INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of reconciliation of effective income tax rate related to continuing operations

The Company's effective income tax rate related to continuing operations varied from the maximum federal income tax rate as follows:

	Successor Company				Predecessor Company
	For The Year Ended December 31, 2016		February 1, 2015 to December 31, 2015		January 1, 2015 to January 31, 2015		For The Year Ended December 31, 2014
Statutory federal income tax rate applied to pre-tax income	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes	0.8		2.0		0.8		0.8
Investment income not subject to tax	(2.7	)	(4.3	)	(3.2	)	(3.4	)
Uncertain tax positions	(0.3	)	0.2		(0.1	)	1.3
Other	1.0		—		(0.1	)	0.3
	33.8	%	32.9	%	32.4	%	34.0	%

Schedule of components of income tax

The components of the Company's income tax are as follows:

	Successor Company						Predecessor Company
	For The Year Ended December 31, 2016			February 1, 2015 to December 31, 2015			January 1, 2015 to January 31, 2015			For The Year Ended December 31, 2014
	(Dollars In Thousands)						(Dollars In Thousands)
Current income tax expense:
Federal	$	(50,638	)	$	5,715		$	(32,803	)	$	189,105
State	3,919			(4,244		)	1,685			8,838
Total current	$	(46,719	)	$	1,471		$	(31,118	)	$	197,943
Deferred income tax expense:
Federal	$	240,127		$	118,338		$	30,858		$	1,474
State	7,560			11,734			(67		)	(1,003		)
Total deferred	$	247,687		$	130,072		$	30,791		$	471

Schedule of components of the Company's net deferred income tax liability

The components of the Company's net deferred income tax liability are as follows:

	Successor Company
	As of December 31,
	2016			2015
	(Dollars In Thousands)
Deferred income tax assets:
Loss and credit carryforwards	$	453,880		$	34,340
Deferred compensation	209,979			241,156
Deferred policy acquisition costs	156,012			274,366
Premium on corporate debt	104,839			125,296
Net unrealized loss on investments	353,448			671,540
Other	44,956			81,032
Valuation allowance	(6,007		)	(4,804		)
	1,317,107			1,422,926
Deferred income tax liabilities:
Premium receivables and policy liabilities	884,255			276,919
VOBA and other intangibles	720,750			631,935
Invested assets (other than unrealized gains (losses))	1,311,866			1,511,353
	2,916,871			2,420,207
Net deferred income tax liability	$	(1,599,764	)	$	(997,281	)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Successor Company						Predecessor Company
	As of December 31, 2016			February 1, 2015 to December 31, 2015			January 1, 2015 to January 31, 2015			As of December 31, 2014
	(Dollars In Thousands)						(Dollars In Thousands)
Balance, beginning of period	$	13,138		$	137,593		$	193,244		$	105,881
Additions for tax positions of the current year	2,122			2,213			(5,010		)	57,463
Additions for tax positions of prior years	1,318			1,811			7,724			39,433
Reductions of tax positions of prior years:
Changes in judgment	(975		)	(16,416		)	(58,365		)	(9,533		)
Settlements during the period	(5,747		)	(112,063		)	—			—
Lapses of applicable statute of limitations	—			—			—			—
Balance, end of period	$	9,856		$	13,138		$	137,593		$	193,244