v3.25.2
Short-Term and Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The table below presents the Company’s short-term debt as of the dates indicated:
 
June 30, 2025December 31, 2024
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC500 496 
Subtotal commercial paper525 521 
Current portion of long-term debt:
Senior Notes499 0 
Surplus notes348 347 
Mortgage debt1 85 
Subtotal current portion of long-term debt848 432 
Subtotal1,373 953 
Less: assets under set-off arrangements(1)0 0 
Total short-term debt(2)
$1,373 $953 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$125$310
Daily average commercial paper outstanding for the quarter ended$1,551$1,823
Weighted average maturity of outstanding commercial paper, in days515
Weighted average interest rate on outstanding commercial paper4.33 %4.61 %
__________
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt.
(2)Includes Prudential Financial debt of $524 million and $25 million at June 30, 2025 and December 31, 2024, respectively.
Schedule of Long-term Debt
The table below presents the Company’s long-term debt as of the dates indicated:
 
 June 30, 2025December 31, 2024
 (in millions)
Fixed-rate obligations:
Surplus notes subject to set-off arrangements(1)(2)
$15,220 $14,748 
Senior notes10,610 10,245 
Mortgage debt(3)
125 69 
Floating-rate obligations:
Line of credit255 255 
Mortgage debt(3)
66 31 
Junior subordinated notes(4)
7,595 8,587 
Subtotal33,871 33,935 
Less: assets under set-off arrangements(1)15,220 14,748 
Total long-term debt(5)
$18,651 $19,187 
__________    
(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)Amount includes $7.2 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information.
(3)Includes $158 million and $100 million of debt denominated in foreign currency at June 30, 2025 and December 31, 2024, respectively.
(4)Includes Prudential Financial debt of $7,552 million and $8,548 million at June 30, 2025, and December 31, 2024, respectively. Also includes subsidiary debt of $43 million and $39 million denominated in foreign currency at June 30, 2025, and December 31, 2024, respectively.
(5)Includes Prudential Financial debt of $18,162 million and $18,793 million at June 30, 2025 and December 31, 2024, respectively.