From JTAC
Policed Discards
Frames that the incoming packet match code discarded because they were not recognized or of interest. Usually, this field reports protocols that the JUNOS software does not handle, such as CDP.
L3 incompletes
This counter is incremented when the incoming packet fails Layer 3 (usually IPv4) sanity checks of the header. For example, a frame with less than 20 bytes of available IP header would be discarded and this counter would be incremented.
L2 channel errors
This counter increments when the software could not find a valid logical interface (that is, something like t3-1/2/3.0) for an incoming frame.
o L2 mismatch timeouts
Count of malformed or short packets that cause the incoming packet handler to discard the frame as unreadable.
L3 incompletes are usually not a concern unless you have counters that are showing them in the billions or even trillions. If you have LDP configured on the other side, this could very well cause an L3 incomplete to be logged. LDP sends hello messages every few seconds and because the interface isn’t configured for LDP, the hello message received would not pass the sanity check.
Note that disabling LDP on the remote end interface did not resolve the issue.