DEBT AND OTHER OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Non-Recourse Funding Obligations Outstanding

Non-recourse funding obligations outstanding as of September 30, 2020, on a consolidated basis, are shown in the following table. See Note 15, Subsequent Events for additional information on the Company’s non-recourse funding obligations.

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)	$	1,858,000	$	1,858,000	2039	4.70	%
Golden Gate II Captive Insurance Company	329,949		275,895		2052	3.91	%
Golden Gate V Vermont Captive Insurance Company(2)(3)	750,000		806,015		2037	5.12	%
MONY Life Insurance Company(3)	1,885		2,216		2024	6.19	%
Total	$	2,939,834	$	2,942,126
(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. Changes in Golden Gate and Golden Gate V are non-cash items.
(3) Fixed rate obligations.

Non-recourse funding obligations outstanding as of December 31, 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)	$	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)	1,885		2,271		2024	6.19	%
Total	$	3,079,834	$	3,082,753
(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. Changes in Golden Gate and Golden Gate V are non-cash items.
(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 September 30, 2020 and December 31, 2019:

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, 2020
	(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	$	153,681	$	—	$	—	$	—	$	153,681
Total repurchase agreements and repurchase-to-maturity transactions	153,681		—		—		—		153,681
Securities lending transactions
Corporate securities	60,358		—		—		—		60,358
Equity securities	17,282		—		—		—		17,282
Other government related securities	2,554		—		—		—		2,554
Total securities lending transactions	80,194		—		—		—		80,194
Total securities	$	233,875	$	—	$	—	$	—	$	233,875

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 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	$	282,198	$	—	$	—	$	—	$	282,198
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
Total securities lending transactions	62,840		—		—		—		62,840
Total securities	$	345,038	$	—	$	—	$	—	$	345,038