v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
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,
2026		December 31,
2025
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes
09/27/201809/15/20284.550%$550,000 $(2,055)$547,945 $549,104 $547,748 
Senior notes
08/21/202008/15/20302.150%400,000 (2,275)397,725 359,252 397,604 
Senior notes(1)
05/19/202206/15/20324.800%250,000 (3,198)246,802 247,225 246,692 
Senior notes
08/23/202409/15/20345.850%450,000 (4,675)445,325 463,991 445,218 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,534)123,466 108,704 123,461 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,506)317,494 200,200 317,472 
Term loan(2)
05/11/202308/15/20275.127%250,000 (982)249,018 249,018 248,890 
Subtotal
2,350,000 (22,225)2,327,775 2,177,494 2,327,085 
Unamortized issuance costs(3)
— (6,238)(6,238)— (6,292)
Total long-term debt
2,350,000 (28,463)2,321,537 2,177,494 2,320,793 
Commercial paper459,250 (2,203)457,047 457,047 304,656 
Total short-term debt
459,250 (2,203)457,047 457,047 304,656 
Total debt
$2,809,250 $(30,666)$2,778,584 $2,634,541 $2,625,449 
(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. The term loan was amended on August 15, 2024 extending the maturity date from November 11, 2024 to August 15, 2027 and increasing the principal amount from $170 million to $250 million.
(3)Unamortized issuance costs for P-CAPS facility agreement.

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 and the term loan are payable quarterly while all other long-term debt is payable semi-annually.
Credit Facility: Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The credit facility matures March 29, 2029 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 $1 billion, 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 March 31, 2026, the Company was in full compliance with these covenants.

Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million of Pre-Capitalized Trust Securities ("P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in "Interest expense" on the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding accumulated other comprehensive income ("AOCI") falls below $1.85 billion, subject to certain adjustments. As of March 31, 2026, the Company had no senior note issuances under the Facility Agreement.

Commercial Paper: The following tables present selected information concerning our commercial paper borrowings.

Credit Facility—Commercial Paper
As of
March 31,
2026		December 31, 2025March 31,
2025
Balance of commercial paper at end of period (par value)$459,250 $306,000 $409,500 
Annualized interest rate4.02 %4.05 %5.13 %
Letters of credit outstanding$115,000 $115,000 $115,000 
Remaining amount available under credit line425,750 579,000 475,500 

Credit Facility—Commercial Paper Activity
 Three Months Ended March 31,
 20262025
Average balance of commercial paper outstanding during period (par value)$373,981 $478,950 
Daily-weighted average interest rate (annualized)3.98 %5.08 %
Maximum daily amount outstanding during period (par value)$559,250 $605,500 
Commercial paper issued during period (par value)
759,250 586,000 
Commercial paper matured during period (par value)(606,000)(595,500)
Net commercial paper issued (matured) during period (par value)
153,250 (9,500)
Federal Home Loan Bank: FHLB membership provides certain of 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 $33.0 million in FHLB common stock as of March 31, 2026 and $32.5 million as of December 31, 2025. The FHLB stock is restricted from redemption or repurchases 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" on the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of March 31, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $969 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.8 billion. As of March 31, 2026, $482 million in funding agreements were outstanding with the FHLB, compared to $437 million as of December 31, 2025. This amount is included in "Other policyholders' funds" on the Condensed Consolidated Balance Sheets. The Company had no short-term borrowings from the FHLB as of March 31, 2026. Short-term borrowings were $70 million for the same period in 2025.