Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2017

Retirement Benefits [Abstract]

Summary of Post-Retirement Benefit Costs by Component

The following tables present a summary of post-retirement benefit costs by component.

Components of Post-Retirement Benefit Costs

	Three Months Ended June 30,
	Pension Benefits						Other Benefits
	2017			2016			2017		2016
Service cost	$	4,484		$	3,894		$	—	$	—
Interest cost	5,551			5,432			250		212
Expected return on assets	(5,898		)	(5,782		)	—		—
Amortization:
Prior service cost	119			120			—		—
Actuarial (gain) loss	2,952			2,423			38		8
Direct recognition of expense	—			—			116		20
Net periodic benefit cost	$	7,208		$	6,087		$	404	$	240
	Six Months Ended June 30,
	Pension Benefits						Other Benefits
	2017			2016			2017		2016
Service cost	$	8,971		$	7,788		$	—	$	—
Interest cost	11,101			10,864			500		424
Expected return on assets	(11,797		)	(11,564		)	—		—
Amortization:
Prior service cost	238			240			—		—
Actuarial (gain)/loss	5,903			4,847			77		16
Direct recognition of expense	—			—			212		54
Net periodic benefit cost	$	14,416		$	12,175		$	789	$	494

Schedule of Assets at Fair Value for Defined-Benefit Pension Plans

The following table presents assets at fair value for the defined-benefit pension plans at June 30, 2017 and the prior-year end.

Pension Assets by Component

	June 30, 2017			December 31, 2016
	Amount		%	Amount		%
Corporate bonds	$	158,227	45	$	160,036	49
Exchange traded fund(1)	147,357		42	134,771		41
Other bonds	261		—	258		—
Guaranteed annuity contract(2)	19,254		5	18,997		6
Short-term investments	24,673		7	7,391		2
Other	5,281		1	7,418		2
Total	$	355,053	100	$	328,871	100

(1) A fund including marketable securities that mirror the S&P 500 index.

(2) Representing a guaranteed annuity contract issued by Torchmark's subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Pension Plan.

Pension Liability

The following table presents liabilities for the defined-benefit pension plans at June 30, 2017 and the prior-year end.

Pension Liability

	June 30, 2017		December 31, 2016
Funded defined benefit pension	$	469,357	$	449,613
SERP(1) (Active)	76,377		74,687
SERP(1) (Closed)	2,845		3,222
Pension Benefit Obligation	$	548,579	$	527,522

(1) Supplemental executive retirement plan (SERP)