Debt

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



	Outstanding Balance				Stated Interest Rate
	December 31,				December 31,
	2017		2016		2017		2016
	(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
Senior notes due 2026	500		500		2.9		2.9
Capitalized lease obligations	38		49
Other ⁽¹⁾	3		18
Total long-term debt	2,891		2,917

Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	150		150		1.5		0.8
Repurchase agreements	50		50		1.4		0.9
Total short-term borrowings	200		200
Total	$	3,091	$	3,117

⁽¹⁾ Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 16 for information on the Company’s fair value hedges.

Long-Term Debt

On August 11, 2016, the Company issued $500 million of unsecured senior notes due September 15, 2026, and incurred debt issuance costs of $4 million. Interest payments are due semi-annually in arrears on March 15 and September 15, commencing on March 15, 2017.

In the first quarter of 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. In the second quarter of 2016, the Company redeemed the remaining $229 million of its junior subordinated notes due 2066 at a redemption price equal to 100% of the principal balance of the notes plus accrued and compounded interest.

In 2015, the Company extinguished $49 million of its junior subordinated notes due 2066 in open market transactions and recognized a gain of less than $1 million. In November 2015, the Company used cash on hand to fund the repayment of $350 million of its senior notes due 2015.

The Company’s senior notes due 2019, 2020, 2023, 2024 and 2026 may be redeemed, in whole or in part, at any time prior to maturity at a price equal to the greater of the principal amount and the present value of remaining scheduled payments, discounted to the redemption date, plus accrued and unpaid interest.

At December 31, 2017, future maturities of Ameriprise Financial long-term debt were as follows:



	(in millions)
2018	$	13
2019	314
2020	761
2021	—
2022	—
Thereafter	1,800
Total future maturities	$	2,888

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 December 31, 2017 and 2016, the Company has pledged $43 million and $33 million, respectively, of agency residential mortgage backed securities and $8 million and $19 million, respectively, of commercial mortgage backed securities. The remaining maturity of outstanding repurchase agreements was less than one month as of December 31, 2017 and less than three months as of December 31, 2016. 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 $750 million and $771 million at December 31, 2017 and 2016, respectively. The remaining maturity of outstanding FHLB advances was less than four months as of both December 31, 2017 and December 31, 2016. 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.

On October 12, 2017, the Company entered into an amended and restated credit agreement that provides for an unsecured revolving credit facility of up to $750 million that expires in October 2022. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $1 billion upon satisfaction of certain approval requirements. This agreement replaced the Company’s unsecured revolving credit facility that was to expire in May 2020. As of both December 31, 2017 and 2016, the Company had no borrowings outstanding and $1 million of letters of credit issued against these facilities. The Company’s credit facility contains various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants as of both December 31, 2017 and 2016.