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Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The total cost of these retirement plans charged to operations was as follows:
Year Ended December 31,
202320222021
Plan Type:
Defined Contribution Plans(1)
$6,390 $5,824 $5,188 
Defined Benefit Pension Plans(2)
15,225 37,040 41,778 
(1)401K plans.
(2)Qualified pension plans and SERP.
Schedule of Pension Assets by Component at Fair Value The following table presents the assets of the Company's Pension Plans at December 31, 2023 and 2022.
Pension Assets by Component at December 31, 2023

 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
Exchange traded fund(4)
$18,715 $— $— $18,715 3 
Equity exchange traded fund(1)
315,886 — — 315,886 55 
U.S. Government and Agency— 167,450 — 167,450 30 
Other bonds— 5 — 5 — 
Guaranteed annuity contract(2)
— 43,428 — 43,428 8 
Short-term investments6,506 — — 6,506 1 
Other463 — — 463 — 
$341,570 $210,883 $— 552,453 97 
Other long-term investments(3)
18,314 3 
Total pension assets
$570,767 100 
(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)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2023, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.
(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.
Pension Assets by Component at December 31, 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$— $35,649 $— $35,649 7 
Utilities— 23,436 — 23,436 5 
Energy— 12,776 — 12,776 3 
Other corporates— 56,786 — 56,786 11 
Total corporate bonds— 128,647 — 128,647 26 
Exchange traded fund(1)
258,297 — — 258,297 52 
U.S. Government and Agency— 44,213 — 44,213 9 
Other bonds— 200 — 200 — 
Guaranteed annuity contract(2)
— 43,116 — 43,116 8 
Short-term investments4,467 — — 4,467 1 
Other6,547 — — 6,547 1 
$269,311 $216,176 $— 485,487 97 
Other long-term investments(3)
14,288 3 
Total pension assets
$499,775 100 
(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, 2022, the expected term of the investment fund was approximately 2 years and the commitment of the investment is fully funded. The investment is non-redeemable.
Schedule of Investment Funds
The following table presents additional information about the Company's investment funds as of December 31, 2023 and December 31, 2022 at fair value:
Fair ValueUnfunded Commitments
Investment Category202320222023
Redemption Term/Notice(1)
Commercial mortgage loans$411,315 $431,405 $540,972 Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit
181,410 158,524 129,253 Fully redeemable and non-redeemable with varying terms.
Infrastructure165,887 159,534 16,800 Fully redeemable and non-redeemable with varying terms.
Other36,971 19,226 57,343 Non-redeemable with varying terms
Total investment funds $795,583 $768,689 $744,368 
(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.
The following table presents additional information about the Company's investment funds included in pension plan assets as of December 31, 2023 and December 31, 2022 at fair value:
Fair ValueUnfunded Commitments
Investment Category202320222023
Redemption Term/Notice(1)
Multi-asset class$14,714 $14,288 $7,203 Non-redeemable
Private equity3,600 — 56,472 Non-redeemable
Total
$18,314 $14,288 $63,675 
(1) Non-redeemable funds generally have an expected life of 7 to 10 years from fund closing with extension options of 2 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion.
Schedule of Information Regarding the SERP The following tables include premiums paid for the company owned life insurance (COLI) for the three years ended December 31, 2023 and investments of the Rabbi Trust for the two years ended December 31, 2023.
Year Ended December 31,
202320222021
Premiums paid for insurance coverage$443 $443 $2,193 
At December 31,
20232022
Total investments:
COLI$55,185 $54,681 
Exchange traded funds86,156 71,258 
$141,341 $125,939 
Schedule of Pension Liability The following table presents projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the Pension Plans and SERP at December 31, 2023 and 2022.
December 31,
20232022
PBOABOPBOABO
Pension plans$554,957 $493,040 $492,103 $458,510 
SERP72,603 69,332 70,464 67,776 
Benefit obligation
$627,560 $562,372 $562,567 $526,286 
For the year ended December 31, 2023, the Pension Plans have plan assets with fair values in excess of projected benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows:
At December 31,
20232022
Funded benefit pension plans PBO$554,957 $492,103 
Funded benefit pension plans fair value of plan assets570,767 499,775 

For the year ended December 31, 2023, the funded benefit pension plans have plan assets with fair value in excess of the accumulated benefit obligations. The accumulated benefit obligations and the fair value of plan assets were as follows:
At December 31,
20232022
Funded benefit pension plans ABO$493,040 $458,510 
Funded benefit pension plans fair value of plan assets570,767 499,775 
Weighted Average Pension Plan Assumptions
The following table discloses the assumptions used to determine Globe Life's pension liabilities and costs for the appropriate periods. The discount and compensation increase rates are used to determine current year projected benefit obligations and subsequent year pension expense. The long-term rate of return is used to determine current year expense. Differences between assumptions and actual experience are included in actuarial gain or loss.

Weighted Average Pension Plan Assumptions
For Benefit Obligations at December 31:20232022
Discount rate5.40 %5.71 %
Rate of compensation increase4.40 4.40 
For Periodic Benefit Cost for the Year:202320222021
Discount rate5.71 %3.19 %2.92 %
Expected long-term returns6.98 6.98 6.67 
Rate of compensation increase4.40 4.43 3.97 
Components of Net Periodic Pension Costs and Post-Retirement Benefit Costs Net periodic benefit cost for the defined benefit plans by expense component was as follows:
 Year Ended December 31,
 202320222021
Service cost—benefits earned during the period$21,568 $34,624 $31,672 
Interest cost on projected benefit obligation31,367 24,445 21,957 
Expected return on assets(38,625)(35,539)(32,331)
Amortization of prior service cost (credit)1,075 1,077 631 
Recognition of actuarial gain (loss)(160)12,433 19,849 
Net periodic benefit cost
$15,225 $37,040 $41,778 
Analysis of Impact on Other Comprehensive Income (Loss)
An analysis of the impact on other comprehensive income (loss) concerning pensions and other postretirement benefits is as follows:
Year Ended December 31,
202320222021
Balance at January 1
$1,570 $(131,239)$(208,770)
Amortization of:
Prior service cost (credit)1,075 1,077 631 
Net actuarial (gain) loss(1)
(1,465)12,677 20,166 
Total amortization(390)13,754 20,797 
Plan amendments— — (4,565)
Experience gain (loss)(2)
(3,907)119,055 61,299 
Balance at December 31
$(2,727)$1,570 $(131,239)
(1)Includes amortization of postretirement benefits other than pensions of $(732) thousand in 2023, $289 thousand in 2022, and $228 thousand in 2021. 
(2)The increase in the experience gain (loss) is related to an increase discount rate.
Reconciliation of Benefit Obligation and Plan Assets
The following table presents a reconciliation from the beginning to the end of the year of the PBO for the Pension Plans and SERP, and the plan assets for the Pension Plans. This table also presents the amounts previously recognized as a component of accumulated other comprehensive income.

Pension Benefits
Year Ended December 31,
20232022
Changes in PBO:
PBO at beginning of year$562,567 $778,934 
Service cost21,568 34,624 
Interest cost31,367 24,445 
Actuarial loss (gain)40,569 (241,995)
Benefits paid(28,511)(33,441)
PBO at end of year627,560 562,567 
Changes in plan assets:
Fair value at beginning of year499,775 597,547 
Return on assets75,062 (94,175)
Contributions24,441 29,844 
Benefits paid(28,511)(33,441)
Fair value at end of year570,767 499,775 
Funded status at year end
$(56,793)$(62,792)
Schedule of Amounts Recognized as Components Accumulated Other Comprehensive Income
Changes in the PBO related to actuarial losses (gains) are primarily attributed to changes in the discount rate.

Year Ended December 31,
Amounts recognized in accumulated other comprehensive income consist of:20232022
Net loss (gain)$(227)$(4,497)
Prior service cost6,494 7,569 
Net amounts recognized at year end$6,267 $3,072 
Estimated Future Payments for Post-Retirement Benefit Plans
Globe Life has estimated its expected pension benefits to be paid over the next ten years as of December 31, 2023. These estimates use the same assumptions that measure the benefit obligation at December 31, 2023, taking estimated future employee service into account. Those estimated benefits are as follows:
For the year(s): 
2024$28,870 
202529,865 
202632,606 
202734,828 
202837,363 
2029-2033220,202