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Short-Term and Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | The table below presents the Company’s short-term debt as of the dates indicated:
| March 31, 2021 |  | December 31, 2020
| ($ in millions)
Commercial paper: |  |  |
Prudential Financial | $ | 25 |  |  | $ | 25 |
Prudential Funding, LLC | 371 |  |  | 355 |
Subtotal commercial paper | 396 |  |  | 380 |
Current portion of long-term debt: |  |  |
Senior Notes | 400 |  |  | 399 |
Mortgage Debt | 62 |  |  | 128 |
Surplus notes subject to set-off arrangements (1) | 250 |  |  | 500 |
Subtotal current portion of long-term debt | 712 |  |  | 1,027 |
Other(2) | 9 |  |  | 18 |
Subtotal | 1,117 |  |  | 1,425 |
Less: assets under set-off arrangements(1) | 250 |  |  | 500 |
Total short-term debt(3) | $ | 867 |  |  | $ | 925 |
Supplemental short-term debt information: |  |  |
Portion of commercial paper borrowings due overnight | $ | 258 |  | $ | 75
Daily average commercial paper outstanding for the quarter ended | $ | 1,424 |  | $ | 1,602
Weighted average maturity of outstanding commercial paper, in days | 21 |  | 18
Weighted average interest rate on outstanding commercial paper | 0.07 | % |  | 0.11 | %
_________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes. (2)Includes $9 million and $18 million drawn on a revolving line of credit held by a subsidiary at March 31, 2021 and December 31, 2020, respectively. (3)Includes Prudential Financial debt of $425 million and $424 million at March 31, 2021 and December 31, 2020, respectively.
Schedule of Long-term Debt | The table below presents the Company’s long-term debt as of the dates indicated:
| March 31, 2021 |  | December 31, 2020
| (in millions)
Fixed-rate obligations: |  |  |
Surplus notes | $ | 343 |  |  | $ | 343 |
Surplus notes subject to set-off arrangements(1) | 7,934 |  |  | 8,134 |
Senior notes | 11,182 |  |  | 11,179 |
Mortgage debt | 24 |  |  | 24 |
Floating-rate obligations: |  |  |
Line of credit | 300 |  |  | 300
Surplus notes subject to set-off arrangements(1) | 2,330 |  |  | 2,330 |
Mortgage debt(2) | 268 |  |  | 257 |
Junior subordinated notes(3) | 7,613 |  |  | 7,615 |
Subtotal | 29,994 |  |  | 30,182 |
Less: assets under set-off arrangements(1) | 10,264 |  |  | 10,464 |
Total long-term debt(4) | $ | 19,730 |  |  | $ | 19,718 |
__________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2)Includes $31 million and $29 million of debt denominated in foreign currency at March 31, 2021 and December 31, 2020, respectively. (3)Includes Prudential Financial debt of $7,556 million and $7,554 million at March 31, 2021 and December 31, 2020, respectively. Also includes subsidiary debt of $57 million and $60 million denominated in foreign currency at March 31, 2021 and December 31, 2020, respectively. (4)Includes Prudential Financial debt of $18,565 million and $18,561 million at March 31, 2021 and December 31, 2020, respectively.

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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