PENSION AND POSTRETIREMENT MEDICAL BENEFITS

3 Months Ended

Mar. 31, 2012

PENSION AND POSTRETIREMENT MEDICAL BENEFITS [Abstract]

PENSION AND POSTRETIREMENT MEDICAL BENEFITS

NOTE 12 - PENSION AND POSTRETIREMENT MEDICAL BENEFITS

The fair value of Pension Plan trust assets was $111.4 million at March 31, 2012 and $107.7 million at December 31, 2011. The unfunded accrued pension benefit obligation recorded on the Condensed Consolidated Balance Sheets was $32.3 million at March 31, 2012 and $31.3 million at December 31, 2011.

The fair value of Postretirement Plan trust assets was $20.2 million at March 31, 2012 and $18.6 million at December 31, 2011.  The unfunded accrued postretirement benefit obligation recorded on the Condensed Consolidated Balance Sheets was $7 million at March 31, 2012, and 6.8 million at December 31, 2011.

Components of net periodic benefit costs for the three months ended March 31 were as follows (dollars in thousands):

	Pension Benefits						Postretirement Benefits
	2012			2011			2012			2011
Service cost	$	1,246		$	1,142		$	190		$	198
Interest cost		1,780			1,851			307			330
Expected return on plan assets		(1,993	)		(2,120	)		(334	)		(357	)
Amortization of transition obligation		0			0			48			64
Amortization of prior service cost		82			104			70			70
Amortization of net actuarial loss		227			60			56			51
Net periodic benefit cost		1,342			1,037			337			356
Less amounts capitalized		267			212			67			73
Net benefit costs expensed	$	1,075		$	825		$	270		$	283