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Long-term and Short-term Debt (Tables)
 12 Months Ended
Dec. 31, 2018
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)
 
 
 
2018
 
2017
 
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
%
-
6.50%
 
4.96%
 
2020
-
2046
 
$
11,923

 
$
(79
)
 
$
11,844

 
$
14,685

 
$
(86
)
 
$
14,599

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

 
(4
)
 
503

 
507

 
(5
)
 
502

Other notes (2)
2.99
%
-
6.50%
 
4.92%
 
2020
-
2058
 
477

 
$
(4
)
 
473

 
578

 
(4
)
 
574

Capital lease obligations
 
 
 
 
 
 
 
 
 
 
4

 
—

 
4

 
5

 
—

 
5

Total long-term debt
 
 
 
 
 
 
 
 
 
 
12,911

 
(87
)
 
12,824

 
15,775

 
(95
)
 
15,680

Total short-term debt
 
 
 
 
 
 
 
 
 
 
268

 
—

 
268

 
477

 
—

 
477

Total
 
 
 
 
 
 
 
 
 
 
$
13,179

 
$
(87
)
 
$
13,092

 
$
16,252

 
$
(95
)
 
$
16,157

__________________
(1)
Range of interest rates and weighted average interest rates are for the year ended December 31, 2018.
(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,
 
 
2018
 
2017
 
 
(Dollars in millions)
Commercial paper
 
$
99

 
$
100

Short-term borrowings (1)
 
169

 
377

Total short-term debt
 
$
268

 
$
477

Average daily balance
 
$
429

 
$
280

Average days outstanding
 
32 days

 
27 days


__________________
(1)
Includes $169 million and $374 million at December 31, 2018 and 2017, 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, 2018 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) 
 
$
446

 
$
—

 
$
2,554


__________________
(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, 2018 was as follows:
Account Party/Borrower(s)
 
Expiration
 
Maximum Capacity
 
Letters of
Credit
Issued
 
Drawdowns
 
Unused
Commitments
 
 
 
 
(In millions)
MetLife Reinsurance Company of Vermont and MetLife, Inc.
 
December 2024 (1), (2)
 
$
400

 
$
385

 
$
—

 
$
15

MetLife Reinsurance Company of Vermont and MetLife, Inc.
 
December 2037 (1), (3)
 
2,896

 
2,420

 
—

 
476

Total
 
 
 
$
3,296

 
$
2,805

 
$
—

 
$
491

__________________
(1)
MetLife, Inc. is a guarantor under the applicable facility.
(2)
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.
(3)
Capacity at December 31, 2018 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 $476 million is based on maximum capacity. At December 31, 2018, Brighthouse is a beneficiary of $2.4 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees. See Note 3.