XML 46 R28.htm IDEA: XBRL DOCUMENT v3.25.0.1
Benefit Plans
 12 Months Ended
Dec. 31, 2024
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%. For the years ended December 31, 2024, 2023, and 2022, we made contributions to the plans totaling approximately $9.7 million, $7.5 million, and $5.2 million, respectively.
Defined Benefit Plans
We maintain our 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.
The changes in the projected benefit obligation and the fair value of plan assets of our Benefit Plans for the years ended December 31, 2024 and 2023, were as follows (in thousands):
20242023
Changes in projected benefit obligation:
Projected benefit obligation as of the beginning of the period$43,287 $41,367 
Service cost
539 494 
Interest cost
2,045 2,044 
Plan amendment
— — 
Actuarial loss (gain) (1)(2,952)1,362 
Benefits paid
(2,138)(1,980)
Curtailment— — 
Projected benefit obligation as of the end of the period$40,781 $43,287 
Changes in fair value of plan assets:
Fair value of plan assets as of the beginning of the period$42,459 $40,639 
Actual return on plan assets2,449 3,800 
Employer contributions
510 — 
Benefits paid
(2,138)(1,980)
Fair value of plan assets as of the end of the period$43,280 $42,459 
____________________________________________________
(1)For the year ended December 31, 2024, the change in the actuarial gain was due to an increase in the discount rate. For the year ended December 31, 2023, the change in the actuarial loss was due to a decrease 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, 2024 and 2023, was as follows (in thousands):
20242023
WY RefiningU.S. OilWY RefiningU.S. Oil
Projected benefit obligation$23,893 $16,888 $25,582 $17,705 
Fair value of plan assets21,664 21,616 22,219 20,240 
Underfunded/(overfunded) status$2,229 $(4,728)$3,363 $(2,535)
Amounts recognized in consolidated balance sheet:
Non-current assets$— $4,728 $— $2,535 
Non-current liabilities(2,229)— (3,363)— 
Net amount recorded$(2,229)$4,728 $(3,363)$2,535 
Gross amounts recognized in accumulated other comprehensive income: (1)
Net actuarial gain
$5,108 $2,752 $4,546 $376 
Total accumulated other comprehensive income
$5,108 $2,752 $4,546 $376 
____________________________________________________
(1)For the years ended December 31, 2024 and 2023, 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, 2024, 2023, and 2022, and net periodic benefit costs for the years ended December 31, 2024, 2023, and 2022, are as follows:
202420232022
Projected benefit obligation:
Wyoming Refining plan
Discount rate (1)5.55 %4.95 %5.15 %
Rate of compensation increase— %— %— %
U.S. Oil plan
Discount rate (1)5.45 %4.80 %5.00 %
Rate of compensation increase3.00 %3.00 %3.00 %
Net periodic benefit costs:
Wyoming Refining plan
Discount rate (1)4.95 %5.15 %2.85 %
Expected long-term rate of return (2)6.20 %6.20 %5.75 %
Rate of compensation increase— %— %— %
U.S. Oil plan
Discount rate (1)4.80 %5.00 %2.70 %
Expected long-term rate of return (2)6.00 %6.00 %6.00 %
Rate of compensation increase3.00 %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, 2024, 2023, and 2022, includes the following components (in thousands):
202420232022
Components of net periodic benefit cost (credit):
Service cost$539 $494 $821 
Interest cost2,045 2,044 1,538 
Expected return on plan assets(2,244)(2,151)(2,596)
Amortization of net loss (gain)
(172)(244)3 
Amortization of prior service cost(45)(45)— 
Net periodic benefit cost (credit)$123 $98 $(234)
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, 2024, 2023, and 2022. The other components of are included in Other income (expense), net on our consolidated statement of operations for the years ended December 31, 2024, 2023, and 2022.

The weighted-average asset allocation for our Wyoming Refining plan at December 31, 2024, is as follows:
TargetActual
Asset category:
Equity securities32 %35 %
Debt securities60 %60 %
Real estate8 %5 %
Total100 %100 %
The weighted-average asset allocation for our U.S. Oil plan at December 31, 2024, is as follows:
TargetActual
Asset category:
Equity securities56 %56 %
Debt securities43 %44 %
Cash and Cash Equivalents1 %— %
Total100 %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 $0.4 million to the Wyoming Refining plan and do not intend to make any contributions to the U.S. Oil plan during 2025. 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 (in thousands):
Year Ended
2025$2,522 
20262,690 
20272,689 
20282,756 
20292,811 
Thereafter13,745 
Total$27,213