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Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost
The total cost of these retirement plans charged to operations was as follows:
Year Ended December 31,
202120202019
Plan Type:
Defined Contribution Plans(1)
$5,188 $4,855 $4,817 
Defined Benefit Pension Plans(2)
41,778 33,826 24,134 
(1)401K plans.
(2)Qualified pension plans and SERP.
Pension Assets by Component at Fair Value The following table presents the assets of the Company's pension plans at December 31, 2021 and 2020.
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
% to
Total
Corporate bonds:
Financial$— $52,522 $— $52,522 9 
Utilities— 43,663 — 43,663 7 
Energy— 22,719 — 22,719 4 
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 6 
Short-term investments13,731 — — 13,731 2 
Other10,388 — — 10,388 2 
$339,839 $242,559 $— 582,398 97 
Other long-term investments(3)
15,149 3 
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 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 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 December 31, 2021, the expected term of the investment fund is approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.
Pension Assets by Component at December 31, 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$— $52,252 $— $52,252 10 
Utilities— 45,888 — 45,888 9 
Energy— 22,480 — 22,480 4 
Other corporates— 88,983 — 88,983 17 
Total corporate bonds— 209,603 — 209,603 40 
Exchange traded fund(1)
245,170 — — 245,170 46 
Other bonds— 258 — 258 — 
Guaranteed annuity contract(2)
— 30,119 — 30,119 6 
Short-term investments20,960 — — 20,960 4 
Other7,109 — — 7,109 1 
$273,239 $239,980 $— 513,219 97 
Other long-term investments(3)
16,313 3 
Total pension assets
$529,532 100 
(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 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, 2020, the expected term of the investment fund was approximately 4 years and the commitment of the investment is fully funded. The investment is non-redeemable.
Information Regarding the SERP The following tables include premiums paid for the company owned life insurance (COLI) for the three years ended December 31, 2021 and investments of the Rabbi Trust for the two years ended December 31, 2021.
Year Ended December 31,
202120202019
Premiums paid for insurance coverage$2,193 $2,480 $2,394 
At December 31,
20212020
Total investments:
COLI$52,791 $51,361 
Exchange traded funds87,133 75,390 
$139,924 $126,751 
Pension Liability The following table presents projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the pension plans and SERP at December 31, 2021 and 2020.
Pension Liability
December 31,
20212020
PBOABOPBOABO
Pension plans$686,917 $601,647 $667,753 $594,510 
SERP92,017 87,915 95,560 89,069 
Benefit Obligation
$778,934 $689,562 $763,313 $683,579 

The pension plans have projected benefit obligations in excess of the fair value of plan assets. The projected benefit obligations and the fair value of plan assets were as follows:
At December 31,
20212020
Funded benefit pension plans PBO$686,917 $667,753 
Funded benefit pension plans fair value of plan assets597,547 529,532 
The funded benefit pension plans have accumulated benefit obligations in excess of the fair value of plan assets. The accumulated benefit obligations and the fair value of plan assets were as follows:
At December 31,
20212020
Funded benefit pension plans ABO$601,647 $594,510 
Funded benefit pension plans fair value of plan assets597,547 529,532 
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 31:20212020
Discount rate3.19 %2.92 %
Rate of compensation increase4.43 3.97 
For Periodic Benefit Cost for the Year:202120202019
Discount rate2.92 %3.49 %4.37 %
Expected long-term returns6.67 6.67 6.72 
Rate of compensation increase3.97 3.97 4.00 
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,
 202120202019
Service cost—benefits earned during the period$31,672 $24,461 $19,929 
Interest cost on projected benefit obligation21,957 22,825 23,827 
Expected return on assets(32,331)(29,561)(27,862)
Amortization of prior service cost (credit)631 632 8,211 
Recognition of actuarial gain (loss)19,849 15,469 29 
Net periodic benefit cost
$41,778 $33,826 $24,134 
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,
202120202019
Balance at January 1
$(208,770)$(182,233)$(150,071)
Amortization of:
Prior service cost (credit)631 632 631 
Net actuarial (gain) loss(1)
20,166 16,000 7,843 
Total amortization20,797 16,632 8,474 
Plan amendments(4,565)— — 
Experience gain (loss)(2)
61,299 (43,169)(40,636)
Balance at December 31
$(131,239)$(208,770)$(182,233)
(1)Includes amortization of postretirement benefits other than pensions of $228 thousand in 2021, $302 thousand in 2020, and $265 thousand in 2019. 
(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 and plan assets for the pension plans and SERP. This table also presents the amounts previously recognized as a component of accumulated other comprehensive income.

Pension Benefits
Year Ended December 31,
20212020
Changes in PBO:
PBO at beginning of year$763,313 $665,207 
Service cost31,672 24,461 
Interest cost21,957 22,825 
Plan amendments4,565 — 
Actuarial loss (gain)(16,938)74,006 
Benefits paid(25,635)(23,186)
PBO at end of year778,934 763,313 
Changes in plan assets:
Fair value at beginning of year529,532 468,763 
Return on assets75,792 62,104 
Contributions17,858 21,851 
Benefits paid(25,635)(23,186)
Fair value at end of year597,547 529,532 
Funded status at year end
$(181,387)$(233,781)
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:20212020
Net loss (gain)$120,217 $200,465 
Prior service cost8,647 4,713 
Net amounts recognized at year end$128,864 $205,178 
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, 2021. These estimates use the same assumptions that measure the benefit obligation at December 31, 2021, taking estimated future employee service into account. Those estimated benefits are as follows:
For the year(s): 
2022$25,979 
202328,431 
202430,936 
202532,120 
202634,121 
2027-2031200,165