Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status with Amounts Recognized in Consolidated Balance Sheet

The change in benefit obligations, plan assets and funded status along with amounts recognized in the Consolidated Balance Sheet are as follows:



	December 31,
	2019			2018
Change in benefit obligation:
Benefit Obligation, beginning of year	$	24,511		$	22,530
Service Cost	4,351			5,153
Interest Cost	1,340			862
Plan Amendment	6,569			—
Actuarial (Gain) Loss	5,981			(3,816		)
Benefits Paid	(461		)	(218		)
Benefit Obligation, end of year	42,291			24,511

Change in plan assets:
Fair Value of Plan Assets, beginning of year	15,716			13,306
Actual Return (loss) on Plan Assets	4,025			(1,300		)
Employer Contributions	4,771			3,928
Benefits Paid	(461		)	(218		)
Fair Value of Plan assets, end of year	24,051			15,716
Funded Status at end of period	$	(18,240	)	$	(8,795	)
Amounts recognized in the Consolidated Balance Sheet:
Non-current assets	$	—		$	—
Current liabilities	—			—
Non-current Liabilities	(18,240		)	(8,795		)
Net Liability at end of year	$	(18,240	)	$	(8,795	)

Amounts recognized in accumulated other comprehensive income (loss):
Prior Service Cost	6,163			—
Net actuarial (gain) loss	2,268			(939		)
Amounts recognized in accumulated other comprehensive income ( loss:)	$	8,431		$	(939	)

Schedule of Expected Employer Contributions and Future Benefits Payments

The following employer contributions and benefit payments, which reflect expected future service, are expected to be paid as follows:



Employer Contributions
Expected 2020 Contributions by Employer	$	5,850
Future Expected Benefit Payments
2020	$	824
2021	1,112
2022	1,343
2023	1,537
2024	1,714
2025-2029	11,250

Schedule of Components of Net Periodic Costs

The components of net periodic pension costs for the Alkali benefit plan are as follows:



	December 31,
	2019			2018			2017
Service Cost	$	4,351		$	5,153		$	1,749
Interest Cost	1,340			862			267
Expected Return on Assets	(1,252		)	(973		)	(259		)
Amortization of Prior Service Cost	406			—			—
Total Net Periodic Benefit Costs ₍₁₎	$	4,845		$	5,042		$	1,757

^{(1) On September 1, 2017, we acquired our Alkali Business including the Company's defined benefit plan. The 2017 Net Periodic Benefit Cost represents the period of the year subsequent to our purchase of the Alkali Business resulting in a lower annual cost compared to 2019 and 2018, respectively.}

Schedule of Weighted Average Assumptions Used To Determine Benefit Obligation

The Alkali Business pension plan is administered by a Board-appointed committee that has fiduciary responsibility for the plan's management. The committee is responsible for the oversight and management of the plan's investments. The committee maintains an investment policy that provides guidelines for selection and retention of investment managers or funds, allocation of plan assets and performance review procedures and updating of the policy. The objective of the committee's investment policy is to manage the plan assets in such a way that will allow for the on-going payment of the Company's obligation to the beneficiaries.



Weighted average assumptions used to determine benefit obligation:	December 31, 2019		December 31, 2018
Discount Rate	3.56	%	4.62	%
Expected Long-term Rate of Return	6.06	%	6.41	%
Rate of Compensation Increase	N/A		N/A

The discount rate used to determine the net periodic cost at the beginning of the period was 4.62%.

Schedule of Pension Plan Asset Allocations

A summary of total investments for our pension plan assets measured at fair value is presented as of December 31 for the periods below:



	2019					2018
	Level 1	Level 2	Level 3	Total		Level 1	Level 2	Level 3	Total
Cash and cash equivalents	1,311	—	—	$	1,311	506	—	—	$	506
Equity securities	13,192	—	—	$	13,192	8,038	—	—	$	8,038
Mutual and other exchange traded funds	9,548	—	—	$	9,548	7,172	—	—	$	7,172
	24,051	—	—	$	24,051	15,716	—	—	$	15,716

Pension plan asset allocations at December 31, 2019 by asset category are as follows:



December 31, 2019
	Target %	Actual %
Equity securities	41-60%	55	%
Fixed income securities and other	40-60%	45	%