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