Accrued interest

[Table of Contents](#ic55317410763413da1d4be4008f977bd_658)Globe Life Inc.Notes to Consolidated Financial Statements(Dollar amounts in thousands, except per share data)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, 2021, 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

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|  | At December 31, |
|  | 2021 |  | 2020 |
| Balance at end of period (at par value) | $ | 330,033  |  |  | $ | 255,000  |  |
| Annualized interest rate | 0.29  | % |  | 0.27  | % |
| Letters of credit outstanding | $ | 125,000  |  |  | $ | 135,000  |  |
| Remaining amount available under credit line | 294,967  |  |  | 360,000  |  |



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|  | Year Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
| Average balance outstanding during period | $ | 311,049  |  |  | $ | 318,409  |  |  | $ | 288,684  |  |
| Daily-weighted average interest rate (annualized) | 0.23  | % |  | 1.50  | % |  | 2.62  | % |
| Maximum daily amount outstanding during period | $ | 465,033  |  |  | $ | 482,000  |  |  | $ | 385,000  |  |

  
Long-term debt: On June 14, 2021, Globe Life completed the issuance and sale of $325 million in aggregate principal amount of 4.25% unsecured Junior Subordinated Debentures due June 15, 2061. The net proceeds from the sale of the aforementioned Junior Subordinated Debentures were $317 million and were used to redeem the $300 million 6.125% Junior Subordinated Debentures due 2056 plus accrued interest of $1.5 million on July 15, 2021 as well as for general corporate purposes.  
Federal Home Loan Bank (FHLB) funding: During the year, 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 and Globe Life owns $7.9 million as of the end of the year. 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](#ic55317410763413da1d4be4008f977bd_16) and activity is recorded in "Net receipts (payments) from deposit-type products" in the [C](#ic55317410763413da1d4be4008f977bd_754)[onsolidated Statement of Cash Flows](#ic55317410763413da1d4be4008f977bd_754). As of December 31, 2021, there were no outstanding borrowings with the FHLB.  
105 GL 2021 FORM 10-K
