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: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Mar 10, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues | |||
| Discount revenue earned from purchased Card Member receivables and loans | $ 502 | 547 | 543 |
| Interest income from affiliates | 382 | 412 | 494 |
| Other interest income | 2 | 2 | 8 |
| Finance revenue | 43 | 46 | 43 |
| Total revenues | 929 | 1,007 | 1,088 |
| Expenses | |||
| Provisions for losses | 202 | 148 | 143 |
| Interest expense | 496 | 590 | 731 |
| Interest expense to affiliates | 6 | 7 | 18 |
| Other, net | (93) | (88) | (92) |
| Total expenses | 611 | 657 | 800 |
| Pretax income | 318 | 350 | 288 |
| Income tax benefit | (35) | (96) | (51) |
| Net income | 353 | 446 | 339 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Mar 10, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net income | $ 353 | 446 | 339 |
| Other comprehensive (loss) income: | |||
| Net unrealized derivatives gains (losses), net of tax | 0 | 0 | 1 |
| Foreign currency translation adjustments, net of tax | (309) | (486) | 66 |
| Other comprehensive (loss) income | (309) | (486) | 67 |
| Comprehensive (loss) income | 44 | (40) | 406 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Mar 10, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 353 | 446 | 339 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provisions for losses | 202 | 148 | 143 |
| Amortization and other | 24 | 20 | 24 |
| Deferred taxes | (17) | 9 | 16 |
| Changes in operating assets and liabilities: | |||
| Interest, taxes and other amounts due from affiliates, net | 44 | (199) | 61 |
| Other operating assets and liabilities | (455) | (675) | (196) |
| Net cash provided by (used in) operating activities | 151 | (251) | 387 |
| Cash Flows from Investing Activities | |||
| Net (increase) decrease in Card Member receivables and loans | (251) | 936 | (2,685) |
| Net (increase) decrease in loans to affiliates | (4,746) | 1,210 | (1,413) |
| Net decrease in due from affiliates | 662 | 6 | 1,775 |
| Net cash (used in) provided by investing activities | (4,335) | 2,152 | (2,323) |
| Cash Flows from Financing Activities | |||
| Net increase (decrease) in short-term debt | 569 | 179 | (620) |
| Net increase (decrease) in short-term debt to affiliates | 798 | (524) | 53 |
| Issuance of long-term debt | 7,509 | 3,549 | 4,244 |
| Principal payments on long-term debt | (4,355) | (4,845) | (1,596) |
| Dividends paid | (342) | (441) | (368) |
| Net cash provided by (used in) financing activities | 4,179 | (2,082) | 1,713 |
| Effect of exchange rate changes on cash and cash equivalents | (7) | (8) | 18 |
| Net decrease in cash and cash equivalents | (12) | (189) | (205) |
| Cash and cash equivalents at beginning of period | 86 | 275 | |
| Cash and cash equivalents at end of period | 74 | 86 | 275 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Mar 10, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Cash and cash equivalents | $ 74 | 86 |
| Card Member receivables, less reserves | 14,413 | 14,458 |
| Card Member loans, less reserves | 398 | 519 |
| Loans to affiliates and other | 15,303 | 11,340 |
| Other assets | 446 | 143 |
| Due from affiliates | 2,206 | 3,380 |
| Total assets | 32,840 | 29,926 |
| Liabilities and Shareholder's Equity | ||
| Liabilities | ||
| Short-term debt | 769 | 200 |
| Short-term debt to affiliates | 4,334 | 3,583 |
| Long-term debt | 24,282 | 21,700 |
| Total debt | 29,385 | 25,483 |
| Due to affiliates | 888 | 1,323 |
| Accrued interest and other liabilities | 178 | 433 |
| Total liabilities | 30,451 | 27,239 |
| 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 | 161 | 161 |
| Retained earnings | 3,015 | 3,004 |
| Accumulated other comprehensive loss | ||
| Foreign currency translation adjustments, net of tax | (787) | (478) |
| Total accumulated other comprehensive loss | (787) | (478) |
| Total shareholder's equity | 2,389 | 2,687 |
| Total liabilities and shareholder's equity | 32,840 | 29,926 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 24, 2015) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues | |||
| Non-interest revenues | |||
| Discount revenue | $ 19,493 | 18,695 | 17,739 |
| Net card fees | 2,712 | 2,631 | 2,506 |
| Travel commissions and fees | 1,118 | 1,913 | 1,940 |
| Other commissions and fees | 2,508 | 2,414 | 2,317 |
| Other | 2,989 | 2,274 | 2,425 |
| Total non-interest revenues | 28,820 | 27,927 | 26,927 |
| Interest income | |||
| Interest on loans | 6,929 | 6,718 | 6,511 |
| Interest and dividends on investment securities | 179 | 201 | 246 |
| Deposits with banks and other | 71 | 86 | 97 |
| Total interest income | 7,179 | 7,005 | 6,854 |
| Interest expense | |||
| Deposits | 373 | 442 | 480 |
| Long-term debt and other | 1,334 | 1,516 | 1,746 |
| Total interest expense | 1,707 | 1,958 | 2,226 |
| Net interest income | 5,472 | 5,047 | 4,628 |
| Total revenues net of interest expense | 34,292 | 32,974 | 31,555 |
| Provisions for losses | |||
| Provisions | 792 | 648 | 601 |
| Card member loans | 1,138 | 1,115 | 1,030 |
| Other | 114 | 69 | 81 |
| Total provisions for losses | 2,044 | 1,832 | 1,712 |
| Total revenues net of interest expense after provisions for losses | 32,248 | 31,142 | 29,843 |
| Expenses | |||
| Marketing, promotion, rewards and Card Member services | 11,073 | 10,267 | 9,944 |
| Salaries and employee benefits | 6,095 | 6,191 | 6,597 |
| Other expense | 6,089 | 6,796 | 6,851 |
| Total expenses | 23,257 | 23,254 | 23,392 |
| Pretax income | 8,991 | 7,888 | 6,451 |
| Income tax provision | 3,106 | 2,529 | 1,969 |
| Net income attributable to common shareholders | 5,885 | 5,359 | 4,482 |
| Earnings per Common Share | |||
| Basic | 5.58 [1] | 4.91 | 3.91 |
| Diluted | 5.56 | 4.88 | 3.89 |
| Average common shares outstanding for earnings per common share: | |||
| Basic | 1,045 | 1,082 | 1,135 |
| Diluted | 1,051 | 1,089 | 1,141 |
| [1] Represents net income less earnings allocated to participating share awards of $ 46 million, $ 47 million and $ 49 million for the years ended December 31, 2014 , 2013 and 2012 , respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 24, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net income | $ 5,885 | 5,359 | 4,482 |
| Other comprehensive income (loss) | |||
| Net unrealized securities (losses) gains, net of tax | 33 | (252) | 27 |
| Net unrealized derivatives gains, net of tax | 0 | 0 | 1 |
| Foreign currency translation adjustments, net of tax | (409) | (336) | (72) |
| Net unrealized pension and other postretirement benefit (losses) gains, net of tax | (117) | 89 | (7) |
| Other comprehensive loss | (493) | (499) | (51) |
| Comprehensive income | 5,392 | 4,860 | 4,431 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 24, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 5,885 | 5,359 | 4,482 |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
| Provisions for losses | 2,044 | 1,832 | 1,712 |
| Depreciation and amortization | 1,012 | 1,020 | 991 |
| Deferred taxes and other | (941) | (5) | 496 |
| Stock-based compensation | 290 | 350 | 297 |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Other receivables | (56) | (73) | 153 |
| Other assets | 650 | 335 | 390 |
| Accounts payable and other liabilities | 2,594 | 88 | (358) |
| Travelers Cheques and other prepaid products | (488) | (359) | (540) |
| Premium paid on debt exchange | 0 | 0 | (541) |
| Net cash provided by operating activities | 10,990 | 8,547 | 7,082 |
| Cash Flows from Investing Activities | |||
| Sales of available-for-sale investment securities | 242 | 217 | 525 |
| Maturities and redemptions of available-for-sale investment securities | 1,116 | 1,292 | 1,562 |
| Sales of other investments | 990 | 0 | 0 |
| Purchase of investments | (886) | (1,348) | (473) |
| Net increase in Card Member loans/receivables | (8,077) | (6,301) | (6,671) |
| Purchase of premises and equipment, net of sales: 2014, $3; 2013, $72; 2012, $3 | (1,195) | (1,006) | (1,053) |
| Acquisitions/dispositions, net of cash acquired | (229) | (195) | (466) |
| Net decrease in restricted cash | 72 | 72 | 31 |
| Net cash (used in) provided by investing activities | (7,967) | (7,269) | (6,545) |
| Cash Flows from Financing Activities | |||
| Net increase in customer deposits | 2,459 | 1,195 | 2,300 |
| Net (decrease) increase in short-term borrowings | (1,374) | 1,843 | (1,015) |
| Issuance of long-term debt | 16,020 | 11,995 | 13,934 |
| (Principal payments on) / issuance of long term debt | (12,768) | (14,763) | (14,076) |
| Issuance of American Express preferred shares | 742 | 0 | 0 |
| Issuance of American Express common shares | 362 | 721 | 443 |
| Repurchase of American Express common shares | (4,389) | (3,943) | (3,952) |
| Dividends paid | (1,041) | (939) | (902) |
| Net cash provided by (used in) financing activities | 11 | (3,891) | (3,268) |
| Effect of exchange rate changes on cash and cash equivalents | (232) | (151) | 88 |
| Net increase (decrease) in cash and cash equivalents | 2,802 | (2,764) | (2,643) |
| Cash and cash equivalents at beginning of year | 19,486 | 22,250 | |
| Cash and cash equivalents at end of year | 22,288 | 19,486 | 22,250 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 24, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Cash and cash equivalents | ||
| Cash and cash due from banks | $ 2,628 | 2,212 |
| Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2014, $204; 2013, $143) | 19,190 | 16,776 |
| Short-term investment securities | 470 | 498 |
| Total cash and cash equivalents | 22,288 | 19,486 |
| Accounts receivable | ||
| Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2014, $7,025; 2013, $7,329, less reserves: 2014, $465; 2013, $386 | 44,386 | 43,777 |
| Other receivables, less reserves: 2014, $61; 2013, $71 | 2,614 | 3,408 |
| Loans | ||
| Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2014, $30,115; 2013, $31,245), less reserves: 2014, $1,201; 2013, $1,261 | 69,184 | 65,977 |
| Other loans, less reserves: 2014, $12; 2013, $13 | 920 | 608 |
| Investment securities | 4,431 | 5,016 |
| Premises and equipment, less accumulated depreciation and amortization: 2014, $6,270; 2013, $5,978 | 3,938 | 3,875 |
| Other assets (includes restricted cash of consolidated variable interest entities: 2014, $64; 2013, $58) | 11,342 | 11,228 |
| Total assets | 159,103 | 153,375 |
| Liabilities and Shareholders' Equity | ||
| Liabilities | ||
| Customer deposits | 44,171 | 41,763 |
| Travelers Cheques and other prepaid products | 3,673 | 4,240 |
| Accounts payable | 11,300 | 10,615 |
| Short-term borrowings (includes debt issued by consolidated variable interest entities: 2014, nil; 2013, $2,000) | 3,480 | 5,021 |
| Long-term debt (includes debt issued by consolidated variable interest entities: 2014, $19,516; 2013, $18,690) | 57,955 | 55,330 |
| Other liabilities | 17,851 | 16,910 |
| Total liabilities | 138,430 | 133,879 |
| Shareholders' Equity | ||
| Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 750 shares as of December 31, 2014 and nil as of December 31, 2013 (Note 17) | 0 | 0 |
| Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 1,023 million shares as of December 31, 2014 and 1,064 million shares as of December 31, 2013 | 205 | 213 |
| Additional paid-in capital | 12,874 | 12,202 |
| Retained earnings | 9,513 | 8,507 |
| Accumulated other comprehensive income (loss) | ||
| Net unrealized securities gains, net of tax of: 2014, $52; 2013, $33 | 96 | 63 |
| Foreign currency translation adjustments, net of tax of: 2014, $(317); 2013, $(526) | (1,499) | (1,090) |
| Net unrealized pension and other postretirement benefit losses, net of tax of: 2014, $(223); 2013, $(177) | (516) | (399) |
| Total accumulated other comprehensive loss | (1,919) | (1,426) |
| Total shareholders' equity | 20,673 | 19,496 |
| Total liabilities and shareholders' equity | 159,103 | 153,375 |
| External Links | |
| AMERICAN EXPRESS CO (AXP) Fiscal Year 2014 | |
| 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 |