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Postretirement Benefits
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Postretirement Benefits
Note 7—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (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 officers. The tables included herein will focus on the Pension Plans and SERP.
Pension Assets: The following table presents the assets of the Company's Pension Plans at June 30, 2022 and December 31, 2021.
Pension Assets by Component at June 30, 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$— $42,594 $— $42,594 9 
Utilities— 36,132 — 36,132 7 
Energy— 18,653 — 18,653 4 
Other corporates— 65,233 — 65,233 13 
Total corporate bonds— 162,612 — 162,612 33 
Exchange traded fund(1)
251,687 — — 251,687 52 
Other bonds— 212 — 212 — 
Guaranteed annuity contract(2)
— 34,986 — 34,986 7 
Short-term investments17,436 — — 17,436 4 
Other5,539 — — 5,539 1 
$274,662 $197,810 $— 472,472 97 
Other long-term investments(3)
14,525 3 
Total pension assets
$486,997 100 
(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 less than 1% of the investment fund. As of June 30, 2022, 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, 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
% of
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 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, 2021, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.
SERP: The following table includes information regarding the SERP.
Six Months Ended
June 30,
20222021
Premiums paid for insurance coverage$443 $443 
June 30,
2022		December 31,
2021
Total investments:
Company owned life insurance $53,982 $52,791 
Exchange traded funds72,401 87,133 
$126,383 $139,924 
Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2022 and December 31, 2021.
June 30,
2022		December 31,
2021
Pension Plans$585,944 $686,917 
SERP91,861 92,017 
Pension benefit obligation
$677,805 $778,934 
Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and six months ended June 30, 2022 and 2021.

Components of Net Periodic Benefit Cost
Three Months Ended
June 30,		Six Months Ended
June 30,
 2022202120222021
Service cost$8,656 $7,918 $17,311 $15,836 
Interest cost6,121 5,469 12,244 10,936 
Expected return on assets(8,885)(8,083)(17,770)(16,166)
Amortization:
Prior service cost158 158 316 316 
Actuarial (gain) loss3,208 4,984 6,417 9,969 
Net periodic benefit cost
$9,258 $10,446 $18,518 $20,891