Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Retirement Benefits [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 | | 2022 | | 2021 | | 2022 | | 2021 | Change in benefit obligation: | | | | | | | | Benefit obligation at January 1 | $ | (121,166) | | | $ | (125,842) | | | $ | (8,480) | | | $ | (9,101) | | Service cost | (414) | | | (415) | | | — | | | — | | Interest cost | (2,628) | | | (2,284) | | | (233) | | | (224) | | | | | | | | | | Plan amendment | — | | | — | | | — | | | (48) | | | | | | | | | | Benefits paid | 5,993 | | | 6,452 | | | 975 | | | 471 | | Expenses paid | 264 | | | 291 | | | — | | | — | | Actuarial gain | 14,375 | | | 632 | | | 1,455 | | | 422 | | Benefit obligation at December 31 | $ | (103,576) | | | $ | (121,166) | | | $ | (6,283) | | | $ | (8,480) | | Change in plan assets: | | | | | | | | Fair value of plan assets at January 1 | $ | 104,545 | | | $ | 102,812 | | | $ | — | | | $ | — | | | | | | | | | | Actual return on plan assets | (14,331) | | | 8,373 | | | — | | | — | | | | | | | | | | Expenses paid | (264) | | | (291) | | | — | | | — | | Contributions | 101 | | | 103 | | | 975 | | | 471 | | Benefits paid | (5,993) | | | (6,452) | | | (975) | | | (471) | | Fair value of plan assets at December 31 | $ | 84,058 | | | $ | 104,545 | | | $ | — | | | $ | — | | Unfunded status at December 31 | $ | (19,518) | | | $ | (16,621) | | | $ | (6,283) | | | $ | (8,480) | | Amounts recognized in the consolidated balance sheets: | | | | | | | | Prepaid pension costs | $ | 38,100 | | | $ | 44,585 | | | $ | — | | | $ | — | | Other accrued liabilities | (89) | | | (95) | | | (596) | | | (621) | | Non-current employee benefit liabilities | (57,529) | | | (61,111) | | | (5,687) | | | (7,859) | | Net amounts recognized | $ | (19,518) | | | $ | (16,621) | | | $ | (6,283) | | | $ | (8,480) | |
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Schedule of Net Benefit Costs |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | Service cost — benefits earned during the period | $ | 414 | | | $ | 415 | | | $ | 592 | | | $ | — | | | $ | — | | | $ | — | | Interest cost on projected benefit obligation | 2,628 | | | 2,284 | | | 3,545 | | | 233 | | | 224 | | | 286 | | Expected return on assets | (3,530) | | | (3,458) | | | (3,869) | | | — | | | — | | | — | | Prior service cost | — | | | — | | | — | | | 8 | | | 4 | | | 4 | | | | | | | | | | | | | | Settlement loss | — | | | — | | | 1,805 | | | — | | | — | | | — | | | | | | | | | | | | | | Amortization of net loss (gain) | 1,636 | | | 1,835 | | | 1,836 | | | (31) | | | 86 | | | 11 | | Net expense | $ | 1,148 | | | $ | 1,076 | | | $ | 3,909 | | | $ | 210 | | | $ | 314 | | | $ | 301 | |
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Schedule of Amounts Recognized in Other Comprehensive Loss |
As of December 31, 2022, accumulated other comprehensive loss, before income taxes, consisted of the following: | | | | | | | | | | | | | | | | | | | Defined Benefit Pension Plans | | Post- Retirement Plans | | Total | Accumulated other comprehensive loss as of January 1, 2022 | $ | (20,817) | | | $ | (644) | | | $ | (21,461) | | Amortization of prior service costs | — | | | 8 | | | 8 | | | | | | | | | | | | | | Amortization of loss (gain) | 1,636 | | | (31) | | | 1,605 | | Net (loss) gain arising during the year | (3,486) | | | 1,455 | | | (2,031) | | Accumulated other comprehensive (loss) income as of December 31, 2022 | $ | (22,667) | | | $ | 788 | | | $ | (21,879) | |
As of December 31, 2021, accumulated other comprehensive loss, 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 | — | | | 4 | | | 4 | | Effect of settlement | — | | | (48) | | | (48) | | Amortization of loss | 1,835 | | | 86 | | | 1,921 | | Net gain arising during the year | 5,547 | | | 420 | | | 5,967 | | Accumulated other comprehensive loss as of December 31, 2021 | $ | (20,817) | | | $ | (644) | | | $ | (21,461) | |
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Schedule of Accumulated Benefit Obligations |
As of December 31, 2022, our total accumulated benefit obligations, as well as our projected benefit obligations more than the fair value of the related plan assets, for defined benefit pension plans were as follows: | | | | | | | | | | | | | December 31, | | 2022 | | 2021 | Accumulated benefit obligation | $ | 57,618 | | | $ | 61,206 | | Fair value of plan assets | $ | — | | | $ | — | |
| | | | | | | | | | | | | December 31, | | 2022 | | 2021 | Projected benefit obligation | $ | 57,618 | | | $ | 61,206 | | Fair value of plan assets | $ | — | | | $ | — | |
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Schedule of Assumptions Used |
The assumptions used for the pension benefits and other postretirement benefits were: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | 2022 | | 2021 | | 2020 | | 2022 | | 2021 | | 2020 | Weighted average assumptions: | | | | | | | | | | | | Discount rates — benefit obligation | 4.90% - 5.30% | | 1.80% - 2.70% | | 1.40% - 2.30% | | 5.40% | | 2.85% | | 2.55% | Discount rates — service cost | 1.80% - 2.70% | | 1.40% - 2.30% | | 2.55% - 3.10% | | 2.85% | | 2.55% | | 3.30% | Assumed rates of return on invested assets | 3.50% | | 3.50% | | 4.00 % | | N/A | | N/A | | N/A | 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 by asset category, were as follows: | | | | | | | | | | | | | Plan Assets at December 31, | | 2022 | | 2021 | Asset category: | | | | Equity securities | 34 | % | | 38 | % | Investment grade fixed income securities | 66 | % | | 62 | % | High yield fixed income securities | — | % | | — | % | | | | | | | | | Total | 100 | % | | 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, 2022 | | | | | 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 | | $ | 1,679 | | | $ | — | | | $ | 1,679 | | | $ | — | | Amounts in individually managed investment accounts: | | | | | | | | | Cash, mutual funds and common stock | | 85 | | | 85 | | | — | | | — | | | | | | | | | | | | | | | | | | | | Common collective trusts at NAV (1) | | 82,294 | | | — | | | — | | | — | | | | | | | | | | | Total | | $ | 84,058 | | | $ | 85 | | | $ | 1,679 | | | $ | — | | (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, 2021 | | | | | 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 | | $ | 1,868 | | | $ | — | | | $ | 1,868 | | | $ | — | | Amounts in individually managed investment accounts: | | | | | | | | | Cash, mutual funds and common stock | | 91 | | | 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. |
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Schedule of Expected Benefit Payments |
Estimated future pension and postretirement medical benefits payments were as follows: | | | | | | | | | | | | | Pension | | Postretirement Medical | 2023 | $ | 5,902 | | | $ | 596 | | 2024 | 5,576 | | | 598 | | 2025 | 5,223 | | | 585 | | 2026 | 4,891 | | | 564 | | 2027 | 68,108 | | | 547 | | 2028 - 2032 | 24,994 | | | 2,398 | |
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