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RETIREMENT PLANS
 3 Months Ended
Mar. 31, 2025
RETIREMENT PLANS  
RETIREMENT PLANS

11.  RETIREMENT PLANS

In the fourth quarter of 2024, the Board of Directors approved the termination of the non-qualified Supplemental Executive 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.

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Through December 31, 2024, the Company permitted selected highly compensated employees to defer a portion of their compensation into the 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 March 31, 2025 and $18.5 million as of December 31, 2024. Trading losses related to the SERP assets totaled $379 thousand during the three months ended March 31, 2025, compared to trading gains of $1.4 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 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 $21.3 million as of March 31, 2025 and $21.7 million as of December 31, 2024. 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 were the result of a decrease of $303 thousand due to unrealized losses on participant balances during the three months ended March 31, 2025, compared to an increase of $1.5 million due to unrealized gains on participant balances during the three months ended March 31, 2024.