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Long-term and Short-term Debt (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Long-term and Short-term debt outstanding
Long-term and short-term debt outstanding was as follows:
 
 
 
 
 
 
 

 
 
 
December 31,
 
Interest Rates (1)
 
 
 
2016
 
2015
 
Range
 
Weighted
Average
Maturity
Face
Value
 
Unamortized
Discount
 
Unamortized
Issuance
Costs
 
Carrying
Value
 
Face
Value
 
Unamortized
Discount
 
Unamortized
Issuance
Costs
 
Carrying
Value (2)
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Senior notes
1.76
%
-
7.72%
 
4.94%
 
2017
-
2046
 
$
15,597

 
$
(30
)
 
$
(62
)
 
$
15,505

 
$
17,025

 
$
(31
)
 
$
(67
)
 
$
16,927

Surplus notes
7.63
%
-
7.88%
 
7.79%
 
2024
-
2025
 
507

 
(4
)
 
(2
)
 
501

 
507

 
(5
)
 
(2
)
 
500

Other notes
1.62
%
-
6.49%
 
4.23%
 
2017
-
2027
 
420

 
—

 
(5
)
 
415

 
420

 
—

 
(5
)
 
415

Capital lease obligations
 
 
 
 
 
 
 
 
 
 
8

 
—

 
—

 
8

 
9

 
—

 
—

 
9

Total long-term debt (3)
 
 
 
 
 
 
 
 
 
 
16,532

 
(34
)
 
(69
)
 
16,429

 
17,961

 
(36
)
 
(74
)
 
17,851

Total short-term debt
 
 
 
 
 
 
 
 
 
 
242

 
—

 
—

 
242

 
100

 
—

 
—

 
100

Total
 
 
 
 
 
 
 
 
 
 
$
16,774

 
$
(34
)
 
$
(69
)
 
$
16,671

 
$
18,061

 
$
(36
)
 
$
(74
)
 
$
17,951

__________________
(1)
Range of interest rates and weighted average interest rates are for the year ended December 31, 2016.
(2)
Net of $74 million of unamortized issuance costs, which were reported in other assets at December 31, 2015.
(3)
Excludes $12 million and $11 million of long-term debt relating to CSEs — FVO at December 31, 2016 and 2015, respectively. See Note 10.
Schedule of Short-term Debt
Short-term debt with maturities of one year or less was as follows:
 
 
December 31,
 
 
2016
 
2015
 
 
(Dollars in millions)
Commercial paper
 
$
100

 
$
100

Short-term borrowings
 
142

 
—

Total short-term debt
 
$
242

 
$
100

Average daily balance
 
$
135

 
$
100

Average days outstanding
 
21 days

 
68 days
Schedule of Line of Credit Facilities
Information on the unsecured credit facility at December 31, 2016 was as follows:
Borrower(s)
 
Expiration
 
Maximum
Capacity
 
Letters of
Credit
Issued
 
Drawdowns
 
Unused
Commitments
 
 
 
 
(In millions)
MetLife, Inc. and MetLife Funding, Inc.
 
May 2019 (1), (2)
 
$
4,000

(1) (2)
 
$
730

 
$
—

 
$
3,270


__________________
(1)
All borrowings under this unsecured revolving credit facility must be repaid by May 30, 2019, except that letters of credit outstanding upon termination may remain outstanding until May 30, 2020.
(2)
In December 2016, MetLife, Inc. and MetLife Funding, Inc. entered into an agreement to amend their existing $4.0 billion unsecured revolving credit facility, which provides, among other things, that the facility will be amended and restated upon the completion of the Separation and the satisfaction of certain other conditions. As amended and restated, the unsecured revolving credit facility will provide for borrowings and the issuance of letters of credit in an aggregate amount of up to $3.0 billion. All borrowings under this amended unsecured revolving credit facility must be repaid by December 20, 2021, except that letters of credit outstanding upon termination may remain outstanding until December 20, 2022.
Committed Facilities
Information on these committed facilities at December 31, 2016 was as follows:
Account Party/Borrower(s)
 
Expiration
 
Maximum Capacity
 
Letters of
Credit
Issued
 
Drawdowns
 
Unused
Commitments
 
 
 
 
(In millions)
MetLife, Inc.
 
June 2018 (1)
 
$
425

 
$
425

 
$
—

 
$
—

MetLife Reinsurance Company of Vermont and MetLife, Inc.
 
December 2024 (2), (3)
 
400

 
355

 
—

 
45

MetLife Reinsurance Company of South Carolina and MetLife, Inc.
 
June 2037 (4)
 
3,500

 
—

 
2,797

 
703

MetLife Reinsurance Company of Vermont and MetLife, Inc.
 
December 2037 (2), (5)
 
2,896

 
2,261

 
—

 
635

MetLife Reinsurance Company of Vermont and MetLife, Inc.
 
September 2038 (4)
 
4,250

 
3,000

 
—

 
1,250

Total
 
 
 
$
11,471

 
$
6,041

 
$
2,797

 
$
2,633

__________________
(1)
Capacity at December 31, 2016 of $425 million decreases in June 2017, March 2018 and June 2018 to $395 million, $200 million and $0, respectively.
(2)
MetLife, Inc. is a guarantor under the applicable facility.
(3)
Capacity at December 31, 2016 of $400 million decreases in June 2022, December 2022, June 2023, December 2023 and December 2024 to $380 million, $360 million, $310 million, $260 million and $0, respectively.
(4)
These facilities were terminated in connection with the Separation. See Note 3.
(5)
Capacity at December 31, 2016 of $2.4 billion increases periodically to a maximum of $2.9 billion in 2024, decreases periodically commencing in 2025 to $2.0 billion in 2037, and decreases to $0 after maturity in December 2037. Unused commitment of $635 million is based on maximum capacity.