EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

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 PLC’s defined benefit pension plan and unfunded excess benefit plan as of December 31, 2018 and 2017:

	December 31, 2018						December 31, 2017
	Qualified Pension Plan			Nonqualified Excess Pension Plan			Qualified Pension Plan			Nonqualified Excess Pension Plan
	(Dollars In Thousands)
Accumulated benefit obligation, end of year	$	269,802		$	46,299		$	278,084		$	50,149
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	300,423		$	54,590		$	265,848		$	47,802
Service cost	13,185			1,415			12,011			1,350
Interest cost	9,830			1,436			9,846			1,480
Amendments	—			—			—			—
Actuarial (gain)/loss	(15,608		)	(2,001		)	26,539			7,861
Benefits paid	(19,701		)	(8,095		)	(13,821		)	(3,903		)
Projected benefit obligation at end of year	288,129			47,345			300,423			54,590
Change in plan assets:
Fair value of plan assets at beginning of year	260,926			—			201,843			—
Actual return on plan assets	(6,070		)	—			29,404			—
Employer contributions(1)	18,800			8,095			43,500			3,903
Benefits paid(2)	(19,701		)	(8,095		)	(13,821		)	(3,903		)
Fair value of plan assets at end of year	253,955			—			260,926			—
After reflecting FASB guidance:
Funded status	(34,174		)	(47,345		)	(39,497		)	(54,590		)
Amounts recognized in the balance sheet:
Other liabilities	(34,174		)	(47,345		)	(39,497		)	(54,590		)
Amounts recognized in accumulated other comprehensive income:
Net actuarial (gain)/loss	10,370			9,025			2,850			13,521
Prior service cost/(credit)	—			—			—			—
Total amounts recognized in AOCI	$	10,370		$	9,025		$	2,850		$	13,521

(1) Employer contributions are shown based on the calendar year in which contributions were made to each 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:

	Qualified Pension Plan				Nonqualified Excess Pension Plan
	2018		2017		2018		2017
Discount rate	4.21	%	3.55	%	3.93	%	3.26	%
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 years ended December 31, 2018, 2017, and 2016, are as follows:

	Qualified Pension Plan						Nonqualified Excess Pension Plan
	For The Year Ended December 31,
	2018		2017		2016		2018		2017		2016
Discount rate	3.55	%	4.04	%	4.29	%	3.25	%	3.60	%	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	%	7.00	%	7.25	%	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 years ended December 31, 2018, 2017, and 2016 are as follows: 

	Qualified Pension Plan									Nonqualified Excess Pension Plan
	For The Year Ended December 31,
	2018			2017			2016			2018		2017		2016
	(Dollars In Thousands)
Service cost — benefits earned during the period	$	13,185		$	12,011		$	12,791		$	1,415	$	1,350	$	1,413
Interest cost on projected benefit obligation	9,830			9,846			9,751			1,436		1,480		1,353
Expected return on plan assets	(17,058		)	(13,570		)	(13,780		)	—		—		—
Amortization of prior service cost/(credit)	—			—			—			—		—		—
Amortization of actuarial loss/(gain)(1)	—			—			—			969		634		178
Preliminary net periodic benefit cost	5,957			8,287			8,762			3,820		3,464		2,944
Settlement/curtailment expense(2)(3)(4)	—			—			(964		)	1,526		—		2,135
Total net periodic benefit cost	$	5,957		$	8,287		$	7,798		$	5,346	$	3,464	$	5,079

(1) 2018 average remaining service period used is 9.17 years and for the unfunded excess benefit plan was 7.73 years from January 1, 2018 to June 30, 2018 and 7.87 years from July 1, 2018 to December 31, 2018.

(2) In 2016, PLC amended its Qualified Pension Plan to offer a limited-time opportunity of benefit payouts to eligible, terminated-vested participants (“lump sum window”). The lump sum window provided eligible, terminated vested participants with an option to elect to receive a lump sum settlement of his or her pension benefit in December 2016 or to elect receipt of monthly pension benefits commencing in December 2016. This event triggered settlement accounting for PLC and resulted in the recognition of $1.0 million of settlement income for the twelve months ended December 31, 2016.

(3) The Nonqualified Excess Pension Plan triggered settlement accounting for the year ended December 31, 2018 since the total lump sum payments exceeded the settlement threshold of service cost plus interest cost.

(4) In 2016, the Board of Directors of Protective Life Corporation approved the conversion of the accrued benefit payable under the Nonqualified Excess Pension Plan as of March 31, 2016 to John D. Johns, PLC’s Chairman and Chief Executive Officer at the time, into a lump sum amount. The lump sum amount is allocated to a book entry that will be treated as though it were a pay deferral account under PLC’s deferred compensation plan for officers. Mr. Johns will continue to accrue benefits as though he were accruing benefits under the Nonqualified Excess Pension Plan with respect to this continued service as an employee of PLC after March 31, 2016. The conversion event required PLC to re-measure the Nonqualified Excess Pension Plan as of May 31, 2016 and resulted in the recognition of $2.1 million in settlement expense during the twelve months ended December 31, 2016.

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)
2019	$	19,544	$	6,788
2020	20,723		5,196
2021	21,153		5,286
2022	22,538		5,583
2023	22,765		4,754
2024 - 2028	120,355		19,586

Schedule of allocation of plan assets by category

Allocation of plan assets of the Qualified Pension Plan by category as of December 31, 2017 are as follows:

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

(1) During 2017, PLC made a $43.5 million contribution to the defined benefit pension plan and allocated the contribution to cash and cash equivalents pending further analysis of its investment strategy. The plan’s investment policy was amended to allow for an actual asset allocation outside of the current target allocation until the investment strategy analysis was complete.

Allocation of plan assets of the defined benefit pension plan by category, as of December 31, 2018 are as follows:

Asset Category	Target Allocation for 2018		2018
Return-Seeking	60	%	61	%
Liability-Hedging Fixed Income	40		39
Total	100	%	100	%

Schedule of fair value of plan assets by category

Plan assets of the Qualified Pension Plan by category as of December 31, 2018 and 2017 are as follows:

	As of December 31,
Asset Category	2018		2017
	(Dollars In Thousands)
Cash and cash equivalents	$	1,225	$	39,897
Equity securities:
Collective Russell 3000 equity index fund	70,599		74,511
Fidelity Spartan 500 index fund	46,300		71,632
Northern Trust ACWI ex-US Fund	41,924		—
Liability-hedging fixed income:
Group Deposit Administration Annuity Contract	78,707		74,886
BlackRock Long Government Credit Bond Index Fund	15,200		—
Total investments	253,955		260,926
Employer contribution receivable	—		—
Total	$	253,955	$	260,926

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, 2018:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Cash	$	1,225	$	—	$	—	$	1,225
Equity securities	158,823		—		—		158,823
Fixed income	15,200		—		—		15,200
Group deposit administration annuity contract	—		—		78,707		78,707
Total investments	$	175,248	$	—	$	78,707	$	253,955

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:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Cash	$	39,897	$	—	$	—	$	39,897
Equity securities	146,143		—		—		146,143
Group deposit administration annuity contract	—		—		74,886		74,886
Total investments	$	186,040	$	—	$	74,886	$	260,926

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, 2018:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money market fund	$	4,854	$	—	$	—	$	4,854

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:

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

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, 2018 and for the year ended December 31, 2017 for which PLC has used significant unobservable inputs (Level 3):

	December 31, 2018		December 31, 2017
	(Dollars In Thousands)
Balance, beginning of year	$	74,886	$	71,226
Interest income	3,821		3,660
Transfers from collective short-term investments fund	—		—
Transfers to collective short-term investments fund	—		—
Balance, end of year	$	78,707	$	74,886

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, 2018:

Instrument	Fair Value		Principal Valuation Technique	Significant Unobservable Inputs	Range of Significant Input Values
	(Dollars In Thousands)
Group deposit administration annuity contract	$	78,707	Contract Value	Contract Rate	5.06% - 5.14%

Schedule of accumulated postretirement benefit obligation

The benefit obligation associated with these benefits is as follows:

	As of December 31,
Postretirement Life Insurance Plan	2018			2017
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	10,978		$	9,634
Service cost	153			122
Interest cost	366			354
Actuarial (gain)/loss	(1,045		)	1,347
Benefits paid	(440		)	(479		)
Benefit obligation, end of year	$	10,012		$	10,978