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DEBT AND OTHER OBLIGATIONS
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
DEBT AND OTHER OBLIGATIONS DEBT AND OTHER OBLIGATIONS
Under a revolving line of credit arrangement (the “Credit Facility”), PLC and the Company have the ability to borrow on an unsecured basis up to a combined aggregate principal amount of $1 billion. Under certain circumstances the Credit Facility allows for a request that the commitment be increased up to a maximum principal amount of $1.5 billion. Balances outstanding under the Credit Facility accrue interest at a rate equal to, at the option of the borrowers, (i) LIBOR plus a spread based on the ratings of PLC’s Senior Debt, or (ii) the sum of (A) a rate equal to the highest of (x) the Administrative Agent’s Prime rate, (y) 0.50% above the Funds Rate, or (z) the one-month LIBOR plus 1.00% and (B) a spread based on the ratings of PLC’s Senior Debt. The Credit Facility also provided for a facility fee at a rate that varies with the ratings of PLC’s Senior Debt and that is calculated on the aggregate amount of commitments under the Credit Facility, whether used or unused. The annual facility fee rate is 0.125% of the aggregate principal amount. The Credit Facility provides that PLC is liable for the full amount of any obligations for borrowings or letters of credit, including those of the Company, under the Credit Facility. The maturity date of the Credit Facility is May 3, 2023. The Company is not aware of any non-compliance with the financial debt covenants of the Credit Facility as of September 30, 2021. The Company had no outstanding balances drawn on the Credit Facility as of September 30, 2021 or December 31, 2020. PLC had an outstanding balance of $305 million and $190 million as of September 30, 2021 and December 31, 2020, respectively.
Secured Financing Transactions
Repurchase Program Borrowings
While the Company anticipates that its cash flows and the cash flows of its operating subsidiaries will be sufficient to meet its investment commitments and operating cash needs in a normal credit market environment, the Company recognizes that investment commitments scheduled to be funded may, from time to time, exceed the funds then available. Therefore, the Company has established repurchase agreement programs for certain of its insurance subsidiaries to provide liquidity when needed. The Company expects that the rate received on its investments will equal or exceed its borrowing rate. Under this program, the Company may, from time to time, sell an investment security at a specific price and agree to repurchase that security at another specified price at a later date. These borrowings are typically for a term less than 90 days. The market value of securities to be repurchased is monitored and collateral levels are adjusted where appropriate to protect the counterparty against credit exposure. Cash received is invested in fixed maturity securities, and the agreements provide for net settlement in the event of default or on termination of the agreements. As of September 30, 2021, the fair value of securities pledged under the repurchase program was $1,124 million, and the repurchase obligation of $1,104 million was included in the Company’s consolidated condensed balance sheets (at an average borrowing rate of 12 basis points). During the nine months ended September 30, 2021, the maximum balance outstanding at any one point in time related to these programs was $1,289 million. The average daily balance was $537 million (at an average borrowing rate of 12 basis points) during the nine months ended September 30, 2021. As of December 31, 2020, the fair value of securities pledged under the repurchase program was $452 million, and the repurchase obligation of $437 million was included in the Company’s consolidated condensed balance sheets (at an average borrowing rate of 15 basis points). During 2020, the maximum balance outstanding at any one point in time related to these programs was $825 million. The average daily balance was $143 million (at an average borrowing rate of 33 basis points) during the year ended December 31, 2020.
Securities Lending
The Company participates in securities lending, primarily as an investment yield enhancement, whereby securities that are held as investments are loaned out to third parties for short periods of time. The Company requires collateral at least equal to 102% of the fair value of the loaned securities to be separately maintained. The loaned securities’ fair value is monitored on a daily basis and collateral is adjusted accordingly. The Company maintains ownership of the securities at all times and is entitled to receive from the borrower any payments for interest received on such securities during the loan term. Securities lending transactions are accounted for as secured borrowings. As of September 30, 2021 and December 31, 2020, securities with a fair value of $160 million and $57 million, respectively, were loaned under this program. As collateral for the loaned securities, the Company receives cash which is primarily reinvested in short-term repurchase agreements, which are also collateralized by U.S. Government or U.S. Government Agency securities, and government money market funds. These investments are
recorded in short-term investments with a corresponding liability recorded in secured financing liabilities to account for its obligation to return the collateral. As of September 30, 2021 and December 31, 2020, the fair value of the collateral related to this program was $166 million and $59 million and the Company has an obligation to return $166 million and $59 million of collateral to the securities borrowers, respectively.

The following table provides the fair value of collateral pledged for repurchase agreements, grouped by asset class as of September 30, 2021 and December 31, 2020:

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, 2021
 (Dollars In Millions)
Overnight and
Continuous		Up to 30 days30-90 daysGreater Than
90 days		Total
Repurchase agreements and repurchase-to-maturity transactions     
U.S. Treasury and agency securities$1,091 $— $— $— $1,091 
Corporate securities33 — — — 33 
Total repurchase agreements and repurchase-to-maturity transactions1,124 — — — 1,124 
Securities lending transactions
Corporate securities156 — — — 156 
Equity securities1 — — — 1 
Redeemable preferred stocks3 — — — 3 
Total securities lending transactions160 — — — 160 
Total securities$1,284 $— $— $— $1,284 

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, 2020
 (Dollars In Millions)
Overnight and
Continuous		Up to 30 days30-90 daysGreater Than
90 days		Total
Repurchase agreements and repurchase-to-maturity transactions     
U.S. Treasury and agency securities$366 $86 $— $— $452 
Total repurchase agreements and repurchase-to-maturity transactions366 86 — — 452 
Securities lending transactions
Fixed maturity securities49 — — — 49 
Equity securities7 — — — 7 
Redeemable preferred stocks1 — — — 1 
Total securities lending transactions57 — — — 57 
Total securities$423 $86 $— $— $509 

Golden Gate Captive Insurance Company
On October 1, 2020, Golden Gate Captive Insurance Company (“Golden Gate”), a Vermont special purpose financial insurance company and a wholly owned subsidiary of the Company, entered into a transaction with a term of 20 years, that may be extended to a maximum of 25 years, to finance up to $5 billion of “XXX” and “AXXX” reserves related to the term life insurance business and universal life insurance with secondary guarantee business that is reinsured to Golden Gate by the Company and West Coast Life Insurance Company (“WCL”), a wholly owned subsidiary of the Company, pursuant to an Excess of Loss Reinsurance Agreement (the “XOL Agreement”) with Hannover Life Reassurance Company of America (Bermuda) Ltd., The Canada Life Assurance Company (Barbados Branch) and RGA Reinsurance Company (Barbados) Ltd. (collectively, the “Retrocessionaires”). The transaction is “non-recourse” to the Company, WCL, and PLC, meaning that none of these companies are liable to reimburse the Retrocessionaires for any XOL payments required to be made. As of September 30, 2021, the XOL Asset backing the difference in statutory and economic reserve liabilities was $4.343 billion.