DEBT AND OTHER OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017				2016
	Outstanding Principal		Carrying Amounts		Outstanding Principal		Carrying Amounts
	(Dollars In Thousands)
Debt (year of issue):
Credit Facility	$	—	$	—	$	170,000	$	170,000
Capital lease obligation	1,682		1,682		—		—
6.40% Senior Notes (2007), due 2018	150,000		150,518		150,000		156,663
7.375% Senior Notes (2009), due 2019	400,000		435,806		400,000		454,688
8.45% Senior Notes (2009), due 2039	232,928		357,046		246,926		381,934
	$	784,610	$	945,052	$	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		495,289		—		—
	$	500,000	$	495,289	$	437,500	$	441,202

Summary of estimated debt covenant calculations

The following is a summary of the Company's estimated debt covenant calculations as of December 31, 2017 (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 22%

The following is a summary of the Company's estimated synthetic lease covenant calculations as of December 31, 2017 (Successor Company):

	Requirement	Actual Results
Consolidated net worth margin	greater than or equal to $0	greater than $4 billion
Debt to total capital ratio	less than 40%	less than 19%
Total adjusted capital ratio	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 9.0 to 1

Non-recourse funding obligations outstanding

Non-recourse funding obligations outstanding as of December 31, 2017 (Successor Company), 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)	$	2,014,000	$	2,014,000	2039	4.75	%
Golden Gate II Captive Insurance Company	58,600		49,787		2052	3.88	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	620,000		681,285		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,405		2024	6.19	%
Total	$	2,693,691	$	2,747,477

(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 (Successor Company), 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
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 fair value of collateral pledged for repurchase agreements, grouped by asset class, as of December 31, 2017 (Successor Company) and 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, 2017 (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	$	307,633	$	—	$	—	$	—	$	307,633
Mortgage loans	698,974		—		—		—		698,974
Total repurchase agreements and repurchase-to-maturity transactions	1,006,607		—		—		—		1,006,607
Securities lending transactions
Corporate securities	118,817		—		—		—		118,817
Equity securities	5,699		—		—		—		5,699
Redeemable preferred stock	755		—		—		—		755
Total securities lending transactions	125,271		—		—		—		125,271
Total securities	$	1,131,878	$	—	$	—	$	—	$	1,131,878

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
Mortgage loans	480,269		—		—		—		480,269
Total securities	$	837,974	$	23,758	$	—	$	—	$	861,732

Interest Income and Interest Expense Disclosure

Interest expense is summarized as follows:

	Successor Company						Predecessor Company
	For The Year Ended December 31, 2017		For The Year Ended  December 31, 2016		February 1, 2015 to December 31, 2015		January 1, 2015 to January 31, 2015
	(Dollars In Millions)						(Dollars In Millions)
Debt and subordinated debt securities	$	61.3	$	62.1	$	58.6	$	8.9
Non-recourse funding obligations, other obligations, and repurchase agreements	171.9		163.7		54.1		4.9
Total interest expense	$	233.2	$	225.8	$	112.7	$	13.8