

	December 31,
(Dollars in thousands)	2024		2023
Current liabilities
Lease liability⁽²⁾		5,900		5,900
Accrued pension⁽¹⁾		500		684
Security deposit payable		117		74
Finance lease liabilities		43		40
Other		33		33
Other current liabilities	$	6,593	$	6,731
Other liabilities
Accrued pension⁽¹⁾		2,312		2,646
Lease make-good provision		5,908		6,050
Deferred rent liability		3,786		1,314
Environmental reserve		1,656		1,656
Acquired leases		—		2
Finance lease liabilities		—		43
Other non-current liabilities	$	13,662	$	11,711

(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.

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 $2.8 million and $3.3 million as of December 31, 2024 and 2023, respectively. The benefits of our pension plans are fully vested and therefore no service costs were recognized in 2024 and 2023. 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)	2024		2023
Benefit obligation at January 1	$	3,330	$	3,822
Service cost
Interest cost		165		191
Payments made		(683)		(683)
Benefit obligation at December 31	$	2,812	$	3,330
Unfunded status at December 31	$	(2,812)	$	(3,330)



	December 31,
(Dollars in thousands)	2024		2023
Current liabilities	$	547	$	519
Other liabilities - Non current		2,265		2,811
Total pension liability	$	2,812	$	3,330

The components of the net periodic benefit cost and other amounts recognized in other comprehensive income are as follows:



	December 31,
(Dollars in thousands)	2024		2023
Net periodic benefit cost
Interest cost	$	165	$	191
Amortization of prior service costs		—		—
Amortization of net actuarial gain		172		153
Net periodic benefit cost	$	337	$	344
Items recognized in other comprehensive income
Net loss	$	—	$	—
Amortization of net loss		(172)		(153)
Total recognized in other comprehensive income	$	(172)	$	(153)
Total recognized in net periodic benefit cost and other comprehensive income	$	165	$	191

Items not yet recognized as a component of net periodic pension cost consist of the following:



	December 31,
(Dollars in thousands)	2024		2023
Unamortized actuarial loss	$	1,497	$	1,669
Accumulated other comprehensive income	$	1,497	$	1,669

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, 2024:



(Dollars in thousands)	Estimated ‎Future ‎Pension ‎Payments
2025	$	547
2026		576
2027		607
2028		638
2029		444
Thereafter		—
Total pension payments	$	2,812

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 for the year ended December 31, 2024		As of and for the year ended December 31, 2023
Lease make-good provision, at January 1	$	6,050	$	6,131
Liabilities incurred during the year		59		45
Liabilities settled during the year		(71)		(408)
Liabilities remeasured during the year		—		(24)
Accretion expense		266		292
Effect of changes in foreign currency		(396)		14
Lease make-good provision, at December 31	$	5,908	$	6,050