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Debt
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Debt
Debt
The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 
Outstanding Balance
 
Stated Interest Rate
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
 
(in millions)
 
 

 
 

Long-term debt:
 

 
 

 
 

 
 

Senior notes due 2015
$
364

(1) 
$
366

(1) 
5.7
%
 
5.7
%
Senior notes due 2019
327

(1) 
327

(1) 
7.3

 
7.3

Senior notes due 2020
784

(1) 
783

(1) 
5.3

 
5.3

Senior notes due 2023
750

 
750

 
4.0

 
4.0

Senior notes due 2039
200

 
200

  
7.8

 
7.8

Junior subordinated notes due 2066
294

 
294

 
7.5

 
7.5

Total long-term debt
2,719

 
2,720

 
 

 
 

 
 
 
 
 
 
 
 
Short-term borrowings:
 

 
 

 
 

 
 

Federal Home Loan Bank (“FHLB”) advances
250

 
450

 
0.3

 
0.3

Repurchase agreements
50

 
50

 
0.3

 
0.3

Total short-term borrowings
300

 
500

 
 

 
 

Total
$
3,019

 
$
3,220

 
 

 
 

(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt. See Note 12 for information on the Company’s fair value hedges.
The amounts included in the table above are net of any unamortized discount and premium associated with issuing these notes.
On September 30, 2013, the Company entered into a restated credit agreement for $500 million expiring on September 28, 2018. Under the terms of the agreement, the Company may increase the amount of this facility to $750 million upon satisfaction of certain approval requirements. Available borrowings under the agreement are reduced by any outstanding letters of credit. The Company had no borrowings outstanding under this facility and outstanding letters of credit issued against this facility were $2 million as of March 31, 2014.
The Company’s junior subordinated notes due 2066 and credit facility contain various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants at both March 31, 2014 and December 31, 2013.
Short-term Borrowings
The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings. The Company has pledged Available-for-Sale securities consisting of agency residential mortgage backed securities and commercial mortgage backed securities to collateralize its obligation under the repurchase agreements. The fair value of the securities pledged is recorded in investments and was $51 million and $52 million at March 31, 2014 and December 31, 2013, respectively. The stated interest rate of the repurchase agreements is a weighted average annualized interest rate on repurchase agreements held as of the balance sheet date.
The Company’s insurance subsidiary is a member of the FHLB of Des Moines which provides access to collateralized borrowings. The Company has pledged Available-for-Sale securities consisting of commercial mortgage backed securities to collateralize its obligation under these borrowings. The fair value of the securities pledged is recorded in investments and was $506 million and $574 million at March 31, 2014 and December 31, 2013, respectively. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.