EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

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 the Company's defined benefit pension plan and unfunded excess benefit plan as of December 31, 2017 and 2016 (Successor Company):



	Successor Company
	December 31, 2017						December 31, 2016
	Qualified Pension Plan			Nonqualified Excess Pension Plan			Qualified Pension Plan			Nonqualified Excess Pension PLan
	(Dollars In Thousands)
Accumulated benefit obligation, end of year	$	278,084		$	50,149		$	247,595		$	45,594
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	265,848		$	47,802		$	268,221		$	56,985
Service cost	12,011			1,350			12,791			1,413
Interest cost	9,846			1,480			9,751			1,353
Amendments	—			—			—			—
Actuarial loss/(gain)	26,539			7,861			5,988			4,124
Benefits paid	(13,821		)	(3,903		)	(30,903		)	(16,073		)
Projected benefit obligation at end of year	300,423			54,590			265,848			47,802
Change in plan assets:
Fair value of plan assets at beginning of year	201,843			—			196,042			—
Actual return on plan assets	29,404			—			15,815			—
Employer contributions⁽¹⁾	43,500			3,903			20,889			16,073
Benefits paid⁽²⁾	(13,821		)	(3,903		)	(30,903		)	(16,073		)
Fair value of plan assets at end of year	260,926			—			201,843			—
After reflecting FASB guidance:
Funded status	(39,497		)	(54,590		)	(64,005		)	(47,802		)
Amounts recognized in the balance sheet:
Other liabilities	(39,497		)	(54,590		)	(64,005		)	(47,802		)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss/(gain)	2,850			13,521			(7,855		)	6,294
Prior service cost/(credit)	—			—			—			—
Total amounts recognized in AOCI	$	2,850		$	13,521		$	(7,855	)	$	6,294


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


(2)	Includes amount related to Mr. Johns' conversion of his benefit under the Nonqualified Excess Pension Plan to a Retirement Pay Deferral Account as discussed above in Nonqualified Excess Pension Plan.

Schedule of weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations as of December 31 are as follows:



	Successor Company
	Qualified Pension Plan				Nonqualified Excess Pension Plan
	2017		2016		2017		2016
Discount rate	3.55	%	4.04	%	3.26	%	3.60	%
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

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 year ended December 31, 2017 (Successor Company), for the year ended December 31, 2016 (Successor Company), and for the period of February 1, 2015 to December 31, 2015 (Successor Company), are as follows:



	Successor Company
	For The Year Ended December 31,
	2017		2016		2015		2017		2016		2015
	Qualified Pension Plan						Nonqualified Excess Pension Plan
Discount rate	4.04	%	4.29	%	3.95	%	3.60	%	3.63	%	3.63	%
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		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
Expected long-term return on plan assets	7.00	%	7.25	%	7.50	%	N/A		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 year ended December 31, 2017 (Successor Company), for the year ended December 31, 2016 (Successor Company), for the period of February 1, 2015 to December 31, 2015 (Successor Company), and for the period of January 1, 2015 to January 31, 2015 (Predecessor Company) are as follows:



	Successor Company															Predecessor Company
	For The Year Ended December 31, 2017					For The Year Ended December 31, 2016					February 1, 2015 to December 31, 2015					January 1, 2015 to January 31, 2015
	For The Year Ended December 31, 2017					For The Year Ended December 31, 2016					February 1, 2015 to December 31, 2015					January 1, 2015 to January 31, 2015
	Qualified Pension Plan			Nonqualified Excess Pension Plan		Qualified Pension Plan			Nonqualified Excess Pension Plan		Qualified Pension Plan			Nonqualified Excess Pension Plan		Qualified Pension Plan			Nonqualified Excess Pension Plan
	(Dollars In Thousands)															(Dollars In Thousands)
Service cost — benefits earned during the period	$	12,011		$	1,350	$	12,791		$	1,413	$	11,220		$	1,229	$	974		$	95
Interest cost on projected benefit obligation	9,846			1,480		9,751			1,353		9,072			1,499		1,002			140
Expected return on plan assets	(13,570		)	—		(13,780		)	—		(13,214		)	—		(1,293		)	—
Amortization of prior service cost/(credit)	—			—		—			—		—			—		(33		)	1
Amortization of actuarial loss/(gain)⁽¹⁾	—			634		—			178		—			—		668			138
Preliminary net periodic benefit cost	8,287			3,464		8,762			2,944		7,078			2,728		1,318			374
Settlement/curtailment expense⁽²⁾	—			—		(964		)	2,135		—			—		—			—
Total net periodic benefit cost	$	8,287		$	3,464	$	7,798		$	5,079	$	7,078		$	2,728	$	1,318		$	374


(1)	2017 average remaining service period used is 9.24 years and 8.23 years for the Qualified Pension Plan and Nonqualified Excess Pension Plan, respectively.


(2)	The Nonqualified Excess Pension Plan triggered settlement accounting for the year ended December 31, 2016 since the total lump sum payments exceeded the settlement threshold of service cost plus interest cost.

Schedule of estimated future benefit payments under defined benefit pension plan

Estimated future benefit payments under the Qualified Pension Plan and Nonqualified Excess Pension Plan are as follows:



Years	Qualified Pension Plan		Nonqualified Excess Pension Plan
	(Dollars In Thousands)
2018	$	19,479	$	3,542
2019	20,719		7,242
2020	21,062		6,087
2021	21,351		5,709
2022	23,537		6,267
2023 - 2027	116,400		23,324

Schedule of allocation of plan assets by category

Allocation of plan assets of the Qualified Pension Plan by category as of December 31 are as follows:



	Successor Company
Asset Category	Target Allocation for 2018		2017⁽¹⁾		2016
Cash and cash equivalents	2	%	15	%	2	%
Equity securities	60		55		61
Fixed income	38		30		37
Total	100	%	100	%	100	%

Schedule of fair value of plan assets by category

The fair value of each major category of plan assets for PLC’s postretirement life insurance plan is as follows



	Successor Company
	As of December 31,
	2017		2016
	(Dollars In Thousands)
Category of Investment
Money market fund	$	5,104	$	5,362

Plan assets of the Qualified Pension Plan by category as of December 31, 2017 and 2016 (Successor Company) are as follows:



	Successor Company
	As of December 31,
Asset Category	2017		2016
	(Dollars In Thousands)
Cash and cash equivalents	$	39,897	$	4,175
Equity securities:
Collective Russell 3000 equity index fund	74,511		67,627
Fidelity Spartan 500 index fund	71,632		58,815
Fixed income	74,886		71,226
Total investments	260,926		201,843
Employer contribution receivable	—		—
Total	$	260,926	$	201,843

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 Qualified Pension Plan’s assets at fair value as of December 31, 2017 (Successor Company):



	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	39,897	$	—	$	—	$	39,897
Collective investment funds:
Equity index funds	71,632		74,511		—		146,143
Group deposit administration annuity contract	—		—		74,886		74,886
Total investments	$	111,529	$	74,511	$	74,886	$	260,926

The following table sets forth by level, within the fair value hierarchy, the Qualified Pension Plan’s assets at fair value as of December 31, 2016 (Successor Company):



	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	4,175	$	—	$	—	$	4,175
Collective investment funds:
Equity index funds	58,815		67,627		—		126,442
Group deposit administration annuity contract	—		—		71,226		71,226
Total investments	$	62,990	$	67,627	$	71,226	$	201,843

The following table sets forth by level, within the fair value hierarchy, the life insurance plan's assets at fair value as of December 31, 2017 (Successor Company):



	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money market fund	$	5,104	$	—	$	—	$	5,104

The following table sets forth by level, within the fair value hierarchy, the life insurance plan's assets at fair value as of December 31, 2016 (Successor Company):



	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money market fund	$	5,362	$	—	$	—	$	5,362

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

The following table summarizes the Qualified Pension Plan investments measured at fair value based on NAV per share as of December 31, 2017 (Successor Company) and December 31, 2016 (Successor Company), respectively:



Name	Fair Value		Unfunded Commitments	Redemption Frequency	Redemption Notice Period
	(Dollars In Thousands)
Successor Company
As of December 31, 2017
Collective short-term investment fund	$	39,897	Not Applicable	Daily	1 day
Collective Russell 3000 index fund⁽¹⁾	74,511		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	71,632		Not Applicable	Daily	1 day
As of December 31, 2016
Collective short-term investment fund	$	4,175	Not Applicable	Daily	1 day
Collective Russell 3000 index fund⁽¹⁾	67,627		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	58,815		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 year ended December 31, 2017 (Successor Company) and for the year ended December 31, 2016 (Successor Company) for which PLC has used significant unobservable inputs (Level 3):



	Successor Company
	December 31, 2017		December 31, 2016
	(Dollars In Thousands)
Balance, beginning of year	$	71,226	$	67,707
Interest income	3,660		3,519
Transfers from collective short-term investments fund	—		—
Transfers to collective short-term investments fund	—		—
Balance, end of year	$	74,886	$	71,226

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, 2017 (Successor Company):



Instrument	Fair Value		Principal Valuation Technique	Significant Unobservable Inputs	Range of Significant Input Values
	(Dollars In Thousands)
Group deposit administration annuity contract	$	74,886	Contract Value	Contract Rate	5.10% - 5.19%

Schedule of accumulated postretirement benefit obligation

The benefit obligation associated with these benefits is as follows:



	Successor Company
Postretirement Life Insurance Plan	As of December 31, 2017			As of December 31, 2016
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	9,634		$	9,063
Service cost	122			102
Interest cost	354			338
Actuarial (gain)/loss	1,347			604
Benefits paid	(479		)	(473		)
Benefit obligation, end of year	$	10,978		$	9,634