Debt

9 Months Ended

Sep. 30, 2011

Debt

Debt

9.  Debt

The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:

	Outstanding Balance						Stated Interest Rate
	September 30, 2011			December 31, 2010			September 30, 2011		December 31, 2010
	(in millions)
Senior notes due 2015	$	755	(1)	$	728	(1)	5.7	%	5.7	%
Senior notes due 2019	340		(1)	312		(1)	7.3		7.3
Senior notes due 2020	803		(1)	763		(1)	5.3		5.3
Senior notes due 2039	200			200			7.8		7.8
Junior subordinated notes due 2066	306			308			7.5		7.5
Municipal bond inverse floater certificates due 2021	—			6			—		0.3
Total long-term debt	2,404			2,317
Short-term borrowings	504			397			0.2		0.3
Total	$	2,908		$	2,714

(1)Amounts include adjustments for fair value hedges on the Company’s long-term debt and any unamortized discounts. See Note 10 for information on the Company’s fair value hedges.

Long-term debt

During the third quarter of 2011, the Company retired $2 million of its junior subordinated notes due 2066.

During the first quarter of 2011, the Company extinguished $6 million of its municipal bond inverse floater certificates funded through the call of a $10 million portfolio of municipal bonds.

On September 9, 2011, the Company amended its credit agreement to extend the expiration date of its unsecured revolving credit facility from September 29, 2011 to November 30, 2011.

Short-term borrowings

The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings. The Company has pledged Available-for-Sale securities consisting of agency residential mortgage backed securities and commercial mortgage backed securities to collateralize its obligation under the repurchase agreements. The fair value of the securities pledged is recorded in investments and was $515 million and $412 million at September 30, 2011 and December 31, 2010, respectively. The stated interest rate of the short-term borrowings is a weighted average annualized interest rate on repurchase agreements held as of the balance sheet date.