XML 37 R18.htm IDEA: XBRL DOCUMENT
v3.21.2

Other Liabilities | 9 Months Ended
--- | ---
Sep. 30, 2021
Other Liabilities [Abstract] |
Other Liabilities | Note 12 – Other Liabilities Other liabilities are summarized as follows: September 30, December 31,(Dollars in thousands) 2021 2020Current liabilities Liability for demolition costs 2,808 2,928Accrued pension 684 684Security deposit payable 72 132Finance lease liabilities 45 49Other 41 33 Other current liabilities $ 3,650 $ 3,826Other liabilities Lease make-good provision 7,611 7,408Accrued pension 3,718 4,048Deferred rent liability 2,180 2,897Environmental reserve 1,656 1,656Lease liability 5,900 5,900Acquired leases 23 31Finance lease liabilities 36 69Other — 8 Other non-current liabilities $ 21,124 $ 22,017 Pension Liability – Supplemental Executive Retirement Plan On August 29, 2014, the Supplemental Executive Retirement Plan (“SERP”) that has been effective since March 1, 2007, was ended and replaced in accordance with the terms of a 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 this pension annuity liability of $7.5 million. The valuation of the liability is based on the present value of $10.2 million discounted at a rate of 4.25% over a 15-year term, resulting in a monthly payment of $57,000. The discounted value of $2.7 million (which is the difference between the estimated payout of $10.2 million and the present value of $7.5 million) as of August 29, 2014 will be amortized and expensed based on the 15-year term. In addition, the accumulated actuarial loss of $3.1 million recorded, as part of other comprehensive income will also be amortized based on the 15-year term. In February 2018, we made a payment of $2.4 million relating to the annuity representing payments for the 42 months outstanding at the time. Monthly ongoing payments of $57,000 are now being made. As a result of the above, included in our current and non-current liabilities are accrued pension costs of $4.4 million at September 30, 2021. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the nine months ended September 30, 2021 and 2020. Our pension plan is unfunded. During the quarter and nine months ended September 30, 2021, the interest cost was $59,000 and $182,000, respectively, and the actuarial loss was $52,000 and $156,000, respectively. During the quarter and nine months ended September 30, 2020, the interest cost was $65,000 and $199,000, respectively, and the actuarial loss was $52,000 and $155,000, respectively.

X
- References No definition available. + Details
Name: | us-gaap_OtherLiabilitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_OtherLiabilitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration