v3.8.0.1

Short-Term and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Short-term Debt | The table below presents the Company’s short-term debt at December 31, for the years indicated as follows:
| 2017 |  | 2016
| ($ in millions)
Commercial paper: |  |  |
Prudential Financial | $ | 50 |  |  | $ | 65 |
Prudential Funding, LLC | 500 |  |  | 525 |
Subtotal commercial paper | 550 |  |  | 590 |
Current portion of long-term debt | 830 |  |  | 543 |
Total short-term debt(1) | $ | 1,380 |  |  | $ | 1,133 |
Supplemental short-term debt information: |  |  |
Portion of commercial paper borrowings due overnight | $ | 277 |  |  | $ | 292 |
Daily average commercial paper outstanding | $ | 1,110 |  |  | $ | 1,020 |
Weighted average maturity of outstanding commercial paper, in days | 22 |  |  | 21 |
Weighted average interest rate on outstanding short-term debt(2) | 0.99 | % |  | 0.43 | %
__________
(1) | Includes Prudential Financial debt of $880 million and $535 million at December 31, 2017 and 2016, respectively.
(2) | Excludes the current portion of long-term debt.
Schedule of Line of Credit Facilities | As of December 31, 2017, the Company maintained syndicated, unsecured committed credit facilities as described below.
Borrower | Original Term |  | Expiration Date |  | Capacity |  | Amount Outstanding
|  |  |  |  | (in millions)
Prudential Financial and Prudential Funding | 5 years |  | Jul 2022 |  | $ | 4,000 |  |  | $ | 0 |
Prudential Holdings of Japan, Inc. | 3 years |  | Sep 2019 |  | ¥ | 100,000 |  |  | ¥ | 0 |
Schedule of Long-term Debt Instruments |
| Maturity Dates |  | Rate(1) |  | December 31,
2017 |  | 2016
|  |  |  |  | ($ in millions)
Fixed-rate notes: |  |  |  |  |  |  |
Surplus notes | 2019-2025 |  | 5.36%-8.30% |  | $ | 840 |  |  | $ | 840 |
Surplus notes subject to set-off arrangements | 2021-2037 |  | 3.52%-5.26% |  | 5,187 |  |  | 4,403 |
Senior notes | 2018-2049 |  | 2.30%-11.31% |  | 8,882 |  |  | 9,236 |
Mortgage debt(2) | 2019-2027 |  | 0.89%-3.85% |  | 226 |  |  | 177 |
Floating-rate notes: |  |  |  |  |  |  |
Surplus notes |  |  | - |  | 0 |  |  | 499 |
Surplus notes subject to set-off arrangements | 2024-2037 |  | 2.25%-2.74% |  | 2,100 |  |  | 1,456 |
Senior notes(3) | 2020 |  | 1.69%-5.49% |  | 29 |  |  | 1,063 |
Mortgage debt(4) | 2019-2025 |  | 0.26%-4.07% |  | 573 |  |  | 409 |
Junior subordinated notes(5) | 2042-2068 |  | 4.50%-8.88% |  | 6,622 |  |  | 5,817 |
Subtotal |  |  |  |  | 24,459 |  |  | 23,900 |
Less: assets under set-off arrangements(6) |  |  |  |  | 7,287 |  |  | 5,859 |
Total long-term debt(7) |  |  |  |  | $ | 17,172 |  |  | $ | 18,041 |
__________
(1) | Ranges of interest rates are for the year ended December 31, 2017.
(2) | Includes $107 million and $82 million of debt denominated in foreign currency at December 31, 2017 and 2016, respectively.
(3) | Includes $0 million and $55 million of debt denominated in foreign currency at December 31, 2017 and 2016, respectively.
(4) | Includes $245 million and $221 million of debt denominated in foreign currency at December 31, 2017 and 2016, respectively.
(5) | Includes Prudential Financial debt of $6,566 million and subsidiary debt of $56 million denominated in foreign currency at December 31, 2017.
(6) | Assets under set-off arrangements represent a reduction in the amount of surplus notes included in long-term debt, resulting from an arrangement where valid rights of set-off exist and it is the intent of both parties to settle on a net basis under legally enforceable arrangements. These assets include available-for-sale securities that are valued at market.
(7) | Includes Prudential Financial debt of $15,304 million and $15,389 million at December 31, 2017 and 2016, respectively
Schedule of Maturities of Long-term Debt | The following table presents the contractual maturities of the Company’s long-term debt as of December 31, 2017:
| Calendar Year |  |
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 and thereafter |  | Total
| (in millions)
Long-term debt | $ | 1,713 |  |  | $ | 1,298 |  |  | $ | 564 |  |  | $ | 73 |  |  | $ | 13,524 |  |  | $ | 17,172 |
Junior Subordinated Notes | notes outstanding, along with their key terms, are as follows:
Issue Date | Principal Amount |  | Initial Interest Rate |  | Investor Type |  | Optional Redemption Date (1) |  | Interest Rate Subsequent to Optional Redemption Date |  | Scheduled Maturity Date |  | Final Maturity Date
| ($ in millions) |  |  |  |  |  |  |  |  |  |  |  |
June 2008 | $ | 600 |  |  | 8.88 | % |  | Institutional |  | 6/15/2018 |  | LIBOR + 5.00% |  | 6/15/2038 |  | 6/15/2068
August 2012 | $ | 1,000 |  |  | 5.88 | % |  | Institutional |  | 9/15/2022 |  | LIBOR + 4.18% |  | n/a |  | 9/15/2042
November 2012 | $ | 1,500 |  |  | 5.63 | % |  | Institutional |  | 6/15/2023 |  | LIBOR + 3.92% |  | n/a |  | 6/15/2043
December 2012 | $ | 575 |  |  | 5.75 | % |  | Retail |  | 12/4/2017 |  | 5.75% |  | n/a |  | 12/15/2052
March 2013 | $ | 710 |  |  | 5.70 | % |  | Retail |  | 3/15/2018 |  | 5.70% |  | n/a |  | 3/15/2053
March 2013 | $ | 500 |  |  | 5.20 | % |  | Institutional |  | 3/15/2024 |  | LIBOR + 3.04% |  | n/a |  | 3/15/2044
May 2015 | $ | 1,000 |  |  | 5.38 | % |  | Institutional |  | 5/15/2025 |  | LIBOR + 3.03% |  | n/a |  | 3/15/2045
September 2017 | $ | 750 |  |  | 4.50 | % |  | Institutional |  | 9/15/2027 |  | LIBOR + 2.38% |  | n/a |  | 9/15/2047
__________
(1) | Represents the initial date on which the notes can be redeemed at par solely at the option of the Company, in the case of the 8.88% notes subject to compliance with a replacement capital covenant.

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