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Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The total cost of these retirement plans charged to operations was as follows:
Year Ended December 31,
202220212020
Plan Type:
Defined Contribution Plans(1)
$5,824 $5,188 $4,855 
Defined Benefit Pension Plans(2)
37,040 41,778 33,826 
(1)401K plans.
(2)Qualified pension plans and SERP.
Schedule of Pension Assets by Component at Fair Value The following table presents the assets of the Company's pension plans at December 31, 2022 and 2021.
Pension Assets by Component at December 31, 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$— $35,649 $— $35,649 7 
Utilities— 23,436 — 23,436 5 
Energy— 12,776 — 12,776 3 
Other corporates— 56,786 — 56,786 11 
Total corporate bonds— 128,647 — 128,647 26 
Exchange traded fund(1)
258,297 — — 258,297 52 
U.S. Government and Agency— 44,213 — 44,213 9 
Other bonds— 200 — 200 — 
Guaranteed annuity contract(2)
— 43,116 — 43,116 8 
Short-term investments4,467 — — 4,467 1 
Other6,547 — — 6,547 1 
$269,311 $216,176 $— 485,487 97 
Other long-term investments(3)
14,288 3 
Total pension assets
$499,775 100 
(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 December 31, 2022, the expected term of the investment fund is approximately 2 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.
Schedule of Information Regarding the SERP The following tables include premiums paid for the company owned life insurance (COLI) for the three years ended December 31, 2022 and investments of the Rabbi Trust for the two years ended December 31, 2022.
Year Ended December 31,
202220212020
Premiums paid for insurance coverage$443 $2,193 $2,480 
At December 31,
20222021
Total investments:
COLI$54,681 $52,791 
Exchange traded funds71,258 87,133 
$125,939 $139,924 
Schedule of Pension Liability The following table presents projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the pension plans and SERP at December 31, 2022 and 2021.
Pension Liability
December 31,
20222021
PBOABOPBOABO
Pension plans$492,103 $458,510 $686,917 $601,647 
SERP70,464 67,776 92,017 87,915 
Benefit Obligation
$562,567 $526,286 $778,934 $689,562 

For the year-ended December 31, 2022, the pension plans have plan assets with fair values in excess of projected benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows:
At December 31,
20222021
Funded benefit pension plans PBO$492,103 $686,917 
Funded benefit pension plans fair value of plan assets499,775 597,547 
For the year-ended December 31, 2022, the funded benefit pension plans have plan assets with fair value in excess of the accumulated benefit obligations. The accumulated benefit obligations and the fair value of plan assets were as follows:
At December 31,
20222021
Funded benefit pension plans ABO$458,510 $601,647 
Funded benefit pension plans fair value of plan assets499,775 597,547 
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 31:20222021
Discount rate5.71 %3.19 %
Rate of compensation increase4.40 4.43 
For Periodic Benefit Cost for the Year:202220212020
Discount rate3.19 %2.92 %3.49 %
Expected long-term returns6.98 6.67 6.67 
Rate of compensation increase4.43 3.97 3.97 
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,
 202220212020
Service cost—benefits earned during the period$34,624 $31,672 $24,461 
Interest cost on projected benefit obligation24,445 21,957 22,825 
Expected return on assets(35,539)(32,331)(29,561)
Amortization of prior service cost (credit)1,077 631 632 
Recognition of actuarial gain (loss)12,433 19,849 15,469 
Net periodic benefit cost
$37,040 $41,778 $33,826 
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,
202220212020
Balance at January 1
$(131,239)$(208,770)$(182,233)
Amortization of:
Prior service cost (credit)1,077 631 632 
Net actuarial (gain) loss(1)
12,677 20,166 16,000 
Total amortization13,754 20,797 16,632 
Plan amendments— (4,565)— 
Experience gain (loss)(2)
119,055 61,299 (43,169)
Balance at December 31
$1,570 $(131,239)$(208,770)
(1)Includes amortization of postretirement benefits other than pensions of $289 thousand in 2022, $228 thousand in 2021, and $302 thousand in 2020. 
(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,
20222021
Changes in PBO:
PBO at beginning of year$778,934 $763,313 
Service cost34,624 31,672 
Interest cost24,445 21,957 
Plan amendments— 4,565 
Actuarial loss (gain)(241,995)(16,938)
Benefits paid(33,441)(25,635)
PBO at end of year562,567 778,934 
Changes in plan assets:
Fair value at beginning of year597,547 529,532 
Return on assets(94,175)75,792 
Contributions29,844 17,858 
Benefits paid(33,441)(25,635)
Fair value at end of year499,775 597,547 
Funded status at year end
$(62,792)$(181,387)
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:20222021
Net loss (gain)$(4,497)$120,217 
Prior service cost7,569 8,647 
Net amounts recognized at year end$3,072 $128,864 
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, 2022. These estimates use the same assumptions that measure the benefit obligation at December 31, 2022, taking estimated future employee service into account. Those estimated benefits are as follows:
For the year(s): 
2023$26,882 
202429,653 
202530,948 
202633,242 
202735,359 
2028-2032207,853