XML 46 R20.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Note 11—Debt
The following table presents information about the terms and outstanding balances of Globe Life's debt.
 
Selected Information about Debt Issues
As of December 31,
20212020
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes5/27/19935/15/20237.875%$165,612 $(396)$165,216 $180,444 $164,954 
Senior notes(1)
9/24/20129/15/20223.800%150,000 (248)149,752 153,284 149,414 
Senior notes9/27/20189/15/20284.550%550,000 (5,051)544,949 625,801 544,328 
Senior notes8/21/20208/15/20302.150%400,000 (4,222)395,778 395,208 395,157 
Junior subordinated debentures(2)
———— — — — 290,652 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,604)123,396 128,856 123,381 
Junior subordinated debentures6/14/20216/15/20614.250%325,000 (7,845)317,155 336,700 — 
1,715,612 (19,366)1,696,246 1,820,293 1,667,886 
Less current maturity of long-term debt(1)
150,000 (248)149,752 153,284 — 
Total long-term debt
1,565,612 (19,118)1,546,494 1,667,009 1,667,886 
Current maturity of long-term debt(1)
150,000 (248)149,752 153,284 — 
Commercial paper330,033 (141)329,892 329,892 254,918 
Total short-term debt
480,033 (389)479,644 483,176 254,918 
Total debt
$2,045,645 $(19,507)$2,026,138 $2,150,185 $1,922,804 
(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)The $300 million of 6.125% Junior subordinated debentures were redeemed on July 15, 2021.

The commercial paper has the highest priority of all the debt, followed by senior notes then junior subordinated debentures. The senior notes due 2023 are noncallable, the remaining senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures is payable quarterly while all other long-term debt is payable semi-annually.
Contractual Debt Obligations: The following table presents expected scheduled principal payments under our contractual debt obligations:
Year Ended December 31,
20222023202420252026Thereafter
Debt obligations$480,033 $165,612 $— $— $— $1,400,000 
Credit Facility: On September 30, 2021, Globe Life amended the credit agreement dated August 24, 2020, which provides for a $750 million revolving credit facility that may be increased to $1 billion. The amended credit facility matures September 30, 2026, and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.
The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $750 million, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of December 31, 2021, the Company was in full compliance with these covenants.

Commercial paper outstanding and any long-term debt due within one year are reported as short-term debt on the Consolidated Balance Sheets. A table presenting selected information concerning Globe Life's commercial paper borrowings is presented below.
 
Credit Facility - Commercial Paper
At December 31,
20212020
Balance at end of period (at par value)$330,033 $255,000 
Annualized interest rate0.29 %0.27 %
Letters of credit outstanding$125,000 $135,000 
Remaining amount available under credit line294,967 360,000 
Year Ended December 31,
202120202019
Average balance outstanding during period$311,049 $318,409 $288,684 
Daily-weighted average interest rate (annualized)0.23 %1.50 %2.62 %
Maximum daily amount outstanding during period$465,033 $482,000 $385,000 
Long-term debt: On June 14, 2021, Globe Life completed the issuance and sale of $325 million in aggregate principal amount of 4.25% unsecured Junior Subordinated Debentures due June 15, 2061. The net proceeds from the sale of the aforementioned Junior Subordinated Debentures were $317 million and were used to redeem the $300 million 6.125% Junior Subordinated Debentures due 2056 plus accrued interest of $1.5 million on July 15, 2021 as well as for general corporate purposes.Federal Home Loan Bank (FHLB) funding: During the year, four of our insurance subsidiaries became members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock and Globe Life owns $7.9 million as of the end of the year. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments" in the Consolidated Balance Sheets and activity is recorded in "Net receipts (payments) from deposit-type products" in the Consolidated Statement of Cash Flows. As of December 31, 2021, there were no outstanding borrowings with the FHLB.