XML 53 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Employee Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2023
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,
| 2023 |  | 2022 |  |
Change in benefit obligation: |  |  |  |  |
Benefit Obligation, beginning of year | $ | 42,065 |  |  | $ | 55,934 |  |  |
Service Cost | 3,119 |  |  | 5,181 |  |  |
Interest Cost | 2,205 |  |  | 1,804 |  |  |
Actuarial Gain (Loss) | 1,358 |  |  | (19,557) |  |  |
Benefits Paid | (1,449) |  |  | (1,297) |  |  |
Benefit Obligation, end of year | 47,298 |  |  | 42,065 |  |  |
Change in plan assets: |  |  |  |  |
Fair Value of Plan Assets, beginning of year | 30,073 |  |  | 35,288 |  |  |
Actual Return on Plan Assets | 5,270 |  |  | (6,363) |  |  |
Employer Contributions | 3,100 |  |  | 2,445 |  |  |
Benefits Paid | (1,449) |  |  | (1,297) |  |  |
Fair Value of Plan assets, end of year | 36,994 |  |  | 30,073 |  |  |
Funded Status at end of period | $ | (10,304) |  |  | $ | (11,992) |  |  |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |
Non-current assets | $ | — |  |  | $ | — |  |  |
Current liabilities | — |  |  | — |  |  |
Non-current Liabilities | (10,304) |  |  | (11,992) |  |  |
Net Liability at end of year | $ | (10,304) |  |  | $ | (11,992) |  |  |
Amounts recognized in accumulated other comprehensive income: |  |  |  |  |
Prior Service Cost | 4,215 |  |  | 4,702 |  |  |
Net actuarial gain | (12,196) |  |  | (10,816) |  |  |
Amounts recognized in accumulated other comprehensive income: | $ | (7,981) |  |  | $ | (6,114) |  |  |
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 2024 Contributions by Employer | $ | 4,488 |
Future Expected Benefit Payments |
2024 | $ | 1,436 |
2025 | 1,750 |
2026 | 1,898 |
2027 | 2,072 |
2028 | 2,220 |
2029-2033 | 13,166 |
Net Periodic Pension Costs The components of net periodic pension costs for the Alkali benefit plan are as follows:
| December 31,
| 2023 |  | 2022 |  | 2021 |  |
Service Cost | $ | 3,119 |  |  | $ | 5,181 |  |  | $ | 6,020 |  |  |
Interest Cost | 2,205 |  |  | 1,804 |  |  | 1,576 |  |  |
Expected Return on Assets | (2,099) |  |  | (1,959) |  |  | (1,831) |  |  |
Amortization of Prior Service Cost | 487 |  |  | 487 |  |  | 487 |  |  |
Actuarial Gain | (434) |  |  | — |  |  | — |  |  |
Total Net Periodic Benefit Costs | $ | 3,278 |  |  | $ | 5,513 |  |  | $ | 6,252 |  |  |
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, 2023 |  | December 31, 2022
Discount Rate | 5.16 | % |  | 5.33 | %
Expected Long-term Rate of Return | 6.69 | % |  | 6.71 | %
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 5.33%. 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, 2023 by asset category are as follows:
December 31, 2023
| 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:
| 2023 |  | 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 5,212 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,212 |  |  | $ | 4,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,592 |
Equity securities | 24,612 |  |  | — |  |  | — |  |  | 24,612 |  |  | 20,838 |  |  | — |  |  | — |  |  | 20,838 |
Fixed income and other securities | 7,170 |  |  | — |  |  | — |  |  | 7,170 |  |  | 4,643 |  |  | — |  |  | — |  |  | 4,643 |
| $ | 36,994 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,994 |  |  | $ | 30,073 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,073 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration