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Other Liabilities | 9 Months Ended
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Sep. 30, 2014
Other Liabilities [Abstract] |
Other Liabilities | Note 12 – Other Liabilities Other liabilities are summarized as follows (dollars in thousands):
|  | September 30, |  | December 31,
|  | 2014 |  | 2013
Current liabilities |  |  |  |
Lease liability | $ | 5,900 | $ | 5,900
Security deposit payable |  | 202 |  | 246
Other |  | -- |  | 9
Other current liabilities | $ | 6,102 | $ | 6,155
Other liabilities |  |  |  |
Foreign withholding taxes | $ | 6,949 | $ | 6,748
Straight-line rent liability |  | 9,274 |  | 9,259
Environmental reserve |  | 1,656 |  | 1,656
Accrued pension |  | 7,550 |  | 8,527
Interest rate swap |  | 2,260 |  | 3,288
Acquired leases |  | 1,376 |  | 1,797
Other payable |  | 751 |  | 875
Other |  | 2,310 |  | 599
Deferred Revenue - Real Estate |  | 5,399 |  | --
Other liabilities | $ | 37,525 | $ | 32,749
Included in our other liabilities are accrued pension costs of $7.5 million at September 30, 2014. The benefits of our pension plans are fully vested, and, as such, no service costs were recognized for the three or nine months ended September 30, 2014 and 2013. Our pension plans are unfunded; therefore, the actuarial assumptions do not include an estimate for any expected return on the plan assets. For the three and nine months ended September 30, 2014, we recognized $52,000 and $209,000, respectively, of interest cost and $215,000 and $686,000, respectively, of amortized prior service cost. For the three and nine months ended September 30, 2013, we recognized $66,000 and $231,000, respectively, of interest cost and $166,000 and $330,000, respectively, of amortized prior service cost. On August 29, 2014 the Supplemental Executive Retirement Plan “SERP” that was effective since March 1, 2007, was ended and replaced with a new Pension annuity. As a result of the termination of the SERP program the accrued pension liability of $7.6 million was reversed and replaced with a new pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.3 million discounted at a 4.25% over a 15- year term. Monthly payments of $56,944 will be made to the estate of Jim Cotter Sr. commencing October 1, 2014. The discounted value of $2.8 million (which is the difference between the estimated payout of $10.3 million and the present value of $7.5 million) will be amortized and expensed over the 15-year term. In addition, the accumulated prior service costs of $3.1 million recorded as part of other comprehensive income will also be amortized over the 15- year term.

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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