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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans We sponsor a defined benefit pension plan for union-only employees of our Alkali Business. We account for the Alkali Business pension plan as a single employer pension plan that benefits only employees of our Alkali Business, and thus, the related assets and liability costs of the plan are recorded in the Consolidated Balance Sheets. Under the Alkali Business pension plan, each eligible employee will automatically become a participant upon completion of one year of credited service. Retirement benefits under this plan are calculated based on the total years of service of an eligible participant, multiplied by a specified benefit rate in effect at the termination of the plan participant's years of service. The change in benefit obligations, plan assets and funded status along with amounts recognized in the Consolidated Balance Sheets are as follows:
| December 31,
| 2021 |  | 2020 |  |
Change in benefit obligation: |  |  |  |  |
Benefit Obligation, beginning of year | $ | 52,510 |  |  | $ | 42,291 |  |  |
Service Cost | 6,020 |  |  | 5,493 |  |  |
Interest Cost | 1,576 |  |  | 1,469 |  |  |
Actuarial Loss (Gain) | (3,051) |  |  | 4,005 |  |  |
Benefits Paid | (1,121) |  |  | (748) |  |  |
Benefit Obligation, end of year | 55,934 |  |  | 52,510 |  |  |
Change in plan assets: |  |  |  |  |
Fair Value of Plan Assets, beginning of year | 32,043 |  |  | 24,051 |  |  |
Actual Return on Plan Assets | 2,051 |  |  | 4,123 |  |  |
Employer Contributions | 2,315 |  |  | 4,617 |  |  |
Benefits Paid | (1,121) |  |  | (748) |  |  |
Fair Value of Plan assets, end of year | 35,288 |  |  | 32,043 |  |  |
Funded Status at end of period | $ | (20,646) |  |  | $ | (20,467) |  |  |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |
Non-current assets | $ | — |  |  | $ | — |  |  |
Current liabilities | — |  |  | — |  |  |
Non-current Liabilities | (20,646) |  |  | (20,467) |  |  |
Net Liability at end of year | $ | (20,646) |  |  | $ | (20,467) |  |  |
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |
Prior Service Cost | 5,189 |  |  | 5,676 |  |  |
Net actuarial loss | 418 |  |  | 3,689 |  |  |
Amounts recognized in accumulated other comprehensive loss: | $ | 5,607 |  |  | $ | 9,365 |  |  |
Estimated Future Cash Flows- The following employer contributions and benefit payments, which reflect expected future service, are expected to be paid as follows:
Employer Contributions |
Expected 2022 Contributions by Employer | $ | 2,436 |
Future Expected Benefit Payments |
2022 | $ | 1,265 |
2023 | 1,450 |
2024 | 1,620 |
2025 | 1,796 |
2026 | 1,983 |
2027-2031 | 12,319 |
Net Periodic Pension Costs- The components of net periodic pension costs for the Alkali benefit plan are as follows:
| December 31,
| 2021 |  | 2020 |  | 2019 |  |
Service Cost | $ | 6,020 |  |  | $ | 5,493 |  |  | $ | 4,351 |  |  |
Interest Cost | 1,576 |  |  | 1,469 |  |  | 1,340 |  |  |
Expected Return on Assets | (1,831) |  |  | (1,539) |  |  | (1,252) |  |  |
Amortization of Prior Service Cost | 487 |  |  | 487 |  |  | 406 |  |  |
Total Net Periodic Benefit Costs | $ | 6,252 |  |  | $ | 5,910 |  |  | $ | 4,845 |  |  |
Significant Assumptions - Discount rates are determined annually and are based on rates of return of high-quality long-term fixed income securities currently available and expected to be available during the maturity of the pension benefits. The long-term rate of return estimation for the Alkali Business pension plan is based on a capital asset pricing model using historical data and a forecasted earnings model. An expected return on plan assets analysis is performed which incorporates the current portfolio allocation, historical asset-class returns and an assessment of expected future performance using asset-class risk factors. 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, 2021 |  | December 31, 2020
Discount Rate | 3.27 | % |  | 3.06 | %
Expected Long-term Rate of Return | 5.35 | % |  | 5.47 | %
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 3.06%. Pension Plan Assets - We maintain target allocation percentages among various asset classes based on an investment policy established for the pension plan, which was last amended in November 2020. The target allocation is designed based on the strategic objectives, spending policy and risk tolerance of the plan. Pension plan asset allocations at December 31, 2021 by asset category are as follows:
December 31, 2021
| Target % |  | Minimum |  | Maximum
Equity securities | 67 | % |  | 58 | % |  | 76 | %
Fixed Income | 20 | % |  | 11 | % |  | 29 | %
Alternative Investments | 11 | % |  | 2 | % |  | 20 | %
Cash and Equivalents | 2 | % |  | — | % |  | 7 | %
A summary of total investments for our pension plan assets measured at fair value is presented as of December 31 for the periods below:
| 2021 |  | 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2,989 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,989 |  |  | $ | 32,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,043 |
Equity securities | 25,309 |  |  | — |  |  | — |  |  | 25,309 |  |  | — |  |  | — |  |  | — |  |  | — |
Fixed income and other securities | 6,990 |  |  | — |  |  | — |  |  | 6,990 |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 35,288 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,288 |  |  | $ | 32,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,043 |
As identified above, all of our plan assets as of December 31, 2020 were held in cash and equivalents. On January 1, 2021 we switched the trustee of our plan assets and the investment advisors for our plan assets, also modifying our investment advisor fiduciary services from a 3(21) to a 3(38) which allows the advisors more investment discretion. In order to prepare for this switch, we had to move our investments to cash and equivalents on December 31, 2020.

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