Debt

12 Months Ended

Dec. 31, 2019

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,
	2019			2018			2019		2018
	(in millions)
Long-term debt:
Senior notes due 2019	$	—		$	300		—	%	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	57			25			N/A		N/A
Other ⁽¹⁾	(10		)	(8		)	N/A		N/A
Total long-term debt	3,097			2,867

Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	201			151			1.8		2.6
Repurchase agreements	—			50			—		2.6
Total short-term borrowings	201			201
Total	$	3,298		$	3,068

N/A Not Applicable.

⁽¹⁾ Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 17 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.

The Company repaid $300 million principal amount of its 7.3% senior notes at maturity on June 28, 2019.

The Company’s senior notes due 2020, 2022, 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 interest.

Short-term Borrowings

The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings and pledges Available-for-Sale securities to collateralize its obligations under the repurchase agreements. As of December 31, 2018 the Company had pledged $52 million of agency residential mortgage backed securities. The remaining maturity of outstanding repurchase agreements was 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 and bank subsidiaries are members 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 and residential mortgage backed securities as collateral to access these borrowings. The fair value of the securities pledged is recorded in investments and was $905 million and $780 million, of commercial mortgage backed securities, and $184 million and nil, of residential mortgage backed securities, as of December 31, 2019 and 2018, respectively. The remaining maturity of outstanding FHLB advances was less than two months as of December 31, 2019 and less than three months as of December 31, 2018. 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. As of both December 31, 2019 and 2018, 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, 2019 and 2018.