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RETIREMENT PLANS | 3 Months Ended
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Mar. 31, 2025
RETIREMENT PLANS |
RETIREMENT PLANS | 12. RETIREMENT PLANS In the fourth quarter of 2024, the Board of Directors approved the termination of the Supplemental Retirement Plan (SERP). Pursuant to the Internal Revenue Service rules, participant balances will be distributed between 12 and 24 months after termination. The Company is currently evaluating its funding options and timing to distribute participant balances. ​ The Company permitted through December 31, 2024, selected highly compensated employees to defer a portion of their compensation to the SERP. The liabilities related to these deferrals are recognized as Long term retirement plan liabilities in the Consolidated Balance Sheet. ​ 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 $30.7 million as of both March 31, 2025, and December 31, 2024. Trading losses related to the SERP assets totaled $20 thousand during the three months ended March 31, 2025, compared to trading gains of $1.2 million during the three months ended March 31, 2024. The SERP assets are reported in Retirement plan 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 $23.2 million as of March 31, 2025, and $24.5 million as of December 31, 2024. 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 was the result of an increase of $11 thousand due to unrealized gains on participant balances during the three months ended March 31, 2025, compared to an increase of $1.3 million due to unrealized gains on participant balances during the three months ended March 31, 2024. ​

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