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PENSION AND RETIREMENT PLANS | 3 Months Ended
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Mar. 31, 2023
PENSION AND RETIREMENT PLANS |
PENSION AND RETIREMENT PLANS | 10. PENSION AND RETIREMENT PLANS The Company participates in a multiple employer Retirement Income Plan, a trusteed defined benefit pension plan, sponsored by RPC, Inc. (“RPC”). The following represents the net periodic cost and related components for the plan for the three months ended March 31, 2023 and 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
(in thousands) | ​ | March 31,
​ |  | 2023 |  | 2022
Interest cost | ​ | $ | 4 | ​ | $ | 33
Expected return on plan assets | ​ |  | — | ​ |  | —
Amortization of net losses | ​ |  | 22 | ​ |  | 28
Settlement loss | ​ | ​ | 2,089 | ​ | ​ | —
Net periodic cost | ​ | $ | 2,115 | ​ | $ | 61
​ During the first quarter of 2023, as part of the termination of the Plan, the Company completed an annuity purchase to transfer the risk from the Plan to a commercial annuity provider for substantially all of the remaining Plan participants through the liquidation of investments in the Plan. As part of this transfer, the Company recognized a pre-tax, non-cash settlement loss of $2.1 million representing the accelerated recognition of actuarial losses. The Company continues to utilize an expected return on plan assets of zero percent due to the nature of investments and short-term duration. Additionally, the Company recorded a receivable for approximately $430 thousand from RPC, which represents funds paid from the Company’s assets in the Plan to settle RPC’s participant liabilities. RPC is expected to repay these amounts in the second quarter of 2023. The Company did not contribute to this Plan during the three months ended March 31, 2023 and 2022. ​ The Company expects to recognize an estimated additional pre-tax, non-cash settlement loss of approximately $140 thousand in the second quarter of 2023 and currently does not expect to make any additional cash contributions. The final amount of settlement loss is subject to change based on the actual return on plan assets. The Company currently expects the Plan to be fully terminated in the second quarter of 2023. ​ The Company permits selected highly compensated employees to defer a portion of their compensation into a non-qualified Supplemental Executive 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 approximately $10,218,000 as of March 31, 2023 and $9,881,000 as of December 31, 2022. Trading gains related to the SERP assets totaled approximately $337,000 during the three months ended March 31, 2023, compared to trading losses of approximately $1,227,000 during the three months ended March 31, 2022. The SERP assets are reported in Other assets in the accompanying Consolidated Balance Sheets and changes to the fair value of the assets are reported in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. The SERP liabilities include participant deferrals net of distributions and are stated at fair value of approximately $15,535,000 as of March 31, 2023 and $14,440,000 as of December 31, 2022. 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 represented unrealized gains of approximately $297,000 during the three months ended March 31, 2023, compared to unrealized losses of approximately $1,265,000 during the three months ended March 31, 2022.

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