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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2013
EMPLOYEE BENEFIT PLANS |
EMPLOYEE BENEFIT PLANS | 9. EMPLOYEE BENEFIT PLANS 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 measurement date for the Company's benefit plan disclosures is December 31st of each year. The changes in benefit obligations and plan assets for 2013 and 2012, and the funded status of the plans, and assumptions used to determine benefit information at December 31, 2013 and 2012 were as follows:
|  | Pension Benefits |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
|  | (in thousands) |
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligations at beginning of year |  | $ | 72,824 |  | $ | 66,645 |
Service cost |  |  | — |  |  | — |
Interest cost |  |  | 2,880 |  |  | 3,189 |
Actuarial (gain) loss |  |  | (5,193 | ) |  | 7,218 |
Benefits paid |  |  | (4,420 | ) |  | (4,228 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligations at end of year |  |  | 66,091 |  |  | 72,824 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 42,518 |  |  | 39,053 |
Actual return on plan assets |  |  | 4,691 |  |  | 5,336 |
Employer contributions |  |  | 2,389 |  |  | 2,357 |
Benefits paid |  |  | (4,420 | ) |  | (4,228 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at end of year |  |  | 45,178 |  |  | 42,518 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status |  | $ | (20,913 | ) | $ | (30,306 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Accumulated Benefit Obligations |  | $ | 66,091 |  | $ | 72,824 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Weighted average assumption used to determine benefit obligations at December 31: |  |  |  |  |  |  |
Discount rate |  |  | 4.68% - 4.92% |  |  | 3.87% - 4.16% |
Expected long-term return on plan assets |  |  | 7.00% |  |  | 7.50% |
Rate of compensation increase |  |  | n/a |  |  | n/a |
The amounts recognized for pension benefits on the Company's consolidated balance sheets as of December 31, 2013 and 2012 were as follows and are included within current and noncurrent portion of accrued retirement benefits::
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Current Liability |  | $ | 306 |  | $ | 306 |
Noncurrent Liability |  |  | 20,607 |  |  | 30,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net amounts recognized |  | $ | 20,913 |  | $ | 30,306 |
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Amounts recognized for pension benefits in accumulated other comprehensive loss (before income tax effect of $0) at December 31, 2013 and 2012 are as follows:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Net loss |  | $ | 19,692 |  | $ | 27,579 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net amounts recognized |  | $ | 19,692 |  | $ | 27,579 |
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In 2014, $582,000 of the net loss included in accumulated other comprehensive loss at December 31, 2013 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 income (loss) were as follows:
|  | Pension Benefits |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
|  | (in thousands) |
Pension and other benefits: |  |  |  |  |  |  |
Interest cost |  | $ | 2,880 |  | $ | 3,189 |
Expected return on plan assets |  |  | (2,906 | ) |  | (2,864 | )
Recognized net actuarial loss |  |  | 914 |  |  | 739 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net expense |  | $ | 888 |  | $ | 1,064 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): |  |  |  |  |  |  |
Net loss |  | $ | (6,973 | ) | $ | 4,749 |
Recognized loss |  |  | (914 | ) |  | (739 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total recognized (gain) loss in other comprehensive income (loss) |  | $ | (7,887 | ) | $ | 4,010 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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|  | 2013 |  | 2012
--- | --- | --- | --- | ---
Weighted average assumptions used to determine net periodic cost: |  |  |  |
Pension benefits: |  |  |  |
Discount rate |  | 3.87% - 4.16% |  | 4.79% - 4.98%
Expected long-term return on plan assets |  | 7.00% |  | 7.50%
Rate of compensation increase |  | n/a |  | n/a
The expected long-term rate of return on plan assets was based on a building-block approach. Historical markets are studied and long-term historical relationships between equities and fixed income are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital markets are determined. Diversification and rebalancing of the plan assets are properly considered as part of establishing the long-term portfolio returns. The fair values of the Company's pension plan assets at December 31, 2013 and 2012, by asset category, were as follows:
|  | 2013 Fair Value Measurements (in thousands) |
--- | --- | --- | ---
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total |
AHGT Pooled equity funds |  | $ | — |  | $ | 25,061 |  | $ | 25,061 |
AHGT Pooled fixed income funds |  |  | — |  |  | 19,160 |  |  | 19,160 |
Cash management funds |  |  | — |  |  | 957 |  |  | 957 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | — |  | $ | 45,178 |  | $ | 45,178 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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|  | 2012 Fair Value Measurements (in thousands) |
--- | --- | --- | ---
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total |
AHGT Pooled equity funds |  | $ | — |  | $ | 23,706 |  | $ | 23,706 |
AHGT Pooled fixed income funds |  |  | — |  |  | 17,671 |  |  | 17,671 |
Cash management funds |  |  | — |  |  | 1,141 |  |  | 1,141 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | — |  | $ | 42,518 |  | $ | 42,518 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Aon Hewitt Group Trust (AHGT) Pooled equity and fixed income funds: Pooled equity and fixed income funds consist of various AHGT Funds offered through a private placement. The units are valued daily using the net asset value (NAV). The NAVs are based on the fair value of each fund's underlying investments. Level 1 assets are priced using quotes for trades occurring in active markets for the identical asset. Level 2 assets are priced using observable inputs for the asset (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). 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 the plans current funded status and other characteristics set by the administrative committee, and subject to liquidity requirements of the plans. The Company expects to contribute $2.8 million to its defined benefit pension plans in 2014. Estimated future benefit payments are as follows (in thousands):
2014 |  | $ | 4,465 |
2015 |  |  | 4,430 |
2016 |  |  | 4,433 |
2017 |  |  | 4,463 |
2018 |  |  | 4,498 |
2019 - 2023 |  |  | 22,493 |
The Company's cessation of its pineapple operations at the end of 2009 and the corresponding reduction in the active participant count for the Pension Plan for Bargaining Unit and Hourly Employees (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 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. 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. No formal appraisal or determination of the fair value of the 7,000 acres was performed by the Company in connection with the settlement agreement with the PBGC. In June 2013, the State of Hawaii enacted a bill directing the 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 December 31, 2013, the Company had unfunded pension fund liabilities of $20.9 million. The unfunded obligations are secured by approximately 8,400 acres in West Maui with a carrying value of $1.8 million, 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 real estate holdings securing the Company's unfunded pension fund 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 2013 or 2012. 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 was being accrued over the period of active employment. As of December 31, 2013 and 2012, deferred compensation plan liabilities totaled $340,000 and $512,000, respectively.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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