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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
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 Sheet are as follows:
| December 31,
| 2020 |  | 2019 |  |
Change in benefit obligation: |  |  |  |  |
Benefit Obligation, beginning of year | $ | 42,291 |  |  | $ | 24,511 |  |  |
Service Cost | 5,493 |  |  | 4,351 |  |  |
Interest Cost | 1,469 |  |  | 1,340 |  |  |
Plan Amendment | — |  |  | 6,569 |  |  |
Actuarial Loss | 4,005 |  |  | 5,981 |  |  |
Benefits Paid | (748) |  |  | (461) |  |  |
Benefit Obligation, end of year | 52,510 |  |  | 42,291 |  |  |
Change in plan assets: |  |  |  |  |
Fair Value of Plan Assets, beginning of year | 24,051 |  |  | 15,716 |  |  |
Actual Return on Plan Assets | 4,123 |  |  | 4,025 |  |  |
Employer Contributions | 4,617 |  |  | 4,771 |  |  |
Benefits Paid | (748) |  |  | (461) |  |  |
Fair Value of Plan assets, end of year | 32,043 |  |  | 24,051 |  |  |
Funded Status at end of period | $ | (20,467) |  |  | $ | (18,240) |  |  |
Amounts recognized in the Consolidated Balance Sheet: |  |  |  |  |
Non-current assets | $ | — |  |  | $ | — |  |  |
Current liabilities | — |  |  | — |  |  |
Non-current Liabilities | (20,467) |  |  | (18,240) |  |  |
Net Liability at end of year | $ | (20,467) |  |  | $ | (18,240) |  |  |
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |
Prior Service Cost | 5,676 |  |  | 6,163 |  |  |
Net actuarial loss | 3,689 |  |  | 2,268 |  |  |
Amounts recognized in accumulated other comprehensive loss: | $ | 9,365 |  |  | $ | 8,431 |  |  |
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 2021 Contributions by Employer | $ | 3,905 |
Future Expected Benefit Payments |
2021 | $ | 1,052 |
2022 | 1,307 |
2023 | 1,487 |
2024 | 1,647 |
2025 | 1,828 |
2026-2030 | 11,754 |
Schedule of Components of Net Periodic Costs | The components of net periodic pension costs for the Alkali benefit plan are as follows:
| December 31,
| 2020 |  | 2019 |  | 2018 |  |
Service Cost | $ | 5,493 |  |  | $ | 4,351 |  |  | $ | 5,153 |  |  |
Interest Cost | 1,469 |  |  | 1,340 |  |  | 862 |  |  |
Expected Return on Assets | (1,539) |  |  | (1,252) |  |  | (973) |  |  |
Amortization of Prior Service Cost | 487 |  |  | 406 |  |  | — |  |  |
Total Net Periodic Benefit Costs | $ | 5,910 |  |  | $ | 4,845 |  |  | $ | 5,042 |  |  |
Schedule of Weighted Average Assumptions Used To Determine Benefit Obligation | The Alkali Business pension plan is administered by a Board-appointed committee that has fiduciary responsibility for the plan's management. The committee is responsible for the oversight and management of the plan's investments. The committee maintains an investment policy that provides guidelines for selection and retention of investment managers or funds, allocation of plan assets and performance review procedures and updating of the policy. 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, 2020 |  | December 31, 2019
Discount Rate | 3.06 | % |  | 3.56 | %
Expected Long-term Rate of Return | 5.47 | % |  | 6.06 | %
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 3.56%.
Schedule of Pension Plan Assets Allocations | Pension plan asset allocations at December 31, 2020 by asset category are as follows:
December 31, 2020
| 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:
| 2020 |  | 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 32,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,043 |  |  | $ | 1,311 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,311 |
Equity securities | — |  |  | — |  |  | — |  |  | — |  |  | 13,192 |  |  | — |  |  | — |  |  | 13,192 |
Mutual and other exchange traded funds | — |  |  | — |  |  | — |  |  | — |  |  | 9,548 |  |  | — |  |  | — |  |  | 9,548 |
| $ | 32,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,043 |  |  | $ | 24,051 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,051 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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