XML 64 R45.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Share-Based Transactions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes employee and director RSU activity during the years ended December 31, 2018, 2017, and 2016.
|  | Shares |  |  |  |  | Weighted-average measurement-date fair value per share |
|  | (Shares in thousands) |
Unvested employee and director RSUs, December 31, 2015 |  |  | 390 |  |  |  |  | $ | 45.07 |
Granted |  |  | 225 |  |  |  |  |  | 42.86 |
Forfeited |  |  | - |  |  |  |  |  | - |
Vested |  |  | (219 | ) |  |  |  |  | 42.28 |
Unvested employee and director RSUs, December 31, 2016 |  |  | 396 |  |  |  |  |  | 45.37 |
Granted |  |  | 130 |  |  |  |  |  | 80.33 |
Forfeited |  |  | (1 | ) |  |  |  |  | 57.53 |
Vested |  |  | (213 | ) |  |  |  |  | 46.54 |
Unvested employee and director RSUs, December 31, 2017 |  |  | 312 |  |  |  |  |  | 59.10 |
Granted |  |  | 106 |  |  |  |  |  | 100.00 |
Forfeited |  |  | - |  |  | (1 | ) |  | 82.20 |
Vested |  |  | (186 | ) |  |  |  |  | 58.51 |
Unvested employee and director RSUs, December 31, 2018 |  |  | 232 |  |  |  |  |  | 78.22 |
(1) Less than 1,000 shares
Schedule of Share-Based Transactions, PSU Activity | The following table summarizes PSU activity during the years ended December 31, 2018 and 2017.
|  | Shares |  |  | Weighted-average measurement-date fair value per share |
|  | (Shares in thousands) |
Unvested employee PSUs, December 31, 2016 (1) |  |  | 18 |  |  | $ | 41.88 |
Granted (2) |  |  | 36 |  |  |  | 80.45 |
Forfeited |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Unvested employee PSUs, December 31, 2017 |  |  | 54 |  |  |  | 67.42 |
Granted (3) |  |  | 31 |  |  |  | 100.55 |
Forfeited |  |  | - |  |  |  | - |
Vested |  |  | - |  |  |  | - |
Unvested employee PSUs, December 31, 2018 |  |  | 85 |  |  |  | 79.34 |
(1) | The 2016 PSU awards outstanding are based on target. Based on the actual ROAE achieved within the three-year performance period ended December 31, 2018, recipients will receive 22,758 shares of common stock on the vesting date, March 1, 2019.
(2) | The 2017 PSU awards outstanding are based on target. Depending upon the ROAE achieved within the performance period, recipients may receive between 0 and 54,069 shares of common stock.
(3) | The 2018 PSU awards outstanding are based on target. Depending upon the ROAE achieved within the performance period, recipients may receive between 0 and 45,869 shares of common stock.
Summary of Activity Related to Stock Options Outstanding and Exercisable | The following table summarizes activity related to stock options outstanding and exercisable during the years ended December 31, 2018, 2017, and 2016:
|  | Outstanding |  |  | Exercisable |
|  | Number of shares |  |  | Weighted average exercise price |  |  | Number of shares |  |  | Weighted average exercise price |
|  | (Shares in thousands) |
Outstanding at December 31, 2015 |  |  | 203 |  |  | $ | 41.28 |  |  |  | 35 |  |  | $ | 36.38 |
Granted |  |  | 90 |  |  |  | 41.88 |  |  |  |  |  |  |  |  |
Exercised |  |  | (148 | ) |  |  | 38.24 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 145 |  |  |  | 44.75 |  |  |  | 6 |  |  |  | 53.50 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (38 | ) |  |  | 43.63 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2017 |  |  | 107 |  |  |  | 45.15 |  |  |  | 32 |  |  |  | 47.26 |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | (33 | ) |  |  | 47.59 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 74 |  |  |  | 44.07 |  |  |  | 44 |  |  |  | 45.55 |
Range of granted option exercise prices outstanding at December 31, 2018 |
$41.20 (average term remaining - 5.1 years) |  |  | 7 |  |  | $ | 41.20 |  |  |  | 7 |  |  | $ | 41.20 |
$53.50 (average term remaining - 6.2 years) |  |  | 14 |  |  |  | 53.50 |  |  |  | 14 |  |  |  | 53.50 |
$41.88 (average term remaining - 7.1 years) |  |  | 52 |  |  |  | 41.88 |  |  |  | 22 |  |  |  | 41.88 |
Summary of Intrinsic Values of Stock Options | A summary of the intrinsic values of our stock options is as follows:
|  | December 31, 2018 |
|  | (In thousands) |
Aggregate intrinsic value of exercisable stock options |  | $ | 2,294 |
Aggregate intrinsic value of stock options expected to vest |  |  | 1,666 |
Aggregate intrinsic value of stock options outstanding |  | $ | 3,960 |
Summary of Intrinsic Value, Tax Benefit Realized and Value of Shares Withheld Related to Option Exercise Activity | The intrinsic value, tax benefit realized and value of shares withheld related to option exercise activity are summarized as follows:
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (In thousands) |
Intrinsic value of options exercised |  | $ | 1,953 |  |  | $ | 1,453 |  |  | $ | 2,755 |
Tax benefit realized from the options exercised |  |  | - |  |  |  | 509 |  |  |  | 964 |
Value of issued shares withheld to satisfy option exercise price |  |  | 1,562 |  |  |  | 1,673 |  |  |  | 5,509 |
Schedule of Share-based Goods and Nonemployee Services Transaction by Supplier | The following table summarizes non-employee RSU activity during the years ended December 31, 2018, 2017, and 2016.
|  | Shares |  |  | Weighted-average measurement-date fair value per share |
|  | (Shares in thousands) |
Unvested non-employee RSUs, December 31, 2015 |  |  | 73 |  |  | $ | 42.83 |
Granted |  |  | 236 |  |  |  | 48.45 |
Vested |  |  | (267 | ) |  |  | 44.82 |
Unvested non-employee RSUs, December 31, 2016 |  |  | 42 |  |  |  | 61.55 |
Granted |  |  | 156 |  |  |  | 75.69 |
Vested |  |  | (166 | ) |  |  | 68.96 |
Unvested non-employee RSUs, December 31, 2017 |  |  | 32 |  |  |  | 91.88 |
Granted |  |  | 124 |  |  |  | 102.43 |
Vested |  |  | (122 | ) |  |  | 101.01 |
Unvested non-employee RSUs, December 31, 2018 |  |  | 34 |  |  |  | 97.71 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table presents the assumptions used in valuing quarterly RSU granted to agents prior to 2018:
|  | Year ended December 31,
|  | 2018 |  | 2017 |  | 2016
Expected volatility |  | n/a |  | 18% to 34% |  | 24% to 42%
Quarterly dividends expected |  | n/a |  | $0.19 to $0.20 |  | $0.17 to $0.18
Risk-free interest rates |  | n/a |  | Less than 3% |  | Less than 2%
Schedule of Compensation Cost and Tax Benefits for Share Based Payment Arrangements Nonemployee Equity Awards | Details on the granting and valuation of these awards were as follows:
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (Dollars in thousands, except per-share amounts) |
Total quarterly non-employee RSUs granted |  |  | 124,471 |  |  |  | 155,996 |  |  |  | 235,735 |
Measurement date per-share fair value of awards |  | $96.60 to $120.55 |  |  | $67.82 to $91.88 |  |  | $39.87 to $61.50 |
Illiquidity discounts |  | n/a |  |  |  | 10 | % |  | 10% to 11% |
Quarterly incentive awards expense recognized currently |  | $ | 3,288 |  |  | $ | 980 |  |  | $ | 910 |
Quarterly incentive awards expense deferred |  |  | 9,484 |  |  |  | 10,821 |  |  |  | 10,517 |
Tax benefit associated with incentive awards |  |  | 2,437 |  |  |  | 2,259 |  |  |  | 3,674 |
Restricted stock units (RSUs) [Member] | Employee and Director [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Share-Based Compensation, Recognized Expense and Tax Benefit Offsets | We recognized expense and tax benefit offsets as follows for employee and director RSU share-based compensation:
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (In thousands) |
Total equity awards expense recognized |  | $ | 10,684 |  |  | $ | 11,364 |  |  | $ | 11,067 |
Tax benefit associated with total employee and director share-based compensation |  |  | 1,495 |  |  |  | 1,893 |  |  |  | 3,715 |
Performance share units (PSUs) [Member] | Employee [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Share-Based Compensation, Recognized Expense and Tax Benefit Offsets | In connection with our granting of PSU awards, we recognized expense and tax benefit offsets as follows:
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (In thousands) |
Total employee PSU award expense |  | $ | 3,240 |  |  | $ | 2,761 |  |  | $ | 614 |
Tax benefit associated with total employee PSU award expense |  |  | 191 |  |  |  | 187 |  |  |  | 215 |
Employee Stock Option [Member] |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Share-Based Compensation, Recognized Expense and Tax Benefit Offsets | Compensation expense and related tax benefits recognized for stock option awards were as follows:
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (In thousands) |
Expense recognized for stock option awards |  | $ | 39 |  |  | $ | 162 |  |  | $ | 851 |
Tax benefit recognized for stock option awards |  |  | 8 |  |  |  | 37 |  |  |  | 298 |

X
- Definition Schedule of compensation cost and tax benefits for share based payment arrangements nonemployee equity awards. + References No definition available. + Details
Name: | pri_ScheduleOfCompensationCostAndTaxBenefitsForShareBasedPaymentArrangementsNonemployeeEquityAwardsTableTextBlock
Namespace Prefix: | pri_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Share based arrangements by share based payment award fair value assumptions and methodology. + References No definition available. + Details
Name: | pri_ShareBasedArrangementsByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyTableTextBlock
Namespace Prefix: | pri_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of intrinsic value tax benefit realized and value of shares withheld related to option exercise activity. + References No definition available. + Details
Name: | pri_SummaryOfIntrinsicValueTaxBenefitRealizedAndValueOfSharesWithheldRelatedToOptionExerciseActivityTableTextBlock
Namespace Prefix: | pri_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of each transaction in which an entity acquires goods or services other than employee services in exchange for equity securities of the company, including the purpose of the transaction, identification and quantity of the securities issued, the accounting made, disclosure of amounts by which report lines were affected, and noncash effects on the statement of cash flows. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5444-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedGoodsAndNonemployeeServicesTransactionBySupplierTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_TitleOfIndividualAxis=pri_EmployeeAndDirectorMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_PerformanceSharesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_TitleOfIndividualAxis=pri_EmployeeMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |