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Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt
The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding BalanceStated Interest Rate
March 31, 2021December 31, 2020March 31, 2021December 31, 2020
(in millions) 
Long-term debt:
Senior notes due 2022$500 $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 500 3.0 3.0 
Senior notes due 2026500 500 2.9 2.9 
Finance lease liabilities46 44 N/AN/A
Other(12)(13)N/AN/A
Total long-term debt2,834 2,831 
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances200 200 0.3 0.4 
Total$3,034 $3,031   
Long-Term Debt
The Company’s senior notes 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’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 $1.2 billion and $1.3 billion, of commercial mortgage backed securities, and $535 million and $604 million, of residential mortgage backed securities, as of March 31, 2021 and December 31, 2020, respectively. The remaining maturity of outstanding FHLB advances was less than 2 months as of March 31, 2021 and less than 3 months as of December 31, 2020. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on outstanding borrowings as of the balance sheet date.
The Company has 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, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020.