Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Stockholders' Equity

The Iowa Farm Bureau Federation (IFBF) owns our Series B preferred stock. Each share of Series B preferred stock has a liquidation preference of $0.60 and voting rights identical to that of Class A common stock with the exception that each Series B share is entitled to two votes while each Class A share is entitled to one vote. The Series B preferred stock pays cumulative annual cash dividends of $0.03 per share, payable quarterly, and is redeemable by us, at our option, at $0.60 per share plus unpaid dividends if the stock ceases to be beneficially owned by a Farm Bureau organization.

Reconciliation of Outstanding Common Stock
	Class A					Class B			Total
	Shares		Dollars			Shares	Dollars		Shares		Dollars
	(Dollars in thousands)
Outstanding at January 1, 2014	24,742,942		$	134,993		11,413	$	72	24,754,355		$	135,065
Issuance of common stock under compensation plans	390,707		12,028			—	—		390,707		12,028
Purchase of common stock	(429,746	)	(2,396		)	—	—		(429,746	)	(2,396		)
Outstanding at December 31, 2014	24,703,903		144,625			11,413	72		24,715,316		144,697
Issuance of common stock under compensation plans	159,764		5,022			—	—		159,764		5,022
Purchase of common stock	(66,904	)	(399		)	—	—		(66,904	)	(399		)
Outstanding at December 31, 2015	24,796,763		149,248			11,413	72		24,808,176		149,320
Issuance of common stock under compensation plans	96,101		3,718			—	—		96,101		3,718
Purchase of common stock	(10,322	)	(63		)	—	—		(10,322	)	(63		)
Outstanding at December 31, 2016	24,882,542		$	152,903		11,413	$	72	24,893,955		$	152,975

(1) There is no established market for our Class B common stock, although it is convertible upon demand of the holder into Class A common stock on a share-for-share basis.

Holders of the Class A common stock and Series B preferred stock vote together as a group in the election of Class A Directors (four to ten). The Class B common stock votes as a separate class to elect the Class B Directors (five to seven). Voting for the Directors is noncumulative. Ownership aspects of our Class B common stock are governed by a Class B Shareholder Agreement. The IFBF's ownership in the three classes of stock results in IFBF owning 71% of our voting stock as of December 31, 2016, and having the ability to control the Company. Holders of Class A common stock and Class B common stock receive equal per-share common stock dividends.

Share Repurchases

We periodically repurchase our Class A common stock under programs approved by our Board of Directors. These repurchase programs authorize us to make repurchases in the open market or through privately negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Under these programs, we repurchased 10,322 shares of stock for $0.6 million in 2016, 66,904 shares of stock for $3.7 million in 2015 and 429,746 shares of stock for $18.5 million in 2014. Completion of this program is dependent on market conditions and other factors. There is no guarantee as to the exact timing of any repurchases or the number of shares, if any, that we will repurchase. The share repurchase program may be modified or terminated at any time without prior notice. There was $49.5 million remaining available for repurchases at December 31, 2016 under the active repurchase program.

Dividend Restrictions

We have agreed that we will not pay dividends on the Class A or Class B Common Stock, nor on the Series B Preferred Stock, if we are in default of the Subordinated Deferrable Interest Note Agreement dated May 30, 1997 with FBL Financial Group Capital Trust. We are compliant with all terms of this agreement at December 31, 2016. See Note 6 for additional information regarding this agreement.

The amount of dividends we have available to pay our common shareholders is limited to a certain extent by the amount of dividends our primary operating subsidiary, Farm Bureau Life, is able to pay to its parent, FBL Financial Group, Inc. See Note 12 for discussion on our statutory dividend restrictions.

Special Dividends

In March 2016, we declared a special $2.00 per share cash dividend payable to Class A and Class B common shareholders totaling $49.7 million. In March 2015, we declared a special $2.00 per share cash dividend payable to Class A and Class B common shareholders totaling $49.5 million.

Accumulated Other Comprehensive Income, Net of Tax and Other Offsets
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Gains (Losses)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Balance at January 1, 2014	$	126,587		$	(1,366	)	$	(6,154	)	$	119,067
Other comprehensive income before reclassifications	141,947			2,497			—			144,444
Reclassification adjustments	(2,323		)	—			(2,778		)	(5,101		)
Balance at December 31, 2014	266,211			1,131			(8,932		)	258,410
Other comprehensive income before reclassifications	(143,731		)	(1,155		)	—			(144,886		)
Reclassification adjustments	(1,693		)	(90		)	2,791			1,008
Balance at December 31, 2015	120,787			(114		)	(6,141		)	114,532
Other comprehensive income before reclassifications	37,895			1,901			—			39,796
Reclassification adjustments	(1,719		)	(1,476		)	(1,578		)	(4,773		)
Balance at December 31, 2016	$	156,963		$	311		$	(7,719	)	$	149,555

(1) Unrealized net investment gains (losses) relate to available-for-sale securities and include the impact of taxes, deferred acquisition costs, value of insurance in force acquired, unearned revenue reserves and policyholder liabilities. See Note 2 for further information.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Pension Plans.

Accumulated Other Comprehensive Income Reclassification Adjustments
	Year ended December 31, 2016
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(1,799	)	$	—		$	—		$	(1,799	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	(845		)	180			—			(665		)
Other than temporary impairment losses	—			(2,451		)	—			(2,451		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(1		)	(1		)
Net actuarial gain	—			—			(2,425		)	(2,425		)
Reclassifications before income taxes	(2,644		)	(2,271		)	(2,426		)	(7,341		)
Income taxes	925			795			848			2,568
Reclassification adjustments	$	(1,719	)	$	(1,476	)	$	(1,578	)	$	(4,773	)

	Year ended December 31, 2015
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)			Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(2,829	)	$	—		$	—		$	(2,829	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	224			7			—			231
Other than temporary impairment losses	—			(146		)	—			(146		)
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—			(12		)	(12		)
Net actuarial loss	—			—			4,306			4,306
Reclassifications before income taxes	(2,605		)	(139		)	4,294			1,550
Income taxes	912			49			(1,503		)	(542		)
Reclassification adjustments	$	(1,693	)	$	(90	)	$	2,791		$	1,008

	Year ended December 31, 2014
	Unrealized Net Investment Gains (Losses) (1)			Accumulated Non-Credit Impairment Losses (1)		Underfunded Portion of Certain Benefit Plans (2)			Total
	(Dollars in thousands)
Realized capital gains on sales of investments	$	(3,760	)	$	—	$	—		$	(3,760	)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities	186			—		—			186
Other expenses - change in unrecognized postretirement items:
Prior service costs	—			—		(11		)	(11		)
Net actuarial gain	—			—		(4,263		)	(4,263		)
Reclassifications before income taxes	(3,574		)	—		(4,274		)	(7,848		)
Income taxes	1,251			—		1,496			2,747
Reclassification adjustments	$	(2,323	)	$	—	$	(2,778	)	$	(5,101	)

(1) See Note 2 for further information.

(2) For descriptions of the underfunded portion of our postretirement benefit plans, see Note 8 - Other Retirement Plans, and for certain other defined benefit plans, see Note 8 - Defined Benefit Plans.