v2.4.1.9
Debt (Tables)
 12 Months Ended
Dec. 31, 2014
Table Text Block [Abstract]  
Short-term borrowings

The Company’s short-term borrowings outstanding, defined as borrowings with original maturities of less than one year, as of December 31 were as follows:

  20142013
(Millions, except percentages)Outstanding BalanceYear-End Stated Rate on Debt(a)Outstanding BalanceYear-End Stated Rate on Debt(a)
Commercial paper  $ 769    0.29 %$ 200    0.19 %
Other short-term borrowings(b)(c)   2,711    0.81 4,821   1.08
Total  $ 3,480    0.69 %$5,021   1.04 %

  • For floating-rate debt issuances, the stated interest rates are weighted based on outstanding balances and floating rates in effect as of December 31, 2014 and 2013.
  • Includes interest-bearing overdrafts with banks of $470 million and $489 million as of December 31, 2014 and 2013, respectively. In addition, balances include fully drawn secured borrowing facility (maturing on September 15, 2015, which was repaid on February 18, 2014), certain book overdrafts (i.e., primarily timing differences arising in the ordinary course of business), short-term borrowings from banks, as well as interest-bearing amounts due to merchants in accordance with merchant service agreements. The secured borrowing facility gives the Company the right to sell up to $2.0 billion face amount of eligible certificates issued from the Lending Trust.
  • The Company paid $7.0 million and $7.2 million in fees to maintain the secured borrowing facility in 2014 and 2013, respectively.
Long-term debt

The Company’s long-term debt outstanding, defined as debt with original maturities of one year or greater, as of December 31 was as follows:

  20142013
(Millions, except percentages)Maturity DatesOutstanding Balance(a)Year-End Stated Rate on Debt(b)Year-End Effective Interest Rate with Swaps(b)(c)Outstanding Balance(a)Year-End Stated Rate on Debt(b)Year-End Effective Interest Rate with Swaps(b)(c)
American Express Company      
(Parent Company only)  
Fixed Rate Senior Notes2016-2042$ 7,535 5.15 % 4.20 %$8,784   5.43 % 4.60 %
Floating Rate Senior Notes2018 850 0.85 ― 850 0.84 ―
Subordinated Notes(d)  2024-2036   1,350 5.39 4.42 749   6.80 ―
American Express Credit Corporation      
Fixed Rate Senior Notes  2015-2019   16,260 2.26 1.22 14,875   3.13 2.03
Floating Rate Senior Notes  2015-2019   4,400 0.82 ― 2,855   1.14 ―
Borrowings under Bank Credit Facilities  2016-2017   3,672 4.25 ― 4,012   4.18 ―
American Express Centurion Bank      
Fixed Rate Senior Notes  2015-2017   2,089 4.12 3.32 2,102   4.12 3.32
Floating Rate Senior Notes  2015-2018   675 0.68 ― 675   0.67 ―
American Express Bank, FSB      
Fixed Rate Senior Notes  2017   999 6.00 ― 999   6.00 ―
Floating Rate Senior Notes  2017   300 0.46 ― 300   0.47 ―
American Express Charge Trust II      
Floating Rate Senior Notes  2016-2018   3,700 0.41 ― 4,200   0.49 ―
Floating Rate Subordinated Notes  2016-2018   87 0.80 ― 87   0.80 ―
American Express Lending Trust
Fixed Rate Senior Notes2015-2017 6,100 1.11 ― 2,600 0.72 ―
Floating Rate Senior Notes2015-2019 8,876 0.72 ― 10,685 0.81 ―
Fixed Rate Subordinated Notes2015-2017 300 1.08 ― 300 1.08 ―
Floating Rate Subordinated Notes2015-2019 488 0.73 ― 847 0.81 ―
Other      
Fixed Rate Instruments(e)  2016-2033   143 3.09 ― 239   3.95 ―
Floating Rate Borrowings2015-2019 247 0.59 ― %276 0.62 ― %
Unamortized Underwriting Fees (116)(105)
Total Long-Term Debt    $ 57,955 2.34 %$ 55,330    2.56 %

  • The outstanding balances include (i) unamortized discount and premium, (ii) the impact of movements in exchange rates on foreign currency denominated debt and (iii) the impact of fair value hedge accounting on certain fixed-rate notes that have been swapped to floating rate through the use of interest rate swaps. Under fair value hedge accounting, the outstanding balances on these fixed-rate notes are adjusted to reflect the impact of changes in fair value due to changes in interest rates. Refer to Note 14 for more details on the Company’s treatment of fair value hedges.
  • For floating-rate debt issuances, the stated and effective interest rates are weighted based on outstanding balances and floating rates in effect as of December 31, 2014 and 2013.
  • Effective interest rates are only presented when swaps are in place to hedge the underlying debt.
  • For the $750 million of subordinated debentures issued in 2006 and outstanding as of December 31, 2014, the maturity date will automatically be extended to September 1, 2066, except in the case of either (i) a prior redemption or (ii) a default.
  • Includes $31 million and $109 million as of December 31, 2014 and 2013, respectively, related to capitalized lease transactions.
Aggregate annual maturities on long-term debt obligations

Aggregate annual maturities on long-term debt obligations (based on final maturity dates) as of December 31, 2014 were as follows:

(Millions)  2015  2016  2017  2018  2019  Thereafter  Total
American Express Company (Parent Company only)  $ ―   $ 1,350   $ 1,500   $ 3,850   $ 641   $ 3,147   $ 10,488
American Express Credit Corporation   5,227    7,057    6,532    1,295    4,150    ―    24,261
American Express Centurion Bank   1,305    ―    1,300    125    ―    2    2,732
American Express Bank, FSB   ―    ―    1,300    ―    ―    ―    1,300
American Express Charge Trust II   ―    2,500    ―    1,287    ―    ―    3,787
American Express Lending Trust 5,422 500 5,639 2,886 1,317 ― 15,764
Other   125    145    83    ―    6    31    390
  $ 12,079   $ 11,552   $ 16,354   $ 9,443   $ 6,114   $ 3,180    58,722
Unamortized Underwriting Fees (116)
Unamortized Discount and Premium (932)
Impacts due to Fair Value Hedge Accounting 281
Total Long-Term Debt$ 57,955