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Junior Subordinated Debt Securities (Tables)
12 Months Ended
Dec. 31, 2011
Junior Subordinated Debt Securities [Abstract]  
Outstanding Junior Subordinated Debt Securities
                                                     

Issuer

  Issue Date   Face
Value
    Interest
Rate (2)
    Scheduled
Redemption
Date
  Interest  Rate
Subsequent  to
Scheduled
Redemption
Date (3)
    Final
Maturity
  Carrying Value
at December 31,
 
              2011     2010  
        (In millions)                         (In millions)  

MetLife, Inc.

  July 2009   $ 500       10.750    August 2039     LIBOR +7.548   August 2069   $ 500     $ 500  

MetLife Capital Trust X (1)

  April 2008   $ 750       9.250    April 2038     LIBOR +5.540   April 2068     750       750  

MetLife Capital Trust IV (1)

  December 2007   $ 700       7.875    December 2037     LIBOR +3.960   December 2067     694       694  

MetLife, Inc.

  December 2006   $ 1,250       6.400    December 2036     LIBOR +2.205   December 2066     1,248       1,247  
                                       

 

 

   

 

 

 
                                        $ 3,192     $ 3,191  
                                       

 

 

   

 

 

 

 

 

(1)

MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated in the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which will be exchanged for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. The exchangeable surplus trust securities are classified as junior subordinated debt securities for purposes of financial statement presentation.

 

(2)

Prior to the scheduled redemption date, interest is payable semiannually in arrears.

 

(3)

In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus a margin, payable quarterly in arrears.