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Pension And Other Liabilities | 12 Months Ended
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Dec. 31, 2021
Pension And Other Liabilities [Abstract] |
Pension And Other Liabilities | NOTE 12 – PENSION AND OTHER LIABILITIES Other liabilities including pension are summarized as follows: December 31,(Dollars in thousands) 2021 2020Current liabilities Liability for demolition and remediation costs $ 2,783 $ 2,928Accrued pension(1) 684 684Security deposit payable 69 132Finance lease liabilities 40 49Other 43 33Other current liabilities $ 3,619 $ 3,826Other liabilities Accrued pension(1) 3,605 4,048Lease make-good provision 7,766 7,408Deferred rent liability 3,930 2,897Environmental reserve 1,656 1,656Lease liability(2) 5,900 5,900Acquired leases 21 31Finance lease liabilities 28 69Other — 8Other non-current liabilities $ 22,906 $ 22,017 (1)Represents the pension liability associated with the Supplemental Executive Retirement Plan explained below. (2)Represents the lease liability of the option associated with the ground lease purchase of the Village East Cinema. See Note 21 – Related Parties for more information. Pension Liability – Supplemental Executive Retirement Plan 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 $10.2 million discounted at 4.25% over a 15-year term, resulting in a monthly payment of $57,000 payable to the estate of Mr. James J. Cotter, Sr. 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) 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. As a result of the above, included in our other current and non-current liabilities are accrued pension costs of $4.3 million and $4.7 million as of December 31, 2021 and 2020, respectively. The benefits of our pension plans are fully vested and therefore no service costs were recognized 2021 and 2020. Our pension plans are unfunded. The change in the SERP pension benefit obligation and the funded status are as follows: December 31,(Dollars in thousands) 2021 2020Benefit obligation at January 1 $ 4,732 $ 5,153Service cost Interest cost 240 262Payments made (683) (683)Benefit obligation at December 31 $ 4,289 $ 4,732Unfunded status at December 31 $ (4,289) $ (4,732) Amounts recognized in the balance sheet consists of: December 31,(Dollars in thousands) 2021 2020Current liabilities $ 684 $ 684Other liabilities - Non current 3,605 4,048Total pension liability $ 4,289 $ 4,732 The components of the net periodic benefit cost and other amounts recognized in other comprehensive income are as follows: December 31,(Dollars in thousands) 2021 2020Net periodic benefit cost Interest cost $ 240 $ 262Amortization of prior service costs — —Amortization of net actuarial gain 166 152Net periodic benefit cost $ 406 $ 414Items recognized in other comprehensive income Net loss $ — $ —Amortization of net loss (166) (152)Total recognized in other comprehensive income $ (166) $ (152)Total recognized in net periodic benefit cost and other comprehensive income $ 240 $ 262 Items not yet recognized as a component of net periodic pension cost consist of the following: December 31,(Dollars in thousands) 2021 2020Unamortized actuarial loss $ 1,969 $ 2,135Accumulated other comprehensive income $ 1,969 $ 2,135 The estimated unamortized actuarial loss for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year will be $207,000 (gross of any tax effects). The following table presents estimated future benefit payments for the next five years and thereafter as of December 31, 2021: (Dollars in thousands) Estimated‎Future‎Pension‎Payments2022 $ 6842023 6842024 6842025 6842026 684Thereafter 869Total pension payments $ 4,289 Lease Make-Good Provision We recognize obligations for future leasehold restoration costs relating to properties that we use mostly on our cinema operations under operating lease arrangements. Each lease is unique to the negotiated conditions with the lessor, but in general most leases require for the removal of cinema-related assets and improvements. There are no assets specifically restricted to settle this obligation. A reconciliation of the beginning and ending carrying amounts of the lease make-good provision is presented in the following table: (Dollars in thousands) As of and forthe year endedDecember 31,2021 As of and forthe year endedDecember 31,2020Lease make-good provision, at January 1 $ 7,408 $ 6,667Liabilities incurred during the year 288 62Liabilities settled during the year — —Accretion expense 343 291Effect of changes in foreign currency (273) 388Lease make-good provision, at December 31 $ 7,766 $ 7,408

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