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Long-term and Short-term Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Long-term and Short-term debt outstanding
Long-term and short-term debt outstanding, excluding debt relating to CSEs, was as follows:
 
 
 
 
 
 
 

 
 
 
December 31,
 
Interest Rates (1)
 
 
 
2017
 
2016
 
Range
 
Weighted
Average
Maturity
Face
Value
 
Unamortized
Discount and Issuance Costs
 
Carrying
Value
 
Face
Value
 
Unamortized
Discount and Issuance Costs
 
Carrying
Value
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Senior notes
3.00
%
-
7.72%
 
4.84%
 
2018
-
2046
 
$
14,685

 
$
(86
)
 
$
14,599

 
$
15,597

 
$
(92
)
 
$
15,505

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

 
(5
)
 
502

 
507

 
(6
)
 
501

Other notes (2)
2.20
%
-
7.29%
 
4.56%
 
2018
-
2058
 
578

 
$
(4
)
 
574

 
420

 
(5
)
 
415

Capital lease obligations
 
 
 
 
 
 
 
 
 
 
5

 
—

 
5

 
8

 
—

 
8

Total long-term debt
 
 
 
 
 
 
 
 
 
 
15,775

 
(95
)
 
15,680

 
16,532

 
(103
)
 
16,429

Total short-term debt
 
 
 
 
 
 
 
 
 
 
477

 
—

 
477

 
242

 
—

 
242

Total
 
 
 
 
 
 
 
 
 
 
$
16,252

 
$
(95
)
 
$
16,157

 
$
16,774

 
$
(103
)
 
$
16,671

__________________
(1)
Range of interest rates and weighted average interest rates are for the year ended December 31, 2017.
(2)
During 2017, an affiliate issued $139 million of long-term debt to a third party.
Schedule of Short-term Debt
Short-term debt with maturities of one year or less was as follows:
 
 
December 31,
 
 
2017
 
2016
 
 
(Dollars in millions)
Commercial paper
 
$
100

 
$
100

Short-term borrowings (1)
 
377

 
142

Total short-term debt
 
$
477

 
$
242

Average daily balance
 
$
280

 
$
135

Average days outstanding
 
27 days

 
21 days


__________________
(1)
Includes $374 million and $133 million at December 31, 2017 and 2016, respectively, of short-term debt related to repurchase agreements, secured by assets of subsidiaries.
Schedule of Line of Credit Facilities
Information on the Credit Facility at December 31, 2017 was as follows:
Borrower(s)
 
Expiration
 
Maximum
Capacity
 
Letters of
Credit
Issued
 
Drawdowns
 
Unused
Commitments
 
 
 
 
(In millions)
MetLife, Inc. and MetLife Funding, Inc.
 
December 2021 (1)
 
$
3,000

(1) 
 
$
130

 
$
—

 
$
2,870


__________________
(1)
All borrowings under the 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 the Committed Facilities at December 31, 2017 was as follows:
Account Party/Borrower(s)
 
Expiration
 
Maximum Capacity
 
Letters of
Credit
Issued
 
Drawdowns
 
Unused
Commitments
 
 
 
 
(In millions)
MetLife, Inc.
 
June 2018 (1)
 
$
395

 
$
395

 
$
—

 
$
—

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

 
380

 
—

 
20

MetLife Reinsurance Company of Vermont and MetLife, Inc.
 
December 2037 (2), (4)
 
2,896

 
2,354

 
—

 
542

Total
 
 
 
$
3,691

 
$
3,129

 
$
—

 
$
562

__________________
(1)
Capacity decreases in March 2018 and June 2018 to $200 million and $0, respectively.
(2)
MetLife, Inc. is a guarantor under the applicable facility.
(3)
Capacity 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)
Capacity at December 31, 2017 of $2.6 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 at expiration in December 2037. Unused commitment of $542 million is based on maximum capacity. As of December 31, 2017, Brighthouse is a beneficiary of $2.4 billion of letters of credit issued under this committed facility. See Note 3.