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Debt
12 Months Ended
Dec. 31, 2022
Debt  
Debt

11. Debt

Short-Term Debt

The components of short-term debt were as follows:

December 31, 2022

Financing

Short-term debt

Obligor/Applicant

    

structure

    

Maturity

    

Capacity

    

outstanding

(in millions)

PLIC

 

Credit facility

 

October 2027

$

800.0

$

Total

 

  

 

  

$

800.0

$

December 31, 2021

Financing

Short-term debt

Obligor/Applicant

    

structure

    

Maturity

    

Capacity

    

outstanding

(in millions)

PFG, PFS, PLIC as co-borrowers

 

Credit facility

 

November 2023

$

600.0

$

PFG, PFS, PLIC and Principal Financial

 

  

 

  

 

  

 

  

Services V (UK) Ltd as co-borrowers

 

Credit facility

 

November 2023

 

200.0

 

Total

$

800.0

$

Our revolving credit facilities are committed and available for general corporate purposes. These credit facilities also provide 100% back-stop support for our commercial paper program, of which we had no outstanding balances as of both December 31, 2022 and 2021.

Long-Term Debt

The components of long-term debt were as follows:

December 31, 2022

 

    

Principal

    

Net unamortized
discount,
premium and
debt issuance
costs

    

Carrying
amount

  

(in millions)

 

Non-recourse mortgages and notes payable

$

67.1

$

0.7

$

67.8

Total long-term debt

$

67.1

$

0.7

$

67.8

December 31, 2021

    

Principal

    

Net unamortized
discount,
premium and
debt issuance
costs

    

Carrying
amount

  

(in millions)

Non-recourse mortgages and notes payable

$

53.8

$

0.2

$

54.0

Total long-term debt

$

53.8

$

0.2

$

54.0

The non-recourse mortgages and notes payable are primarily financings for real estate developments. Outstanding principal balances as of December 31, 2022, ranged from $3.0 million to $15.9 million per development with interest rates ranging from 3.5% to 4.8%. Outstanding principal balances as of December 31, 2021, ranged from $3.1 million to $14.4 million per development with interest rates ranging from 3.5% to 4.8%. Outstanding debt is secured by the underlying real estate properties, which were reported as real estate on our consolidated statements of financial position with a carrying value of $317.6 million and $198.3 million as of December 31, 2022 and 2021, respectively.

As of December 31, 2022, future annual maturities of long-term debt were as follows (in millions):

Year ending December 31:

    

    

2023

$

25.3

2024

32.7

2025

0.4

2026

6.5

2027

0.1

Thereafter

2.8

Total future maturities of long-term debt

$

67.8