Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Postretirement Benefit Plans

Postretirement Benefits

The following table presents a summary of post-retirement benefit costs by component.

Components of Post-Retirement Benefit Costs

	Three Months Ended March 31,
	Pension Benefits						Other Benefits
	2018			2017			2018		2017
Service cost	$	5,277		$	4,487		$	—	$	—
Interest cost	5,493			5,550			228		250
Expected return on assets	(6,363		)	(5,899		)	—		—
Amortization:
Prior service cost	119			119			—		—
Actuarial (gain)/loss	3,636			2,951			23		39
Direct recognition of expense	—			—			140		96
Net periodic benefit cost	$	8,162		$	7,208		$	391	$	385

The following tables present the assets of Torchmark’s defined benefit pension plans for the years ended March 31, 2018 and December 31, 2017.

Pension Assets by Component at March 31, 2018

	Fair Value Determined by:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Amount		% to Total
Corporate bonds:
Financial	$		$	41,709	$		$	41,709	11
Utilities			44,870				44,870		12
Energy			23,846				23,846		7
Other corporates			62,666				62,666		17
Total corporate bonds	—		173,091		—		173,091		47
Exchange traded fund(1)	162,980						162,980		45
Other bonds			249				249		—
Other long-term investments			2,439				2,439		1
Guaranteed annuity contract(2)			21,322				21,322		6
Short-term investments	2,070						2,070		—
Other	3,623						3,623		1
Grand Total	$	168,673	$	197,101	$	—	$	365,774	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 Assets by Component at December 31, 2017

	Fair Value Determined by:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Amount		% to Total
Corporate bonds:
Financial	$		$	43,451	$		$	43,451	12
Utilities			46,144				46,144		12
Energy			25,023				25,023		7
Other corporates			65,888				65,888		17
Total corporate bonds	—		180,506		—		180,506		48
Exchange traded fund(1)	164,351						164,351		43
Other bonds			256				256		—
Other long-term investments			2,304				2,304		1
Guaranteed annuity contract(2)			21,202				21,202		6
Short-term investments	3,984						3,984		1
Other	5,021						5,021		1
Grand Total	$	173,356	$	204,268	$	—	$	377,624	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.

The following table presents liabilities for the defined-benefit pension plans at March 31, 2018 and December 31, 2017.

Pension Liability

	March 31, 2018		December 31, 2017
Funded defined benefit pension	$	509,526	$	518,140
SERPs(1)	84,828		84,465
Pension Benefit Obligation	$	594,354	$	602,605

(1) Supplemental executive retirement plan (SERP).

The following table includes information regarding the SERPs at March 31, 2018 and December 31, 2017.

	March 31, 2018		December 31, 2017
Premiums paid for insurance coverage	$	1,047	$	2,050
Total investments:
Company owned life insurance	$	41,608	$	40,273
Exchange traded funds	53,598		55,442
	$	95,206	$	95,715
Liability:
Active plan	$	82,200	$	81,457
Closed plan	2,628		3,008