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SHORT-TERM AND LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Borrowings Our financial strategy going forward will remain subject to market conditions and other factors. For example, we may from time to time enter into additional bank or other financing arrangements, including public or private debt, structured facilities and contingent capital arrangements, under which we could incur additional indebtedness. The following table sets forth the Company’s total consolidated borrowings. Short-term and long-term debt consists of the following:
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Short-term debt: |  |  |
AB commercial paper | $ | — |  |  | $ | 254 |
Total short-term debt | — |  |  | 254 |
Long-term debt: |  |  |
Senior Debenture, (7.00%, due 2028) | 250 |  |  | 349 |
Senior Note (4.35% due 2028) | 1,494 |  |  | 1,493 |
Senior Note (4.572% due 2029) | 300 |  |  | — |
Senior Note (5.594% due 2033) | 497 |  |  | 497 |
Senior Note (5.00% due 2048) | 1,289 |  |  | 1,481 |
Total long-term debt | 3,830 |  |  | 3,820 |
Total borrowings | $ | 3,830 |  |  | $ | 4,074 |
Pre-Capitalized Trust Securities In June 2024, the Company exercised its issuance right under the 2029 Trust Facility Agreement (as subsequently defined) to issue $600 million principal amount of the Company’s 2029 Notes (as subsequently defined) in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by the 2029 Trust (as subsequently defined). Following the Company’s exercise of its issuance right under the 2029 Trust Facility Agreement, the Company issued $600 million principal amount of the 2029 Notes to the 2029 Trust (as subsequently defined) on June 6, 2024 in exchange for the 2029 Trust Eligible Assets (as subsequently defined). See note 16 for additional details on the Pre-Capitalized Trust Securities. Holdings Senior Notes and Debentures Repayment In June 2024, Holdings made principal pre-payments of $275 million on the 2029 Notes, $99 million on the 7.0% 2028 Senior Debentures, and $195 million on the 5.0% 2048 Senior Notes, and recorded a loss on extinguishment of $11 million.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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