Debt (Tables)

12 Months Ended

Dec. 31, 2023

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,
				2023								2022
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes(3)	05/27/1993	05/15/2023	7.875%	$	—	$	—	$	—	$	—	$	165,500
Senior notes	09/27/2018	09/15/2028	4.550%	550,000		(3,717)		546,283		545,495		545,601
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(3,330)		396,670		335,096		396,219
Senior notes(1)	05/19/2022	06/15/2032	4.800%	250,000		(4,127)		245,873		242,704		245,493


Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,573)		123,427		120,674		123,410
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,694)		317,306		247,260		317,229

				1,650,000		(20,441)		1,629,559		1,491,229		1,793,452
Less current maturity of long-term debt				—		—		—		—		165,500
Total long-term debt				1,650,000		(20,441)		1,629,559		1,491,229		1,627,952

Current maturity of long-term debt				—		—		—		—		165,500
Term loan(2)	05/11/2023	11/11/2024	6.740%	170,000		(451)		169,549		169,549		—

Commercial paper				319,000		(2,436)		316,564		316,564		283,603
Total short-term debt				489,000		(2,887)		486,113		486,113		449,103

Total debt				$	2,139,000	$	(23,328)	$	2,115,672	$	1,977,342	$	2,077,055

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

(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.

(3)The $166 million of 7.875% Senior notes matured on May 15, 2023.

A table presenting selected information concerning Globe Life's commercial paper borrowings is presented below.

Credit Facility—Commercial Paper


	At December 31,
	2023			2022
Balance commercial paper at end of period (at par value)	$	319,000		$	285,000
Annualized interest rate	5.71		%	4.78		%
Letters of credit outstanding	$	115,000		$	125,000
Remaining amount available under credit line	316,000			340,000


	Year Ended December 31,
	2023			2022			2021


Average balance of commercial paper outstanding during period (par value)	$	290,024		$	322,531		$	311,049
Daily-weighted average interest rate (annualized)	5.40		%	1.89		%	0.23		%
Maximum daily amount outstanding during period (par value)	$	477,700		$	500,529		$	465,033
Commercial paper issued during period (par value)	2,029,000			2,269,444			1,964,313
Commercial paper matured during period (par value)	(1,995,000)			(2,314,477)			(1,889,280)
Net commercial paper issued (matured) during period (par value)	34,000			(45,033)			75,033

The following table presents expected scheduled principal payments under our contractual debt obligations: