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Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

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)								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

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(1)Range of interest rates and weighted average interest rates are for the year ended December 31, 2020.

Schedule of Short-term Debt

Short-term Debt

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


	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

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(1)Includes $293 million and $136 million at December 31, 2020 and 2019, 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, 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

__________________

(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, 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

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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, 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.