Components of Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2011

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 and other postretirement benefits for the three and six months ended June 30, 2011 and 2010 were as follows:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
	(in thousands)
Pension Benefits
Service cost	$	—		$	30		$	18		$	60
Interest cost	835			883			1,670			1,745
Expected return on plan assets	(757		)	(700		)	(1,513		)	(1,410		)
Amortization of prior service cost	2			1			8			2
Amortization of transition liability	3			2			11			4
Recognized actuarial loss	202			207			404			367
Net expense	$	285		$	423		$	598		$	768
Other Benefits
Service cost	$	—		$	—		$	—		$	33
Interest cost	—			41			—			65
Amortization of prior service cost	—			(10		)	—			(39		)
Recognized actuarial gain	—			(226		)	—			(424		)
Recognized gain due to curtailment	—			—			—			(576		)
Recognized gain due to settlement	—			—			—			(2,683		)
Net expense (credit)	$	—		$	(195	)	$	—		$	(3,624	)

In 2011, there are no other postretirement benefits as the Company’s postretirement health and life insurance plans were terminated in 2010.  In January 2010, the Company terminated its postretirement life insurance plan and in February 2010, the Company terminated its postretirement medical coverage for non-bargaining retirees.  The curtailment and settlement gain from these events totaled $3,259,000 of which $2,334,000 was recorded in discontinued operations and $921,000 was included in general and administrative expense in the first quarter of 2010.  In December 2010, the Company’s postretirement medical coverage for bargaining unit employees was cancelled.

The minimum required contributions to the Company’s defined benefit pension plans in 2011 are expected to be $1.9 million.

In April 2011, the Company executed a settlement agreement with the Pension Benefits Guaranty Corporation (PBGC) and pledged security of approximately 1,400 acres in West Maui to secure approximately $5.2 million of unfunded liabilities of its Pension Plan for Bargaining Unit and Hourly Employees.  The mortgage on the property will be released in five years if the Company does not otherwise default on the agreement.