Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Selected Information about Debt Issues

The following table presents information about the terms and outstanding balances of Torchmark’s debt.

Selected Information about Debt Issues

						As of December 31,
						2018						2017
	Annual Interest Rate			Issue Date	Periodic Interest Payments Due	Outstanding Principal (Par Value)		Outstanding Principal (Book Value)		Outstanding Principal (Fair Value)		Outstanding Principal (Book Value)
Long-term debt:
Notes, due 5/15/23(3,5)	7.875	%		5/93	5/15 & 11/15	$	165,612	$	164,490	$	192,945	$	164,284
Senior Notes, due 6/15/19(3,14)	9.250	%		6/09	6/15 & 12/15	—		—		—		291,888
Senior Notes, due 9/15/22(3,7)	3.800	%		9/12	3/15 & 9/15	150,000		148,777		150,481		148,477
Senior Notes, due 9/15/28(3,7)	4.550	%		9/18	3/15 & 9/15	550,000		543,169		558,825		—
Junior Subordinated Debentures due 3/15/36(4,11,15)	—	%	(12)	(10)	quarterly	—		—		—		20,000
Junior Subordinated Debentures due 6/15/56(4,8,11)	6.125	%		4/16	quarterly	300,000		290,520		301,200		290,460
Junior Subordinated Debentures due 11/17/57(4,9)	5.275	%		11/17	6/15 & 12/15	125,000		123,354		94,129		123,342
Term loan due 5/17/21(1,6)	3.595	%	(13)	6/16	monthly	93,750		93,750		93,750		98,125
						1,384,362		1,364,060		1,391,330		1,136,576
Less current maturity of term loan						6,875		6,875		6,875		4,375
Total long-term debt						1,377,487		1,357,185		1,384,455		1,132,201
Short-term debt:
Current maturity of term loan						6,875		6,875		6,875		4,375
Commercial paper(2)						302,100		300,973		300,973		323,692
Total short-term debt						308,975		307,848		307,848		328,067
Total debt						$	1,686,462	$	1,665,033	$	1,692,303	$	1,460,268

(1) The term loan has higher priority than all other debt issues.

(2) Commercial paper has priority over all other debt except the term loan.

(3) All securities, other than the term loan, commercial paper and Junior Subordinated Debentures have equal priority with one another.

(4) All Junior Subordinated Debentures have equal priority, but are subordinate to all other issues.

(5) Not callable.

(6) Callable anytime.

(7) Callable subject to “make-whole” premium.

(8) Callable at any time on or after June15, 2021, and prior to this date upon the occurrence of a Tax Event or Rating Agency Event.

(9) Callable at any time on or after November 17, 2022, and prior to this date upon the occurrence of a Tax Event or Rating Agency Event.

(10) Assumed upon November 1, 2012 acquisition of Family Heritage.

(11) Quarterly payments on the 15th of March, June, September, and December.

(12) Interest paid at3 Month LIBOR plus 330 basis points, resets each quarter.

(13) Interest paid at1 Month LIBOR plus 125 basis points, resets each month.

(14) Redeemed on October 29, 2018.

(15) Redeemed on June 15, 2018.

Schedule of Maturities of Long-term Debt

The following table presents expected scheduled principal payments under our contractual debt obligations:

	Year Ended December 31,
	2019		2020		2021		2022		2023		Thereafter
Debt obligations	$	308,975	$	9,375	$	77,500	$	150,000	$	165,612	$	975,000

Short-Term Borrowings

Credit Facility - Commercial Paper

	At December 31,
	2018			2017
Balance at end of period (at par value)	$	302,100		$	324,250
Annualized interest rate	2.93		%	1.78		%
Letters of credit outstanding	$	155,000		$	177,000
Remaining amount available under credit line	$	292,900		$	248,750

	Year Ended December 31,
	2018			2017			2016
Average balance outstanding during period	$	368,228		$	323,429		$	301,550
Daily-weighted average interest rate (annualized)	2.40		%	1.30		%	0.83		%
Maximum daily amount outstanding during period	$	525,990		$	455,912		$	412,676