Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Defined Benefit Plans Disclosures |
The following table provides a reconciliation of benefit obligations, plan assets and the funded status of the pension plans and other postretirement benefits:
| | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | 2015 | | 2014 | | 2015 | | 2014 | Change in benefit obligation: | |
| | |
| | |
| | |
| Benefit obligation at January 1 | $ | (150,199 | ) | | $ | (150,911 | ) | | $ | (9,031 | ) | | $ | (8,899 | ) | Service cost | (532 | ) | | (523 | ) | | (8 | ) | | (9 | ) | Interest cost | (4,992 | ) | | (6,196 | ) | | (371 | ) | | (430 | ) | Plan settlement | 17,047 |
| | — |
| | — |
| | — |
| Special termination benefits | (3,831 | ) | | — |
| | — |
| | — |
| Benefits paid | 9,879 |
| | 10,207 |
| | 522 |
| | 552 |
| Expenses paid | 490 |
| | 322 |
| | — |
| | — |
| Actuarial (gain) loss | (1,368 | ) | | (3,098 | ) | | 454 |
| | (245 | ) | Benefit obligation at December 31 | $ | (133,506 | ) | | $ | (150,199 | ) | | $ | (8,434 | ) | | $ | (9,031 | ) | Change in plan assets: | |
| | |
| | |
| | |
| Fair value of plan assets at January 1 | $ | 134,017 |
| | $ | 137,036 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | (327 | ) | | 7,162 |
| | — |
| | — |
| Plan settlement | (17,047 | ) | | — |
| | — |
| | — |
| Expenses paid | (490 | ) | | (322 | ) | | — |
| | — |
| Contributions | 346 |
| | 348 |
| | 522 |
| | 552 |
| Benefits paid | (9,879 | ) | | (10,207 | ) | | (522 | ) | | (552 | ) | Fair value of plan assets at December 31 | $ | 106,620 |
| | $ | 134,017 |
| | $ | — |
| | $ | — |
| Unfunded status at December 31 | $ | (26,886 | ) | | $ | (16,182 | ) | | $ | (8,434 | ) | | $ | (9,031 | ) | Amounts recognized in the consolidated balance sheets: | |
| | |
| | |
| | |
| Prepaid pension costs | $ | 20,650 |
| | $ | 25,032 |
| | $ | — |
| | $ | — |
| Other accrued liabilities | (320 | ) | | (324 | ) | | (595 | ) | | (607 | ) | Non-current employee benefit liabilities | (47,216 | ) | | (40,890 | ) | | (7,839 | ) | | (8,424 | ) | Net amounts recognized | $ | (26,886 | ) | | $ | (16,182 | ) | | $ | (8,434 | ) | | $ | (9,031 | ) |
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| Schedule of Net Benefit Costs |
| | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Service cost — benefits earned during the period | $ | 532 |
| | $ | 523 |
| | $ | 1,170 |
| | $ | 8 |
| | $ | 9 |
| | $ | 16 |
| Interest cost on projected benefit obligation | 4,992 |
| | 6,196 |
| | 5,518 |
| | 371 |
| | 430 |
| | 418 |
| Expected return on assets | (7,378 | ) | | (8,518 | ) | | (7,915 | ) | | — |
| | — |
| | — |
| Settlement loss | 3,214 |
| | — |
| | 244 |
| | — |
| | — |
| | — |
| Special termination benefit recognized | 3,831 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Amortization of net loss (gain) | 1,083 |
| | 1,075 |
| | 1,918 |
| | (97 | ) | | (60 | ) | | (64 | ) | Net expense (income) | $ | 6,274 |
| | $ | (724 | ) | | $ | 935 |
| | $ | 282 |
| | $ | 379 |
| | $ | 370 |
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| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
The following table summarizes amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost for the year ending 2016.
| | | | | | | | | | | | | | Defined Benefit Pension Plans | | Post- Retirement Plans | | Total | Actuarial loss (gain) | $ | 1,855 |
| | $ | (75 | ) | | $ | 1,780 |
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
As of December 31, 2015, accumulated other comprehensive (loss) income, before income taxes, consists of the following: | | | | | | | | | | | | | | Defined Benefit Pension Plans | | Post- Retirement Plans | | Total | Accumulated other comprehensive (loss) income as of January 1, 2015 | $ | (30,481 | ) | | $ | 582 |
| | $ | (29,899 | ) | Amortization of gain (loss) | 4,297 |
| | (97 | ) | | 4,200 |
| Net (loss) gain arising during the year | (9,074 | ) | | 454 |
| | (8,620 | ) | Accumulated other comprehensive (loss) income as of December 31, 2015 | $ | (35,258 | ) | | $ | 939 |
| | $ | (34,319 | ) |
As of December 31, 2014, accumulated other comprehensive (loss) income, before income taxes, consisted of the following: | | | | | | | | | | | | | | Defined Benefit Pension Plans | | Post- Retirement Plans | | Total | Accumulated other comprehensive (loss) income as of January 1, 2014 | $ | (27,102 | ) | | $ | 886 |
| | $ | (26,216 | ) | Amortization of gain (loss) | 1,075 |
| | (60 | ) | | 1,015 |
| Net loss arising during the year | (4,454 | ) | | (244 | ) | | (4,698 | ) | Accumulated other comprehensive (loss) income as of December 31, 2014 | $ | (30,481 | ) | | $ | 582 |
| | $ | (29,899 | ) |
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| Schedule of Assumptions Used |
| | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Weighted average assumptions: | | | | | | | | | | | | Discount rates — benefit obligation | 3.75% - 4.50% | | 2.75% - 4.00% | | 3.00% - 4.75% | | 4.75% | | 4.25% | | 5.00% | Discount rates — service cost | 2.75% - 4.25% | | 3.00% - 4.75% | | 2.25% - 4.00% | | 4.25% | | 5.00% | | 4.25% | Assumed rates of return on invested assets | 6.00% | | 6.50% | | 6.50% | | —% | | —% | | —% | Salary increase assumptions | N/A | | N/A | | N/A | | 3.00% | | 3.00% | | 3.00% |
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| Schedule of Allocation of Plan Assets |
Vector’s defined benefit retirement plan allocations at December 31, 2015 and 2014, by asset category, were as follows:
| | | | | | | | Plan Assets at December 31, | | 2015 | | 2014 | Asset category: | |
| | |
| Equity securities | 51 | % | | 50 | % | Investment grade fixed income securities | 30 | % | | 29 | % | High yield fixed income securities | 11 | % | | 10 | % | Alternative investments | 3 | % | | 5 | % | Short-term investments | 5 | % | | 6 | % | Total | 100 | % | | 100 | % |
The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures are as follows:
| | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2015 | | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | Description | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Assets: | | |
| | |
| | |
| | |
| Insurance contracts | | $ | 1,760 |
| | $ | — |
| | $ | 1,760 |
| | $ | — |
| Amounts in individually managed investment accounts: | | |
| | | | | |
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| Cash | | 5,429 |
| | 5,429 |
| | — |
| | — |
| U.S. equity securities | | 28,434 |
| | 28,434 |
| | — |
| | — |
| Common collective trusts | | 56,327 |
| | — |
| | 56,327 |
| | — |
| Investment partnership | | 14,670 |
| | — |
| | 11,256 |
| | 3,414 |
| Total | | $ | 106,620 |
| | $ | 33,863 |
| | $ | 69,343 |
| | $ | 3,414 |
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| | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2014 | | | | | Quoted Prices in Active Markets for Identical Assets | | Significant Other Observable Inputs | | Significant Unobservable Inputs | Description | | Total | | (Level 1) | | (Level 2) | | (Level 3) | Assets: | | |
| | |
| | |
| | |
| Insurance contracts | | $ | 1,762 |
| | $ | — |
| | $ | 1,762 |
| | $ | — |
| Amounts in individually managed investment accounts: | | |
| | |
| | |
| | |
| Cash, mutual funds and common stock | | 8,319 |
| | 8,319 |
| | — |
| | — |
| U.S. equity securities | | 42,046 |
| | 42,046 |
| | — |
| | — |
| Common collective trusts | | 61,877 |
| | — |
| | 61,877 |
| | — |
| Investment partnership | | 20,013 |
| | — |
| | 13,189 |
| | 6,824 |
| Total | | $ | 134,017 |
| | $ | 50,365 |
| | $ | 76,828 |
| | $ | 6,824 |
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| Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
The changes in the fair value of the Level 3 investments as of December 31, 2015 and 2014 were as follows:
| | | | | | | | | | 2015 | | 2014 | Balance as of January 1 | $ | 6,824 |
| | $ | 9,031 |
| Transfers | — |
| | (641 | ) | Distributions | (2,904 | ) | | (1,018 | ) | Unrealized (loss) gain on long-term investments | (470 | ) | | 3,403 |
| Realized loss on long-term investments | (36 | ) | | (3,951 | ) | Balance as of December 31 | $ | 3,414 |
| | $ | 6,824 |
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| Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
A 1% change in assumed health care cost trend rates would have the following effects:
| | | | | | | | | | 1% Increase | | 1% Decrease | Effect on total of service and interest cost components | $ | 4 |
| | $ | (4 | ) | Effect on benefit obligation | 79 |
| | (74 | ) |
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| Schedule of Expected Benefit Payments |
Estimated future pension and postretirement medical benefits payments are as follows:
| | | | | | | | | | Pension | | Postretirement Medical | 2016 | $ | 9,548 |
| | $ | 595 |
| 2017 | 9,053 |
| | 618 |
| 2018 | 8,618 |
| | 607 |
| 2019 | 8,139 |
| | 609 |
| 2020 | 14,786 |
| | 606 |
| 2021 - 2025 | 79,462 |
| | 2,953 |
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