Note 11 – Other Liabilities

Other liabilities are summarized as follows:


(Dollars in thousands)	March 31, 2017		December 31, 2016
Current liabilities
Liability for demolition costs	$	3,534	$	5,914
Lease liability	$	5,900	$	5,900
Accrued pension		2,394		2,223
Security deposit payable		87		77
Other		63		17
Other current liabilities	$	11,978	$	14,131
Other liabilities
Straight-line rent liability	$	12,556	$	12,413
Accrued pension		5,606		5,732
Lease make-good provision		5,363		5,146
Deferred revenue - real estate		4,716		4,398
Environmental reserve		1,656		1,656
Interest rate swap		4		58
Acquired leases		250		267
Other		497		495
Other liabilities	$	30,648	$	30,165

On August 29, 2014, the Supplemental Executive Retirement Plan (“SERP”) that was effective since March 1, 2007, was ended and replaced with a new pension annuity. As a result of the termination of the SERP program, the accrued pension liability of $7.6 million was reversed and replaced with a new pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15- year term, resulting in a monthly payment of $57,000 payable to the Cotter Estate or Cotter Trust (as defined herein). The discount rate of 4.25% has been applied since 2014 to determine the net periodic benefit cost and plan benefit obligation and is expected to be used in future years. The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year term. In addition, the accumulated actuarial loss of $3.1 million recorded, as part of other comprehensive income will also be amortized based on the 15-year term.

As a result of the above, included in our current and non-current liabilities are accrued pension costs of $8.0 million at March 31, 2017. The benefits of our pension plans are fully vested and therefore no service costs were recognized for the three months ended March 31, 2017 and 2016. Our pension plans are unfunded. During the three months ended March 31, 2017, the interest cost was $45,000, and actuarial loss was $52,000. During the three months ended March 31, 2016, the interest cost was $45,000, and actuarial loss was $32,000.