10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2021 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenues | |||
| Non-interest revenues | |||
| Total non-interest revenues | $ 34,630 | 28,102 | 34,936 |
| Interest income | |||
| Interest on loans | 8,850 | 9,779 | 11,308 |
| Interest and dividends on investment securities | 83 | 127 | 188 |
| Deposits with banks and other | 100 | 177 | 588 |
| Total interest income | 9,033 | 10,083 | 12,084 |
| Interest expense | |||
| Deposits | 458 | 943 | 1,559 |
| Long-term debt and other | 825 | 1,155 | 1,905 |
| Total interest expense | 1,283 | 2,098 | 3,464 |
| Net interest income | 7,750 | 7,985 | 8,620 |
| Total revenues net of interest expense | 42,380 | 36,087 | 43,556 |
| Provisions for credit losses | |||
| Provisions for credit losses | (1,419) | 4,730 | 3,573 |
| Total revenues net of interest expense after provisions for credit losses | 43,799 | 31,357 | 39,983 |
| Expenses | |||
| Marketing and business development | 9,053 | 6,747 | 7,125 |
| Card Member rewards | 11,007 | 8,041 | 10,439 |
| Card Member services | 1,993 | 1,230 | 2,223 |
| Salaries and employee benefits | 6,240 | 5,718 | 5,911 |
| Other, net | 4,817 | 5,325 | 5,856 |
| Total expenses | 33,110 | 27,061 | 31,554 |
| Pretax income | 10,689 | 4,296 | 8,429 |
| Income tax provision | 2,629 | 1,161 | 1,670 |
| Net income | 8,060 | 3,135 | 6,759 |
| Earnings per Common Share | |||
| Basic (in dollars per share) | 10.04 | 3.77 [1] | 8.00 |
| Diluted (in dollars per share) | 10.02 | 3.77 | 7.99 |
| Average common shares outstanding for earnings per common share: | |||
| Basic (in shares) | 789 | 805 | 828 |
| Diluted (in shares) | 790 | 806 | 830 |
| Product and Service | |||
| Discount revenue | |||
| Total non-interest revenues | 25,727 | 20,401 | 26,167 |
| Net card fees | |||
| Total non-interest revenues | 5,195 | 4,664 | 4,042 |
| Other fees and commissions | |||
| Total non-interest revenues | 2,392 | 2,163 | 3,297 |
| Other | |||
| Total non-interest revenues | 1,316 | 874 | 1,430 |
| Class of Financing Receivable, Type | |||
| Card Member receivables | |||
| Provisions for credit losses | (73) | 1,015 | 963 |
| Card Member loans | |||
| Provisions for credit losses | (1,155) | 3,453 | 2,462 |
| Other | |||
| Provisions for credit losses | (191) | 262 | 148 |
| [1] Represents net income less (i) earnings allocated to participating share awards of $56 million, $20 million and $47 million for the years ended December 31, 2021, 2020 and 2019, respectively, (ii) dividends on preferred shares of $71 million, $79 million and $81 million for the years ended December 31, 2021, 2020 and 2019, respectively, and (iii) equity-related adjustments of $16 million related to the redemption of preferred shares for the year ended December 31, 2021. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net income | $ 8,060 | 3,135 | 6,759 |
| Other comprehensive (loss) income: | |||
| Net unrealized debt securities gains (losses), net of tax | (42) | 32 | 41 |
| Foreign currency translation adjustments, net of tax | (163) | (40) | (56) |
| Net unrealized pension and other postretirement benefits, net of tax | 155 | (150) | (125) |
| Other comprehensive (loss) income | (50) | (158) | (140) |
| Comprehensive income | 8,010 | 2,977 | 6,619 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 8,060 | 3,135 | 6,759 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provisions for credit losses | (1,419) | 4,730 | 3,573 |
| Depreciation and amortization | 1,695 | 1,543 | 1,188 |
| Stock-based compensation | 330 | 249 | 283 |
| Deferred taxes | 294 | (939) | (151) |
| Other non-cash items | (772) | 683 | 577 |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Other assets | 1,068 | (1,785) | (368) |
| Accounts payable & other liabilities | 5,389 | (2,025) | 1,771 |
| Net cash provided by operating activities | 14,645 | 5,591 | 13,632 |
| Cash Flows from Investing Activities | |||
| Sale of investment securities | 62 | 69 | 22 |
| Maturities and redemptions of investment securities | 20,032 | 7,159 | 7,329 |
| Purchase of investments | (1,517) | (20,562) | (11,166) |
| Net (increase) decrease in Card Member loans and receivables, and other loans | (27,557) | 26,906 | (11,047) |
| Purchase of premises and equipment, net of sales: 2021, $88; 2020, $1; 2019, $43 | (1,550) | (1,478) | (1,645) |
| Acquisitions/dispositions, net of cash acquired | 1 | (597) | (352) |
| Other investing activities | 0 | 135 | 152 |
| Net cash (used in) provided by investing activities | (10,529) | 11,632 | (16,707) |
| Cash Flows from Financing Activities | |||
| Net (decrease) increase in customer deposits | (2,468) | 13,542 | 3,330 |
| Net increase (decrease) in short-term borrowings | 461 | (4,627) | 3,316 |
| Proceeds from long-term debt | 7,788 | 69 | 12,706 |
| Payments of long-term debt | (11,662) | (15,593) | (13,850) |
| Issuance of American Express preferred shares | 1,584 | 0 | 0 |
| Redemption of American Express preferred shares | (1,600) | 0 | 0 |
| Issuance of American Express common shares | 64 | 44 | 86 |
| Repurchase of American Express common shares and other | (7,652) | (1,029) | (4,685) |
| Dividends paid | (1,448) | (1,474) | (1,422) |
| Net cash used in financing activities | (14,933) | (9,068) | (519) |
| Effect of foreign currency exchange rates on cash and cash equivalents | (120) | 364 | 232 |
| Net (decrease) increase in cash and cash equivalents | (10,937) | 8,519 | (3,362) |
| Cash and cash equivalents at beginning of year | 32,965 | 24,446 | |
| Cash and cash equivalents at end of year | 22,028 | 32,965 | 24,446 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 11, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Cash and cash equivalents | ||
| Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2021, $11; 2020, nil) | $ 1,292 | 2,984 |
| Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2021, $463; 2020, $92) | 20,548 | 29,824 |
| Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2021, $32; 2020, $47) | 188 | 157 |
| Total cash and cash equivalents | 22,028 | 32,965 |
| Investment securities | 2,591 | 21,631 |
| Premises and equipment, less accumulated depreciation and amortization: 2021, $8,602; 2020, $7,540 | 4,988 | 5,015 |
| Other assets, less reserves for credit losses: 2021, $25; 2020, $85 | 17,244 | 17,679 |
| Total assets | 188,548 | 191,367 |
| Liabilities and Shareholders Equity | ||
| Liabilities | ||
| Customer deposits | 84,382 | 86,875 |
| Accounts payable | 10,574 | 9,444 |
| Short-term borrowings | 2,243 | 1,878 |
| Long-term debt (includes debt issued by consolidated variable interest entities: 2021, $13,803; 2020, $12,760) | 38,675 | 42,952 |
| Other liabilities | 30,497 | 27,234 |
| Total liabilities | 166,371 | 168,383 |
| Contingencies and Commitments (Note 12) | ||
| Shareholders Equity | ||
| Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2021 and 2020 (Note 16) | 0 | 0 |
| Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 761 million shares as of December 31, 2021 and 805 million shares as of December 31, 2020 | 153 | 161 |
| Additional paid-in capital | 11,495 | 11,881 |
| Retained earnings | 13,474 | 13,837 |
| Accumulated other comprehensive income (loss) | ||
| Net unrealized debt securities gains, net of tax of: 2021, $7; 2020, $20 | 23 | 65 |
| Foreign currency translation adjustments, net of tax of: 2021, $(330); 2020, $(381) | (2,392) | (2,229) |
| Net unrealized pension and other postretirement benefits, net of tax of: 2021, $(184); 2020, $(236) | (576) | (731) |
| Total accumulated other comprehensive income (loss) | (2,945) | (2,895) |
| Total shareholders equity | 22,177 | 22,984 |
| Total liabilities and shareholders equity | 188,548 | 191,367 |
| Class of Financing Receivable, Type | ||
| Card Member receivables | ||
| Financing receivables, net | 53,581 | 43,434 |
| Card Member loans | ||
| Financing receivables, net | 85,257 | 68,029 |
| Other | ||
| Financing receivables, net | 2,859 | 2,614 |
| External Links | |
| AMERICAN EXPRESS CO (AXP) Fiscal Year 2021 | |
| 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 |