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RETIREMENT BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS In connection with the acquisition of Transtar (see Note 3), 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 underfunded pension plan is a tax qualified plan, and we will make contributions accordingly. Our pension plan covers certain eligible Transtar employees and is noncontributory. Pension benefits earned are generally based on years of service and compensation during active employment. The accumulated benefit obligation at December 31, 2022 and 2021 is $2.5 million and $1.4 million, respectively. 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 the changes in our projected benefit obligation and plan assets as of December 31, 2022 and 2021. Service costs are recorded in Operating expenses, and interest costs are recorded in Other (expense) income in the Consolidated and Combined Consolidated Statements of Operations.
| Year Ended December 31,
| 2022 |  | 2021
| Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits
Projected Benefit Obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of period | $ | 9,805 |  |  | $ | 30,033 |  |  | $ | — |  |  | $ | — |
Transtar acquisition | — |  |  | (2,854) |  |  | 9,055 |  |  | 28,488 |
Plan amendment | — |  |  | 1,470 |  |  | — |  |  | — |
Service costs | 1,763 |  |  | 2,143 |  |  | 712 |  |  | 864 |
Interest costs | 315 |  |  | 917 |  |  | 108 |  |  | 337 |
Actuarial (gains) losses | (2,814) |  |  | (3,065) |  |  | (20) |  |  | 344 |
Benefit paid | (137) |  |  | (121) |  |  | (50) |  |  | — |
Projected benefit obligation, end of period | $ | 8,932 |  |  | $ | 28,523 |  |  | $ | 9,805 |  |  | $ | 30,033 |
Plan Assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Asset adjustment | 1 |  |  | — |  |  | — |  |  | — |
Actual return on plan assets | 1 |  |  | — |  |  | — |  |  | — |
Employer contributions | 1,846 |  |  | — |  |  | 50 |  |  | — |
Other benefits paid | (137) |  |  | — |  |  | (50) |  |  | — |
Fair value of plan assets, end of period | $ | 1,711 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Funded status at end of year | $ | (7,221) |  |  | $ | (28,523) |  |  | $ | (9,805) |  |  | $ | (30,033) |
As of December 31, 2022 and 2021, the following amounts were recognized in the Consolidated and Combined Consolidated Balance Sheets:
| Year Ended December 31,
| 2022 |  | 2021
| Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits
Current liabilities | $ | — |  |  | $ | 251 |  |  | $ | 52 |  |  | $ | 102 |
Non-current liabilities | 7,221 |  |  | 28,272 |  |  | 9,753 |  |  | 29,931 |
Net amounts recognized at end of period | $ | 7,221 |  |  | $ | 28,523 |  |  | $ | 9,805 |  |  | $ | 30,033 |
Our retirement plan costs for the years ended December 31, 2022 and 2021 were $2.1 million and $0.8 million for pension benefits and $3.1 million and $1.2 million for postretirement benefits, respectively. The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive loss for the years ended December 31, 2022 and 2021:
| Year Ended December 31,
| 2022 |  | 2021
| Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits
Prior service cost (credit) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amortization of prior service (cost) credit | — |  |  | 1,470 |  |  | — |  |  | — |
Actuarial loss (gain) | (2,814) |  |  | (3,065) |  |  | (20) |  |  | 334 |
Amortization of actuarial (loss) gain | — |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive loss | $ | (2,814) |  |  | $ | (1,595) |  |  | $ | (20) |  |  | $ | 334 |
Weighted-average assumptions used to determine the estimated benefit obligation and period costs as of and for the year ended December 31, 2022 and 2021 are as follows:
| Year Ended December 31,
| 2022 |  | 2021
| Pension Benefits |  | Postretirement Benefits |  | Pension Benefits |  | Postretirement Benefits
Weighted-average assumptions used to determine pension benefit obligation: |  |  |  |  |  |  |
Discount rate | 5.31 | % |  | 5.29 | % |  | 3.02 | % |  | 3.00 | %
Rate of compensation increase | 3.50 | % |  | N/A |  | 3.50 | % |  | N/A
Initial healthcare cost trend rate | N/A |  | 5.80 | % |  | N/A |  | 10% pre-Med; 3% Medicare
Ultimate healthcare cost trend rate | N/A |  | 3.94 | % |  | N/A |  | 3.94 | %
Year ultimate healthcare cost trend rate is reached | N/A |  | 2075 |  | N/A |  | 2075
Weighted-average assumptions used to determine net periodic pension and postretirement costs: |  |  |  |  |  |  |
Discount rate | 3.02 | % |  | 3.00 | % |  | 2.88 | % |  | 2.86 | %
Rate of compensation increases | 3.50 | % |  | N/A |  | 3.50 | % |  | N/A
Average future working lifetime | 11.01 years |  | 11.32 years |  | 10.93 years |  | 11.34 years
Initial healthcare cost trend rate | N/A |  | 6.00 | % |  | N/A |  | 6.00 | %
Ultimate healthcare cost trend rate | N/A |  | 3.94 | % |  | N/A |  | 3.80 | %
Year ultimate healthcare cost trend rate is reached | N/A |  | 2075 |  | 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
2023 | $ | 176 |  |  | $ | 428 |
2024 | 251 |  |  | 640 |
2025 | 406 |  |  | 900 |
2026 | 590 |  |  | 1,150 |
2027 | 756 |  |  | 1,336 |
Years 2028-2032 | 5,753 |  |  | 9,308 |
The pension plan assets are held in a master trust that is invested in a pooled separate account categorized as a money market fund. The assets are valued at fair value and are classified as a Level 2 investment. The pooled separate account invests in a portfolio of high quality, short-term instruments; the fair values of these instruments are used in determining the NAV of the pooled separate account, which is not publicly quoted. We expect to make $1.5 million of contributions to the pension plan during 2023.

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