Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Note 9—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

				As of
				March 31, 2022								December 31, 2021
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes	5/27/1993	5/15/2023	7.875%	$	165,612	$	(327)	$	165,285	$	174,991	$	165,216
Senior notes(1)	9/24/2012	9/15/2022	3.800%	150,000		(161)		149,839		151,500		149,752
Senior notes	9/27/2018	9/15/2028	4.550%	550,000		(4,888)		545,112		576,906		544,949
Senior notes	8/21/2020	8/15/2030	2.150%	400,000		(4,111)		395,889		358,344		395,778
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,601)		123,399		127,150		123,396
Junior subordinated debentures	6/14/2021	6/15/2061	4.250%	325,000		(7,827)		317,173		288,340		317,155
				1,715,612		(18,915)		1,696,697		1,677,231		1,696,246
Less current maturity of long-term debt(1)				150,000		(161)		149,839		151,500		149,752
Total long-term debt				1,565,612		(18,754)		1,546,858		1,525,731		1,546,494
Current maturity of long-term debt(1)				150,000		(161)		149,839		151,500		149,752
Commercial paper				372,524		(284)		372,240		372,240		329,892
Total short-term debt				522,524		(445)		522,079		523,740		479,644
Total debt				$	2,088,136	$	(19,199)	$	2,068,937	$	2,049,471	$	2,026,138

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.

The commercial paper has the highest priority of all the debt, followed by senior notes then junior subordinated debentures. The senior notes due 2023 are noncallable, the remaining 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 is payable quarterly while all other long-term debt is payable semi-annually.

Federal Home Loan Bank (FHLB) Funding: In 2021, four of our insurance subsidiaries became members of the FHLB of Dallas. FHLB membership provides the 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 4.1% of outstanding borrowings.

Globe Life owns $9.4 million in FHLB common stock as of March 31, 2022 and $7.9 million as of December 31, 2021. The FHLB stock is restricted 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 and activity is recorded in "Net receipts (payments) from deposit-type products" in the Condensed Consolidated Statement of Cash Flows.

As of March 31, 2022, there were no outstanding borrowings with the FHLB. Borrowings with the FHLB are subject to the availability of pledged assets at Globe Life. As of March 31, 2022, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $545 million, based on pledged assets with a fair value of $705 million.