
									December 31,
	Interest Rates (1)								2020						2019
	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%	4.28%	2022	-	2046	$	13,548	$	(85)	$	13,463	$	12,460	$	(81)	$	12,379
Surplus notes	7.63	%	-	7.88%	7.79%	2024	-	2025	507		(3)		504		507		(4)		503
Other notes	0.14	%	-	3.75%	2.89%	2021	-	2058	527		(2)		525		457		(3)		454
Financing lease obligations									106		—		106		125		—		125
Total long-term debt									14,688		(90)		14,598		13,549		(88)		13,461
Total short-term debt									393		—		393		235		—		235
Total									$	15,081	$	(90)	$	14,991	$	13,784	$	(88)	$	13,696

The aggregate maturities of long-term debt at December 31, 2020 for the next five years and thereafter are $77 million in 2021, $527 million in 2022, $1.0 billion in 2023, $2.1 billion in 2024, $1.2 billion in 2025 and $9.6 billion thereafter.

Financing lease obligations are collateralized and rank highest in priority, followed by unsecured senior notes and other notes, followed by subordinated debt which consists of junior subordinated debt securities (see Note 15). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of the operating company issuing the notes and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile of the notes issuer. The Company’s collateral financing arrangement (see Note 14) is supported by surplus notes of a subsidiary and, accordingly, has priority consistent with surplus notes.

Certain of the Company’s debt instruments and committed facilities, as well as its unsecured revolving credit facility, contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all applicable financial covenants at December 31, 2020.

In March 2020, MetLife, Inc. issued $1.0 billion of senior notes due March 2030 which bear interest at a fixed rate of 4.550%, the interest on which is payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $6 million of related costs which will be amortized over the term of the senior notes.

In June 2019, MetLife, Inc. redeemed for cash and canceled its £400 million ($509 million at repayment) aggregate principal amount 5.250% senior notes due June 2020 and the remaining $368 million aggregate principal amount of its 4.750% senior notes due February 2021. The Company recorded a premium of $40 million paid in excess of the debt principal and accrued and unpaid interest to other expenses for the year ended December 31, 2019.

In connection with the issuances, MetLife, Inc. incurred $9 million of related costs which are amortized over the applicable term of each series of the Senior Notes. MetLife, Inc. may redeem each series of the Senior Notes at its option, in

whole, but not in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest thereon, if certain events occur affecting the U.S. tax treatment of the Senior Notes.

In June 2018, MetLife, Inc. sold FVO Brighthouse Common Stock in exchange for $944 million aggregate principal amount of MetLife, Inc.’s senior notes. MetLife, Inc. purchased and canceled $343 million of its $1,035 million aggregate principal amount 6.817% senior notes due August 2018; $469 million of its $1,035 million aggregate principal amount 7.717% senior notes due February 2019 and $132 million of its $1,000 million aggregate principal amount 4.750% senior notes due February 2021. In June 2018, MetLife, Inc. additionally purchased for cash and canceled $160 million of its $1,035 million aggregate principal amount 6.817% senior notes due August 2018. The Company recorded a premium of $30 million paid in excess of the debt principal and incurred $37 million of advisory and other fees related to the exchange transaction to other expenses for the year ended December 31, 2018. See Note 3 for additional information on the FVO Brighthouse Common Stock exchange transaction.

In August 2018, MetLife, Inc. purchased for cash and canceled the remaining $566 million of its $1,035 million aggregate principal amount 7.717% senior notes due February 2019. The Company recorded a premium of $14 million paid in excess of the debt principal and accrued, unpaid interest to other expenses for the year ended December 31, 2018.

In December 2018, MetLife, Inc. purchased for cash and canceled an additional $500 million of its $1,000 million aggregate principal amount 4.750% senior notes due February 2021. The Company recorded a premium of $18 million paid in excess of the debt principal and accrued, unpaid interest to other expenses for the year ended December 31, 2018.

At December 31, 2020, MetLife Private Equity Holdings, LLC (“MPEH”), a wholly-owned indirect investment subsidiary of MLIC, was party to a credit agreement providing for $350 million of term loans and $75 million of a revolving loan (the “Credit Agreement”), which matures in November 2024. In December 2018, MPEH repaid $50 million of an initial borrowing of a $350 million term loan under the Credit Agreement. In March 2020, MPEH borrowed $75 million on a revolving loan under the Credit Agreement and repaid this loan in July 2020. Simultaneously, in July 2020, MPEH borrowed $50 million on the term loan under the Credit Agreement. MPEH has pledged invested assets to secure the loans; however, these loans are non-recourse to MLIC and MetLife, Inc.


	December 31,
	2020		2019
	(Dollars in millions)
Commercial paper	$	100	$	99
Short-term borrowings (1)	293		136
Total short-term debt	$	393	$	235
Average daily balance	$	326	$	216
Average days outstanding	69 days		34 days

Interest expense included in other expenses was $632 million, $656 million and $827 million for the years ended December 31, 2020, 2019 and 2018, respectively. Such amounts do not include interest expense on long-term debt related to CSEs, the collateral financing arrangement, or junior subordinated debt securities. See Notes 14 and 15.

At December 31, 2020, the Company maintained a $3.0 billion unsecured revolving credit facility (the “Credit Facility”) and certain committed facilities (the “Committed Facilities”) aggregating $3.3 billion. When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

The Company’s Credit Facility is used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees associated with the Credit Facility were $14 million, $12 million and $10 million for the years ended December 31, 2020, 2019 and 2018, respectively, and were included in other expenses. Information on the Credit Facility at December 31, 2020 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)	$	463	$	—	$	2,537

Letters of credit issued under the Committed Facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees associated with the Committed Facilities, included in other expenses, were $12 million, $12 million and $15 million for the years ended December 31, 2020, 2019 and 2018, respectively. Information on the Committed Facilities at December 31, 2020 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		2,483		—		413
Total			$	3,296	$	2,879	$	—	$	417

(3)Capacity at December 31, 2020 of $2.8 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 $413 million is based on maximum capacity. At December 31, 2020, 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.