RETIREMENT PLANS

3 Months Ended

Mar. 31, 2024

RETIREMENT PLANS

RETIREMENT PLANS

13.     RETIREMENT PLANS

The Company’s multiemployer Retirement Income Plan (Plan), a trusteed defined benefit pension plan, was fully terminated in 2023. Amounts related to the three months ended March 31, 2023 is disclosed below:

	March 31,
(in thousands)	2023
Interest cost	$	40	(1)
Amortization of net losses		220	(1)
Settlement loss		17,375
Net periodic benefit cost	$	17,635

(1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

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 $28.0 million as of March 31, 2024, and $26.8 million as of December 31, 2023. Trading gains related to the SERP assets totaled approximately $1.2 million during the three months ended March 31, 2024, compared to trading gains of approximately $400 thousand during the three months ended March 31, 2023. 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 $24.0 million as of March 31, 2024, and $23.7 million as of December 31, 2023. The SERP liabilities are reported in the accompanying Consolidated Balance Sheets in 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 was the result of an increase of approximately $1.3 million due to unrealized gains on participant balances during the three months ended March 31, 2024, compared to an increase of approximately $417 thousand due to unrealized gain on participant deferrals during the three months ended March 31, 2023.