Debt

3 Months Ended

Mar. 31, 2019

Debt

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



	Outstanding Balance						Stated Interest Rate
	March 31, 2019			December 31, 2018			March 31, 2019		December 31, 2018
	(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 2022	500			—			3.0		—
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
Finance lease liabilities	55			25
Other ⁽¹⁾	(11		)	(8		)
Total long-term debt	3,394			2,867

Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	151			151			2.7		2.6
Repurchase agreements	50			50			2.7		2.6
Total short-term borrowings	201			201
Total	$	3,595		$	3,068

⁽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.

Long-term Debt

On March 22, 2019, the Company issued $500 million of unsecured senior notes due March 22, 2022 and incurred debt issuance costs of $3 million. Interest payments are due semi-annually in arrears on March 22 and September 22, commencing on September 22, 2019.

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, 2019 and December 31, 2018, the Company has pledged $52 million of agency residential mortgage backed securities. The remaining maturity of outstanding repurchase agreements was less than four months as of March 31, 2019 and less than three months as of December 31, 2018. 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 $803 million and $780 million as of March 31, 2019 and December 31, 2018, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both March 31, 2019 and December 31, 2018. 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 $1.0 billion upon satisfaction of certain approval requirements. As of both March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018.