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Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2020
Assets and liabilities measured at fair value  
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis
The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis: 
 December 31, 2020 
Level 1Level 2Level 3Total
(in millions)
Assets     
Cash equivalents$2,935 $2,506 $— $5,441  
Available-for-Sale securities:
Corporate debt securities— 12,902 772 13,674  
Residential mortgage backed securities— 10,020 9 10,029  
Commercial mortgage backed securities— 6,088 — 6,088  
Asset backed securities— 3,297 32 3,329  
State and municipal obligations— 1,384 — 1,384  
U.S. government and agency obligations1,456 — — 1,456  
Foreign government bonds and obligations— 262 — 262  
Other securities— 61 — 61 
Total Available-for-Sale securities1,456 34,014 813 36,283  
Investments at NAV8 (1)
Trading and other securities61 27 — 88  
Separate account assets at NAV92,611 (1)
Investments and cash equivalents segregated for regulatory purposes600 — — 600 
Other assets:
Interest rate derivative contracts1 1,754 — 1,755  
Equity derivative contracts408 3,682 — 4,090  
Credit derivative contracts— 2 — 2 
Foreign exchange derivative contracts1 22 — 23  
Total other assets410 5,460 — 5,870  
Total assets at fair value$5,462 $42,007 $813 $140,901  
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives
$— $3 $49 $52  
IUL embedded derivatives— — 935 935  
GMWB and GMAB embedded derivatives— — 2,316 2,316 (2)
Structured variable annuity embedded derivatives
— — 70 70 
Total policyholder account balances, future policy benefits and claims— 3 3,370 3,373 (3)
Customer deposits— 8 — 8  
Other liabilities:
Interest rate derivative contracts— 734 — 734  
Equity derivative contracts183 3,388 — 3,571  
Credit derivative contracts— 1 — 1 
Foreign exchange derivative contracts2 4 — 6 
Other2 3 43 48  
Total other liabilities187 4,130 43 4,360  
Total liabilities at fair value$187 $4,141 $3,413 $7,741  
 December 31, 2019 
Level 1Level 2Level 3Total
(in millions)
Assets
Cash equivalents$267 $2,924 $— $3,191  
Available-for-Sale securities:
Corporate debt securities— 11,437 750 12,187  
Residential mortgage backed securities— 10,012 17 10,029  
Commercial mortgage backed securities— 5,563 — 5,563  
Asset backed securities— 1,987 19 2,006  
State and municipal obligations— 1,367 — 1,367  
U.S. government and agency obligations1,680 — — 1,680  
Foreign government bonds and obligations— 271 — 271  
Other securities— 26 — 26 
Total Available-for-Sale securities1,680 30,663 786 33,129  
Equity securities1 — — 1 
Investments at NAV6 (1)
Trading and other securities12 26 — 38  
Separate account assets at NAV87,488 (1)
Investments and cash equivalents segregated for regulatory purposes14 — — 14 
Other assets:
Interest rate derivative contracts— 1,455 — 1,455  
Equity derivative contracts162 2,722 — 2,884  
Credit derivative contracts— 4 — 4 
Foreign exchange derivative contracts1 17 — 18  
Total other assets163 4,198 — 4,361  
Total assets at fair value$2,137 $37,811 $786 $128,228 
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives$— $3 $43 $46  
IUL embedded derivatives— — 881 881  
GMWB and GMAB embedded derivatives— — 763 763 (4)
Total policyholder account balances, future policy benefits and claims
— 3 1,687 1,690 (5)
Customer deposits— 14 — 14  
Other liabilities:
Interest rate derivative contracts— 418 — 418  
Equity derivative contracts36 3,062 — 3,098 
Foreign exchange derivative contracts1 8 — 9  
Other6 4 44 54  
Total other liabilities43 3,492 44 3,579 
Total liabilities at fair value$43 $3,509 $1,731 $5,283 
(1) Amounts are comprised of certain financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
(2) The fair value of the GMWB and GMAB embedded derivatives included $2.4 billion of individual contracts in a liability position and $67 million of individual contracts in an asset position (recorded as a contra liability) as of December 31, 2020.
(3) The Company’s adjustment for nonperformance risk resulted in a $727 million cumulative decrease to the embedded derivatives as of December 31, 2020.
(4) The fair value of the GMWB and GMAB embedded derivatives included $981 million of individual contracts in a liability position and $218 million of individual contracts in an asset position (recorded as a contra liability) as of December 31, 2019.
(5) The Company’s adjustment for nonperformance risk resulted in a $502 million cumulative decrease to the embedded derivatives as of December 31, 2019.
Schedule of debt of the consolidated investment entities and the stated interest rates
The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding Balance Stated Interest Rate
December 31,December 31,
2020201920202019
(in millions) 
Long-term debt:
Senior notes due 2020$— $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 liabilities44 57  N/AN/A
Other (1)
(13)(10)N/AN/A
Total long-term debt2,831 3,097    
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances200 201  0.4 1.8 
Total$3,031 $3,298    
N/A  Not Applicable
(1) Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 17 for information on the Company’s fair value hedges.
Consolidated investment entities [Member]  
Assets and liabilities measured at fair value  
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
 December 31, 2020
Level 1Level 2Level 3Total
(in millions)
Assets    
Investments:    
Corporate debt securities$— $8 $— $8 
Common stocks— 1 — 1 
Syndicated loans— 1,817 92 1,909 
Total investments— 1,826 92 1,918 
Receivables— 16 — 16 
Other assets— — 2 2 
Total assets at fair value$— $1,842 $94 $1,936 
Liabilities    
Debt (1)
$— $1,913 $— $1,913 
Other liabilities— 69 — 69 
Total liabilities at fair value$— $1,982 $— $1,982 
 December 31, 2019
Level 1Level 2Level 3Total
(in millions)
Assets    
Investments:    
Corporate debt securities$— $8 $— $8 
Common stocks1 — — 1 
Syndicated loans— 1,454 143 1,597 
Total investments1 1,462 143 1,606 
Receivables— 8 — 8 
Total assets at fair value$1 $1,470 $143 $1,614 
Liabilities    
Debt (1)
$— $1,628 $— $1,628 
Other liabilities— 84 — 84 
Total liabilities at fair value$— $1,712 $— $1,712 
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.0 billion and $1.7 billion as of December 31, 2020 and 2019, respectively.
Schedule of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis
The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a recurring basis:
 Syndicated LoansOther Assets
(in millions)
Balance, January 1, 2020
$143 $— 
Total gains (losses) included in:
Net income
(16)(1)— 
Purchases
111 2 
Sales
(29)— 
Settlements
(33)— 
Transfers into Level 3
438 — 
Transfers out of Level 3
(522)— 
Balance, December 31, 2020
$92 $2 
Changes in unrealized gains (losses) included in income relating to assets held at December 31, 2020
$(2)(1)$— 
 Syndicated Loans
(in millions)
Balance, January 1, 2019
$226 
Total gains (losses) included in:
Net income
(2)(1)
Purchases
91 
Sales
(11)
Settlements
(68)
Transfers into Level 3
272 
Transfers out of Level 3
(365)
Balance, December 31, 2019
$143 
Changes in unrealized gains (losses) included in income relating to assets held at December 31, 2019
$(3)(1)
 Common StocksSyndicated Loans
(in millions)
Balance, January 1, 2018
$4 $180 
Total gains (losses) included in:
Net income
6 (1)(1)(1)
Purchases
— 97 
Sales
(10)(41)
Settlements
— (52)
Transfers into Level 3
4 173 
Transfers out of Level 3
(2)(160)
Consolidation of consolidated investment entities
— 54 
Deconsolidation of consolidated investment entities
(2)(24)
Balance, December 31, 2018
$— $226 
Changes in unrealized gains (losses) included in income relating to assets held at December 31, 2018
$— $(4)(1)
(1) Included in net investment income in the Consolidated Statements of Operations.
Schedule of fair value and unpaid principal balance of assets and liabilities carried at fair value under the fair value option
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
 December 31,
20202019
(in millions)
Syndicated loans  
Unpaid principal balance$1,990 $1,678 
Excess unpaid principal over fair value(81)(81)
Fair value$1,909 $1,597 
Fair value of loans more than 90 days past due$5 $4 
Fair value of loans in nonaccrual status19 42 
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both
24 18 
Debt  
Unpaid principal balance$2,069 $1,761 
Excess unpaid principal over fair value(156)(133)
Carrying value (1)
$1,913 $1,628 
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $2.0 billion and $1.7 billion as of December 31, 2020 and 2019, respectively.
Schedule of debt of the consolidated investment entities and the stated interest rates
Debt of the consolidated investment entities and the stated interest rates were as follows:
 Carrying ValueWeighted Average
Interest Rate
December 31,December 31,
2020201920202019
(in millions) 
Debt of consolidated CLOs due 2025-2031$1,913 $1,628 2.1 %3.5 %