Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 were as follows (in thousands):

	2023		2022
Changes in projected benefit obligation:
Projected benefit obligation as of the beginning of the period	$	41,367	$	56,411
Service cost	494		821
Interest cost	2,044		1,538
Plan amendment	—		—
Actuarial loss (gain) (1)	1,362		(15,178)
Benefits paid	(1,980)		(2,225)
Curtailment	—		—
Projected benefit obligation as of the end of the period	$	43,287	$	41,367
Changes in fair value of plan assets:
Fair value of plan assets as of the beginning of the period	$	40,639	$	49,821
Actual return (loss) on plan assets	3,800		(6,957)
Employer contributions	—		—
Benefits paid	(1,980)		(2,225)
Fair value of plan assets as of the end of the period	$	42,459	$	40,639

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(1)For the year ended December 31, 2023, the change in the actuarial loss was due to a decrease in the discount rate. For the year ended December 31, 2022, the change in the actuarial gain was due to an increase in the discount rate.

Schedule of Accumulated and Projected Benefit Obligations

The reconciliation of the funding status of our Benefit Plans of December 31, 2023 and 2022 was as follows:

	2023				2022
	WY Refining		U.S. Oil		WY Refining		U.S. Oil
Projected benefit obligation	$	25,582	$	17,705	$	24,730	$	16,637
Fair value of plan assets	22,219		20,240		21,940		18,699
Underfunded/(overfunded) status	$	3,363	$	(2,535)	$	2,790	$	(2,062)
Amounts recognized in consolidated balance sheet:
Non-current assets	$	—	$	2,535	$	—	$	2,062
Non-current liabilities	(3,363)		—		(2,790)		—
Net amount recorded	$	(3,363)	$	2,535	$	(2,790)	$	2,062
Gross amounts recognized in accumulated other comprehensive income (loss): (1)
Net actuarial gain (loss)	$	4,546	$	376	$	5,243	$	(318)
Total accumulated other comprehensive income (loss)	$	4,546	$	376	$	5,243	$	(318)

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(1)For the years ended December 31, 2023 and 2022, we recognized an immaterial amount of service costs (credits) in accumulated other comprehensive income.

Schedule of Assumptions Used

Weighted-average assumptions used to measure our projected benefit obligation as of December 31, 2023, 2022, and 2021 and net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021 are as follows:

	2023		2022		2021
Projected benefit obligation:
Wyoming Refining plan
Discount rate (1)	4.95	%	5.15	%	2.85	%
Rate of compensation increase	—	%	—	%	—	%
U.S. Oil plan
Discount rate (1)	4.80	%	5.00	%	2.70	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%
Net periodic benefit costs:
Wyoming Refining plan
Discount rate (1)	5.15	%	2.85	%	3.25	%
Expected long-term rate of return (2)	6.20	%	5.75	%	5.75	%
Rate of compensation increase	—	%	—	%	3.00	%
U.S. Oil plan
Discount rate (1)	5.00	%	2.70	%	2.35	%
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, 2023, 2022, and 2021 includes the following components:

	2023		2022		2021
Components of net periodic benefit cost (credit):
Service cost	$	494	$	821	$	1,140
Interest cost	2,044		1,538		1,538
Expected return on plan assets	(2,151)		(2,596)		(2,375)
Amortization of net loss	(244)		3		245
Amortization of prior service cost	(45)		—		—
Effect of curtailment	—		—		(2,032)
Net periodic benefit cost (credit)	$	98	$	(234)	$	(1,484)

Schedule of Allocation of Plan Assets

The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2023 is as follows:

	Target		Actual
Asset category:
Equity securities	32	%	23	%
Debt securities	60	%	62	%
Real estate	8	%	15	%
Total	100	%	100	%

The weighted-average asset allocation for our U.S. Oil plan at December 31, 2023 is as follows:

	Target		Actual
Asset category:
Equity securities	56	%	54	%
Debt securities	43	%	46	%
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
2024	$	2,393
2025	2,436
2026	2,664
2027	2,669
2028	2,737
Thereafter	13,698
	$	26,597