Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-term Debt

The table below presents the Company’s short-term debt at December 31, for the years indicated as follows:

	2019			2018
	($ in millions)
Commercial paper:
Prudential Financial	$	25		$	15
Prudential Funding, LLC	524			727
Subtotal commercial paper	549			742
Mortgage Debt(1)	0			53
Current portion of long-term debt:
Senior Notes	1,179			1,100
Mortgage Debt	192			57
Surplus Notes	0			499
Subtotal Current portion of long-term debt	1,371			1,656
Other(2)	13			0
Total short-term debt(3)	$	1,933		$	2,451
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight	$	224		$	301
Daily average commercial paper outstanding for the quarter ended	$	1,702		$	1,554
Weighted average maturity of outstanding commercial paper, in days	6			12
Weighted average interest rate on outstanding commercial paper(4)	1.61		%	2.41		%

__________

(1) Includes $53 million of mortgage debt denominated in foreign currency at December 31, 2018.

(2) Includes $13 million drawn on a revolving line of credit held by a subsidiary at December 31, 2019.

(3) Includes Prudential Financial debt of $1,204 million and $1,115 million at December 31, 2019 and 2018, respectively.

(4) Prior period interest rate has been updated to conform to current period presentation.

Schedule of Line of Credit Facilities

As of December 31, 2019, the Company maintained syndicated, unsecured committed credit facilities as described below.

Borrower	Original Term	Expiration Date	Capacity		Amount Outstanding
			(in millions)
Prudential Financial and Prudential Funding	5 years	Jul 2022	$	4,000	$	0
Prudential Holdings of Japan, Inc.	5 years	Sep 2024	¥	100,000	¥	0

Schedule of Long-term Debt Instruments

	Maturity Dates	Rate(1)	December 31,
			2019		2018
			($ in millions)
Fixed-rate notes:
Surplus notes	2025	8.30%	$	342	$	341
Surplus notes subject to set-off arrangements	2021-2038	3.52%-5.26%	7,484		6,895
Senior notes	2021-2051	1.35%-11.31%	10,084		8,774
Mortgage debt(2)	2021-2027	2.95%-3.85%	104		237
Floating-rate notes:
Line of Credit	2022	3.10%-3.75%	300		0
Surplus notes subject to set-off arrangements	2024-2037	3.48%-4.20%	2,265		2,200
Senior notes		-	0		29
Mortgage debt(3)	2021-2024	2.36%-4.67%	241		429
Junior subordinated notes(4)	2042-2058	1.55%-5.88%	7,575		7,568
Subtotal			28,395		26,473
Less: assets under set-off arrangements(5)			9,749		9,095
Total long-term debt(6)			$	18,646	$	17,378

 __________

(1) Ranges of interest rates are for the year ended December 31, 2019.

(2) Includes $43 million and $101 million of debt denominated in foreign currency at December 31, 2019 and 2018, respectively.

(3) Includes $53 million and $206 million of debt denominated in foreign currency at December 31, 2019 and 2018, respectively.

(4) Includes Prudential Financial debt of $7,518 million and subsidiary debt of $57 million denominated in foreign currency at December 31, 2019.

(5) Assets under set-off arrangements represent a reduction in the amount of surplus notes included in long-term debt, resulting from an arrangement where valid rights of set-off exist and it is the intent of both parties to settle on a net basis under legally enforceable arrangements. These assets include available-for-sale securities that are reported at fair value.

(6)

Includes Prudential Financial debt of $17,430 million and $16,141 million at December 31, 2019 and 2018, respectively

Schedule of Maturities of Long-term Debt

The following table presents the contractual maturities of the Company’s long-term debt as of December 31, 2019:

	Calendar Year
	2021		2022		2023		2024		2025 and thereafter		Total
	(in millions)
Long-term debt	$	491	$	436	$	245	$	725	$	16,750	$	18,646

Junior Subordinated Notes

notes outstanding, along with their key terms, are as follows:

Issue Date	Principal Amount		Initial Interest Rate		Investor Type	Optional Redemption Date	Interest Rate Subsequent to Optional Redemption Date	Maturity Date
	($ in millions)
Aug-12	$	1,000	5.88	%	Institutional	9/15/2022	LIBOR + 4.18%	9/15/2042
Nov-12	$	1,500	5.63	%	Institutional	6/15/2023	LIBOR + 3.92%	6/15/2043
Dec-12	$	575	5.75	%	Retail	12/4/2017	5.75%	12/15/2052
Mar-13	$	710	5.70	%	Retail	3/15/2018	5.70%	3/15/2053
Mar-13	$	500	5.20	%	Institutional	3/15/2024	LIBOR + 3.04%	3/15/2044
May-15	$	1,000	5.38	%	Institutional	5/15/2025	LIBOR + 3.03%	3/15/2045
Sep-17	$	750	4.50	%	Institutional	9/15/2027	LIBOR + 2.38%	9/15/2047
Aug-18	$	565	5.63	%	Retail	8/13/2023	5.63%	8/13/2058
Sep-18	$	1,000	5.70	%	Institutional	9/15/2028	LIBOR + 2.67%	9/15/2048