INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017		For The Year Ended December 31, 2016		February 1, 2015 to December 31, 2015		January 1, 2015 to January 31, 2015
Statutory federal income tax rate applied to pre-tax income	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes	0.6		0.8		2.0		0.8
Investment income not subject to tax	(5.0	)	(2.7	)	(4.3	)	(3.2	)
Uncertain tax positions	(0.2	)	(0.3	)	0.2		(0.1	)
Federal Tax law changes	(183.3	)	—		—		—
Other	(1.4	)	1.0		—		(0.1	)
	(154.3	)%	33.8	%	32.9	%	32.4	%

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, 2017			For The Year Ended December 31, 2016			February 1, 2015 to December 31, 2015			January 1, 2015 to January 31, 2015
	(Dollars In Thousands)									(Dollars In Thousands)
Current income tax expense:
Federal	$	21,853		$	(50,638	)	$	5,715		$	(32,803	)
State	4,399			3,919			(4,244		)	1,685
Total current	$	26,252		$	(46,719	)	$	1,471		$	(31,118	)
Deferred income tax expense:
Federal	$	(693,860	)	$	240,127		$	118,338		$	30,858
State	(3,867		)	7,560			11,734			(67		)
Total deferred	$	(697,727	)	$	247,687		$	130,072		$	30,791

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,
	2017			2016
	(Dollars In Thousands)
Deferred income tax assets:
Loss and credit carryforwards	$	209,401		$	453,880
Deferred compensation	138,945			209,979
Deferred policy acquisition costs	23,876			156,012
Premium on corporate debt	57,402			104,839
Net unrealized loss on investments	—			353,448
Other	28,179			44,956
Valuation allowance	(3,951		)	(6,007		)
	453,852			1,317,107
Deferred income tax liabilities:
Premium receivables and policy liabilities	573,469			884,255
VOBA and other intangibles	433,321			720,750
Invested assets (other than unrealized gains (losses))	672,549			1,311,866
Net unrealized gains on investments	6,920			—
	1,686,259			2,916,871
Net deferred income tax liability	$	(1,232,407	)	$	(1,599,764	)

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, 2017			As of December 31, 2016			February 1, 2015 to December 31, 2015			January 1, 2015 to January 31, 2015
	(Dollars In Thousands)									(Dollars In Thousands)
Balance, beginning of period	$	9,856		$	13,138		$	137,593		$	193,244
Additions for tax positions of the current year	1,857			2,122			2,213			(5,010		)
Additions for tax positions of prior years	70			1,318			1,811			7,724
Reductions of tax positions of prior years:
Changes in judgment	(430		)	(975		)	(16,416		)	(58,365		)
Settlements during the period	—			(5,747		)	(112,063		)	—
Lapses of applicable statute of limitations	—			—			—			—
Balance, end of period	$	11,353		$	9,856		$	13,138		$	137,593