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Short-Term and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022
| ($ in millions)
Commercial paper: |  |  |
Prudential Financial | $ | 25 |  |  | $ | 25 |
Prudential Funding, LLC | 510 |  |  | 413 |
Subtotal commercial paper | 535 |  |  | 438 |
Current portion of long-term debt: |  |  |
Senior Notes | 0 |  |  | 173 |
Mortgage Debt | 83 |  |  | 155 |
Surplus Notes subject to set-off arrangements(1) | 2,000 |  |  | 500 |
Subtotal Current portion of long-term debt | 2,083 |  |  | 828 |
Other | 0 |  |  | 9 |
Subtotal | 2,618 |  |  | 1,275 |
Less: Assets under set-off arrangements(1) | 2,000 |  |  | 500 |
Total short-term debt(2) | $ | 618 |  |  | $ | 775 |
Supplemental short-term debt information: |  |  |
Portion of commercial paper borrowings due overnight | $ | 110 |  |  | $ | 130 |
Daily average commercial paper outstanding for the quarter ended | $ | 1,334 |  |  | $ | 1,312 |
Weighted average maturity of outstanding commercial paper, in days | 49 |  | 98
Weighted average interest rate on outstanding commercial paper | 5.50 | % |  | 4.69 | %
__________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes. (2)Includes Prudential Financial debt of $25 million at both December 31, 2023 and 2022.
Schedule of Line of Credit Facilities | As of December 31, 2023, 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 2026 |  | $ | 4,000 |  |  | $ | 0 |
Prudential Holdings of Japan, Inc. | 5 years |  | Sep 2024 |  | ¥ | 100,000 |  |  | ¥ | 0 |
Schedule of Long-term Debt Instruments |
| Maturity Dates |  | Rate(1) |  | December 31,
2023 |  | 2022
|  |  |  |  | ($ in millions)
Fixed-rate notes: |  |  |  |  |  |  |
Surplus notes | 2025 |  | 8.30% |  | $ | 346 |  |  | $ | 345 |
Surplus notes subject to set-off arrangements | 2029-2038 |  | 2.23%-5.26% |  | 9,790 |  |  | 9,460 |
Senior notes | 2026-2051 |  | 1.50%-6.63% |  | 10,112 |  |  | 10,115 |
Mortgage debt |  |  |  |  | 0 |  | 25 |
Floating-rate notes: |  |  |  |  |  |  |
Line of Credit | 2026 |  | 5.20%-9.80% |  | 255 |  |  | 300 |
Surplus notes subject to set-off arrangements | 2037 |  | 6.12%-6.96% |  | 580 |  |  | 2,330 |
Mortgage debt(2) | 2025-2029 |  | 1.00%-7.82% |  | 75 |  |  | 29 |
Junior subordinated notes(3) | 2044-2062 |  | 1.56%-6.75% |  | 8,094 |  |  | 9,094 |
Subtotal |  |  |  |  | 29,252 |  |  | 31,698 |
Less: assets under set-off arrangements(4) |  |  |  |  | 10,370 |  |  | 11,790 |
Total long-term debt(5) |  |  |  |  | $ | 18,882 |  |  | $ | 19,908 |
__________ (1)Ranges of interest rates are for the year ended December 31, 2023. (2)Includes $27 million and $29 million of debt denominated in foreign currency at December 31, 2023 and 2022, respectively. (3)Includes Prudential Financial debt of $8,050 million and subsidiary debt of $44 million denominated in foreign currency at December 31, 2023. (4)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 reported at fair value. (5)Includes Prudential Financial debt of $18,162 million and $19,162 million at December 31, 2023 and 2022, 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, 2023:
| Calendar Year |  |
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 and thereafter |  | Total
| (in millions)
Long-term debt | $ | 394 |  |  | $ | 755 |  |  | $ | 0 |  |  | $ | 390 |  |  | $ | 17,343 |  |  | $ | 18,882 |
Senior Notes | The table below presents the Company’s balances related to these issuances, as well as its mortgage debt balance, as of December 31 for the years indicated as follows:
Facility Name |  | Maturity Date Range |  | 2023 Amount Outstanding |  | 2022 Amount Outstanding
|  |  |  | ($ in millions)
Medium-Term Notes |  | 2026-2051 |  | $ | 8,378 |  |  | $ | 8,548 |
Senior Notes |  | 2047-2049 |  | 1,484 |  |  | 1,476 |
InterNotes® Retail Notes |  | 2029-2045 |  | 249 |  |  | 264 |
Mortgage Debt(1) |  | 2024-2029 |  | 158 |  |  | 208 |
Total |  |  |  | $ | 10,269 |  |  | $ | 10,496 |
__________ (1)Includes $83 million of notes from current portion of long-term debt as of December 31, 2023.
Surplus Notes with Set-Off Arrangements |
Agreement Start Date |  | Maturity Years |  | Maximum Borrowing Capacity |  | 2023 Amount Outstanding |  | 2022 Amount Outstanding
|  |  |  | ($ in millions)
Regulation XXX(1) |  |  |  |  |  |  |  |
2014-2021(2) |  | 2024-2036 |  | $ | 1,750 |  |  | $ | 1,600 |  |  | $ | 1,600 |
2014-2017 |  | 2024-2037 |  | 2,400 |  |  | 2,330 |  |  | 2,330 |
2018 |  | 2038 |  | 1,600 |  |  | 1,000 |  |  | 920 |
Guideline AXXX |  |  |  |  |  |  |  |
2013(3) |  | 2033 |  | 3,500 |  |  | 3,500 |  |  | 3,500 |
2017 |  | 2037 |  | 2,000 |  |  | 1,540 |  |  | 1,540 |
2020 |  | 2032 |  | 2,700 |  |  | 2,100 |  |  | 2,100 |
Other Notes |  |  |  |  |  |  |  |
2019 |  | 2029 |  | 4,000 |  |  | 300 |  |  | 300 |
Total |  |  |  | $ | 17,950 |  |  | $ | 12,370 |  |  | $ | 12,290 |
__________ (1)Includes $2.0 billion of notes from current portion of long-term debt. (2)Prudential has agreed to reimburse one of the external counterparties for any payment under the credit linked notes funded by it in an amount of up to $0.3 billion. (3)The current financing capacity available under the facility is $3.5 billion but can be increased to a maximum potential size of $4.5 billion.
Junior Subordinated Notes | Prudential Financial’s junior subordinated notes outstanding are considered hybrid securities that receive enhanced equity treatment from the rating agencies. These notes outstanding, along with their key terms, are as follows:
Issue Date | Principal Amount |  | Initial Interest Rate |  | Investor Type |  | Optional Redemption Date |  | Interest Rate Subsequent to Optional Redemption Date (1) |  | Maturity Date
| ($ in millions) |  |  |  |  |  |  |  |  |  |
Mar-13 | $ | 500 |  |  | 5.20 | % |  | Institutional |  | 3/15/2024 |  | SOFR + 3.30% (2) |  | 3/15/2044
May-15 | $ | 1,000 |  |  | 5.38 | % |  | Institutional |  | 5/15/2025 |  | SOFR + 3.29% (2) |  | 5/15/2045
Sep-17 | $ | 750 |  |  | 4.50 | % |  | Institutional |  | 9/15/2027 |  | SOFR + 2.64% (2) |  | 9/15/2047
Aug-18 | $ | 565 |  |  | 5.63 | % |  | Retail |  | 8/15/2023 |  | 5.63% |  | 8/13/2058
Sep-18 | $ | 1,000 |  |  | 5.70 | % |  | Institutional |  | 9/15/2028 |  | SOFR + 2.93% (2) |  | 9/15/2048
Aug-20 | $ | 500 |  |  | 4.13 | % |  | Retail |  | 9/1/2025 |  | 4.13% |  | 9/1/2060
Aug-20 | $ | 800 |  |  | 3.70 | % |  | Institutional |  | 10/1/2030 |  | US Treasury + 3.04% |  | 10/1/2050
Feb-22 | $ | 1,000 |  |  | 5.13 | % |  | Institutional |  | 2/28/2032 |  | US Treasury + 3.16% |  | 3/1/2052
Aug-22 | $ | 1,200 |  |  | 6.00 | % |  | Institutional |  | 9/1/2032 |  | US Treasury + 3.23% |  | 9/1/2052
Aug-22 | $ | 300 |  |  | 5.95 | % |  | Retail |  | 9/1/2027 |  | 5.95% |  | 9/1/2062
Feb-23 | $ | 500 |  |  | 6.75 | % |  | Institutional |  | 3/1/2033 |  | US Treasury + 2.85% |  | 3/1/2053
__________ (1) Effective June 30, 2023, SOFR is the replacement reference rate for certain outstanding junior subordinated notes issued by the Company that used LIBOR as the reference rate. (2) The spread incorporates the contractual LIBOR-based spread and a 0.26% tenor spread adjustment.

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