Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2019

Pension Assets by Component at Fair Value

The following table presents the assets of the Company's defined benefit pension plans at September 30, 2019 and December 31, 2018.

Pension Assets by Component at September 30, 2019



	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		% to Total
Corporate bonds:
Financial	$	—	$	51,045	$	—	$	51,045	11
Utilities	—		43,401		—		43,401		10
Energy	—		21,919		—		21,919		5
Other corporates	—		92,421		—		92,421		20
Total corporate bonds	—		208,786		—		208,786		46
Exchange traded fund⁽¹⁾	189,103		—		—		189,103		41
Other bonds	—		258		—		258		—
Other long-term investments	—		11,959		—		11,959		3
Guaranteed annuity contract⁽²⁾	—		28,360		—		28,360		6
Short-term investments	10,107		—		—		10,107		2
Other	7,162		—		—		7,162		2
Total pension assets	$	206,372	$	249,363	$	—	$	455,735	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, to fund the obligations of the American Income Life Insurance Company Non-Exempt Employees Defined Benefit Pension Plan ("American Income Pension Plan").

Pension Assets by Component at December 31, 2018



	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		% to Total
Corporate bonds:
Financial	$	—	$	44,236	$	—	$	44,236	11
Utilities	—		39,443		—		39,443		10
Energy	—		19,744		—		19,744		5
Other corporates	—		83,202		—		83,202		22
Total corporate bonds	—		186,625		—		186,625		48
Exchange traded fund⁽¹⁾	157,717		—		—		157,717		40
Other bonds	—		245		—		245		—
Other long-term investments	—		8,475		—		8,475		2
Guaranteed annuity contract⁽²⁾	—		26,505		—		26,505		7
Short-term investments	9,289		—		—		9,289		2
Other	3,816		—		—		3,816		1
Total pension assets	$	170,822	$	221,850	$	—	$	392,672	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, to fund the obligations of the American Income Pension Plan.

Information Regarding the SERP

The following table includes information regarding the SERP at September 30, 2019 and December 31, 2018.



	September 30, 2019		December 31, 2018
Premiums paid for insurance coverage	$	2,394	$	2,997

Total investments:
Company owned life insurance	$	47,406	$	44,285
Exchange traded funds	62,944		52,659
	$	110,350	$	96,944

Pension Liability

The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2019 and December 31, 2018.



	September 30, 2019		December 31, 2018
Funded defined benefit pension	$	534,798	$	481,792
SERP	75,531		74,407
Pension benefit obligation	$	610,329	$	556,199

Total Cost of Retirement Plans Charged to Operations

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 months ended September 30, 2019 and 2018.

Components of Net Periodic Benefit Cost



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Service cost	$	4,982		$	5,277		$	14,947		$	15,831
Interest cost	5,964			5,496			17,892			16,482
Expected return on assets	(6,966		)	(6,363		)	(20,898		)	(19,089		)
Amortization:
Prior service cost	158			119			474			357
Actuarial (gain) loss	1,894			3,636			5,684			10,908
Net periodic benefit cost	$	6,032		$	8,165		$	18,099		$	24,489