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: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Mar 1, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues | |||
| Discount revenue earned from purchased Card Member receivables and Card Member loans | $ 1,017 | 760 | 471 |
| Interest income from affiliates and other | 383 | 279 | 207 |
| Finance revenue | 61 | 48 | 40 |
| Total revenues | 1,461 | 1,087 | 718 |
| Expenses | |||
| Provisions for losses | 249 | 244 | 151 |
| Interest expense | 626 | 495 | 317 |
| Interest expense to affiliates | 225 | 58 | 24 |
| Other, net | (55) | 15 | 14 |
| Total expenses | 1,045 | 812 | 506 |
| Pretax income | 416 | 275 | 212 |
| Income tax provision | 29 | 878 | 15 |
| Net income (loss) | 387 | (603) | 197 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2018 | |||
Consolidated Statement of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Mar 1, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income (loss) | $ 387 | (603) | 197 |
| Other comprehensive (loss) income: | |||
| Foreign currency translation adjustments, net of tax | (62) | 265 | (107) |
| Other comprehensive (loss) income | (62) | 265 | (107) |
| Comprehensive income (loss) | 325 | (338) | 90 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Mar 1, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash Flows from Operating Activities | |||
| Net income (loss) | $ 387 | (603) | 197 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Provisions for losses | 249 | 244 | 151 |
| Amortization of underwriting expense | 25 | 28 | 23 |
| Deferred taxes | (35) | 55 | 14 |
| Changes in operating assets and liabilities: | |||
| Interest, taxes and other amounts due to/from affiliates | (90) | 1,088 | (39) |
| Other operating assets and liabilities | 405 | (378) | 475 |
| Net cash provided by operating activities | 941 | 434 | 821 |
| Cash Flows from Investing Activities | |||
| Net increase in Card Member receivables and Card Member loans including held for sale | (4,984) | (1,998) | (1,059) |
| Net (increase) decrease in loans to affiliates and other | (67) | (1,245) | 2,973 |
| Net increase (decrease) in due to/from affiliates | 978 | (1,718) | (515) |
| Net cash (used in) provided by investing activities | (4,073) | (4,961) | 1,399 |
| Cash Flows from Financing Activities | |||
| Net (decrease) increase in short-term debt | (482) | (1,685) | 873 |
| Net (decrease) increase in short-term debt to affiliates | (97) | 1,414 | (861) [1] |
| Proceeds from long-term debt | 0 | 8,438 | 3,791 |
| Principal payments of long-term debt | (3,647) | (4,900) | (4,961) |
| Proceeds from long-term debt to affiliates | 11,812 | 270 | 0 |
| Principal Payments Of long-term Debt Affiliates | (4,546) | 0 | 0 |
| Net cash provided by (used in) financing activities | 3,040 | 3,537 | (1,158) |
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (9) | 75 | (24) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (101) | (915) | 1,038 |
| Cash, cash equivalents and restricted cash at beginning of period | 296 | 1,211 | |
| Cash, cash equivalents and restricted cash at end of period | 195 | 296 | 1,211 |
| [1] Pursuant to the revision of the master note arrangem ent with American Express Company during the fourth quarter of 2018, Credco has changed the classification of the net borrowings from s hort - term debt to affiliate s to l ong- term debt to affiliate s . Refer to Note 9 for additional information . | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Mar 1, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and cash equivalents | $ 102 | 196 |
| Card Member receivables, less reserves | 24,429 | 20,131 |
| Card Member loans, less reserves | 636 | 556 |
| Loans to affiliates and other | 14,136 | 14,527 |
| Due from affiliates | 210 | 189 |
| Other assets | 529 | 290 |
| Total assets | 40,042 | 35,889 |
| Liabilities and Shareholder's Equity | ||
| Liabilities | ||
| Short-term debt | 826 | 1,308 |
| Short-term debt to affiliates | 5,899 | 5,997 |
| Long-term debt | 20,447 | 24,153 |
| Long-term debt to affiliates | 7,523 | 270 |
| Total debt | 34,695 | 31,728 |
| Due to affiliates | 2,869 | 1,988 |
| Accrued interest and other liabilities | 282 | 302 |
| Total liabilities | 37,846 | 34,018 |
| Shareholder's Equity | ||
| Common stock, $0.10 par value, authorized 3 million shares; issued and outstanding 1.5 million shares as of December 31, 2018 and 2017 | 0 | 0 |
| Additional paid-in-capital | 161 | 161 |
| Retained earnings | 3,095 | 2,708 |
| Accumulated other comprehensive loss: | ||
| Foreign currency translation adjustments, net of tax | (1,060) | (998) |
| Total accumulated other comprehensive loss | (1,060) | (998) |
| Total shareholder's equity | 2,196 | 1,871 |
| Total liabilities and shareholder's equity | 40,042 | 35,889 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2018 | ||
Consolidated Statements of Operations and Comprehensive Loss | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | ||
| (In Thousands, except shares in actual) | ||
| 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Revenue | $ 7,817 | 3,906 |
| Cost of goods sold | 12,821 | 9,190 |
| Gross loss | (5,004) | (5,284) |
| Operating expenses: | ||
| Research and development | 4,285 | 8,726 |
| Selling, general and administrative | 15,406 | 14,393 |
| Total operating expenses | 19,691 | 23,119 |
| Operating loss | (24,695) | (28,403) |
| Other expense (income): | ||
| Interest expense | 1,939 | 796 |
| Other expense (income), net | 83 | (217) |
| Total other expense (income), net | 2,022 | 579 |
| Operating loss before income tax provision | (26,717) | (28,982) |
| Provision for income taxes | 4 | 1 |
| Net loss | (26,721) | (28,983) |
| Net loss per Class A common share: basic and diluted (in dollars per share) | (0.2100) | (0.3100) |
| Weighted average number of Class A common shares used in computing net loss per Class A common share: basic and diluted (in shares) | 126,331,276 | 93,544,173 |
| Comprehensive loss: | ||
| Net Loss | (26,721) | (28,983) |
| Unrealized gain on investments | (6) | 6 |
| Total comprehensive loss | (26,727) | (28,977) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2018 | ||
Consolidated Statements of Cash Flows | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | ||
| (In Thousands, except shares in actual) | ||
| 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Cash flows from operating activities | ||
| Net loss | $ (26,721) | (28,983) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,311 | 667 |
| Amortization of debt discount and deferred issuance cost | 476 | 211 |
| Loss on disposal of assets | 177 | |
| Inventory write-down | 1,546 | 2,990 |
| Stock-based compensation | 731 | 707 |
| Allowance for doubtful accounts | 26 | |
| Sales returns reserve | (56) | 179 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 287 | (1,083) |
| Inventory | (2,195) | (9,383) |
| Prepaid expenses and other assets | (307) | (499) |
| Accounts payable | (1,545) | 1,460 |
| Accrued expenses | 251 | 1,279 |
| Net cash used in operating activities | (26,019) | (32,455) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (691) | (2,587) |
| Maturities of short-term investments | 18,428 | 13,564 |
| Purchases of short-term investments | (31,992) | |
| Net cash provided by (used in) investing activities | 17,737 | (21,015) |
| Cash flows from financing activities | ||
| Proceeds from debt issuance, net of issuance costs | 14,717 | |
| Principal payments on notes payable | (1,272) | |
| Proceeds from issuance of common stock, net of issuance costs | 13,490 | 32,649 |
| Proceeds from exercise of stock options | 5 | 61 |
| Proceeds from exercise of warrants for common stock | ||
| Net cash provided by financing activities | 13,495 | 46,155 |
| Net increase (decrease) in cash and cash equivalents | 5,213 | (7,315) |
| Cash and cash equivalents -- beginning of period | 4,162 | 11,477 |
| Cash and cash equivalents -- end of period | 9,375 | 4,162 |
| Supplemental disclosure: | ||
| Cash paid for interest | 1,291 | 445 |
| Cash paid for taxes | 4 | 1 |
| Supplemental schedule of noncash investing and financing activities: | ||
| Issuance of warrant in connection with debt | 192 | 227 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| ASSETS | ||
| Cash and cash equivalents | $ 9,375 | 4,162 |
| Short-term investments | 0 | 18,428 |
| Accounts receivable, net | 765 | 1,022 |
| Inventory | 8,781 | 8,132 |
| Prepaid expenses and other current assets | 1,313 | 1,018 |
| Total current assets | 20,234 | 32,762 |
| Property and equipment | 3,638 | 4,435 |
| Other assets | 132 | 129 |
| Total assets | 24,004 | 37,326 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current portion of long-term debt, net of discount | ||
| Accounts payable | 1,800 | 3,345 |
| Accrued expenses | 2,771 | 2,521 |
| Total current liabilities | 4,571 | 5,866 |
| Long-term debt, less current portion, net of discount | 14,907 | 14,624 |
| Total liabilities | 19,478 | 20,490 |
| Commitments and Contingencies (Note 8) | ||
| Stockholders' equity | ||
| Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued and outstanding at December 31, 2018 and 2017 | 0 | 0 |
| Additional paid-in capital | 126,372 | 112,045 |
| Accumulated other comprehensive income | 6 | |
| Accumulated deficit | (122,032) | (95,311) |
| Total stockholders' equity | 4,526 | 16,836 |
| Total liabilities and stockholders' equity | 24,004 | 37,326 |
| Class of Stock | ||
| Common Class A | ||
| Class A common stock, $0.001 par value; 600,000,000 authorized; 186,153,283 and 95,943,409 issued and outstanding at December 31, 2018 and 2017, respectively | 186 | 96 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues | |||
| Other | $ 1,360 | 1,457 | 1,678 |
| Total non-interest revenues | 32,675 | 30,427 | 29,659 |
| Interest income | |||
| Interest on loans | 9,941 | 8,148 | 7,214 |
| Interest and dividends on investment securities | 118 | 89 | 131 |
| Deposits with banks and other | 547 | 326 | 139 |
| Total interest income | 10,606 | 8,563 | 7,484 |
| Interest expense | |||
| Deposits | 1,287 | 779 | 598 |
| Long-term debt and other | 1,656 | 1,333 | 1,107 |
| Total interest expense | 2,943 | 2,112 | 1,705 |
| Net interest income | 7,663 | 6,451 | 5,779 |
| Total revenues net of interest expense | 40,338 | 36,878 | 35,438 |
| Provisions for losses | |||
| Charge Card | 937 | 795 | 696 |
| Card member loans | 2,266 | 1,868 | 1,235 |
| Other | 149 | 97 | 96 |
| Total provisions for losses | 3,352 | 2,760 | 2,027 |
| Total revenues net of interest expense after provisions for losses | 36,986 | 34,118 | 33,411 |
| Expenses | |||
| Marketing and promotion | 6,470 | 5,722 | 6,249 |
| Card Member rewards | 9,696 | 8,687 | 7,819 |
| Card Member services and other | 1,777 | 1,392 | 1,100 |
| Salaries and employee benefits | 5,250 | 5,258 | 5,259 |
| Other,net | 5,671 | 5,634 | 4,942 |
| Total Expenses | 28,864 | 26,693 | 25,369 |
| Pretax income | 8,122 | 7,425 | 8,042 |
| Income tax provision | 1,201 | 4,677 | 2,667 |
| Net income | 6,921 | 2,748 | 5,375 |
| Earnings per Common Share | |||
| Basic | 7.93 | 3.00 | 5.63 [1] |
| Diluted | 7.91 | 2.99 | 5.61 |
| Average common shares outstanding for earnings per common share: | |||
| Basic | 856 | 883 | 933 |
| Diluted | 859 | 886 | 935 |
| Product Or Service | |||
| Discount Revenue | |||
| Revenues and Fees | 24,721 | 22,890 | 22,377 |
| Net Card Fees | |||
| Revenues and Fees | 3,441 | 3,090 | 2,886 |
| Other Fees and Commissions | |||
| Revenues and Fees | 3,153 | 2,990 | 2,718 |
| [1] Represents net income less (i) earnings allocated to participating share awards of $ 54 million, $ 21 million and $ 43 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and (ii) dividends on preferred shares of $ 80 millio n, $ 81 million and $ 80 million for the years ended December 31, 2018 , 2017 and 2016 , r e s p e c t i v e l y . | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 6,921 | 2,748 | 5,375 |
| Other comprehensive income (loss) | |||
| Net unrealized securities losses, net of tax | (8) | (7) | (51) |
| Foreign currency translation adjustments, net of tax | (172) | 301 | (218) |
| Net unrealized pension and other postretirement benefit, net of tax | 11 | 62 | 19 |
| Other comprehensive gain (loss) | (169) | 356 | (250) |
| Comprehensive income | 6,752 | 3,104 | 5,125 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 6,921 | 2,748 | 5,375 |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
| Provisions for losses | 3,352 | 2,760 | 2,027 |
| Depreciation and amortization | 1,293 | 1,321 | 1,095 |
| Deferred taxes and other | 455 | 782 | (1,066) |
| Stock-based compensation | 283 | 282 | 254 |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Other receivables | 248 | 475 | (332) |
| Other assets | 743 | (77) | 206 |
| Accounts payable and other liabilities | (4,121) | 5,506 | 1,180 |
| Travelers Cheques and other prepaid products | (244) | (257) | (448) |
| Net cash provided by operating activities | 8,930 | 13,540 | 8,291 |
| Cash Flows from Investing Activities | |||
| Sales of available-for-sale investment securities | 4 | 2 | 88 |
| Maturities and redemptions of available-for-sale investment securities | 3,499 | 2,494 | 2,429 |
| Sales of other investments | 0 | 0 | 10 |
| Purchase of investments | (5,434) | (2,612) | (2,162) |
| Net increase in Card Member receivables and loans, including held for sale | (15,854) | (16,853) | 3,220 |
| Purchase of premises and equipment | (1,310) | (1,062) | (1,375) |
| Acquisitions/dispositions, net of cash acquired | (520) | (211) | (487) |
| Net cash (used in) provided by investing activities | (19,615) | (18,242) | 1,723 |
| Cash Flows from Financing Activities | |||
| Net increase (decrease) in customer deposits | 5,542 | 11,385 | (1,935) |
| Net (decrease) increase in short-term borrowings | (148) | (2,300) | 888 |
| Issuance of long-term debt | 21,524 | 32,764 | 8,824 |
| Principal payments on long term debt | (18,895) | (24,082) | (9,848) |
| Issuance of American Express common shares | 87 | 129 | 177 |
| Repurchase of American Express common shares and other | (1,685) | (4,400) | (4,498) |
| Dividends paid | (1,324) | (1,251) | (1,207) |
| Net cash provided by (used in) financing activities | 5,101 | 12,245 | (7,599) |
| Effect of foreign currency exchange rates on cash and cash equivalents | 129 | 226 | (160) |
| Net increase in cash and cash equivalents | (5,455) | 7,769 | 2,255 |
| Cash. cash equivalents and restricted cash at beginning of year | 33,263 | 25,494 | |
| Cash, cash equivalents and restricted cash at end of year | 27,808 | 33,263 | 25,494 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and cash equivalents | ||
| Cash and cash due from banks | $ 3,253 | 5,148 |
| Interest-bearing deposits in other banks | 24,026 | 27,709 |
| Short-term investment securities | 166 | 70 |
| Total cash and cash equivalents | 27,445 | 32,927 |
| Accounts receivable | ||
| Card Member receivables | 55,320 | 53,526 |
| Other receivables | 2,907 | 3,209 |
| Loans | ||
| Card Member loans | 79,720 | 71,693 |
| Other loans, net | 3,676 | 2,607 |
| Investment securities | 4,647 | 3,159 |
| Premises and equipment | 4,416 | 4,329 |
| Other assets | 10,471 | 9,746 |
| Total assets | 188,602 | 181,196 |
| Liabilities and Shareholders' Equity | ||
| Liabilities | ||
| Customer deposits | 69,960 | 64,452 |
| Travelers Cheques and other prepaid products | 2,295 | 2,555 |
| Accounts payable | 12,255 | 14,657 |
| Short-term borrowings | 3,100 | 3,278 |
| Long-term debt | 58,423 | 55,804 |
| Other liabilities | 20,279 | 22,189 |
| Total liabilities | 166,312 | 162,935 |
| Shareholders' Equity | ||
| Preferred shares issued | 0 | 0 |
| Common shares | 170 | 172 |
| Additional paid-in capital | 12,218 | 12,210 |
| Retained earnings | 12,499 | 8,307 |
| Accumulated other comprehensive income (loss) | ||
| Net unrealized securities gains, net of tax | (8) | 0 |
| Foreign currency translation adjustments, net of tax | (2,133) | (1,961) |
| Net unrealized pension and other postretirement benefit losses, net of tax | (456) | (467) |
| Total accumulated other comprehensive loss | (2,597) | (2,428) |
| Total shareholders' equity | 22,290 | 18,261 |
| Total liabilities and shareholders' equity | 188,602 | 181,196 |
| External Links | |
| AMERICAN EXPRESS CO (AXP) Fiscal Year 2018 | |
| 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 |