Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-term and Short-term debt outstanding

Long-term and short-term debt outstanding was as follows:


									December 31,
	Interest Rates (1)								2022						2021
	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%	4.42%	2023	-	2052	$	13,671	$	(83)	$	13,588	$	12,891	$	(77)	$	12,814
Surplus notes	7.63	%	-	7.88%	7.79%	2024	-	2025	507		(1)		506		507		(2)		505
Other notes	0.45	%	-	7.50%	4.67%	2023	-	2027	500		(3)		497		536		(3)		533
Financing lease obligations									56		—		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.

Schedule of Short-term Debt

Short-term Debt

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


	December 31,
	2022		2021
	(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 days		155 days

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(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.

Schedule of Line of Credit Facilities

Information on the Credit Facility at December 31, 2022 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	$	263	$	—	$	2,737

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(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

Information on the Committed Facilities at December 31, 2022 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		2,487		—		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.