Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

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)								2019							2018
	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	0.50	%	-	6.50%	4.72%	2022	-	2046	$	12,460	$	(81	)	$	12,379	$	11,923	$	(79	)	$	11,844
Surplus notes	7.63	%	-	7.88%	7.79%	2024	-	2025	507		(4		)	503		507		(4		)	503
Other notes	1.76	%	-	6.50%	4.62%	2020	-	2058	457		(3		)	454		477		(4		)	473
Financing lease obligations									125		—			125		4		—			4
Total long-term debt									13,549		(88		)	13,461		12,911		(87		)	12,824
Total short-term debt									235		—			235		268		—			268
Total									$	13,784	$	(88	)	$	13,696	$	13,179	$	(87	)	$	13,092

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(1)	Range of interest rates and weighted average interest rates are for the year ended December 31, 2019.

Schedule of Short-term Debt

Short-term Debt

Short-term debt with maturities of one year or less was as follows:



	December 31,
	2019		2018
	(Dollars in millions)
Commercial paper	$	99	$	99
Short-term borrowings (1)	136		169
Total short-term debt	$	235	$	268
Average daily balance	$	216	$	429
Average days outstanding	34 days		32 days

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(1)

Includes $136 million and $169 million at December 31, 2019 and 2018, 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, 2019 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)	$	746	$	—	$	2,254

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(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, 2019 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	$	396	$	—	$	4
MetLife Reinsurance Company of Vermont and MetLife, Inc.	December 2037	(1), (3)	2,896		2,460		—		436
Total			$	3,296	$	2,856	$	—	$	440

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(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, 2019 of $2.7 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 $436 million is based on maximum capacity. At December 31, 2019, Brighthouse is a beneficiary of $2.5 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.