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Postretirement Benefits (Tables)
9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Schedule of Pension Assets by Component at Fair Value
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 
Utilities— 33,005 — 33,005 
Energy— 17,439 — 17,439 
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 
Short-term investments28,311 — — 28,311 
Other7,538 — — 7,538 
$275,040 $193,352 $— 468,392 97 
Other long-term investments(3)
14,237 
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 
Utilities— 43,663 — 43,663 
Energy— 22,719 — 22,719 
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 
Short-term investments13,731 — — 13,731 
Other10,388 — — 10,388 
$339,839 $242,559 $— 582,398 97 
Other long-term investments(3)
15,149 
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.
Schedule of Information Regarding the 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 
Schedule of Pension Liability 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 
Schedule of 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