DEBT AND OTHER OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of debt and subordinated debt securities

Debt and subordinated debt securities are summarized as follows:

	Successor Company
	As of December 31,
	2016				2015
	Outstanding Principal		Carrying Amounts		Outstanding Principal		Carrying Amounts
	(Dollars In Thousands)
Debt (year of issue):
Revolving Line Of Credit	$	170,000	$	170,000	$	485,000	$	485,000
6.40% Senior Notes (2007), due 2018	150,000		156,663		150,000		162,671
7.375% Senior Notes (2009), due 2019	400,000		454,688		400,000		473,127
8.45% Senior Notes (2009), due 2039	246,926		381,934		300,000		468,008
	$	966,926	$	1,163,285	$	1,335,000	$	1,588,806
Subordinated debt securities (year of issue):
6.25% Subordinated Debentures (2012), due 2042, callable 2017	$	287,500	$	290,002	$	287,500	$	295,833
6.00% Subordinated Debentures (2012), due 2042, callable 2017	150,000		151,200		150,000		152,930
	$	437,500	$	441,202	$	437,500	$	448,763

Summary of estimated debt covenant calculations

The following is a summary of the Company's estimated debt covenant calculations as of December 31, 2016 (Successor Company):

	Requirement	Actual Results
Consolidated net worth margin	greater than or equal to $0	greater than $1 billion
Debt to total capital ratio	less than 40%	less than 28%
Total adjusted capital margin	greater than or equal to $0	greater than $3 billion
Interest cash inflow available compared to adjusted consolidated interest expense	greater than 2.0 to 1	greater than 11.0 to 1

Non-recourse funding obligations outstanding

Non-recourse funding obligations outstanding, on a consolidated basis, are shown in the following table:

Issuer	Outstanding Principal		Carrying Value(1)		Maturity Year	Year-to-Date Weighted-Avg Interest Rate
	(Dollars In Thousands)
Successor Company
As of December 31, 2016
Golden Gate Captive Insurance Company(2)(3)	$	2,116,000	$	2,116,000	2039	4.75	%
Golden Gate II Captive Insurance Company	58,600		49,983		2052	2.52	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	565,000		628,025		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,466		2024	6.19	%
Total	$	2,740,691	$	2,796,474

Issuer	Outstanding Principal		Carrying Value(1)		Maturity Year	Year-to-Date Weighted-Avg Interest Rate
Successor Company
As of December 31, 2015
Golden Gate II Captive Insurance Company	$	144,900	$	118,481	2052	1.32	%
Golden Gate V Vermont Captive Insurance Company(3)	500,000		564,679		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,524		2024	6.19	%
Total	645,991		685,684

(1) Carrying values include premiums and discounts and do not represent unpaid principal balances.

(2) Obligations are issued to non-consolidated subsidiaries of the Company. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of PLICO.

(3) Fixed rate obligations

Schedule of collateral pledged for repurchase agreements

The following table provides the fair value of collateral pledged for repurchase agreements, grouped by asset class, as of December 31, 2016 (Successor Company):

Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions Accounted for as Secured Borrowings

	Remaining Contractual Maturity of the Agreements
	As of December 31, 2016 (Successor Company)
	(Dollars In Thousands)
	Overnight and						Greater Than
	Continuous		Up to 30 days		30 - 90 days		90 days		Total
Repurchase agreements and repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	357,705	$	23,758	$	—	$	—	$	381,463
State and municipal securities	—		—		—		—		—
Other asset-backed securities	—		—		—		—		—
Corporate securities	—		—		—		—		—
Equity securities	—		—		—		—		—
Non-U.S. sovereign debt	—		—		—		—		—
Mortgage loans	480,269		—		—		—		480,269
Total borrowings	$	837,974	$	23,758	$	—	$	—	$	861,732