Note 12 – Other Liabilities

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



		June 30,		December 31,
		2015		2014
Current liabilities
Lease liability	$	5,900	$	5,900
Security deposit payable		202		202
Accrued Pension		1,197		855
Interest rate swap		1,399		-
Other		69		12
Other current liabilities	$	8,767	$	6,969
Other liabilities
Foreign withholding taxes	$	7,150	$	7,016
Straight-line rent liability		9,245		9,246
Environmental reserve		1,656		1,656
Accrued pension		6,488		6,740
Interest rate swap		329		2,177
Acquired leases		1,060		1,265
Deferred Revenue - Real Estate		4,976		5,083
Other		7,250		7,394
Other liabilities	$	38,154	$	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 rate of 4.25% over a 15- year term, resulting in a monthly payment of $56,944 payable to the estate of Jim Cotter Sr.. 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 current and non-current liabilities are accrued pension costs of $7.7 million at June 30, 2015. The benefits of our pension plans are fully vested and therefore no service costs were recognized for the three and six months ended June 30, 2015 and 2014. Our pension plans are unfunded. During the current quarter and six month period ended June 30, 2015, interest cost totaled $45,000 and $90,000, respectively and amortized actuarial loss totaled $52,000 and $104,000, respectively. During the prior-year quarter and six-month ended June 30, 2014, interest cost totaled $85,000 and $167,000, respectively and amortized actuarial loss totaled $235,000 and $471,000, respectively.