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Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt

Short-Term Debt (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	December 31, 2021
​	​	Financing	​	​	​	​	​	​	Short-term debt
Obligor/Applicant		structure		Maturity		Capacity			outstanding
​	​	​	​	​	​	(in millions)
PFG, Principal Financial Services, Inc. (“PFS”) and	​	​	​	​	​	​	​	​	​	​
Principal Life as co-borrowers		Credit facility		November 2023	​	$	600.0	​	$	—
PFG, PFS, Principal Life and Principal Financial					​			​		​
Services V (UK) Ltd as co-borrowers		Credit facility		November 2023	​		200.0	​		—
​	​	Unsecured	​	​	​	​	​	​	​	​
Principal International Chile (1)		lines of credit			​		145.6	​		79.8
Total					​	$	945.6	​	$	79.8

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	December 31, 2020
​	​	Financing	​	​	​	​	​	​	Short-term debt
Obligor/Applicant		structure		Maturity		Capacity			outstanding
​	​	​	​	​	​	(in millions)
PFG, PFS and Principal Life as co-borrowers		Credit facility		November 2023	​	$	600.0	​	$	—
PFG, PFS, Principal Life and Principal Financial					​			​
Services V (UK) Ltd as co-borrowers		Credit facility		November 2023	​		200.0	​		—
​	​	Unsecured	​	​	​	​	​	​	​	​
Principal International Chile (1)		lines of credit	​	​	​		186.6	​		84.7
Total	​	​	​	​	​	$	986.6	​	$	84.7

(1) The unsecured lines of credit can be used for repurchase agreements or other borrowings. Each line has a maturity of less than one year.

Long-Term Debt (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2021
​		Principal			Net unamortized discount, premium and debt issuance costs			Carrying amount
​	​	(in millions)
3.3% notes payable, due 2022	​	$	300.0	​	$	(0.3)	​	$	299.7	​
3.125% notes payable, due 2023	​	​	300.0	​	​	(0.4)	​		299.6	​
3.4% notes payable, due 2025	​	​	400.0	​	​	(1.7)	​		398.3	​
3.1% notes payable, due 2026	​	​	350.0	​	​	(1.9)	​	​	348.1	​
3.7% notes payable, due 2029	​	​	500.0	​	​	(5.0)	​	​	495.0	​
2.125% notes payable, due 2030	​	​	600.0	​	​	(4.1)	​	​	595.9	​
6.05% notes payable, due 2036	​	​	505.6	​	​	(2.3)	​		503.3	​
4.625% notes payable, due 2042	​	​	300.0	​	​	(3.0)	​		297.0	​
4.35% notes payable, due 2043	​	​	300.0	​	​	(3.0)	​		297.0	​
4.3% notes payable, due 2046	​	​	300.0	​	​	(3.1)	​	​	296.9	​
Floating rate notes payable, due 2055	​	​	400.0	​	​	(4.6)	​		395.4	​
Non-recourse mortgages and notes payable	​		53.7	​		0.3	​		54.0	​
Total long-term debt	​	$	4,309.3	​	$	(29.1)	​	$	4,280.2	​

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2020								​
​		Principal			Net unamortized discount, premium and debt issuance costs			Carrying amount
​	​	(in millions)								​
3.3% notes payable, due 2022	​	$	300.0	​	$	(0.7)	​	$	299.3	​
3.125% notes payable, due 2023	​	​	300.0	​	​	(0.7)	​		299.3	​
3.4% notes payable, due 2025	​	​	400.0	​	​	(2.2)	​		397.8	​
3.1% notes payable, due 2026	​	​	350.0	​	​	(2.1)	​	​	347.9	​
3.7% notes payable, due 2029	​	​	500.0	​	​	(5.5)	​	​	494.5	​
2.125% notes payable, due 2030	​	​	600.0	​	​	(4.6)	​	​	595.4	​
6.05% notes payable, due 2036	​	​	505.6	​	​	(2.5)	​		503.1	​
4.625% notes payable, due 2042	​	​	300.0	​	​	(3.1)	​		296.9	​
4.35% notes payable, due 2043	​	​	300.0	​	​	(3.1)	​		296.9	​
4.3% notes payable, due 2046	​	​	300.0	​	​	(3.2)	​	​	296.8	​
Floating rate notes payable, due 2055	​	​	400.0	​	​	(4.7)	​		395.3	​
Non-recourse mortgages and notes payable	​	​	55.5	​		0.5	​		56.0	​
Total long-term debt	​	$	4,311.1	​	$	(31.9)	​	$	4,279.2	​

Future Annual Maturities of Long-Term Debt (Table)

As of December 31, 2021, future annual maturities of long-term debt were as follows (in millions):

​

​	​	​	​	​
Year ending December 31:		​
2022	​	$	301.8	​
2023	​	​	324.2	​
2024	​	​	17.5	​
2025	​	​	398.7	​
2026	​	​	354.7	​
Thereafter	​	​	2,883.3	​
Total future maturities of long-term debt	​	$	4,280.2	​

​

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