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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income (loss) (“AOCI”) as of June 30, 2016 (Successor Company), December 31, 2015 (Successor Company), and January 31, 2015 (Predecessor Company).
Successor Company
 
Unrealized
Gains and Losses
on Investments(2)
 
Accumulated
Gain and Loss
Derivatives
 
Minimum
Pension Liability
Adjustment
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
 
(Dollars In Thousands, Net of Tax)
Beginning Balance, December 31, 2015
 
$
(1,247,065
)
 
$
—

 
$
5,931

 
$
(1,241,134
)
Other comprehensive income (loss) before reclassifications
 
1,022,377

 
—

 
—

 
1,022,377

Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings
 
(2,572
)
 
—

 
—

 
(2,572
)
Amounts reclassified from accumulated other
comprehensive income (loss)(1)
 
(12,287
)
 
—

 
—

 
(12,287
)
Net current-period other comprehensive income (loss)
 
1,007,518

 
—

 
—

 
1,007,518

Ending Balance, June 30, 2016
 
$
(239,547
)
 
$
—

 
$
5,931

 
$
(233,616
)

(1) See Reclassification table below for details.
(2) As of June 30, 2016 net unrealized losses reported in AOCI were offset by $139.3 million due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.

 
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Successor Company
 
Unrealized
Gains and Losses
on Investments(2)
 
Accumulated
Gain and Loss
Derivatives
 
Minimum
Pension Liability
Adjustment
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
 
(Dollars In Thousands, Net of Tax)
Beginning Balance, February 1, 2015
 
$
—

 
$
—

 
$
—

 
$
—

Other comprehensive income (loss) before reclassifications
 
(1,264,034
)
 
(86
)
 
5,931

 
(1,258,189
)
Other comprehensive income (loss) relating to other-than-temporary impaired investments for which a portion has been recognized in earnings
 
(393
)
 
—

 
—

 
(393
)
Amounts reclassified from accumulated other
comprehensive income (loss)(1)
 
17,362

 
86

 
—

 
17,448

Net current-period other comprehensive income (loss)
 
(1,247,065
)
 
—

 
5,931

 
(1,241,134
)
Ending Balance, December 31, 2015
 
$
(1,247,065
)

$
—


$
5,931

 
$
(1,241,134
)
 
(1) See Reclassification table below for details.
(2) As of December 31, 2015, net unrealized losses reported in AOCI were offset by $623.0 million due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.
 

 Changes in Accumulated Other Comprehensive Income (Loss) by Component
 
Predecessor Company
 
Unrealized
Gains and Losses
on Investments(2)
 
Accumulated
Gain and Loss
Derivatives
 
Minimum
Pension Liability
Adjustment
 
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
 
(Dollars In Thousands, Net of Tax)
Beginning Balance, December 31, 2014
 
$
1,484,169

 
$
(82
)
 
$
(66,011
)
 
$
1,418,076

Other comprehensive income (loss) before reclassifications
 
482,370

 
9

 
(12,527
)
 
469,852

Other comprehensive income (loss) relating to other- than-temporary impaired investments for which a portion has been recognized in earnings
 
(243
)
 
—

 
—

 
(243
)
Amounts reclassified from accumulated other
comprehensive income (loss)(1)
 
(4,166
)
 
23

 
502

 
(3,641
)
Net current-period other comprehensive income (loss)
 
477,961

 
32

 
(12,025
)
 
465,968

Ending Balance, January 31, 2015
 
$
1,962,130


$
(50
)

$
(78,036
)

$
1,884,044


(1) See Reclassification table below for details.
(2) As of January 31, 2015 net unrealized losses reported in AOCI were offset by $(492.6) million due to the impact those net unrealized losses would have had on certain of the Company’s insurance assets and liabilities if the net unrealized losses had been recognized in net income.


The following tables summarize the reclassifications amounts out of AOCI for the three and six months ended June 30, 2016 (Successor Company), the three months ended June 30, 2015 (Successor Company), the period of February 1, 2015 to June 30, 2015 (Successor Company), and for the period of January 1, 2015 to January 31, 2015 (Predecessor Company).
 
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 
Amount
Reclassified
from Accumulated
 
 
Successor Company
 
Other Comprehensive
 
Affected Line Item in the
For The Three Months Ended June 30, 2016
 
Income (Loss)
 
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
16,932

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(967
)
 
Net impairment losses recognized in earnings
 
 
15,965

 
Total before tax
 
 
(5,588
)
 
Tax (expense) or benefit
 
 
$
10,377

 
Net of tax
 

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 
Amount
Reclassified
from Accumulated
 
 
Successor Company
 
Other Comprehensive
 
Affected Line Item in the
For The Six Months Ended June 30, 2016
 
Income (Loss)
 
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
22,487

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(3,584
)
 
Net impairment losses recognized in earnings
 
 
18,903

 
Total before tax
 
 
(6,616
)
 
Tax (expense) or benefit
 
 
$
12,287

 
Net of tax
 


Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 
Amount
Reclassified
from Accumulated
 
 
Successor Company
 
Other Comprehensive
 
Affected Line Item in the
For The Three Months Ended June 30, 2015
 
Income (Loss)
 
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Gains and losses on derivative instruments
 
 

 
 
Net settlement (expense)/benefit(1)
 
$
(41
)
 
Benefits and settlement expenses, net of reinsurance ceded
 
 
(41
)
 
Total before tax
 
 
14

 
Tax (expense) or benefit
 
 
$
(27
)
 
Net of tax
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
3,360

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(5,734
)
 
Net impairment losses recognized in earnings
 
 
(2,374
)
 
Total before tax
 
 
831

 
Tax (expense) or benefit
 
 
$
(1,543
)
 
Net of tax

(1) See Note 8, Derivative Financial Instruments for additional information.

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 
Amount
Reclassified
from Accumulated
 
 
Successor Company
 
Other Comprehensive
 
Affected Line Item in the
February 1, 2015 to June 30, 2015
 
Income (Loss)
 
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Gains and losses on derivative instruments
 
 

 
 
Net settlement (expense)/benefit(1)
 
$
(131
)
 
Benefits and settlement expenses, net of reinsurance ceded
 
 
(131
)
 
Total before tax
 
 
45

 
Tax (expense) or benefit
 
 
$
(86
)
 
Net of tax
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
3,733

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(5,734
)
 
Net impairment losses recognized in earnings
 
 
(2,001
)
 
Total before tax
 
 
700

 
Tax (expense) or benefit
 
 
$
(1,301
)
 
Net of tax

(1) See Note 8, Derivative Financial Instruments for additional information.
 

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)
 
 
Amount
Reclassified
from Accumulated
 
 
Predecessor Company
 
Other Comprehensive
 
Affected Line Item in the
January 1, 2015 to January 31, 2015
 
Income (Loss)
 
Consolidated Condensed Statements of Income
 
 
(Dollars In Thousands)
 
 
Gains and losses on derivative instruments
 
 

 
 
Net settlement (expense)/benefit(1)
 
$
(36
)
 
Benefits and settlement expenses, net of reinsurance ceded
 
 
(36
)
 
Total before tax
 
 
13

 
Tax (expense) or benefit
 
 
$
(23
)
 
Net of tax
Unrealized gains and losses on available-for-sale securities
 
 

 
 
Net investment gains (losses)
 
$
6,891

 
Realized investment gains (losses): All other investments
Impairments recognized in earnings
 
(481
)
 
Net impairment losses recognized in earnings
 
 
6,410

 
Total before tax
 
 
(2,244
)
 
Tax (expense) or benefit
 
 
$
4,166

 
Net of tax
Postretirement benefits liability adjustment
 
 

 
 
Amortization of net actuarial gain/(loss)
 
$
(808
)
 
Other operating expenses
Amortization of prior service credit/(cost)
 
31

 
Other operating expenses
Amortization of transition asset/(obligation)
 
5

 
Other operating expenses
 
 
(772
)
 
Total before tax
 
 
270

 
Tax (expense) or benefit
 
 
$
(502
)
 
Net of tax

(1) See Note 8, Derivative Financial Instruments for additional information.