Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 9—Debt On May 19, 2022, Globe Life completed the issuance of $400 million principal amount of 4.8% Senior notes due June 15, 2032, of which $150 million is owned by Globe Life affiliates. Total proceeds received by the Parent from the issuance, net of the underwriters’ discount, were $395 million. The proceeds were used to fund $300 million of 3.8% Senior notes, of which $150 million was owned by Globe life affiliates, that matured on September 15, 2022, as well as for the reduction of commercial paper and other general corporate purposes.

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

				As of
				September 30, 2022								December 31, 2021
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes	5/27/1993	5/15/2023	7.875%	$	165,612	$	(185)	$	165,427	$	167,781	$	165,216
Senior notes(2)	—	—	—	—		—		—		—		149,752
Senior notes	9/27/2018	9/15/2028	4.550%	550,000		(4,562)		545,438		526,702		544,949
Senior notes	8/21/2020	8/15/2030	2.150%	400,000		(3,891)		396,109		310,560		395,778
Senior notes(1)	5/19/2022	6/15/2032	4.800%	250,000		(4,616)		245,384		231,700		—
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,594)		123,406		124,016		123,396
Junior subordinated debentures	6/14/2021	6/15/2061	4.250%	325,000		(7,790)		317,210		252,545		317,155
				1,815,612		(22,638)		1,792,974		1,613,304		1,696,246
Less current maturity of long-term debt				165,612		(185)		165,427		167,781		149,752
Total long-term debt				1,650,000		(22,453)		1,627,547		1,445,523		1,546,494
Current maturity of long-term debt)				165,612		(185)		165,427		167,781		149,752
Commercial paper				270,000		(690)		269,310		269,310		329,892
Total short-term debt				435,612		(875)		434,737		437,091		479,644
Total debt				$	2,085,612	$	(23,328)	$	2,062,284	$	1,882,614	$	2,026,138

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.

(2)The $300 million of 3.80% Senior notes matured on September 15, 2022, of which $150 million was owned by Globe Life affiliates.

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.

Federal Home Loan Bank (FHLB): In 2021, 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, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings. Globe Life owns $13.0 million in FHLB common stock as of September 30, 2022 and $7.9 million as of December 31, 2021. 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 Condensed Consolidated Balance Sheets.As of September 30, 2022, there were no outstanding borrowings with the FHLB. Borrowings with the FHLB are subject to the availability of pledged assets at Globe Life. As of September 30, 2022, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $526 million, based on pledged assets with a fair value of $737 million.