Postretirement Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [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 March 31,
	Pension Benefits						Other Benefits
	2017			2016			2017		2016
Service cost	$	4,487		$	3,894		$	—	$	—
Interest cost	5,550			5,432			250		212
Expected return on assets	(5,899		)	(5,782		)	—		—
Amortization:
Prior service cost	119			120			—		—
Actuarial (gain)/loss	2,951			2,424			39		8
Direct recognition of expense	—			—			96		34
Net periodic benefit cost	$	7,208		$	6,088		$	385	$	254

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 March 31, 2017 and the prior-year end.

Pension Assets by Component

	March 31, 2017			December 31, 2016
	Amount		%	Amount		%
Corporate bonds	$	160,254	48	$	160,036	49
Exchange traded fund(1)	142,902		42	134,771		41
Other bonds	260		—	258		—
Guaranteed annuity contract(2)	19,126		6	18,997		6
Short-term investments	11,336		3	7,391		2
Other	3,075		1	7,418		2
Total	$	336,953	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

Pension Liability

	March 31, 2017		December 31, 2016
Funded defined benefit pension	$	460,475	$	449,613
SERP(1) (Active)	75,533		74,687
SERP(1) (Closed)	2,864		3,222
Pension Benefit Obligation	$	538,872	$	527,522

(1) Supplemental executive retirement plan (SERP).