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Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt
The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding BalanceStated Interest Rate
September 30, 2020December 31, 2019September 30, 2020December 31, 2019
(in millions) 
Long-term debt:
Senior notes due 2020$— $750 — %5.3 %
Senior notes due 2022500 500 3.0 3.0 
Senior notes due 2023750 750 4.0 4.0 
Senior notes due 2024550 550 3.7 3.7 
Senior notes due 2025500 — 3.0 — 
Senior notes due 2026500 500 2.9 2.9 
Finance lease liabilities47 57 N/AN/A
Other (1)
(14)(10)N/AN/A
Total long-term debt2,833 3,097 
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances200 201 0.4 1.8 
Total$3,033 $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 $1.3 billion and $905 million, of commercial mortgage backed securities, and $660 million and $184 million, of residential mortgage backed securities, as of September 30, 2020 and December 31, 2019, respectively. The remaining maturity of outstanding FHLB advances was less than two months as of both September 30, 2020 and December 31, 2019. 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 September 30, 2020 and December 31, 2019, the Company had no borrowings outstanding and had $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 September 30, 2020 and December 31, 2019.