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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2019
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Qualified Pension Plan and Nonqualified Excess Pension Plan
PLC sponsors the Qualified Pension Plan covering substantially all of its employees, including those of the Company. Benefits are based on years of service and the employee’s compensation.
Effective January 1, 2008, PLC made the following changes to its Qualified Pension Plan. These changes have been reflected in the computations within this note.
•Employees hired after December 31, 2007 and any former employee hired after that date, will receive a cash balance benefit.
•Employees active on December 31, 2007, with age plus years of vesting service less than 55 years, will receive a final pay-based pension benefit for service through December 31, 2007, plus a cash balance benefit for service after December 31, 2007.
•Employees active on December 31, 2007, with age plus years of vesting service equaling or exceeding 55 years, will receive a final pay-based pension benefit for service both before and after December 31, 2007, with a modest reduction in the formula for benefits earned after December 31, 2007.
•All participants terminating employment on or after December of 2007 may elect to receive a lump sum benefit.

PLC also sponsors a Nonqualified Excess Pension Plan, which is an unfunded nonqualified plan that provides defined pension benefits in excess of limits imposed on the Qualified Pension Plan by federal tax law.

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, 2019 and 2018:
 December 31, 2019December 31, 2018
Qualified Pension PlanNonqualified Excess
Pension Plan		Qualified Pension PlanNonqualified Excess
Pension Plan
 (Dollars In Thousands)
Accumulated benefit obligation, end of year$320,023  $49,446  $269,802  $46,299  
Change in projected benefit obligation:
Projected benefit obligation at beginning of year          $288,129  $47,345  $300,423  $54,590  
Service cost13,277  1,148  13,185  1,415  
Interest cost11,380  1,572  9,830  1,436  
Amendments—  —  —  —  
Actuarial (gain)/loss47,913  4,569  (15,608) (2,001) 
Benefits paid(17,841) (3,967) (19,701) (8,095) 
Projected benefit obligation at end of year342,858  50,667  288,129  47,345  
Change in plan assets:
Fair value of plan assets at beginning of year253,955  —  260,926  —  
Actual return on plan assets51,308  —  (6,070) —  
Employer contributions(1)
17,400  3,967  18,800  8,095  
Benefits paid(17,841) (3,967) (19,701) (8,095) 
Fair value of plan assets at end of year304,822  —  253,955  —  
After reflecting FASB guidance:
Funded status(38,036) (50,667) (34,174) (47,345) 
Amounts recognized in the balance sheet:  
Other liabilities(38,036) (50,667) (34,174) (47,345) 
Amounts recognized in accumulated other comprehensive income:  
Net actuarial (gain)/loss25,082  13,041  10,370  9,025  
Prior service cost/(credit)—  —  —  —  
Total amounts recognized in AOCI$25,082  $13,041  $10,370  $9,025  
(1)Employer contributions are shown based on the calendar year in which contributions were made to each plan.
Weighted-average assumptions used to determine benefit obligations as of December 31 are as follows:
Qualified Pension PlanNonqualified Excess Pension Plan
2019201820192018
Discount rate3.12 %4.21 %2.76 %3.93 %
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
Weighted-average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2019, 2018, and 2017, are as follows:
 Qualified Pension Plan  Nonqualified Excess Pension Plan  
For The Year Ended December 31,  
201920182017201920182017
Discount rate4.21 %3.55 %4.04 %3.94 %3.25 %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
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 assets7.00 %7.00 %7.00 %N/A  N/A  N/A  
The assumed discount rates used to determine the benefit obligations were based on an analysis of future benefits expected to be paid under the plans. The assumed discount rate reflects the interest rate at which an amount that is invested in a portfolio of high-quality debt instruments on the measurement date would provide the future cash flows necessary to pay benefits when they come due. 
To determine an appropriate long-term rate of return assumption, PLC received evaluations of market performance based on its asset allocation as provided by external consultants.
Components of the net periodic benefit cost for the years ended December 31, 2019, 2018, and 2017 are as follows: 
 Qualified Pension PlanNonqualified Excess Pension Plan
For The Year Ended December 31,
201920182017201920182017
 (Dollars In Thousands)
Service cost — benefits earned during the period$13,277  $13,185  $12,011  $1,148  $1,415  $1,350  
Interest cost on projected benefit obligation11,380  9,830  9,846  1,572  1,436  1,480  
Expected return on plan assets(18,106) (17,058) (13,570) —  —  —  
Amortization of prior service cost—  —  —  —  —  —  
Amortization of actuarial losses(1)
—  —  —  553  969  634  
Preliminary net periodic benefit cost6,551  5,957  8,287  3,273  3,820  3,464  
Settlement/curtailment expense(2)
—  —  —  —  1,526  —  
Total net periodic benefit cost$6,551  $5,957  $8,287  $3,273  $5,346  $3,464  
(1)2019 average remaining service period used is 8.69 years and 7.68 years for the defined benefit pension plan and unfunded excess benefit plan, respectively.
(2)The 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.

For the Qualified Pension Plan, PLC does not expect to amortize approximately $1.2 million of net actuarial loss from other comprehensive income into net periodic benefit cost during 2019. For the unfunded excess benefit plan, PLC expects to amortize approximately $1.0 million of net actuarial loss from other comprehensive income into net periodic benefit cost during 2019.

Estimated future benefit payments under the Qualified Pension Plan and Nonqualified Excess Pension Plan are as follows:
YearsQualified
Pension Plan		Nonqualified Excess
Pension Plan
 (Dollars In Thousands)
2020$22,026  $6,832  
202122,831  5,654  
202225,577  6,005  
202323,965  5,126  
202425,489  4,387  
2025 - 2029129,165  19,648  
Qualified Pension Plan Assets
Allocation of plan assets of the Qualified Pension Plan by category as of December 31, are as follows:
Asset CategoryTarget
Allocation 		20182019
Return-Seeking60 %61 %61 %
Liability-Hedging Fixed Income40  39  39  
Total100 %100 %100 %
PLC’s target asset allocation is designed to provide an acceptable level of risk and balance between return-seeking assets and liability-hedging fixed income assets. The weighting towards return-seeking securities is designed to help provide for an increased level of asset growth potential and liquidity.
PLC’s investment policy includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges (shown above) by major asset categories. The Company’s investment policy also has sub category allocation ranges within the return seeking and liability hedging fixed income asset portfolios. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans’ actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies.
The Qualified Pension Plan’s return seeking assets are in a Russell 3000 index fund that invests in a domestic equity index collective trust managed by Northern Trust Corporation, a Spartan 500 index fund managed by Fidelity, and a Collective All Country World ex-US index fund managed by Northern Trust. The Plan’s cash is invested in a collective trust managed by Northern Trust Corporation. The Plan’s liability-hedging fixed income assets are invested in a group deposit administration annuity contract with the Company and a Long Government Credit Bond index fund managed by BlackRock. The Northern Trust Collective All Country World ex-US index fund and the BlackRock Long Government Credit Bond index fund were added to the Plan’s investment portfolio during 2018.
 Plan assets of the Qualified Pension Plan by category as of December 31, 2019 and 2018 are as follows:
As of December 31,
Asset Category20192018
 (Dollars In Thousands)
Cash and cash equivalents$3,713  $1,225  
Equity securities:
Collective Russell 3000 equity index fund100,673  70,599  
Fidelity Spartan 500 index fund31,693  46,300  
Northern Trust ACWI ex-US Fund56,996  41,924  
Liability-hedging fixed income:
  Group Deposit Administration Annuity Contract75,052  78,707  
BlackRock Long Government Credit Bond Index Fund36,695  15,200  
Total investments304,822  253,955  
Employer contribution receivable—  —  
Total$304,822  $253,955  
The valuation methodologies used to determine the fair values reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value. The Qualified Pension Plan’s group deposit administration annuity contract with the Company is recorded at contract value, which PLC believes approximates fair value. Contract value represents contributions made under the contract, plus interest at the contract rate, less funds used to purchase annuities. For the remaining investments, PLC determines the fair values based on quoted market prices. While PLC believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date.
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, 2019:
 Level 1Level 2Level 3Total
 (Dollars In Thousands)
Cash$3,713  $—  $—  $3,713  
Equity securities189,362  —  —  189,362  
Fixed income36,695  —  —  36,695  
Group deposit administration annuity contract—  —  75,052  75,052  
Total investments$229,770  $—  $75,052  $304,822  
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 1Level 2Level 3Total
 (Dollars In Thousands)
Cash$1,225  $—  $—  $1,225  
Equity securities158,823  —  —  158,823  
Fixed income15,200  —  —  15,200  
Group deposit administration annuity contract—  —  78,707  78,707  
Total investments$175,248  $—  $78,707  $253,955  
For the year ended December 31, 2019, $7.5 million transferred into Level 1 from Level 3. This transfer was made to maintain an acceptable asset allocation as determined by the Company’s investment policy statement. For the year ended December 31, 2018, there were no transfers between levels.
The following table presents a reconciliation of the beginning and ending balances for the fair value measurements for the year ended December 31, 2019 and for the year ended December 31, 2018 for which PLC has used significant unobservable inputs (Level 3):
 December 31, 2019December 31, 2018
 (Dollars In Thousands)
Balance, beginning of year$78,707  $74,886  
Interest income3,845  3,821  
Transfers from collective short-term investments fund—  —  
Transfers to collective short-term investments fund(7,500) —  
Balance, end of year$75,052  $78,707  
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, 2019:
InstrumentFair ValuePrincipal
Valuation
Technique		Significant
Unobservable
Inputs		Range of
Significant Input
Values
 (Dollars In Thousands)   
Group deposit administration annuity contract$75,052  Contract ValueContract Rate
5.01% - 5.08%
Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect the amounts reported.
Qualified Pension Plan Funding Policy
PLC’s funding policy is to contribute amounts to the Qualified Pension Plan sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act (“ERISA”) plus such additional amounts as PLC may determine to be appropriate from time to time. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future.
Under the Pension Protection Act of 2006 (“PPA”), a plan could be subject to certain benefit restrictions if the plan’s adjusted funding target attainment percentage (“AFTAP”) drops below 80%. Therefore, PLC may make additional contributions in future periods to maintain an AFTAP of at least 80%. In general, the AFTAP is a measure of how well a plan is funded and is obtained by dividing a plan’s assets by its funding liabilities. AFTAP is based on participant data, plan provisions, plan methods and assumptions, funding credit balances, and plan assets as of the plan valuation date. Some of the assumptions and methods used to determine a plan’s AFTAP may be different from the assumptions and methods used to measure a plan’s funded status on a GAAP basis.
In July of 2012, the Moving Ahead for Progress in the 21st Century Act (“MAP-21”), which includes pension funding stabilization provisions, was signed into law. These provisions establish an interest rate corridor which is designed to stabilize the segment rates used to determine funding requirements from the effects of interest rate volatility. In August of 2014, the Highway and Transportation Funding Act of 2014 (“HATFA”) was signed into law. HAFTA extends the funding relief provided by MAP-21 by delaying the interest rate corridor expansion. The funding stabilization provisions of MAP-21 and HATFA reduced the Company’s minimum required Qualified Pension Plan contributions. Since the funding stabilization provisions of MAP-21 and HATFA do not apply for Pension Benefit Guaranty Corporation (“PBGC”) reporting purposes, PLC may also make additional contributions in future periods to avoid certain PBGC reporting triggers.
During the twelve months ended December 31, 2019, PLC contributed $17.4 million to the Qualified Pension Plan for the 2018 plan year. PLC has not yet determined what amount it will fund during 2020, but may contribute an amount that would eliminate the PBGC variable-rate premium payable in 2020. PLC currently estimates that amount will be between $10 million and $25 million.
Other Postretirement Benefits
In addition to pension benefits, PLC provides limited healthcare benefits to eligible retired employees until age 65. This postretirement benefit is provided by an unfunded plan. As of December 31, 2019 and 2018, the accumulated postretirement benefit obligation and projected benefit obligation were immaterial.
For a closed group of retirees over age 65, PLC provides a prescription drug benefit. As of December 31, 2019 and 2018, PLC’s liability related to this benefit was immaterial.
PLC also offers life insurance benefits for retirees from $10,000 up to a maximum of $75,000 which are provided through the payment of premiums under a group life insurance policy. This plan is partially funded at a maximum of $50,000 face amount of insurance. The benefit obligation associated with these benefits is as follows:
As of December 31,
Postretirement Life Insurance Plan20192018
 (Dollars In Thousands)
Change in Benefit Obligation 
Benefit obligation, beginning of year$10,012  $10,978  
Service cost124  153  
Interest cost405  366  
Actuarial (gain)/loss2,285  (1,045) 
Benefits paid(404) (440) 
Benefit obligation, end of year$12,422  $10,012  
For the postretirement life insurance plan, PLC’s discount rate assumption used to determine the benefit obligation and the net periodic benefit cost as of December 31, 2019 is 3.38% and 4.38%, respectively.
PLC’s expected long-term rate of return assumption used to determine the net periodic benefit cost as of December 31, 2019 is 2.5%. To determine an appropriate long-term rate of return assumption, PLC utilized 25 year average and annualized return results on the Barclay’s short treasury index.
Investments of PLC’s group life insurance plan are held by Wells Fargo Bank, N.A. and are invested in a money market fund.
 Investments are stated at fair value and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The money market funds are valued based on historical cost, which represents fair value, at year end. This method of valuation may produce a fair value calculation that may not be reflective of future fair values. Furthermore, while PLC believes its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date.
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, 2019:
 Level 1Level 2Level 3Total
 (Dollars In Thousands)
Money market fund$4,610  $—  $—  $4,610  
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 1Level 2Level 3Total
 (Dollars In Thousands)
Money market fund$4,854  $—  $—  $4,854  
For the year ended December 31, 2019 and 2018, there were no transfers between levels.
Investments are exposed to various risks, such as interest rate and credit risks. Due to the level of risk associated with investments and the level of uncertainty related to credit risks, it is at least reasonably possible that changes in risk in the near term could materially affect the amounts reported.
401(k) Plan
PLC sponsors a tax qualified 401(k) Plan (“401(k) Plan”) which covers substantially all employees. Employee contributions are made on a before-tax basis as provided by Section 401(k) of the Internal Revenue Code or as after-tax “Roth” contributions. Employees may contribute up to 25% of their eligible annual compensation to the 401(k) Plan, limited to a maximum annual contribution amount as set periodically by the Internal Revenue Service ($19,000 for 2019). The Plan also provides a “catch-up” contribution provision which permits eligible participants (age 50 or over at the end of the calendar year), to make additional contributions that exceed the regular annual contribution limits up to a limit periodically set by the Internal Revenue Service ($6,000 for 2019). PLC matches the sum of all employee contributions dollar for dollar up to a maximum of 4% of an employee’s pay per year per person. All matching contributions vest immediately. For the year ended December 31, 2019 and December 31, 2018, the Company recorded an expense of $9.3 million and $9.2 million associated with 401(k) Plan matching contributions, respectively.
PLC also has a supplemental matching contribution program, which is a nonqualified plan that provides supplemental matching contributions in excess of the limits imposed on qualified defined contribution plans by federal tax law. The expense recorded by PLC for this employee benefit was $1.0 million, $1.3 million, and $1.1 million, respectively, in 2019, 2018, and 2017.