XML 38 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
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
September 30,
2025		December 31,
2024
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
$— 
Senior notes
09/27/201809/15/20284.550%$550,000 $(2,439)$547,561 $554,846 $546,999 
Senior notes
08/21/202008/15/20302.150%400,000 (2,514)397,486 359,436 397,132 
Senior notes(1)
05/19/202206/15/20324.800%250,000 (3,413)246,587 251,192 246,272 
Senior notes
08/23/202409/15/20345.850%450,000 (4,883)445,117 472,325 444,814 
Junior subordinated debentures
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,543)123,457 100,389 123,443 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,549)317,451 215,800 317,387 
Term loan(2)
05/11/202308/15/20275.670%250,000 (1,300)248,700 248,700 248,204 
Subtotal
2,350,000 (23,641)2,326,359 2,202,688 2,324,251 
Unamortized issuance costs(3)
— (6,346)(6,346)(6,346)— 
Total long-term debt
2,350,000 (29,987)2,320,013 2,196,342 2,324,251 
Current maturity of long-term debt
Term loan(2)
— — — — — 
FHLB borrowings65,000 — 65,000 65,000 — 
Commercial paper331,000 (1,651)329,349 329,349 415,401 
Total short-term debt
396,000 (1,651)394,349 394,349 415,401 
Total debt
$2,746,000 $(31,638)$2,714,362 $2,590,691 $2,739,652 
(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)Unamortized issuance costs for P-CAPS facility agreement.

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.
Credit facility: Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The 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 September 30, 2025, the Company was in full compliance with these covenants.

Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million of Pre-Capitalized Trust Securities (the "P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in Interest Expense in the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. As of September 30, 2025, the Company had no senior note issuances under the Facility Agreement.

Commercial paper: The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper
As of
September 30,
2025		December 31, 2024September 30,
2024
Balance of commercial paper at end of period (par value)$331,000 $419,000 $426,908 
Annualized interest rate4.60 %5.22 %5.56 %
Letters of credit outstanding$115,000 $115,000 $115,000 
Remaining amount available under credit line554,000 466,000 458,092 

Credit Facility—Commercial Paper Activity
 Nine Months Ended September 30,
 20252024
Average balance of commercial paper outstanding during period (par value)$430,732 $375,851 
Daily-weighted average interest rate (annualized)4.90 %5.80 %
Maximum daily amount outstanding during period (par value)$605,500 $633,425 
Commercial paper issued during period (par value)
1,678,250 1,482,556 
Commercial paper matured during period (par value)(1,766,250)(1,374,648)
Net commercial paper issued (matured) during period (par value)
(88,000)107,908 
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 $33.7 million in FHLB common stock as of September 30, 2025 and $34.5 million as of December 31, 2024. The FHLB stock is restricted from redemption or repurchases 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. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of September 30, 2025, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $648 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.3 billion. As of September 30, 2025, $427 million in funding agreements were outstanding with the FHLB, compared to $372 million as of December 31, 2024. This amount is included in "Other policyholders' funds" in the Condensed Consolidated Balance Sheets. The Company had $65 million and $17 million in short-term borrowings from the FHLB as of September 30, 2025 and 2024, respectively.