v3.26.1
Short-Term and Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The table below presents the Company’s short-term debt as of the dates indicated:
 
March 31, 2026December 31, 2025
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC849 849 
Subtotal commercial paper874 874 
Current portion of long-term debt:
Senior notes
36 536 
Mortgage debt36 33 
Subtotal current portion of long-term debt72 569 
Subtotal946 1,443 
Less: assets under set-off arrangements
0 0 
Total short-term debt(1)
$946 $1,443 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$310$175
Daily average commercial paper outstanding for the quarter ended$1,882$2,389
Weighted average maturity of outstanding commercial paper, in days611
Weighted average interest rate on outstanding commercial paper3.66 %3.72 %
__________
(1)Includes Prudential Financial debt of $61 million and $561 million at March 31, 2026 and December 31, 2025, respectively.
Schedule of Long-term Debt
The table below presents the Company’s long-term debt as of the dates indicated:
 
 March 31, 2026December 31, 2025
 (in millions)
Fixed-rate obligations:
Surplus notes subject to set-off arrangements(1)(2)
$15,844 $15,744 
Senior notes10,884 10,823 
Mortgage debt(3)
145 134 
Floating-rate obligations:
Line of credit220 255 
Mortgage debt(3)
37 49 
Junior subordinated notes(4)
7,596 7,595 
Subtotal34,726 34,600 
Less: assets under set-off arrangements(1)15,844 15,744 
Total long-term debt(5)
$18,882 $18,856 
__________    
(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 $7.6 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 $182 million and $184 million of debt denominated in foreign currency at March 31, 2026 and December 31, 2025, respectively.
(4)Includes Prudential Financial debt of $7,557 million and $7,555 million at March 31, 2026, and December 31, 2025, respectively. Also includes subsidiary debt of $39 million and $40 million denominated in foreign currency at March 31, 2026, and December 31, 2025, respectively.
(5)Includes Prudential Financial debt of $18,441 million and $18,378 million at March 31, 2026 and December 31, 2025, respectively.