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Benefit Plans | 9 Months Ended
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Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract] |
Benefit Plans | Note 16—Benefit Plans Wyoming Refining Defined Contribution Plan Our Wyoming refinery has a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all its employees (the "Contribution Plan"). Employees are allowed to make contributions to the Contribution Plan and begin vesting in the Contribution Plan immediately upon employment. Company contributions vest at the rate of 20% each year over a five-year period from the date of employment. We contribute up to 6% of participants’ base salary to the Contribution Plan. Defined Benefit Plan Our Wyoming refinery has a defined benefit pension plan (the "Benefit Plan") covering substantially all its employees. Benefits are based on years of service and the employee’s highest average compensation received during five consecutive years of the last ten years of employment. Our funding policy is to contribute annually an amount equal to the pension expense, subject to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 and the tax deductibility of such contributions. The components of the underfunded status of the Benefit Plan as of the WRC Acquisition date of July 14, 2016 are as follows:
Projected benefit obligation | $ | 34,319 |
Fair value of plan assets | 22,067 |
Underfunded status (1) | $ | (12,252 | )
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(1) | The underfunded liability of $12.3 million was recognized in Other liabilities in connection with the WRC Acquisition purchase price allocation as of July 14, 2016. Please read Note 4—Acquisitions for further information.
Weighted-average assumptions used to measure our projected benefit obligation as of July 14, 2016 and net periodic benefit costs for the year ending December 31, 2016 are as follows:
Projected benefit obligation: |
Discount rate | 3.80 | %
Rate of compensation increase | 4.03 | %
Net periodic benefit costs: |
Discount rate | 3.80 | %
Expected long-term rate of return (1) | 7.00 | %
Rate of compensation increase | 4.03 | %
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(1) | The expected long-term rate of return is based on a blend of historic returns of equity and debt securities.
The net periodic benefit cost for the period from July 14, 2016 to September 30, 2016 includes the following components:
Components of net periodic benefit cost: |
Service cost | $ | 334 |
Interest cost | 299 |
Expected return on plan assets | (343 | )
Net periodic benefit cost | $ | 290 |
The weighted-average asset allocation at July 14, 2016 is as follows:
| Target |  | Actual
Asset category: |  |  |
Equity securities | 60 | % |  | 52.5 | %
Debt securities | 30 | % |  | 39.4 | %
Real estate | 10 | % |  | 8.1 | %
Total | 100 | % |  | 100 | %
We have a long-term, risk-controlled investment approach using diversified investment options with minimal exposure to volatile investment options like derivatives. Our Benefit Plan assets are invested in pooled separate accounts administered by the Benefit Plan custodian. The underlying assets in the pooled separate accounts are invested in equity securities, debt securities and real estate. The pooled separate accounts are valued based upon the fair market value of the underlying investments and are deemed to be Level 2. We do not intend to make any contributions to the pension plan during 2016. 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 |  |
2016 |  | $ | 550 |
2017 |  | 1,120 |
2018 |  | 1,240 |
2019 |  | 1,190 |
2020 |  | 1,450 |
2021–2025 |  | 7,680 |
|  | $ | 13,230 |

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