10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2010 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Revenues | |||
| Non-interest revenues | |||
| Discount revenue | $ 15,111 | 13,389 | 15,025 |
| Net card fees | 2,102 | 2,151 | 2,150 |
| Travel commissions and fees | 1,779 | 1,594 | 2,010 |
| Other commissions and fees | 2,031 | 1,778 | 2,307 |
| Securitization income, net | 0 | 400 | 1,070 |
| Other | 1,927 | 2,087 | 2,157 |
| Total non-interest revenues | 22,950 | 21,399 | 24,719 |
| Interest income | |||
| Interest and fees on loans | 6,783 | 4,468 | 6,159 |
| Interest and dividends on investment securities | 443 | 804 | 771 |
| Deposits with banks and other | 66 | 59 | 271 |
| Total interest income | 7,292 | 5,331 | 7,201 |
| Interest expense | |||
| Deposits | 546 | 425 | 454 |
| Short-term borrowings | 3 | 37 | 483 |
| Long-term debt and other | 1,874 | 1,745 | 2,618 |
| Total interest expense | 2,423 | 2,207 | 3,555 |
| Net interest income | 4,869 | 3,124 | 3,646 |
| Total revenues net of interest expense | 27,819 | 24,523 | 28,365 |
| Provisions for losses | |||
| Charge card | 595 | 857 | 1,363 |
| Cardmember loans | 1,527 | 4,266 | 4,231 |
| Other | 85 | 190 | 204 |
| Total provisions for losses | 2,207 | 5,313 | 5,798 |
| Total revenues net of interest expense after provisions for losses | 25,612 | 19,210 | 22,567 |
| Expenses | |||
| Marketing, promotion, rewards and cardmember services | 8,644 | 6,467 | 7,361 |
| Salaries and employee benefits | 5,566 | 5,080 | 6,090 |
| Professional services | 2,806 | 2,408 | 2,413 |
| Other | 2,632 | 2,414 | 3,122 |
| Total | 19,648 | 16,369 | 18,986 |
| Pretax income (loss) from continuing operations | 5,964 | 2,841 | 3,581 [1] |
| Income tax provision | 1,907 | 704 | 710 |
| Income from continuing operations | 4,057 | 2,137 | 2,871 |
| Loss from discontinued operations, net of tax | 0 | (7) | (172) |
| Net income | 4,057 | 2,130 | 2,699 |
| Earnings per Common Share - Basic: (Note 18) | |||
| Income from continuing operations attributable to common shareholders | 3.37 | 1.55 | 2.47 |
| Loss from discontinued operations | 0.00 | (0.01) | (0.14) |
| Net income attributable to common shareholders | 3.37 | 1.54 | 2.33 |
| Earnings per Common Share - Diluted: (Note 18) | |||
| Income from continuing operations attributable to common shareholders | 3.35 | 1.54 | 2.47 |
| Loss from discontinued operations, net of tax | 0.00 | 0.00 | (0.15) |
| Net income attributable to common shareholders | 3.35 | 1.54 | 2.32 |
| Average common shares outstanding for earnings per common share: | |||
| Basic | 1,188 | 1,168 | 1,154 |
| Diluted | 1,195 | 1,171 | 1,156 |
| [1] The data in the above table is, in part, based upon internal allocations, which necessarily involve management's judgment. Certain revisions and reclassifications have been made to 2009 and 2008 to conform to 2010 classifications and internal allocation methodology. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2010 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 4,057 | 2,130 | 2,699 |
| Loss from discontinued operations, net of tax | 0 | 7 | 172 |
| Income from continuing operations | 4,057 | 2,137 | 2,871 |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities | |||
| Provisions for losses | 2,207 | 5,313 | 5,798 |
| Depreciation and amortization | 917 | 1,070 | 712 |
| Deferred taxes, acquisition costs and other | 1,135 | (1,429) | 442 |
| Stock-based compensation | 287 | 230 | 256 |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Other receivables | (498) | (730) | 101 |
| Other assets | (590) | 526 | (2,256) |
| Accounts payable and other liabilities | 2,090 | (98) | 490 |
| Travelers Cheques outstanding | (317) | (449) | (770) |
| Net cash (used in) provided by operating activities attributable to discontinued operations | 0 | (233) | 129 |
| Net cash provided by operating activities | 9,288 | 6,337 | 7,773 |
| Cash Flows from Investing Activities | |||
| Sale of investments | 2,196 | 2,930 | 4,657 |
| Maturity and redemption of investments | 12,066 | 2,900 | 9,620 |
| Purchase of investments | (7,804) | (13,719) | (14,724) |
| Net (increase) decrease in cardmember loans/receivables | (6,389) | 6,154 | 5,940 |
| Proceeds from cardmember loan securitizations | 0 | 2,244 | 9,619 |
| Maturities of cardmember loan securitizations | 0 | (4,800) | (4,670) |
| Purchase of premises and equipment | (887) | (772) | (977) |
| Sale of premises and equipment | 9 | 50 | 27 |
| Acquisitions/Dispositions, net of cash acquired | (400) | 0 | (4,589) |
| Net (increase) decrease in restricted cash | (20) | (1,935) | 33 |
| Net cash provided by investing activities attributable to discontinued operations | 0 | 196 | 2,625 |
| Net cash (used in) provided by investing activities | (1,229) | (6,752) | 7,561 |
| Cash Flows from Financing Activities | |||
| Net increase in customer deposits | 3,406 | 11,037 | 358 |
| Net increase (decrease) in short-term borrowings | 1,056 | (6,574) | (8,693) |
| Issuance of long-term debt | 5,918 | 6,697 | 19,213 |
| Principal payments on long-term debt | (17,670) | (15,197) | (13,787) |
| Issuance of American Express Series A preferred shares and warrants | 0 | 3,389 | 0 |
| Issuance of American Express common shares | 663 | 614 | 176 |
| Repurchase of American Express Series A preferred shares | 0 | (3,389) | 0 |
| Repurchase of American Express stock warrants | 0 | (340) | 0 |
| Repurchase of American Express common shares | (590) | 0 | (218) |
| Dividends paid | (867) | (924) | (836) |
| Net cash provided by (used in) financing activities attributable to discontinued operations | 0 | 40 | (6,653) |
| Net cash used in financing activities | (8,084) | (4,647) | (10,440) |
| Effect of exchange rate changes on cash | 135 | 7 | 20 |
| Net increase (decrease) in cash and cash equivalents | 110 | (5,055) | 4,914 |
| Cash and cash equivalents at beginning of year includes cash of discontinued operations: 2010, $0; 2009, $3; 2008, $6,390 | 16,599 | 21,654 | |
| Cash and cash equivalents at end of year includes cash of discontinued operations: 2010, $0; 2009, $0; 2008, $3 | 16,709 | 16,599 | 21,654 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2010 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2010 10-K (Filed: Feb 28, 2011) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Cash and cash equivalents | ||
| Cash and cash due from banks | $ 2,498 | 1,525 |
| Interest-bearing deposits in other banks (including securities purchased under resale agreements: 2010, $372; 2009, $212) | 13,557 | 11,010 |
| Short-term investment securities | 654 | 4,064 |
| Total | 16,709 | 16,599 |
| Accounts receivable | ||
| Cardmember receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2010, $ 8,192; 2009, $ 8,314), less reserves: 2010, $ 386; 2009, $ 546 | 36,880 | 33,197 |
| Other receivables, less reserves: 2010, $175; 2009, $109 | 3,554 | 5,007 [1] |
| Loans | ||
| Cardmember loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2010, $ 34,726)(a), less reserves: 2010, $ 3,646; 2009, $ 3,268 | 57,204 | 29,504 |
| Other, less reserves: 2010, $24; 2009, $27 | 412 | 506 [2] |
| Investment securities | 14,010 | 20,700 |
| Premises and equipment - at cost, less accumulated depreciation: 2010, $4,483; 2009, $4,130 | 2,905 | 2,782 |
| Other assets (includes restricted cash of consolidated variable interest entities: 2010, $3,759; 2009, $1,799)(a) | 15,368 | 15,400 |
| Total assets | 147,042 | 125,145 |
| Liabilities and Shareholders' Equity | ||
| Liabilities | ||
| Customer deposits | 29,727 | 26,289 |
| Travelers Cheques outstanding | 5,618 | 5,975 |
| Accounts payable | 9,691 | 9,063 |
| Short-term borrowings | 3,414 | 2,344 |
| Long-term debt (includes debt issued by consolidated variable interest entities: 2010, $ 23,341 ; 2009, $ 4,970) | 66,416 | 77,300 |
| Other liabilities | 15,946 | 14,730 |
| Total liabilities | 130,812 | 110,739 |
| Commitments and contingencies (Note 24) | ||
| Shareholders' Equity | ||
| Common shares, $.20 par value, authorized 3.6 billion shares; issued and outstanding $1,197 million shares as of December 31, 2010 and 1,192 million shares as of December 31, 2009 | 238 | 237 |
| Additional paid-in capital | 11,937 | 11,144 |
| Retained earnings | 4,972 | 3,737 |
| Accumulated other comprehensive (loss) income | ||
| Net unrealized securities gains, net of tax: 2010, $(19); 2009, $(291) | 57 | 507 |
| Net unrealized derivatives losses, net of tax: 2010, $4; 2009, $15 | (7) | (28) |
| Foreign currency translation adjustments, net of tax: 2010, $405; 2009, $31 | (503) | (722) |
| Net unrealized pension and other postretirement benefit losses, net of tax: 2010, $226; 2009, $244 | (464) | (469) |
| Total accumulated other comprehensive loss | (917) | (712) |
| Total shareholders' equity | 16,230 | 12,637 |
| Total liabilities and shareholders' equity | 147,042 | 125,145 |
| Consolidated Balance Sheet Note [Abstract] | ||
| Variable Interest by Interest Type | ||
| Variable Interest Enterprise | ||
| Other assets (includes restricted cash of consolidated variable interest entities: 2010, $3,759; 2009, $1,799)(a) | 3,759 | 1,799 |
| Long-term debt (includes debt issued by consolidated variable interest entities: 2010, $ 23,341 ; 2009, $ 4,970) | 23,341 | 4,970 |
| Total, undivided, pro rata interest in an unconsolidated variable interest entity | 8,752 | |
| Cardmember loans, undivided, pro rata interest in an unconsolidated variable interest entity | 8,033 | |
| Other assets, undivided, pro rata interest in an unconsolidated variable interest entity | 719 | |
| Error Correction And Prior Period Adjustments Restatement By Restatement Period And Amount | ||
| Previously Reported | ||
| Investment securities | 24,337 | |
| Other assets (includes restricted cash of consolidated variable interest entities: 2010, $3,759; 2009, $1,799)(a) | 13,213 | |
| Long-term debt (includes debt issued by consolidated variable interest entities: 2010, $ 23,341 ; 2009, $ 4,970) | 52,338 | |
| Total shareholders' equity | 14,406 | |
| [1] Other receivables primarily represent amounts due from the Company's travel customers and suppliers, third-party issuing partners, accrued interest on investments and other receivables due to the Company in the ordinary course of business. As of December 31, 2009, these amounts also include $1.9 billion of cash held in an unconsolidated VIE required for daily settlement requirements. Beginning January 1, 2010, this VIE is consolidated by the Company and cash held by this consolidated VIE is considered restr | ||
| [2] Other loans primarily represent small business installment loans, a store card portfolio whose billed business is not processed on the Company's network and small business loans associated with the acquisition of CPS. | ||
| External Links | |
| AMERICAN EXPRESS CO (AXP) Fiscal Year 2010 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |