Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Change in benefit obligation:
Benefit Obligation, beginning of year	$	42,065	$	55,934
Service Cost	3,119		5,181
Interest Cost	2,205		1,804

Actuarial Gain (Loss)	1,358		(19,557)
Benefits Paid	(1,449)		(1,297)

Benefit Obligation, end of year	47,298		42,065

Change in plan assets:
Fair Value of Plan Assets, beginning of year	30,073		35,288
Actual Return on Plan Assets	5,270		(6,363)
Employer Contributions	3,100		2,445
Benefits Paid	(1,449)		(1,297)

Fair Value of Plan assets, end of year	36,994		30,073
Funded Status at end of period	$	(10,304)	$	(11,992)
Amounts recognized in the Consolidated Balance Sheets:
Non-current assets	$	—	$	—
Current liabilities	—		—
Non-current Liabilities	(10,304)		(11,992)
Net Liability at end of year	$	(10,304)	$	(11,992)

Amounts recognized in accumulated other comprehensive income:
Prior Service Cost	4,215		4,702
Net actuarial gain	(12,196)		(10,816)
Amounts recognized in accumulated other comprehensive income:	$	(7,981)	$	(6,114)

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 2024 Contributions by Employer	$	4,488
Future Expected Benefit Payments
2024	$	1,436
2025	1,750
2026	1,898
2027	2,072
2028	2,220
2029-2033	13,166

Schedule of Components of Net Periodic Costs

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


	December 31,
	2023		2022		2021
Service Cost	$	3,119	$	5,181	$	6,020
Interest Cost	2,205		1,804		1,576
Expected Return on Assets	(2,099)		(1,959)		(1,831)
Amortization of Prior Service Cost	487		487		487
Actuarial Gain	(434)		—		—
Total Net Periodic Benefit Costs	$	3,278	$	5,513	$	6,252

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, 2023		December 31, 2022
Discount Rate	5.16	%	5.33	%
Expected Long-term Rate of Return	6.69	%	6.71	%
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 5.33%.

Schedule of Pension Plan Assets Allocations

Pension plan asset allocations at December 31, 2023 by asset category are as follows:


December 31, 2023
	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:


	2023								2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	5,212	$	—	$	—	$	5,212	$	4,592	$	—	$	—	$	4,592
Equity securities	24,612		—		—		24,612		20,838		—		—		20,838
Fixed income and other securities	7,170		—		—		7,170		4,643		—		—		4,643
	$	36,994	$	—	$	—	$	36,994	$	30,073	$	—	$	—	$	30,073