EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Pension Plan

EMPLOYEE BENEFIT PLANS

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

	Defined Benefit						Unfunded Excess
	Pension Plan						Benefit Plan
	2013			2012			2013			2012
	(Dollars In Thousands)
Accumulated benefit obligation, end of year	$	207,999		$	210,319		$	36,306		$	39,828
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	223,319		$	199,162		$	42,971		$	36,256
Service cost	9,345			9,145			1,037			867
Interest cost	8,985			8,977			1,387			1,473
Actuarial (gain) or loss	(8,172		)	15,286			(1,505		)	6,946
Benefits paid	(14,325		)	(9,251		)	(4,211		)	(2,571		)
Projected benefit obligation at end of year	219,152			223,319			39,679			42,971
Change in plan assets:
Fair value of plan assets at beginning of year	152,187			125,058			—			—
Actual return on plan assets	33,368			15,202			—			—
Employer contributions(1)	8,943			21,178			4,211			2,571
Benefits paid	(14,325		)	(9,251		)	(4,211		)	(2,571		)
Fair value of plan assets at end of year	180,173			152,187			—			—
After reflecting FASB guidance:
Funded status	(38,979		)	(71,132		)	(39,679		)	(42,971		)
Amounts recognized in the balance sheet:
Other liabilities	(38,979		)	(71,132		)	(39,679		)	(42,971		)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss	54,897			95,055			13,346			17,571
Prior service cost/(credit)	(1,425		)	(1,816		)	36			48
Total	$	53,472		$	93,239		$	13,382		$	17,619

(1) Employer contributions disclosed are based on PLC’s fiscal filing year

Schedule of weighted-average assumptions used to determine benefit obligations

	Defined Benefit				Unfunded Excess
	Pension Plan				Benefit Plan
	2013		2012		2013		2012
Discount rate	4.86	%	4.07	%	4.30	%	3.37	%
Rate of compensation increase	3.0		3.0		4.0		4.0
Expected long-term return on plan assets	7.5		7.5		N/A		N/A

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

	Defined Benefit Pension Plan						Unfunded Excess Benefits Plan
	2013		2012		2011		2013		2012		2011
Discount rate	4.07	%	4.62	%	5.30	%	3.37	%	4.07	%	4.79	%
Rates of compensation increase	3.0		2.5 - 3.0		2.5 - 3.0		4.0		3.5 - 4.0		3.5 - 4.0
Expected long-term return on plan assets	7.5		7.75		7.75		N/A		N/A		N/A

Components of the net periodic benefit cost

	Defined Benefit Pension Plan									Unfunded Excess Benefits Plan
	2013			2012			2011			2013		2012		2011
	(Dollars In Thousands)
Service cost — benefits earned during the period	$	9,345		$	9,145		$	8,682		$	1,037	$	867	$	679
Interest cost on projected benefit obligation	8,985			8,977			8,938			1,387		1,473		1,506
Expected return on plan assets	(11,013		)	(10,916		)	(10,021		)	—		—		—
Amortization of prior service cost/(credit)	(392		)	(392		)	(392		)	12		12		12
Amortization of actuarial losses(1)	9,631			7,749			5,625			1,792		1,300		881
Preliminary net periodic benefit cost	16,556			14,563			12,832			4,228		3,652		3,078
Settlement/curtailment expense(2)	—			—			—			928		—		—
Total net periodic benefit cost	$	16,556		$	14,563		$	12,832		$	5,156	$	3,652	$	3,078

(1)2013 average remaining service period used is 8.19 years and 7.45 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, 2013 since the total lump sum payments exceeded the settlement threshold of service cost plus interest cost.

Schedule of estimated net actuarial loss, prior service cost/(credit) and transition obligation that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the next fiscal year

	Defined Benefit			Unfunded Excess
	Pension Plan			Benefits Plan
	(Dollars In Thousands)
Net actuarial loss	$	6,300		$	1,300
Prior service cost/(credit)	(392		)	12
Transition obligation	—			—

Schedule of allocation of plan assets by category

	Target
	Allocation for
Asset Category	2014		2013		2012
Cash and cash equivalents	2.0	%	2.0	%	4.0	%
Equity securities	60.0		64.0		60.0
Fixed income	38.0		34.0		36.0
Total	100.0	%	100.0	%	100.0	%

Schedule of fair value of plan assets by category

	As of December 31,
Asset Category	2013		2012
	(Dollars In Thousands)
Cash	$	3,052	$	6,222
Equity securities:
Collective Russell 3000 Equity Index Fund	74,753		61,451
Fidelity Spartan 500 Equity Index Fund	45,632		34,482
Fixed income	56,736		50,032
Total investments	180,173		152,187
Employer contribution receivable	2,314		—
Total	$	182,487	$	152,187

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, 2013:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	3,052	$	—	$	—	$	3,052
Collective investment funds:
Equity index funds	45,632		74,753		—		120,385
Group deposit administration annuity contract	—		—		56,736		56,736
Total investments	$	48,684	$	74,753	$	56,736	$	180,173

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2012:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	6,222	$	—	$	—	$	6,222
Collective investment funds:
Equity index funds	34,482		61,451		—		95,933
Group deposit administration annuity contract	—		—		50,032		50,032
Total investments	$	40,704	$	61,451	$	50,032	$	152,187

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

			Unfunded	Redemption	Redemption
Name	Fair Value		Commitments	Frequency	Notice Period
	(Dollars In Thousands)
As of December 31, 2013:
Collective short-term investment fund	$	3,052	Not Applicable	Daily	1 day
Collective Russell 3000 index fund(1)	74,753		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	45,632		Not Applicable	Daily	1 day
As of December 31, 2012:
Collective short-term investment fund	$	6,222	Not Applicable	Daily	1 day
Collective Russell 3000 index fund(1)	61,451		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	34,482		Not Applicable	Daily	1 day

(1) Non-lending collective trust that doesn 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

	As of December 31,
	2013		2012
	(Dollars In Thousands)
Balance, beginning of year	$	50,032	$	41,527
Interest income	2,704		2,505
Transfers from collective short-term investments fund	4,000		6,000
Transfers to collective short-term investments fund	—		—
Balance, end of year	$	56,736	$	50,032

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

			Principal	Significant	Range of
			Valuation	Unobservable	Significant Input
Instrument	Fair Value		Technique	Inputs	Values
	(Dollars In Thousands)
Group deposit administration annuity contract	$	56,736	Contract Value	Contract Rate	5.32% - 5.42%

Schedule of estimated future benefit payments under defined benefit pension plan

	Defined Benefit		Unfunded Excess
Years	Pension Plan		Benefits Plan
	(Dollars In Thousands)
2014	$	12,621	$	3,817
2015	13,284		4,077
2016	13,688		4,007
2017	14,571		3,887
2018	15,431		3,845
2019-2023	84,854		16,936

Retiree medical plan

EMPLOYEE BENEFIT PLANS

Schedule of accumulated postretirement benefit obligation

	As of December 31,
	2013			2012
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	788		$	949
Service cost	4			6
Interest cost	5			17
Amendments	—			—
Actuarial (gain) or loss	29			(144		)
Plan participant contributions	289			293
Benefits paid	(668		)	(333		)
Special termination benefits	—			—
Benefit obligation, end of year	$	447		$	788

Group life insurance plan

EMPLOYEE BENEFIT PLANS

Schedule of fair value of plan assets by category

	For The Year Ended December 31,
Category of Investment	2013		2012		2011
	(Dollars In Thousands)
Money market fund	$	6,156	$	6,174	$	6,193

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, 2013:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money market fund	$	6,156	$	—	$	—	$	6,156

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2012:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money market fund	$	6,174	$	—	$	—	$	6,174

Schedule of accumulated postretirement benefit obligation

	As of December 31,
	2013			2012
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	10,070		$	8,951
Service cost	144			123
Interest cost	405			412
Amendments	—			—
Actuarial (gain) or loss	(1,620		)	895
Plan participant contributions	—			—
Benefits paid	(346		)	(311		)
Special termination benefits	—			—
Benefit obligation, end of year	$	8,653		$	10,070