DEBT AND OTHER OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of debt and subordinated debt securities

Debt and subordinated debt securities are summarized as follows:

	As of December 31,
	2018				2017
	Outstanding Principal		Carrying Amounts		Outstanding Principal		Carrying Amounts
	(Dollars In Thousands)
Debt (year of issue):
Credit Facility	$	—	$	—	$	—	$	—
Capital lease obligation	1,319		1,319		1,682		1,682
6.40% Senior Notes (2007), due 2018	—		—		150,000		150,518
7.375% Senior Notes (2009), due 2019	400,000		416,469		400,000		435,806
8.45% Senior Notes (2009), due 2039	190,044		288,547		232,928		357,046
4.30% Senior Notes (2018), due 2028	400,000		395,492		—		—
	$	991,363	$	1,101,827	$	784,610	$	945,052
Subordinated debt (year of issue):
5.35% Subordinated Debentures (2017), due 2052	$	500,000	$	495,426	$	500,000	$	495,289
3.55% Subordinated Funding Obligations (2018), due 2038	55,000		55,000		—		—
3.55% Subordinated Funding Obligations (2018), due 2038	55,000		55,000		—		—
	$	610,000	$	605,426	$	500,000	$	495,289

Summary of estimated debt covenant calculations

The following is a summary of the Company’s estimated debt covenant calculations as of December 31, 2018:

	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 23%

Non-recourse funding obligations outstanding

Non-recourse funding obligations outstanding as of December 31, 2018, 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)	$	1,883,000	$	1,883,000	2039	4.75	%
Golden Gate II Captive Insurance Company	20,600		17,703		2052	4.99	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	670,000		729,454		2037	5.12	%
MONY Life Insurance Company(3)	1,091		2,340		2024	6.19	%
Total	$	2,574,691	$	2,632,497

(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, 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
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

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, 2018 and December 31, 2017:

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, 2018
	(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	$	433,182	$	18,713	$	—	$	—	$	451,895
Mortgage loans	—		—		—		—		—
Total repurchase agreements and repurchase-to-maturity transactions	433,182		18,713		—		—		451,895
Securities lending transactions
Fixed maturity securities	71,285		—		—		—		71,285
Equity securities	891		—		—		—		891
Redeemable preferred stock	—		—		—		—		—
Total securities lending transactions	72,176		—		—		—		72,176
Total securities	$	505,358	$	18,713	$	—	$	—	$	524,071

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
	(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

Interest Income and Interest Expense Disclosure

Interest expense is summarized as follows:

	For The Year Ended December 31,
	2018		2017		2016
	(Dollars In Millions)
Debt, subordinated debt, and subordinated funding obligations	$	66.5	$	61.3	$	62.1
Non-recourse funding obligations, other obligations, and repurchase agreements	172.6		171.9		163.7
Total interest expense	$	239.1	$	233.2	$	225.8