Short-Term and Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Short-term Debt

The table below presents the Company’s short-term debt as of the dates indicated:

	September 30, 2021			December 31, 2020
	($ in millions)
Commercial paper:
Prudential Financial	$	25		$	25
Prudential Funding, LLC	347			355
Subtotal commercial paper	372			380
Current portion of long-term debt:
Senior Notes	400			399
Mortgage Debt	130			128
Surplus notes subject to set-off arrangements(1)	500			500
Subtotal current portion of long-term debt	1,030			1,027
Other(2)	7			18
Subtotal	1,409			1,425
Less: assets under set-off arrangements(1)	500			500
Total short-term debt(3)	$	909		$	925
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight	$	105		$	75
Daily average commercial paper outstanding for the quarter ended	$	1,258		$	1,602
Weighted average maturity of outstanding commercial paper, in days	12			18
Weighted average interest rate on outstanding commercial paper	0.06		%	0.11		%

_________

(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes.

(2)Includes $7 million and $18 million drawn on a revolving line of credit held by a subsidiary at September 30, 2021 and December 31, 2020, respectively.

(3)Includes Prudential Financial debt of $425 million and $424 million at September 30, 2021 and December 31, 2020, respectively.

Schedule of Long-term Debt

The table below presents the Company’s long-term debt as of the dates indicated:

	September 30, 2021		December 31, 2020
	(in millions)
Fixed-rate obligations:
Surplus notes	$	344	$	343
Surplus notes subject to set-off arrangements(1)	7,786		8,134
Senior notes	10,280		11,179
Mortgage debt	24		24
Floating-rate obligations:
Line of credit	300		300
Surplus notes subject to set-off arrangements(1)	2,330		2,330
Mortgage debt(2)	122		257
Junior subordinated notes(3)	7,617		7,615
Subtotal	28,803		30,182
Less: assets under set-off arrangements(1)	10,116		10,464
Total long-term debt(4)	$	18,687	$	19,718

 __________    

(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt.

(2)Includes $30 million and $29 million of debt denominated in foreign currency at September 30, 2021 and December 31, 2020, respectively.

(3)Includes Prudential Financial debt of $7,561 million and $7,554 million at September 30, 2021 and December 31, 2020, respectively. Also includes subsidiary debt of $56 million and $60 million denominated in foreign currency at September 30, 2021 and December 31, 2020, respectively.

(4)Includes Prudential Financial debt of $17,668 million and $18,561 million at September 30, 2021 and December 31, 2020, respectively.