XML 60 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
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 BenefitsOther
Postretirement Benefits
 2021202020212020
Change in benefit obligation:    
Benefit obligation at January 1$(125,842)$(128,997)$(9,101)$(8,986)
Service cost(415)(592)— — 
Interest cost(2,284)(3,545)(224)(286)
Plan settlement— 7,255 — — 
Plan amendment— — (48)— 
Benefits paid6,452 7,008 471 500 
Expenses paid291 255 — — 
Actuarial gain (loss)632 (7,226)422 (329)
Benefit obligation at December 31$(121,166)$(125,842)$(8,480)$(9,101)
Change in plan assets:    
Fair value of plan assets at January 1$102,812 $101,051 $— $— 
Actual return on plan assets8,373 8,919 — — 
Plan settlement— (7,255)— — 
Expenses paid(291)(255)— — 
Contributions103 7,360 471 500 
Benefits paid(6,452)(7,008)(471)(500)
Fair value of plan assets at December 31$104,545 $102,812 $— $— 
Unfunded status at December 31$(16,621)$(23,030)$(8,480)$(9,101)
Amounts recognized in the consolidated balance sheets:    
Prepaid pension costs$44,585 $35,209 $— $— 
Other accrued liabilities(95)(100)(621)(624)
Non-current employee benefit liabilities(61,111)(58,139)(7,859)(8,477)
Net amounts recognized$(16,621)$(23,030)$(8,480)$(9,101)
.
Schedule of Net Benefit Costs
Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
Service cost — benefits earned during the period$415 $592 $533 $— $— $
Interest cost on projected benefit obligation2,284 3,545 4,860 224 286 347 
Expected return on assets(3,458)(3,869)(4,874)— — — 
Prior service cost— — — 
Settlement loss— 1,805 — — — — 
Amortization of net loss (gain)1,835 1,836 2,001 86 11 (40)
Net expense$1,076 $3,909 $2,520 $314 $301 $314 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
As of December 31, 2021, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:
Defined
Benefit
Pension Plans
Post-
Retirement
Plans
Total
Accumulated other comprehensive loss as of January 1, 2021$(28,199)$(1,106)$(29,305)
Amortization of prior service costs— 
Plan amendment— (48)(48)
Amortization of loss1,835 86 1,921 
Net gain arising during the year5,547 420 5,967 
Accumulated other comprehensive loss as of December 31, 2021$(20,817)$(644)$(21,461)
As of December 31, 2020, accumulated other comprehensive (loss) income, before income taxes, consisted of the following:
Defined
Benefit
Pension Plans
Post-
Retirement
Plans
Total
Accumulated other comprehensive (loss) income as of January 1, 2020$(29,664)$(794)$(30,458)
Amortization of prior service costs— 
Effect of settlement1,805 — 1,805 
Amortization of loss1,836 11 1,847 
Net loss arising during the year(2,176)(327)(2,503)
Accumulated other comprehensive loss as of December 31, 2020$(28,199)$(1,106)$(29,305)
Schedule of Accumulated Benefit Obligations
As of December 31, 2021, our total accumulated benefit obligations, as well as our projected benefit obligations in excess of the fair value of the related plan assets, for defined benefit pension plans were as follows:
December 31,
20212020
Accumulated benefit obligation$61,206 $58,239 
Fair value of plan assets$— $— 
December 31,
20212020
Projected benefit obligation$61,206 $58,239 
Fair value of plan assets$— $— 
Schedule of Assumptions Used
The assumptions used for the pension benefits and other postretirement benefits were:
 Pension BenefitsOther Postretirement Benefits
 202120202019202120202019
Weighted average assumptions:      
Discount rates — benefit obligation
1.80% - 2.70%
1.40% - 2.30%
2.55% - 3.10%
2.85%2.55%3.30%
Discount rates — service cost
1.40% - 2.30%
2.55% - 3.10%
3.90% - 4.25%
2.55%3.30%4.35%
Assumed rates of return on invested assets3.50%4.00 %5.50%N/AN/AN/A
Salary increase assumptionsN/AN/AN/A3.00%3.00%3.00%
Schedule of Allocation of Plan Assets
Vector’s defined benefit retirement plan allocations by asset category, were as follows:
Plan Assets at
December 31,
 20212020
Asset category:  
Equity securities38 %35 %
Investment grade fixed income securities62 %65 %
High yield fixed income securities— %— %
Total100 %100 %
The defined benefit plans’ recurring financial assets subject to fair value measurements and the necessary disclosures were as follows:
 Fair Value Measurements as of December 31, 2021
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable Inputs
DescriptionTotal(Level 1)(Level 2)(Level 3)
Assets:    
Insurance contracts$1,868 $— $1,868 $— 
Amounts in individually managed investment accounts: 
Cash, mutual funds and common stock91 91 — — 
Common collective trusts at NAV (1)
102,586 — — — 
Total$104,545 $91 $1,868 $— 
(1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
 Fair Value Measurements as of December 31, 2020
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
Significant
Unobservable Inputs
DescriptionTotal(Level 1)(Level 2)(Level 3)
Assets:    
Insurance contracts$2,236 $— $2,236 $— 
Amounts in individually managed investment accounts:    
Cash, mutual funds and common stock78 78 — — 
Common collective trusts at NAV(1)
100,498 — — — 
Total$102,812 $78 $2,236 $— 
(1) In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
Schedule of Expected Benefit Payments
Estimated future pension and postretirement medical benefits payments were as follows:
PensionPostretirement
Medical
2022$6,347 $621 
20235,993 627 
20245,648 629 
20255,289 606 
202664,060 590 
2027 - 203126,666 2,596