What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2022-02-25 compared with 2021-02-24 · 105 added, 110 removed, 404 unchanged (35% of the section changed)

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We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) designed to provide reasonable assurance that the information required to be reported in the Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in and pursuant to U.S.

Securities and Exchange Commission (“SEC”) regulations, including controls and procedures designed to ensure that this information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding the required disclosure.

appropriate, to allow timely decisions regarding the required disclosure.

It should be noted that, because of inherent limitations, our company’s disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.

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Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

On November 8, 2021, the Company completed its acquisition of the BMO Global Asset Management (EMEA) business.

Consistent with guidance issued by the Securities and Exchange Commission staff that an assessment of a recently acquired business may be omitted from management’s report on internal control over financial reporting in the year of acquisition, management excluded the BMO Global Asset Management (EMEA) business from its assessment of the effectiveness of the Company’s internal control over financial reporting.

Total assets and net revenues of $789 million and $60 million excluded from management’s assessment constitute less than 1% of the Company’s consolidated total assets as of December 31, 2021 and less than 1% of consolidated net revenues for the fiscal year ended December 31, 2021.

Management’s basis for exclusion included the size and complexity of the acquired business, the timing between acquisition and fiscal year end, and expected integration plans during the fiscal year ending December 31, 2022.

The Company’s management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021.

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Other Information

On February 24, 2021, the Company’s Board approved, effective immediately, a series of amendments to the Company’s by-laws (“By-Laws”).

A summary of the changes to the By-Laws is set forth below and is qualified in its entirety by reference to the full text of the amended and restated By-Laws, a complete copy of which is attached hereto as Exhibit 3.2.

Amendments to the By-Laws including amending:

• Section 1.03 (Notice of Meetings;

Waiver) to clarify that some notices to stockholders can be sent electronically and conform the language to the latest amendments to Delaware law;

• Section 1.08 (Proxies) to confirm that a stockholder may use electronic signatures and transmission for a document authorizing another person to act as proxy and to eliminate references to telegrams and cablegrams;

• Section 1.10 (Notice of Stockholder Business and Nominations) to limit the number of nominees a stockholder may nominate for election at a meeting of stockholders to the number of directors to be elected at such meeting and align our stockholder proposal requirements with the recent amendments to Section 14a-8 of the Exchange Act;

• Section 2.09 (Board Action Without a Meeting) and Section 3.04 (Committee Quorum and Manner of Acting) to conform language to the latest amendments to Delaware law and clarify that the filing of a consent to action by the Board or any committee is not a condition precedent to the effectiveness of the action;

• Section 2.12 (Voluntary Resignation) clarifies that a director’s resignation needs only be signed if it is in writing (as opposed to electronic transmission);

• Section 5.04 (Transfers of Stock) to clarify required notice can be in writing or electronic transmission;

• Section 8.01 (Dividends) to clarify that the Board may declare a dividend at a meeting or by consent;

• Section 8.05 (Forum Selection) to add a federal forum selection provision;

• Article IX (Amendment of the Bylaws) to clarify that the Board may amend the By-Laws at a meeting or by consent.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Directors, Executive Officers and Corporate Governance

The following portions of the Proxy Statement are incorporated herein by reference:

• information included under the caption “Corporate Governance-Item 1-Election of the Nine Director Nominees”;

• information included under the caption “Corporate Governance-Item 1-Election of the Eight Director Nominees”;

• information included under the caption “Voting Information-Requirements, Including Deadlines, for Submission of Proxy Proposals, Nomination of Directors and Other Business by Shareholders”;

• information under the caption “Corporate Governance-Corporate Governance Documents and Policies-Codes of Conduct”;

• information under the caption “Corporate Governance-Item 1-Election of the Nine Director Nominees-Director Nomination Process”;

• information under the caption “Corporate Governance-Item 1-Election of the Eight Director Nominees-Board Composition”;

• information included under the caption “Corporate Governance-Committees of the Board-Membership on Board Committees”;

• information included under the caption “Corporate Governance-Committees of the Board-Audit Committee”;

• information included under the caption “Corporate Governance-Committees of the Board-Audit Committee-Audit Committee Financial Experts”;

• information included under the caption “Corporate Governance-Committees of the Board-Audit and Risk Committee”;

• information included under the caption “Corporate Governance-Committees of the Board-Audit and Risk Committee-Audit and Risk Committee Financial Experts”;

• information under the caption “Delinquent Section 16(a) Reports”, if applicable.

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Berman served as Corporate Treasurer of American Express.

Couto-Head of North America

Couto (51) has been our Head of North America for Columbia Threadneedle Investments since February 2018.

He was previously President of Fidelity Institutional Asset Management and held executive positions across distribution, product and marketing at Fidelity Investments.

Couto joined Fidelity in 2009 from Evergreen Investments.

Prior to that, he was with Liberty Funds, a predecessor fund family of Columbia.

Couto received a degree in finance and investments from Babson College and holds the Chartered Financial Analyst (CFA) designation.

Hunter Petruzillo-Executive Vice President of Human Resources

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and Bankers Trust New York Corporation.

*Karen Wilson Thissen-Executive Vice President and General Counsel

Wilson Thissen (54) has been our Executive Vice President and General Counsel since January 2017.

Prior to that, Ms.

Wilson Thissen served as our Executive Vice President and Deputy General Counsel since January 2014 and in other positions within the Company since November 2004.

Before joining the Company, Ms.

Wilson Thissen was a partner at the law firm Faegre & Benson LLP (now Faegre Drinker Biddle & Reath).

Hutt-Senior Vice President-Corporate Finance, Controller (Principal Accounting Officer)

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He holds Certified Public Accountant (CPA) - inactive and Chartered Financial Analyst (CFA) designations.

McGraw-Executive Vice President-Marketing, Corporate Communications and Community Relations

McGraw (51) has been our Executive Vice President-Marketing, Corporate Communications and Community Relations since May 2014.

Previously, Ms.

McGraw served as Executive Vice President, Corporate Communications and Community Relations since February 2010.

Prior to that, Ms.

McGraw served as Senior Vice President-Corporate Communications and Community Relations since February 2007 and as Vice President-Corporate Communications since May 2006.

Prior thereto, Ms.

McGraw served as Vice President-Business Planning and Communications for the Group President, Global Financial Services at American Express.

*Gerard Smyth-Executive Vice President and Chief Information Officer

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He has a bachelor’s degree in electronics engineering from Imperial College London and an MBA from the University of Sydney.

Neal Maglaque-President-Advice & Wealth Management, Business Development and Chief Operating Officer

Maglaque (64) has been our President-Advice & Wealth Management, Business Development and Chief Operating Officer since June 2012.

Prior to that time, Mr.

Maglaque served as Executive Vice President and Advice & Wealth Management Chief Operating Officer since 2009, Senior Vice President-USAG Business Planning and Operations since 2006 and as Senior Vice President-Lead Financial Officer Enterprise Finance since 2005.

Prior thereto, Mr.

Maglaque held several leadership positions at American Express.

McGraw-Executive Vice President-Marketing, Corporate Communications and Community Relations

McGraw (50) has been our Executive Vice President-Marketing, Corporate Communications and Community Relations since May 2014.

Previously, Ms.

McGraw served as Executive Vice President, Corporate Communications and Community Relations since

February 2010.

*Karen Wilson Thissen-Executive Vice President and General Counsel

Wilson Thissen (55) has been our Executive Vice President and General Counsel since January 2017.

Prior to that, Ms.

McGraw served as Senior Vice President-Corporate Communications and Community Relations since February 2007 and as Vice President-Corporate Communications since May 2006.

Prior thereto, Ms.

McGraw served as Vice President-Business Planning and Communications for the Group President, Global Financial Services at American Express.

*Colin Moore-Executive Vice President and Global Chief Investment Officer

Moore (62) has been our Executive Vice President and Global Chief Investment Officer since June 2013.

Moore also continues to serve as Chief Investment Officer-Columbia Management, a position he has held since 2010.

Prior thereto, he was head of fixed income and liquidity strategies from 2009 to 2010.

Moore joined Columbia Management in 2002 as head of equity and has been a member of the investment community since 1983.

Wilson Thissen served as our Executive Vice President and Deputy General Counsel since January 2014 and in other positions within the Company since November 2004.

Before joining the Company, Ms.

Wilson Thissen was a partner at the law firm Faegre & Benson LLP (now Faegre Drinker Biddle & Reath).

O’Connell-Executive Vice President, Ameriprise Advisor Group

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from Widener University.

Nick Ring-Chief Executive Officer, EMEA

Ring (55) has been our Chief Executive Officer, EMEA since September 2019.

He was previously the Global Head of Distribution at Jupiter Asset Management, a U.K.-based fund management group, from September 2015 to August 2019.

Prior to that, Mr.

Ring worked at Columbia Threadneedle in various product and distribution roles from 2008 to 2014, including most recently as Global Head of Product in 2014.

Ring has a LLB (Hons) degree from the University of Reading and held various roles at Northern Trust, KPMG, Gartmore Fund Managers and Prudential earlier in his career.

Sweeney-President-Advice & Wealth Management, Products and Service Delivery

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Sweeney is on the board of directors of the Securities Industry and Financial Markets Association and the American Securities Association.

Bill Williams-Executive Vice President, Ameriprise Franchise Group

Bill Williams (54) has been our Executive Vice President, Ameriprise Franchise Group since February 2013.

Williams joined Ameriprise in 1989 as an advisor.

Williams has held a number of management roles within Ameriprise before assuming his current position.

Williams is a graduate of Bentley University with a B.A.

*Gumer Alvero-President-Insurance & Annuities

Alvero (54) has been our President - Insurance and Annuities since February 2022.

Alvero previously served as Executive Vice President and General Manager -Insurance and Annuities from April 2021 to February 2022 and Executive Vice President and General Manager - Annuities from April 2010 to April 2021.

Alvero joined Ameriprise in 1989.

He earned a bachelor of science in business from the University of Minnesota.

Couto-Head of North America

Couto (52) has been our Head of North America for Columbia Threadneedle Investments since February 2018.

He was previously President of Fidelity Institutional Asset Management and held executive positions across distribution, product and marketing at Fidelity Investments.

Couto joined Fidelity in 2009 from Evergreen Investments.

Prior to that, he was with Liberty Funds, a predecessor fund family of Columbia.

Couto received a degree in finance and investments from Babson College and holds the Chartered Financial Analyst (CFA) designation.

* William Davies-Executive Vice President and Global Chief Investment Officer

Davies (58) has been our Executive Vice President and Global Chief Investment Officer since February 2022.

Davies previously served as Global Head of Equities from July 2017 until January 2022.

Davies joined Threadneedle Asset Management Limited at its inception in 1994 and previously held roles as head of EMEA equities, head of global equities and head of European equities.

He has been a member of the investment community since 1985 and earned a B.A.

in economics from Exeter University.

Nick Ring-Chief Executive Officer, EMEA

Ring (56) has been our Chief Executive Officer, EMEA since September 2019.

He was previously the Global Head of Distribution at Jupiter Asset Management, a U.K.-based fund management group, from September 2015 to August 2019.

Prior to that, Mr.

Ring worked at Columbia Threadneedle in various product and distribution roles from 2008 to 2014, including most recently as Global Head of Product in 2014.

Ring has a LLB (Hons) degree from the University of Reading and held various roles at Northern Trust, KPMG, Gartmore Fund Managers and Prudential earlier in his career.

Truscott-CEO-Global Asset Management

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Truscott served as Senior Vice President and Chief Investment Officer of AEFC, a position he held since he joined the company in September 2001.

Bill Williams-Executive Vice President, Ameriprise Franchise Group

Bill Williams (53) has been our Executive Vice President, Ameriprise Franchise Group since February 2013.

Williams joined Ameriprise in 1989 as an advisor.

Williams has held a number of management roles within Ameriprise before assuming his current position.

Williams is a graduate of Bentley University with a B.A.

Woerner-President-Insurance & Annuities and Chief Strategy Officer

Woerner (51) has been our President - Insurance and Annuities and Chief Strategy Officer since September 2012.

Prior to that time, he served as President - Insurance and Chief Strategy Officer since February 2008 and, as Senior Vice President - Strategy and Business Development since September 2005.

Prior to that, Mr.

Woerner served as Senior Vice President - Strategic Planning and Business Development of AEFC since March 2005.

Prior to joining AEFC, Mr.

Woerner was a Principal at McKinsey & Co., where he spent approximately ten years serving leading U.S.

and European financial services firms, and co-led McKinsey’s U.S.

Asset Management Practice.

CORPORATE GOVERNANCE

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2,959,044 (2) — 5,544,867 (3)

9,888,672 $ 133.75 15,278,706

Total 8,160,201 $ 145.79 14,479,238

(1) Includes 1,878,075 share units subject to vesting per the terms of the applicable plan which could result in the issuance of common stock.

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(2) Includes 2,959,044 share units subject to vesting per the terms of the applicable plans which could result in the issuance of common stock.

As the terms of these share based awards do not provide for an exercise price, they have been excluded from the weighted average exercise price in column B.

For additional information on the Company’s equity compensation plans see Note 20 — Share-Based Compensation to our Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

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Principal Accountant Fees and Services

The information set forth under the heading “Ratification of the Audit Committee’s Selection of PricewaterhouseCoopers LLP as the Company’s Independent Registered Public Accounting Firm for 2021, “-Independent Registered Public Accounting Firm Fees”;

The information set forth under the heading “Ratification of the Audit and Risk Committee’s Selection of PricewaterhouseCoopers LLP as the Company’s Independent Registered Public Accounting Firm for 2022, “-Independent Registered Public Accounting Firm

“-Services to Associated Organizations”;

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All other exhibit numbers indicate exhibits previously filed and are hereby incorporated herein by reference.

Exhibits numbered 10.2 through 10.23 are management contracts or compensation plans or arrangements.

Amended Restated Certificate of Incorporation of Ameriprise Financial, Inc.

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Amended and Restated Bylaws of Ameriprise Financial, Inc.

(incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K, File No.

1-32525, filed on February 24, 2021).

Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K, File No.

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1-32525, filed on October 4, 2005).

Ameriprise Financial Long-Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.10 of the Annual Report on Form 10-K, File No.

1-32525, filed on February 23, 2017).

Ameriprise Financial Performance Cash Unit Plan Supplement to the Long Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.11 of the Annual Report on Form 10-K, File No.

1-32525, filed on February 27, 2019).

Ameriprise Financial Long-Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q, File No.

1-32525, filed on May 10, 2021).

Ameriprise Financial Performance Cash Unit Plan Supplement to the Long Term Incentive Award Program Guide.

Ameriprise Financial Form of Award Certificate — Performance Cash Unit Plan Award (incorporated by reference to Exhibit 10.12 of the Annual Report on Form 10-K File No.

1-32525, filed on February 25, 2016).

Ameriprise Financial Performance Share Unit Plan Supplement to the Long-Term Incentive Award Program Guide (incorporated by reference to Exhibit 10.3 of the Quarterly Report on Form 10-Q, File No.

1-32525, filed on May 2, 2011).

Ameriprise Financial Performance Share Unit Plan Supplement to the Long-Term Incentive Award Program Guide.

Ameriprise Financial Form of Award Certificate — Performance Share Unit Plan Award (incorporated by reference to Exhibit 10.14 of the Annual Report on Form 10-K File No.

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1-32525, filed on November 18, 2005).

Ameriprise Financial Annual Incentive Award Plan, adopted effective as of September 30, 2005 (incorporated by reference to Exhibit 10.28 of the Annual Report on Form 10-K, File No.

1-32525, filed on March 8, 2006).

Form of Indemnification Agreement for directors, Chief Executive Officer, Chief Financial Officer, General Counsel and Principal Accounting Officer and any other officers designated by the Chief Executive Officer (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No.

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1-32525, filed on May 2, 2018).

Third Amended and Restated Credit Agreement, dated as of October 12, 2017, among Ameriprise Financial, Inc., as Borrower, the lenders party thereto, Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.A.

Fourth Amended and Restated Credit Agreement, dated as of June 11, 2021, among Ameriprise Financial, Inc., as Borrower, the lenders party thereto, Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.A.

and Citibank, N.A.

as Co-Syndication Agents, Credit Suisse AG, Cayman Islands Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A.

Bank National Association as Co-Documentation Agents, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith, Incorporated, and Citigroup Global Markets Inc., as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No.

1-32525, filed on October 16, 2017).

as Co-Syndication Agents, and Credit Suisse AG, New York Branch, Goldman Sachs Bank USA, HSBC Bank USA, National Association, JPMorgan Chase Bank, N.A., U.S.

Bank National Association and BMP Harris Bank N.A.

as Co-Documentation Agents, and Wells Fargo Securities, LLC, BofA Securities, Inc.

and CitiBank, N,A.

as Joint Lead Arrangers and Joint Bookrunners (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, File No.

1-32525, filed on June 11, 2021).

Threadneedle Deferral Plan (as amended and restated effective January 1, 2018).

First Amendment to the Threadneedle Deferral Plan (effective December 6, 2018).

Deferred Stock Unit Award Certificate - Threadneedle Deferral Plan.

Form of Deferred Stock Unit Award - Threadneedle Deferral Plan.

Portions of the Ameriprise Financial, Inc.

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* Filed electronically herewith.

† Management contract or compensation plan or arrangement

Form 10-K Summary

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(Parent Company Only)

Condensed Statements of Operations

Condensed Balance Sheets

Condensed Statements of Cash Flows

Condensed Statements of Operations - Years ended December 31, 2021 , 2020 and 2019

Condensed Balance Sheets - Years ended De cember 31, 2021 and 2020

Condensed Statements of Cash Flows - Years ended December 31, 2021 , 2020 and 2019

Notes to Condensed Financial Information of Registrant

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Pretax loss before equity in earnings of subsidiaries ( 333 ) ( 280 ) ( 217 )

Income tax benefit ( 87 ) ( 38 ) ( 73 )

Income tax provision (benefit)

157 ( 87 ) ( 38 )

Loss before equity in earnings of subsidiaries ( 490 ) ( 193 ) ( 179 )

Equity in earnings of subsidiaries 1,727 2,072 2,333

Equity in earnings of subsidiaries, net of tax

3,250 1,727 2,072

Net income 2,760 1,534 1,893

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Receivables 4 2

Land, buildings, equipment, and software, net of accumulated depreciation of $ 929 and

$ 952 , respectively

Land, buildings, equipment, and software, net of accumulated depreciation of $ 973 and $ 929 , respectively

Investments in subsidiaries 7,010 7,153

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shares authorized, 1,250,000,000 ;

shares issued, 332,390,132 and

329,842,827 , respectively)

shares issued, 334,828,117 and 332,390,132 , respectively)

Additional paid-in capital 9,220 8,822

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( 21,066 ) ( 18,879 )

Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity

investments in subsidiaries 629 262

Accumulated other comprehensive income (loss), net of tax, including amounts applicable to equity investments in subsidiaries 3 629

Total shareholders’ equity 5,685 5,867

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Net cash provided by (used in) investing activities

( 1,519 ) 333 ( 263 )

Cash Flows from Financing Activities

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Non-cash dividends from subsidiaries — — 81

Non-cash contributions to subsidiaries

See Notes to Condensed Financial Information of Registrant.

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generally accepted accounting principles.

The financial information of the Parent Company should be read in conjunction with the Consolidated Financial Statements and Notes of Ameriprise Financial.

The financial information of the Parent Company should be read in conjunction with the Consolidated Financial Statements and Notes of Ameriprise Financial, Inc.

and its subsidiaries (“Ameriprise Financial”).

Parent Company revenues and expenses, other than compensation and benefits and debt and interest expense, are primarily related to intercompany transactions with subsidiaries and affiliates.

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The change in fair value of certain derivatives used to economically hedge risk related to guaranteed minimum withdrawal benefit (“GMWB”) provisions is included in Benefits, claims, losses and settlement expenses, while the underlying benefits, claims, losses and settlement expenses are reflected in Equity in earnings of subsidiaries.

On December 23, 2020, RiverSource Life Insurance Company (“RVSL”) issued a $ 500 million unsecured 3.5 % surplus note due December 31, 2050 to the Parent Company.

The surplus note is subordinate in right of payment to the prior payment in full of the RVSL’s obligations to policyholders, claimants and beneficiaries and all other creditors.

No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RVSL’s statutory surplus.

Interest payments are due semi-annually in arrears on June 30 and December 31, commencing on June 30, 2021.

Subject to the preceding conditions, RVSL may prepay all or a portion of the principal at any time.

The held-to-maturity investment of $ 500 million as of December 31, 2020 is recorded in Investments on the Parent Company’s Condensed Balance Sheets.

Interest income will be reported in Net investment income on the Parent Company’s Condensed Statements of Operations.

On December 23, 2020, RiverSource Life Insurance Company (“RiverSource Life”) issued a $ 500 million unsecured 3.5 % surplus note due December 31, 2050 to the Parent Company.

The surplus note is subordinate in right of payment to the prior payment in full of the RiverSource Life’s obligations to policyholders, claimants and beneficiaries and all other creditors.

No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life’s statutory surplus.

Interest payments are due semi-annually in arrears on June 30 and December 31, which commenced on June 30, 2021.

Subject to the preceding conditions, RiverSource Life may prepay all or a portion of the principal at any time.

The held-to-maturity investment of $ 500 million as of both December 31, 2021 and 2020 is recorded in Investments on the Parent Company’s Condensed Balance Sheets.

For the year ended December 31, 2021, interest income was $ 17 million and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.

In December 2018, the Parent Company invested in the residual tranche of an asset backed security structure issued by Ameriprise Advisor Financing, LLC, a subsidiary of the Parent Company.

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The fair value of the residual tranche was $ 100 million and $ 90 million as of December 31, 2021 and 2020, respectively, and is reported in Investments on the Parent Company’s Condensed Balance Sheets.

For the year ended December 31, 2020, interest income was $ 6 million and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.

For the years ended December 31, 2021, 2020 and 2019, interest income was $ 7 million, $ 6 million and $ 6 million, respectively, and is reported in Net investment income on the Parent Company’s Condensed Statements of Operations.

All of the debt of Ameriprise Financial is borrowings of the Parent Company, except as indicated below.

• As of December 31, 2020 and 2019, Ameriprise Financial had $ 200 million and $ 201 million, respectively, of borrowings from the Federal Home Loan Bank of Des Moines, which is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

• As of both December 31, 2021 and 2020, Ameriprise Financial had $ 200 million of borrowings from the Federal Home Loan Bank of Des Moines, which is collateralized with commercial mortgage backed securities and residential mortgage backed securities.

• As of December 31, 2021, Ameriprise Financial debt included $ 3 million of other subsidiary lease obligations.

Borrowings from Subsidiaries

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Repayment of all or a portion of the funds is due on demand.

The Parent Company also has revolving credit agreements with its subsidiaries as the borrower aggregating $ 1.3 billion as of both December 31, 2020 and 2019, of which $ 172 million and $ 50 million was outstanding as of December 31, 2020 and 2019, respectively.

As of December 31, 2021 and 2020, the Company had $ 431 million and $ 334 million, respectively, available for repayment due on demand.

The Parent Company also has revolving credit agreements with its subsidiaries as the borrower aggregating $ 1.4 billion and $ 1.3 billion as of December 31, 2021 and 2020, respectively, of which $ 15 million and $ 172 million was outstanding as of December 31, 2021 and 2020, respectively.

Guarantees, Commitments and Contingencies

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and its consolidated subsidiaries are potential or current obligations of the Parent Company.

The Parent Company has committed revolving credit agreements with its subsidiaries as the lender aggregating $ 366 million as of December 31, 2020.

The Parent Company has committed revolving credit agreements with its subsidiaries as the lender aggregating $ 366 million as of both December 31, 2021 and 2020, respectively, of which $ 243 million and nil was outstanding as of December 31, 2021 and 2020, respectively.

The Parent Company and Ameriprise Certificate Company (“ACC”) entered into a Capital Support Agreement on March 2, 2009, pursuant to which the Parent Company agrees to commit such capital to ACC as is necessary to satisfy applicable minimum capital requirements.

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The agreement consists of a $ 200 million secured demand note.

The note is secured by cash and securities equal to the principal value of the note pledged by the Parent Company.

For the year ended December 31, 2020, AFS had not made a demand of the principal amount.

The note is secured

by cash and securities equal to the principal value of the note pledged by the Parent Company.

As of December 31, 2021, AFS had not made a demand of the principal amount.

Ameriprise Enterprise Investment Services, Inc.

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Both companies have the option to renew the agreement in one year -increments in perpetuity.

In January 2022, the agreement was renewed for one year extending the maturity date to January 22, 2023.

Subsequent Event

On February 23, 2022, RiverSource Life’s Board of Directors declared a cash dividend of $ 300 million to the Parent Company, payable on or after March 25, 2022, pending approval by the Minnesota Department of Commerce.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures