v3.6.0.2
Debt (Tables)
 12 Months Ended
Dec. 31, 2016
Table Text Block [Abstract]  
Short-term borrowings

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

  20162015
(Millions, except percentages)Outstanding BalanceYear-End Stated Rate on Debt(a)Outstanding BalanceYear-End Stated Rate on Debt(a)
Commercial paper(b)  $2,993  1.13%$2,120  0.38%
Other short-term borrowings(c)   2,588  1.282,692  1.11
Total  $5,581  1.20%$4,812  0.79%

  • For floating-rate issuances, the stated interest rates are weighted based on the outstanding balances and rates in effect as of December 31, 2016 and 2015.
  • Average commercial paper outstanding was $491 million and $943 million in 2016 and 2015, respectively.
  • Includes interest-bearing overdrafts with banks of $369 million and $410 million as of December 31, 2016 and 2015, respectively. In addition, balances include 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.
Long-term debt

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

  20162015
(Millions, except percentages)Original Contractual 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 Notes2017-2042$6,9325.13%4.24%$7,546 5.15 %4.25%
Floating Rate Senior Notes20188501.51―8500.97―
Subordinated Notes  2024  5983.631.921,3475.394.47
American Express Credit Corporation    
Fixed Rate Senior Notes  2017-2021  16,2011.981.4416,4692.161.28
Floating Rate Senior Notes  2017-2020  4,3501.52―5,3000.98―
American Express Centurion Bank    
Fixed Rate Senior Notes  2017  1,3065.994.831,3195.994.75
Floating Rate Senior Notes  2018  1251.26―1250.81―
American Express Bank, FSB    
Fixed Rate Senior Notes  2017  1,0006.00―1,0006.00―
Floating Rate Senior Notes  2017  3000.96―3000.62―
American Express Lending Trust
Fixed Rate Senior Notes20173,5001.41―4,0001.35―
Floating Rate Senior Notes2017-20197,0251.20―7,0250.82―
Floating Rate Subordinated Notes2017-20193161.34―3160.97―
American Express Charge Trust II    
Floating Rate Senior Notes  2018  4,2001.12―2,2000.67―
Floating Rate Subordinated Notes  2018  871.34―870.97―
Other    
Fixed Rate Instruments(d)  2021-2033  245.62―295.62―
Floating Rate Borrowings2017-20192470.44―%2440.66―%
Unamortized Underwriting Fees(71)(96)
Total Long-Term Debt    $46,9902.39%$48,061   2.44 %

  • 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 issuances, the stated and effective interest rates are weighted based on the outstanding balances and rates in effect as of December 31, 2016 and 2015.
  • Effective interest rates are only presented when swaps are in place to hedge the underlying debt.
  • Includes $24 million and $29 million as of December 31, 2016 and 2015, respectively, related to capitalized lease transactions.
Aggregate annual maturities on long-term debt obligations

Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2016 were as follows:

(Millions)  2017  2018  2019  2020  2021  Thereafter  Total
American Express Company (Parent Company only)  $1,500  $3,850  $641  $―  $―  $3,147  $9,138
American Express Credit Corporation  4,900  3,624  5,150  4,150  2,794  ―  20,618
American Express Centurion Bank  1,300  125  ―  ―  ―  ―  1,425
American Express Bank, FSB  1,300  ―  ―  ―  ―  ―  1,300
American Express Lending Trust6,6392,8861,317―――10,842
American Express Charge Trust II  ―  4,287  ―  ―  ―  ―  4,287
Other  85  127  35  ―  13  11  271
  $15,724  $14,899  $7,143  $4,150  $2,807  $3,158  $47,881
Unamortized Underwriting Fees(71)
Unamortized Discount and Premium(844)
Impacts due to Fair Value Hedge Accounting24
Total Long-Term Debt$46,990