Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The changes in the projected benefit obligation and the fair value of plan assets of our Benefit Plans for the years ended December 31, 2021 and 2020 were as follows (in thousands):

	2021		2020
Changes in projected benefit obligation:
Projected benefit obligation as of the beginning of the period	$	60,479	$	52,142
Service cost	1,140		1,347
Interest cost	1,538		1,642
Plan amendment	(446)		—
Actuarial loss (gain) (1)	(2,508)		7,038
Benefits paid	(1,760)		(1,690)
Curtailment	(2,032)		—
Projected benefit obligation as of the end of the period	$	56,411	$	60,479
Changes in fair value of plan assets:
Fair value of plan assets as of the beginning of the period	$	46,161	$	42,866
Actual return (loss) on plan assets	5,420		4,860
Employer contributions	—		125
Benefits paid	(1,760)		(1,690)
Fair value of plan assets as of the end of the period	$	49,821	$	46,161

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(1)For the year ended December 31, 2021, the change in the actuarial gain was due to an increase in the discount rate and strong asset performance. For the year ended December 31, 2020, the change in the actuarial loss was due to a decrease in the discount rate, new entrants to the plan, and salary changes, partially offset by demographic assumption changes.

Schedule of Accumulated and Projected Benefit Obligations

The reconciliation of the underfunded status of our Benefit Plans of December 31, 2021 and 2020 was as follows:

	2021		2020
Projected benefit obligation	$	56,411	$	60,479
Fair value of plan assets	49,821		46,161
Underfunded status	$	6,590	$	14,318
Gross amounts recognized in accumulated other comprehensive income (loss): (1)
Net actuarial gain	$	(704)	$	(6,946)
Total accumulated other comprehensive income	$	(704)	$	(6,946)
Net actuarial gain (loss)	$	(704)	$	(6,946)

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(1)For the year ended December 31, 2021, we recognized an immaterial amount of service costs in accumulated other comprehensive income.

Schedule of Assumptions Used

Weighted-average assumptions used to measure our projected benefit obligation as of December 31, 2021, 2020, and 2019 and net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 are as follows:

	2021		2020		2019
Projected benefit obligation:
Wyoming Refining plan
Discount rate (1)	2.85	%	2.65	%	3.30	%
Rate of compensation increase	—	%	3.00	%	3.00	%
U.S. Oil plan
Discount rate (1)	2.70	%	2.35	%	3.10	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Net periodic benefit costs:
Wyoming Refining plan
Discount rate (1)	3.25	%	3.30	%	4.20	%
Expected long-term rate of return (2)	5.75	%	6.25	%	6.50	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
U.S. Oil plan
Discount rate (1)	2.35	%	3.10	%	4.10	%
Expected long-term rate of return (2)	6.00	%	6.00	%	6.00	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%

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(1)In determining the discount rate, we use pricing and yield information for high-quality corporate bonds that result in payments similar to the estimated distributions of benefits from our plans.

(2)The expected long-term rate of return is based on the target asset allocation of each plan and capital market assumptions developed using forward-looking models and historical market data and trends.

Schedule of Net Benefit Costs

The net periodic benefit cost (credit) for the years ended December 31, 2021, 2020, and 2019 includes the following components:

	2021		2020		2019
Components of net periodic benefit cost (credit):
Service cost	$	1,140	$	1,347	$	910
Interest cost	1,538		1,642		1,794
Expected return on plan assets	(2,375)		(2,323)		(1,972)
Amortization of net loss	245		176		95
Amortization of prior service cost	—		1		3
Effect of curtailment	(2,032)		—		—
Net periodic benefit cost (credit)	$	(1,484)	$	843	$	830

Schedule of Allocation of Plan Assets

The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2021 is as follows:

	Target		Actual
Asset category:
Equity securities	54	%	56	%
Debt securities	35	%	31	%
Real estate	11	%	13	%
Total	100	%	100	%

    The weighted-average asset allocation for our U.S. Oil plan at December 31, 2021 is as follows:

	Target		Actual
Asset category:
Equity securities	56	%	58	%
Debt securities	43	%	42	%
Cash and Cash Equivalents	1	%	—	%
Total	100	%	100	%

Schedule of Expected Benefit Payments

Based on current data and assumptions, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years:

Year Ended
2022	$	2,193
2023	2,297
2024	2,313
2025	2,464
2026	2,661
Thereafter	13,424
	$	25,352