AMERIPRISE FINANCIAL INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
- Leases
The following table presents the balances for operating and finance ROU assets and lease liabilities:
| Leases | Balance Sheet Classification | December 31, 2023 | December 31, 2022 |
|---|---|---|---|
| (in millions) | |||
| Assets | |||
| Operating lease assets | Other assets | $259 | $268 |
| Finance lease assets | Other assets | 18 | 28 |
| Total lease assets | $277 | $296 | |
| Liabilities | |||
| Operating lease liabilities | Other liabilities | $325 | $317 |
| Finance lease liabilities | Long-term debt | 20 | 30 |
| Total lease liabilities | $345 | $347 | |
Index
The following table presents the components of lease cost:
| Years Ended December 31, | ||||
|---|---|---|---|---|
| Lease Cost | Income Statement Classification | 2023 | 2022 | 2021 |
| (in millions) | ||||
| Operating lease cost | General and administrative expense | $55 | $61 | $57 |
| Finance lease cost: | ||||
| Amortization of ROU assets | General and administrative expense | 10 | 10 | 13 |
| Interest on lease liabilities | Interest and debt expense | 1 | 1 | 2 |
| Total lease cost | $66 | $72 | $72 | |
The following table presents the weighted-average lease term and weighted-average discount rate related to operating and finance leases:
| December 31, 2023 | December 31, 2022 | |||
|---|---|---|---|---|
| Lease Term and Discount Rate | Finance Leases | Operating Leases | Finance Leases | Operating Leases |
| Weighted-average remaining lease term (years) | 1.8 | 6.4 | 2.8 | 6.7 |
| Weighted-average discount rate | 3.4% | 2.7% | 3.4% | 2.1% |
The following table presents supplemental cash flow information related to operating and finance leases:
| Years Ended December 31, | |||
|---|---|---|---|
| Supplemental Cash Flow Information | 2023 | 2022 | 2021 |
| (in millions) | |||
| Operating cash flows: | |||
| Cash paid for amounts included in measurement of operating lease liabilities | $68 | $65 | $50 |
| Cash paid for amounts included in measurement of finance lease liabilities | 1 | 1 | 2 |
| Financing cash flows: | |||
| Cash paid for amounts included in measurement of finance lease liabilities | $10 | $10 | $9 |
The following table presents the maturities of lease liabilities:
| Maturity of Lease Liabilities · December 31, 2023 | ||
|---|---|---|
| Finance Leases · Operating Leases | ||
| (in millions) | ||
| 2024 | $11 | $68 |
| 2025 | 10 | 65 |
| 2026 | — | 58 |
| 2027 | — | 47 |
| 2028 | — | 35 |
| Thereafter | — | 80 |
| Total lease payments | 21 | 353 |
| Less: interest | 1 | 28 |
| Present value of lease liabilities | $20 | $325 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.