Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Long-term and Short-term debt outstanding

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


								December 31,
	Interest Rates (1)							2023						2022
	Range				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%	2024	-	2054	$	14,622	$	(106)	$	14,516	$	13,671	$	(83)	$	13,588
Surplus notes	7.63	%	-	7.88%	2024	-	2025	507		—		507		507		(1)		506
Other notes	2.03	%	-	8.43%	2024	-	2028	495		(2)		493		500		(3)		497
Financing lease obligations								32		—		32		56		—		56
Total long-term debt								15,656		(108)		15,548		14,734		(87)		14,647
Total short-term debt								119		—		119		175		—		175
Total								$	15,775	$	(108)	$	15,667	$	14,909	$	(87)	$	14,822

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(1)Range of interest rates are for the year ended December 31, 2023.

Schedule of Short-term Debt

Short-term Debt

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


	December 31,
	2023		2022
	(Dollars in millions)
Commercial paper	$	—	$	99
Short-term borrowings (1)	119		76
Total short-term debt	$	119	$	175
Average daily balance	$	142	$	237
Average days outstanding	65 days		157 days

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(1)Includes $115 million and $76 million at December 31, 2023 and 2022, 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, 2023 was as follows:


Borrower(s)	Expiration		Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
			(In millions)
MetLife, Inc. and MetLife Funding, Inc.	May 2028	(1)	$	3,000	$	297	$	—	$	2,703

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(1) In May 2023, the Credit Facility was amended and restated to, among other things, extend the maturity date. All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.