MetLife 2010 Annual Report Download - page 196

New York at December 31, 2010 and 2009 was $1.8 billion and $1.5 billion, respectively. During the years ended December 31, 2009 and
2008, the weighted average interest rate on these advances was 0.26% and 0.79%, respectively. During the year ended December 31, 2009,
the average daily balance of these advances was $1,513 million and these advances were outstanding for an average of 24 days. There were
no such advances during the year ended December 31, 2010.
Short-term Debt
Short-term debt with maturities of one year or less is as follows:
2010 2009
December 31,
(In millions)
Commercialpaper ................................................... $ 102 $ 319
MetLifeBank,N.A.—AdvancesagreementswiththeFHLBofNY .................... 190 585
Other............................................................ 14 8
Totalshort-termdebt ................................................ $ 306 $ 912
Averagedailybalance................................................. $ 687 $ 2,845
Averagedaysoutstanding .............................................. 21days 16days
During the years ended December 31, 2010, 2009 and 2008, the weighted average interest rate on short-term debt was 0.35%, 0.42%
and 2.40%, respectively.
Interest Expense
Interest expense related to the Company’s indebtedness included in other expenses was $815 million, $713 million and $554 million for
the years ended December 31, 2010, 2009 and 2008, respectively, and does not include interest expense on collateral financing
arrangements, junior subordinated debt securities or common equity units. See Notes 12, 13 and 14.
Credit and Committed Facilities
The Company maintains unsecured credit facilities and committed facilities, which aggregated $4.0 billion and $12.4 billion, respectively,
at December 31, 2010. When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.
Credit Facilities. The unsecured credit facilities are used for general corporate purposes, to support the borrowers’ commercial paper
programs and for the issuance of letters of credit. Total fees expensed associated with these credit facilities were $17 million, $43 million and
$17 million for the years ended December 31, 2010, 2009 and 2008, respectively. Information on these credit facilities at December 31, 2010
is as follows:
Borrower(s) Expiration Capacity
Letter of
Credit
Issuances Drawdowns Unused Commitments
(In millions)
MetLife, Inc. and MetLife Funding, Inc. . . . . . . . October 2011 $1,000 $ — $ — $1,000
MetLife, Inc. and MetLife Funding, Inc. . . . . . . . October 2013 (1) 3,000 1,507 — 1,493
Total............................ $4,000 $1,507 $ — $2,493
(1) All borrowings under the credit agreement must be repaid by October 2013, except that letters of credit outstanding upon termination may
remain outstanding until October 2014.
Committed Facilities. The committed facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total
fees expensed associated with these committed facilities were $92 million, $55 million and $35 million for the years ended December 31,
2010, 2009 and 2008, respectively. Information on these committed facilities at December 31, 2010 is as follows:
Account Party/Borrower(s) Expiration Capacity
Letter of
Credit
Issuances Drawdowns Unused Commitments Maturity (Years)
(In millions)
MetLife, Inc. . . . . . . . . . . . . . . . . . . August 2011 $ 300 $ 300 $ — $ — —
Exeter Reassurance Company Ltd.,
MetLife, Inc., & Missouri Reinsurance
(Barbados), Inc. . . . . . . . . . . . . . . . June 2016 500 490 — 10 5
MetLife Reinsurance Company of
Vermont & MetLife, Inc. . . . . . . . . . . December 2020 (1) 350 350 — — 10
Exeter Reassurance Company Ltd. . . . . December 2027 (1) 650 535 — 115 17
MetLife Reinsurance Company of South
Carolina & MetLife, Inc. . . . . . . . . . . June 2037 3,500 — 2,797 703 26
MetLife Reinsurance Company of
Vermont & MetLife, Inc. . . . . . . . . . . December 2037 (1) 2,896 1,603 — 1,293 27
MetLife Reinsurance Company of
Vermont & MetLife, Inc. . . . . . . . . . . September 2038 (1) 4,250 2,160 — 2,090 27
Total(2) ...................... $12,446 $5,438 $2,797 $4,211
F-107MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)