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Postretirement Benefits
 6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Postretirement Benefits Note 7—Postretirement Benefits Globe Life has qualified noncontributory defined benefit 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 employees. The tables included herein will focus on the defined benefit plans ("Pension Plan") and SERP. Pension Assets: The following table presents the assets of the Company's defined benefit pension plans at June 30, 2020 and December 31, 2019.
Pension Assets by Component at June 30, 2020
 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$—  $52,297  $—  $52,297  11  
Utilities—  43,921  —  43,921  9  
Energy—  20,497  —  20,497  4  
Other corporates—  92,000  —  92,000  20  
Total corporate bonds—  208,715  —  208,715  44  
Exchange traded fund(1)
199,512  —  —  199,512  42  
Other bonds—  266  —  266  —  
Guaranteed annuity contract(2)
—  28,551  —  28,551  6  
Short-term investments19,992  —  —  19,992  4  
Other6,376  —  —  6,376  1  
$225,880  $237,532  $—  463,412  97  
Other long-term investments(3)
14,768  3  
Total pension assets
$478,180  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 Non-Exempt Employees Defined Benefit Pension Plan ("American Income Pension Plan").
(3)Included in other long-term investments is an investment fund that reports the 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 Pension Plan owns less than 1% of the investment fund. As of June 30, 2020, the expected term of the investment fund is approximately 4 years and the commitment of the investment is fully funded. The investment is non-redeemable. The investment fund strategy is opportunistic, applying a comprehensive relative value approach across various asset classes and opportunities in public and private markets, geographies, and capital structures.
Pension Assets by Component at December 31, 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$—  $51,111  $—  $51,111  11  
Utilities—  42,758  —  42,758  9  
Energy—  21,907  —  21,907  5  
Other corporates—  89,725  —  89,725  19  
Total corporate bonds—  205,501  —  205,501  44  
Exchange traded fund(1)
207,176  —  —  207,176  44  
Other bonds—  251  —  251  —  
Guaranteed annuity contract(2)
—  28,278  —  28,278  6  
Short-term investments8,414  —  —  8,414  2  
Other6,876  —  —  6,876  1  
$222,466  $234,030  $—  456,496  97  
Other long-term investments(3)
12,267  3  
Total pension assets
$468,763  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 Pension Plan.
(3)Included in other long-term investments is an investment fund that reports the 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 Pension Plan owns approximately 1% of the investment fund. As of December 31, 2019, the expected term of the investment fund is approximately 5 years and the unfunded commitment of the investment fund is $4.1 million. The investment is non-redeemable. The investment fund strategy is opportunistic, applying a comprehensive relative value approach across various asset classes and opportunities in public and private markets, geographies, and capital structures.
SERP: The following table includes information regarding the SERP.
Six Months Ended
June 30,
20202019
Premiums paid for insurance coverage$443  $444  
June 30,
2020		December 31,
2019
Total investments:
Company owned life insurance $48,855  $47,733  
Exchange traded funds66,254  65,585  
$115,109  $113,318  
Pension and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2020 and December 31, 2019.
June 30,
2020		December 31,
2019
Defined benefit pension$577,841  $578,860  
SERP86,742  86,347  
Pension benefit obligation $664,583  $665,207  
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 six months ended June 30, 2020 and 2019.

Components of Net Periodic Benefit Cost
Three Months Ended
June 30,		Six Months Ended
June 30,
 2020201920202019
Service cost$6,115  $4,983  $12,231  $9,965  
Interest cost5,647  5,964  11,298  11,928  
Expected return on assets(7,391) (6,966) (14,781) (13,932) 
Amortization:
Prior service cost158  158  316  316  
Actuarial (gain) loss3,925  1,896  7,849  3,790  
Net periodic benefit cost
$8,454  $6,035  $16,913  $12,067