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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021 were as follows (in thousands):
| 2022 |  |  | 2021 |
Changes in projected benefit obligation: |  |  |  |  |
Projected benefit obligation as of the beginning of the period | $ | 56,411 |  |  |  | $ | 60,479 |  |
Service cost | 821 |  |  |  | 1,140 |  |
Interest cost | 1,538 |  |  |  | 1,538 |  |
Plan amendment | — |  |  |  | (446) |  |
Actuarial gain (1) | (15,178) |  |  |  | (2,508) |  |
Benefits paid | (2,225) |  |  |  | (1,760) |  |
Curtailment | — |  |  |  | (2,032) |  |
Projected benefit obligation as of the end of the period | $ | 41,367 |  |  |  | $ | 56,411 |  |
Changes in fair value of plan assets: |  |  |  |  |
Fair value of plan assets as of the beginning of the period | $ | 49,821 |  |  |  | $ | 46,161 |  |
Actual return (loss) on plan assets | (6,957) |  |  |  | 5,420 |  |
Employer contributions | — |  |  |  | — |  |
Benefits paid | (2,225) |  |  |  | (1,760) |  |
Fair value of plan assets as of the end of the period | $ | 40,639 |  |  |  | $ | 49,821 |  |
____________________________________________________ (1)For the year ended December 31, 2022, the change in the actuarial gain was due to an increase in the discount rate. For the year ended December 31, 2021, the change in the actuarial gain was due to an increase in the discount rate and strong asset performance.
Schedule of Accumulated and Projected Benefit Obligations | The reconciliation of the underfunded status of our Benefit Plans of December 31, 2022 and 2021 was as follows:
| 2022 |  | 2021
| WY Refining | U.S. Oil |  | WY Refining | U.S. Oil
Projected benefit obligation | 24,730 |  | 16,637 |  |  | 34,333 |  | 22,078 |
Fair value of plan assets | 21,940 |  | 18,699 |  |  | 28,076 |  | 21,745 |
Underfunded/(overfunded) status | $ | 2,790 |  | $ | (2,062) |  |  | $ | 6,257 |  | $ | 333 |
Amounts recognized in consolidated balance sheet: |  |  |  |  |
Non-current assets | — |  | 2,062 |  |  | — |  | — |
Non-current liabilities | (2,790) |  | — |  |  | (6,257) |  | (333) |
Net amount recorded | $ | (2,790) |  | $ | 2,062 |  |  | $ | (6,257) |  | $ | (333) |
Gross amounts recognized in accumulated other comprehensive income (loss): (1) |  |  |  |  |
Net actuarial gain (loss) | 5,243 |  | (318) |  |  | 2,188 |  | (2,892) |
Total accumulated other comprehensive income (loss) | $ | 5,243 |  | $ | (318) |  |  | $ | 2,188 |  | $ | (2,892) |
____________________________________________________ (1)For the year ended December 31, 2022, we recognized an immaterial amount of service costs in accumulated other comprehensive income.
Schedule of Assumptions Used | Weighted-average assumptions used to measure our projected benefit obligation as of December 31, 2022, 2021, and 2020 and net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 are as follows:
| 2022 |  | 2021 |  | 2020
Projected benefit obligation: |  |  |  |  |
Wyoming Refining plan |  |  |  |  |
Discount rate (1) | 5.15 | % |  | 2.85 | % |  | 2.65 | %
Rate of compensation increase | — | % |  | — | % |  | 3.00 | %
U.S. Oil plan |  |  |  |  |
Discount rate (1) | 5.00 | % |  | 2.70 | % |  | 2.35 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Net periodic benefit costs: |  |  |  |  |
Wyoming Refining plan |  |  |  |  |
Discount rate (1) | 2.85 | % |  | 3.25 | % |  | 3.30 | %
Expected long-term rate of return (2) | 5.75 | % |  | 5.75 | % |  | 6.25 | %
Rate of compensation increase | — | % |  | 3.00 | % |  | 3.00 | %
U.S. Oil plan |  |  |  |  |
Discount rate (1) | 2.70 | % |  | 2.35 | % |  | 3.10 | %
Expected long-term rate of return (2) | 6.00 | % |  | 6.00 | % |  | 6.00 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | %
_________________________________________________________ (1)In determining the discount rate, we use pricing and yield information for high-quality corporate bonds that result in payments similar to the estimated distributions of benefits from our plans. (2)The expected long-term rate of return is based on the target asset allocation of each plan and capital market assumptions developed using forward-looking models and historical market data and trends.
Schedule of Net Benefit Costs | The net periodic benefit credit for the years ended December 31, 2022, 2021, and 2020 includes the following components:
| 2022 |  | 2021 |  | 2020
Components of net periodic benefit (credit): |  |  |  |  |
Service cost | $ | 821 |  |  | $ | 1,140 |  |  | $ | 1,347 |
Interest cost | 1,538 |  |  | 1,538 |  |  | 1,642 |
Expected return on plan assets | (2,596) |  |  | (2,375) |  |  | (2,323) |
Amortization of net loss | 3 |  |  | 245 |  |  | 176 |
Amortization of prior service cost | — |  |  | — |  |  | 1 |
Effect of curtailment | — |  |  | (2,032) |  |  | — |
Net periodic benefit credit | $ | (234) |  |  | $ | (1,484) |  |  | $ | 843 |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2022 is as follows:
| Target |  | Actual
Asset category: |  |  |
Equity securities | 40 | % |  | 33 | %
Debt securities | 50 | % |  | 49 | %
Real estate | 10 | % |  | 18 | %
Total | 100 | % |  | 100 | %
The weighted-average asset allocation for our U.S. Oil plan at December 31, 2022 is as follows:
| Target |  | Actual
Asset category: |  |  |
Equity securities | 56 | % |  | 50 | %
Debt securities | 43 | % |  | 50 | %
Cash and Cash Equivalents | 1 | % |  | — | %
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 |  |
2023 |  | $ | 2,281 |
2024 |  | 2,322 |
2025 |  | 2,404 |
2026 |  | 2,632 |
2027 |  | 2,628 |
Thereafter |  | 13,441 |
|  | $ | 25,708 |

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