Note 11 – Other Liabilities

Other liabilities are summarized as follows:


(Dollars in thousands)	September 30, 2017		December 31, 2016
Current liabilities
Lease liability	$	5,900	$	5,900
Liability for demolition costs		2,934		5,914
Accrued pension		2,736		2,223
Security deposit payable		90		77
Other		--		17
Other current liabilities	$	11,660	$	14,131
Other liabilities
Straight-line rent liability	$	12,759	$	12,413
Lease make-good provision		5,596		5,146
Accrued pension		5,354		5,732
Environmental reserve		1,656		1,656
Deferred revenue - real estate		3		4,398
Acquired leases		209		267
Interest rate swap		--		58
Other		479		495
Other liabilities	$	26,056	$	30,165

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 discount rate of 4.25% has been applied since 2014 to determine the net periodic benefit cost and plan benefit obligation and is expected to be used in future years. 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.

As a result of the above, included in our current and non-current liabilities are accrued pension costs of $8.1 million at September 30, 2017. The benefits of our pension plans are fully vested and therefore no service costs were recognized for the quarter and nine months ended September 30, 2017 and 2016. Our pension plans are unfunded. During the quarter and nine months ended September 30, 2017, the interest cost was $45,000 and $135,000, respectively, and actuarial loss was $52,000 and $155,000, respectively. During the quarter and nine months ended September 30, 2016, the interest cost was $45,000 and $135,000, respectively, and actuarial loss was $52,000 and $116,000, respectively.