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Note 8 - Accrued Retirement Benefits
 3 Months Ended
Mar. 31, 2015
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
8
.
ACCRUED RETIREMENT BENEFITS
 
Accrued retirement benefits at March 31, 2015 and December 31, 2014 consisted of the following:
 
 
 
March 31,
 
 
December 31,
 
 
 
2015
 
 
2014
 
 
 
(in thousands)
 
                 
Defined Benefit Pension Plans
   $ 2,359     $ 2,540  
Supplemental Executive Retirement Plan
     4,485       4,468  
Deferred Compensation Plan
     260       276  
Total
     7,104       7,284  
Less current portion
     (384 )     (391 )
Non-current portion of accrued retirement benefits
   $ 6,720     $ 6,893  
 
The net periodic benefit costs for pension and postretirement benefits for the three months ended March 31, 2015 and 2014 were as follows:
 
 
 
Three
Months
 
 
 
Ended
March 31
,
 
 
 
2015
 
 
201
4
 
 
 
(in
thousands)
 
                 
Interest cost
  $ 691     $ 772  
Expected return on plan assets
    (826
)
     (777
)
Recognized actuarial loss
    211       146  
                 
Pension and other postretirement expenses
  $ 76     $ 141  
 
The Company’s cessation of its former agriculture and golf operations in 2009 and 2010, required the Company to pledge security to the Pension Benefits Guaranty Corporation (PBGC) of approximately $23.9 million to support the unfunded liabilities of its pension plans. In 2011 and 2012, the Company pledged a total of 8,400 acres of former agricultural lands in West Maui to the PBGC for five years in satisfaction of the requirement. No formal appraisal or determination of the fair value of the pledged properties was performed by the Company or the PBGC.
 
In October 2014, the Company sold an unimproved 244-acre parcel of former agricultural land located in West Maui, commonly known as Lipoa Point, to the State of Hawaii for $19.8 million. Proceeds from the sale totaling $19.4 million were utilized to fund the Company’s pension plans and the Company does not expect to be required to make minimum contributions to its pension plans for the foreseeable future.