Components of Net Periodic Benefit Cost

3 Months Ended

Mar. 31, 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 months ended March 31, 2013 and 2012 were as follows:

	Three Months
	Ended March 31,
	2013			2012
	(in thousands)
Interest cost	$	720		$	798
Expected return on plan assets	(726		)	(717		)
Recognized actuarial loss	228			185
Net expense	$	222		$	266

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.

The minimum required contributions to the Company’s defined benefit pension plans in 2013 are expected to be $2.1 million, of which $0.4 million has been funded through March 31, 2013.