Debt

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



	Outstanding Balance					Stated Interest Rate
	June 30, 2018			December 31, 2017		June 30, 2018		December 31, 2017
	(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	31			38
Other ⁽¹⁾	(6		)	3
Total long-term debt	2,875			2,891

Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	150			150		2.1		1.5
Repurchase agreements	51			50		2.1		1.4
Total short-term borrowings	201			200
Total	$	3,076		$	3,091

⁽¹⁾ Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 13 for information on the Company’s fair value hedges.

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 June 30, 2018 and December 31, 2017, the Company has pledged $53 million and $43 million, respectively, of agency residential mortgage backed securities and nil and $8 million, respectively, of commercial mortgage backed securities. The remaining maturity of outstanding repurchase agreements was less than three months as of June 30, 2018 and less than one month as of December 31, 2017. 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 $794 million and $750 million as of June 30, 2018 and December 31, 2017, respectively. The remaining maturity of outstanding FHLB advances was less than four months as of both June 30, 2018 and December 31, 2017. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on 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. As of both June 30, 2018 and December 31, 2017, the Company had no borrowings outstanding and $1 million of letters of credit issued against the facility. 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 June 30, 2018 and December 31, 2017.