Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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 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

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 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

Schedule of Components of Net Periodic 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

Schedule of Weighted Average Assumptions Used To Determine Benefit Obligation

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%.

Schedule of Pension Plan Assets Allocations

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	%

Schedule of Pension Plan Assets Measured at Fair Value

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