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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt
Note 12—Debt
On May 11, 2023, Globe Life issued a $170 million term loan with an 18-month term and a variable interest rate. The proceeds from the term loan were used to retire the $166 million 7.875% Senior Notes, which matured on May 15, 2023, as well as for other corporate purposes.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,
20232022
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes(3)
05/27/199305/15/20237.875%$— $— $— $— $165,500 
Senior notes09/27/201809/15/20284.550%550,000 (3,717)546,283 545,495 545,601 
Senior notes08/21/202008/15/20302.150%400,000 (3,330)396,670 335,096 396,219 
Senior notes(1)
05/19/202206/15/20324.800%250,000 (4,127)245,873 242,704 245,493 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,573)123,427 120,674 123,410 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,694)317,306 247,260 317,229 
1,650,000 (20,441)1,629,559 1,491,229 1,793,452 
Less current maturity of long-term debt— — — — 165,500 
Total long-term debt
1,650,000 (20,441)1,629,559 1,491,229 1,627,952 
Current maturity of long-term debt— — — — 165,500 
Term loan(2)
05/11/202311/11/20246.740%170,000 (451)169,549 169,549 — 
Commercial paper319,000 (2,436)316,564 316,564 283,603 
Total short-term debt
489,000 (2,887)486,113 486,113 449,103 
Total debt
$2,139,000 $(23,328)$2,115,672 $1,977,342 $2,077,055 
(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.
(3)The $166 million of 7.875% Senior notes matured on May 15, 2023.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The 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,
20242025202620272028Thereafter
Debt obligations$489,000 $— $— $— $550,000 $1,100,000 
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, 2023, 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,
20232022
Balance commercial paper at end of period (at par value)
$319,000 $285,000 
Annualized interest rate5.71 %4.78 %
Letters of credit outstanding$115,000 $125,000 
Remaining amount available under credit line316,000 340,000 
Year Ended December 31,
202320222021
Average balance of commercial paper outstanding during period (par value)
$290,024 $322,531 $311,049 
Daily-weighted average interest rate (annualized)5.40 %1.89 %0.23 %
Maximum daily amount outstanding during period (par value)
$477,700 $500,529 $465,033 
Commercial paper issued during period (par value)
2,029,000 2,269,444 1,964,313 
Commercial paper matured during period (par value)(1,995,000)(2,314,477)(1,889,280)
Net commercial paper issued (matured) during period (par value)
34,000 (45,033)75,033 

The Company increased the commercial paper borrowings by $34 million from the prior year. We had no difficulties in accessing the commercial paper market under this facility during the year ended December 31, 2023 and 2022.
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 owned $22.3 million in FHLB common stock as of December 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 December 31, 2023, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $1.0 billion, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.3 billion. As of December 31, 2023, $138 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" in the Consolidated Balance Sheets.