PENSION AND RETIREMENT PLANS LIABILITIES

9 Months Ended

Sep. 30, 2023

PENSION AND RETIREMENT PLANS LIABILITIES

PENSION AND RETIREMENT PLANS LIABILITIES

14.    PENSION AND RETIREMENT PLANS LIABILITIES

The following represents the net periodic benefit cost and related components of the Company’s multiemployer Retirement Income Plan (Plan), a trusteed defined benefit pension plan:

	Three months ended September 30,				Nine months ended September 30,
December 31,	2023		2022		2023		2022
(in thousands)
Interest cost	$	—	$	243	$	41	$	729
Expected return on Plan assets		—		—		—		—
Amortization of net losses		1		253		225		758
Settlement loss		—		—		18,286		—
Net periodic benefit cost	$	1	$	496	$	18,552	$	1,487

As part of its ongoing plan termination, the Company made a total cash contribution to the Plan of $5.4 million during the nine months ended September 30, 2023. The Company did not contribute to this Plan during the nine months ended September 30, 2022.

The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (SERP). The Company maintains certain securities primarily in mutual funds and company-owned life insurance policies as a funding source to satisfy the obligation of the SERP that have been classified as trading and are stated at fair value totaling $25.1 million as of September 30, 2023 and $24.2 million as of December 31, 2022. Trading losses related to the SERP assets totaled approximately $305 thousand during the three months ended September 30, 2023, compared to trading losses of approximately $2.6 million during the three months ended September 30, 2022. Trading gains related to the SERP assets totaled approximately $903 thousand during the nine months ended September 30, 2023, compared to trading losses of approximately $4.1 million during the nine months ended September 30, 2022. The SERP assets are reported in non-current Other assets in the accompanying Consolidated Balance Sheets and changes in the fair value of these assets are reported in the accompanying Consolidated Statements of Operations as compensation cost in Selling, general and administrative expenses.

The SERP liabilities include participant deferrals, net of distributions, and are stated at fair value of approximately $21.9 million as of September 30, 2023 and $23.1 million as of December 31, 2022. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Long-term retirement plan liabilities and any change in the fair value is recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities resulted in unrealized losses of approximately $262 thousand during the three months ended September 30, 2023, compared to unrealized losses of approximately $2.5 million during the three months ended September 30, 2022. Changes in the fair value of the SERP liabilities resulted in unrealized gains of approximately $1.0 million during the nine months ended September 30, 2023, compared to unrealized losses of approximately $3.9 million during the nine months ended September 30, 2022.