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Components of Net Periodic Benefit Cost | 6 Months Ended
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Jun. 30, 2013
Components of Net Periodic Benefit Cost |
Components of Net Periodic Benefit Cost | 10. Components of Net Periodic Benefit Cost The net periodic benefit costs for pension benefits for the three and six months ended June 30, 2013 and 2012 were as follows:
|  | Three Months |  | Six Months |
|  | Ended June 30, |  | Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (in thousands) |
Interest cost |  | $ | 720 |  | $ | 798 |  | $ | 1,440 |  | $ | 1,596 |
Expected return on plan assets |  | (726 | ) | (717 | ) | (1,452 | ) | (1,434 | )
Recognized actuarial loss |  | 228 |  | 185 |  | 456 |  | 370 |
Net expense |  | $ | 222 |  | $ | 266 |  | $ | 444 |  | $ | 532 |
In 2011, the Company provided security to the Pension Benefits Guaranty Corporation (PBGC) of approximately $5.2 million to support the unfunded liabilities of the Pension Plan for Bargaining Unit and Hourly Employees (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. In 2012, the Company provided additional security to the PBGC of approximately $18.7 million to support the unfunded liabilities of the Bargaining Plan and the Pension Plan for Non-Bargaining Unit Employees. In November 2012, the Company executed a settlement agreement with the PBGC and pledged security of approximately 7,000 acres in West Maui that will be released in five years if the Company does not otherwise default on the agreement. In June 2013, the State of Hawaii enacted a bill directing the State’s Department of Land and Natural Resources (DLNR), in consultation with the Hawaiian Islands Land Trust, to engage in the purchase of an approximately 270-acre parcel of former agricultural land in West Maui, known as Lipoa Point, from the Company. The bill further requires the DLNR to ensure to the maximum extent practicable that the Company uses the proceeds of the sale to benefit the Company’s defined benefit pension plans. As of June 30, 2013, the Company had unfunded pension fund liabilities of $25 million. The unfunded obligations are secured by approximately 7,000 acres in West Maui, which includes Lipoa Point. The passage of the bill does not obligate the DLNR to purchase the property or obligate the Company to sell the property. Any such sale would be subject to negotiation between the parties, including the purchase price. There is no certainty that any such sale will take place, and even if it does, the amount by which the Company’s unfunded pension fund liabilities would be reduced is uncertain. Any such reduction may not be sufficient to release the security interest on any of the Company’s other West Maui property securing the Company’s unfunded pension fund liabilities. The minimum required contributions to the Company’s defined benefit pension plans in 2013 are expected to be $2.1 million, of which $0.9 million has been funded through June 30, 2013.

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