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Postretirement Benefits
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Postretirement Benefits
Note 7—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.
Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2022 and December 31, 2021.
Pension Assets by Component at September 30, 2022
 Fair Value Determined by:  
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Corporate bonds:
Financial$— $39,536 $— $39,536 8 
Utilities— 33,005 — 33,005 7 
Energy— 17,439 — 17,439 4 
Other corporates— 59,738 — 59,738 12 
Total corporate bonds— 149,718 — 149,718 31 
Exchange traded fund(1)
239,191 — — 239,191 49 
Other bonds— 201 — 201 — 
Guaranteed annuity contract(2)
— 43,433 — 43,433 9 
Short-term investments28,311 — — 28,311 6 
Other7,538 — — 7,538 2 
$275,040 $193,352 $— 468,392 97 
Other long-term investments(3)
14,237 3 
Total pension assets
$482,629 100 
(1)A fund including marketable securities that mirror the S&P 500 index.
(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of September 30, 2022, the expected term of the investment fund is approximately 2 years and the commitment of the investment is fully funded. The investment is non-redeemable.
Pension Assets by Component at December 31, 2021
 Fair Value Determined by:  
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Corporate bonds:
Financial$— $52,522 $— $52,522 9 
Utilities— 43,663 — 43,663 7 
Energy— 22,719 — 22,719 4 
Other corporates— 88,673 — 88,673 15 
Total corporate bonds— 207,577 — 207,577 35 
Exchange traded fund(1)
315,720 — — 315,720 52 
Other bonds— 239 — 239 — 
Guaranteed annuity contract(2)
— 34,743 — 34,743 6 
Short-term investments13,731 — — 13,731 2 
Other10,388 — — 10,388 2 
$339,839 $242,559 $— 582,398 97 
Other long-term investments(3)
15,149 3 
Total pension assets
$597,547 100 
(1)A fund including marketable securities that mirror the S&P 500 index.
(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2021, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.
SERP: The following table includes information regarding the SERP.
Nine Months Ended
September 30,
20222021
Premiums paid for insurance coverage$443 $2,193 
September 30,
2022		December 31,
2021
Total investments:
Company owned life insurance $54,274 $52,791 
Exchange traded funds68,643 87,133 
$122,917 $139,924 
Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2022 and December 31, 2021.
September 30,
2022		December 31,
2021
Pension Plans$517,293 $686,917 
SERP92,050 92,017 
Pension benefit obligation
$609,343 $778,934 
The decline in the pension benefit obligation is primarily a result of an increase in the discount rate as well as contributions made during the year.
Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and nine months ended September 30, 2022 and 2021.

Components of Net Periodic Benefit Cost
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Service cost$8,657 $7,919 $25,968 $23,755 
Interest cost6,124 5,467 18,368 16,403 
Expected return on assets(8,885)(8,083)(26,655)(24,249)
Amortization:
Prior service cost158 158 474 474 
Actuarial (gain) loss3,208 4,984 9,625 14,953 
Net periodic benefit cost
$9,262 $10,445 $27,780 $31,336