v3.26.1
Short-Term and Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC850 849 
Subtotal commercial paper875 874 
Current portion of long-term debt:
Senior notes
48 536 
Mortgage debt32 33 
Subtotal current portion of long-term debt80 569 
Subtotal955 1,443 
Less: assets under set-off arrangements
0 0 
Total short-term debt(1)
$955 $1,443 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$466$175
Daily average commercial paper outstanding for the quarter ended$2,234$2,389
Weighted average maturity of outstanding commercial paper, in days511
Weighted average interest rate on outstanding commercial paper3.64 %3.72 %
__________
(1)Includes Prudential Financial debt of $73 million and $561 million at June 30, 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:
 
June 30, 2026December 31, 2025
(in millions)
Fixed-rate obligations:
Surplus notes subject to set-off arrangements(1)(2)
$16,372 $15,744 
Senior notes10,929 10,823 
Mortgage debt(3)
159 134 
Floating-rate obligations:
Line of credit200 255 
Mortgage debt(3)
36 49 
Junior subordinated notes(4)
8,339 7,595 
Subtotal36,035 34,600 
Less: assets under set-off arrangements(1)16,372 15,744 
Total long-term debt(5)
$19,663 $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 $7.8 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 $195 million and $184 million of debt denominated in foreign currency at June 30, 2026 and December 31, 2025, respectively.
(4)Includes Prudential Financial debt of $8,301 million and $7,555 million at June 30, 2026, and December 31, 2025, respectively. Also includes subsidiary debt of $38 million and $40 million denominated in foreign currency at June 30, 2026, and December 31, 2025, respectively.
(5)Includes Prudential Financial debt of $19,230 million and $18,378 million at June 30, 2026 and December 31, 2025, respectively.