Retirement Agreements And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Agreements And Other Postretirement Benefits

Retirement Agreements and Other Postretirement Benefits

The Company’s subsidiary, Investors Title Insurance Company, is party to employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement estimated to total $6,938,000 and $6,580,000 as of June 30, 2014 and December 31, 2013, respectively.  The executive employee benefits include health insurance, dental, vision and life insurance and are unfunded.  These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets.  The following sets forth the net periodic benefits cost for the executive benefits for the periods ended June 30, 2014 and 2013:

	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
Service cost – benefits earned during the year	$	3,667	$	3,945		$	7,334	$	7,891
Interest cost on the projected benefit obligation	7,618		7,103			15,236		14,206
Amortization (accretion) of unrecognized prior service cost	555		(379		)	1,109		(759		)
Amortization of unrecognized losses	—		1,574			—		3,147
Net periodic benefits costs	$	11,840	$	12,243		$	23,679	$	24,485