PENSION AND OTHER BENEFITS (Tables)

6 Months Ended

Jun. 30, 2011

PENSION AND OTHER BENEFITS [Abstract]

Components of Net Periodic Benefit Cost for Pension and Other Postretirement Benefits (OPEB)

The following tables represent the components of net periodic benefit cost for pension and other postretirement benefits (OPEB) for the three and six month periods ended June 30, 2011 and 2010:

	Three Months Ended June 30,
	Pension Benefits						Other Postretirement Benefits
	2011			2010			2011			2010
	(In Thousands)
Components of net periodic benefit cost:
Service cost	$	3,144		$	1,781		$	540		$	340
Interest cost		10,121			5,272			1,659			983
Expected return on plan assets		(10,647	)		(4,766	)		(741	)		(439	)
Amortization of:
Prior service costs		160			161			(26	)		(25	)
Transition obligation  (asset)		-			-			255			264
Actuarial (gain) loss		3,509			3,076			502			487
Net periodic benefit cost	$	6,287		$	5,524		$	2,189		$	1,610
	Six Months Ended June 30,
	Pension Benefits						Other Postretirement Benefits
		2011			2010			2011			2010
	(In Thousands)
Components of net periodic benefit cost:
Service cost	$	6,287		$	3,561		$	1,081		$	680
Interest cost		20,242			10,544			3,318			1,965
Expected return on plan assets		(21,294	)		(9,533	)		(1,482	)		(877	)
Amortization of:
Prior service costs		321			323			(51	)		(51	)
Transition obligation  (asset)		-			-			510			529
Actuarial (gain) loss		7,016			6,154			1,004			975
Net periodic benefit cost	$	12,572		$	11,049		$	4,380		$	3,221

Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost

The following actuarial weighted-average assumptions were used in calculating net periodic benefit cost for the three and six month periods ended June 30, 2011 and 2010:

	Three and Six Months Ended June 30,
	Pension Benefits						Other Postretirement Benefits
	2011			2010			2011			2010
Discount rate		5.10% - 5.35	%		5.65% - 5.85	%		5.15% - 5.30	%		5.80	%
Average wage increase		3.50% - 3.80	%		3.80	%		N/A			N/A
Return on plan assets		8.25% - 8.50	%		8.50	%		6.83% - 8.25	%		8.50	%
Composite health care trend rate (current year)		N/A			N/A			7.80% - 8.50	%		9.50	%
Composite health care trend rate (2019 forward)		N/A			N/A			4.50% - 5.00	%		5.00	%
N/A – not applicable