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Postretirement Benefits (Tables)
9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Pension Assets by Component at Fair Value
Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2024 and December 31, 2023.
Pension Assets by Component at September 30, 2024

 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)
$38,544 $— $— $38,544 
Equity exchange traded fund(1)
318,809 — — 318,809 49 
U.S. Government and Agency— 204,990 — 204,990 32 
Other bonds— — — 
Guaranteed annuity contract(2)
— 43,881 — 43,881 
Short-term investments5,122 — — 5,122 
Other1,858 — — 1,858 — 
$364,333 $248,875 $— 613,208 95 
Other long-term investments(3)
30,356 
Total pension assets
$643,564 100 
(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 September 30, 2024, 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, 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 
Equity exchange traded fund(1)
315,886 — — 315,886 55 
U.S. Government and Agency— 167,450 — 167,450 30 
Other bonds— — — 
Guaranteed annuity contract(2)
— 43,428 — 43,428 
Short-term investments6,506 — — 6,506 
Other463 — — 463 — 
$341,570 $210,883 $— 552,453 97 
Other long-term investments(3)
18,314 
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.
Schedule of Information Regarding the SERP The following tables include premiums paid for COLI at September 30, 2024 and 2023 and investments of the Rabbi Trust at September 30, 2024 and December 31, 2023.
Nine Months Ended
September 30,
20242023
Premiums paid for insurance coverage$443 $443 
September 30,
2024
December 31,
2023
Total investments:
COLI
$56,757 $55,185 
Exchange traded funds97,132 86,156 
$153,889 $141,341 
Schedule of Pension Liability The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2024 and December 31, 2023.
September 30,
2024
December 31,
2023
Pension Plans$615,595 $554,957 
SERP72,654 72,603 
Benefit obligation
$688,249 $627,560 
Schedule of Net Periodic Benefit Cost The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and nine month periods ended September 30, 2024 and 2023.
Components of Net Periodic Benefit Cost
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Service cost—benefits earned during the period$6,224 $5,392 $18,673 $16,174 
Interest cost on projected benefit obligation8,287 7,834 24,862 23,502 
Expected return on assets(10,645)(9,656)(31,938)(28,968)
Amortization:
Prior service cost265 269 803 807 
Actuarial (gain) loss(48)18 (152)
Net periodic benefit cost
$4,137 $3,791 $12,418 $11,363