DEBT AND OTHER OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Debt and Subordinated Debt Securities

Debt and subordinated debt are summarized as follows:


	As of
	September 30, 2019						December 31, 2018
	Outstanding Principal		Carrying Amounts		Outstanding Principal		Carrying Amounts
	(Dollars In Thousands)
Debt (year of issue):
Credit Facility	$	—	$	—	$	—	$	—
Term Loan Credit Agreement	600,000		599,653		—		—
Capital lease obligation	2,325		2,325		1,319		1,319
7.375% Senior Notes (2009), due 2019	400,000		401,662		400,000		416,469
8.45% Senior Notes (2009), due 2039	180,719		272,337		190,044		288,547
4.30% Senior Notes (2018), due 2028	400,000		395,826		400,000		395,492
3.40% Senior Notes (2019), due 2030	400,000		397,421		—		—
	$	1,983,044	$	2,069,224	$	991,363	$	1,101,827
Subordinated debt (year of issue):
5.35% Subordinated Debentures (2017), due 2052	$	500,000	$	495,528	$	500,000	$	495,426
3.55% Subordinated Funding Obligations (2018), due 2038	55,000		55,000		55,000		55,000
3.55% Subordinated Funding Obligations (2018), due 2038	55,000		55,000		55,000		55,000
	$	610,000	$	605,528	$	610,000	$	605,426

Non-recourse Funding Obligations Outstanding

Non-recourse funding obligations outstanding as of September 30, 2019, 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⁾	$	1,762,000	$	1,762,000	2039	4.75	%
Golden Gate II Captive Insurance Company	20,600		17,742		2052	5.48	%
Golden Gate V Vermont Captive Insurance Company⁽²⁾⁽³⁾	705,000		763,018		2037	5.12	%
MONY Life Insurance Company⁽³⁾	1,091		2,289		2024	6.19	%
Total	$	2,488,691	$	2,545,049

(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, 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

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, 2019 and December 31, 2018:

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, 2019
	(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	$	265,684	$	12,357	$	—	$	—	$	278,041






Total repurchase agreements and repurchase-to-maturity transactions	265,684		12,357		—		—		278,041
Securities lending transactions
Corporate securities	65,547		—		—		—		65,547



Equity securities	10,266		—		—		—		10,266

Other government related securities	837		—		—		—		837

Total securities lending transactions	76,650		—		—		—		76,650
Total securities	$	342,334	$	12,357	$	—	$	—	$	354,691

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 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	$	433,182	$	18,713	$	—	$	—	$	451,895






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



Total securities lending transactions	72,176		—		—		—		72,176
Total securities	$	505,358	$	18,713	$	—	$	—	$	524,071

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details