Debt

3 Months Ended

Mar. 31, 2020

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



	Outstanding Balance						Stated Interest Rate
	March 31, 2020			December 31, 2019			March 31, 2020		December 31, 2019
	(in millions)
Long-term debt:
Senior notes due 2020	$	—		$	750		—	%	5.3	%
Senior notes due 2022	500			500			3.0		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	54			57			N/A		N/A
Other ⁽¹⁾	(10		)	(10		)	N/A		N/A
Total long-term debt	2,344			3,097

Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	200			201			1.4		1.8
Total	$	2,544		$	3,298

⁽¹⁾ Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 14 for information on the Company’s fair value hedges.

Long-term Debt

On April 2, 2020, the Company issued $500 million of unsecured 3.0% senior notes due April 2, 2025 and incurred debt issuance costs of $4 million. Interest payments are due semi-annually in arrears on April 2 and October 2, commencing on October 2, 2020.

The Company repaid $750 million principal amount of its 5.3% senior notes at maturity on March 16, 2020.

Short-term Borrowings

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 $989 million and $905 million, of commercial mortgage backed securities, and $466 million and $184 million, of residential mortgage backed securities, as of March 31, 2020 and December 31, 2019, respectively. The remaining maturity of outstanding FHLB advances was less than three months and less than two months as of March 31, 2020 and December 31, 2019, respectively. 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, 2020 and December 31, 2019, 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, 2020 and December 31, 2019.