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PENSION AND RETIREMENT PLANS | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
(in thousands) | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest cost | ​ | $ | — | ​ | $ | 33 | ​ | $ | 4 | ​ | $ | 66
Expected return on plan assets | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Amortization of net losses | ​ |  | — | ​ |  | 28 | ​ |  | 22 | ​ |  | 56
Settlement loss | ​ | ​ | 188 | ​ |  | — | ​ | ​ | 2,277 | ​ | ​ | —
Net periodic cost | ​ | $ | 188 | ​ | $ | 61 | ​ | $ | 2,303 | ​ | $ | 122
​ During the second quarter of 2023, as part of the termination of the Plan, the Company completed a transfer of participant liabilities to a government agency for participants that were not included in the first quarter transfer of liabilities to a commercial annuity provider. As part of this transfer, the Company recognized a pre-tax, non-cash settlement charge of $188 thousand in the second quarter of 2023, which represents the accelerated recognition of actuarial losses. During the second quarter of 2023, the Company received approximately $482 thousand from RPC as reimbursement for funds paid from the Company’s assets in the Plan to settle RPC’s participant liabilities. The Company did not contribute to this Plan during the six months ended June 30, 2023 and 2022. The Company does not expect to make any additional cash contributions. ​ 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 $10,643,000 as of June 30, 2023 and $9,881,000 as of December 31, 2022. Trading gains related to the SERP assets totaled approximately $425,000 during the three months ended June 30, 2023, compared to trading losses of approximately $1,076,000 during the three months ended June 30, 2022. Trading gains related to the SERP assets totaled approximately $762,000 during the six months ended June 30, 2023, compared to trading losses of approximately $2,303,000 during the six months ended June 30, 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 $16,514,000 as of June 30, 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 $519,000 during the three months ended June 30, 2023, compared to unrealized losses of approximately $1,060,000 during the three months ended June 30, 2022. Changes in the fair value of the SERP liabilities represented unrealized gains of approximately $817,000 during the six months ended June 30, 2023, compared to unrealized losses of approximately $2,325,000 during the six months ended June 30, 2022.

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