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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
Note 12—Debt
On August 23, 2024, Globe Life completed the issuance of $450 million principal amount of 5.85% Senior notes due September 15, 2034. Total proceeds received by the Parent Company from the issuance, net of the underwriters’ discount, were $445 million. The proceeds were used for general corporate purposes, which included open market purchases of shares of its common stock under its share repurchase program. On August 15, 2024, Globe Life amended its term loan agreement increasing the principal amount from $170 million to $250 million, an increase of $80 million. The amendment extends the maturity date from November 11, 2024 to August 15, 2027.

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,
20242023
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes09/27/201809/15/20284.550%$550,000 $(3,001)$546,999 $542,811 $546,283 
Senior notes08/21/202008/15/20302.150%400,000 (2,868)397,132 338,524 396,670 
Senior notes(1)
05/19/202206/15/20324.800%250,000 (3,728)246,272 241,083 245,873 
Senior notes
08/23/202409/15/20345.850%450,000 (5,186)444,814 451,665 — 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,557)123,443 95,865 123,427 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,613)317,387 204,620 317,306 
Term loan(2)
05/11/202308/15/20275.998%250,000 (1,796)248,204 248,204 — 
Total long-term debt
2,350,000 (25,749)2,324,251 2,122,772 1,629,559 
Term loan(2)
— — — — 169,549 
Commercial paper419,000 (3,599)415,401 415,401 316,564 
Total short-term debt
419,000 (3,599)415,401 415,401 486,113 
Total debt
$2,769,000 $(29,348)$2,739,652 $2,538,173 $2,115,672 
(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.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The 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 and the term loan are 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,
20252026202720282029Thereafter
Debt obligations$419,000 $— $250,000 $550,000 $— $1,550,000 
Credit Facility: On March 29, 2024, Globe Life amended the credit agreement dated September 30, 2021, which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion upon approval of the participating banks. The amended credit facility matures March 29, 2029 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 $1 billion, 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, 2024, 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. The following tables present selected information concerning Globe Life's commercial paper borrowings.
 
Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At December 31,
20242023
Balance commercial paper at end of period (at par value)
$419,000 $319,000 
Annualized interest rate5.22 %5.71 %
Letters of credit outstanding$115,000 $115,000 
Remaining amount available under credit line466,000 316,000 

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
Year Ended December 31,
202420232022
Average balance of commercial paper outstanding during period (par value)
$405,573 $290,024 $322,531 
Daily-weighted average interest rate (annualized)5.65 %5.40 %1.89 %
Maximum daily amount outstanding during period (par value)
$633,425 $477,700 $500,529 
Commercial paper issued during period (par value)
2,052,056 2,029,000 2,269,444 
Commercial paper matured during period (par value)(1,952,056)(1,995,000)(2,314,477)
Net commercial paper issued (matured) during period (par value)
100,000 34,000 (45,033)

The Company increased the commercial paper borrowings by $100 million from the prior year. The Company was able to issue commercial paper as needed under this facility during the year ended December 31, 2024 and 2023.
Federal Home Loan Bank: FHLB membership provides certain of our 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 owned $34.5 million in FHLB common stock as of December 31, 2024 and $22.3 million as of December 31, 2023. 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. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of December 31, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the FHLB facility was approximately $730 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.3 billion. As of December 31, 2024, $372 million in funding agreements were outstanding with the FHLB, compared to $138 million as of December 31, 2023. This amount is included in "Other policyholders' funds" in the Consolidated Balance Sheets. The Company had no short-term borrowings from the FHLB as of December 31, 2024 and 2023.