XML 77 R63.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Common Stock Disclosure | The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:
|  | Common Stock
|  | Issued |  | Held In Treasury |  | Outstanding
|  | (in millions)
Balance, December 31, 2020 |  | 666.3 |  |  | 269.9 |  |  | 396.4 |
Common Stock issued |  | 0.0 |  |  | 0.0 |  |  | 0.0 |
Common Stock acquired |  | 0.0 |  |  | 24.5 |  |  | (24.5) |
Stock-based compensation programs(1) |  | 0.0 |  |  | (4.4) |  |  | 4.4 |
Balance, December 31, 2021 |  | 666.3 |  |  | 290.0 |  |  | 376.3 |
Common Stock issued |  | 0.0 |  |  | 0.0 |  |  | 0.0 |
Common Stock acquired |  | 0.0 |  |  | 14.5 |  |  | (14.5) |
Stock-based compensation programs(1) |  | 0.0 |  |  | (4.2) |  |  | 4.2 |
Balance, December 31, 2022 |  | 666.3 |  |  | 300.3 |  |  | 366.0 |
Common Stock issued |  | 0.0 |  |  | 0.0 |  |  | 0.0 |
Common Stock acquired |  | 0.0 |  |  | 10.9 |  |  | (10.9) |
Stock-based compensation programs(1) |  | 0.0 |  |  | (4.1) |  |  | 4.1 |
Balance, December 31, 2023 |  | 666.3 |  |  | 307.1 |  |  | 359.2 |
__________ (1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
Share Repurchases Authorizations | The following table summarizes share repurchases for each of the past three years as well as the share repurchase authorization for 2024, which was approved by the Board of Directors in December 2023:
|  | January 1, 2024 - December 31, 2024 |  | January 1, 2023 - December 31, 2023 |  | January 1, 2022 - December 31, 2022 |  | January 1, 2021 - December 31, 2021
Total Board authorized share repurchase amount ($ in billions) |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 1.5 |  |  | $ | 2.5 |
Total number of shares repurchased under this authorization as of the period end (in millions) |  | N/A* |  | 10.9 |  |  | 14.5 |  |  | 24.5 |
__________ * Share repurchase authorization for a future period.
Dividends Declared | Dividends declared per share of Common Stock are as follows for the years indicated:
|  | 2023 |  | 2022 |  | 2021
Dividends declared per share of Common Stock |  | $ | 5.00 |  |  | $ | 4.80 |  |  | $ | 4.60 |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
| Accumulated Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc.
| Foreign Currency Translation Adjustment |  | Net Unrealized Investment Gains (Losses)(1) |  | Interest rate remeasurement of Liability for Future Policy Benefits |  | Gains (Losses) from Changes in Nonperformance Risk on Market Risk Benefits |  | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) |  | Total Accumulated Other Comprehensive Income (Loss)
| (in millions)
Balance, December 31, 2020 | $ | 52 |  |  | $ | 34,065 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (3,379) |  |  | $ | 30,738 |
Cumulative effect of adoption of ASU 2018-12 | 0 |  |  | 4,168 |  |  | (47,818) |  |  | 1,254 |  |  | 0 |  |  | (42,396) |
Change in OCI before reclassifications | (1,021) |  |  | (12,467) |  |  | 18,941 |  |  | (693) |  |  | 843 |  |  | 5,603 |
Amounts reclassified from AOCI | (65) |  |  | (2,486) |  |  | 0 |  |  | 0 |  |  | 264 |  |  | (2,287) |
Income tax benefit (expense) | (73) |  |  | 3,360 |  |  | (4,343) |  |  | 146 |  |  | (241) |  |  | (1,151) |
Balance, December 31, 2021 | $ | (1,107) |  |  | $ | 26,640 |  |  | $ | (33,220) |  |  | $ | 707 |  |  | $ | (2,513) |  |  | $ | (9,493) |
Change in OCI before reclassifications | (1,145) |  |  | (56,430) |  |  | 63,643 |  |  | 938 |  |  | 478 |  |  | 7,484 |
Amounts reclassified from AOCI | 15 |  |  | 586 |  |  | 0 |  |  | 0 |  |  | 157 |  |  | 758 |
Income tax benefit (expense) | (37) |  |  | 13,010 |  |  | (15,181) |  |  | (197) |  |  | (150) |  |  | (2,555) |
Balance, December 31, 2022 | $ | (2,274) |  |  | $ | (16,194) |  |  | $ | 15,242 |  |  | $ | 1,448 |  |  | $ | (2,028) |  |  | $ | (3,806) |
Change in OCI before reclassifications | (246) |  |  | 5,076 |  |  | (8,770) |  |  | (693) |  |  | (98) |  |  | (4,731) |
Amounts reclassified from AOCI | (18) |  |  | 1,143 |  |  | 0 |  |  | 0 |  |  | 71 |  |  | 1,196 |
Income tax benefit (expense) | (148) |  |  | (1,238) |  |  | 2,075 |  |  | 145 |  |  | 3 |  |  | 837 |
Balance, December 31, 2023 | $ | (2,686) |  |  | $ | (11,213) |  |  | $ | 8,547 |  |  | $ | 900 |  |  | $ | (2,052) |  |  | $ | (6,504) |
__________ (1)Includes cash flow hedges of $869 million, $2,616 million and $1,019 million as of December 31, 2023, 2022, and 2021, respectively, and fair value hedges of $(60) million, $(54) million, and $(35) million as of December 31, 2023, 2022, and 2021, respectively.
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss)
| Years Ended December 31, |  | Affected line item in Consolidated Statements of Operations
| 2023 |  | 2022 |  | 2021 |
| (in millions) |  |
Amounts reclassified from AOCI(1)(2): |  |  |  |  |  |  |
Foreign currency translation adjustment: |  |  |  |  |  |  |
Foreign currency translation adjustment | $ | 18 |  |  | $ | (15) |  |  | $ | 2 |  |  | Realized investment gains (losses), net
Foreign currency translation adjustment | 0 |  |  | 0 |  |  | 63 |  |  | Other income (loss)
Total foreign currency translation adjustment | 18 |  |  | (15) |  |  | 65 |  |  |
Net unrealized investment gains (losses): |  |  |  |  |  |  |
Cash flow hedges—Interest Rate | (38) |  |  | (7) |  |  | 0 |  |  | (3)
Cash flow hedges—Currency | 14 |  |  | 15 |  |  | (4) |  |  | (3)
Cash flow hedges—Currency/Interest rate | 200 |  |  | 897 |  |  | 557 |  |  | (3)
Fair value hedges—Currency | (8) |  |  | (4) |  |  | (6) |  |  | (3)
Net unrealized investment gains (losses) on available-for-sale securities | (1,311) |  |  | (1,487) |  |  | 1,939 |  |  | Realized investment gains (losses), net
Total net unrealized investment gains (losses) | (1,143) |  |  | (586) |  |  | 2,486 |  |  | (4)
Amortization of defined benefit items: |  |  |  |  |  |  |
Prior service cost | 8 |  |  | 9 |  |  | (3) |  |  | (5)
Actuarial gain (loss) | (79) |  |  | (166) |  |  | (261) |  |  | (5)
Total amortization of defined benefit items | (71) |  |  | (157) |  |  | (264) |  |  |
Total reclassifications for the period | $ | (1,196) |  |  | $ | (758) |  |  | $ | 2,287 |  |  |
__________ (1)All amounts are shown before tax. (2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3)See Note 5 for additional information regarding cash flow and fair value hedges. (4)See table below for additional information regarding unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ dividends. (5)See Note 19 for information regarding employee benefit plans.
OTTI, Allowance and All Other Net Unrealized Investment Gain Loss AOCI Rollforward |
| Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized |  | Net Unrealized Gains (Losses) on All Other Investments(1) |  | Reinsurance Recoverables |  | Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables |  | Policyholders' Dividends |  | Income Tax Benefit (Expense) |  | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
| (in millions)
Balance, December 31, 2020 | $ | (25) |  |  | $ | 58,442 |  |  | $ | (1,229) |  |  | $ | (6,588) |  |  | $ | (5,892) |  |  | $ | (10,643) |  |  | $ | 34,065 |
Cumulative effect of adoption of ASU 2018-12 |  |  | (12) |  |  | 1,809 |  |  | 3,725 |  |  |  |  | (1,354) |  |  | 4,168 |
Net investment gains (losses) on investments arising during the period | 41 |  |  | (15,522) |  |  |  |  |  |  |  |  | 3,441 |  |  | (12,040) |
Reclassification adjustment for (gains) losses included in net income | 10 |  |  | (2,496) |  |  |  |  |  |  |  |  | 553 |  |  | (1,933) |
Reclassification due to allowance for credit losses recorded during the period | (3) |  |  | 3 |  |  |  |  |  |  |  |  | 0 |  | 0
Impact of net unrealized investment (gains) losses |  |  |  |  | (163) |  |  | 942 |  |  | 2,235 |  |  | (634) |  |  | 2,380 |
Balance, December 31, 2021 | $ | 23 |  |  | $ | 40,415 |  |  | $ | 417 |  |  | $ | (1,921) |  |  | $ | (3,657) |  |  | $ | (8,637) |  |  | $ | 26,640 |
Net investment gains (losses) on investments arising during the period | (90) |  |  | (65,938) |  |  |  |  |  |  |  |  | 15,164 |  | (50,864) |
Reclassification adjustment for (gains) losses included in net income | 23 |  |  | 563 |  |  |  |  |  |  |  |  | (135) |  |  | 451 |
Reclassification due to allowance for credit losses recorded during the period | (1) |  |  | 1 |  |  |  |  |  |  |  |  | 0 |  |  | 0 |
Impact of net unrealized investment (gains) losses |  |  |  |  | (1,120) |  |  | 3,867 |  |  | 6,851 |  |  | (2,019) |  |  | 7,579 |
Balance, December 31, 2022 | $ | (45) |  |  | $ | (24,959) |  |  | $ | (703) |  |  | $ | 1,946 |  |  | $ | 3,194 |  |  | $ | 4,373 |  |  | $ | (16,194) |
Net investment gains (losses) on investments arising during the period | 15 |  |  | 6,595 |  |  |  |  |  |  |  |  | (1,327) |  |  | 5,283 |
Reclassification adjustment for (gains) losses included in net income | (3) |  |  | 1,146 |  |  |  |  |  |  |  |  | (229) |  |  | 914 |
Reclassification due to allowance for credit losses recorded during the period | (39) |  |  | 39 |  |  |  |  |  |  |  |  | 0 |  |  | 0 |
Impact of net unrealized investment (gains) losses |  |  |  |  | 219 |  |  | (640) |  |  | (1,113) |  |  | 318 |  |  | (1,216) |
Balance, December 31, 2023 | $ | (72) |  |  | $ | (17,179) |  |  | $ | (484) |  |  | $ | 1,306 |  |  | $ | 2,081 |  |  | $ | 3,135 |  |  | $ | (11,213) |
__________ (1)Includes cash flow and fair value hedges. See Note 5 for additional information.
Statutory Financial Information | The following table summarizes certain statutory financial information for the Company’s U.S. insurance subsidiary as of and for the years ended:
|  | PICA
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
|  | (in millions)
Statutory net income (loss) |  | $ | 1,732 |  |  | $ | 1,116 |  |  | $ | 966 |
Statutory capital and surplus |  | $ | 16,085 |  |  | $ | 14,049 |  |  | $ | 19,123 |

X
- Definition OTTI, Allowance and All Other Net Unrealized Investment Gain Loss AOCI Rollforward + References No definition available. + Details
Name: | pru_OTTIAllowanceAndAllOtherNetUnrealizedInvestmentGainLossAOCIRollforwardTableTextBlock
Namespace Prefix: | pru_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. + References No definition available. + Details
Name: | us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-4 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-5 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481142/505-10-45-2 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-10 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 480 -SubTopic 10 -Section S99 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfStockByClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-4 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481549/505-30-45-1 + Details
Name: | us-gaap_ScheduleOfTreasuryStockByClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479989/944-505-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479989/944-505-50-6 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 55 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479956/944-505-55-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479956/944-505-55-1 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 944 -SubTopic 505 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479989/944-505-50-3 + Details
Name: | us-gaap_StatutoryAccountingPracticesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration