Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 were as follows (in thousands):

	2022		2021
Changes in projected benefit obligation:
Projected benefit obligation as of the beginning of the period	$	56,411	$	60,479
Service cost	821		1,140
Interest cost	1,538		1,538
Plan amendment	—		(446)
Actuarial gain (1)	(15,178)		(2,508)
Benefits paid	(2,225)		(1,760)
Curtailment	—		(2,032)
Projected benefit obligation as of the end of the period	$	41,367	$	56,411
Changes in fair value of plan assets:
Fair value of plan assets as of the beginning of the period	$	49,821	$	46,161
Actual return (loss) on plan assets	(6,957)		5,420
Employer contributions	—		—
Benefits paid	(2,225)		(1,760)
Fair value of plan assets as of the end of the period	$	40,639	$	49,821

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(1)For the year ended December 31, 2022, the change in the actuarial gain was due to an increase in the discount rate. 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.

Schedule of Accumulated and Projected Benefit Obligations

The reconciliation of the underfunded status of our Benefit Plans of December 31, 2022 and 2021 was as follows:

	2022				2021
	WY Refining		U.S. Oil		WY Refining		U.S. Oil
Projected benefit obligation	24,730		16,637		34,333		22,078
Fair value of plan assets	21,940		18,699		28,076		21,745
Underfunded/(overfunded) status	$	2,790	$	(2,062)	$	6,257	$	333
Amounts recognized in consolidated balance sheet:
Non-current assets	—		2,062		—		—
Non-current liabilities	(2,790)		—		(6,257)		(333)
Net amount recorded	$	(2,790)	$	2,062	$	(6,257)	$	(333)
Gross amounts recognized in accumulated other comprehensive income (loss): (1)
Net actuarial gain (loss)	5,243		(318)		2,188		(2,892)
Total accumulated other comprehensive income (loss)	$	5,243	$	(318)	$	2,188	$	(2,892)

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(1)For the year ended December 31, 2022, 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, 2022, 2021, and 2020 and net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 are as follows:

	2022		2021		2020
Projected benefit obligation:
Wyoming Refining plan
Discount rate (1)	5.15	%	2.85	%	2.65	%
Rate of compensation increase	—	%	—	%	3.00	%
U.S. Oil plan
Discount rate (1)	5.00	%	2.70	%	2.35	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Net periodic benefit costs:
Wyoming Refining plan
Discount rate (1)	2.85	%	3.25	%	3.30	%
Expected long-term rate of return (2)	5.75	%	5.75	%	6.25	%
Rate of compensation increase	—	%	3.00	%	3.00	%
U.S. Oil plan
Discount rate (1)	2.70	%	2.35	%	3.10	%
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 credit for the years ended December 31, 2022, 2021, and 2020 includes the following components:

	2022		2021		2020
Components of net periodic benefit (credit):
Service cost	$	821	$	1,140	$	1,347
Interest cost	1,538		1,538		1,642
Expected return on plan assets	(2,596)		(2,375)		(2,323)
Amortization of net loss	3		245		176
Amortization of prior service cost	—		—		1
Effect of curtailment	—		(2,032)		—
Net periodic benefit credit	$	(234)	$	(1,484)	$	843

Schedule of Allocation of Plan Assets

The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2022 is as follows:

	Target		Actual
Asset category:
Equity securities	40	%	33	%
Debt securities	50	%	49	%
Real estate	10	%	18	%
Total	100	%	100	%

The weighted-average asset allocation for our U.S. Oil plan at December 31, 2022 is as follows:

	Target		Actual
Asset category:
Equity securities	56	%	50	%
Debt securities	43	%	50	%
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
2023	$	2,281
2024	2,322
2025	2,404
2026	2,632
2027	2,628
Thereafter	13,441
	$	25,708