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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
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, 2019 and 2018 were as follows (in thousands):
| 2019 |  | 2018
Changes in projected benefit obligation: |  |  |
Projected benefit obligation as of the beginning of the period | $ | 27,539 |  |  | $ | 30,877 |
Acquired | 16,831 |  |  | — |
Service cost | 910 |  |  | 548 |
Interest cost | 1,794 |  |  | 1,107 |
Actuarial (gain) loss | 6,688 |  |  | (2,917 | )
Benefits paid | (1,620 | ) |  | (2,076 | )
Projected benefit obligation as of the end of the period | $ | 52,142 |  |  | $ | 27,539 |
Changes in fair value of plan assets: |  |  |
Fair value of plan assets as of the beginning of the period | $ | 20,254 |  |  | $ | 23,461 |
Acquired | 16,027 |  |  | — |
Actual return (loss) on plan assets | 6,405 |  |  | (1,131 | )
Employer contributions | 1,800 |  |  | — |
Benefits paid | (1,620 | ) |  | (2,076 | )
Fair value of plan assets as of the end of the period | $ | 42,866 |  |  | $ | 20,254 |
Schedule of Accumulated and Projected Benefit Obligations | The reconciliation of the underfunded status of our Benefit Plans of December 31, 2019 and 2018 was as follows:
| 2019 |  | 2018
Projected benefit obligation | $ | 52,142 |  |  | $ | 27,539 |
Fair value of plan assets | 42,866 |  |  | 20,254 |
Underfunded status | $ | 9,276 |  |  | $ | 7,285 |
Gross amounts recognized in accumulated other comprehensive income: (1) |  |  |
Net actuarial gain (loss) | $ | (2,622 | ) |  | $ | 3,494 |
____________________________________________________ (1) As of December 31, 2019, we had an immaterial amount of service costs recognized in accumulated other comprehensive income. As of December 31, 2019, we had $0.2 million in accumulated other comprehensive income that is expected to be amortized into net periodic benefit cost in 2020.
Schedule of Assumptions Used | Weighted-average assumptions used to measure our projected benefit obligation as of December 31, 2019, 2018, and 2017 and net periodic benefit costs for the years ended December 31, 2019, 2018 and 2017 are as follows:
| 2019 |  | 2018 |  | 2017
Projected benefit obligation: |  |  |  |  |
Wyoming Refining plan |  |  |  |  |
Discount rate (1) | 3.30 | % |  | 4.20 | % |  | 3.65 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | %
U.S. Oil plan |  |  |  |  |
Discount rate (1) | 3.10 | % |  | — | % |  | — | %
Rate of compensation increase | 3.00 | % |  | — | % |  | — | %
Net periodic benefit costs: |  |  |  |  |
Wyoming Refining plan |  |  |  |  |
Discount rate (1) | 4.20 | % |  | 3.65 | % |  | 4.20 | %
Expected long-term rate of return (2) | 6.50 | % |  | 6.50 | % |  | 6.25 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 4.30 | %
U.S. Oil plan |  |  |  |  |
Discount rate (1) | 4.10 | % |  | — | % |  | — | %
Expected long-term rate of return (2) | 6.00 | % |  | — | % |  | — | %
Rate of compensation increase | 3.00 | % |  | — | % |  | — | %
_________________________________________________________
(1) | In determining the discount rate, we use yields on high-quality fixed income investments with payments matched to the estimated distributions of benefits from our plans.
(2) The expected long-term rate of return is based on a blend of historic returns of equity and debt securities.
Schedule of Net Benefit Costs | The net periodic benefit cost for the years ended December 31, 2019, 2018, and 2017 includes the following components:
| 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost: |  |  |  |  |
Service cost | $ | 910 |  |  | $ | 548 |  |  | $ | 614 |
Interest cost | 1,794 |  |  | 1,107 |  |  | 1,192 |
Expected return on plan assets | (1,972 | ) |  | (1,258 | ) |  | (1,189 | )
Amortization of net loss | 95 |  |  | — |  |  | — |
Amortization of prior service cost | 3 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 830 |  |  | $ | 397 |  |  | $ | 617 |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2019 is as follows:
| Target |  | Actual
Asset category: |  |  |
Equity securities | 54 | % |  | 56 | %
Debt securities | 35 | % |  | 32 | %
Real estate | 11 | % |  | 12 | %
Total | 100 | % |  | 100 | %
The weighted-average asset allocation for our U.S. Oil plan at December 31, 2019 is as follows:
| Target Range |  | Actual
Asset category: |  |  |
Equity securities | 40 - 80% |  |  | 62 | %
Debt securities | 20 - 60% |  |  | 38 | %
Cash and Cash Equivalents | 0 - 30% |  |  | — | %
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 |  |
2020 |  | $ | 2,215 |
2021 |  | 2,007 |
2022 |  | 2,082 |
2023 |  | 2,203 |
2024 |  | 2,234 |
Thereafter |  | 13,095 |
|  | $ | 23,836 |

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