Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Change in benefit obligation:
Benefit Obligation, beginning of year	$	47,298	$	42,065
Service Cost	3,436		3,119
Interest Cost	2,621		2,205
Plan Amendment	4,447		—
Actuarial Loss (Gain)	(4,678)		1,358
Benefits Paid	(1,685)		(1,449)

Benefit Obligation, end of year	51,439		47,298

Change in plan assets:
Fair Value of Plan Assets, beginning of year	36,994		30,073
Actual Return on Plan Assets	3,783		5,270
Employer Contributions	5,165		3,100
Benefits Paid	(1,685)		(1,449)

Fair Value of Plan assets, end of year	44,257		36,994
Funded Status at end of period	$	(7,182)	$	(10,304)
Amounts recognized in the Consolidated Balance Sheets:


Non-current Liabilities	(7,182)		(10,304)
Net Liability at end of year	$	(7,182)	$	(10,304)

Amounts recognized in accumulated other comprehensive income:
Prior Service Cost	8,041		4,215
Net actuarial gain	(17,435)		(12,196)
Amounts recognized in accumulated other comprehensive income:	$	(9,394)	$	(7,981)

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 2025 Contributions by Employer	$	4,600
Future Expected Benefit Payments
2025	$	1,936
2026	2,130
2027	2,321
2028	2,501
2029	2,654
2030-2034	15,127

Schedule of Components of Net Periodic Costs

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


	December 31,
	2024		2023		2022
Service Cost	$	3,436	$	3,119	$	5,181
Interest Cost	2,621		2,205		1,804
Expected Return on Assets	(2,706)		(2,099)		(1,959)
Amortization of Prior Service Cost	621		487		487
Actuarial Gain	(515)		(434)		—
Total Net Periodic Benefit Costs	$	3,457	$	3,278	$	5,513

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, 2024		December 31, 2023
Discount Rate	5.89	%	5.16	%
Expected Long-term Rate of Return	6.90	%	6.69	%
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 5.16%.

Schedule of Pension Plan Assets Allocations

Pension plan asset allocations at December 31, 2024 by asset category are as follows:


	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:


	2024								2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	8,874	$	—	$	—	$	8,874	$	5,212	$	—	$	—	$	5,212
Equity securities	25,158		—		—		25,158		24,612		—		—		24,612
Fixed income and other securities	10,225		—		—		10,225		7,170		—		—		7,170
	$	44,257	$	—	$	—	$	44,257	$	36,994	$	—	$	—	$	36,994