Debt

3 Months Ended

Mar. 31, 2023

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
				March 31, 2023								December 31, 2022
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	$	(38)	$	165,574	$	164,746	$	165,500
Senior notes	9/27/2018	9/15/2028	4.550%	550,000		(4,229)		545,771		546,348		545,601
Senior notes	8/21/2020	8/15/2030	2.150%	400,000		(3,668)		396,332		323,984		396,219
Senior notes(1)	5/19/2022	6/15/2032	4.800%	250,000		(4,412)		245,588		241,275		245,493
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,585)		123,415		124,265		123,410
Junior subordinated debentures	6/14/2021	6/15/2061	4.250%	325,000		(7,752)		317,248		248,300		317,229
				1,815,612		(21,684)		1,793,928		1,648,918		1,793,452
Less current maturity of long-term debt				165,612		(38)		165,574		164,746		165,500
Total long-term debt				1,650,000		(21,646)		1,628,354		1,484,172		1,627,952
Current maturity of long-term debt				165,612		(38)		165,574		164,746		165,500
FHLB borrowings				45,000		—		45,000		45,000		—
Commercial paper				305,000		(1,327)		303,673		303,673		283,603
Total short-term debt				515,612		(1,365)		514,247		513,419		449,103
Total debt				$	2,165,612	$	(23,011)	$	2,142,601	$	1,997,591	$	2,077,055

(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 unsecured 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): FHLB membership provides our 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 $16.0 million in FHLB common stock as of March 31, 2023 and $14.3 million as of December 31, 2022. 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 March 31, 2023, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $633 million, based on

pledged assets with a fair value of $850 million. As of March 31, 2023, $43 million in funding agreements were outstanding with the FHLB, compared to $23 million as of December 31, 2022. This amount is included in "Other policyholders' funds" on the Consolidated Balance Sheets. In addition, the Company had $45 million in short-term borrowings from the FHLB as of March 31, 2023, compared to $0 as of December 31, 2022, and this amount is recorded in "Short-term debt" on the Consolidated Balance Sheets.