Short-Term and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020			December 31, 2019
	($ in millions)
Commercial paper:
Prudential Financial	$	453		$	25
Prudential Funding, LLC	700			524
Subtotal commercial paper	1,153			549
Current portion of long-term debt:
Senior Notes	1,179			1,179
Mortgage Debt	191			192
Subtotal current portion of long-term debt	1,370			1,371
Other(1)	16			13
Total short-term debt(2)	$	2,539		$	1,933
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight	$	576		$	224
Daily average commercial paper outstanding for the quarter ended	$	1,495		$	1,702
Weighted average maturity of outstanding commercial paper, in days	9			6
Weighted average interest rate on outstanding commercial paper	0.79		%	1.61		%

_________

(1) Includes $16 million drawn on a revolving line of credit held by a subsidiary at March 31, 2020.

(2) Includes Prudential Financial debt of $1,632 million and $1,204 million at March 31, 2020 and December 31, 2019, respectively.

Schedule of Long-term Debt

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

	March 31, 2020		December 31, 2019
	(in millions)
Fixed-rate obligations:
Surplus notes	$	342	$	342
Surplus notes subject to set-off arrangements(1)	8,284		7,484
Senior notes	11,573		10,084
Mortgage debt(2)	103		104
Floating-rate obligations:
Line of credit	300		300
Surplus notes subject to set-off arrangements(1)	2,330		2,265
Mortgage debt(3)	253		241
Junior subordinated notes(4)	7,578		7,575
Subtotal	30,763		28,395
Less: assets under set-off arrangements(1)	10,614		9,749
Total long-term debt(5)	$	20,149	$	18,646

 __________    

(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 $43 million of debt denominated in foreign currency at both March 31, 2020 and December 31, 2019.

(3) Includes $52 million and $53 million of debt denominated in foreign currency at March 31, 2020 and December 31, 2019, respectively.

(4) Includes Prudential Financial debt of $7,520 million and $7,518 million at March 31, 2020 and December 31, 2019, respectively. Also includes subsidiary debt of $58 million and $57 million denominated in foreign currency at March 31, 2020 and December 31, 2019, respectively.

(5)

Includes Prudential Financial debt of $18,920 million and $17,430 million at March 31, 2020 and December 31, 2019, respectively.