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Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Benefit Plans | Benefit Plans Defined Contribution Plans We maintain defined contribution plans for our employees. All eligible employees may participate in our Par plan after thirty days of service. For all employees participating in the Par plan, excluding participating U.S. Oil union employees, we match employee contributions up to a maximum of 6% of the employee’s eligible compensation, with the employer contributions vesting at 100%. Beginning in January 2021 and as part of cost reductions in response to the impact of the COVID-19 pandemic on our businesses, we temporarily suspended matching employee contributions for salaried employees with 2020 annual earnings in excess of the IRS highly compensated limit of $130,000. In January 2022, we resumed matching of all previously-suspended employee contributions. For the years ended December 31, 2023, 2022, and 2021, we made contributions to the plans totaling approximately $7.5 million, $5.2 million, and $3.1 million, respectively. Defined Benefit Plans We maintain defined benefit pension plans (the “Benefit Plans”) covering eligible Wyoming Refining employees and the employees of U.S. Oil covered by a collective bargaining agreement. Benefits under our Wyoming Refining plan 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. Benefits under our U.S. Oil plan are based on the employee’s hourly rate of compensation at the beginning of each year 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. In December 2016, the Wyoming Refining plan was amended to freeze all future benefit accruals for salaried employees. In March 2021, the Wyoming Refining plan was amended (the “Plan Amendment”) to freeze all future benefit accruals for hourly plan participants. The Plan Amendment reduced the projected benefit obligation by $6.0 million. We recorded a $2.0 million Gain on curtailment of pension obligation in our consolidated statements of operations for the year ended December 31, 2021, and an unrealized actuarial gain of $4.0 million as Other post-retirement benefits income (loss), net of tax, in our consolidated statements of other comprehensive income for the year ended December 31, 2021. Similar to the evaluation done for the estimate as of December 31, 2020, the projected benefit obligation estimate was determined based on the present value of projected future benefit payments. In determining the discount rate, we used pricing and yield information for high-quality corporate bonds that result in payments similar to the estimated distributions of benefits from our plans. The weighted average discount rate used to determine benefit obligations increased from 2.65% to 3.25%, or 23%, from December 31, 2020 to March 31, 2021. The estimated rate of compensation increase remained 3% at the time of curtailment. The changes in the projected benefit obligation and the fair value of plan assets of our Benefit Plans for the years ended December 31, 2023 and 2022 were as follows (in thousands):
| 2023 |  |  | 2022 |
Changes in projected benefit obligation: |  |  |  |  |
Projected benefit obligation as of the beginning of the period | $ | 41,367 |  |  |  | $ | 56,411 |  |
Service cost | 494 |  |  |  | 821 |  |
Interest cost | 2,044 |  |  |  | 1,538 |  |
Plan amendment | — |  |  |  | — |  |
Actuarial loss (gain) (1) | 1,362 |  |  |  | (15,178) |  |
Benefits paid | (1,980) |  |  |  | (2,225) |  |
Curtailment | — |  |  |  | — |  |
Projected benefit obligation as of the end of the period | $ | 43,287 |  |  |  | $ | 41,367 |  |
Changes in fair value of plan assets: |  |  |  |  |
Fair value of plan assets as of the beginning of the period | $ | 40,639 |  |  |  | $ | 49,821 |  |
Actual return (loss) on plan assets | 3,800 |  |  |  | (6,957) |  |
Employer contributions | — |  |  |  | — |  |
Benefits paid | (1,980) |  |  |  | (2,225) |  |
Fair value of plan assets as of the end of the period | $ | 42,459 |  |  |  | $ | 40,639 |  |
____________________________________________________ (1)For the year ended December 31, 2023, the change in the actuarial loss was due to a decrease in the discount rate. For the year ended December 31, 2022, the change in the actuarial gain was due to an increase in the discount rate. The underfunded status of our Benefit Plans is recorded within Other liabilities on our consolidated balance sheets and the funded status of our Benefit Plans is recorded within Other long-term assets on our consolidated balance sheets. The reconciliation of the funding status of our Benefit Plans of December 31, 2023 and 2022 was as follows:
| 2023 |  | 2022
| WY Refining | U.S. Oil |  | WY Refining | U.S. Oil
Projected benefit obligation | $ | 25,582 |  | $ | 17,705 |  |  | $ | 24,730 |  | $ | 16,637 |
Fair value of plan assets | 22,219 |  | 20,240 |  |  | 21,940 |  | 18,699 |
Underfunded/(overfunded) status | $ | 3,363 |  | $ | (2,535) |  |  | $ | 2,790 |  | $ | (2,062) |
Amounts recognized in consolidated balance sheet: |  |  |  |  |
Non-current assets | $ | — |  | $ | 2,535 |  |  | $ | — |  | $ | 2,062 |
Non-current liabilities | (3,363) |  | — |  |  | (2,790) |  | — |
Net amount recorded | $ | (3,363) |  | $ | 2,535 |  |  | $ | (2,790) |  | $ | 2,062 |
Gross amounts recognized in accumulated other comprehensive income (loss): (1) |  |  |  |  |
Net actuarial gain (loss) | $ | 4,546 |  | $ | 376 |  |  | $ | 5,243 |  | $ | (318) |
Total accumulated other comprehensive income (loss) | $ | 4,546 |  | $ | 376 |  |  | $ | 5,243 |  | $ | (318) |
____________________________________________________ (1)For the years ended December 31, 2023 and 2022, we recognized an immaterial amount of service costs (credits) in accumulated other comprehensive income. Weighted-average assumptions used to measure our projected benefit obligation as of December 31, 2023, 2022, and 2021 and net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021 are as follows:
| 2023 |  | 2022 |  | 2021
Projected benefit obligation: |  |  |  |  |
Wyoming Refining plan |  |  |  |  |
Discount rate (1) | 4.95 | % |  | 5.15 | % |  | 2.85 | %
Rate of compensation increase | — | % |  | — | % |  | — | %
U.S. Oil plan |  |  |  |  |
Discount rate (1) | 4.80 | % |  | 5.00 | % |  | 2.70 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Net periodic benefit costs: |  |  |  |  |
Wyoming Refining plan |  |  |  |  |
Discount rate (1) | 5.15 | % |  | 2.85 | % |  | 3.25 | %
Expected long-term rate of return (2) | 6.20 | % |  | 5.75 | % |  | 5.75 | %
Rate of compensation increase | — | % |  | — | % |  | 3.00 | %
U.S. Oil plan |  |  |  |  |
Discount rate (1) | 5.00 | % |  | 2.70 | % |  | 2.35 | %
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. The net periodic benefit cost (credit) for the years ended December 31, 2023, 2022, and 2021 includes the following components:
| 2023 |  | 2022 |  | 2021
Components of net periodic benefit cost (credit): |  |  |  |  |
Service cost | $ | 494 |  |  | $ | 821 |  |  | $ | 1,140 |
Interest cost | 2,044 |  |  | 1,538 |  |  | 1,538 |
Expected return on plan assets | (2,151) |  |  | (2,596) |  |  | (2,375) |
Amortization of net loss | (244) |  |  | 3 |  |  | 245 |
Amortization of prior service cost | (45) |  |  | — |  |  | — |
Effect of curtailment | — |  |  | — |  |  | (2,032) |
Net periodic benefit cost (credit) | $ | 98 |  |  | $ | (234) |  |  | $ | (1,484) |
The Service cost component of net periodic benefit cost is included in Operating expense (excluding depreciation) on our consolidated statement of operations for the years ended December 31, 2023, 2022, and 2021. The other components of net periodic benefit cost are included in Other income (expense), net on our consolidated statement of operations for the years ended December 31, 2023, 2022, and 2021. The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2023 is as follows:
| Target |  | Actual
Asset category: |  |  |
Equity securities | 32 | % |  | 23 | %
Debt securities | 60 | % |  | 62 | %
Real estate | 8 | % |  | 15 | %
Total | 100 | % |  | 100 | %
The weighted-average asset allocation for our U.S. Oil plan at December 31, 2023 is as follows:
| Target |  | Actual
Asset category: |  |  |
Equity securities | 56 | % |  | 54 | %
Debt securities | 43 | % |  | 46 | %
Cash and Cash Equivalents | 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 Plans’ assets are invested in pooled separate accounts administered by the Benefit Plans’ custodians. The underlying assets in the pooled separate accounts are invested in equity securities, debt securities, real estate, or cash and cash equivalents. The pooled separate accounts are valued based upon the fair market value of the underlying investments and are deemed to be Level 2. We intend to make contributions in the amount of approximately $0.5 million to the Wyoming Refining plan and do not intend to make any contributions to the U.S. Oil plan during 2024. 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 |  |
2024 |  | $ | 2,393 |
2025 |  | 2,436 |
2026 |  | 2,664 |
2027 |  | 2,669 |
2028 |  | 2,737 |
Thereafter |  | 13,698 |
|  | $ | 26,597 |

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