Debt (Tables)

12 Months Ended

Dec. 31, 2024

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,
				2024								2023
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value

Senior notes	09/27/2018	09/15/2028	4.550%	$	550,000	$	(3,001)	$	546,999	$	542,811	$	546,283
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(2,868)		397,132		338,524		396,670
Senior notes(1)	05/19/2022	06/15/2032	4.800%	250,000		(3,728)		246,272		241,083		245,873
Senior notes	08/23/2024	09/15/2034	5.850%	450,000		(5,186)		444,814		451,665		—

Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,557)		123,443		95,865		123,427
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,613)		317,387		204,620		317,306
Term loan(2)	05/11/2023	08/15/2027	5.998%	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 paper				419,000		(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 following tables present selected information concerning Globe Life's commercial paper borrowings.

Credit Facility—Commercial Paper

(Dollar amounts in thousands)


	At December 31,
	2024			2023
Balance commercial paper at end of period (at par value)	$	419,000		$	319,000
Annualized interest rate	5.22		%	5.71		%
Letters of credit outstanding	$	115,000		$	115,000
Remaining amount available under credit line	466,000			316,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)


	Year Ended December 31,
	2024			2023			2022


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