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PENSION AND RETIREMENT PLANS LIABILITIES | 6 Months Ended
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Jun. 30, 2023
PENSION AND RETIREMENT PLANS LIABILITIES |
PENSION AND RETIREMENT PLANS LIABILITIES | 10. 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 June 30, | ​ | Six months ended June 30, | ​
December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022 | ​
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost |  | $ | 1 |  | $ | 243 |  | $ | 41 |  | $ | 486 | ​
Expected return on Plan assets |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — | ​
Amortization of net losses |  | ​ | 4 |  | ​ | 252 |  | ​ | 224 |  | ​ | 505 | ​
Settlement loss | ​ | ​ | 911 | ​ | ​ | — | ​ | ​ | 18,286 | ​ | ​ | — | ​
Net periodic benefit cost | ​ | $ | 916 | ​ | $ | 495 | ​ | $ | 18,551 | ​ | $ | 991 | ​
​ During the second quarter of 2023, as part of the termination of the Plan, the Company transferred approximately $1.2 million to a government agency for participants that were not included in the first quarter transfer of liabilities to a commercial annuity provider. The Company made a total cash contribution to the plan of $5.4 million during the six months ended June 30, 2023. As part of this transfer, the Company recognized a pre-tax, non-cash settlement charge of $911 thousand in the second quarter of 2023, which represents the accelerated recognition of actuarial losses. In addition, the Company paid $482 thousand to Marine Products, during the second quarter of 2023, to reimburse funds paid using Marine Product’s assets in the Plan to settle its participant liabilities. The Company did not contribute to this Plan during the six months ended June 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 $25.4 million as of June 30, 2023 and $24.2 million as of December 31, 2022. Trading gains related to the SERP assets totaled approximately $808 thousand during the three months ended June 30, 2023, compared to trading losses of approximately $2.6 million during the three months ended June 30, 2022. Trading gains related to the SERP assets totaled approximately $1.2 million during the six months ended June 30, 2023, compared to trading losses of approximately $4.1 million during the six months ended June 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 $23.5 million as of June 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 gains of approximately $872 thousand during the three months ended June 30, 2023, compared to unrealized losses of approximately $2.5 million during the three months ended June 30, 2022. Changes in the fair value of the SERP liabilities resulted in unrealized gains of approximately $1.3 million during the six months ended June 30, 2023, compared to unrealized losses of approximately $3.9 million during the six months ended June 30, 2022.

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