XML 34 R22.htm IDEA: XBRL DOCUMENT v3.24.3
SHORT-TERM AND LONG-TERM DEBT
 9 Months Ended
Sep. 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:
September 30,December 31,
20242023
(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)
301 — 
Senior Note (5.594% due 2033)
497 497 
Senior Note (5.00% due 2048)
1,289 1,481 
Total long-term debt3,831 3,820 
Total borrowings$3,831 $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.