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RETIREMENT BENEFIT PLANS
 12 Months Ended
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 BenefitsPostretirement Benefits
Benefit obligation as of January 1, 2021$— $— 
Transtar acquisition9,055 28,488 
Service costs712 864 
Interest costs108 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 BenefitsPostretirement Benefits
Weighted-average assumptions used to determine pension and postretirement benefit obligations:
Discount rate3.02 %3.00 %
Rate of compensation increase3.50 %N/A
Average future working lifetime (years)N/A11.34
Initial healthcare cost trend rate - Pre-MedicareN/A10.00 %
Initial healthcare cost trend rate - Medicare eligibleN/A3.00 %
Ultimate healthcare cost trend rateN/A3.94 %
Year ultimate healthcare cost trend rate is reachedN/A2075
Weighted-average assumptions used to determine net periodic pension and postretirement costs:
Discount rate2.88 %2.86 %
Rate of compensation increases3.50 %N/A
Average future working lifetime (years)10.9311.34
Initial healthcare cost trend rateN/A6.00 %
Ultimate healthcare cost trend rateN/A3.80 %
Year ultimate healthcare cost trend rate is reachedN/A2075
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 BenefitsPostretirement Benefits
2022$51 $102 
2023143 173 
2024261 251 
2025390 354 
2026496 451 
Years 2027-20314,501 3,252