The Company had defined benefit pension plans covering substantially all full-time, part-time and intermittent employees. Effective as of January 1, 2010, the defined benefit pension plan covering non-bargaining salaried employees was frozen, and effective January 1, 2011, pension benefits for non-bargaining hourly employees were also frozen and no further pension benefits will accrue to the affected employees. Effective April 1, 2011, the Company did not have any active employees accruing pension benefits as the remaining employees who were covered under the Pension Plan for Bargaining Unit and Hourly employees (Bargaining Plan) were terminated when the Company's golf course operations ceased. The Company had defined benefit post-retirement health and life insurance plans that covered primarily non-bargaining salaried employees and certain bargaining unit employees. Post-retirement health and life insurance benefits were principally based on the employee's job classification at the time of retirement and on years of service. In 2010, the Company's post-retirement health and life insurance plans were terminated.

The measurement date for the Company's benefit plan disclosures is December 31^st of each year. The changes in benefit obligations and plan assets for 2011 and 2010, and the funded status of the plans, and assumptions used to determine benefit information at December 31, 2011 and 2010 were as follows:

	Pension Benefits						Other Benefits

	2011			2010			2010
	(in thousands)
Change in benefit obligations:
Benefit obligations at beginning of year	$	63,306		$	60,015		$	6,608
Service cost		18			121			33
Interest cost		3,338			3,511			130
Actuarial loss		4,034			4,505			—
Benefits paid		(4,051	)		(4,846	)		(194	)
Curtailments		—			—			(576	)
Settlements		—			—			(5,006	)
Change in plan provisions		—			—			(995	)

Benefit obligations at end of year		66,645			63,306			—

Change in plan assets:
Fair value of plan assets at beginning of year		41,255			38,628			—
Actual return on plan assets		(443	)		5,199			—
Employer contributions		2,292			2,274			194
Benefits paid		(4,051	)		(4,846	)		(194	)

Fair value of plan assets at end of year		39,053			41,255			—

Funded status	$	(27,592	)	$	(22,051	)	$	—

Accumulated Benefit Obligations	$	66,645		$	63,306		$	—

Weighted average assumption used to determine benefit obligations at December 31:
Discount rate		4.79% - 4.98%			5.25% - 5.47%
Expected long-term return on plan assets		7.50%			7.50%
Rate of compensation increase		n/a			n/a

Curtailments and settlements in 2010 were due to the termination of all post-retirement health and life insurance plans.

The amounts recognized for pension benefits on the Company's consolidated balance sheets as of December 31, 2011 and 2010 were as follows:

Amounts recognized for pension benefits in accumulated other comprehensive loss (before income tax effect of $0) at December 31, 2011 and 2010 are as follows:

In 2012, $698,000 of the net loss included in other comprehensive loss at December 31, 2011 is expected to be recognized as a component of net periodic pension cost.

Components of net periodic benefit cost and other amounts recognized in other comprehensive loss were as follows:

	Pension Benefits						Other Benefits

	2011			2010			2010
	(in thousands)
Pension and other benefits:
Service cost	$	18		$	121		$	33
Interest cost		3,338			3,511			130
Expected return on plan assets		(3,027	)		(2,809	)		—
Recognized net actuarial (gain) loss		809			782			(848	)
Amortization of obligation		5			7			—
Amortization of prior service cost		2			4			(79	)
Recognition of (gain) loss due to curtailment		12			9			(576	)
Recognition of gain due to settlement		—			—			(15,981	)

Net expense (credit)	$	1,157		$	1,625		$	(17,321	)

Other Changes in Plan Assets and Benefit Obligations
Recognized in Other Comprehensive Loss:
Net loss	$	7,503		$	2,115		$	—
Recognized gain (loss)		(809	)		(782	)		10,906
Prior service cost		—			—			(995	)
Recognized prior service cost		(8	)		(7	)		995
Recognized net initial obligation		(11	)		(12	)		—

Total recognized in other comprehensive loss	$	6,675		$	1,314		$	10,906



Weighed average assumptions used to determine net periodic cost:
Pension benefits:
Discount rate	5.25% - 5.47%	6.00%
Expected long-term return on plan assets	7.50%	7.50%
Rate of compensation increase	n/a	3%
Other benefits:
Discount rate	n/a	6%
Rate of compensation increase	n/a	n/a

The expected long-term rate of return on plan assets was based on historical total returns of broad equity and bond indices for ten to fifteen year periods, weighted against the Company's targeted pension asset allocation ranges. These rates were also compared to historical rates of return on hypothetical blended funds with 60% equity securities and 40% bond securities.

The fair values of the Company's pension plan assets at December 31, 2011, by asset category, were as follows:

	Fair Value Measurements (in thousands)

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Total
Pooled equity funds	$	14,851	$	—	$	14,851
Common stock		11,470		—		11,470
U.S. government securities		2,630		3,126		5,756
Pooled fixed income funds		4,814		—		4,814
Cash management funds		1,870		—		1,870
Other investments		245		47		292

	$	35,880	$	3,173	$	39,053

Pooled equity and fixed income funds, common stock, and cash management funds: Pooled equity and fixed income funds, domestic and international common stocks, and cash management funds are valued by obtaining quoted prices on recognized and highly liquid exchanges.

U.S. government securities: U.S. government treasury and agency securities are valued based upon the closing price reported in the active market in which the security is traded. U.S. government agency and corporate asset- backed securities may utilize models, such as a matrix pricing model, that incorporates other observable inputs such as cash flow, security structure, or market information, when broker/dealer quotes are not available.

An administrative committee consisting of certain senior management employees administers the Company's defined benefit pension plans. The pension plan assets are allocated among approved asset types based on asset allocation guidelines and investment and risk-management guidelines set by the administrative committee, and subject to liquidity requirements of the plans. The administrative committee has set the following asset mix guidelines: equity securities 40% to 80%; debt securities 20% to 60%; international securities 0% to 10%; and cash or equivalents 0% to 10%.

The Company expects to contribute $2.5 million to its defined benefit pension plans in 2012. Estimated future benefit payments are as follows (in thousands):

The Company's cessation of its pineapple operations at the end of 2009 and the corresponding reduction in the active participant count for the Bargaining Plan triggered the requirement that the Company provide security to the Pension Benefits Guaranty Corporation (PBGC) of approximately $5.2 million to support the unfunded liabilities of the Bargaining Plan. In April 2011, the Company executed a settlement agreement with the PBGC and pledged security of approximately 1,400 acres in West Maui that will be released in five years if the Company does not otherwise default on the agreement. The Company was advised in October 2011 that the cessation of its golf operations and the corresponding reduction in the active participant count for the Bargaining Plan and the Pension Plan for Non-Bargaining Unit Employees has triggered the requirement that the Company provide additional security to the PBGC of approximately $18.7 million to support the unfunded liabilities of the two pension plans or to make contributions to the plans in excess of the minimum required amounts. The Company is currently working with the PBGC to reach an agreement as to the amount of the contributions that will be made and/or the form and amount of collateral that will be provided to the PBGC in connection with the unfunded liabilities.

The Company has investment and savings plans that allow eligible employees on a voluntary basis to make pre-tax contributions of their cash compensation. Substantially all employees are eligible to participate in one or more plans. No Company contributions were made to these plans in 2011 or 2010.

On October 1, 1998, deferred compensation plans that provided for specified payments after retirement for certain management employees were amended to eliminate future benefits. At the termination date, these employees were given credit for existing years of service and the future vesting of additional benefits was discontinued. The present value of the benefits to be paid is being accrued over the period of active employment. As of December 31, 2011 and 2010, deferred compensation plan liabilities totaled $697,000 and $867,000, respectively.