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EMPLOYEE BENEFIT PLAN | 6 Months Ended
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Jun. 30, 2021
EMPLOYEE BENEFIT PLAN |
EMPLOYEE BENEFIT PLAN | 11. EMPLOYEE BENEFIT PLAN The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
(in thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest cost |  | $ | 247 |  | $ | 412 |  | $ | 494 |  | $ | 823
Expected return on plan assets |  | ​ | (377) |  | ​ | (396) |  | ​ | (754) |  | ​ | (791)
Amortization of net losses |  | ​ | 202 |  | ​ | 247 |  | ​ | 404 |  | ​ | 493
Net periodic benefit cost | ​ | $ | 72 | ​ | $ | 263 | ​ | $ | 144 | ​ | $ | 525
​ The Company did not make a contribution to this plan during the six months ended June 30, 2021 or June 30, 2020. In October 2020, the Company amended the Retirement Income Plan to add a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who reached age 59 ½ by December 1, 2020, with a vested balance. The participants could elect to receive their vested balance immediately as a lump-sum or by initiating a monthly annuity payment. The lump-sum payment window offering ended during the fourth quarter of 2020 and plan assets were used to fund participant elections. The resulting non-cash settlement charges represent the accelerated recognition of actuarial losses reflected in Accumulated Other Comprehensive Income (Loss) (AOCI). A settlement loss of $4.7 million associated with the acceptance of these lump-sum payments was included as part of impairment and other charges during the fourth quarter of 2020. 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 (“COLI”) 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 $31,183,000 as of June 30, 2021 and $32,039,000 as of December 31, 2020. Trading gains related to the SERP assets totaled approximately $1,599,000 during the three months ended June 30, 2021, compared to trading gains of approximately $4,029,000 during the three months ended June 30, 2020. Trading gains related to the SERP assets totaled approximately $2,070,000 during the six months ended June 30, 2021, compared to trading losses of approximately $958,000 during the six months ended June 30, 2020. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. ​ The SERP liabilities includes participant deferrals net of distributions and are stated at fair value of approximately $30,998,000 as of June 30, 2021 and $29,733,000 as of December 31, 2020. The SERP liabilities are reported on the consolidated balance sheets in long-term pension liabilities and any change in the fair value is recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately $1,703,000 during the three months ended June 30, 2021, compared to unrealized gains of approximately $4,156,000 during the three months ended June 30, 2020. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately $2,290,000 during the six months ended June 30, 2021, compared to unrealized losses of approximately $713,000 during the six months ended June 30, 2020.

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