Note 12 – Other Liabilities

Other liabilities are summarized as follows (dollars in thousands):



		March 31,		December 31,
		2015		2014
Current liabilities
Lease liability	$	5,900	$	5,900
Security deposit payable		202		202
Accrued Pension		1,026		855
Other		62		12
Other current liabilities	$	7,190	$	6,969
Other liabilities
Foreign withholding taxes	$	7,083	$	7,016
Straight-line rent liability		9,107		9,246
Environmental reserve		1,656		1,656
Accrued pension		6,614		6,740
Interest rate swap		2,243		2,177
Acquired leases		1,164		1,265
Other		7,244		7,394
Deferred Revenue - Real Estate		4,753		5,083
Other liabilities	$	39,864	$	40,577

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 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 liabilities are accrued pension costs of $7.6 million at March 31, 2015. The benefits of our pension plans are fully vested, and, as such, no service costs were recognized for the three months ended March 31, 2015 and 2014. Our pension plans are unfunded. For the three months ended March 31, 2015, we recognized $45,000 of interest cost and $52,000 of amortized actuarial loss. For the three months ended March 31, 2014, we recognized $82,000 of interest cost and $236,000 of amortized actuarial loss.