Globe Life (GL) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	TORCHMARK CORP
Entity Central Index Key	320,335
Trading Symbol	TMK
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		120,650,716

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Investments:
Fixed maturities, available for sale, at fair value (amortized cost: 2016–$13,489,492; 2015–$13,251,871)		$ 14,459,605	$ 13,758,024
Equity securities, at fair value (cost: 2016–$776; 2015–$776)		1,610	1,635
Policy loans		496,840	492,462
Other long-term investments		37,237	36,803
Short-term investments		144,671	54,766
Total investments		15,139,963	14,343,690
Cash	[1]	12,758	61,383
Accrued investment income		221,186	209,915
Other receivables		349,652	344,552
Deferred acquisition costs		3,656,449	3,617,135
Goodwill		441,591	441,591
Other assets		511,656	522,104
Assets held for sale		287,766	312,843
Total assets		20,621,021	19,853,213
Liabilities:
Future policy benefits		12,394,378	12,245,811
Unearned and advance premiums		71,537	67,021
Policy claims and other benefits payable		269,198	272,898
Other policyholders’ funds		95,532	95,988
Total policy liabilities		12,830,645	12,681,718
Current and deferred income taxes payable		1,665,136	1,450,888
Other liabilities		382,821	380,158
Short-term debt		557,163	490,129
Long-term debt (fair value: 2016–$860,647; 2015–856,291)		743,953	743,733
Liabilities held for sale		49,560	51,035
Total liabilities		$ 16,229,278	$ 15,797,661
Commitments and Contingencies
Preferred stock, par value $1 per share–Authorized 5,000,000 shares; outstanding: -0- in 2016 and in 2015		$ 0	$ 0
Common stock, par value $1 per share–Authorized 320,000,000 shares; outstanding: (2016–130,218,183 issued, less 9,125,010 held in treasury and 2015–130,218,183 issued, less 7,848,231 held in treasury)		130,218	130,218
Additional paid-in capital		482,672	482,284
Accumulated other comprehensive income		535,475	231,947
Retained earnings		3,715,179	3,614,369
Treasury stock, at cost		(471,801)	(403,266)
Total shareholders’ equity		4,391,743	4,055,552
Total liabilities and shareholders’ equity		$ 20,621,021	$ 19,853,213
[1]	Due to the adoption of ASU 2016-09, the excess tax benefits from stock option exercises of $2 million for the quarter ended March 31, 2016 were presented as a component of operating activities in the same manner as other cash flows related to income taxes. See further discussion at Note 2—New Accounting Standards.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Fixed maturities, available for sale, amortized cost	$ 13,489,492	$ 13,251,871
Equity securities, cost	776	776
Long-term debt, fair value	$ 860,647	$ 856,291
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	320,000,000	320,000,000
Common stock, shares issued	130,218,183	130,218,183
Common stock, shares held in treasury	9,125,010	7,848,231

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	[1]	Mar. 31, 2015	[2]
Revenue:
Life premium	$ 544,151		$ 513,342
Health premium	235,697		228,673
Other premium	12		41
Total premium	779,860		742,056
Net investment income	197,053		191,596
Realized investment gains	293		119
Other income	421		669
Total revenue	977,627		934,440
Benefits and expenses:
Life policyholder benefits	362,860		339,701
Health policyholder benefits	152,775		148,029
Other policyholder benefits	9,338		10,045
Total policyholder benefits	524,973		497,775
Amortization of deferred acquisition costs	118,806		110,660
Commissions, premium taxes, and non-deferred acquisition costs	61,602		57,105
Other operating expense	57,429		55,363
Interest expense	19,369		19,060
Total benefits and expenses	782,179		739,963
Income before income taxes	195,448		194,477
Income taxes	(61,874)		(63,699)
Income from continuing operations	133,574		130,778
Discontinued operations:
Income (loss) from discontinued operations, net of tax	(9,541)		(9,130)
Net income	$ 124,033		$ 121,648
Basic net income per share:
Continuing operations (in dollars per share)	$ 1.10		$ 1.03
Discontinued operations (in dollars per share)	(0.08)		(0.07)
Basic net income per share (in dollars per share)	1.02		0.96
Diluted net income per share:
Continuing operations (in dollars per share)	1.08		1.02
Discontinued operations (in dollars per share)	(0.07)		(0.07)
Diluted net income per share (in dollars per share)	1.01		0.95
Dividends declared per common share	$ 0.14		$ 0.14
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Net income	$ 124,033	[1]	$ 121,648	[2]
Unrealized gains (losses) on securities:
Less applicable (taxes) benefits	(162,589)		(92,131)
Unrealized investment gains (losses), net of tax	302,004		171,245
Unrealized gains (losses) attributable to deferred acquisition costs	(2,769)		652
Less applicable (taxes) benefits	969		(228)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax	(1,800)		424
Foreign exchange translation adjustments, other than securities	1,760		(8,691)
Less applicable (taxes) benefits	(540)		2,729
Foreign exchange translation adjustments, other than securities, net of tax	1,220		(5,962)
Pension adjustments	3,238		3,820
Less applicable (taxes) benefits	(1,134)		(1,338)
Pension adjustments, net of tax	2,104		2,482
Other comprehensive income (loss)	303,528		168,189
Comprehensive income (loss)	427,561		289,837
Securities [Member]
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during period	465,157		266,582
Reclassification adjustment for (gains) losses on securities included in net income	(313)		(119)
Reclassification adjustment for amortization of (discount) and premium	(1,364)		(1,672)
Foreign exchange adjustment on securities recorded at fair value	455		(2,558)
Unrealized gains (losses) on securities	463,935		262,233
Other Investments [Member]
Unrealized gains (losses) on securities:
Unrealized gains (losses) on other investments	658		1,143
Total unrealized investment gains (losses)	$ 464,593		$ 263,376
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Cash provided from operations	$ 337,748	[1]	$ 279,729
Investments sold or matured:
Fixed maturities available for sale—sold	14,331	[1]	11,444
Fixed maturities available for sale—matured, called, and repaid	44,622	[1]	127,554
Other long-term investments	8	[1]	51
Total long-term investments sold or matured	58,961	[1]	139,049
Acquisition of investments:
Fixed maturities—available for sale	(287,204)	[1]	(291,798)
Other long-term investments	(644)	[1]	(19)
Total investments acquired	(287,848)	[1]	(291,817)
Net increase in policy loans	(4,378)	[1]	(2,608)
Net (increase) decrease in short-term investments	(89,905)	[1]	(76,006)
Net change in payable or receivable for securities	2,990	[1]	0
Additions to property and equipment	(3,879)	[1]	(6,080)
Investment in low-income housing interests	(7,925)	[1]	(6,865)
Cash from (used for) investment activities	(331,984)	[1]	(244,327)
Cash provided from (used for) financing activities:
Issuance of common stock	3,763	[1]	11,823
Cash dividends paid to shareholders	(16,524)	[1]	(16,210)
Net borrowing (repayment) of commercial paper	66,899	[1]	20,523
Excess tax benefit from stock option exercises	0	[1]	4,952
Acquisition of treasury stock	(85,089)	[1]	(110,619)
Net receipts (payments) from deposit-type product	(17,641)	[1]	(15,558)
Cash provided from (used for) financing activities	(48,592)	[1]	(105,089)
Effect of foreign exchange rate changes on cash	(5,797)	[1]	6,754
Net increase (decrease) in cash	(48,625)	[1]	(62,933)
Cash at beginning of year	61,383	[1]	66,019
Cash at end of period	12,758	[1]	$ 3,086
New Accounting Pronouncement, Early Adoption, Effect [Member]
Cash provided from (used for) financing activities:
Excess tax benefit from stock option exercises	$ 2,000
[1]	Due to the adoption of ASU 2016-09, the excess tax benefits from stock option exercises of $2 million for the quarter ended March 31, 2016 were presented as a component of operating activities in the same manner as other cash flows related to income taxes. See further discussion at Note 2—New Accounting Standards.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation: The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the annual disclosures required by accounting principles generally accepted in the United States of America (GAAP). However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at March 31, 2016 , and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 2016 and 2015 . The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2016.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Accounting Pronouncements Adopted ASU 2014-15 : In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) (ASU 2014-15). This accounting standard requires management to perform interim and annual assessments of the entity's ability to continue its business operations within one year of the date of issuance of its financial statements. The Company must then provide certain disclosure if there is substantial doubt about its ability to continue as a going concern. As of January 1, 2016, the Company adopted this standard with no impact to the financial statements. ASU 2016-09 : In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) to simplify certain aspects of accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification in the statement of cash flows; and (c) accounting for forfeitures.Torchmark elected to early adopt this standard as of January 1, 2016, as permitted. This new accounting standard primarily affects Torchmark's computations of net income and diluted shares outstanding and thus earnings per share. While the intent of the adoption of this guidance is simplification, inherent changes in future share prices and volume of stock option exercises are expected to result in increased volatility in net income and earnings per share in future periods. As provided by the new standard, the adoption is prospective and thus will impact only 2016 and future periods. Below is a listing of the effects of the adoption of this guidance: • Condensed consolidated statement of operations: The Company recorded $2 million in additional excess tax benefits as a component of income taxes, which resulted in an increase in net income as compared with the quarter ended March 31, 2015 when the excess tax benefits of $5 million were recorded as a component of additional paid-in capital on the balance sheet. • Weighted average diluted shares:The weighted average diluted shares outstanding were adjusted to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation. This change resulted in diluted weighted average shares outstanding calculated of 123.3 million for the quarter ended March 31, 2016 , as compared with 122.7 million as would have been calculated under the previous guidance. • Earnings per share: The adoption resulted in a $0.01 increase in earnings per share for the three months ended March 31, 2016 . • Condensed consolidated statement of cash flows: The excess tax benefits related to share-based payments of $2 million were presented as a component of operating activities in the same manner as other cash flows related to income taxes. In prior years, the excess tax benefits were reclassified from operating activities to financing activities. The prior period amounts were not adjusted. Accounting Pronouncements Not Yet Adopted ASU 2016-02: In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), (ASU 2016-02) which requires all lessees to report a right-of-use asset and a lease liability for most leases. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. The standard will become effective for the Company beginning January 1, 2019 and will require recognizing and measuring leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the standard to determine its impact.

Supplemental Information about

Supplemental Information about Changes to Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Supplemental Information about Changes to Accumulated Other Comprehensive Income	Supplemental Information about Changes to Accumulated Other Comprehensive Income An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three month periods ended March 31, 2016 and 2015 . Components of Accumulated Other Comprehensive Income Three Months Ended March 31, 2016 Available for Deferred Foreign Pension Total Balance at January 1, 2016 $ 332,333 $ (5,115 ) $ 3,627 $ (98,898 ) $ 231,947 Other comprehensive income (loss) before reclassifications, net of tax 303,094 (1,800 ) 1,220 445 302,959 Reclassifications, net of tax (1,090 ) — — 1,659 569 Other comprehensive income (loss) 302,004 (1,800 ) 1,220 2,104 303,528 Balance at March 31, 2016 $ 634,337 $ (6,915 ) $ 4,847 $ (96,794 ) $ 535,475 Three Months Ended March 31, 2015 Available Deferred Foreign Pension Total Balance at January 1, 2015 $ 1,090,273 $ (10,758 ) $ 17,386 $ (99,449 ) $ 997,452 Other comprehensive income (loss) before reclassifications, net of tax 172,409 424 (5,962 ) 117 166,988 Reclassifications, net of tax (1,164 ) — — 2,365 1,201 Other comprehensive income (loss) 171,245 424 (5,962 ) 2,482 168,189 Balance at March 31, 2015 $ 1,261,518 $ (10,334 ) $ 11,424 $ (96,967 ) $ 1,165,641 Reclassifications out of Accumulated Other Comprehensive Income are presented below for the three month periods ended March 31, 2016 and 2015 . Reclassification Adjustments Three Months Ended Affected line items in the Statement of Operations 2016 2015 Unrealized investment gains (losses) on available for sale assets: Realized (gains) losses $ (313 ) $ (119 ) Realized investment gains (losses) Amortization of (discount) premium (1,364 ) (1,672 ) Net investment income Total before tax (1,677 ) (1,791 ) Tax 587 627 Income Taxes Total after tax (1,090 ) (1,164 ) Pension adjustments: Amortization of prior service cost 120 81 Other operating expenses Amortization of actuarial gain (loss) 2,432 3,557 Other operating expenses Total before tax 2,552 3,638 Tax (893 ) (1,273 ) Income Taxes Total after tax 1,659 2,365 Total reclassifications (after tax) $ 569 $ 1,201

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Portfolio Composition: A summary of fixed maturities and equity securities available for sale by cost or amortized cost and estimated fair value at March 31, 2016 is as follows: Portfolio Composition as of March 31, 2016 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 371,811 $ 13,985 $ (1,422 ) $ 384,374 3 States, municipalities, and political subdivisions 1,281,548 156,149 (318 ) 1,437,379 10 Foreign governments 21,338 2,037 — 23,375 — Corporates, by sector: Financial 2,731,785 301,713 (60,705 ) 2,972,793 21 Utilities 1,981,725 292,523 (20,505 ) 2,253,743 16 Energy 1,569,187 54,215 (182,124 ) 1,441,278 10 Other corporate sectors 5,040,267 477,927 (113,580 ) 5,404,614 37 Total corporates 11,322,964 1,126,378 (376,914 ) 12,072,428 84 Collateralized debt obligations 62,370 14,169 (11,047 ) 65,492 — Other asset-backed securities 18,471 793 — 19,264 — Redeemable preferred stocks, by sector: Financial 382,357 48,911 (4,163 ) 427,105 3 Utilities 28,633 1,555 — 30,188 — Total redeemable preferred stocks 410,990 50,466 (4,163 ) 457,293 3 Total fixed maturities 13,489,492 1,363,977 (393,864 ) 14,459,605 100 Equity securities 776 834 — 1,610 Total fixed maturities and equity securities $ 13,490,268 $ 1,364,811 $ (393,864 ) $ 14,461,215 (1) Amounts reported on the balance sheet. (2) At fair value. A schedule of fixed maturities by contractual maturity date at March 31, 2016 is shown below on an amortized cost basis and on a fair value basis. Actual maturity dates could differ from contractual maturities due to call or prepayment provisions. Amortized Fair Value Fixed maturities available for sale: Due in one year or less $ 45,343 $ 45,953 Due from one to five years 586,187 631,214 Due from five to ten years 1,049,319 1,148,015 Due from ten to twenty years 3,939,736 4,356,812 Due after twenty years 7,786,358 8,190,986 Mortgage-backed and asset-backed securities 82,549 86,625 $ 13,489,492 $ 14,459,605 Selected information about sales of fixed maturities is as follows. Three Months Ended March 31, 2016 2016 2015 Proceeds from sales $ 14,331 $ 11,444 Gross realized gains 495 84 Gross realized losses (214 ) — Fair Value Measurements : The following table represents the fair value of assets measured on a recurring basis. Fair Value Measurements at March 31, 2016 Using: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Fixed maturities available for sale: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 8 $ 384,366 $ — $ 384,374 States, municipalities, and political subdivisions — 1,437,379 — 1,437,379 Foreign governments — 23,375 — 23,375 Corporates, by sector: Financial — 2,910,620 62,173 2,972,793 Utilities 22,221 2,094,747 136,775 2,253,743 Energy — 1,413,980 27,298 1,441,278 Other corporate sectors — 5,076,059 328,555 5,404,614 Total corporates 22,221 11,495,406 554,801 12,072,428 Collateralized debt obligations — — 65,492 65,492 Other asset-backed securities — 19,264 — 19,264 Redeemable preferred stocks, by sector: Financial 10,244 416,861 — 427,105 Utilities — 30,188 — 30,188 Total redeemable preferred stocks 10,244 447,049 — 457,293 Total fixed maturities 32,473 13,806,839 620,293 14,459,605 Equity securities 733 7 870 1,610 Total fixed maturities and equity securities $ 33,206 $ 13,806,846 $ 621,163 $ 14,461,215 Percent of total 0.2 % 95.5 % 4.3 % 100 % The following table represents an analysis of changes in fair value measurements using significant unobservable inputs (Level 3). Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2016 Collateralized Corporates (1) Equities Total Balance at January 1, 2016 $ 70,382 $ 530,806 $ 870 $ 602,058 Total gains or losses: Included in realized gains/losses — — — — Included in other comprehensive income (3,598 ) 9,568 — 5,970 Acquisitions — 15,800 — 15,800 Sales — — — — Amortization 1,334 4 — 1,338 Other (2) (2,626 ) (1,377 ) — (4,003 ) Transfers in and/or out of Level 3 (3) — — — — Balance at March 31, 2016 $ 65,492 $ 554,801 $ 870 $ 621,163 Percent of total fixed maturity and equity securities 0.5 % 3.8 % — % 4.3 % Three Months Ended March 31, 2015 Collateralized Corporates (1) Equities Total Balance at January 1, 2015 $ 63,232 $ 512,714 $ 833 $ 576,779 Total gains or losses: Included in realized gains/losses — — — — Included in other comprehensive income 13,556 8,626 — 22,182 Acquisitions — 8,000 — 8,000 Sales — — — — Amortization 1,410 4 — 1,414 Other (2) (3,644 ) (1,331 ) — (4,975 ) Transfers in and/or out of Level 3 (3) — — — — Balance at March 31, 2015 $ 74,554 $ 528,013 $ 833 $ 603,400 Percent of total fixed maturity and equity securities 0.5 % 3.6 % — % 4.1 % (1) Includes redeemable preferred stocks. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available. Other-Than-Temporary Impairments: Based on the Company's evaluation of its fixed maturities in an unrealized loss position in accordance with the OTTI policy, the Company concluded that there were no other-than-temporary impairments during the three -month periods ended March 31, 2016 and 2015 , respectively. As of quarter end 2016 , previously written down securities remaining in the portfolio were carried at a fair value of $57 million , or less than 1% of the fair value of the fixed maturity portfolio. Torchmark is continuously monitoring the market conditions impacting its portfolio, including holdings negatively impacted by recent low prices for oil and other commodities. While adverse market conditions for an extended duration could lead to some ratings downgrades among these holdings, Torchmark has the ability and intent to hold these investments to recovery, and does not expect to be required to sell any of its securities. Unrealized Loss Analysis: The following table discloses information about investments in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIP numbers) held: As of March 31, 2016 171 148 319 As of December 31, 2015 480 75 555 Torchmark’s entire fixed-maturity and equity portfolio consisted of 1,572 issues at March 31, 2016 and 1,568 issues at December 31, 2015 . The weighted average quality rating of all unrealized loss positions as of March 31, 2016 was BBB . The following table discloses unrealized investment losses by class and major sector of investments at March 31, 2016 for the period of time in a loss position. Torchmark considers these investments to be only temporarily impaired. Analysis of Gross Unrealized Investment Losses At March 31, 2016 Less than Twelve Months Twelve Months or Longer Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities available for sale: Investment grade securities: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 1,653 $ (1 ) $ 44,002 $ (1,421 ) $ 45,655 $ (1,422 ) States, municipalities and political subdivisions 5,226 (14 ) 11,843 (60 ) 17,069 (74 ) Corporates, by sector: Financial 210,987 (9,112 ) 103,332 (9,463 ) 314,319 (18,575 ) Utilities 79,078 (10,368 ) 90,495 (10,137 ) 169,573 (20,505 ) Energy 581,465 (81,129 ) 162,373 (45,263 ) 743,838 (126,392 ) Other corporate sectors 471,242 (28,872 ) 476,466 (25,555 ) 947,708 (54,427 ) Total corporates 1,342,772 (129,481 ) 832,666 (90,418 ) 2,175,438 (219,899 ) Redeemable preferred stocks, by sector: Financial 23,565 (343 ) — — 23,565 (343 ) Total redeemable preferred stocks 23,565 (343 ) — — 23,565 (343 ) Total investment grade securities 1,373,216 (129,839 ) 888,511 (91,899 ) 2,261,727 (221,738 ) Below investment grade securities: Bonds: States, municipalities and political subdivisions — — 310 (244 ) 310 (244 ) Corporates, by sector: Financial — — 63,652 (42,130 ) 63,652 (42,130 ) Energy 27,193 (6,449 ) 81,174 (49,283 ) 108,367 (55,732 ) Other corporate sectors 113,767 (22,808 ) 111,801 (36,345 ) 225,568 (59,153 ) Total corporates 140,960 (29,257 ) 256,627 (127,758 ) 397,587 (157,015 ) Collateralized debt obligations — — 8,953 (11,047 ) 8,953 (11,047 ) Redeemable preferred stocks, by sector: Financial — — 23,329 (3,820 ) 23,329 (3,820 ) Total redeemable preferred stocks — — 23,329 (3,820 ) 23,329 (3,820 ) Total below investment grade securities 140,960 (29,257 ) 289,219 (142,869 ) 430,179 (172,126 ) Total fixed maturities $ 1,514,176 $ (159,096 ) $ 1,177,730 $ (234,768 ) $ 2,691,906 $ (393,864 )

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations At December 31, 2015 , Torchmark met the criteria to account for its Medicare Part D business as a discontinued operation and expects the business to be sold during 2016. Historically, the business was a reportable segment. However, Torchmark no longer emphasizes its Medicare Part D business due to declining margins, increased risks, higher drug costs, and increased administrative and compliance costs. Management believes this sale will allow the Company to better focus on its core protection life and health insurance businesses as well as provide additional capital to invest. The net assets held for sale at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Assets: Due premiums $ 5,084 $ 8,041 Other receivables (1) 265,818 287,765 Deferred acquisition costs 16,864 17,037 Total assets held for sale 287,766 312,843 Liabilities: Unearned and advance premiums 3,559 806 Policy claims and other benefits payable 11,010 12,309 Risk sharing payable 26,754 23,837 Current and deferred income taxes payable 8,466 13,604 Other (229 ) 479 Total liabilities held for sale 49,560 51,035 Net assets $ 238,206 $ 261,808 (1) At March 31, 2016 , receivables included $195 million from Centers for Medicare and Medicaid Services (CMS) and $71 million from drug manufacturer rebates. At December 31, 2015 , the comparable amounts were $193 million and $95 million , respectively. Income from discontinued operations for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 2015 Revenue: Health premium $ 54,699 $ 88,092 Benefits and expenses: Health policyholder benefits 61,481 94,122 Amortization of deferred acquisition costs 1,008 603 Commissions, premium taxes, and non-deferred acquisition expenses 5,109 6,163 Other operating expense 1,780 1,249 Total benefits and expenses 69,378 102,137 Income (loss) before income taxes for discontinued operations (14,679 ) (14,045 ) Income taxes 5,138 4,915 Income (loss) from discontinued operations $ (9,541 ) $ (9,130 ) Operating cash flows of the discontinued operations for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Net cash provided from (used for) discontinued operations $ 14,061 $ (37,955 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax differed from the expected 35% rate as shown below: Three Months Ended March 31, 2016 % 2015 % Expected income taxes $ 68,407 35.0 $ 68,067 35.0 Increase (reduction) in income taxes resulting from: Low income housing investments (4,828 ) (2.4 ) (4,723 ) (2.4 ) Share-based awards (1,972 ) (1.0 ) — — Other 267 0.1 355 0.2 Income tax expense from continuing operations $ 61,874 31.7 $ 63,699 32.8 The effective income tax rate for the three months ended March 31, 2016 differed from the effective income tax rate for the same period ended March 31, 2015 primarily as a result of the Company adopting ASU 2016-09 as of January 1, 2016. As a result of the adoption, the excess tax benefits related to share-based awards are now recorded through income tax expense rather than additional paid-in capital. See Note 2—New Accounting Standards for further discussion.

Debt Transactions

Debt Transactions	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Transactions	Debt Transactions On April 5, 2016, Torchmark completed the issuance and sale of $300 million in aggregate principal of Torchmark’s 6.125% Junior Subordinated Debentures due 2056. The debentures were sold pursuant to Torchmark’s shelf registration statement on Form S-3, filed September 25, 2015. The net proceeds from the sale of the debentures were $290 million , after giving effect to the underwriting discount and estimated expenses of the offering of the debentures. Torchmark intends to use the net proceeds from the offering of the debentures to repay the $250 million outstanding principal, plus accrued interest, on the 6.375% Senior Notes due June 15, 2016, and for general corporate purposes.

Postretirement Benefit Plans

Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Postretirement Benefit Plans	Postretirement Benefit Plans 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 2016 2015 2016 2015 Service cost $ 3,894 $ 3,990 $ — $ — Interest cost 5,432 5,003 212 203 Expected return on assets (5,782 ) (5,323 ) — — Amortization: Prior service cost 120 81 — — Actuarial (gain) loss 2,424 3,534 8 23 Direct recognition of expense — — 34 176 Net periodic benefit cost $ 6,088 $ 7,285 $ 254 $ 402 The following table presents assets at fair value for the defined-benefit pension plans at March 31, 2016 and the prior-year end. Pension Assets by Component March 31, 2016 December 31, 2015 Amount % Amount % Corporate debt $ 149,670 49 $ 146,381 47 Other fixed maturities 655 — 270 — Equity securities 120,717 39 123,428 40 Short-term investments 13,273 4 15,593 5 Guaranteed annuity contract 17,209 6 17,082 6 Other 5,571 2 4,842 2 Total $ 307,095 100 $ 307,596 100 The liability for the funded defined-benefit pension plans was $408 million at March 31, 2016 and $406 million at December 31, 2015 . No cash contributions were made to the qualified pension plans during the three months ended March 31, 2016 . Torchmark expects to make cash contributions to these plans during 2016 in an amount not to exceed $20 million . With respect to the Company’s non-qualified supplemental retirement plan, life insurance policies on the lives of plan participants have been established with an unaffiliated carrier to fund a portion of the Company’s obligations under the plan. These policies, as well as investments deposited with an unaffiliated trustee, were previously placed in a Rabbi Trust to provide for payment of the plan obligations. At March 31, 2016 , the combined value of the insurance policies and investments in the Rabbi Trust to support plan liabilities were $81 million , compared with $79 million at year-end 2015 . Since this plan is non-qualified, the values of the insurance policies and investments are recorded as other assets in the Condensed Consolidated Balance Sheets and are not included in the chart of plan assets above. The liability for the non-qualified pension plan was $68 million at March 31, 2016 and $67 million at December 31, 2015 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share A reconciliation of basic and diluted weighted-average shares outstanding is as follows: For the Three Months Ended 2016 2015 Basic weighted average shares outstanding 121,480,805 127,121,101 Weighted average dilutive options outstanding 1,831,938 1,465,751 Diluted weighted average shares outstanding 123,312,743 128,586,852 Antidilutive shares 1,489,562 605,188 As discussed earlier in Note 2—New Accounting Standards , the Company adopted ASU 2016-09 on January 1, 2016. The adoption resulted in an adjustment to the weighted average diluted shares outstanding to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation. This change has been applied prospectively and resulted in diluted weighted average shares outstanding of 123.3 million for the quarter ended March 31, 2016 , as compared with 122.7 million as would have been calculated under the previous guidance.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segments	Business Segments Torchmark is comprised of life insurance companies which primarily market individual life and supplemental health insurance products through niche distribution channels to middle income Americans. Torchmark’s core operations are insurance marketing and underwriting, and management of its investments. The insurance marketing and underwriting operation is segmented by the types of insurance products offered: life, health, and annuity. Annuity revenue is classified as “Other premium.” Management’s measure of profitability for each insurance segment is insurance underwriting margin, which is underwriting income before other income and insurance administrative expenses. It represents the profit margin on insurance products before administrative expenses, and is calculated by deducting net policy obligations (claims incurred and change in reserves), commissions and other acquisition expenses from premium revenue. Torchmark further views the profitability of each insurance product segment by the marketing groups that distribute the products of that segment: direct response, independent agencies, or captive agencies. Torchmark’s management prefers to evaluate the performance of its underwriting and investment activities separately, rather than allocating investment income to the underwriting results. As such, the investment function is presented as a stand-alone segment. The investment segment includes the management of the investment portfolio, debt, and cash flow. Management’s measure of profitability for this segment is excess investment income, which is the income earned on the investment portfolio less the required interest on net policy liabilities and financing costs. Financing costs include the interest on Torchmark’s debt. Other income and insurance administrative expense are classified in a separate Other segment. The majority of the Company’s required interest on net policy liabilities (benefit reserves less the deferred acquisition cost asset) is not credited to policyholder accounts. Instead, it is an actuarial assumption for discounting cash flows in the computation of benefit reserves and the amortization of the deferred acquisition cost asset. Investment income required to fund the required interest on net policy liabilities is removed from the investment segment and applied to the insurance segments to eliminate the effect of the required interest from the insurance segments. As a result, the investment segment measures net investment income against the required interest on net policy liabilities and financing costs, while the insurance segments simply measure premiums against benefits and expenses. We believe this presentation facilitates a more meaningful analysis of the Company’s underwriting and investment performance as the underwriting results are based on premiums, claims, and expenses and are not affected by unanticipated fluctuations in investment yields. As noted, Torchmark’s “core operations” are insurance and investment management. The insurance segments issue policies for which premiums are collected for the eventual payment of policy benefits. In addition to policy benefits, operating expenses are incurred including acquisition costs, administrative expenses, and taxes. Because life and health contracts can be long term, premium receipts in excess of current expenses are invested. Investment activities, conducted by the investment segment, focus on seeking quality investments with a yield and term appropriate to support the insurance product obligations. These investments generally consist of fixed maturities, and, over the long term, the expected yields are taken into account when setting insurance premium rates and product profitability expectations. As a result, fixed maturities are generally held for long periods to support the liabilities, and Torchmark generally expects to hold investments until maturity. Dispositions of investments occur from time to time, generally as a result of credit concerns, calls by issuers, or other factors usually beyond the control of management. Dispositions are sometimes required in order to maintain the Company’s investment policies and objectives. Investments are also occasionally written down as a result of other-than-temporary impairment. Torchmark does not actively trade investments. As a result, realized gains and losses from the disposition and write down of investments are generally incidental to operations and are not considered a material factor in insurance pricing or product profitability. While from time to time these realized gains and losses could be significant to net income in the period in which they occur, they generally have a limited effect on the yield of the total investment portfolio. Further, because the proceeds of the disposals are reinvested in the portfolio, the disposals have little effect on the size of the portfolio and the income from the reinvestments is included in net investment income. Therefore, management removes realized investment gains and losses from results of core operations when evaluating the performance of the Company. For this reason, these gains and losses are excluded from Torchmark’s operating segments. Torchmark accounts for its stock options and restricted stock under current accounting guidance requiring stock options and stock grants to be expensed based on fair value at the time of grant. Management considers stock compensation expense to be an expense of the Parent Company. Therefore, stock compensation expense is treated as a corporate expense in Torchmark’s segment analysis. The following tables set forth a reconciliation of Torchmark’s revenues and operations by segment to its pretax income and each significant line item in its Condensed Consolidated Statements of Operations . Reconciliation of Segment Operating Information to the Consolidated Statement of Operations Three Months Ended March 31, 2016 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 544,151 $ 235,697 $ 12 $ 779,860 Net investment income $ 197,053 197,053 Other income $ 465 $ (44 ) (2) 421 Total revenue 544,151 235,697 12 197,053 465 (44 ) 977,334 Expenses: Policy benefits 362,860 152,775 9,338 524,973 Required interest on reserves (142,011 ) (18,076 ) (13,092 ) 173,179 — Required interest on DAC 44,202 5,742 224 (50,168 ) — Amortization of acquisition costs 94,539 22,365 1,902 118,806 Commissions, premium taxes, and non-deferred acquisition costs 40,261 21,376 9 (44 ) (2) 61,602 Insurance administrative expense (1) 48,468 48,468 Parent expense 2,026 2,026 Stock compensation expense 6,935 6,935 Interest expense 19,369 19,369 Total expenses 399,851 184,182 (1,619 ) 142,380 57,429 (44 ) 782,179 Subtotal 144,300 51,515 1,631 54,673 (56,964 ) — 195,155 Nonoperating items — — Measure of segment profitability (pretax) $ 144,300 $ 51,515 $ 1,631 $ 54,673 $ (56,964 ) $ — 195,155 Deduct applicable income taxes (61,771 ) Segment profits after tax 133,384 Add back income taxes applicable to segment profitability 61,771 Add (deduct) realized investment gains (losses) 293 Pretax income per Consolidated Statements of Operations $ 195,448 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. Reconciliation of Segment Operating Information to the Condensed Consolidated Statement of Operations Three Months Ended March 31, 2015 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 513,342 $ 228,673 $ 41 $ 742,056 Net investment income $ 191,596 191,596 Other income $ 722 $ (53 ) (2) 669 Total revenue 513,342 228,673 41 191,596 722 (53 ) 934,321 Expenses: Policy benefits 339,701 148,029 10,045 497,775 Required interest on reserves (136,185 ) (16,883 ) (13,369 ) 166,437 — Required interest on DAC 42,846 5,668 313 (48,827 ) — Amortization of acquisition costs 88,528 20,184 1,948 110,660 Commissions, premium taxes, and non-deferred acquisition costs 37,049 20,098 11 (53 ) (2) 57,105 Insurance administrative expense (1) 45,951 45,951 Parent expense 2,173 2,173 Stock compensation expense 7,239 7,239 Interest expense 19,060 19,060 Total expenses 371,939 177,096 (1,052 ) 136,670 55,363 (53 ) 739,963 Subtotal 141,403 51,577 1,093 54,926 (54,641 ) — 194,358 Nonoperating items — — Measure of segment profitability (pretax) $ 141,403 $ 51,577 $ 1,093 $ 54,926 $ (54,641 ) $ — 194,358 Deduct applicable income taxes (63,657 ) Segment profits after tax 130,701 Add back income taxes applicable to segment profitability 63,657 Add (deduct) realized investment gains (losses) 119 Pretax income per Consolidated Statements of Operations $ 194,477 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. (3) Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations . The following table summarizes the measures of segment profitability for comparison. It also reconciles segment profits to net income. Analysis of Profitability by Segment Three Months Ended March 31, Increase (Decrease) 2016 2015 Amount % Life insurance underwriting margin $ 144,300 $ 141,403 $ 2,897 2 Health insurance underwriting margin 51,515 51,577 (62 ) — Annuity underwriting margin 1,631 1,093 538 49 Excess investment income 54,673 54,926 (253 ) — Other and corporate: Other income 465 722 (257 ) (36 ) Administrative expense (48,468 ) (45,951 ) (2,517 ) 5 Corporate and adjustments (8,961 ) (9,412 ) 451 (5 ) Pre-tax total 195,155 194,358 797 — Applicable taxes (61,771 ) (63,657 ) 1,886 (3 ) After-tax total, before discontinued operations 133,384 130,701 2,683 2 Discontinued operations (after tax) (1) (9,541 ) (9,130 ) (411 ) 5 After-tax total, after discontinued operations 123,843 121,571 2,272 2 Reconciling items, net of tax: Realized gains (losses) - Investments 190 77 113 Net income $ 124,033 $ 121,648 $ 2,385 2 (1) Income (loss) from discontinued operations (after tax) is included for purpose of reconciling to net income.

Significant Accounting Polici17

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the annual disclosures required by accounting principles generally accepted in the United States of America (GAAP). However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at March 31, 2016 , and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 2016 and 2015 . The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2016.
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncements Adopted ASU 2014-15 : In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) (ASU 2014-15). This accounting standard requires management to perform interim and annual assessments of the entity's ability to continue its business operations within one year of the date of issuance of its financial statements. The Company must then provide certain disclosure if there is substantial doubt about its ability to continue as a going concern. As of January 1, 2016, the Company adopted this standard with no impact to the financial statements. ASU 2016-09 : In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) to simplify certain aspects of accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification in the statement of cash flows; and (c) accounting for forfeitures.Torchmark elected to early adopt this standard as of January 1, 2016, as permitted. This new accounting standard primarily affects Torchmark's computations of net income and diluted shares outstanding and thus earnings per share. While the intent of the adoption of this guidance is simplification, inherent changes in future share prices and volume of stock option exercises are expected to result in increased volatility in net income and earnings per share in future periods. As provided by the new standard, the adoption is prospective and thus will impact only 2016 and future periods. Below is a listing of the effects of the adoption of this guidance: • Condensed consolidated statement of operations: The Company recorded $2 million in additional excess tax benefits as a component of income taxes, which resulted in an increase in net income as compared with the quarter ended March 31, 2015 when the excess tax benefits of $5 million were recorded as a component of additional paid-in capital on the balance sheet. • Weighted average diluted shares:The weighted average diluted shares outstanding were adjusted to exclude excess tax benefits from the assumed proceeds in the diluted shares calculation. This change resulted in diluted weighted average shares outstanding calculated of 123.3 million for the quarter ended March 31, 2016 , as compared with 122.7 million as would have been calculated under the previous guidance. • Earnings per share: The adoption resulted in a $0.01 increase in earnings per share for the three months ended March 31, 2016 . • Condensed consolidated statement of cash flows: The excess tax benefits related to share-based payments of $2 million were presented as a component of operating activities in the same manner as other cash flows related to income taxes. In prior years, the excess tax benefits were reclassified from operating activities to financing activities. The prior period amounts were not adjusted. Accounting Pronouncements Not Yet Adopted ASU 2016-02: In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), (ASU 2016-02) which requires all lessees to report a right-of-use asset and a lease liability for most leases. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. The standard will become effective for the Company beginning January 1, 2019 and will require recognizing and measuring leases at the beginning of the earliest period presented using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the standard to determine its impact.

Supplemental Information abou18

Supplemental Information about Changes to Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Analysis of Change in Balance by Component of Accumulated Other Comprehensive Income	An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three month periods ended March 31, 2016 and 2015 . Components of Accumulated Other Comprehensive Income Three Months Ended March 31, 2016 Available for Deferred Foreign Pension Total Balance at January 1, 2016 $ 332,333 $ (5,115 ) $ 3,627 $ (98,898 ) $ 231,947 Other comprehensive income (loss) before reclassifications, net of tax 303,094 (1,800 ) 1,220 445 302,959 Reclassifications, net of tax (1,090 ) — — 1,659 569 Other comprehensive income (loss) 302,004 (1,800 ) 1,220 2,104 303,528 Balance at March 31, 2016 $ 634,337 $ (6,915 ) $ 4,847 $ (96,794 ) $ 535,475 Three Months Ended March 31, 2015 Available Deferred Foreign Pension Total Balance at January 1, 2015 $ 1,090,273 $ (10,758 ) $ 17,386 $ (99,449 ) $ 997,452 Other comprehensive income (loss) before reclassifications, net of tax 172,409 424 (5,962 ) 117 166,988 Reclassifications, net of tax (1,164 ) — — 2,365 1,201 Other comprehensive income (loss) 171,245 424 (5,962 ) 2,482 168,189 Balance at March 31, 2015 $ 1,261,518 $ (10,334 ) $ 11,424 $ (96,967 ) $ 1,165,641
Summary of Reclassifications Out of Accumulated Other Comprehensive Income	Reclassifications out of Accumulated Other Comprehensive Income are presented below for the three month periods ended March 31, 2016 and 2015 . Reclassification Adjustments Three Months Ended Affected line items in the Statement of Operations 2016 2015 Unrealized investment gains (losses) on available for sale assets: Realized (gains) losses $ (313 ) $ (119 ) Realized investment gains (losses) Amortization of (discount) premium (1,364 ) (1,672 ) Net investment income Total before tax (1,677 ) (1,791 ) Tax 587 627 Income Taxes Total after tax (1,090 ) (1,164 ) Pension adjustments: Amortization of prior service cost 120 81 Other operating expenses Amortization of actuarial gain (loss) 2,432 3,557 Other operating expenses Total before tax 2,552 3,638 Tax (893 ) (1,273 ) Income Taxes Total after tax 1,659 2,365 Total reclassifications (after tax) $ 569 $ 1,201

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of Fixed Maturities and Equity Securities Available for Sale by Cost or Amortized Cost and Estimated Fair Value	A summary of fixed maturities and equity securities available for sale by cost or amortized cost and estimated fair value at March 31, 2016 is as follows: Portfolio Composition as of March 31, 2016 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (1) % of Total Fixed Maturities (2) Fixed maturities available for sale: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 371,811 $ 13,985 $ (1,422 ) $ 384,374 3 States, municipalities, and political subdivisions 1,281,548 156,149 (318 ) 1,437,379 10 Foreign governments 21,338 2,037 — 23,375 — Corporates, by sector: Financial 2,731,785 301,713 (60,705 ) 2,972,793 21 Utilities 1,981,725 292,523 (20,505 ) 2,253,743 16 Energy 1,569,187 54,215 (182,124 ) 1,441,278 10 Other corporate sectors 5,040,267 477,927 (113,580 ) 5,404,614 37 Total corporates 11,322,964 1,126,378 (376,914 ) 12,072,428 84 Collateralized debt obligations 62,370 14,169 (11,047 ) 65,492 — Other asset-backed securities 18,471 793 — 19,264 — Redeemable preferred stocks, by sector: Financial 382,357 48,911 (4,163 ) 427,105 3 Utilities 28,633 1,555 — 30,188 — Total redeemable preferred stocks 410,990 50,466 (4,163 ) 457,293 3 Total fixed maturities 13,489,492 1,363,977 (393,864 ) 14,459,605 100 Equity securities 776 834 — 1,610 Total fixed maturities and equity securities $ 13,490,268 $ 1,364,811 $ (393,864 ) $ 14,461,215 (1) Amounts reported on the balance sheet. (2) At fair value.
Schedule of Fixed Maturities by Contractual Maturity Date	A schedule of fixed maturities by contractual maturity date at March 31, 2016 is shown below on an amortized cost basis and on a fair value basis. Actual maturity dates could differ from contractual maturities due to call or prepayment provisions. Amortized Fair Value Fixed maturities available for sale: Due in one year or less $ 45,343 $ 45,953 Due from one to five years 586,187 631,214 Due from five to ten years 1,049,319 1,148,015 Due from ten to twenty years 3,939,736 4,356,812 Due after twenty years 7,786,358 8,190,986 Mortgage-backed and asset-backed securities 82,549 86,625 $ 13,489,492 $ 14,459,605
Schedule of Selected Information about Sales of Fixed Maturities	Selected information about sales of fixed maturities is as follows. Three Months Ended March 31, 2016 2016 2015 Proceeds from sales $ 14,331 $ 11,444 Gross realized gains 495 84 Gross realized losses (214 ) —
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table represents the fair value of assets measured on a recurring basis. Fair Value Measurements at March 31, 2016 Using: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Fixed maturities available for sale: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 8 $ 384,366 $ — $ 384,374 States, municipalities, and political subdivisions — 1,437,379 — 1,437,379 Foreign governments — 23,375 — 23,375 Corporates, by sector: Financial — 2,910,620 62,173 2,972,793 Utilities 22,221 2,094,747 136,775 2,253,743 Energy — 1,413,980 27,298 1,441,278 Other corporate sectors — 5,076,059 328,555 5,404,614 Total corporates 22,221 11,495,406 554,801 12,072,428 Collateralized debt obligations — — 65,492 65,492 Other asset-backed securities — 19,264 — 19,264 Redeemable preferred stocks, by sector: Financial 10,244 416,861 — 427,105 Utilities — 30,188 — 30,188 Total redeemable preferred stocks 10,244 447,049 — 457,293 Total fixed maturities 32,473 13,806,839 620,293 14,459,605 Equity securities 733 7 870 1,610 Total fixed maturities and equity securities $ 33,206 $ 13,806,846 $ 621,163 $ 14,461,215 Percent of total 0.2 % 95.5 % 4.3 % 100 %
Schedule of Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs	The following table represents an analysis of changes in fair value measurements using significant unobservable inputs (Level 3). Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three Months Ended March 31, 2016 Collateralized Corporates (1) Equities Total Balance at January 1, 2016 $ 70,382 $ 530,806 $ 870 $ 602,058 Total gains or losses: Included in realized gains/losses — — — — Included in other comprehensive income (3,598 ) 9,568 — 5,970 Acquisitions — 15,800 — 15,800 Sales — — — — Amortization 1,334 4 — 1,338 Other (2) (2,626 ) (1,377 ) — (4,003 ) Transfers in and/or out of Level 3 (3) — — — — Balance at March 31, 2016 $ 65,492 $ 554,801 $ 870 $ 621,163 Percent of total fixed maturity and equity securities 0.5 % 3.8 % — % 4.3 % Three Months Ended March 31, 2015 Collateralized Corporates (1) Equities Total Balance at January 1, 2015 $ 63,232 $ 512,714 $ 833 $ 576,779 Total gains or losses: Included in realized gains/losses — — — — Included in other comprehensive income 13,556 8,626 — 22,182 Acquisitions — 8,000 — 8,000 Sales — — — — Amortization 1,410 4 — 1,414 Other (2) (3,644 ) (1,331 ) — (4,975 ) Transfers in and/or out of Level 3 (3) — — — — Balance at March 31, 2015 $ 74,554 $ 528,013 $ 833 $ 603,400 Percent of total fixed maturity and equity securities 0.5 % 3.6 % — % 4.1 % (1) Includes redeemable preferred stocks. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.
Schedule of Information About Investments in Unrealized Loss Position	The following table discloses information about investments in an unrealized loss position. Less than Twelve Months Twelve Months or Longer Total Number of issues (CUSIP numbers) held: As of March 31, 2016 171 148 319 As of December 31, 2015 480 75 555
Schedule of Unrealized Investment Losses by Class of Investment	The following table discloses unrealized investment losses by class and major sector of investments at March 31, 2016 for the period of time in a loss position. Torchmark considers these investments to be only temporarily impaired. Analysis of Gross Unrealized Investment Losses At March 31, 2016 Less than Twelve Months Twelve Months or Longer Total Description of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Fixed maturities available for sale: Investment grade securities: Bonds: U.S. Government direct, guaranteed, and government-sponsored enterprises $ 1,653 $ (1 ) $ 44,002 $ (1,421 ) $ 45,655 $ (1,422 ) States, municipalities and political subdivisions 5,226 (14 ) 11,843 (60 ) 17,069 (74 ) Corporates, by sector: Financial 210,987 (9,112 ) 103,332 (9,463 ) 314,319 (18,575 ) Utilities 79,078 (10,368 ) 90,495 (10,137 ) 169,573 (20,505 ) Energy 581,465 (81,129 ) 162,373 (45,263 ) 743,838 (126,392 ) Other corporate sectors 471,242 (28,872 ) 476,466 (25,555 ) 947,708 (54,427 ) Total corporates 1,342,772 (129,481 ) 832,666 (90,418 ) 2,175,438 (219,899 ) Redeemable preferred stocks, by sector: Financial 23,565 (343 ) — — 23,565 (343 ) Total redeemable preferred stocks 23,565 (343 ) — — 23,565 (343 ) Total investment grade securities 1,373,216 (129,839 ) 888,511 (91,899 ) 2,261,727 (221,738 ) Below investment grade securities: Bonds: States, municipalities and political subdivisions — — 310 (244 ) 310 (244 ) Corporates, by sector: Financial — — 63,652 (42,130 ) 63,652 (42,130 ) Energy 27,193 (6,449 ) 81,174 (49,283 ) 108,367 (55,732 ) Other corporate sectors 113,767 (22,808 ) 111,801 (36,345 ) 225,568 (59,153 ) Total corporates 140,960 (29,257 ) 256,627 (127,758 ) 397,587 (157,015 ) Collateralized debt obligations — — 8,953 (11,047 ) 8,953 (11,047 ) Redeemable preferred stocks, by sector: Financial — — 23,329 (3,820 ) 23,329 (3,820 ) Total redeemable preferred stocks — — 23,329 (3,820 ) 23,329 (3,820 ) Total below investment grade securities 140,960 (29,257 ) 289,219 (142,869 ) 430,179 (172,126 ) Total fixed maturities $ 1,514,176 $ (159,096 ) $ 1,177,730 $ (234,768 ) $ 2,691,906 $ (393,864 )

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The net assets held for sale at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Assets: Due premiums $ 5,084 $ 8,041 Other receivables (1) 265,818 287,765 Deferred acquisition costs 16,864 17,037 Total assets held for sale 287,766 312,843 Liabilities: Unearned and advance premiums 3,559 806 Policy claims and other benefits payable 11,010 12,309 Risk sharing payable 26,754 23,837 Current and deferred income taxes payable 8,466 13,604 Other (229 ) 479 Total liabilities held for sale 49,560 51,035 Net assets $ 238,206 $ 261,808 (1) At March 31, 2016 , receivables included $195 million from Centers for Medicare and Medicaid Services (CMS) and $71 million from drug manufacturer rebates. At December 31, 2015 , the comparable amounts were $193 million and $95 million , respectively. Income from discontinued operations for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 2015 Revenue: Health premium $ 54,699 $ 88,092 Benefits and expenses: Health policyholder benefits 61,481 94,122 Amortization of deferred acquisition costs 1,008 603 Commissions, premium taxes, and non-deferred acquisition expenses 5,109 6,163 Other operating expense 1,780 1,249 Total benefits and expenses 69,378 102,137 Income (loss) before income taxes for discontinued operations (14,679 ) (14,045 ) Income taxes 5,138 4,915 Income (loss) from discontinued operations $ (9,541 ) $ (9,130 ) Operating cash flows of the discontinued operations for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Net cash provided from (used for) discontinued operations $ 14,061 $ (37,955 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Summary of Effective Income Tax Rate	The effective income tax differed from the expected 35% rate as shown below: Three Months Ended March 31, 2016 % 2015 % Expected income taxes $ 68,407 35.0 $ 68,067 35.0 Increase (reduction) in income taxes resulting from: Low income housing investments (4,828 ) (2.4 ) (4,723 ) (2.4 ) Share-based awards (1,972 ) (1.0 ) — — Other 267 0.1 355 0.2 Income tax expense from continuing operations $ 61,874 31.7 $ 63,699 32.8

Postretirement Benefit Plans (T

Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
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 2016 2015 2016 2015 Service cost $ 3,894 $ 3,990 $ — $ — Interest cost 5,432 5,003 212 203 Expected return on assets (5,782 ) (5,323 ) — — Amortization: Prior service cost 120 81 — — Actuarial (gain) loss 2,424 3,534 8 23 Direct recognition of expense — — 34 176 Net periodic benefit cost $ 6,088 $ 7,285 $ 254 $ 402
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, 2016 and the prior-year end. Pension Assets by Component March 31, 2016 December 31, 2015 Amount % Amount % Corporate debt $ 149,670 49 $ 146,381 47 Other fixed maturities 655 — 270 — Equity securities 120,717 39 123,428 40 Short-term investments 13,273 4 15,593 5 Guaranteed annuity contract 17,209 6 17,082 6 Other 5,571 2 4,842 2 Total $ 307,095 100 $ 307,596 100

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Weighted-Average Shares Outstanding	A reconciliation of basic and diluted weighted-average shares outstanding is as follows: For the Three Months Ended 2016 2015 Basic weighted average shares outstanding 121,480,805 127,121,101 Weighted average dilutive options outstanding 1,831,938 1,465,751 Diluted weighted average shares outstanding 123,312,743 128,586,852 Antidilutive shares 1,489,562 605,188

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reconciliation of Segment Operating Information to Consolidated Statement of Operations	The following tables set forth a reconciliation of Torchmark’s revenues and operations by segment to its pretax income and each significant line item in its Condensed Consolidated Statements of Operations . Reconciliation of Segment Operating Information to the Consolidated Statement of Operations Three Months Ended March 31, 2016 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 544,151 $ 235,697 $ 12 $ 779,860 Net investment income $ 197,053 197,053 Other income $ 465 $ (44 ) (2) 421 Total revenue 544,151 235,697 12 197,053 465 (44 ) 977,334 Expenses: Policy benefits 362,860 152,775 9,338 524,973 Required interest on reserves (142,011 ) (18,076 ) (13,092 ) 173,179 — Required interest on DAC 44,202 5,742 224 (50,168 ) — Amortization of acquisition costs 94,539 22,365 1,902 118,806 Commissions, premium taxes, and non-deferred acquisition costs 40,261 21,376 9 (44 ) (2) 61,602 Insurance administrative expense (1) 48,468 48,468 Parent expense 2,026 2,026 Stock compensation expense 6,935 6,935 Interest expense 19,369 19,369 Total expenses 399,851 184,182 (1,619 ) 142,380 57,429 (44 ) 782,179 Subtotal 144,300 51,515 1,631 54,673 (56,964 ) — 195,155 Nonoperating items — — Measure of segment profitability (pretax) $ 144,300 $ 51,515 $ 1,631 $ 54,673 $ (56,964 ) $ — 195,155 Deduct applicable income taxes (61,771 ) Segment profits after tax 133,384 Add back income taxes applicable to segment profitability 61,771 Add (deduct) realized investment gains (losses) 293 Pretax income per Consolidated Statements of Operations $ 195,448 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. Reconciliation of Segment Operating Information to the Condensed Consolidated Statement of Operations Three Months Ended March 31, 2015 Life Health Annuity Investment Other & Adjustments Consolidated Revenue: Premium $ 513,342 $ 228,673 $ 41 $ 742,056 Net investment income $ 191,596 191,596 Other income $ 722 $ (53 ) (2) 669 Total revenue 513,342 228,673 41 191,596 722 (53 ) 934,321 Expenses: Policy benefits 339,701 148,029 10,045 497,775 Required interest on reserves (136,185 ) (16,883 ) (13,369 ) 166,437 — Required interest on DAC 42,846 5,668 313 (48,827 ) — Amortization of acquisition costs 88,528 20,184 1,948 110,660 Commissions, premium taxes, and non-deferred acquisition costs 37,049 20,098 11 (53 ) (2) 57,105 Insurance administrative expense (1) 45,951 45,951 Parent expense 2,173 2,173 Stock compensation expense 7,239 7,239 Interest expense 19,060 19,060 Total expenses 371,939 177,096 (1,052 ) 136,670 55,363 (53 ) 739,963 Subtotal 141,403 51,577 1,093 54,926 (54,641 ) — 194,358 Nonoperating items — — Measure of segment profitability (pretax) $ 141,403 $ 51,577 $ 1,093 $ 54,926 $ (54,641 ) $ — 194,358 Deduct applicable income taxes (63,657 ) Segment profits after tax 130,701 Add back income taxes applicable to segment profitability 63,657 Add (deduct) realized investment gains (losses) 119 Pretax income per Consolidated Statements of Operations $ 194,477 (1) Administrative expense is not allocated to insurance segments. (2) Elimination of intersegment commission. (3) Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations .
Analysis of Profitability By Segment	The following table summarizes the measures of segment profitability for comparison. It also reconciles segment profits to net income. Analysis of Profitability by Segment Three Months Ended March 31, Increase (Decrease) 2016 2015 Amount % Life insurance underwriting margin $ 144,300 $ 141,403 $ 2,897 2 Health insurance underwriting margin 51,515 51,577 (62 ) — Annuity underwriting margin 1,631 1,093 538 49 Excess investment income 54,673 54,926 (253 ) — Other and corporate: Other income 465 722 (257 ) (36 ) Administrative expense (48,468 ) (45,951 ) (2,517 ) 5 Corporate and adjustments (8,961 ) (9,412 ) 451 (5 ) Pre-tax total 195,155 194,358 797 — Applicable taxes (61,771 ) (63,657 ) 1,886 (3 ) After-tax total, before discontinued operations 133,384 130,701 2,683 2 Discontinued operations (after tax) (1) (9,541 ) (9,130 ) (411 ) 5 After-tax total, after discontinued operations 123,843 121,571 2,272 2 Reconciling items, net of tax: Realized gains (losses) - Investments 190 77 113 Net income $ 124,033 $ 121,648 $ 2,385 2

New Accounting Standards (Detai

New Accounting Standards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Diluted weighted average shares outstanding	123,312,743	128,586,852
New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits	$ 2
Diluted weighted average shares outstanding	123,300,000
Increase in earnings per share as a result of the adoption	$ 0.01
Excess tax benefit from stock option exercises	$ 2
Previous Accounting Guidance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits		$ 5
Diluted weighted average shares outstanding	122,700,000

Supplemental Information abou26

Supplemental Information about Changes to Accumulated Other Comprehensive Income - Schedule of Analysis of Change in Balance by Component of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	$ 231,947	$ 997,452
Other comprehensive income (loss) before reclassifications, net of tax	302,959	166,988
Reclassifications, net of tax	569	1,201
Other comprehensive income (loss)	303,528	168,189
Accumulated other comprehensive income (loss), ending balance	535,475	1,165,641
Available for Sale Assets [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	332,333	1,090,273
Other comprehensive income (loss) before reclassifications, net of tax	303,094	172,409
Reclassifications, net of tax	(1,090)	(1,164)
Other comprehensive income (loss)	302,004	171,245
Accumulated other comprehensive income (loss), ending balance	634,337	1,261,518
Deferred Acquisition Costs [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(5,115)	(10,758)
Other comprehensive income (loss) before reclassifications, net of tax	(1,800)	424
Reclassifications, net of tax	0	0
Other comprehensive income (loss)	(1,800)	424
Accumulated other comprehensive income (loss), ending balance	(6,915)	(10,334)
Foreign Exchange [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	3,627	17,386
Other comprehensive income (loss) before reclassifications, net of tax	1,220	(5,962)
Reclassifications, net of tax	0	0
Other comprehensive income (loss)	1,220	(5,962)
Accumulated other comprehensive income (loss), ending balance	4,847	11,424
Pension Adjustments [Member]
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(98,898)	(99,449)
Other comprehensive income (loss) before reclassifications, net of tax	445	117
Reclassifications, net of tax	1,659	2,365
Other comprehensive income (loss)	2,104	2,482
Accumulated other comprehensive income (loss), ending balance	$ (96,794)	$ (96,967)

Supplemental Information abou27

Supplemental Information about Changes to Accumulated Other Comprehensive Income - Summary of Reclassification out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Unrealized investment gains (losses) on available for sale assets:
Realized (gains) losses	$ (293)	[1]	$ (119)	[2]
Amortization of (discount) premium	(197,053)	[1]	(191,596)	[2]
Total before tax	(195,448)	[1]	(194,477)	[2]
Tax	61,874	[1]	63,699	[2]
Net income	(124,033)	[1]	(121,648)	[2]
Pension adjustments:
Total reclassifications (after tax)	569		1,201
Available for Sale Assets [Member]
Pension adjustments:
Total reclassifications (after tax)	(1,090)		(1,164)
Amortization of Prior Service Cost [Member]
Pension adjustments:
Pension adjustments reclassified out of accumulated other comprehensive income	120		81
Amortization of Actuarial Gain (Loss) [Member]
Pension adjustments:
Pension adjustments reclassified out of accumulated other comprehensive income	2,432		3,557
Pension Adjustments [Member]
Pension adjustments:
Pension adjustments reclassified out of accumulated other comprehensive income	2,552		3,638
Tax	(893)		(1,273)
Total reclassifications (after tax)	1,659		2,365
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Investment Gains (Losses) on Available for Sale Assets [Member]
Unrealized investment gains (losses) on available for sale assets:
Realized (gains) losses	(313)		(119)
Amortization of (discount) premium	(1,364)		(1,672)
Total before tax	(1,677)		(1,791)
Tax	587		627
Reclassification out of Accumulated Other Comprehensive Income [Member] | Available for Sale Assets [Member]
Unrealized investment gains (losses) on available for sale assets:
Net income	$ (1,090)		$ (1,164)
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Investments - Summary of Fixed

Investments - Summary of Fixed Maturities and Equity Securities Available for Sale by Component (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 13,489,492	$ 13,251,871
Debt Securities Fair Value	14,459,605	13,758,024
Equity Securities Cost or Amortized Cost	776	776
Equity Securities Fair Value	1,610	$ 1,635
Total Available for Sale Securities Cost	13,490,268
Gross Unrealized Gains	1,364,811
Gross Unrealized Losses	(393,864)
Total Available for Sale Securities Fair Value	14,461,215
Equity securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity Securities Cost or Amortized Cost	776
Gross Unrealized Gains	834
Gross Unrealized Losses	0
Equity Securities Fair Value	1,610
Fixed maturities available for sale [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	13,489,492
Gross Unrealized Gains	1,363,977
Gross Unrealized Losses	(393,864)
Debt Securities Fair Value	$ 14,459,605
Percentage of Total Fixed Maturities At Fair Value	100.00%
Fixed maturities available for sale [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 371,811
Gross Unrealized Gains	13,985
Gross Unrealized Losses	(1,422)
Debt Securities Fair Value	$ 384,374
Percentage of Total Fixed Maturities At Fair Value	3.00%
Fixed maturities available for sale [Member] | States, municipalities, and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 1,281,548
Gross Unrealized Gains	156,149
Gross Unrealized Losses	(318)
Debt Securities Fair Value	$ 1,437,379
Percentage of Total Fixed Maturities At Fair Value	10.00%
Fixed maturities available for sale [Member] | Foreign governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 21,338
Gross Unrealized Gains	2,037
Gross Unrealized Losses	0
Debt Securities Fair Value	$ 23,375
Percentage of Total Fixed Maturities At Fair Value	0.00%
Fixed maturities available for sale [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 11,322,964
Gross Unrealized Gains	1,126,378
Gross Unrealized Losses	(376,914)
Debt Securities Fair Value	$ 12,072,428
Percentage of Total Fixed Maturities At Fair Value	84.00%
Fixed maturities available for sale [Member] | Collateralized debt obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 62,370
Gross Unrealized Gains	14,169
Gross Unrealized Losses	(11,047)
Debt Securities Fair Value	$ 65,492
Percentage of Total Fixed Maturities At Fair Value	0.00%
Fixed maturities available for sale [Member] | Other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 18,471
Gross Unrealized Gains	793
Gross Unrealized Losses	0
Debt Securities Fair Value	$ 19,264
Percentage of Total Fixed Maturities At Fair Value	0.00%
Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 410,990
Gross Unrealized Gains	50,466
Gross Unrealized Losses	(4,163)
Debt Securities Fair Value	$ 457,293
Percentage of Total Fixed Maturities At Fair Value	3.00%
Financial [Member] | Fixed maturities available for sale [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 2,731,785
Gross Unrealized Gains	301,713
Gross Unrealized Losses	(60,705)
Debt Securities Fair Value	$ 2,972,793
Percentage of Total Fixed Maturities At Fair Value	21.00%
Financial [Member] | Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 382,357
Gross Unrealized Gains	48,911
Gross Unrealized Losses	(4,163)
Debt Securities Fair Value	$ 427,105
Percentage of Total Fixed Maturities At Fair Value	3.00%
Utilities [Member] | Fixed maturities available for sale [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 1,981,725
Gross Unrealized Gains	292,523
Gross Unrealized Losses	(20,505)
Debt Securities Fair Value	$ 2,253,743
Percentage of Total Fixed Maturities At Fair Value	16.00%
Utilities [Member] | Fixed maturities available for sale [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 28,633
Gross Unrealized Gains	1,555
Gross Unrealized Losses	0
Debt Securities Fair Value	$ 30,188
Percentage of Total Fixed Maturities At Fair Value	0.00%
Energy [Member] | Fixed maturities available for sale [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 1,569,187
Gross Unrealized Gains	54,215
Gross Unrealized Losses	(182,124)
Debt Securities Fair Value	$ 1,441,278
Percentage of Total Fixed Maturities At Fair Value	10.00%
Other corporate sectors [Member] | Fixed maturities available for sale [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturities, Available for Sale, Amortized Cost	$ 5,040,267
Gross Unrealized Gains	477,927
Gross Unrealized Losses	(113,580)
Debt Securities Fair Value	$ 5,404,614
Percentage of Total Fixed Maturities At Fair Value	37.00%

Investments - Schedule of Fixed

Investments - Schedule of Fixed Maturities by Contractual Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amortized Cost
Due in one year or less	$ 45,343
Due from one to five years	586,187
Due from five to ten years	1,049,319
Due from ten to twenty years	3,939,736
Due after twenty years	7,786,358
Mortgage-backed and asset-backed securities	82,549
Fixed Maturities, Available for Sale, Amortized Cost	13,489,492	$ 13,251,871
Fair Value
Due in one year or less	45,953
Due from one to five years	631,214
Due from five to ten years	1,148,015
Due from ten to twenty years	4,356,812
Due after twenty years	8,190,986
Mortgage-backed and asset-backed securities	86,625
Fixed Maturities, Available for Sale, Fair Value	$ 14,459,605	$ 13,758,024

Investments - Schedule of Selec

Investments - Schedule of Selected Information about Sales of Fixed Maturities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales	$ 14,331	[1]	$ 11,444
Fixed Maturities [Member]
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales	14,331		11,444
Gross realized gains	495		84
Gross realized losses	$ (214)		$ 0
[1]	Due to the adoption of ASU 2016-09, the excess tax benefits from stock option exercises of $2 million for the quarter ended March 31, 2016 were presented as a component of operating activities in the same manner as other cash flows related to income taxes. See further discussion at Note 2—New Accounting Standards.

Investments - Assets Measured a

Investments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 14,459,605	$ 13,758,024
Equity securities	1,610	$ 1,635
Total fixed maturities and equity securities	$ 14,461,215
Percent of total	100.00%
Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 14,459,605
Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1,610
U.S. Government direct, guaranteed, and government-sponsored enterprises [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	384,374
States, municipalities, and political subdivisions [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,437,379
Foreign governments [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	23,375
Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	12,072,428
Collateralized debt obligations [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	65,492
Other asset-backed securities [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	19,264
Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	457,293
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities and equity securities	$ 33,206
Percent of total	0.20%
Level 1 [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 32,473
Level 1 [Member] | Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	733
Level 1 [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	8
Level 1 [Member] | States, municipalities, and political subdivisions [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 1 [Member] | Foreign governments [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 1 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	22,221
Level 1 [Member] | Collateralized debt obligations [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 1 [Member] | Other asset-backed securities [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 1 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	10,244
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities and equity securities	$ 13,806,846
Percent of total	95.50%
Level 2 [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 13,806,839
Level 2 [Member] | Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	7
Level 2 [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	384,366
Level 2 [Member] | States, municipalities, and political subdivisions [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,437,379
Level 2 [Member] | Foreign governments [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	23,375
Level 2 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	11,495,406
Level 2 [Member] | Collateralized debt obligations [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 2 [Member] | Other asset-backed securities [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	19,264
Level 2 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	447,049
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities and equity securities	$ 621,163
Percent of total	4.30%
Level 3 [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 620,293
Level 3 [Member] | Equity securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	870
Level 3 [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 3 [Member] | States, municipalities, and political subdivisions [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 3 [Member] | Foreign governments [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 3 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	554,801
Level 3 [Member] | Collateralized debt obligations [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	65,492
Level 3 [Member] | Other asset-backed securities [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Level 3 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Financial [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	2,972,793
Financial [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	427,105
Financial [Member] | Level 1 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Financial [Member] | Level 1 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	10,244
Financial [Member] | Level 2 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	2,910,620
Financial [Member] | Level 2 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	416,861
Financial [Member] | Level 3 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	62,173
Financial [Member] | Level 3 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Utilities [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	2,253,743
Utilities [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	30,188
Utilities [Member] | Level 1 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	22,221
Utilities [Member] | Level 1 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Utilities [Member] | Level 2 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	2,094,747
Utilities [Member] | Level 2 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	30,188
Utilities [Member] | Level 3 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	136,775
Utilities [Member] | Level 3 [Member] | Redeemable preferred stocks [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Energy [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,441,278
Energy [Member] | Level 1 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Energy [Member] | Level 2 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	1,413,980
Energy [Member] | Level 3 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	27,298
Other corporate sectors [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	5,404,614
Other corporate sectors [Member] | Level 1 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	0
Other corporate sectors [Member] | Level 2 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	5,076,059
Other corporate sectors [Member] | Level 3 [Member] | Corporates [Member] | Fixed maturities available for sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value fixed maturities measured on recurring basis	$ 328,555

Investments - Schedule of Chang

Investments - Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 602,058	$ 576,779
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	5,970	22,182
Acquisitions	15,800	8,000
Sales	0	0
Amortization	1,338	1,414
Other	(4,003)	(4,975)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 621,163	$ 603,400
Percent of total fixed maturity and equity securities	4.30%	4.10%
Collateralized debt obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 70,382	$ 63,232
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	(3,598)	13,556
Acquisitions	0	0
Sales	0	0
Amortization	1,334	1,410
Other	(2,626)	(3,644)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 65,492	$ 74,554
Percent of total fixed maturity and equity securities	0.50%	0.50%
Corporates [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 530,806	$ 512,714
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	9,568	8,626
Acquisitions	15,800	8,000
Sales	0	0
Amortization	4	4
Other	(1,377)	(1,331)
Transfers in and/or out of Level 3	0	0
Ending balance	$ 554,801	$ 528,013
Percent of total fixed maturity and equity securities	3.80%	3.60%
Equities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 870	$ 833
Total gains or losses:
Included in realized gains/losses	0	0
Included in other comprehensive income	0	0
Acquisitions	0	0
Sales	0	0
Amortization	0	0
Other	0	0
Transfers in and/or out of Level 3	0	0
Ending balance	$ 870	$ 833
Percent of total fixed maturity and equity securities	0.00%	0.00%

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Millions	Mar. 31, 2016USD ($)Issue	Dec. 31, 2015Issue
Gain (Loss) on Investments [Line Items]
Total issues of fixed-maturities and equities | Issue	1,572	1,568
Fixed Maturities [Member]
Gain (Loss) on Investments [Line Items]
Fair value of securities previously impaired | $	$ 57
Percentage of investments previously impaired (less than)	1.00%

Investments - Schedule of Infor

Investments - Schedule of Information about Investments in Unrealized Loss Position (Detail) - Issue	Mar. 31, 2016	Dec. 31, 2015
Number of issues (Cusip numbers) held:
Less than Twelve Months	171	480
Twelve Months or Longer	148	75
Total	319	555

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Investment Losses by Class of Investment (Detail) - Fixed maturities available for sale [Member] $ in Thousands	Mar. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	$ 1,514,176
Unrealized Loss, Less Than Twelve Months	(159,096)
Fair Value, Twelve Months or Longer	1,177,730
Unrealized Loss, Twelve Months or Longer	(234,768)
Fair Value, Total	2,691,906
Unrealized Loss Total	(393,864)
Investment grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	1,373,216
Unrealized Loss, Less Than Twelve Months	(129,839)
Fair Value, Twelve Months or Longer	888,511
Unrealized Loss, Twelve Months or Longer	(91,899)
Fair Value, Total	2,261,727
Unrealized Loss Total	(221,738)
Investment grade [Member] | U.S. Government direct, guaranteed, and government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	1,653
Unrealized Loss, Less Than Twelve Months	(1)
Fair Value, Twelve Months or Longer	44,002
Unrealized Loss, Twelve Months or Longer	(1,421)
Fair Value, Total	45,655
Unrealized Loss Total	(1,422)
Investment grade [Member] | States, municipalities, and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	5,226
Unrealized Loss, Less Than Twelve Months	(14)
Fair Value, Twelve Months or Longer	11,843
Unrealized Loss, Twelve Months or Longer	(60)
Fair Value, Total	17,069
Unrealized Loss Total	(74)
Investment grade [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	1,342,772
Unrealized Loss, Less Than Twelve Months	(129,481)
Fair Value, Twelve Months or Longer	832,666
Unrealized Loss, Twelve Months or Longer	(90,418)
Fair Value, Total	2,175,438
Unrealized Loss Total	(219,899)
Investment grade [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	23,565
Unrealized Loss, Less Than Twelve Months	(343)
Fair Value, Twelve Months or Longer	0
Unrealized Loss, Twelve Months or Longer	0
Fair Value, Total	23,565
Unrealized Loss Total	(343)
Investment grade [Member] | Financial [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	210,987
Unrealized Loss, Less Than Twelve Months	(9,112)
Fair Value, Twelve Months or Longer	103,332
Unrealized Loss, Twelve Months or Longer	(9,463)
Fair Value, Total	314,319
Unrealized Loss Total	(18,575)
Investment grade [Member] | Financial [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	23,565
Unrealized Loss, Less Than Twelve Months	(343)
Fair Value, Twelve Months or Longer	0
Unrealized Loss, Twelve Months or Longer	0
Fair Value, Total	23,565
Unrealized Loss Total	(343)
Investment grade [Member] | Utilities [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	79,078
Unrealized Loss, Less Than Twelve Months	(10,368)
Fair Value, Twelve Months or Longer	90,495
Unrealized Loss, Twelve Months or Longer	(10,137)
Fair Value, Total	169,573
Unrealized Loss Total	(20,505)
Investment grade [Member] | Energy [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	581,465
Unrealized Loss, Less Than Twelve Months	(81,129)
Fair Value, Twelve Months or Longer	162,373
Unrealized Loss, Twelve Months or Longer	(45,263)
Fair Value, Total	743,838
Unrealized Loss Total	(126,392)
Investment grade [Member] | Other corporate sectors [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	471,242
Unrealized Loss, Less Than Twelve Months	(28,872)
Fair Value, Twelve Months or Longer	476,466
Unrealized Loss, Twelve Months or Longer	(25,555)
Fair Value, Total	947,708
Unrealized Loss Total	(54,427)
Below investment grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	140,960
Unrealized Loss, Less Than Twelve Months	(29,257)
Fair Value, Twelve Months or Longer	289,219
Unrealized Loss, Twelve Months or Longer	(142,869)
Fair Value, Total	430,179
Unrealized Loss Total	(172,126)
Below investment grade [Member] | States, municipalities, and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	310
Unrealized Loss, Twelve Months or Longer	(244)
Fair Value, Total	310
Unrealized Loss Total	(244)
Below investment grade [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	140,960
Unrealized Loss, Less Than Twelve Months	(29,257)
Fair Value, Twelve Months or Longer	256,627
Unrealized Loss, Twelve Months or Longer	(127,758)
Fair Value, Total	397,587
Unrealized Loss Total	(157,015)
Below investment grade [Member] | Collateralized debt obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	8,953
Unrealized Loss, Twelve Months or Longer	(11,047)
Fair Value, Total	8,953
Unrealized Loss Total	(11,047)
Below investment grade [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	23,329
Unrealized Loss, Twelve Months or Longer	(3,820)
Fair Value, Total	23,329
Unrealized Loss Total	(3,820)
Below investment grade [Member] | Financial [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	63,652
Unrealized Loss, Twelve Months or Longer	(42,130)
Fair Value, Total	63,652
Unrealized Loss Total	(42,130)
Below investment grade [Member] | Financial [Member] | Redeemable preferred stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	0
Unrealized Loss, Less Than Twelve Months	0
Fair Value, Twelve Months or Longer	23,329
Unrealized Loss, Twelve Months or Longer	(3,820)
Fair Value, Total	23,329
Unrealized Loss Total	(3,820)
Below investment grade [Member] | Energy [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	27,193
Unrealized Loss, Less Than Twelve Months	(6,449)
Fair Value, Twelve Months or Longer	81,174
Unrealized Loss, Twelve Months or Longer	(49,283)
Fair Value, Total	108,367
Unrealized Loss Total	(55,732)
Below investment grade [Member] | Other corporate sectors [Member] | Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than Twelve Months	113,767
Unrealized Loss, Less Than Twelve Months	(22,808)
Fair Value, Twelve Months or Longer	111,801
Unrealized Loss, Twelve Months or Longer	(36,345)
Fair Value, Total	225,568
Unrealized Loss Total	$ (59,153)

Discontinued Operations - Net A

Discontinued Operations - Net Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Due premiums	$ 5,084	$ 8,041
Other receivables	265,818	287,765
Deferred acquisition costs	16,864	17,037
Total assets held for sale	287,766	312,843
Liabilities:
Unearned and advance premiums	3,559	806
Policy claims and other benefits payable	11,010	12,309
Risk sharing payable	26,754	23,837
Current and deferred income taxes payable	8,466	13,604
Other	(229)	479
Total liabilities held for sale	49,560	51,035
Net assets	238,206	261,808
Centers for Medicare and Medicaid Services [Member]
Assets:
Other receivables	195,000	193,000
Drug Manufacturers [Member]
Assets:
Other receivables	$ 71,000	$ 95,000

Discontinued Operations - Incom

Discontinued Operations - Income from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Revenue:
Health premium	$ 54,699		$ 88,092
Benefits and expenses:
Health policyholder benefits	61,481		94,122
Amortization of deferred acquisition costs	1,008		603
Commissions, premium taxes, and non-deferred acquisition expenses	5,109		6,163
Other operating expense	1,780		1,249
Total benefits and expenses	69,378		102,137
Income (loss) before income taxes for discontinued operations	(14,679)		(14,045)
Income taxes	5,138		4,915
Income (loss) from discontinued operations	$ (9,541)	[1]	$ (9,130)	[2]
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Discontinued Operations - Opera

Discontinued Operations - Operating Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Net cash provided from (used for) discontinued operations	$ 14,061	$ (37,955)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Income Tax Disclosure [Abstract]
Expected income taxes	$ 68,407		$ 68,067
Increase (reduction) in income taxes resulting from:
Low income housing investments	(4,828)		(4,723)
Share-based awards	(1,972)		0
Other	267		355
Income tax expense from continuing operations	$ 61,874	[1]	$ 63,699	[2]
Expected income taxes	35.00%		35.00%
Increase (reduction) in income taxes resulting from:
Low income housing investments	(2.40%)		(2.40%)
Share-based awards	(1.00%)		(0.00%)
Other	0.10%		0.20%
Income tax expense from continuing operations	31.70%		32.80%
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Debt Transactions (Details)

Debt Transactions (Details) - USD ($)	Apr. 05, 2016	Mar. 31, 2016
Senior Notes [Member] | Senior Notes due June 15, 2016 [Member]
Debt Instrument [Line Items]
Principal amount		$ 250,000,000
Stated interest rate		6.375%
Subsequent Event [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debentures due 2056 [Member]
Debt Instrument [Line Items]
Principal amount	$ 300,000,000
Stated interest rate	6.125%
Proceeds from sale of debentures net of underwriting discount and offering expenses	$ 290,000,000

Postretirement Benefit Plans -

Postretirement Benefit Plans - Summary of Post-Retirement Benefit Costs by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,894	$ 3,990
Interest cost	5,432	5,003
Expected return on assets	(5,782)	(5,323)
Amortization:
Prior service cost	120	81
Actuarial (gain) loss	2,424	3,534
Direct recognition of expense	0	0
Net periodic benefit cost	6,088	7,285
Other Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	212	203
Expected return on assets	0	0
Amortization:
Prior service cost	0	0
Actuarial (gain) loss	8	23
Direct recognition of expense	34	176
Net periodic benefit cost	$ 254	$ 402

Postretirement Benefit Plans 42

Postretirement Benefit Plans - Schedule of Assets at Fair Value for Defined-Benefit Pension Plans (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 307,095	$ 307,596
Percent of total pension assets	100.00%	100.00%
Other fixed maturities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 655	$ 270
Percent of total pension assets	0.00%	0.00%
Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 120,717	$ 123,428
Percent of total pension assets	39.00%	40.00%
Guaranteed annuity contract [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 17,209	$ 17,082
Percent of total pension assets	6.00%	6.00%
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 5,571	$ 4,842
Percent of total pension assets	2.00%	2.00%
Corporate debt [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 149,670	$ 146,381
Percent of total pension assets	49.00%	47.00%
Short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plans-fair value of plan assets	$ 13,273	$ 15,593
Percent of total pension assets	4.00%	5.00%

Postretirement Benefit Plans 43

Postretirement Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Liability related to funded defined-benefit pension plans	$ 408,000,000	$ 406,000,000
Cash contributions made to benefit plans	0
Insurance cash value and Rabbi Trust investments supporting supplemental pension plan liability	81,000,000	79,000,000
Non-qualified supplemental retirement pension plan liability	68,000,000	$ 67,000,000
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected cash contributions	$ 20,000,000

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic and Diluted Weighted - Average Shares Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding	121,480,805	127,121,101
Weighted average dilutive options outstanding	1,831,938	1,465,751
Diluted weighted average shares outstanding	123,312,743	128,586,852
Antidilutive shares	1,489,562	605,188
New Accounting Pronouncement, Early Adoption, Effect [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	123,300,000
Previous Accounting Guidance [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	122,700,000

Business Segments - Reconciliat

Business Segments - Reconciliation of Segment Operating Information to Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Revenue:
Premium	$ 779,860	[1]	$ 742,056	[2]
Net investment income	197,053	[1]	191,596	[2]
Other income	421	[1]	669	[2]
Total revenue	977,334		934,321
Expenses:
Policy benefits	524,973	[1]	497,775	[2]
Required interest on reserves	0		0
Required interest on DAC	0		0
Amortization of acquisition costs	118,806	[1]	110,660	[2]
Commissions, premium taxes, and non-deferred acquisition costs	61,602	[1]	57,105	[2]
Insurance administrative expense	48,468		45,951
Parent expense	2,026		2,173
Stock compensation expense	6,935		7,239
Interest expense	19,369	[1]	19,060	[2]
Total benefits and expenses	782,179	[1]	739,963	[2]
Subtotal	195,155		194,358
Nonoperating items	0		0
Measure of segment profitability (pretax)	195,155		194,358
Deduct applicable income taxes	(61,771)		(63,657)
Segment profits after tax	133,384		130,701
Add (deduct) realized investment gains (losses)	293		119
Income before income taxes	195,448	[1]	194,477	[2]
Operating Segments [Member] | Life [Member]
Revenue:
Premium	544,151		513,342
Total revenue	544,151		513,342
Expenses:
Policy benefits	362,860		339,701
Required interest on reserves	(142,011)		(136,185)
Required interest on DAC	44,202		42,846
Amortization of acquisition costs	94,539		88,528
Commissions, premium taxes, and non-deferred acquisition costs	40,261		37,049
Total benefits and expenses	399,851		371,939
Subtotal	144,300		141,403
Measure of segment profitability (pretax)	144,300		141,403
Operating Segments [Member] | Health [Member]
Revenue:
Premium	235,697		228,673
Total revenue	235,697		228,673
Expenses:
Policy benefits	152,775		148,029
Required interest on reserves	(18,076)		(16,883)
Required interest on DAC	5,742		5,668
Amortization of acquisition costs	22,365		20,184
Commissions, premium taxes, and non-deferred acquisition costs	21,376		20,098
Total benefits and expenses	184,182		177,096
Subtotal	51,515		51,577
Measure of segment profitability (pretax)	51,515		51,577
Operating Segments [Member] | Annuity [Member]
Revenue:
Premium	12		41
Total revenue	12		41
Expenses:
Policy benefits	9,338		10,045
Required interest on reserves	(13,092)		(13,369)
Required interest on DAC	224		313
Amortization of acquisition costs	1,902		1,948
Commissions, premium taxes, and non-deferred acquisition costs	9		11
Total benefits and expenses	(1,619)		(1,052)
Subtotal	1,631		1,093
Measure of segment profitability (pretax)	1,631		1,093
Operating Segments [Member] | Investment [Member]
Revenue:
Net investment income	197,053		191,596
Total revenue	197,053		191,596
Expenses:
Required interest on reserves	173,179		166,437
Required interest on DAC	(50,168)		(48,827)
Interest expense	19,369		19,060
Total benefits and expenses	142,380		136,670
Subtotal	54,673		54,926
Measure of segment profitability (pretax)	54,673		54,926
Operating Segments [Member] | Other & Corporate [Member]
Revenue:
Other income	465		722
Total revenue	465		722
Expenses:
Insurance administrative expense	48,468		45,951
Parent expense	2,026		2,173
Stock compensation expense	6,935		7,239
Total benefits and expenses	57,429		55,363
Subtotal	(56,964)		(54,641)
Measure of segment profitability (pretax)	(56,964)		(54,641)
Adjustments [Member]
Revenue:
Other income	(44)		(53)
Total revenue	(44)		(53)
Expenses:
Commissions, premium taxes, and non-deferred acquisition costs	(44)		(53)
Total benefits and expenses	(44)		(53)
Subtotal	0		0
Nonoperating items	0		0
Measure of segment profitability (pretax)	$ 0		$ 0
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.

Business Segments - Analysis of

Business Segments - Analysis of Profitability by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Segment Reporting Information [Line Items]
Pretax operating income	$ 195,155		$ 194,358
Applicable taxes	(61,771)		(63,657)
Segment profits after tax	133,384		130,701
Discontinued operations (after tax)	(9,541)		(9,130)
After-tax total, after discontinued operations	123,843		121,571
Pretax operating income, change	797
Applicable taxes, change	1,886
After-tax total, before discontinued operations, change	2,683
Discontinued operations (after tax), change	(411)
Total, change	$ 2,272
Pretax operating income, % change	0.00%
Applicable taxes, % change	(3.00%)
After-tax total, before discontinued operations, % change	2.00%
Discontinued operations (after tax), % change	5.00%
Total, % change	2.00%
Reconciling items, net of tax:
Realized gains (losses)-Investments	$ 190		77
Net income	124,033	[1]	121,648	[2]
Realized gains (losses) - Investments, change	113
Net income, change	$ 2,385
Net income, % change	2.00%
Operating Segments [Member] | Life insurance underwriting margin [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ 144,300		141,403
Pretax operating income, change	$ 2,897
Pretax operating income, % change	2.00%
Operating Segments [Member] | Health insurance underwriting margin [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ 51,515		51,577
Pretax operating income, change	$ (62)
Pretax operating income, % change	0.00%
Operating Segments [Member] | Annuity underwriting margin [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ 1,631		1,093
Pretax operating income, change	$ 538
Pretax operating income, % change	49.00%
Operating Segments [Member] | Excessive investment income [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ 54,673		54,926
Pretax operating income, change	$ (253)
Pretax operating income, % change	0.00%
Operating Segments [Member] | Other and corporate [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ (56,964)		(54,641)
Operating Segments [Member] | Other and corporate [Member] | Other income [Member]
Segment Reporting Information [Line Items]
Pretax operating income	465		722
Pretax operating income, change	$ (257)
Pretax operating income, % change	(36.00%)
Operating Segments [Member] | Other and corporate [Member] | Administrative expense [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ (48,468)		(45,951)
Pretax operating income, change	$ (2,517)
Pretax operating income, % change	5.00%
Operating Segments [Member] | Other and corporate [Member] | Corporate [Member]
Segment Reporting Information [Line Items]
Pretax operating income	$ (8,961)		$ (9,412)
Pretax operating income, change	$ 451
Pretax operating income, % change	(5.00%)
[1]	Due to the adoption of ASU 2016-09, certain balances related to excess tax benefits from stock compensation were adjusted prospectively as described in Note 2—New Accounting Standards.
[2]	Certain prior year balances were adjusted to give effect to discontinued operations as described in Note 5—Discontinued Operations.