Debt

9 Months Ended

Sep. 30, 2012

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, 2012			December 31, 2011			September 30, 2012		December 31, 2011
	(in millions)
Senior notes due 2015	$	754	(1)	$	753	(1)	5.7	%	5.7	%
Senior notes due 2019	349		(1)	341		(1)	7.3		7.3
Senior notes due 2020	816		(1)	805		(1)	5.3		5.3
Senior notes due 2039	200			200			7.8		7.8
Junior subordinated notes due 2066	294			294			7.5		7.5
Total long-term debt	2,413			2,393
Short-term borrowings	500			504			0.5		0.3
Total	$	2,913		$	2,897

(1)       Amounts include adjustments for fair value hedges on the Company’s long-term debt and any unamortized discounts. See Note 11 for information on the Company’s fair value hedges.

The Company’s junior subordinated notes due 2066 and credit facility contain various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants at both September 30, 2012 and December 31, 2011. The Company had no borrowings outstanding under its credit facility as of both September 30, 2012 and December 31, 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 $520 million and $521 million at September 30, 2012 and December 31, 2011, 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.