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Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding BalanceStated Interest Rate
June 30, 2022December 31, 2021June 30, 2022December 31, 2021
(in millions) 
Long-term debt:
Senior notes due 2022$— $500 — %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 
Senior notes due 2032500 — 4.5 — 
Finance lease liabilities35 40 N/AN/A
Other (1)
(11)(8)N/AN/A
Total long-term debt2,824 2,832 
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances200 200 1.6 %0.3 %
Total$3,024 $3,032   
(1) Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations.
N/A Not Applicable
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.
The Company repaid $500 million principal amount of its 3.0% senior notes at maturity on March 22, 2022.
On May 13, 2022, the Company issued $500 million of 4.5% unsecured senior notes due May 13, 2032 and incurred debt issuance costs of $5 million. Interest payments are due semi-annually in arrears on May 13 and November 13, commencing on November 13, 2022.
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 of commercial mortgage backed securities as of both June 30, 2022 and December 31, 2021, and $535 million and $581 million of residential mortgage backed securities as of June 30, 2022 and December 31, 2021, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both June 30, 2022 and December 31, 2021. 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.
In June 2021, the Company entered into an amended and restated credit agreement that provides for an unsecured revolving credit facility of up to $1.0 billion that expires in June 2026. Under the terms of the credit agreement for the facility, the Company may increase the amount of this facility up to $1.25 billion upon satisfaction of certain approval requirements. As of both June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021.