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PENSION AND RETIREMENT PLANS
 6 Months Ended
Jun. 30, 2024
PENSION AND RETIREMENT PLANS  
PENSION AND RETIREMENT PLANS

10.  PENSION AND RETIREMENT PLANS

The multiemployer Retirement Income Plan (“Plan”), a trusteed defined benefit pension plan, sponsored by RPC, Inc. (“RPC”), that the Company participated in was fully terminated in 2023. Amounts related to prior year are disclosed below:

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Three months ended

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Six months ended

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June 30, 

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June 30, 

(in thousands)

    

    

2023

    

2023

Interest cost

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$

—

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$

4

Expected return on plan assets

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—

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—

Amortization of net losses

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—

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22

Settlement loss

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188

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2,277

Net periodic cost (1)

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$

188

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$

2,303

(1) Reported as part of Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations.

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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 $17.4 million as of June 30, 2024 and $15.4 million as of December 31, 2023. Trading gains related to the SERP assets totaled $0.6 million during the three months ended June 30, 2024, compared to trading gains of $425 thousand during the three months ended June 30, 2023. Trading gains related to the SERP assets totaled $2.0 million during the six months ended June 30, 2024, compared to trading gains of $762 thousand during the three months ended June 30, 2023. The SERP assets are reported in Retirement plan 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.

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The SERP liabilities include participant deferrals net of distributions and are stated at fair value of $20.2 million as of June 30, 2024 and $18.0 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 $0.6 million due to unrealized gains on participant balances during the three months ended June 30, 2024, compared to an increase of $519 thousand due to unrealized gains on participant balances during the three months ended June 30, 2023. Changes in the fair value of the SERP liabilities was the result of an increase of $2.1 million due to unrealized gains on participant balances during the six months ended June 30, 2024, compared to an increase of $817 thousand due to unrealized gains on participant balances during the six months ended June 30, 2023.