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RETIREMENT PLANS | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 is disclosed below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Six months ended | ​
(in thousands) | ​ | June 30 2023, | ​ | June 30 2023, | ​
Interest cost |  | $ | 1 | ​ | $ | 41 | (1)
Amortization of net losses |  | ​ | 4 | ​ | ​ | 224 | (1)
Settlement loss | ​ | ​ | 911 | ​ | ​ | 18,286 | ​
Net periodic benefit cost | ​ | $ | 916 | ​ | $ | 18,551 | ​
| (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 $29.6 million as of June 30, 2024, and $26.8 million as of December 31, 2023. Trading gains related to the SERP assets totaled $425 thousand during the three months ended June 30, 2024, compared to trading gains of $808 thousand during the three months ended June 30, 2023. Trading gains related to the SERP assets totaled $1.7 million during the six months ended June 30, 2024, compared to trading gains of $1.2 million during the six months ended June 30, 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. ​ During the second quarter of 2024, the Company recorded tax-free gains of $1.2 million related to Company-owned life insurance policy claims; these gains have been recorded as an adjustment to compensation cost within selling, general and administrative expenses in the consolidated statements of operations. Claim proceeds received totaling $2.4 million have been reinvested into mutual funds held as SERP assets and disclosed as part of the investing activities section in the Consolidated Statements of Cashflows. ​ The SERP liabilities include participant deferrals, net of distributions, and are stated at fair value of approximately $24.6 million as of June 30, 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 $454 thousand due to unrealized gains on participant balances during the three months ended June 30, 2024, compared to an increase of $872 thousand due to unrealized gain on participant deferrals during the three months ended June 30, 2023. Changes in the fair value of the SERP liabilities resulted in unrealized gains of $1.7 million during the six months ended June 30, 2024, compared to unrealized gains of $1.3 million during the six months ended June 30, 2023.

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