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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The balances and stated interest rates of outstanding debt of Ameriprise Financial were as follows: 
 Outstanding Balance Stated Interest Rate
December 31,December 31,
2022202120222021
(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 2032 500 — 4.5 — 
Finance lease liabilities30 40  N/AN/A
Other (1)
(9)(8)N/AN/A
Total long-term debt2,821 2,832    
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances201 200  4.6 %0.3 %
Total$3,022 $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, which commenced 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 December 31, 2022 and 2021, and $479 million and $581 million of residential mortgage backed securities as of December 31, 2022 and 2021, respectively. The remaining maturity of outstanding FHLB advances was less than three months as of both December 31, 2022 and 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 December 31, 2022 and 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 December 31, 2022 and 2021.
American Enterprise Investment Services, Inc. (“AEIS”), a subsidiary of the Company, has credit agreements for uncommitted lines of credit with third party financial institutions, having a combined credit limit of $500 million. As of both December 31, 2022 and 2021, AEIS had no borrowings outstanding