EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2019

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

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

Components of the net periodic benefit cost of PLC’s defined benefit pension plan for the three and nine months ended September 30, 2019 and 2018, are as follows: 

	For The Three Months Ended September 30,								For The Nine Months Ended September 30,
	2019				2018				2019				2018
	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)
Service cost — benefits earned during the period	$	3,114	$	285	$	3,006	$	288	$	9,342	$	855	$	9,888	$	1,062
Interest cost on projected benefit obligation	2,778		371		2,577		359		8,334		1,113		7,371		1,077
Expected return on plan assets	(4,463)		—		(4,743)		—		(13,389)		—		(12,795)		—
Amortization of actuarial loss	—		74		—		196		—		222		—		726
Preliminary net periodic benefit cost	1,429		730		840		843		4,287		2,190		4,464		2,865
Settlement/curtailment expense	—		—		—		986		—		—		—		986
Total net periodic benefit costs	$	1,429	$	730	$	840	$	1,829	$	4,287	$	2,190	$	4,464	$	3,851

During the nine months ended September 30, 2019, PLC contributed $17.4 million to its defined benefit pension plan for the 2018 plan year. PLC will make contributions in future periods as necessary to at least satisfy minimum funding requirements, to maintain an adjusted funding target attainment percentage (“AFTAP”) of at least 80% and to avoid certain Pension Benefit Guaranty Corporation (“PBGC”) reporting triggers. PLC may also make additional discretionary contributions in excess of the contribution amounts established by the current funding policy.