EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

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
	2014			2013			2014			2013
	(Dollars In Thousands)
Accumulated benefit obligation, end of year	$	249,453		$	207,999		$	47,368		$	36,306
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	219,152		$	223,319		$	39,679		$	42,971
Service cost	9,411			9,345			954			1,037
Interest cost	10,493			8,985			1,696			1,387
Amendments	—			—			—			—
Actuarial (gain) loss	38,110			(8,172		)	9,153			(1,505		)
Benefits paid	(9,835		)	(14,325		)	(1,907		)	(4,211		)
Projected benefit obligation at end of year	267,331			219,152			49,575			39,679
Change in plan assets:
Fair value of plan assets at beginning of year	180,173			152,187			—			—
Actual return on plan assets	17,921			33,368			—			—
Employer contributions(1)	15,513			8,943			1,907			4,211
Benefits paid	(9,835		)	(14,325		)	(1,907		)	(4,211		)
Fair value of plan assets at end of year	203,772			180,173			—			—
After reflecting FASB guidance:
Funded status	(63,559		)	(38,979		)	(49,575		)	(39,679		)
Amounts recognized in the balance sheet:
Other liabilities	(63,559		)	(38,979		)	(49,575		)	(39,679		)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss/(gain)	80,430			54,897			20,983			13,346
Prior service cost/(credit)	(1,033		)	(1,425		)	24			36
Total	$	79,397		$	53,472		$	21,007		$	13,382

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

Schedule of weighted-average assumptions used to determine benefit obligations

	Defined Benefit Pension				Unfunded Excess
	Plan				Benefit Plan
	2014		2013		2014		2013
Discount rate	3.95	%	4.86	%	3.65	%	4.30	%
Rate of compensation increase	4.75% prior to age 40		3.0		4.75% prior to age 40		4.0
	3.75% for age 40 and				3.75% for age 40 and
	above				above
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 Benefit Plan
	2014		2013		2012		2014		2013		2012
Discount rate	4.86	%	4.07	%	4.62	%	4.30	%	3.37	%	4.07	%
Rates of compensation increase	3.0		3.0		2.5 - 3.0		4.0		4.0		3.5 - 4.0
Expected long-term return on plan assets	7.5		7.5		7.75		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

	Defined Benefit Pension Plan									Unfunded Excess Benefit Plan
	2014			2013			2012			2014		2013		2012
	(Dollars In Thousands)
Service cost — benefits earned during the period	$	9,411		$	9,345		$	9,145		$	954	$	1,037	$	867
Interest cost on projected benefit obligation	10,493			8,985			8,977			1,696		1,387		1,473
Expected return on plan assets	(12,166		)	(11,013		)	(10,916		)	—		—		—
Amortization of prior service cost/(credit)	(392		)	(392		)	(392		)	12		12		12
Amortization of actuarial losses(1)	6,821			9,631			7,749			1,516		1,792		1,300
Preliminary net periodic benefit cost	14,167			16,556			14,563			4,178		4,228		3,652
Settlement/curtailment expense(2)	—			—			—			—		928		—
Total net periodic benefit cost	$	14,167		$	16,556		$	14,563		$	4,178	$	5,156	$	3,652

(1) 2014 average remaining service period used is 8.10 years and 7.51 years for the defined benefit pension plan and unfunded excess benefit plan, respectively.

(2) The unfunded 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			Benefit Plan
	(Dollars In Thousands)
Net actuarial loss/(gain)	$	7,603		$	1,901
Prior service cost/(credit)	(392		)	12
Transition obligation/(asset)	—			—

Schedule of allocation of plan assets by category

	Target
	Allocation for
Asset Category	2015		2014		2013
Cash and cash equivalents	2	%	4	%	2	%
Equity securities	60		62		64
Fixed income	38		34		34
Total	100	%	100	%	100	%

Schedule of fair value of plan assets by category

	As of December 31,
Asset Category	2014		2013
	(Dollars In Thousands)
Cash and cash equivalents	$	7,968	$	3,052
Equity securities:
Collective Russell 3000 equity index fund	79,660		74,753
Fidelity Spartan 500 index fund	51,848		45,632
Fixed income	64,296		56,736
Total investments	203,772		180,173
Employer contribution receivable	2,165		2,314
Total	$	205,937	$	182,487

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, 2014:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	7,968	$	—	$	—	$	7,968
Collective investment funds:
Equity index funds	51,848		79,660		—		131,508
Group deposit administration annuity contract	—		—		64,296		64,296
Total investments	$	59,816	$	79,660	$	64,296	$	203,772

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

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, 2014:
Collective short-term investment fund	$	7,968	Not Applicable	Daily	1 day
Collective Russell 3000 index fund(1)	79,660		Not Applicable	Daily	1 day
Fidelity Spartan 500 index fund	51,848		Not Applicable	Daily	1 day
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

(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

	As of December 31,
	2014		2013
	(Dollars In Thousands)
Balance, beginning of year	$	56,736	$	50,032
Interest income	3,060		2,704
Transfers from collective short-term investments fund	4,500		4,000
Transfers to collective short-term investments fund	—		—
Balance, end of year	$	64,296	$	56,736

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	$	64,296	Contract Value	Contract Rate	5.28% - 5.47%

Schedule of estimated future benefit payments under defined benefit pension plan

	Defined Benefit		Unfunded Excess
Years	Pension Plan		Benefit Plan
	(Dollars In Thousands)
2015	$	15,055	$	4,016
2016	15,243		4,036
2017	16,957		5,610
2018	16,515		4,005
2019	19,014		4,303
2020-2024	97,137		17,800

Retiree medical plan

EMPLOYEE BENEFIT PLANS

Schedule of accumulated postretirement benefit obligation

	As of December 31,
	2014			2013
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	447		$	788
Service cost	2			4
Interest cost	4			5
Actuarial (gain)/loss	30			29
Plan participant contributions	254			289
Benefits paid	(490		)	(668		)
Benefit obligation, end of year	$	247		$	447

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	2014		2013		2012
	(Dollars In Thousands)
Money market fund	$	5,925	$	6,156	$	6,174

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, 2014:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money market fund	$	5,925	$	—	$	—	$	5,925

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

Schedule of accumulated postretirement benefit obligation

	As of December 31,
	2014			2013
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	8,653		$	10,070
Service cost	97			144
Interest cost	416			405
Actuarial (gain)/loss	694			(1,620		)
Benefits paid	(572		)	(346		)
Benefit obligation, end of year	$	9,288		$	8,653