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RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2024
RETIREMENT PLANS  
RETIREMENT PLANS

10.  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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Nine months ended

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September 30, 

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September 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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—

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2,277

Net periodic cost (1)

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$

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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 $18.1 million as of September 30, 2024 and $15.4 million as of December 31, 2023. Trading gains related to the SERP assets totaled $753 thousand during the three months ended September 30, 2024, compared to trading losses of $238 thousand during the three months ended September 30, 2023. Trading gains related to the

SERP assets totaled $2.7 million during the nine months ended September 30, 2024, compared to trading gains of $524 thousand during the three months ended September 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 $21.2 million as of September 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 $850 thousand due to unrealized gains on participant balances during the three months ended September 30, 2024, compared to a decrease of $166 thousand due to unrealized losses on participant balances during the three months ended September 30, 2023. Changes in the fair value of the SERP liabilities was the result of an increase of $3.0 million due to unrealized gains on participant balances during the nine months ended September 30, 2024, compared to an increase of $524 thousand due to unrealized gains on participant balances during the nine months ended September 30, 2023.

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Effective October 22, 2024, the termination of the SERP was approved by the Board of Directors. The Internal Revenue Service (IRS) rules require a 12 month waiting period before liquidating the SERP after termination has been approved. The participant balances are expected to be distributed in the fourth quarter of 2025.