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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of benefit obligation, fair value of plan assets and the funded status of the Company's defined benefit pension plan and unfunded excess benefit plan

The following table presents the benefit obligation, fair value of plan assets, funded status, and amounts not yet recognized as components of net periodic pension costs for PLC's defined benefit pension plan and unfunded excess benefit plan as of December 31, 2015 (Successor Company), January 31, 2015 (Predecessor Company), and December 31, 2014 (Predecessor Company):



	Successor Company						Predecessor Company
	December 31, 2015						January 31, 2015						December 31, 2014
	Defined Benefit Pension Plan			Unfunded Excess Benefit Plan			Defined Benefit Pension Plan			Unfunded Excess Benefit Plan			Defined Benefit Pension Plan			Unfunded Excess Benefit Plan
	(Dollars In Thousands)						(Dollars In Thousands)
Accumulated benefit obligation, end of year	$	250,133		$	54,196		$	262,290		$	49,251		$	249,453		$	47,368
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	281,099		$	51,243		$	267,331		$	49,575		$	219,152		$	39,679
Service cost	11,220			1,229			974			95			9,411			954
Interest cost	9,072			1,499			1,002			140			10,493			1,696
Amendments	—			—			—			—			—			—
Actuarial loss/(gain)	(19,235		)	4,484			12,384			1,555			38,110			9,153
Benefits paid	(13,935		)	(1,470		)	(592		)	(122		)	(9,835		)	(1,907		)
Projected benefit obligation at end of year	268,221			56,985			281,099			51,243			267,331			49,575
Change in plan assets:
Fair value of plan assets at beginning of year	201,820			—			203,772			—			180,173			—
Actual return on plan assets	6,751			—			(3,525		)	—			17,921			—
Employer contributions⁽¹⁾	1,406			1,470			2,165			122			15,513			1,907
Benefits paid	(13,935		)	(1,470		)	(592		)	(122		)	(9,835		)	(1,907		)
Fair value of plan assets at end of year	196,042			—			201,820			—			203,772			—
After reflecting FASB guidance:
Funded status	(72,179		)	(56,985		)	(79,279		)	(51,243		)	(63,559		)	(49,575		)
Amounts recognized in the balance sheet:
Other liabilities	(72,179		)	(56,985		)	(79,279		)	(51,243		)	(63,559		)	(49,575		)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss/(gain)	(12,772		)	4,484			96,965			22,401			80,430			20,983
Prior service cost/(credit)	—			—			(1,001		)	23			(1,033		)	24
Total amounts recognized in AOCI	$	(12,772	)	$	4,484		$	95,964		$	22,424		$	79,397		$	21,007


(1)	Employer contributions disclosed are based on the Company's fiscal filing year

Schedule of weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations as of December 31, 2015 (Successor Company) and December 31, 2014 (Predecessor Company) are as follows:



	Successor Company				Predecessor Company
	As of December 31, 2015				As of December 31, 2014
	Defined Benefit Pension Plan		Unfunded Excess Benefit Plan		Defined Benefit Pension Plan		Unfunded Excess Benefit Plan
Discount rate	4.29	%	3.63	%	3.95	%	3.65	%
Rate of compensation increase	4.75% prior to age 40/ 3.75% for age 40 and above		4.75% prior to age 40/ 3.75% for age 40 and above		4.75% prior to age 40/ 3.75% for age 40 and above		4.75% prior to age 40/ 3.75% for age 40 and above

The benefit obligations as of January 31 were determined based on the assumptions used in the 2014 year end disclosures with the following exception:



	Predecessor Company
	Defined Benefit Pension Plan		Unfunded Excess Benefit Plan
Discount rate	3.55	%	3.26	%

Schedule of weighted-average assumptions used to determine the net periodic benefit cost

Weighted-average assumptions used to determine the net periodic benefit cost for the period of February 1, 2015 to December 31, 2015 (Successor Company) and for the years ended December 31, 2014 and 2013 (Predecessor Company) are as follows:



	Successor Company				Predecessor Company
	For The Year Ended December 31,				For The Year Ended December 31,
	2015		2015		2014		2013		2014		2013
	Defined Benefit Pension Plan		Unfunded Excess Benefit Plan		Defined Benefit Pension Plan				Unfunded Excess Benefit Plan
Discount rate	3.95	%	3.65	%	4.86	%	4.07	%	4.30	%	3.37	%
Rate of compensation increase	4.75% prior to age 40/ 3.75% for age 40 and above		4.75% prior to age 40/ 3.75% for age 40 and above		3.0		3.0		4.0		4.0
Expected long-term return on plan assets	7.5		N/A		7.5		7.5		N/A		N/A

Components of the net periodic benefit cost of PLC's defined benefit pension plan and unfunded excess benefit plan

Components of the net periodic benefit cost for the period of February 1, 2015 to December 31, 2015 (Successor Company), for the period of January 1, 2015 to January 31, 2015 (Predecessor Company), and for the years ended December 31, 2014 and 2013 (Predecessor Company) are as follows:



	Successor Company					Predecessor Company
	February 1, 2015 to December 31, 2015					January 1, 2015 to January 31, 2015					For The Year Ended December 31,
	February 1, 2015 to December 31, 2015					January 1, 2015 to January 31, 2015					2014			2013			2014		2013
	Defined Benefit Pension Plan			Unfunded Excess Benefit Plan		Defined Benefit Pension Plan			Unfunded Excess Benefit Plan		Defined Benefit Pension Plan						Unfunded Excess Benefit Plan
	(Dollars In Thousands)					(Dollars In Thousands)
Service cost — benefits earned during the period	$	11,220		$	1,229	$	974		$	95	$	9,411		$	9,345		$	954	$	1,037
Interest cost on projected benefit obligation	9,072			1,499		1,002			140		10,493			8,985			1,696		1,387
Expected return on plan assets	(13,214		)	—		(1,293		)	—		(12,166		)	(11,013		)	—		—
Amortization of prior service cost/(credit)	—			—		(33		)	1		(392		)	(392		)	12		12
Amortization of actuarial losses⁽¹⁾	—			—		668			138		6,821			9,631			1,516		1,792
Preliminary net periodic benefit cost	7,078			2,728		1,318			374		14,167			16,556			4,178		4,228
Settlement/curtailment expense⁽²⁾	—			—		—			—		—			—			—		928
Total net periodic benefit cost	$	7,078		$	2,728	$	1,318		$	374	$	14,167		$	16,556		$	4,178	$	5,156

(1) 2015 average remaining service period used is 9.38 years and 7.96 years for the defined benefit pension plan and unfunded excess benefit plan, respectively.

(2) The unfunded excess benefit plan triggered settlement accounting for the year ended December 31, 2013 since the total lump sum payments exceeded the settlement threshold of service cost plus interest cost.

Schedule of allocation of plan assets by category

Allocation of plan assets of the defined benefit pension plan by category as of December 31 are as follows:



	Successor Company				Predecessor Company
Asset Category	Target Allocation for 2016		2015		2014
Cash and cash equivalents	2	%	2	%	4	%
Equity securities	60		61		62
Fixed income	38		37		34
Total	100	%	100	%	100	%

Schedule of fair value of plan assets by category

Plan assets of the defined benefit pension plan by category as of December 31, 2015 (Successor Company) and December 31, 2014 (Predecessor Company) are as follows:



	Successor Company		Predecessor Company
Asset Category	As of December 31, 2015		As of December 31, 2014
	(Dollars In Thousands)		(Dollars In Thousands)
Cash and cash equivalents	$	3,121	$	7,968
Equity securities:
Collective Russell 3000 equity index fund	72,663		79,660
Fidelity Spartan 500 index fund	52,551		51,848
Fixed income	67,707		64,296
Total investments	196,042		203,772
Employer contribution receivable	—		2,165
Total	$	196,042	$	205,937

Schedule of fair value of plan assets, set forth by level, within the fair value hierarchy

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2015 (Successor Company):



	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	3,121	$	—	$	—	$	3,121
Collective investment funds:
Equity index funds	52,551		72,663		—		125,214
Group deposit administration annuity contract	—		—		67,707		67,707
Total investments	$	55,672	$	72,663	$	67,707	$	196,042

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2014 (Predecessor Company):



	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	7,968	$	—	$	—	$	7,968
Collective investment funds:
Equity index funds	51,848		79,660		—		131,508
Group deposit administration annuity contract	—		—		64,296		64,296
Total investments	$	59,816	$	79,660	$	64,296	$	203,772

Summary of Plan investments measured at fair value based on NAV per share

The following table summarizes the Plan investments measured at fair value based on NAV per share as of December 31, 2015 (Successor Company) and December 31, 2014 (Predecessor Company), respectively:



Name	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(Dollars In Thousands)
Successor Company
As of December 31, 2015
Collective short-term investment fund	$	3,121	Not Applicable	Daily	1 day
Collective Russell 3000 index fund⁽¹⁾	72,663		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	52,551		Not Applicable	Daily	1 day


Predecessor Company
As of December 31, 2014
Collective short-term investment fund	$	7,968	Not Applicable	Daily	1 day
Collective Russell 3000 index fund⁽¹⁾	79,660		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	51,848		Not Applicable	Daily	1 day

(1) Non-lending collective trust that does not publish a daily NAV but tracks the Russell 3000 index and provides a daily NAV to the Plan.

Reconciliation of the beginning and ending balances for fair value measurements for which significant unobservable inputs (level 3) have been used

The following table presents a reconciliation of the beginning and ending balances for the fair value measurements for the period of February 1, 2015 to December 31, 2015, for the period of January 1, 2015 to January 31, 2015, and for the year ended December 31, 2014, for which PLC has used significant unobservable inputs (Level 3):



	Successor Company		Predecessor Company
	December 31, 2015		January 31, 2015		December 31, 2014
	(Dollars In Thousands)		(Dollars In Thousands)
Balance, beginning of year	$	64,581	$	64,296	$	56,736
Interest income	3,126		285		3,060
Transfers from collective short-term investments fund	—		—		4,500
Transfers to collective short-term investments fund	—		—		—
Balance, end of year	$	67,707	$	64,581	$	64,296

Schedule of Plan's Level 3 financial instrument, the valuation technique used, and the significant unobservable input and the ranges of values for that input

The following table represents the Plan’s Level 3 financial instrument, the valuation technique used, and the significant unobservable input and the ranges of values for that input as of December 31, 2015 (Successor Company):



Instrument	Fair Value		Principal Valuation Technique	Significant Unobservable Inputs	Range of Significant Input Values
	(Dollars In Thousands)
Group deposit administration annuity contract	$	67,707	Contract Value	Contract Rate	5.22% - 5.41%

Schedule of estimated future benefit payments under defined benefit pension plan

Estimated future benefit payments under the defined benefit pension plan and unfunded excess benefit plan are as follows:



Years	Defined Benefit Pension Plan		Unfunded Excess Benefit Plan
	(Dollars In Thousands)
2016	$	16,947	$	5,470
2017	18,019		7,682
2018	17,723		5,070
2019	18,517		9,097
2020	19,532		4,962
2021-2025	102,176		18,888

Retiree medical plan

EMPLOYEE BENEFIT PLANS

Schedule of accumulated postretirement benefit obligation

The change in the benefit obligation for the retiree medical plan is as follows:



	Successor Company			Predecessor Company
	As of December 31, 2015			As of December 31, 2014
	(Dollars In Thousands)			(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	247		$	447
Service cost	1			2
Interest cost	2			4
Actuarial (gain)/loss	(113		)	30
Plan participant contributions	141			254
Benefits paid	(141		)	(490		)
Benefit obligation, end of year	$	137		$	247

Group life insurance plan