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: 2011 | |||
Consolidated Statements of Income and Retained Earnings | |||
Period Ending Dec 31, 2011 10-K (Filed: Mar 15, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues | |||
| Discount revenue earned from purchased cardmember receivables and loans | $ 435 | 443 | 652 |
| Interest income from affiliates | 505 | 466 | 432 |
| Interest income from investments | 6 | 32 | 83 |
| Finance revenue | 38 | 39 | 48 |
| Total revenues | 984 | 980 | 1,215 |
| Expenses | |||
| Provisions for losses | 80 | 128 | 214 |
| Interest expense | 695 | 582 | 588 |
| Interest expense to affiliates | 12 | 16 | 41 |
| Service fees to affiliates | 0 | 1 | 1 |
| Other, net | (152) | (71) | 1 |
| Total expenses | 635 | 656 | 845 |
| Pretax income | 349 | 324 | 370 |
| Income tax (benefit) provision | (48) | (24) | 8 |
| Net income | 397 | 348 | 362 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2011 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Mar 15, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 397 | 348 | 362 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provisions for losses | 80 | 128 | 214 |
| Amortization and other | 3 | 29 | 26 |
| Deferred taxes | (35) | 39 | 17 |
| Changes in operating assets and liabilities: | |||
| Due from affiliates, net | 73 | 61 | 174 |
| Other operating assets and liabilities | 471 | 300 | 78 |
| Net cash provided by operating activities | 989 | 905 | 871 |
| Cash Flows from Investing Activities | |||
| Net increase in cardmember receivables and loans | (600) | (2,774) | 775 |
| Maturities of investments | 0 | 2,000 | 1,000 |
| Net decrease (increase) in loans to affiliates | (500) | (194) | 3,038 |
| Net (increase) decrease in due from affiliates | (1,871) | 2,709 | (1,438) |
| Net cash used in investing activities | (2,971) | 1,741 | 3,375 |
| Cash Flows from Financing Activities | |||
| Net increase in short-term debt | (9) | (371) | (6,350) |
| Net increase (decrease) in short-term debt to affiliates | 255 | (127) | (4,424) |
| Issuance of long-term debt | 8,523 | 2,396 | 3,697 |
| Principal payments on long-term debt | (6,436) | (3,610) | (5,322) |
| Dividends paid | (865) | (260) | (400) |
| Net cash provided by (used in) financing activities | 1,468 | (1,972) | (12,799) |
| Effect of exchange rate changes on cash and cash equivalents | 6 | 10 | 2 |
| Net (decrease) increase in cash and cash equivalents | (508) | 684 | (8,551) |
| Cash and cash equivalents at beginning of period | 988 | 304 | |
| Cash and cash equivalents at end of period | 480 | 988 | 304 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2011 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2011 10-K (Filed: Mar 15, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 480 | 988 |
| Cardmember receivables, less reserves | 12,736 | 12,261 |
| Cardmember loans, less reserves | 406 | 371 |
| Loans to affiliates | 11,437 | 10,987 |
| Deferred charges and other assets | 393 | 627 |
| Due from affiliates | 5,689 | 3,987 |
| Total assets | 31,141 | 29,221 |
| Liabilities and Shareholder's Equity | ||
| Liabilities | ||
| Short-term debt | 634 | 645 |
| Short-term debt to affiliates | 4,035 | 3,781 |
| Long-term debt | 21,164 | 18,983 |
| Total debt | 25,833 | 23,409 |
| Due to affiliates | 1,702 | 1,742 |
| Accrued interest and other liabilities | 475 | 507 |
| Total liabilities | 28,010 | 25,658 |
| Shareholder's Equity | ||
| Common stock, $.10 par value, authorized 3 million shares; issued and outstanding 1.5 million shares | 0 | 0 |
| Additional paid-in-capital | 162 | 162 |
| Retained earnings | 3,028 | 3,496 |
| Accumulated other comprehensive income (loss), net of tax: | ||
| Foreign currency translation adjustments, net of tax | (58) | (95) |
| Net unrealized derivative losses, net of tax | (1) | 0 |
| Total accumulated other comprehensive income (loss) | (59) | (95) |
| Total shareholder's equity | 3,131 | 3,563 |
| Total liabilities and shareholder's equity | 31,141 | 29,221 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2011 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues | |||
| Non-interest revenues | |||
| Discount revenue | $ 16,734 | 14,880 | 13,202 |
| Net card fees | 2,183 | 2,102 | 2,151 |
| Travel commissions and fees | 1,971 | 1,773 | 1,591 |
| Other commissions and fees | 2,269 | 2,031 | 1,778 |
| Securitization income, net | 0 | 0 | 400 |
| Other revenue | 2,164 | 1,927 | 2,090 |
| Total non-interest revenues | 25,321 | 22,713 | 21,212 |
| Interest income | |||
| Interest and fees on loans | 6,537 | 6,783 | 4,468 |
| Interest and dividends on investment securities | 327 | 443 | 804 |
| Deposits with banks and other | 97 | 66 | 59 |
| Total interest income | 6,961 | 7,292 | 5,331 |
| Interest expense | |||
| Deposits | 528 | 546 | 425 |
| Short-term borrowings | 11 | 3 | 37 |
| Long-term debt and other | 1,781 | 1,874 | 1,745 |
| Total interest expense | 2,320 | 2,423 | 2,207 |
| Net interest income | 4,641 | 4,869 | 3,124 |
| Total revenues net of interest expense | 29,962 | 27,582 | 24,336 |
| Provisions for losses | |||
| Charge card | 770 | 595 | 857 |
| Cardmember loans | 253 | 1,527 | 4,266 |
| Other | 89 | 85 | 190 |
| Total provisions for losses | 1,112 | 2,207 | 5,313 |
| Total revenues net of interest expense after provisions for losses | 28,850 | 25,375 | 19,023 |
| Expenses | |||
| Marketing, promotion, rewards and cardmember services | 9,930 | 8,738 | 6,563 |
| Salaries and employee benefits | 6,252 | 5,566 | 5,080 |
| Professional services | 2,951 | 2,806 | 2,408 |
| Other | 2,761 | 2,301 | 2,131 |
| Total | 21,894 | 19,411 | 16,182 |
| Pretax income (loss) from continuing operations | 6,956 | 5,964 | 2,841 |
| Income tax provision | 2,057 | 1,907 | 704 |
| Income from continuing operations | 4,899 | 4,057 | 2,137 |
| Loss from discontinued operations, net of tax | 36 | 0 | (7) |
| Net income | 4,935 | 4,057 | 2,130 |
| Earnings Per Share, Basic [Abstract] | |||
| Income from continuing operations attributable to common shareholders | 4.11 | 3.37 | 1.55 |
| Loss from discontinued operations, net of tax | 0.03 | 0.00 | (0.01) |
| Net income attributable to common shareholders | 4.14 | 3.37 | 1.54 [1] |
| Earnings Per Share, Diluted [Abstract] | |||
| Income from continuing operations attributable to common shareholders | 4.09 | 3.35 | 1.54 |
| Loss from discontinued operations, net of tax | 0.03 | 0.00 | 0.00 |
| Net income attributable to common shareholders | 4.12 | 3.35 | 1.54 |
| Average common shares outstanding for earnings per common share: | |||
| Basic | 1,178 | 1,188 | 1,168 |
| Diluted | 1,184 | 1,195 | 1,171 |
| [1] Represents income from continuing operations or net income, as applicable, less (i) accelerated preferred dividend accretion of $212 million for the year ended December 31, 2009 due to the repurchase of $3.39 billion of preferred shares issued as part of the Capital Purchase Program, (ii) preferred share dividends and related accretion of $94 million for the year ended December 31, 2009 and (iii) earnings allocated to participating share awards and other items of $58 million, $51 million and $22 million for | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2011 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 4,935 | 4,057 | 2,130 |
| Income (loss) from discontinued operations, net of tax | (36) | 0 | 7 |
| Income from continuing operations | 4,899 | 4,057 | 2,137 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provisions for losses | 1,112 | 2,207 | 5,313 |
| Depreciation and amortization | 918 | 917 | 1,070 |
| Deferred taxes and other | 818 | 1,135 | (1,429) |
| Stock-based compensation | 301 | 287 | 230 |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Other receivables | 663 | (498) | (730) |
| Other assets | (635) | (590) | 526 |
| Accounts payable and other liabilities | 2,893 | 1,737 | (98) |
| Travelers Cheques outstanding | (494) | (317) | (449) |
| Net cash (used in) provided by operating activities attributable to discontinued operations | 0 | 0 | (233) |
| Net cash provided by operating activities | 10,475 | 8,935 | 6,337 |
| Cash Flows from Investing Activities | |||
| Sale of investments | 1,176 | 2,196 | 2,930 |
| Maturity and redemption of investments | 6,074 | 12,066 | 2,900 |
| Purchase of investments | (1,158) | (7,804) | (13,719) |
| Net (increase) decrease in cardmember loans/receivables | (8,358) | (6,389) | 6,154 |
| Proceeds from cardmember loan securitizations | 0 | 0 | 2,244 |
| Maturities of cardmember loan securitizations | 0 | 0 | (4,800) |
| Purchase of premises and equipment, net of sales | (1,189) | (878) | (722) |
| Acquisitions/Dispositions, net of cash acquired | (610) | (400) | 0 |
| Net (increase) decrease in restricted cash | 3,574 | (20) | (1,935) |
| Net cash provided by investing activities attributable to discontinued operations | 0 | 0 | 196 |
| Net cash provided by (used in) investing activities | (491) | (1,229) | (6,752) |
| Cash Flows from Financing Activities | |||
| Net increase in customer deposits | 8,232 | 3,406 | 11,037 |
| Net increase (decrease) in short-term borrowings | (2) | 1,056 | (6,574) |
| Issuance of long-term debt | 13,982 | 5,918 | 6,697 |
| Principal payments on long-term debt | (21,029) | (17,670) | (15,197) |
| Issuance of American Express Series A preferred shares and warrants | 0 | 0 | 3,389 |
| Issuance of American Express common shares | 594 | 663 | 614 |
| Repurchase of American Express Series A preferred shares | 0 | 0 | (3,389) |
| Repurchase of American Express stock warrants | 0 | 0 | (340) |
| Repurchase of American Express common shares | (2,300) | (590) | 0 |
| Dividends paid | (861) | (867) | (924) |
| Net cash provided by financing activities attributable to discontinued operations | 0 | 0 | 40 |
| Net cash used in financing activities | (1,384) | (8,084) | (4,647) |
| Effect of exchange rate changes on cash | (63) | 135 | 7 |
| Net increase (decrease) in cash and cash equivalents | 8,537 | (243) | (5,055) |
| Cash and cash equivalents at beginning of year | 16,356 | 16,599 | |
| Cash and cash equivalents at end of year | 24,893 | 16,356 | 16,599 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2011 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | ||
| Cash and cash due from banks | $ 3,514 | 2,145 |
| Interest-bearing deposits in other banks (including securities purchased under resale agreements) | 20,572 | 13,557 |
| Short-term investment securities | 807 | 654 |
| Total | 24,893 | 16,356 |
| Accounts receivable | ||
| Cardmember receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity), less reserves | 40,452 | 36,880 |
| Other receivables, less reserves | 3,657 | 3,554 |
| Loans | ||
| Cardmember loans, (includes gross loans available to settle obligations of a consolidated variable interest entity), less reserves | 60,747 | 57,204 |
| Other loans, less reserves | 419 | 412 |
| Investment securities | 7,147 | 14,010 |
| Premises and equipment, at cost, less accumulated depreciation | 3,367 | 2,905 |
| Other assets (includes restricted cash of consolidated variable interest entities) | 12,655 | 15,368 |
| Total assets | 153,337 | 146,689 |
| Liabilities and Shareholders' Equity | ||
| Liabilities | ||
| Customer deposits | 37,898 | 29,727 |
| Travelers Cheques outstanding | 5,123 | 5,618 |
| Accounts payable | 10,458 | 9,691 |
| Short-term borrowings | 3,424 | 3,414 |
| Long-term debt (includes debt issued by consolidated variable interest entities) | 59,570 | 66,416 |
| Other liabilities | 18,070 | 15,593 |
| Total liabilities | 134,543 | 130,459 |
| Shareholders Equity | ||
| Common shares | 232 | 238 |
| Additional paid-in capital | 12,217 | 11,937 |
| Retained earnings | 7,221 | 4,972 |
| Accumulated other comprehensive (loss) income | ||
| Net unrealized securities gains, net of tax | 288 | 57 |
| Net unrealized derivatives losses, net of tax | (1) | (7) |
| Foreign currency translation adjustments, net of tax | (682) | (503) |
| Net unrealized pension and other postretirement benefit losses, net of tax | (481) | (464) |
| Total accumulated other comprehensive loss | (876) | (917) |
| Total shareholders equity | 18,794 | 16,230 |
| Total liabilities and shareholders equity | 153,337 | 146,689 |
| External Links | |
| AMERICAN EXPRESS CO (AXP) Fiscal Year 2011 | |
| 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 |