GLOBE LIFE INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule II
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Condensed Balance Sheets
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets: | ||
| Investments: | ||
| Long-term investments | $42,360 | $31,651 |
| Short-term investments | 1,005 | 15,001 |
| Total investments | 43,365 | 46,652 |
| Cash | 1,003 | 58 |
| Investment in affiliates | 6,539,183 | 5,940,586 |
| Due from affiliates | 105,279 | 131,353 |
| Taxes receivable from affiliates | 14,163 | 14,161 |
| Other assets | 181,443 | 173,044 |
| Total assets | $6,884,436 | $6,305,854 |
| Liabilities: | ||
| Short-term debt | $486,113 | $449,103 |
| Long-term debt | 1,779,137 | 1,777,490 |
| Other liabilities | 132,383 | 129,684 |
| Total liabilities | 2,397,633 | 2,356,277 |
| Shareholders’ equity: | ||
| Preferred stock | 351 | 351 |
| Common stock | 102,218 | 105,218 |
| Additional paid-in capital | 882,985 | 880,172 |
| Accumulated other comprehensive income | (2,772,419) | (2,790,313) |
| Retained earnings | 7,478,813 | 6,894,535 |
| Treasury stock | (1,205,145) | (1,140,386) |
| Total shareholders’ equity | 4,486,803 | 3,949,577 |
| Total liabilities and shareholders’ equity | $6,884,436 | $6,305,854 |
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Condensed Statement of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net investment income | $36,237 | $33,664 | $32,816 |
| Realized gains (losses) | 5,924 | (9,643) | (5,682) |
| Total revenue | 42,161 | 24,021 | 27,134 |
| General operating expenses | 59,051 | 59,307 | 51,378 |
| Reimbursements from affiliates | (59,796) | (51,312) | (57,504) |
| Interest expense | 107,180 | 97,051 | 86,751 |
| Total expenses | 106,435 | 105,046 | 80,625 |
| Operating income (loss) before income taxes and equity in earnings of affiliates | (64,274) | (81,025) | (53,491) |
| Income tax expense | 10,706 | 12,426 | 9,682 |
| Net operating loss before equity in earnings of affiliates | (53,568) | (68,599) | (43,809) |
| Equity in earnings of affiliates, net of tax | 1,024,323 | 962,985 | 1,074,923 |
| Net income | 970,755 | 894,386 | 1,031,114 |
| Other comprehensive income (loss): | |||
| Attributable to Parent Company | 1,113 | 75,076 | 58,903 |
| Attributable to affiliates | 16,781 | 1,369,659 | 501,854 |
| Comprehensive income (loss) | $988,649 | $2,339,121 | $1,591,871 |
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT—(continued)
Condensed Statement of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net income | $970,755 | $894,386 | $1,031,114 |
| Equity in earnings of affiliates | (1,024,323) | (962,985) | (1,074,923) |
| Cash dividends from subsidiaries | 459,535 | 407,042 | 478,535 |
| Other, net | 33,846 | 26,444 | 58,617 |
| Cash provided from operations | 439,813 | 364,887 | 493,343 |
| Cash provided from (used for) investing activities: | |||
| Net decrease (increase) in short-term investments | 13,996 | (15,001) | 19,300 |
| Investment in subsidiaries | — | (10,010) | (159,924) |
| Other long-term investments | (3,950) | (2,000) | (2,500) |
| Loaned money to affiliates | (479,629) | (846,002) | (1,049,932) |
| Repayments from affiliates | 505,929 | 886,002 | 1,200,932 |
| Additions to properties | (7,400) | — | — |
| Cash provided from (used for) investing activities | 28,946 | 12,989 | 7,876 |
| Cash provided from (used for) financing activities: | |||
| Repayment of debt | (165,612) | (300,000) | (300,000) |
| Proceeds from issuance of debt | 170,000 | 400,000 | 325,000 |
| Payment for debt issuance costs | (757) | (5,272) | (7,687) |
| Net borrowing (repayment) of commercial paper | 32,961 | (46,289) | 74,974 |
| Issuance of stock | 114,080 | 111,970 | 69,826 |
| Acquisitions of treasury stock | (511,100) | (454,638) | (541,435) |
| Borrowed money from affiliate | 290,500 | 22,400 | 32,000 |
| Repayments to affiliates | (290,500) | (22,400) | (32,000) |
| Payment of dividends | (107,386) | (103,817) | (103,313) |
| Cash provided from (used for) financing activities | (467,814) | (398,046) | (482,635) |
| Net increase (decrease) in cash | 945 | (20,170) | 18,584 |
| Cash balance at beginning of period | 58 | 20,228 | 1,644 |
| Cash balance at end of period | $1,003 | $58 | $20,228 |
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Notes to Condensed Financial Statements
Note A—Dividends from Subsidiaries
Cash dividends paid to Globe Life from the subsidiaries were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Dividends from subsidiaries | $459,535 | $407,042 | $478,535 |
Note B—Supplemental Disclosures of Cash Flow Information
The following table summarizes non-cash transactions, which are not reflected on the Consolidated Statements of Cash Flows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Stock-based compensation not involving cash | $30,736 | $35,650 | $30,272 |
| Contribution of property to subsidiary | — | — | 5,004 |
The following table summarizes certain amounts paid (received) during the period:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Interest paid | $104,493 | $96,903 | $86,206 |
| Income taxes paid (received) | (10,408) | (11,537) | (11,838) |
Note C—Preferred Stock
As of December 31, 2023, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or $351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.
See accompanying Report of Independent Registered Public Accounting Firm.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.