 

$

(10,844

)

 

$

(10,906

)

 

$

(131

)

 

$

(159

)

 

$

(155

)

Defined benefit liabilities included in accounts

   payable and accrued expenses

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(25

)

 

$

(26

)

 

$

(25

)

Defined benefit liabilities included in other

   liabilities

 

 

(10,949

)

 

 

(10,844

)

 

 

(10,906

)

 

 

(106

)

 

 

(133

)

 

 

(130

)

Deferred tax benefit associated with accumulated other comprehensive loss

 

 

3,107

 

 

 

3,154

 

 

 

2,983

 

 

 

15

 

 

 

15

 

 

 

8

 

Accumulated other comprehensive loss, net of tax

 

 

5,074

 

 

 

5,144

 

 

 

4,865

 

 

 

9

 

 

 

27

 

 

 

14

 

Net amount recognized

 

$

(2,768

)

 

$

(2,546

)

 

$

(3,058

)

 

$

(107

)

 

$

(117

)

 

$

(133

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

90

 

 

$

708

 

 

$

6,561

 

 

$

(9

)

 

$

17

 

 

$

38

 

Prior service cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9

 

 

 

24

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

(10

)

 

 

(9

)

 

 

(6

)

Amortization of net actuarial loss (gain)

 

 

(212

)

 

 

(258

)

 

 

(173

)

 

 

1

 

 

 

3

 

 

 

11

 

Total recognized in other comprehensive income (loss)

 

$

(122

)

 

$

450

 

 

$

6,384

 

 

$

(18

)

 

$

20

 

 

$

67

 

Accumulated other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

8,181

 

 

$

8,298

 

 

$

7,848

 

 

$

(28

)

 

$

(20

)

 

$

(40

)

Prior service cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52

 

 

 

62

 

 

 

62

 

Amount recognized in accumulated other

   comprehensive income

 

$

8,181

 

 

$

8,298

 

 

$

7,848

 

 

$

24

 

 

$

42

 

 

$

22

 

Weighted-average assumptions used to determine

   benefit obligations for the year ended

   December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.85

%

 

 

4.00

%

 

 

3.75

%

 

 

2.75

%

 

 

3.00

%

 

 

3.75

%

Compensation increase rate

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

 

n/a

 

 

  
Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost

The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2016, 2015 and 2014 are as follows:

 

  
Details of Defined Benefit Pension Plan Asset Allocation by Asset Category

Our defined benefit pension plan asset allocation by asset category is as follows:

 

 

 

Target

Allocation

 

 

Percentage of

Plan Assets

 

 

 

2016

 

 

2016

 

 

2015

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0

%

 

 

4

%

 

 

25

%

Equity securities

 

 

70

%

 

 

67

%

 

 

52

%

Debt securities

 

 

30

%

 

 

29

%

 

 

23

%

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

  
Disclosure of Fair Value Measurements of Pension Plan Assets

The levels assigned to the defined benefit plan assets as of December 31, 2016, are summarized in the tables below:

 

(Table only in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Pension assets, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

894

 

 

$

—

 

 

$

—

 

 

$

894

 

Equity securities

 

 

16,153

 

 

 

—

 

 

 

—

 

 

 

16,153

 

Debt securities

 

 

7,016

 

 

 

—

 

 

 

—

 

 

 

7,016

 

Total assets

 

$

24,063

 

 

$

—

 

 

$

—

 

 

$

24,063

 

The levels assigned to the defined benefit plan assets as of December 31, 2015, are summarized in the tables below:

 

(Table only in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Pension assets, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

6,397

 

 

$

—

 

 

$

—

 

 

$

6,397

 

Equity securities

 

 

13,187

 

 

 

—

 

 

 

—

 

 

 

13,187

 

Debt securities

 

 

5,712

 

 

 

—

 

 

 

—

 

 

 

5,712

 

Total assets

 

$

25,296

 

 

$

—

 

 

$

—

 

 

$

25,296

 

 

  
Summary of Pension Fund General Information

 

Pension Fund

 

EIN/Pension

Plan Number

 

Pension

Protection

Act Zone

Status

 

FIF/RP Status Pending/

Implemented

 

Surcharge

Imposed

 

Expiration

of Collective

Bargaining

Agreement

Sheet Metal Workers’ National Pension Fund

 

52-6112463/001

 

Yellow

 

FIF: Yes - Implemented RP: Yes - Implemented

 

No

 

various

Sheet Metal Workers Local 224 Pension Plan

 

31-6171353/001

 

Yellow

 

FIF: Yes - Implemented

 

No

 

May 31, 2017

Sheet Metal Workers Local No. 20, Indianapolis Area Pension fund

 

51-0168516/001

 

Green

 

Is not subject

 

No

 

May 31, 2017

Sheet Metal Workers Local No. 177 Pension Fund

 

62-6093256/001

 

Green

 

Is not subject

 

No

 

May 1, 2018