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Postretirement Benefits
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Postretirement Benefits
Note 9—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, 2023 and December 31, 2022.
Pension Assets by Component at June 30, 2023

 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$— $14,975 $— $14,975 3 
Utilities— 2,964 — 2,964 1 
Energy— 2,314 — 2,314 — 
Other corporates— 12,196 — 12,196 2 
Total corporate bonds— 32,449 — 32,449 6 
Exchange traded fund(1)
300,647 — — 300,647 56 
U.S. Government and Agency— 128,725 — 128,725 24 
Other bonds— 6 — 6 — 
Guaranteed annuity contract(2)
— 43,112 — 43,112 8 
Short-term investments14,695 — — 14,695 3 
Other5,021 — — 5,021 1 
$320,363 $204,292 $— 524,655 98 
Other long-term investments(3)
12,952 2 
Total pension assets
$537,607 100 
(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, 2023, 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, 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 approximately 1% of the investment fund. As of December 31, 2022, 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,
20232022
Premiums paid for insurance coverage$443 $443 
June 30,
2023		December 31,
2022
Total investments:
Company owned life insurance $54,458 $54,681 
Exchange traded funds79,467 71,258 
$133,925 $125,939 
Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2023 and December 31, 2022.
June 30,
2023		December 31,
2022
Pension Plans$534,621 $492,103 
SERP70,883 70,464 
Pension benefit obligation
$605,504 $562,567 
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 month periods ended June 30, 2023 and 2022.
Components of Net Periodic Benefit Cost
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Service cost$5,390 $8,656 $10,782 $17,311 
Interest cost7,834 6,121 15,668 12,244 
Expected return on assets(9,656)(8,885)(19,312)(17,770)
Amortization:
Prior service cost269 158 538 316 
Actuarial (gain) loss(52)3,208 (104)6,417 
Net periodic benefit cost
$3,785 $9,258 $7,572 $18,518