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Debt
 12 Months Ended
Dec. 31, 2022
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 December 31,
2022December 31,
2021
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes5/27/19935/15/20237.875%$165,612 $(112)$165,500 $166,819 $165,216 
Senior notes(2)
9/24/20129/15/20223.800%— —— — 149,752 
Senior notes9/27/20189/15/20284.550%550,000 (4,399)545,601 534,501 544,949 
Senior notes8/21/20208/15/20302.150%400,000 (3,781)396,219 314,996 395,778 
Senior notes(1)
5/19/20226/15/20324.800%250,000 (4,507)245,493 236,263 — 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,590)123,410 121,817 123,396 
Junior subordinated debentures6/14/20216/15/20614.250%325,000 (7,771)317,229 232,700 317,155 
1,815,612 (22,160)1,793,452 1,607,096 1,696,246 
Less current maturity of long-term debt165,612 (112)165,500 166,819 149,752 
Total long-term debt
1,650,000 (22,048)1,627,952 1,440,277 1,546,494 
Current maturity of long-term debt165,612 (112)165,500 166,819 149,752 
Commercial paper285,000 (1,397)283,603 283,604 329,892 
Total short-term debt
450,612 (1,509)449,103 450,423 479,644 
Total debt
$2,100,612 $(23,557)$2,077,055 $1,890,700 $2,026,138 
(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)The $300 million of 3.80% Senior notes matured on September 15, 2022, of which $150 million was owned by Globe Life affiliates.

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.
Contractual Debt Obligations: The following table presents expected scheduled principal payments under our contractual debt obligations:
Year Ended December 31,
20232024202520262027Thereafter
Debt obligations$450,612 $— $— $— $— $1,650,000 
Credit Facility: On September 30, 2021, Globe Life amended the credit agreement dated August 24, 2020, which provides for a $750 million revolving credit facility that may be increased to $1 billion upon approval of the participating banks. The amended credit facility matures September 30, 2026, 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 $750 million, 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 December 31, 2022, the Company was in full compliance with these covenants.

Commercial paper outstanding and any long-term debt due within one year are reported as short-term debt on the Consolidated Balance Sheets. A table presenting selected information concerning Globe Life's commercial paper borrowings is presented below.
 
Credit Facility - Commercial Paper
At December 31,
20222021
Balance at end of period (at par value)$285,000 $330,033 
Annualized interest rate4.78 %0.29 %
Letters of credit outstanding$125,000 $125,000 
Remaining amount available under credit line340,000 294,967 
Year Ended December 31,
202220212020
Average balance outstanding during period$322,531 $311,049 $318,409 
Daily-weighted average interest rate (annualized)1.89 %0.23 %1.50 %
Maximum daily amount outstanding during period$500,529 $465,033 $482,000 
Long-term Debt: On May 19, 2022, Globe Life completed the issuance of $400 million principal amount of 4.8% Senior notes due June 15, 2032, of which $150 million is owned by Globe Life affiliates. Total proceeds received by the Parent from the issuance, net of the underwriters’ discount, were $395 million. The proceeds were used to fund $300 million of 3.8% Senior notes, of which $150 million was owned by Globe Life affiliates, that matured on September 15, 2022, as well as for the reduction of commercial paper and other general corporate purposes.
Federal Home Loan Bank (FHLB): 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 approximately 4.1% of outstanding borrowings.

Globe Life owns $14.3 million in FHLB common stock as of December 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 Consolidated Balance Sheets.
Borrowings with the FHLB are subject to the availability of pledged assets at Globe Life. As of December 31, 2022, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $597 million, based on pledged assets with a fair value of $746 million. As of December 31, 2022, $23 million was outstanding with the FHLB, and was included in "Other policyholders' funds" on the Consolidated Balance Sheets.