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RETIREMENT BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Retirement Benefits | RETIREMENT BENEFIT PLANS In connection with the acquisition of Transtar (see Note 4), we established a defined benefit pension plan as well as a postretirement benefit plan to assume certain retirement benefit obligations related to eligible Transtar employees. Defined Benefit Pensions Our pension plan covers certain eligible Transtar employees. These plans are noncontributory. Pension benefits earned are generally based on years of service and compensation during active employment. Postretirement Benefits Our unfunded postretirement plan provides healthcare and life insurance benefits for eligible retirees and dependents of Transtar. Depending on retirement date and employee classification, certain healthcare plans contain contribution and cost-sharing features such as deductibles and co-insurance. The remaining healthcare and life insurance plans are non-contributory. The following table summarizes our retirement plan costs for the year ended December 31, 2021 and estimated benefit obligation as of December 31, 2021. Service costs and interest costs are recorded in Operating expenses and Other (expense) income, respectively, in the Consolidated Statements of Operations.
| Pension Benefits |  | Postretirement Benefits
Benefit obligation as of January 1, 2021 | $ | — |  |  | $ | — |
Transtar acquisition | 9,055 |  |  | 28,488 |
Service costs | 712 |  |  | 864 |
Interest costs | 108 |  |  | 337 |
Actuarial losses (gains) | (20) |  |  | 344 |
Benefits paid | (50) |  |  | — |
Benefit obligation as of December 31, 2021 | $ | 9,805 |  |  | $ | 30,033 |
The pension and postretirement benefits are unfunded and recorded in Other liabilities on the Consolidated Balance Sheets. Weighted-average assumptions used to determine the estimated benefit obligation and period costs as of and for the year ended December 31, 2021 are as follows:
| Pension Benefits |  | Postretirement Benefits
Weighted-average assumptions used to determine pension and postretirement benefit obligations: |  |  |
Discount rate | 3.02 | % |  | 3.00 | %
Rate of compensation increase | 3.50 | % |  | N/A
Average future working lifetime (years) | N/A |  | 11.34
Initial healthcare cost trend rate - Pre-Medicare | N/A |  | 10.00 | %
Initial healthcare cost trend rate - Medicare eligible | N/A |  | 3.00 | %
Ultimate healthcare cost trend rate | N/A |  | 3.94 | %
Year ultimate healthcare cost trend rate is reached | N/A |  | 2075
Weighted-average assumptions used to determine net periodic pension and postretirement costs: |  |  |
Discount rate | 2.88 | % |  | 2.86 | %
Rate of compensation increases | 3.50 | % |  | N/A
Average future working lifetime (years) | 10.93 |  | 11.34
Initial healthcare cost trend rate | N/A |  | 6.00 | %
Ultimate healthcare cost trend rate | N/A |  | 3.80 | %
Year ultimate healthcare cost trend rate is reached | N/A |  | 2075
The following benefit payments, which reflect expected future service and compensation increases, as appropriate, are expected to be made from the Transtar defined benefit plans:
| Pension Benefits |  | Postretirement Benefits
2022 | $ | 51 |  |  | $ | 102 |
2023 | 143 |  |  | 173 |
2024 | 261 |  |  | 251 |
2025 | 390 |  |  | 354 |
2026 | 496 |  |  | 451 |
Years 2027-2031 | 4,501 |  |  | 3,252 |

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