EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2012

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
	2012			2011			2012			2011
	(Dollars In Thousands)
Accumulated benefit obligation, end of year	$	210,319		$	186,300		$	39,828		$	33,675
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	199,162		$	165,704		$	36,256		$	31,592
Service cost	9,145			8,682			867			679
Interest cost	8,977			8,938			1,473			1,506
Amendments	—			94			—			3
Actuarial (gain) or loss	15,286			23,859			6,946			4,187
Special termination benefits	—			—			—			—
Benefits paid	(9,251		)	(8,115		)	(2,571		)	(1,711		)
Projected benefit obligation at end of year	223,319			199,162			42,971			36,256
Change in plan assets:
Fair value of plan assets at beginning of year	125,058			117,856			—			—
Actual return on plan assets	15,202			2,874			—			—
Employer contributions(1)	21,178			12,443			2,571			1,711
Benefits paid	(9,251		)	(8,115		)	(2,571		)	(1,711		)
Fair value of plan assets at end of year	152,187			125,058			—			—
After reflecting FASB guidance:
Funded status	(71,132		)	(74,104		)	(42,971		)	(36,256		)
Amounts recognized in the balance sheet:
Other liabilities	(71,132		)	(74,104		)	(42,971		)	(36,256		)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss	95,055			91,804			17,571			11,924
Prior service cost/(credit)	(1,816		)	(2,208		)	48			60
Total	$	93,239		$	89,596		$	17,619		$	11,984

(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
	2012		2011		2012		2011
Discount rate	4.07	%	4.62	%	3.37	%	4.07	%
Rate of compensation increase	3.0		2.5 - 3.0		4.0		3.5 - 4.0
Expected long-term return on plan assets	7.5		7.75		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
	2012		2011		2010		2012		2011		2010
Discount rate	4.62	%	5.30	%	5.57	%	4.07	%	4.79	%	5.4	%
Rates of compensation increase	2.5 - 3.0		2.5 - 3.0		0 - 3.75		3.5 - 4.0		3.5 - 4.0		0 - 4.75
Expected long-term return on plan assets	7.75		7.75		8.00		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
	2012			2011			2010			2012		2011		2010
	(Dollars In Thousands)
Service cost — benefits earned during the period	$	9,145		$	8,682		$	7,423		$	867	$	679	$	584
Interest cost on projected benefit obligation	8,977			8,938			8,091			1,473		1,506		1,545
Expected return on plan assets	(10,916		)	(10,021		)	(9,349		)	—		—		—
Amortization of prior service cost/(credit)	(392		)	(392		)	(403		)	12		12		12
Amortization of actuarial losses(1)	7,749			5,625			3,905			1,300		881		653
Total benefit cost	$	14,563		$	12,832		$	9,667		$	3,652	$	3,078	$	2,794

(1) 2012 average remaining service period used is 8.14 years and 7.51 years for the defined benefit pension plan and unfunded excess benefit plan, respectively.

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

The estimated net actuarial loss, prior service cost/(credit), and transition obligation for these plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2013 is as follows:

	Defined Benefit			Unfunded Excess
	Pension Plan			Benefit Plan
	(Dollars In Thousands)
Net actuarial loss	$	9,150		$	1,767
Prior service cost/(credit)	(392		)	12
Transition obligation	—			—

Schedule of allocation of plan assets by category

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

	Target
	Allocation for
Asset Category	2013		2012		2011
Cash and cash equivalents	2.0	%	4.0	%	1.0	%
Equity securities	60.0		60.0		61.0
Fixed income	38.0		36.0		38.0
Total	100.0	%	100.0	%	100.0	%

Schedule of fair value of plan assets by category

	As of December 31,
Asset Category	2012		2011
	(Dollars In Thousands)
Cash	$	6,222	$	1,004
Equity securities:
Collective Russell 3000 Equity Index Fund	61,451		52,792
Fidelity Spartan U.S. Equity Index Fund	34,482		29,735
Fixed income	50,032		41,527
Total investments	152,187		125,058
Employer contribution receivable	—		2,270
Total	$	152,187	$	127,328

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, 2012:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	—	$	6,222	$	—	$	6,222
Collective investment funds	—		95,933		—		95,933
Group deposit administration annuity contract	—		—		50,032		50,032
Total investments	$	—	$	102,155	$	50,032	$	152,187

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2011:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Collective short-term investment fund	$	—	$	1,004	$	—	$	1,004
Collective investment funds	—		82,527		—		82,527
Group deposit administration annuity contract	—		—		41,527		41,527
Total investments	$	—	$	83,531	$	41,527	$	125,058

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,
	2012		2011
	(Dollars In Thousands)
Balance, beginning of year	$	41,527	$	39,403
Interest income	2,505		2,124
Transfers from collective short-term investments fund	6,000		—
Transfers to collective short-term investments fund	—		—
Balance, end of year	$	50,032	$	41,527

Schedule of estimated future benefit payments under defined benefit pension plan

	Defined Benefit		Unfunded Excess
Years	Pension Plan		Benefit Plan
	(Dollars In Thousands)
2013	$	13,088	$	3,614
2014	12,516		3,742
2015	12,949		3,843
2016	13,603		3,838
2017	15,250		4,001
2018-2022	81,524		17,486

Retiree medical plan

EMPLOYEE BENEFIT PLANS

Schedule of accumulated postretirement benefit obligation

	As of December 31,
	2012			2011
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	949		$	1,309
Service cost	6			9
Interest cost	17			28
Amendments	—			(29		)
Actuarial (gain) or loss	(144		)	(297		)
Plan participant contributions	293			255
Benefits paid	(333		)	(326		)
Special termination benefits	—			—
Benefit obligation, end of year	$	788		$	949

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	2012		2011		2010
	(Dollars In Thousands)
Money Market Fund	$	6,174	$	6,193	$	6,217

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, 2012:

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

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of  December 31, 2011:

	Level 1		Level 2		Level 3		Total
	(Dollars In Thousands)
Money Market Fund	$	6,193	$	—	$	—	$	6,193

Schedule of accumulated postretirement benefit obligation

	As of December 31,
	2012			2011
	(Dollars In Thousands)
Change in Benefit Obligation
Benefit obligation, beginning of year	$	8,951		$	7,955
Service cost	123			118
Interest cost	412			416
Amendments	—			—
Actuarial (gain) or loss	895			816
Plan participant contributions	—			—
Benefits paid	(311		)	(354		)
Special termination benefits	—			—
Benefit obligation, end of year	$	10,070		$	8,951