Debt (Tables)

12 Months Ended

Dec. 31, 2013

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,
						2013						2012
Description	Annual Percentage Rate			Issue Date	Periodic Interest Payments Due	Outstanding Principal (Par Value)		Outstanding Principal (Book Value)		Outstanding Principal (Fair Value)		Outstanding Principal (Book Value)
Notes, due 5/15/23(1)(2)		7.875	%	5/93	5/15 & 11/15	$	165,612	$	163,609	$	204,489	$	163,471
Notes, due 8/1/13(1)(3)		7.375	%	7/93	2/1 & 8/1		0		0		0		93,956
Senior Notes, due 6/15/16(1)(6)		6.375	%	6/06	6/15 & 12/15		250,000		248,753		277,185		248,300
Senior Notes, due 6/15/19(1)(6)		9.250	%	6/09	6/15 & 12/15		292,647		290,268		376,089		289,950
Senior Notes, due 9/15/22(1)(6)		3.800	%	9/12	3/15 & 9/15		150,000		147,392		145,178		147,148
Junior Subordinated
Debentures due 12/15/52(4)(8)		5.875	%	9/12	quarterly		125,000		120,843		108,450		120,817
Junior Subordinated
Debentures due 3/15/36(4)(5)		3.543	%(9)	(10)	quarterly		20,000		20,000		20,000		20,000
Total funded debt							1,003,259		990,865		1,131,391		1,083,642
Less current maturity of long-term debt							0		0		0		(93,956	)
Total long-term debt							1,003,259		990,865		1,131,391		989,686
Current maturity of long-term debt(7)							0		0		0		93,956
Commercial Paper(7)							229,140		229,070		229,070		225,087
Total short-term debt							229,140		229,070		229,070		319,043
Total debt						$	1,232,399	$	1,219,935	$	1,360,461	$	1,308,729

(1) All securities other than the Junior Subordinated Debentures have equal priority with one another.

(2) Not callable.

(3) Repaid August 1, 2013.

(4) Quarterly payments on the 15th of March, June, Sept., and Dec.

(5) Callable anytime.

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

(7) Classified as short-term debt.

(8) Callable as of December 15, 2017.

(9) Interest paid at 3 month LIBOR plus 330 basis points, resets each quarter.

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

Short Term Borrowing

A table presenting selected information concerning Torchmark’s short-term borrowings is presented below.

Short-Term Borrowings

	At December 31,
	2013			2012
Balance at end of period (at par value)	$	229,140		$	225,180
Annualized interest rate		.30	%		.36	%
Letters of credit outstanding	$	198,000		$	198,000
Remaining amount available under credit line		172,860			176,820

	For the Year Ended December 31,
	2013			2012			2011
Average balance outstanding during period	$	274,435		$	250,401		$	206,148
Daily-weighted average interest rate*		.31	%		.41	%		.39	%
Maximum daily amount outstanding during period	$	340,140		$	385,000		$	271,761

* Annualized