Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit PlansWe sponsor a defined benefit pension plan for union-only employees of our Alkali Business. We account for the Alkali Business pension plan as a single employer pension plan that benefits only employees of our Alkali Business, and thus, the related assets and liability costs of the plan are recorded in the Consolidated Balance Sheets. Under the Alkali Business pension plan, each eligible employee will automatically become a participant upon completion of one year of credited service. Retirement benefits under this plan are calculated based on the total years of service of an eligible participant, multiplied by a specified benefit rate in effect at the termination of the plan participant’s years of service.

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

	December 31,
	2022		2021
Change in benefit obligation:
Benefit Obligation, beginning of year	$	55,934	$	52,510
Service Cost	5,181		6,020
Interest Cost	1,804		1,576
Actuarial Gain	(19,557)		(3,051)
Benefits Paid	(1,297)		(1,121)
Benefit Obligation, end of year	42,065		55,934
Change in plan assets:
Fair Value of Plan Assets, beginning of year	35,288		32,043
Actual Return on Plan Assets	(6,363)		2,051
Employer Contributions	2,445		2,315
Benefits Paid	(1,297)		(1,121)
Fair Value of Plan assets, end of year	30,073		35,288
Funded Status at end of period	$	(11,992)	$	(20,646)
Amounts recognized in the Consolidated Balance Sheets:
Non-current assets	$	—	$	—
Current liabilities	—		—
Non-current Liabilities	(11,992)		(20,646)
Net Liability at end of year	$	(11,992)	$	(20,646)
Amounts recognized in accumulated other comprehensive income (loss):
Prior Service Cost	4,702		5,189
Net actuarial loss (gain)	(10,816)		418
Amounts recognized in accumulated other comprehensive loss:	$	(6,114)	$	5,607

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

Employer Contributions
Expected 2023 Contributions by Employer	$	2,980
Future Expected Benefit Payments
2023	$	1,465
2024	1,606
2025	1,772
2026	1,917
2027	2,091
2028-2032	12,533

Net Periodic Pension Costs- The components of net periodic pension costs for the Alkali benefit plan are as follows:

	December 31,
	2022		2021		2020
Service Cost	$	5,181	$	6,020	$	5,493
Interest Cost	1,804		1,576		1,469
Expected Return on Assets	(1,959)		(1,831)		(1,539)
Amortization of Prior Service Cost	487		487		487
Total Net Periodic Benefit Costs	$	5,513	$	6,252	$	5,910

Significant Assumptions - Discount rates are determined annually and are based on rates of return of high-quality long-term fixed income securities currently available and expected to be available during the maturity of the pension benefits.

The long-term rate of return estimation for the Alkali Business pension plan is based on a capital asset pricing model using historical data and a forecasted earnings model. An expected return on plan assets analysis is performed which incorporates the current portfolio allocation, historical asset-class returns and an assessment of expected future performance using asset-class risk factors.

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, 2022		December 31, 2021
Discount Rate	5.33	%	3.27	%
Expected Long-term Rate of Return	6.71	%	5.35	%
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 3.27%.

Pension Plan Assets - We maintain target allocation percentages among various asset classes based on an investment policy established for the pension plan, which was last amended in November 2020. The target allocation is designed based on the strategic objectives, spending policy and risk tolerance of the plan. Pension plan asset allocations at December 31, 2022 by asset category are as follows:

December 31, 2022
	Target %		Minimum		Maximum
Equity securities	67	%	58	%	76	%
Fixed Income	20	%	11	%	29	%
Alternative Investments	11	%	2	%	20	%
Cash and Equivalents	2	%	—	%	7	%

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

	2022								2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	4,592	$	—	$	—	$	4,592	$	2,989	$	—	$	—	$	2,989
Equity securities	20,838		—		—		20,838		25,309		—		—		25,309
Fixed income and other securities	4,643		—		—		4,643		6,990		—		—		6,990
	$	30,073	$	—	$	—	$	30,073	$	35,288	$	—	$	—	$	35,288