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Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block] Stockholders’ Equity

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 66,475 shares of stock for $4.6 million in 2019, 232,837 shares of stock for $15.9 million in 2018 and 3,511 shares of stock for $0.2 million in 2017. 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 $36.3 million remaining available for repurchases at December 31, 2019 under the active repurchase program.

Dividends
 
 
 
 
 
 
Year ended December 31,
 
2019
 
2018
 
2017
Class A and B common stock:
 
Cash dividends per common share
$
1.92

 
$
1.84

 
$
1.76

Special cash dividend per common share
1.50

 
1.50

 
1.50

Total common stock dividends per share
$
3.42

 
$
3.34

 
$
3.26

 
 
 
 
 
 
Series B preferred stock cash dividends per share
$
0.03

 
$
0.03

 
$
0.03



Special cash dividends paid to our Class A and Class B common shareholders totaled $37.0 million in 2019, $37.3 million in 2018 and $37.4 million in 2017.

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, 2019. 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.
Reconciliation of Outstanding Common Stock
 
 
 
 
 
 
 
 
 
Class A
 
Class B (1)
 
Total
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Shares
 
Dollars
 
(Dollars in thousands)
Outstanding at January 1, 2017
24,882,542

 
$
152,903

 
11,413

 
$
72

 
24,893,955

 
$
152,975

Stock-based compensation
40,082

 
708

 
—

 
—

 
40,082

 
708

Purchase of common stock
(3,511
)
 
(22
)
 
—

 
—

 
(3,511
)
 
(22
)
Outstanding at December 31, 2017
24,919,113

 
153,589

 
11,413

 
72

 
24,930,526

 
153,661

Issuance of common stock under compensation plans
21,126

 
499

 
—

 
—

 
21,126

 
499

Purchase of common stock
(232,837
)
 
(1,436
)
 
—

 
—

 
(232,837
)
 
(1,436
)
Outstanding at December 31, 2018
24,707,402

 
152,652

 
11,413

 
72

 
24,718,815

 
152,724

Stock-based compensation
11,875

 
419

 
—

 
—

 
11,875

 
419

Purchase of common stock
(66,475
)
 
(410
)
 
—

 
—

 
(66,475
)
 
(410
)
Outstanding at December 31, 2019
24,652,802

 
$
152,661

 
11,413

 
$
72

 
24,664,215

 
$
152,733


(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 to elect Class A Directors (four to ten). Holders of the Class B common stock elect the Class B Directors (five to seven). Voting for the Directors is noncumulative. All of the holders of our Class B common stock are parties to a Stockholders’ Agreement. The IFBF’s ownership in the three classes of stock results in IFBF owning 71.5% of our voting stock as of December 31, 2019 and having the ability to control the Company. Holders of Class A common stock and Class B common stock receive equal per-share cash dividends.

The IFBF owns all of our outstanding 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 cash dividends 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.

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, 2017
$
156,963

 
$
311

 
$
(7,719
)
 
$
149,555

Other comprehensive income before reclassifications
88,534

 
136

 
—

 
88,670

Reclassification related to the Tax Act (3)
49,657

 
90

 
(1,521
)
 
48,226

Reclassification adjustments
15

 
—

 
(1,483
)
 
(1,468
)
Balance at December 31, 2017
295,169

 
537

 
(10,723
)
 
284,983

Cumulative effect of change in accounting principle related to net unrealized gains on equity securities (4)
(5,480
)
 
—

 
—

 
(5,480
)
Other comprehensive income before reclassifications
(191,158
)
 
2,654

 
—

 
(188,504
)
Reclassification adjustments
(1,610
)
 
(58
)
 
1,987

 
319

Balance at December 31, 2018
96,921

 
3,133

 
(8,736
)
 
91,318

Other comprehensive income before reclassifications
265,910

 
(1,159
)

—

 
264,751

Reclassification adjustments
189

 
—

 
(1,494
)
 
(1,305
)
Balance at December 31, 2019
$
363,020

 
$
1,974

 
$
(10,230
)
 
$
354,764


(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.
(3)
Reclassification of the initial impact of the remeasurement of deferred tax assets and liabilities upon enactment of the Tax Act. See discussion of this accounting change as discussed in Note 1.
(4)
See Note 1 to our consolidated financial statements for further discussion on this one-time adjustment related to an accounting change.

Accumulated Other Comprehensive Income Reclassification Adjustments
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2019
 
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 fixed maturities
$
(2
)
 
$
—

 
$
—

 
$
(2
)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities
241

 
—

 
—

 
241

Other expenses - change in unrecognized postretirement items:
 
 
 
 
 
 
 
Net actuarial gain
—

 
—

 
(1,892
)
 
(1,892
)
Reclassifications before income taxes
239

 
—

 
(1,892
)
 
(1,653
)
Income taxes
(50
)
 
—

 
398

 
348

Reclassification adjustments
$
189

 
$
—

 
$
(1,494
)
 
$
(1,305
)

 
Year ended December 31, 2018
 
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
$
(1,832
)
 
$
—

 
$
—

 
$
(1,832
)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities
(206
)
 
1

 
—

 
(205
)
Other than temporary impairment losses
—

 
(74
)
 
—

 
(74
)
Other expenses - change in unrecognized postretirement items:
 
 
 
 
 
 
 
Net actuarial loss
—

 
—

 
2,515

 
2,515

Reclassifications before income taxes
(2,038
)
 
(73
)
 
2,515

 
404

Income taxes
428

 
15

 
(528
)
 
(85
)
Reclassification adjustments
$
(1,610
)
 
$
(58
)
 
$
1,987

 
$
319

 
Year ended December 31, 2017
 
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
$
(255
)
 
$
—

 
$
—

 
$
(255
)
Adjustments for assumed changes in deferred policy acquisition costs, value of insurance in force acquired, unearned revenue reserve and policyholder liabilities
274

 
—

 
—

 
274

Other expenses - change in unrecognized postretirement items:
 
 
 
 
 
 


Net actuarial loss
—

 
—

 
(1,702
)
 
(1,702
)
Reclassifications before income taxes
19

 
—

 
(1,702
)
 
(1,683
)
Income taxes
(4
)
 
—

 
219

 
215

Reclassification adjustments
$
15

 
$
—

 
$
(1,483
)
 
$
(1,468
)

(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.