Retirement Agreements And Other Postretirement Benefits

3 Months Ended

Mar. 31, 2017

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 $9,468,000 and $8,487,000 as of March 31, 2017 and December 31, 2016, 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 March 31, 2017 and 2016:

	Three Months Ended March 31,
	2017		2016
Service cost – benefits earned during the year	$	—	$	2,545
Interest cost on the projected benefit obligation	9,217		8,781
Amortization of unrecognized prior service cost	—		—
Amortization of unrecognized losses	2,153		2,235
Net periodic benefits costs	$	11,370	$	13,561