DEBT AND OTHER OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2019

Non-recourse funding obligations outstanding

Non-recourse funding obligations outstanding, 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)
As of December 31, 2019
Golden Gate Captive Insurance Company⁽²⁾⁽³⁾	$	2,028,000	$	2,028,000	2039	4.70	%
Golden Gate II Captive Insurance Company	329,949		274,955		2052	5.06	%
Golden Gate V Vermont Captive Insurance Company⁽²⁾⁽³⁾	720,000		777,527		2037	5.12	%
MONY Life Insurance Company⁽³⁾	1,091		2,271		2024	6.19	%
Total	$	3,079,040	$	3,082,753


Issuer	Outstanding Principal		Carrying Value⁽¹⁾		Maturity Year	Year-to-Date Weighted- Avg Interest Rate
	(Dollars In Thousands)
As of December 31, 2018
Golden Gate Captive Insurance Company⁽²⁾⁽³⁾	$	1,883,000	$	1,883,000	2039	4.75	%
Golden Gate II Captive Insurance Company	329,949		273,535		2052	4.24	%
Golden Gate V Vermont Captive Insurance Company⁽³⁾	670,000		729,454		2037	5.12	%
MONY Life Insurance Company⁽³⁾	1,091		2,340		2024	6.19	%
Total	$	2,884,040	$	2,888,329

(1)Carrying values include premiums and discounts and do not represent unpaid principal balances.

(2)Obligations are issued to non-consolidated subsidiaries of PLC. These obligations collateralize certain held-to-maturity securities issued by wholly owned subsidiaries of the Company.

(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, 2019 and 2018:

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, 2019
	(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	$	282,198	$	—	$	—	$	—	$	282,198
Mortgage loans	—		—		—		—		—
Total repurchase agreements and repurchase-to-maturity transactions	$	282,198	$	—	$	—	$	—	$	282,198
Securities lending transactions
Fixed maturity securities	55,720		—		—		—		55,720
Equity securities	7,120		—		—		—		7,120
Redeemable preferred stocks	—		—		—		—		—
Total securities lending transactions	62,840		—		—		—		62,840
Total securities	$	345,038	$	—	$	—	$	—	$	345,038

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

Interest income and interest expense

Interest expense, included in other operating expenses, is summarized as follows:


	For The Year Ended December 31,
	2019		2018		2017
	(Dollars In Millions)
Subordinated funding obligations	$	3.9	$	2.6	$	—
Non-recourse funding obligations, other obligations, and repurchase agreements	175.8		181.9		177.7
Total interest expense	$	179.7	$	184.5	$	177.7