METLIFE INCMET

METLIFE INC Leases Disclosure

10-KFiled Feb 19, 20262 min read
14. Leases
The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 12 years. The remaining lease terms for the subleases are less than one year to nine years.
ROU Assets and Lease Liabilities
ROU assets and lease liabilities for operating leases were:
December 31, 2025December 31, 2024
(In millions)
ROU assets$984 $928 
Lease liabilities$1,138 $1,079 
Lease Costs
The components of operating lease costs were as follows:
Years Ended December 31,
202520242023
(In millions)
Operating lease cost$234 $226 $244 
Variable lease cost52 52 52 
Sublease income(87)(87)(95)
Net lease cost$199 $191 $201 
Other Information
Supplemental other information related to operating leases was as follows:
December 31, 2025December 31, 2024
(Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash flows$234 $244 
ROU assets obtained in exchange for new lease liabilities (1)
$120 $52 
Weighted-average remaining lease term8 years8 years
Weighted-average discount rate4.7 %4.4 %
__________________
(1)See Note 3 for additional ROU assets and lease liabilities recorded as part of the acquisition of PineBridge.
Maturities of Lease Liabilities
Maturities of operating lease liabilities were as follows:
December 31, 2025
(In millions)
2026$218 
2027215 
2028183 
2029131 
2030100 
Thereafter
429 
Total undiscounted cash flows
1,276 
Less: interest138 
Present value of lease liability
$1,138 
See Notes 11 and 16 for information about the Company’s investments in leased real estate and financing lease obligations.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 21, 2025
2023Feb 16, 2024
2022Feb 23, 2023
2021Feb 18, 2022
2020Feb 19, 2021
2019Feb 21, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValueGoodwill & IntangiblesSegmentsDebtCommitmentsNew Standards