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Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-term and Short-term debt outstanding

Long-term and short-term debt outstanding, excluding debt relating to consolidated securitization entities, was as follows:


									December 31,
	Interest Rates (1)								2021						2020
	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%	4.44%	2023	-	2046	$	12,891	$	(77)	$	12,814	$	13,548	$	(85)	$	13,463
Surplus notes	7.63	%	-	7.88%	7.79%	2024	-	2025	507		(2)		505		507		(3)		504
Other notes	0.08	%	-	3.75%	2.48%	2022	-	2058	536		(3)		533		527		(2)		525
Financing lease obligations									81		—		81		106		—		106
Total long-term debt									14,015		(82)		13,933		14,688		(90)		14,598
Total short-term debt									341		—		341		393		—		393
Total									$	14,356	$	(82)	$	14,274	$	15,081	$	(90)	$	14,991

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(1)Range of interest rates and weighted average interest rates are for the year ended December 31, 2021.

Schedule of Short-term Debt

Short-term Debt

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


	December 31,
	2021		2020
	(Dollars in millions)
Commercial paper	$	100	$	100
Short-term borrowings (1)	241		293
Total short-term debt	$	341	$	393
Average daily balance	$	300	$	326
Average days outstanding	155 days		69 days

__________________

(1)Includes $241 million and $293 million at December 31, 2021 and 2020, 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, 2021 was as follows:


Borrower(s)	Expiration		Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
			(In millions)
MetLife, Inc. and MetLife Funding, Inc.	February 2026	(1)	$	3,000	$	459	$	—	$	2,541

__________________

(1)In February 2021, the Credit Facility was amended and restated to, among other things, extend the maturity date. The Company incurred costs of $6 million related to the Credit Facility, which were capitalized and included in other assets. These costs are being amortized over the remaining term of the Credit Facility. All borrowings under the amended and restated Credit Facility must be repaid by February 26, 2026, except that letters of credit outstanding upon termination may remain outstanding until February 26, 2027.

Committed Facilities

Information on the Committed Facilities at December 31, 2021 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.	November 2026	(1), (2)	$	350	$	350	$	—	$	—
MetLife Reinsurance Company of Vermont and MetLife, Inc.	December 2037	(1), (3)	2,896		2,492		—		404
Total			$	3,246	$	2,842	$	—	$	404

__________________

(1)MetLife, Inc. is a guarantor under the applicable facility.

(2)The issuance of additional letters of credit is at the discretion of the counterparty.

(3)Capacity at December 31, 2021 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 $404 million is based on maximum capacity. At December 31, 2021, Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”), a former subsidiary of MetLife, Inc., 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.