Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Long-term and Short-term debt outstanding

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




	Interest Rates (1)		Maturity	December 31,
	Range	Weighted Average	Maturity	2014		2013
				(In millions)
Surplus notes - affiliated	3.00% - 7.38%	6.49%	2015 - 2037	$	883	$	1,100
Surplus notes	7.63% - 7.88%	7.83%	2015 - 2025	701		701
Mortgage loans - affiliated	2.11% - 7.26%	5.21%	2015 - 2020	242		364
Senior notes - affiliated (2)	0.92% - 2.75%	1.97%	2021 - 2022	78		79
Other notes (3)	1.34% - 8.00%	3.34%	2015 - 2027	110		533
Capital lease obligations				—		23
Total long-term debt (4)				2,014		2,800
Total short-term debt				100		175
Total				$	2,114	$	2,975

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(1)	Range of interest rates and weighted average interest rates are for the year ended December 31, 2014.


(2)	During 2012, a consolidated VIE issued $80 million of long-term debt to an affiliate. See Note 8.


(3)	At December 31, 2013, the Company consolidated the MetLife Core Property Fund. During 2013, this consolidated VIE issued $373 million of long-term debt. The Company no longer consolidated the fund effective March 31, 2014. See Note 8.


(4)	Excludes $13 million and $28 million of long-term debt relating to CSEs at December 31, 2014 and 2013, respectively. See Note 8.

Schedule of Short-term Debt

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



	December 31,
	2014		2013
	(In millions)
Commercial paper	$	100	$	175
Average daily balance	$	109	$	103
Average days outstanding	69 days		55 days

Schedule of Line of Credit Facilities

Information on the credit facility at December 31, 2014 was as follows:



Borrower(s)	Expiration	Maximum Capacity		Letters of Credit Issued (1)		Drawdowns		Unused Commitments
		(In millions)
MetLife, Inc. and MetLife Funding, Inc.	May 2019 (2)	$	4,000	$	684	$	—	$	3,316

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(1)	MetLife, Inc. and MetLife Funding, a wholly owned subsidiary of Metropolitan Life Insurance Company, are severally liable for their respective obligations under such unsecured credit facility. MetLife Funding is not an applicant under letters of credit outstanding as of December 31, 2014 and is not responsible for any reimbursement obligations under such letters of credit.

(2)

In May 2014, MetLife, Inc. and MetLife Funding entered into a $4.0 billion five-year unsecured credit agreement, which amended and restated both the five-year $3.0 billion and the five-year $1.0 billion unsecured credit agreements in their entireties into a single agreement (the “2014 Five-Year Credit Agreement”). The credit facility made available by the 2014 Five-Year Credit Agreement may be used for general corporate purposes (including in the case of loans, to back up commercial paper and, in the case of letters of credit, to support variable annuity policy and reinsurance reserve requirements). All borrowings under the 2014 Five-Year Credit Agreement must be repaid by May 30, 2019, except that letters of credit outstanding on that date may remain outstanding until no later than May 30, 2020. The Company incurred costs of $3 million related to the 2014 Five-Year Credit Agreement, which were capitalized and included in other assets. These costs are being amortized over the remaining term of the 2014 Five-Year Credit Agreement.

Committed Facilities

The committed facility is used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees expensed associated with this committed facility were $4 million, $3 million and $3 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in other expenses. Information on the committed facility at December 31, 2014 was as follows:



Account Party/Borrower(s)	Expiration	Maximum Capacity		Letters of Credit Issued (1)		Drawdowns		Unused Commitments
		(In millions)
MetLife, Inc. & Missouri Reinsurance, Inc.	June 2016 (2)	$	490	$	490	$	—	$	—

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(1)	Missouri Reinsurance, Inc., a subsidiary of Metropolitan Life Insurance Company, had outstanding $490 million in letters of credit at December 31, 2014.


(2)	Commencing in December 2015 and extending through March 2016, the capacity will grade down from $490 million to $200 million.