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Long-term and Short-term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-term and Short-term Debt 13. Long-term and Short-term Debt
Long-term and short-term debt outstanding was as follows:
December 31,
Interest Rates (1)20222021
Range
Weighted
Average
MaturityFace
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%4.42%2023-2052$13,671 $(83)$13,588 $12,891 $(77)$12,814 
Surplus notes
7.63 %-7.88%7.79%2024-2025507 (1)506 507 (2)505 
Other notes
0.45 %-7.50%4.67%2023-2027500 (3)497 536 (3)533 
Financing lease obligations56 — 56 81 — 81 
Total long-term debt
14,734 (87)14,647 14,015 (82)13,933 
Total short-term debt
175 — 175 341 — 341 
Total
$14,909 $(87)$14,822 $14,356 $(82)$14,274 
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(1)Range of interest rates and weighted average interest rates are for the year ended December 31, 2022.
The aggregate maturities of long-term debt at December 31, 2022 for the next five years and thereafter are $1.1 billion in 2023, $1.7 billion in 2024, $1.2 billion in 2025, $539 million in 2026, $51 million in 2027 and $10.0 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 $3.0 billion unsecured revolving credit facility (the “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, 2022.
Senior Notes
In July 2022, MetLife, Inc. issued $1.0 billion of senior notes due July 2052 which bear interest at a fixed rate of 5.00%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $11 million of related costs which will be amortized over the term of the senior notes.
In July 2021, MetLife, Inc. redeemed for cash and canceled $500 million aggregate principal amount of its outstanding 3.048% senior notes due December 2022. The Company recorded a premium of $17 million paid in excess of the debt principal and accrued and unpaid interest to other expenses for the year ended December 31, 2021.
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.
See Note 22 for information on MetLife, Inc.’s senior notes issuance and senior notes redemption subsequent to December 31, 2022.
Other Notes
At December 31, 2022, 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 September 2026. 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.
Short-term Debt
Short-term debt with maturities of one year or less was as follows:
December 31,
20222021
(Dollars in millions)
Commercial paper
$99 $100 
Short-term borrowings (1)76 241 
Total short-term debt$175 $341 
Average daily balance
$237 $300 
Average days outstanding
157 days155 days
__________________
(1)Includes $76 million and $241 million at December 31, 2022 and 2021, respectively, of short-term debt related to repurchase agreements, secured by assets of subsidiaries.
For the years ended December 31, 2022, 2021 and 2020, the weighted average interest rate on short-term debt was 5.23%, 1.41% and 2.01%, respectively.
Interest Expense
Interest expense included in other expenses was $655 million, $647 million and $632 million for the years ended December 31, 2022, 2021 and 2020, respectively. Such amounts do not include interest expense on long-term debt related to the collateral financing arrangement or junior subordinated debt securities. See Notes 14 and 15.
Credit and Committed Facilities
At December 31, 2022, the Company maintained the Credit Facility, as well as certain committed facilities aggregating $3.2 billion (the “Committed Facilities”). When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.
Credit Facility
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 $8 million, $10 million and $14 million for the years ended December 31, 2022, 2021 and 2020, respectively, and were included in other expenses. Information on the Credit Facility at December 31, 2022 was as follows:
Borrower(s)ExpirationMaximum
Capacity		Letters of
Credit
Issued		DrawdownsUnused
Commitments
(In millions)
MetLife, Inc. and MetLife Funding, Inc.February 2026(1)$3,000  $263 $— $2,737 
__________________
(1)All borrowings under the 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
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 $9 million, $12 million and $12 million for the years ended December 31, 2022, 2021 and 2020, respectively. Information on the Committed Facilities at December 31, 2022 was as follows:
Account Party/Borrower(s)Expiration
Maximum
Capacity
Letters of
Credit
Issued		DrawdownsUnused
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 2,487 — 409 
Total
$3,246 $2,837 $— $409 
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(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, 2022 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 $409 million is based on maximum capacity. At December 31, 2022, 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.
In addition to the Committed Facilities, see also “— Other Notes” for information on the Credit Agreement.