Retirement Agreements And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2016

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 ("ITIC"), is a 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 $8,463,000 and $7,818,000 as of September 30, 2016 and December 31, 2015, 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 September 30, 2016 and 2015:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Service cost – benefits earned during the year	$	2,545	$	4,187	$	7,635	$	12,561
Interest cost on the projected benefit obligation	8,781		7,693		26,343		23,079
Amortization of unrecognized prior service cost	—		1,098		—		3,293
Amortization of unrecognized losses	2,235		878		6,705		2,635
Net periodic benefits costs	$	13,561	$	13,856	$	40,683	$	41,568