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: 2022 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Revenues | |||
| Non-interest revenues | |||
| Total non-interest revenues | $ 42,967 | 34,630 | 28,102 |
| Interest income | |||
| Interest on loans | 11,967 | 8,850 | 9,779 |
| Interest and dividends on investment securities | 96 | 83 | 127 |
| Deposits with banks and other | 595 | 100 | 177 |
| Total interest income | 12,658 | 9,033 | 10,083 |
| Interest expense | |||
| Deposits | 1,527 | 458 | 943 |
| Long-term debt and other | 1,236 | 825 | 1,155 |
| Total interest expense | 2,763 | 1,283 | 2,098 |
| Net interest income | 9,895 | 7,750 | 7,985 |
| Total revenues net of interest expense | 52,862 | 42,380 | 36,087 |
| Provisions for credit losses | |||
| Provisions for credit losses | 2,182 | (1,419) | 4,730 |
| Total revenues net of interest expense after provisions for credit losses | 50,680 | 43,799 | 31,357 |
| Expenses | |||
| Card Member rewards | 14,002 | 11,007 | 8,041 |
| Business development | 4,943 | 3,762 | 3,051 |
| Card Member services | 2,959 | 1,993 | 1,230 |
| Marketing | 5,458 | 5,291 | 3,696 |
| Salaries and employee benefits | 7,252 | 6,240 | 5,718 |
| Other, net | 6,481 | 4,817 | 5,325 |
| Total expenses | 41,095 | 33,110 | 27,061 |
| Pretax income | 9,585 | 10,689 | 4,296 |
| Income tax provision | 2,071 | 2,629 | 1,161 |
| Net income | 7,514 | 8,060 | 3,135 |
| Earnings per Common Share | |||
| Basic (in dollars per share) | 9.86 | 10.04 | 3.77 |
| Diluted (in dollars per share) | 9.85 | 10.02 | 3.77 |
| Average common shares outstanding for earnings per common share: | |||
| Basic (in shares) | 751 | 789 | 805 |
| Diluted (in shares) | 752 | 790 | 806 |
| Product and Service | |||
| Discount revenue | |||
| Total non-interest revenues | 30,739 | 24,563 | 19,435 |
| Net card fees | |||
| Total non-interest revenues | 6,070 | 5,195 | 4,664 |
| Service fees and other revenue | |||
| Total non-interest revenues | 4,521 | 3,316 | 2,702 |
| Processed revenue | |||
| Total non-interest revenues | 1,637 | 1,556 | 1,301 |
| Class of Financing Receivable, Type | |||
| Card Member receivables | |||
| Provisions for credit losses | 627 | (73) | 1,015 |
| Card Member loans | |||
| Provisions for credit losses | 1,514 | (1,155) | 3,453 |
| Other | |||
| Provisions for credit losses | 41 | (191) | 262 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Net income | $ 7,514 | 8,060 | 3,135 |
| Other comprehensive (loss) income: | |||
| Net unrealized debt securities (losses) gains, net of tax | (87) | (42) | 32 |
| Foreign currency translation adjustments, net of hedges and tax | (230) | (163) | (40) |
| Net unrealized pension and other postretirement benefits, net of tax | 52 | 155 | (150) |
| Other comprehensive (loss) income | (265) | (50) | (158) |
| Comprehensive income | 7,249 | 8,010 | 2,977 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AMERICAN EXPRESS CO | |||
Ticker: AXP Fiscal Year: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 7,514 | 8,060 | 3,135 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provisions for credit losses | 2,182 | (1,419) | 4,730 |
| Depreciation and amortization | 1,626 | 1,695 | 1,543 |
| Stock-based compensation | 375 | 330 | 249 |
| Deferred taxes | (1,189) | 294 | (939) |
| Other items | 365 | (772) | 683 [1] |
| Originations of loans held-for-sale | (277) | 0 | 0 |
| Proceeds from sales of loans held-for-sale | 277 | 0 | 0 |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Other assets | 1,391 | 1,068 | (1,785) |
| Accounts payable & other liabilities | 8,815 | 5,389 | (2,025) |
| Net cash provided by operating activities | 21,079 | 14,645 | 5,591 |
| Cash Flows from Investing Activities | |||
| Sale of investment securities | 26 | 62 | 69 |
| Maturities and redemptions of investment securities | 1,892 | 20,032 | 7,159 |
| Purchase of investments | (4,175) | (1,517) | (20,562) |
| Net (increase) decrease in Card Member loans and receivables, and other loans | (29,562) | (27,557) | 26,906 |
| Purchase of premises and equipment, net of sales: 2022, $1; 2021, $88; 2020, $1 | (1,855) | (1,550) | (1,478) |
| Acquisitions/dispositions, net of cash acquired | (15) | 1 | (597) |
| Other investing activities | 0 | 0 | 135 |
| Net cash (used in) provided by investing activities | (33,689) | (10,529) | 11,632 |
| Cash Flows from Financing Activities | |||
| Net increase (decrease) in customer deposits | 25,902 | (2,468) | 13,542 |
| Net (decrease) increase in short-term borrowings | (706) | 461 | (4,627) |
| Proceeds from long-term debt | 23,230 | 7,788 | 69 |
| Payments of long-term debt | (18,906) | (11,662) | (15,593) |
| Issuance of American Express preferred shares | 0 | 1,584 | 0 |
| Redemption of American Express preferred shares | 0 | (1,600) | 0 |
| Issuance of American Express common shares | 56 | 64 | 44 |
| Repurchase of American Express common shares and other | (3,502) | (7,652) | (1,029) |
| Dividends paid | (1,565) | (1,448) | (1,474) |
| Net cash provided by (used in) financing activities | 24,509 | (14,933) | (9,068) |
| Effect of foreign currency exchange rates on cash and cash equivalents | (13) | (120) | 364 |
| Net increase (decrease) in cash and cash equivalents | 11,886 | (10,937) | 8,519 |
| Cash and cash equivalents at beginning of year | 22,028 | 32,965 | |
| Cash and cash equivalents at end of year | 33,914 | 22,028 | 32,965 |
| [1] Includes net gains and losses on fair value hedges, net gains and losses on Amex Ventures investments and changes in equity method investments. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AMERICAN EXPRESS CO | ||
Ticker: AXP Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 10, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Cash and cash equivalents | ||
| Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2022, $5; 2021, $11) | $ 5,510 | 1,292 |
| Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2022, $318; 2021, $463) | 28,097 | 20,548 |
| Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2022, $54; 2021, $32) | 307 | 188 |
| Total cash and cash equivalents | 33,914 | 22,028 |
| Investment securities | 4,578 | 2,591 |
| Premises and equipment, less accumulated depreciation and amortization: 2022, $9,850; 2021, $8,602 | 5,215 | 4,988 |
| Other assets, less reserves for credit losses: 2022, $22; 2021, $25 | 17,689 | 17,244 |
| Total assets | 228,354 | 188,548 |
| Liabilities and Shareholders Equity | ||
| Liabilities | ||
| Customer deposits | 110,239 | 84,382 |
| Accounts payable | 12,133 | 10,574 |
| Short-term borrowings | 1,348 | 2,243 |
| Long-term debt (includes debt issued by consolidated variable interest entities: 2022, $12,662; 2021, $13,803) | 42,573 | 38,675 |
| Other liabilities | 37,350 | 30,497 |
| Total liabilities | 203,643 | 166,371 |
| 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, 2022 and 2021 (Note 16) | 0 | 0 |
| Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 743 million shares as of December 31, 2022 and 761 million shares as of December 31, 2021 | 149 | 153 |
| Additional paid-in capital | 11,493 | 11,495 |
| Retained earnings | 16,279 | 13,474 |
| Accumulated other comprehensive income (loss) | (3,210) | (2,945) |
| Total shareholders equity | 24,711 | 22,177 |
| Total liabilities and shareholders equity | 228,354 | 188,548 |
| Class of Financing Receivable, Type | ||
| Card Member receivables | ||
| Financing receivables, net | 57,384 | 53,581 |
| Card Member loans | ||
| Financing receivables, net | 104,217 | 85,257 |
| Other | ||
| Financing receivables, net | 5,357 | 2,859 |
| External Links | |
| AMERICAN EXPRESS CO (AXP) Fiscal Year 2022 | |
| 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 |