Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Short-Term Debt (Table)

			December 31, 2023
	Financing				Short-term debt
Obligor/Applicant	structure	Maturity	Capacity		outstanding
			(in millions)
Principal Life	Credit facility	October 2027	$	800.0	$	—
	Unsecured
Principal International Chile (1)	lines of credit			130.9		58.6
Other short-term borrowings	Uncollateralized debt			2.5		2.5
Total			$	933.4	$	61.1

			December 31, 2022
	Financing				Short-term debt
Obligor/Applicant	structure	Maturity	Capacity		outstanding
			(in millions)
Principal Life	Credit facility	October 2027	$	800.0	$	—
	Unsecured
Principal International Chile (1)	lines of credit			136.9		80.7
Total			$	936.9	$	80.7

(1) The unsecured lines of credit can be used for repurchase agreements or other borrowings. Each line has a maturity of less than one year.

Long-Term Debt (Table)

	December 31, 2023
	Principal		Net unamortized discount, premium and debt issuance costs		Carrying amount
	(in millions)
3.4% notes payable, due 2025	$	400.0	$	(0.7)	$	399.3
3.1% notes payable, due 2026		350.0		(1.1)		348.9
3.7% notes payable, due 2029		500.0		(3.8)		496.2
2.125% notes payable, due 2030		600.0		(3.2)		596.8
5.375% notes payable, due 2033		400.0		(3.8)		396.2
6.05% notes payable, due 2036		505.6		(2.1)		503.5
4.625% notes payable, due 2042		300.0		(2.8)		297.2
4.35% notes payable, due 2043		300.0		(2.9)		297.1
4.3% notes payable, due 2046		300.0		(3.0)		297.0
5.5% notes payable, due 2053		300.0		(4.3)		295.7
Non-recourse mortgages and notes payable		3.1		(0.1)		3.0
Total long-term debt	$	3,958.7	$	(27.8)	$	3,930.9

	December 31, 2022
	Principal		Net unamortized discount, premium and debt issuance costs		Carrying amount
	(in millions)
3.125% notes payable, due 2023	$	300.0	$	(0.1)	$	299.9
3.4% notes payable, due 2025		400.0		(1.2)		398.8
3.1% notes payable, due 2026		350.0		(1.4)		348.6
3.7% notes payable, due 2029		500.0		(4.3)		495.7
2.125% notes payable, due 2030		600.0		(3.6)		596.4
6.05% notes payable, due 2036		505.6		(2.3)		503.3
4.625% notes payable, due 2042		300.0		(2.9)		297.1
4.35% notes payable, due 2043		300.0		(3.0)		297.0
4.3% notes payable, due 2046		300.0		(3.1)		296.9
Floating rate notes payable, due 2055		400.0		(4.5)		395.5
Non-recourse mortgages and notes payable		67.1		0.7		67.8
Total long-term debt	$	4,022.7	$	(25.7)	$	3,997.0

Future Annual Maturities of Long-Term Debt (Table)

As of December 31, 2023, future annual maturities of long-term debt were as follows (in millions):

Year ending December 31:
2024	$	0.1
2025		399.3
2026		349.9
2027		1.0
2028		1.0
Thereafter		3,179.6
Total future maturities of long-term debt	$	3,930.9