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Postretirement Benefit Obligations (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the AdvanSix Retirement Earnings Plan.
Change in benefit obligation: | 2024 |  | 2023 |  | 2022
Benefit obligation at January 1, | $ | 93,270 |  |  | $ | 80,174 |  |  | $ | 91,389 |
Service Cost | 4,877 |  |  | 4,906 |  |  | 6,860 |
Interest Cost | 4,524 |  |  | 4,048 |  |  | 2,436 |
Actuarial losses (gains) | (12,285) |  |  | 6,636 |  |  | (18,665) |
Benefits Paid | (3,098) |  |  | (2,494) |  |  | (1,846) |
Benefit obligation at December 31, | $ | 87,288 |  |  | $ | 93,270 |  |  | $ | 80,174 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at January 1, | 86,084 |  |  | 77,362 |  |  | 71,252 |
Actual return on plan assets | 6,053 |  |  | 11,216 |  |  | (12,044) |
Benefits paid | (3,098) |  |  | (2,494) |  |  | (1,846) |
Company Contributions | — |  |  | — |  |  | 20,000 |
Fair value of plan assets at December 31, | 89,039 |  |  | 86,084 |  |  | 77,362 |
Under (Over)-Funded status of plan | $ | (1,751) |  |  | $ | 7,186 |  |  | $ | 2,812 |
Amounts recognized in Balance Sheet consists of: |  |  |  |  |
Accrued pension liabilities-current (1) | $ | — |  |  | $ | 3,526 |  |  | $ | 2,812 |
Accrued pension liabilities-noncurrent (2) | — |  |  | 3,660 |  |  | — |
Pension asset-noncurrent (3) | (1,751) |  |  | — |  |  | — |
Total pension liabilities (assets) recognized | $ | (1,751) |  |  | $ | 7,186 |  |  | $ | 2,812 |
(1) Included in accrued liabilities on Balance Sheet (2) Included in postretirement benefit obligations on Balance Sheet (3) Included in other assets on Balance Sheet
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension amount recognized in accumulated other comprehensive loss (income) associated with the Company's pension plan are as follows for:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Transition obligation | $ | — |  |  | $ | — |  |  | $ | — |
Prior service cost | — |  |  | — |  |  | — |
Net actuarial (gain) loss | (14,725) |  |  | (1,271) |  |  | (1,087) |
Pension amounts recognized in other comprehensive loss (income) | $ | (14,725) |  |  | $ | (1,271) |  |  | $ | (1,087) |
Schedule of Net Benefit Costs | The components of net periodic benefit cost and other amounts recognized in other comprehensive income for our pension plan include the following components:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Net periodic pension cost (benefit) |  |  |  |  |  |
Service cost |  | $ | 4,877 |  |  | $ | 4,906 |  |  | $ | 6,860 |
Interest cost |  | 4,524 |  |  | 4,048 |  |  | 2,436 |
Expected return on plan assets |  | (4,884) |  |  | (4,396) |  |  | (4,463) |
Recognition of actuarial losses |  | — |  |  | — |  |  | — |
Net periodic Pension Cost |  | 4,517 |  |  | 4,558 |  |  | 4,833 |
Other changes in benefits obligations recognized in other comprehensive loss (income) |  |  |  |  |  |
Actuarial losses (gains) |  | (13,455) |  |  | (184) |  |  | (2,157) |
Total recognized in other comprehensive income |  | (13,455) |  |  | (184) |  |  | (2,157) |
Total net periodic pension cost (benefit) recognized in Other comprehensive income |  | $ | (8,938) |  |  | $ | 4,374 |  |  | $ | 2,676 |
Schedule of Assumptions Used | Significant actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our pension plan were as follows:
Key actuarial assumptions used to determine benefit obligations at December 31, | 2024 | 2023 | 2022
| Effective discount rate for benefit obligation | 5.8% | 5.1% | 5.3%
| Expected annual rate of compensation increase | 2.9% | 2.9% | 2.9%
Key actuarial assumptions used to determine the net periodic benefit cost for the years ended December 31, | 2024 | 2023 | 2022
| Effective discount rate for service cost | 5.1% | 5.3% | 3.1%
| Effective discount rate for interest cost | 4.9% | 5.1% | 2.7%
| Expected long-term rate of return | 6.5% | 6.5% | 6.5%
| Expected annual rate of compensation increase | 2.9% | 2.9% | 2.4%
Schedule of Expected Benefit Payments | Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid during the following years:
2025 | $ | 3,942 |
2026 | 4,485 |
2027 | 4,985 |
2028 | 5,427 |
2029 | 6,072 |
Thereafter | 35,584 |
Schedule of Pension Plan Contributions | The Company made pension plan contributions sufficient to satisfy pension funding requirements under the AdvanSix Retirement Earnings Plan as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
1st Quarter | $ | — |  |  | $ | — |  |  | $ | — |
2nd Quarter | — |  |  | — |  |  | 10,000 |
3rd Quarter | — |  |  | — |  |  | 5,000 |
4th Quarter | — |  |  | — |  |  | 5,000 |
Total | $ | — |  |  | $ | — |  |  | $ | 20,000 |
Schedule of Target Asset Allocation of Pension Plan Assets | The target asset allocation percent for the Company's pension plan assets is summarized as follows:
| Years Ended December 31,
| 2024 |  | 2023
Cash and cash equivalents | 3% |  | 3%
US and non-US equity securities | 44% |  | 64%
Fixed income / real estate / other securities | 33% |  | 33%
Alternative Equity | 20% |  | —%
Total Pension Assets | 100% |  | 100%
Schedule of Fair Value of Plan Assets |
| Fair Value at December 31,
Fair Value Measurements | 2024 |  | 2023 |  | 2022
Investments valued using NAV per share |  |  |  |  |
Emerging Markets Region Equities | $ | 5,184 |  |  | $ | 4,839 |  |  | $ | 4,427 |
International Region Equities | 17,618 |  |  | 16,975 |  |  | 14,370 |
United States Equities | 41,235 |  |  | 38,324 |  |  | 31,235 |
United States Bonds | 22,034 |  |  | 22,988 |  |  | 20,115 |
Real Estate | 1,360 |  |  | 1,391 |  |  | 1,563 |
Cash Fund | 1,608 |  |  | 1,567 |  |  | 5,652 |
Total Pension Plan Assets at Fair Value | $ | 89,039 |  |  | $ | 86,084 |  |  | $ | 77,362 |

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