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Variable Interest Entities (Tables) | 12 Months Ended
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Dec. 31, 2019
Assets and liabilities measured at fair value |
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
| December 31, 2019 |
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents | $ | 267 |  |  | $ | 2,924 |  |  | $ | — |  |  | $ | 3,191 |  |
Available-for-Sale securities: |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 11,437 |  |  | 750 |  |  | 12,187 |  |
Residential mortgage backed securities | — |  |  | 10,012 |  |  | 17 |  |  | 10,029 |  |
Commercial mortgage backed securities | — |  |  | 5,563 |  |  | — |  |  | 5,563 |  |
Asset backed securities | — |  |  | 1,987 |  |  | 19 |  |  | 2,006 |  |
State and municipal obligations | — |  |  | 1,367 |  |  | — |  |  | 1,367 |  |
U.S. government and agency obligations | 1,680 |  |  | — |  |  | — |  |  | 1,680 |  |
Foreign government bonds and obligations | — |  |  | 271 |  |  | — |  |  | 271 |  |
Other securities | — |  |  | 26 |  |  | — |  |  | 26 |  |
Total Available-for-Sale securities | 1,680 |  |  | 30,663 |  |  | 786 |  |  | 33,129 |  |
Equity securities | 1 |  |  | — |  |  | — |  |  | 1 |  |
Investments at NAV |  |  |  |  |  |  | 6 |  | (1)
Trading and other securities | 12 |  |  | 26 |  |  | — |  |  | 38 |  |
Separate account assets at NAV |  |  |  |  |  |  | 87,488 |  | (1)
Investments and cash equivalents segregated for regulatory purposes | 14 |  |  | — |  |  | — |  |  | 14 |  |
Other assets: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 1,455 |  |  | — |  |  | 1,455 |  |
Equity derivative contracts | 162 |  |  | 2,722 |  |  | — |  |  | 2,884 |  |
Credit derivative contracts | — |  |  | 4 |  |  | — |  |  | 4 |  |
Foreign exchange derivative contracts | 1 |  |  | 17 |  |  | — |  |  | 18 |  |
Total other assets | 163 |  |  | 4,198 |  |  | — |  |  | 4,361 |  |
Total assets at fair value | $ | 2,137 |  |  | $ | 37,811 |  |  | $ | 786 |  |  | $ | 128,228 |  |
Liabilities |  |  |  |  |  |  |  |
Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |  |  |
Indexed annuity embedded derivatives | $ | — |  |  | $ | 3 |  |  | $ | 43 |  |  | $ | 46 |  |
IUL embedded derivatives | — |  |  | — |  |  | 881 |  |  | 881 |  |
GMWB and GMAB embedded derivatives | — |  |  | — |  |  | 763 |  |  | 763 |  | (2)
Total policyholder account balances, future policy benefits and claims | — |  |  | 3 |  |  | 1,687 |  |  | 1,690 |  | (3)
Customer deposits | — |  |  | 14 |  |  | — |  |  | 14 |  |
Other liabilities: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 418 |  |  | — |  |  | 418 |  |
Equity derivative contracts | 36 |  |  | 3,062 |  |  | — |  |  | 3,098 |  |
Foreign exchange derivative contracts | 1 |  |  | 8 |  |  | — |  |  | 9 |  |
Other | 6 |  |  | 4 |  |  | 44 |  |  | 54 |  |
Total other liabilities | 43 |  |  | 3,492 |  |  | 44 |  |  | 3,579 |  |
Total liabilities at fair value | $ | 43 |  |  | $ | 3,509 |  |  | $ | 1,731 |  |  | $ | 5,283 |  |
| December 31, 2018 |
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |  |
Cash equivalents | $ | 155 |  |  | $ | 2,350 |  |  | $ | — |  |  | $ | 2,505 |  |
Available-for-Sale securities: |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 13,153 |  |  | 913 |  |  | 14,066 |  |
Residential mortgage backed securities | — |  |  | 6,193 |  |  | 136 |  |  | 6,329 |  |
Commercial mortgage backed securities | — |  |  | 4,857 |  |  | 20 |  |  | 4,877 |  |
Asset backed securities | — |  |  | 1,392 |  |  | 6 |  |  | 1,398 |  |
State and municipal obligations | — |  |  | 2,345 |  |  | — |  |  | 2,345 |  |
U.S. government and agency obligations | 1,745 |  |  | — |  |  | — |  |  | 1,745 |  |
Foreign government bonds and obligations | — |  |  | 298 |  |  | — |  |  | 298 |  |
Total Available-for-Sale securities | 1,745 |  |  | 28,238 |  |  | 1,075 |  |  | 31,058 |  |
Equity securities | — |  |  | 1 |  |  | — |  |  | 1 |  |
Investments at NAV |  |  |  |  |  |  | 6 |  | (1)
Trading and other securities | 36 |  |  | 38 |  |  | — |  |  | 74 |  |
Separate account assets at NAV |  |  |  |  |  |  | 77,925 |  | (1)
Investments and cash equivalents segregated for regulatory purposes | 301 |  |  | — |  |  | — |  |  | 301 |  |
Other assets: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 796 |  |  | — |  |  | 796 |  |
Equity derivative contracts | 191 |  |  | 1,527 |  |  | — |  |  | 1,718 |  |
Foreign exchange derivative contracts | 5 |  |  | 55 |  |  | — |  |  | 60 |  |
Total other assets | 196 |  |  | 2,378 |  |  | — |  |  | 2,574 |  |
Total assets at fair value | $ | 2,433 |  |  | $ | 33,005 |  |  | $ | 1,075 |  |  | $ | 114,444 |  |
Liabilities |  |  |  |  |  |  |  |
Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |  |  |
Indexed annuity embedded derivatives | $ | — |  |  | $ | 3 |  |  | $ | 14 |  |  | $ | 17 |  |
IUL embedded derivatives | — |  |  | — |  |  | 628 |  |  | 628 |  |
GMWB and GMAB embedded derivatives | — |  |  | — |  |  | 328 |  |  | 328 |  | (4)
Total policyholder account balances, future policy benefits and claims | — |  |  | 3 |  |  | 970 |  |  | 973 |  | (5)
Customer deposits | — |  |  | 6 |  |  | — |  |  | 6 |  |
Other liabilities: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 424 |  |  | — |  |  | 424 |  |
Equity derivative contracts | 78 |  |  | 2,076 |  |  | — |  |  | 2,154 |  |
Credit derivative contracts | — |  |  | 18 |  |  | — |  |  | 18 |  |
Foreign exchange derivative contracts | 4 |  |  | 31 |  |  | — |  |  | 35 |  |
Other | 13 |  |  | 6 |  |  | 30 |  |  | 49 |  |
Total other liabilities | 95 |  |  | 2,555 |  |  | 30 |  |  | 2,680 |  |
Total liabilities at fair value | $ | 95 |  |  | $ | 2,564 |  |  | $ | 1,000 |  |  | $ | 3,659 |  |
(1) Amounts are comprised of certain financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. (2) The fair value of the GMWB and GMAB embedded derivatives included $981 million of individual contracts in a liability position and $218 million of individual contracts in an asset position as of December 31, 2019. (3) The Company’s adjustment for nonperformance risk resulted in a $(502) million cumulative increase (decrease) to the embedded derivatives as of December 31, 2019. (4) The fair value of the GMWB and GMAB embedded derivatives included $646 million of individual contracts in a liability position and $318 million of individual contracts in an asset position as of December 31, 2018. (5) The Company’s adjustment for nonperformance risk resulted in a $(726) million cumulative increase (decrease) to the embedded derivatives as of December 31, 2018.
Schedule of debt of the consolidated investment entities and the stated interest rates | The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:
| Outstanding Balance |  | Stated Interest Rate
December 31, | December 31,
2019 |  | 2018 | 2019 |  | 2018
(in millions) |  |
Long-term debt: |  |  |  |  |  |  |
Senior notes due 2019 | $ | — |  |  | $ | 300 |  |  | — | % |  | 7.3 | %
Senior notes due 2020 | 750 |  |  | 750 |  |  | 5.3 |  |  | 5.3 |
Senior notes due 2022 | 500 |  |  | — |  |  | 3.0 |  |  | — |
Senior notes due 2023 | 750 |  |  | 750 |  |  | 4.0 |  |  | 4.0 |
Senior notes due 2024 | 550 |  |  | 550 |  |  | 3.7 |  |  | 3.7 |
Senior notes due 2026 | 500 |  |  | 500 |  |  | 2.9 |  |  | 2.9 |
Finance lease liabilities | 57 |  |  | 25 |  |  | N/A |  |  | N/A |
Other (1) | (10 | ) |  | (8 | ) |  | N/A |  |  | N/A |
Total long-term debt | 3,097 |  |  | 2,867 |  |  |  |  |  |  |
Short-term borrowings: |  |  |  |  |  |  |
Federal Home Loan Bank (“FHLB”) advances | 201 |  |  | 151 |  |  | 1.8 |  |  | 2.6 |
Repurchase agreements | — |  |  | 50 |  |  | — |  |  | 2.6 |
Total short-term borrowings | 201 |  |  | 201 |  |  |  |  |  |  |
Total | $ | 3,298 |  |  | $ | 3,068 |  |  |  |  |  |  |
N/A Not Applicable. (1) Amounts include adjustments for fair value hedges on the Company’s long-term debt and unamortized discount and debt issuance costs. See Note 17 for information on the Company’s fair value hedges.
Consolidated investment entities [Member] |
Assets and liabilities measured at fair value |
Schedule of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
| December 31, 2019
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 8 |
Common stocks | 1 |  |  | — |  |  | — |  |  | 1 |
Syndicated loans | — |  |  | 1,454 |  |  | 143 |  |  | 1,597 |
Total investments | 1 |  |  | 1,462 |  |  | 143 |  |  | 1,606 |
Receivables | — |  |  | 8 |  |  | — |  |  | 8 |
Total assets at fair value | $ | 1 |  |  | $ | 1,470 |  |  | $ | 143 |  |  | $ | 1,614 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 1,628 |  |  | $ | — |  |  | $ | 1,628 |
Other liabilities | — |  |  | 84 |  |  | — |  |  | 84 |
Total liabilities at fair value | $ | — |  |  | $ | 1,712 |  |  | $ | — |  |  | $ | 1,712 |
| December 31, 2018
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Common stocks | 1 |  |  | 1 |  |  | — |  |  | 2 |
Other investments | 4 |  |  | — |  |  | — |  |  | 4 |
Syndicated loans | — |  |  | 1,465 |  |  | 226 |  |  | 1,691 |
Total investments | 5 |  |  | 1,475 |  |  | 226 |  |  | 1,706 |
Receivables | — |  |  | 12 |  |  | — |  |  | 12 |
Total assets at fair value | $ | 5 |  |  | $ | 1,487 |  |  | $ | 226 |  |  | $ | 1,718 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Debt (1) | $ | — |  |  | $ | 1,743 |  |  | $ | — |  |  | $ | 1,743 |
Other liabilities | — |  |  | 122 |  |  | — |  |  | 122 |
Total liabilities at fair value | $ | — |  |  | $ | 1,865 |  |  | $ | — |  |  | $ | 1,865 |
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $1.7 billion as of both December 31, 2019 and 2018.
Schedule of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis | The following tables provide a summary of changes in Level 3 assets and liabilities held by consolidated investment entities measured at fair value on a recurring basis:
| Syndicated Loans |
(in millions)
Balance, January 1, 2019 | $ | 226 |  |
Total gains (losses) included in: |  |
Net income | (2 | ) | (1)
Purchases | 91 |  |
Sales | (11 | ) |
Settlements | (68 | ) |
Transfers into Level 3 | 272 |  |
Transfers out of Level 3 | (365 | ) |
Balance, December 31, 2019 | $ | 143 |  |
Changes in unrealized gains (losses) included in income relating to assets held at December 31, 2019 | $ | (3 | ) | (1)
| Common Stocks |  | Syndicated Loans |
(in millions) |
Balance, January 1, 2018 | $ | 4 |  |  | $ | 180 |  |
Total gains (losses) included in: |  |  |  |
Net income | 6 |  | (1) | (1 | ) | (1)
Purchases | — |  |  | 97 |  |
Sales | (10 | ) |  | (41 | ) |
Settlements | — |  |  | (52 | ) |
Transfers into Level 3 | 4 |  |  | 173 |  |
Transfers out of Level 3 | (2 | ) |  | (160 | ) |
Consolidation of consolidated investment entities | — |  |  | 54 |  |
Deconsolidation of consolidated investment entities | (2 | ) |  | (24 | ) |
Balance, December 31, 2018 | $ | — |  |  | $ | 226 |  |
Changes in unrealized gains (losses) included in income relating to assets held at December 31, 2018 | $ | — |  |  | $ | (4 | ) | (1)
| Corporate Debt Securities |  | Common Stocks |  | Syndicated Loans |
(in millions) |
Balance, January 1, 2017 | $ | — |  |  | $ | 5 |  |  | $ | 254 |  |
Total gains (losses) included in: |  |  |  |  |  |
Net income | — |  |  | (1 | ) | (1) | — |  |
Purchases | — |  |  | 3 |  |  | 146 |  |
Sales | (2 | ) |  | (2 | ) |  | (28 | ) |
Settlements | — |  |  | — |  |  | (70 | ) |
Transfers into Level 3 | 2 |  |  | 7 |  |  | 266 |  |
Transfers out of Level 3 | — |  |  | (8 | ) |  | (388 | ) |
Balance, December 31, 2017 | $ | — |  |  | $ | 4 |  |  | $ | 180 |  |
Changes in unrealized gains (losses) included in income relating to assets held at December 31, 2017 | $ | — |  |  | $ | (1 | ) | (1) | $ | (1 | ) | (1)
(1) Included in net investment income in the Consolidated Statements of Operations.
Schedule of fair value and unpaid principal balance of assets and liabilities carried at fair value under the fair value option | The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
| December 31,
2019 |  | 2018
(in millions)
Syndicated loans |  |  |  |  |
Unpaid principal balance | $ | 1,678 |  |  | $ | 1,743 |
Excess unpaid principal over fair value | (81 | ) |  | (52 | )
Fair value | $ | 1,597 |  |  | $ | 1,691 |
Fair value of loans more than 90 days past due | $ | 4 |  |  | $ | — |
Fair value of loans in nonaccrual status | 42 |  |  | — |
Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both | 18 |  |  | — |
Debt |  |  |  |  |
Unpaid principal balance | $ | 1,761 |  |  | $ | 1,951 |
Excess unpaid principal over fair value | (133 | ) |  | (208 | )
Carrying value (1) | $ | 1,628 |  |  | $ | 1,743 |
(1) The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair value of the CLOs’ debt was $1.7 billion as of both December 31, 2019 and 2018.
Schedule of debt of the consolidated investment entities and the stated interest rates | Debt of the consolidated investment entities and the stated interest rates were as follows:
| Carrying Value |  | Weighted Average Interest Rate
December 31, | December 31,
2019 |  | 2018 | 2019 |  | 2018
(in millions) |
Debt of consolidated CLOs due 2025-2030 | $ | 1,628 |  |  | $ | 1,743 |  |  | 3.5 | % |  | 3.7 | %

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