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: