Ameriprise 2015 Annual Report Download - page 140

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investments are also recorded in net investment income. Interest expense on debt is recorded in interest and debt
expense with gains and losses related to changes in the fair value of debt recorded in net investment income.
Total net gains (losses) recognized in net investment income related to changes in the fair value of financial assets and
liabilities for which the fair value option was elected were $(35) million, $(46) million and $28 million for the years ended
December 31, 2015, 2014 and 2013, respectively. The majority of the syndicated loans and debt have floating rates; as
such, changes in their fair values are primarily attributable to changes in credit spreads.
Debt of the consolidated investment entities and the stated interest rates were as follows:
Carrying Value Weighted Average Interest Rate
December 31, December 31,
2015 2014 2015 2014
(in millions)
Debt of consolidated CLOs due 2016-2026 $ 6,630 $ 6,030 1.6% 1.3%
Floating rate revolving credit borrowings due 2017-2020 909 837 2.8 2.7
Total $ 7,539 $ 6,867
The debt of the consolidated CLOs has both fixed and floating interest rates, which range from 0% to 9.2%. The interest
rates on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.
The carrying value of the debt of the consolidated CLOs represents the fair value of the aggregate debt. The carrying value
of the floating rate revolving credit borrowings represents the outstanding principal amount of debt of certain consolidated
property funds. The fair value of this debt was $909 million and $837 million as of December 31, 2015 and 2014,
respectively. The property funds have entered into interest rate swaps and collars to manage the interest rate exposure on
the floating rate revolving credit borrowings. The fair value of these derivative instruments is recorded gross and was a
liability of $8 million and $10 million at December 31, 2015 and 2014, respectively. The overall interest rate reflecting the
impact of the derivative contracts was 3.2% and 3.1% as of December 31, 2015 and 2014, respectively.
At December 31, 2015, future maturities of debt were as follows:
(in millions)
2016 $ 20
2017 48
2018 379
2019 1,442
2020 702
Thereafter 5,381
Total future maturities $ 7,972
5. Investments
The following is a summary of Ameriprise Financial investments:
December 31,
2015 2014
(in millions)
Available-for-Sale securities, at fair value $ 28,673 $ 30,027
Mortgage loans, net 3,359 3,440
Policy and certificate loans 824 806
Other investments 1,288 1,309
Total $ 34,144 $ 35,582
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