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Debt (Tables)
12 Months Ended
Dec. 31, 2019
Debt  
Short-Term Debt (Table)

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December 31, 2019

 

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Financing

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Short-term debt

 

Obligor/Applicant

    

structure

    

Maturity

    

Capacity

    

outstanding

  

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(in millions)

 

PFG, Principal Financial Services, Inc. ("PFS"),

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Principal Life as co-borrowers

 

Credit facility

 

November 2023

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$

600.0

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$

—

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PFG, PFS, Principal Life and Principal Financial

 

  

 

  

​

 

  

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Services V (UK) LTD as co-borrowers

 

Credit facility

 

November 2023

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200.0

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—

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Principal International Chile (1)

 

Unsecured lines of credit

 

  

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134.5

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93.4

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Principal Life

 

Unsecured line of credit

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September 2020

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60.0

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—

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Total

 

  

 

  

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$

994.5

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$

93.4

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December 31, 2018

 

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Financing

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Short-term debt

 

Obligor/Applicant

    

structure

    

Maturity

    

Capacity

    

outstanding

  

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(in millions)

 

PFG, PFS, Principal Life as co-borrowers

 

Credit facility

 

November 2023

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$

600.0

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$

—

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PFG, PFS, Principal Life and Principal Financial

 

  

 

  

​

 

  

​

 

  

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Services V (UK) LTD as co-borrowers

 

Credit facility

 

November 2023

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200.0

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—

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Principal International Chile (1)

 

Unsecured lines of credit

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141.4

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42.9

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Principal Life

 

Unsecured line of credit

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September 2019

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60.0

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—

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Total

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$

1,001.4

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$

42.9

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(1)The unsecured lines of credit can be used for repurchase agreements or other borrowings. Each line has a maturity of less than one year.
Long-Term Debt (Table)

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December 31, 2019

 

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Principal

    

Net unamortized
discount,
premium and
debt issuance
costs

    

Carrying
amount

  

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(in millions)

 

3.3% notes payable, due 2022

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$

300.0

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$

(1.0)

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$

299.0

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3.125% notes payable, due 2023

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​

300.0

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(1.0)

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299.0

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3.4% notes payable, due 2025

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400.0

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(2.6)

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397.4

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3.1% notes payable, due 2026

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350.0

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(2.5)

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347.5

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3.7% notes payable, due 2029

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500.0

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(6.1)

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493.9

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6.05% notes payable, due 2036

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505.6

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(2.4)

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503.2

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4.625% notes payable, due 2042

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300.0

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(3.2)

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296.8

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4.35% notes payable, due 2043

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300.0

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(3.3)

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296.7

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4.3% notes payable, due 2046

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300.0

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(3.3)

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296.7

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4.7% notes payable, due 2055

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400.0

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(4.9)

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395.1

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Non-recourse mortgages and notes payable

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107.6

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1.2

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108.8

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Total long-term debt

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$

3,763.2

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$

(29.1)

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$

3,734.1

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December 31, 2018

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Principal

    

Net unamortized
discount,
premium and
debt issuance
costs

    

Carrying
amount

  

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(in millions)

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3.3% notes payable, due 2022

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$

300.0

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$

(1.5)

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$

298.5

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3.125% notes payable, due 2023

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300.0

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(1.2)

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298.8

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3.4% notes payable, due 2025

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400.0

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(3.0)

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397.0

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3.1% notes payable, due 2026

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350.0

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(2.7)

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347.3

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6.05% notes payable, due 2036

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505.6

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(2.6)

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503.0

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4.625% notes payable, due 2042

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300.0

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(3.3)

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296.7

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4.35% notes payable, due 2043

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​

300.0

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(3.3)

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296.7

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4.3% notes payable, due 2046

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300.0

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(3.3)

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296.7

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4.7% notes payable, due 2055

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400.0

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(4.9)

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395.1

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Non-recourse mortgages and notes payable

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128.5

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1.3

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129.8

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Total long-term debt

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$

3,284.1

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$

(24.5)

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$

3,259.6

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Future Annual Maturities of Long-Term Debt (Table)

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9. Debt – (continued)

As of December 31, 2019, future annual maturities of long-term debt were as follows (in millions):

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Year ending December 31:

    

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2020

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$

65.9

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2021

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1.8

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2022

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300.7

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2023

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314.0

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2024

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17.5

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Thereafter

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3,034.2

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Total future maturities of long-term debt

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$

3,734.1

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