Company Quick10K Filing
Quick10K
American Express
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$117.26 835 $97,920
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Other Events, Exhibits
8-K 2019-07-19 Earnings
8-K 2019-07-15 Regulation FD
8-K 2019-06-17 Regulation FD
8-K 2019-05-20 Other Events, Exhibits
8-K 2019-05-15 Regulation FD
8-K 2019-05-07 Shareholder Vote
8-K 2019-05-06 Enter Agreement, Exhibits
8-K 2019-04-18 Earnings
8-K 2019-04-15 Regulation FD
8-K 2019-03-15 Regulation FD
8-K 2019-02-22 Other Events, Exhibits
8-K 2019-02-15 Regulation FD
8-K 2019-01-22 Officers
8-K 2019-01-22 Officers
8-K 2019-01-17 Earnings
8-K 2019-01-15 Regulation FD
8-K 2018-12-17 Regulation FD
8-K 2018-11-15 Regulation FD
8-K 2018-11-06 Other Events, Exhibits
8-K 2018-10-18 Earnings
8-K 2018-10-15 Regulation FD
8-K 2018-09-24 Other Events, Exhibits
8-K 2018-09-17 Regulation FD
8-K 2018-08-29 Other Events, Exhibits
8-K 2018-08-15 Regulation FD
8-K 2018-08-03 Other Events, Exhibits
8-K 2018-07-18 Earnings
8-K 2018-07-16 Regulation FD
8-K 2018-06-28 Regulation FD
8-K 2018-06-20 Regulation FD
8-K 2018-06-15 Regulation FD
8-K 2018-05-17 Other Events, Exhibits
8-K 2018-05-15 Regulation FD
8-K 2018-05-07 Shareholder Vote
8-K 2018-04-18 Earnings
8-K 2018-04-16 Regulation FD
8-K 2018-03-28 Officers
8-K 2018-03-15 Regulation FD
8-K 2018-03-13 Officers
8-K 2018-03-09 Regulation FD
8-K 2018-02-28 Officers
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-15 Regulation FD
8-K 2018-01-29 Enter Agreement, Exhibits
8-K 2018-01-18 Earnings
8-K 2018-01-16 Regulation FD
8-K 2018-01-03 Regulation FD
RHT Red Hat 32,820
ROG Rogers 3,400
QURE Uniqure 2,170
VC Visteon 1,740
ARCH Arch Coal 1,610
AFMD Affimed 230
MVO MV Oil Trust 93
ELLO Ellomay Capital 91
ESND Essendant 0
TVE Tennessee Valley Authority 0
AXP 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 axpq219ex311.htm
EX-31.2 axpq219ex312.htm
EX-32.1 axpq219ex321.htm
EX-32.2 axpq219ex322.htm

American Express Earnings 2019-06-30

AXP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York
 
13-4922250
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
200 Vesey Street
,
New York
,
New York
 
10285
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000        
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common shares (par value $0.20 per share)
AXP
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer 
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
 
Outstanding at July 15, 2019
Common Shares (par value $0.20 per share)
 
829,673,687

Shares



Table of Contents


AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.



Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended June 30 (Millions, except per share amounts)
 
2019

 
2018

Revenues
 
 
 
 
Non-interest revenues
 
 
 
 
Discount revenue
 
$
6,577

 
$
6,194

Net card fees
 
988

 
844

Other fees and commissions
 
837

 
786

Other
 
362

 
349

Total non-interest revenues
 
8,764

 
8,173

Interest income
 
 
 
 
Interest on loans
 
2,764

 
2,387

Interest and dividends on investment securities
 
52

 
27

Deposits with banks and other
 
149

 
126

Total interest income
 
2,965

 
2,540

Interest expense
 
 
 
 
Deposits
 
406

 
300

Long-term debt and other
 
485

 
411

Total interest expense
 
891

 
711

Net interest income
 
2,074

 
1,829

Total revenues net of interest expense
 
10,838

 
10,002

Provisions for losses
 
 
 
 
Charge card
 
224

 
245

Card Member loans
 
603

 
528

Other
 
34

 
33

Total provisions for losses
 
861

 
806

Total revenues net of interest expense after provisions for losses
 
9,977

 
9,196

Expenses
 
 
 
 
Marketing and business development
 
1,773

 
1,663

Card Member rewards
 
2,652

 
2,433

Card Member services
 
563

 
416

Salaries and employee benefits
 
1,367

 
1,280

Other, net
 
1,403

 
1,313

Total expenses
 
7,758

 
7,105

Pretax income
 
2,219

 
2,091

Income tax provision
 
458

 
468

Net income
 
$
1,761

 
$
1,623

Earnings per Common Share (Note 14):(a)
 
 
 
 
Basic
 
$
2.07

 
$
1.85

Diluted
 
$
2.07

 
$
1.84

Average common shares outstanding for earnings per common share:
 
 
 
 
Basic
 
834

 
860

Diluted
 
836

 
862

(a)
Represents net income less (i) earnings allocated to participating share awards of $13 million and $12 million for the three months ended June 30, 2019 and 2018, respectively, and (ii) dividends on preferred shares of $19 million and $20 million for the three months ended June 30, 2019 and 2018, respectively.
See Notes to Consolidated Financial Statements.

1


Table of Contents


AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Six Months Ended June 30 (Millions, except per share amounts)
 
2019

 
2018

Revenues
 
 
 
 
Non-interest revenues
 
 
 
 
Discount revenue
 
$
12,772

 
$
12,083

Net card fees
 
1,932

 
1,674

Other fees and commissions
 
1,640

 
1,567

Other
 
725

 
726

Total non-interest revenues
 
17,069

 
16,050

Interest income
 
 
 
 
Interest on loans
 
5,489

 
4,713

Interest and dividends on investment securities
 
85

 
48

Deposits with banks and other
 
345

 
241

Total interest income
 
5,919

 
5,002

Interest expense
 
 
 
 
Deposits
 
805

 
570

Long-term debt and other
 
981

 
762

Total interest expense
 
1,786

 
1,332

Net interest income
 
4,133

 
3,670

Total revenues net of interest expense
 
21,202

 
19,720

Provisions for losses
 
 
 
 
Charge card
 
477

 
487

Card Member loans
 
1,128

 
1,027

Other
 
65

 
67

Total provisions for losses
 
1,670

 
1,581

Total revenues net of interest expense after provisions for losses
 
19,532

 
18,139

Expenses
 
 
 
 
Marketing and business development
 
3,346

 
3,008

Card Member rewards
 
5,103

 
4,780

Card Member services
 
1,113

 
825

Salaries and employee benefits
 
2,789

 
2,606

Other, net
 
3,004

 
2,747

Total expenses
 
15,355

 
13,966

Pretax income
 
4,177

 
4,173

Income tax provision
 
866

 
916

Net income
 
$
3,311

 
$
3,257

Earnings per Common Share (Note 14):(a)
 
 
 
 
Basic
 
$
3.88

 
$
3.71

Diluted
 
$
3.87

 
$
3.70

Average common shares outstanding for earnings per common share:
 
 
 
 
Basic
 
837

 
859

Diluted
 
839

 
862

(a)
Represents net income less (i) earnings allocated to participating share awards of $24 million and $25 million for the six months ended June 30, 2019 and 2018, respectively, and (ii) dividends on preferred shares of $40 million and $41 million for the six months ended June 30, 2019 and 2018, respectively.
See Notes to Consolidated Financial Statements.

2


Table of Contents


AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(Millions)
 
2019

 
2018

 
2019

 
2018

Net income
 
$
1,761

 
$
1,623

 
$
3,311

 
$
3,257

Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Net unrealized debt securities gains (losses), net of tax
 
26

 
(7
)
 
43

 
(18
)
Foreign currency translation adjustments, net of tax
 
(36
)
 
(96
)
 
(28
)
 
(66
)
Net unrealized pension and other postretirement benefits, net of tax
 
3

 
1

 
(24
)
 
29

Other comprehensive (loss) income
 
(7
)
 
(102
)
 
(9
)
 
(55
)
Comprehensive income
 
$
1,754

 
$
1,521

 
$
3,302

 
$
3,202

See Notes to Consolidated Financial Statements.

3


Table of Contents


AMERICAN EXPRESS COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions, except share data)
 
June 30,
2019

 
December 31,
2018

Assets
 
 
 
 
Cash and cash equivalents
 
 
 
 
Cash and due from banks
 
$
4,700

 
$
3,253

Interest-bearing deposits in other banks (includes securities purchased under resale agreements: 2019, $62; 2018, $64)
 
22,100

 
24,026

Short-term investment securities
 
69

 
166

Total cash and cash equivalents
 
26,869

 
27,445

Accounts receivable
 
 
 
 
Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2019, $7,836; 2018, $8,539), less reserves: 2019, $616; 2018, $573
 
58,092

 
55,320

Other receivables, less reserves: 2019, $27; 2018, $25
 
3,173

 
2,907

  Loans
 
 
 
 
Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2019, $31,656; 2018, $33,194), less reserves: 2019, $2,168; 2018, $2,134
 
81,062

 
79,720

Other loans, less reserves: 2019, $133; 2018, $124
 
4,059

 
3,676

Investment securities
 
8,542

 
4,647

Premises and equipment, less accumulated depreciation and amortization: 2019, $6,581; 2018, $6,015
 
4,658

 
4,416

Other assets (includes restricted cash of consolidated variable interest entities: 2019, $75; 2018, $70)
 
11,148

 
10,471

Total assets
 
$
197,603

 
$
188,602

Liabilities and Shareholders’ Equity
 
 
 
 
Liabilities
 
 
 
 
Customer deposits
 
$
72,590

 
$
69,960

Travelers Cheques and other prepaid products
 
2,014

 
2,295

Accounts payable
 
16,518

 
12,255

Short-term borrowings
 
2,827

 
3,100

Long-term debt (includes debt issued by consolidated variable interest entities: 2019, $18,185; 2018, $19,509)
 
57,736

 
58,423

Other liabilities
 
22,826

 
20,279

Total liabilities
 
$
174,511

 
$
166,312

Contingencies (Note 7)
 


 


Shareholders’ Equity
 
 
 
 
Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of June 30, 2019 and December 31, 2018
 

 

Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 832 million shares as of June 30, 2019 and 847 million shares as of December 31, 2018
 
167

 
170

Additional paid-in capital
 
11,980

 
12,218

Retained earnings
 
13,551

 
12,499

Accumulated other comprehensive loss
 
 
 
 
Net unrealized debt securities gains (losses), net of tax of: 2019, $12; 2018, $(1)
 
35

 
(8
)
Foreign currency translation adjustments, net of tax of: 2019, $(307); 2018, $(300)
 
(2,161
)
 
(2,133
)
Net unrealized pension and other postretirement benefits, net of tax of: 2019, $(177); 2018, $(170)
 
(480
)
 
(456
)
Total accumulated other comprehensive loss
 
(2,606
)
 
(2,597
)
Total shareholders’ equity
 
23,092

 
22,290

Total liabilities and shareholders’ equity
 
$
197,603

 
$
188,602

See Notes to Consolidated Financial Statements.

4


Table of Contents


AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30 (Millions)
 
2019

 
2018

Cash Flows from Operating Activities
 
 
 
 
Net income
 
$
3,311

 
$
3,257

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Provisions for losses
 
1,670

 
1,581

Depreciation and amortization
 
583

 
685

Deferred taxes and other
 
485

 
(166
)
Stock-based compensation
 
156

 
154

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
 
 
 
 
Other receivables
 
(268
)
 
(164
)
Other assets
 
(204
)
 
257

Accounts payable and other liabilities
 
6,028

 
(182
)
Travelers Cheques and other prepaid products
 
(284
)
 
(326
)
Net cash provided by operating activities
 
11,477

 
5,096

Cash Flows from Investing Activities
 
 
 
 
Maturities and redemptions of investment securities
 
2,426

 
1,203

Purchases of investments
 
(6,310
)
 
(3,029
)
Net increase in Card Member loans and receivables, and other loans
 
(5,832
)
 
(5,538
)
Purchase of premises and equipment, net of sales: 2019, $34; 2018, nil
 
(840
)
 
(536
)
Acquisitions/dispositions, net of cash acquired
 
(91
)
 
(481
)
Other investing activities, net
 
148

 

Net cash used in investing activities
 
(10,499
)
 
(8,381
)
Cash Flows from Financing Activities
 
 
 
 
Net increase in customer deposits
 
2,625

 
2,957

Net decrease in short-term borrowings
 
(322
)
 
(1,307
)
Proceeds from long-term borrowings
 
9,180

 
10,561

Payments of long-term borrowings
 
(10,379
)
 
(10,242
)
Issuance of American Express common shares
 
66

 
49

Repurchase of American Express common shares and other
 
(2,012
)
 
(138
)
Dividends paid
 
(702
)
 
(645
)
Net cash (used in) provided by financing activities
 
(1,544
)
 
1,235

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
 
90

 
49

Net decrease in cash, cash equivalents and restricted cash
 
(476
)
 
(2,001
)
Cash, cash equivalents and restricted cash at beginning of period
 
27,808

 
33,263

Cash, cash equivalents and restricted cash at end of period
 
$
27,332

 
$
31,262


Supplemental cash flow information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash reconciliation
 
Jun-19

 
Dec-18

 
Jun-18

 
Dec-17

Cash and cash equivalents per Consolidated Balance Sheets
 
$
26,869

 
$
27,445

 
$
29,743

 
$
32,927

Restricted cash included in Other assets per Consolidated Balance Sheets
 
463

 
363

 
1,519

 
336

Total cash, cash equivalents and restricted cash
 
$
27,332

 
$
27,808

 
$
31,262

 
$
33,263

See Notes to Consolidated Financial Statements.

5


Table of Contents


AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
Three months ended June 30, 2019
(Millions, except per share amounts)
 
Total

 
Preferred
Shares
 
Common
Shares
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
Balances as of March 31, 2019
 
$
22,218

 
$

 
$
168

 
$
11,963

 
$
(2,599
)
 
$
12,686

Net income
 
1,761

 

 

 

 

 
1,761

Other comprehensive loss
 
(7
)
 

 

 

 
(7
)
 

Repurchase of common shares
 
(630
)
 

 
(1
)
 
(80
)
 

 
(549
)
Other changes, primarily employee plans
 
96

 

 

 
97

 

 
(1
)
Cash dividends declared preferred Series B, $26.00 per share
 
(19
)
 

 

 

 

 
(19
)
Cash dividends declared common, $0.39 per share
 
(327
)
 

 

 

 

 
(327
)
Balances as of June 30, 2019
 
$
23,092

 
$

 
$
167

 
$
11,980

 
$
(2,606
)
 
$
13,551

Six months ended June 30, 2019
(Millions, except per share amounts)
 
Total

 
Preferred
Shares
 
Common
Shares
 
Additional
Paid-in
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Retained
Earnings
Balances as of December 31, 2018
 
$
22,290

 
$

 
$
170

 
$
12,218

 
$
(2,597
)
 
$
12,499

Net income
 
3,311

 

 

 

 

 
3,311

Other comprehensive loss
 
(9
)
 

 

 

 
(9
)
 

Repurchase of common shares
 
(1,875
)
 

 
(4
)
 
(347
)
 

 
(1,524
)
Other changes, primarily employee plans
 
69

 

 
1

 
109

 

 
(41
)
Cash dividends declared preferred Series B, $26.00 per share
 
(19
)
 

 

 

 

 
(19
)
Cash dividends declared preferred Series C, $24.50 per share
 
(21
)
 

 

 

 

 
(21
)
Cash dividends declared common, $0.78 per share
 
(654
)
 

 

 

 

 
(654
)
Balances as of June 30, 2019
 
$
23,092

 
$

 
$
167

 
$
11,980

 
$
(2,606
)
 
$
13,551

See Notes to Consolidated Financial Statements.

6


Table of Contents



AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
Three months ended June 30, 2018
(Millions, except per share amounts)
 
Total

 
Preferred Shares
 
Common Shares
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
Balances as of March 31, 2018
 
$
19,613

 
$

 
$
172

 
$
12,225

 
$
(2,381
)
 
$
9,597

Net income
 
1,623

 

 

 

 

 
1,623

Other comprehensive loss
 
(102
)
 

 

 

 
(102
)
 

Repurchase of common shares
 

 

 

 

 

 

Other changes, primarily employee plans
 
82

 

 
1

 
81

 

 

Cash dividends declared preferred Series B, $26.00 per share
 
(20
)
 

 

 

 

 
(20
)
Cash dividends declared common, $0.35 per share
 
(304
)
 

 

 

 

 
(304
)
Balances as of June 30, 2018
 
$
20,892

 
$

 
$
173

 
$
12,306

 
$
(2,483
)
 
$
10,896

Six months ended June 30, 2018
(Millions, except per share amounts)
 
Total

 
Preferred Shares
 
Common Shares
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Loss
 
Retained Earnings
Balances as of December 31, 2017
 
$
18,261

 
$

 
$
172

 
$
12,210

 
$
(2,428
)
 
$
8,307

Net income
 
3,257

 

 

 

 

 
3,257

Other comprehensive loss
 
(55
)
 

 

 

 
(55
)
 

Repurchase of common shares
 

 

 

 

 

 

Other changes, primarily employee plans
 
75

 

 
1

 
96

 

 
(22
)
Cash dividends declared preferred Series B, $26.00 per share
 
(20
)
 

 

 

 

 
(20
)
Cash dividends declared preferred Series C, $24.50 per share
 
(21
)
 

 

 

 

 
(21
)
Cash dividends declared common, $0.70 per share
 
(605
)
 

 

 

 

 
(605
)
Balances as of June 30, 2018
 
$
20,892

 
$

 
$
173

 
$
12,306

 
$
(2,483
)
 
$
10,896

See Notes to Consolidated Financial Statements.

7

Table of Contents
AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


1. Basis of Presentation
The Company
We are a globally integrated payments company that provides customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are charge and credit card products and travel-related services offered to consumers and businesses around the world. Business travel-related services are offered through the non-consolidated joint venture, American Express Global Business Travel (the GBT JV). Our various products and services are sold globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are sold through various channels, including mobile and online applications, direct mail, in-house sales teams, third-party vendors and direct response advertising.
The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K). If not materially different, certain note disclosures included therein have been omitted from these Consolidated Financial Statements.
The interim Consolidated Financial Statements included in this report have not been audited. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. Results of operations reported for interim periods are not necessarily indicative of results for the entire year.
The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. These accounting estimates reflect the best judgment of management, but actual results could differ.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Recently Issued Accounting Standards
In June 2016, the Financial Accounting Standards Board (FASB) issued new accounting guidance for the recognition of credit losses on financial instruments, effective January 1, 2020. The guidance introduces a new credit reserving methodology known as the Current Expected Credit Loss (CECL) methodology, which differs significantly from the incurred loss approach used today and will alter the estimation process, inputs and assumptions used in estimating credit losses. The CECL methodology requires measurement of expected credit losses for the estimated life of the asset, not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. At the date of adoption, any changes in reserves will be recorded in retained earnings as of the beginning of the reporting period of adoption as a cumulative-effect adjustment.
We continue to evaluate the impact the new guidance will have on our financial position, results of operations and regulatory risk-based capital. We have run multiple preliminary CECL simulations based on our portfolio composition and current expectations of future economic conditions. The results of those preliminary simulations indicate that our reserves for credit losses could have a net increase between 25 percent and 40 percent across our Card Member loans and receivables portfolios, with our Card Member loans portfolio being between 55 percent and 70 percent based on the comparison of CECL estimates as compared to the incurred loss model applied today. The anticipated higher impact to our Card Member loans portfolio is primarily driven by the longer average estimated loan life as compared to our Card Member receivables portfolio.
The actual impact at adoption will depend on the outstanding balances, characteristics of our loan and receivable portfolios, macroeconomic conditions and forecasted information at the date of adoption. We are continuing our cross-functional implementation efforts and have substantially completed development of our CECL models. Model validation and user acceptance testing commenced in the first half of 2019, with continuing parallel runs throughout the second half of 2019. In addition, we will continue to develop the business processes, policies and controls that satisfy the requirements of the new standard.


8

Table of Contents
AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

In addition, for available-for-sale debt securities, the new guidance prospectively replaces the other-than-temporary impairment model and requires the recognition of an allowance for reductions in a security’s fair value attributable to declines in credit quality, instead of a direct write-down of the security, when a valuation decline is determined to be other-than-temporary. We do not currently expect the impact of the new guidance on available-for-sale securities to be material at adoption.
Recently Adopted Accounting Standards
In February 2016, the FASB issued new accounting guidance on leases. The accounting standard, effective January 1, 2019, requires virtually all leases to be recognized on the Consolidated Balance Sheets.  Effective January 1, 2019, we adopted the standard using the modified retrospective method, under which we elected the package of practical expedients and transition provisions allowing us to bring our existing operating leases onto the Consolidated Balance Sheet without adjusting comparative periods. Under the guidance we have also elected not to separate lease and non-lease components in recognition of the lease-related assets and liabilities, as well as the related lease expense.
We have operating leases for facilities and equipment, which are recorded as assets and liabilities for those leases with terms greater than 12 months. Lease-related assets, or right-of-use assets, are recognized at the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease-related liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using our incremental borrowing rate. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are expensed as incurred.
Upon adoption of the standard, we recorded approximately $700 million of right of use assets and lease-related liabilities, included in Other assets and Other liabilities, respectively. In conjunction with the adoption, we upgraded our lease administration software and updated our business processes and internal controls in support of the new guidance.
In February 2018, as a result of the enactment of the Tax Cuts and Jobs Act, the FASB issued new accounting guidance on the reclassification of certain tax effects from accumulated other comprehensive income (AOCI) to retained earnings. We adopted the new guidance effective January 1, 2019 and did not elect the optional reclassification.


9

Table of Contents
AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

2. Loans and Accounts Receivable
Our lending and charge payment card products result in the generation of Card Member loans and Card Member receivables.
Card Member loans by segment and Other loans as of June 30, 2019 and December 31, 2018 consisted of:
(Millions)
 
2019

 
2018

Global Consumer Services Group (a)
 
$
69,743

 
$
69,458

Global Commercial Services
 
13,487

 
12,396

Card Member loans
 
83,230

 
81,854

Less: Reserve for losses
 
2,168

 
2,134

Card Member loans, net
 
$
81,062

 
$
79,720

Other loans, net (b)
 
$
4,059

 
$
3,676

(a)
Includes approximately $31.7 billion and $33.2 billion of gross Card Member loans available to settle obligations of a consolidated variable interest entity (VIE) as of June 30, 2019 and December 31, 2018, respectively.
(b)
Other loans primarily represent consumer and commercial non-card financing products. Other loans are presented net of reserves for losses of $133 million and $124 million as of June 30, 2019 and December 31, 2018, respectively.
Card Member accounts receivable by segment and Other receivables as of June 30, 2019 and December 31, 2018 consisted of:
(Millions)
 
2019

 
2018

Global Consumer Services Group (a)
 
$
21,192

 
$
21,455

Global Commercial Services
 
37,516

 
34,438

Card Member receivables
 
58,708

 
55,893

Less: Reserve for losses
 
616

 
573

Card Member receivables, net
 
$
58,092

 
$
55,320

Other receivables, net (b)
 
$
3,173

 
$
2,907

(a)
Includes $7.8 billion and $8.5 billion of gross Card Member receivables available to settle obligations of a consolidated VIE as of June 30, 2019 and December 31, 2018, respectively.
(b)
Other receivables primarily represent amounts related to (i) Global Network Services partners for items such as royalty and franchise fees, (ii) tax-related receivables, (iii) certain merchants for billed discount revenue, and (iv) loyalty coalition partners for points issued, as well as program participation and servicing fees. Other receivables are presented net of reserves for losses of $27 million and $25 million as of June 30, 2019 and December 31, 2018, respectively.

10

Table of Contents
AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Card Member Loans and Card Member Receivables Aging
Generally, a Card Member account is considered past due if payment is not received within 30 days after the billing statement date. The following table presents the aging of Card Member loans and receivables as of June 30, 2019 and December 31, 2018:
2019 (Millions)
 
Current

 
30-59
Days
Past Due

 
60-89
Days
Past Due

 
90+
Days
Past Due

 
Total

Card Member Loans:
 
 
 
 
 
 
 
 
 
 
Global Consumer Services Group
 
$
68,745

 
$