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Short-Term and Long-Term Debt (Tables)
 12 Months Ended
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:

20232022
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC510 413 
Subtotal commercial paper535 438 
Current portion of long-term debt:
Senior Notes0 173 
Mortgage Debt83 155 
Surplus Notes subject to set-off arrangements(1)2,000 500 
Subtotal Current portion of long-term debt2,083 828 
Other
0 9 
Subtotal2,618 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 days4998
Weighted average interest rate on outstanding commercial paper5.50 %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.
 
BorrowerOriginal
Term		Expiration
Date		CapacityAmount Outstanding
   (in millions)
Prudential Financial and Prudential Funding5 yearsJul 2026$4,000 $0 
Prudential Holdings of Japan, Inc.5 yearsSep 2024¥100,000 ¥0 
Schedule of Long-term Debt Instruments
 Maturity
Dates		Rate(1)December 31,
20232022
   ($ in millions)
Fixed-rate notes:
Surplus notes2025
8.30%
$346 $345 
Surplus notes subject to set-off arrangements2029-2038
2.23%-5.26%
9,790 9,460 
Senior notes2026-2051
1.50%-6.63%
10,112 10,115 
Mortgage debt025 
Floating-rate notes:
Line of Credit2026
5.20%-9.80%
255 300 
Surplus notes subject to set-off arrangements2037
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 
Subtotal29,252 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 
 2025202620272028
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 NameMaturity Date Range
2023 Amount Outstanding
2022 Amount Outstanding
($ in millions)
Medium-Term Notes
2026-2051
$8,378 $8,548 
Senior Notes2047-20491,484 1,476 
InterNotes® Retail Notes
2029-2045249 264 
Mortgage Debt(1)
2024-2029
158 208 
Total$10,269 $10,496 
__________
(1)Includes $83 million of notes from current portion of long-term debt as of December 31, 2023.
Surplus Notes with Set-Off Arrangements
Agreement Start DateMaturity YearsMaximum Borrowing Capacity
2023 Amount Outstanding
2022 Amount Outstanding
($ in millions)
Regulation XXX(1)
2014-2021(2)
2024-2036
$1,750 $1,600 $1,600 
2014-20172024-20372,400 2,330 2,330 
201820381,600 1,000 920 
Guideline AXXX
2013(3)20333,500 3,500 3,500 
201720372,000 1,540 1,540 
202020322,700 2,100 2,100 
Other Notes
201920294,000 300 300 
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 DatePrincipal
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 %Institutional3/15/2024SOFR + 3.30% (2)3/15/2044
May-15$1,000 5.38 %Institutional5/15/2025SOFR + 3.29% (2)5/15/2045
Sep-17$750 4.50 %Institutional9/15/2027SOFR + 2.64% (2)9/15/2047
Aug-18$565 5.63 %Retail8/15/20235.63%8/13/2058
Sep-18$1,000 5.70 %Institutional9/15/2028SOFR + 2.93% (2)9/15/2048
Aug-20$500 4.13 %Retail9/1/20254.13%9/1/2060
Aug-20$800 3.70 %Institutional10/1/2030US Treasury + 3.04%10/1/2050
Feb-22$1,000 5.13 %Institutional2/28/2032US Treasury + 3.16%3/1/2052
Aug-22$1,200 6.00 %Institutional9/1/2032US Treasury + 3.23%9/1/2052
Aug-22$300 5.95 %Retail9/1/20275.95%9/1/2062
Feb-23$500 6.75 %Institutional3/1/2033US 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.