Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 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 September 30,
	Pension Benefits						Other Benefits
	2017			2016			2017		2016
Service cost	$	4,486		$	3,894		$	—	$	—
Interest cost	5,552			5,430			249		212
Expected return on assets	(5,900		)	(5,782		)	—		—
Amortization:
Prior service cost	118			120			—		—
Actuarial (gain) loss	2,952			2,423			38		8
Direct recognition of expense	—			—			111		45
Net periodic benefit cost	$	7,208		$	6,085		$	398	$	265
	Nine Months Ended September 30,
	Pension Benefits						Other Benefits
	2017			2016			2017		2016
Service cost	$	13,457		$	11,682		$	—	$	—
Interest cost	16,653			16,294			749		636
Expected return on assets	(17,697		)	(17,346		)	—		—
Amortization:
Prior service cost	356			360			—		—
Actuarial (gain)/loss	8,855			7,270			115		24
Direct recognition of expense	—			—			323		99
Net periodic benefit cost	$	21,624		$	18,260		$	1,187	$	759

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 September 30, 2017 and December 31, 2016.

Pension Assets by Component

	September 30, 2017			December 31, 2016
	Amount		%	Amount		%
Corporate bonds	$	172,587	47	$	160,036	49
Exchange traded fund(1)	153,824		42	134,771		41
Other bonds	259		—	258		—
Guaranteed annuity contract(2)	21,163		6	18,997		6
Short-term investments	12,676		4	7,391		2
Other	5,118		1	7,418		2
Total	$	365,627	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 September 30, 2017 and December 31, 2016.

Pension Liability

	September 30, 2017		December 31, 2016
Funded defined benefit pension	$	475,927	$	449,613
SERP(1) (Active)	77,223		74,687
SERP(1) (Closed)	2,827		3,222
Pension Benefit Obligation	$	555,977	$	527,522

(1) Supplemental executive retirement plan (SERP)