Company: DK
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001694426-25-000013
Chunk: 303

Company: Delek US Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 15
Chunk 303
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. Of the El Dorado refinery employees,  45.7% are covered by a collective bargaining agreement which expires on August 1, 2027.  As of December 31, 2024, 67.4% of employees who work at our Big Spring refinery were covered by a collective bargaining agreement that expires March 31, 2027.  None of our employees in our logistics segment, Krotz Springs refinery or in our corporate office are represented by a union.  We consider our relations with our employees to be satisfactory.Postretirement BenefitsPension PlansWe have two defined benefit pension plans for certain Alon employees. The benefits are based on years of service and the employee’s final average monthly compensation. Our funding policy is to contribute annually no less than the minimum required nor more than the maximum amount that can be deducted for federal income tax purposes. Contributions are intended to provide not only for benefits attributed to service to date but also for those benefits expected to be earned in the future. Both plans are closed to new participants. On August 1, 2024, the Board of Directors approved terminating the Alon USA Pension Plan, effective December 31, 2024, subject to approval by the Internal Revenue Service. We have commenced the termination process, but the specific date for the completion of the process is unknown at this time and will depend on certain legal and regulatory requirements or approvals. As part of the termination process, we expect to distribute lump sum payments to or purchase annuities for the benefit of plan participants, which is dependent on the participants’ elections.The pre-tax amounts related to the defined benefit plans recognized as pension benefit liability in the consolidated balance sheets as of December 31, 2024 was $1.4 million.Financial information related to our pension plans is presented below (in millions):Year Ended December 31,20242023Change in projected benefit obligation:Benefit obligation at beginning of year$106.7 $105.3 Interest cost5.0 5.3 Actuarial loss (gain)(6.7)2.0 Benefits paid(6.0)(5.9)Other (effect of curtailment/settlement)(0.1)— Projected benefit obligations at end of year$98.9 $106.7 Change in plan assets:Fair value of plan assets at beginning of year$104.2 $102.2 Actual gain (loss) on plan assets(0.7)7.