DEBT AND OTHER OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Summary of Debt and Subordinated Debt Securities

Debt and subordinated debt securities are summarized as follows:

	As of
	September 30, 2017				December 31, 2016
	Outstanding Principal		Carrying Amounts		Outstanding Principal		Carrying Amounts
	(Dollars In Thousands)
Debt (year of issue):
Revolving Line of Credit	$	170,000	$	170,000	$	170,000	$	170,000
Capital lease obligation	1,495		1,495		—		—
6.40% Senior Notes (2007), due 2018	150,000		152,067		150,000		156,663
7.375% Senior Notes (2009), due 2019	400,000		440,569		400,000		454,688
8.45% Senior Notes (2009), due 2039	232,928		357,869		246,926		381,934
	$	954,423	$	1,122,000	$	966,926	$	1,163,285
Subordinated debt securities (year of issue):
6.25% Subordinated Debentures (2012), due 2042, callable 2017	$	—	$	—	$	287,500	$	290,002
6.00% Subordinated Debentures (2012), due 2042, callable 2017	—		—		150,000		151,200
5.35% Subordinated Debentures (2017), due 2052	500,000		495,255		—		—
	$	500,000	$	495,255	$	437,500	$	441,202

Non-recourse Funding Obligations Outstanding

Non-recourse funding obligations outstanding as of September 30, 2017, 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)
Golden Gate Captive Insurance Company(2)(3)	$	2,040,000	$	2,040,000	2039	4.75	%
Golden Gate II Captive Insurance Company	58,600		50,490		2052	3.84	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	605,000		666,729		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,421		2024	6.19	%
Total	$	2,704,691	$	2,759,640
(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

Non-recourse funding obligations outstanding as of December 31, 2016, 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)
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
(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 amount by asset class of securities of collateral pledged for repurchase agreements and securities that have been loaned as part of securities lending transactions as of September 30, 2017 and December 31, 2016:

Repurchase Agreements, Securities Lending Transactions, and Repurchase-to-Maturity Transactions

Accounted for as Secured Borrowings

	Remaining Contractual Maturity of the Agreements
	As of September 30, 2017
	(Dollars In Thousands)
	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Repurchase agreements and repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	322,986	$	20,006	$	—	$	—	$	342,992
Mortgage loans	206,796		—		—		—		206,796
Total repurchase agreements and repurchase-to-maturity transactions	529,782		20,006		—		—		549,788
Securities lending transactions
Corporate securities	97,385		—		—		—		97,385
Equity securities	2,621		—		—		—		2,621
Preferred stock	174		—		—		—		174
Total securities lending transactions	100,180		—		—		—		100,180
Total securities	$	629,962	$	20,006	$	—	$	—	$	649,968

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
	(Dollars In Thousands)
	Overnight and Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Repurchase agreements and repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	357,705	$	23,758	$	—	$	—	$	381,463
Corporate securities	—		—		—		—		—
Mortgage loans	480,269		—		—		—		480,269
Total securities	$	837,974	$	23,758	$	—	$	—	$	861,732