Note 11 – Other Liabilities

Other liabilities are summarized as follows:



	June 30,		December 31,
(Dollars in thousands)	2019		2018
Current liabilities
Lease liability	$	5,900	$	5,900
Liability for demolition costs		2,621		2,630
Accrued pension		684		684
Security deposit payable		85		84
Finance lease liabilities		145		—
Other		208		7
Other current liabilities	$	9,643	$	9,305
Other liabilities
Straight-line rent	$	—	$	16,362
Lease make-good provision		5,998		5,614
Accrued pension		4,671		4,670
Environmental reserve		1,656		1,656
Deferred revenue - real estate		6		32
Acquired leases		42		91
Finance lease liabilities		144		—
Other		8		506
Other liabilities	$	12,525	$	28,931

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 $5.4 million at June 30, 2019. The benefits of our pension plan are fully vested and therefore no service costs were recognized for the quarter and six months ended June 30, 2019 and 2018. Our pension plan is unfunded.

During the quarter and six months ended June 30, 2019, the interest cost was $298,000 and $343,000 respectively, and the actuarial loss was $52,000 and $103,000 respectively. During the quarter and six months ended June 30, 2018, the interest cost was $45,000 and $90,000 respectively, and the actuarial loss was $52,000 and $104,000 respectively.