Debt

The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:



	Outstanding Balance				Stated Interest Rate
	March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
	(in millions)
Long-term debt:
Senior notes due 2019	$	300	$	300	7.3	%	7.3	%
Senior notes due 2020	750		750		5.3		5.3
Senior notes due 2023	750		750		4.0		4.0
Senior notes due 2024	550		550		3.7		3.7
Junior subordinated notes due 2066	229		245		7.5		7.5
Capitalized lease obligations	58		60
Other⁽¹⁾	46		37
Total long-term debt	2,683		2,692
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	150		150		0.6		0.5
Repurchase agreements	50		50		0.7		0.5
Total short-term borrowings	200		200
Total	$	2,883	$	2,892

⁽¹⁾ Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 12 for information on the Company’s fair value hedges.

Long-term Debt

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, 2016 and December 31, 2015.

During the three months ended March 31, 2016, the Company extinguished $16 million of its junior subordinated notes due 2066 in open market transactions and recognized a gain of less than $1 million. On May 2, 2016, the Company notified the holders of its outstanding junior subordinated notes due 2066 of its intention to redeem the notes on June 1, 2016, at a redemption price equal to 100% of the principal balance of the notes plus accrued and compounded interest, if any.

Short-term Borrowings

The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings and has pledged Available-for-Sale securities to collateralize its obligations under the repurchase agreements. As of both March 31, 2016 and December 31, 2015, the Company has pledged $30 million of agency residential mortgage backed securities and $22 million of commercial mortgage backed securities. The remaining maturity of outstanding repurchase agreements was less than one month as of both March 31, 2016 and December 31, 2015. 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 life 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 $432 million and $290 million at March 31, 2016 and December 31, 2015, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2016 and December 31, 2015. 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.

The Company has an unsecured revolving credit facility for up to $500 million that expires in May 2020. Under the terms of the underlying credit agreement for the facility, the Company may increase the amount of this facility up 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 at both March 31, 2016 and December 31, 2015 and outstanding letters of credit issued against this facility were $1 million as of March 31, 2016.