American Express 1998 Annual Report Download - page 35

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33
December 31, (millions, except share data) 1998 1997
Assets
Cash and cash equivalents $ 4,092 $ 4,179
Accounts receivable and accrued interest:
Cardmember receivables, less reserves: 1998, $524; 1997, $640 19,176 19,275
Other receivables, less reserves: 1998, $75; 1997, $72 3,048 2,499
Investments 41,299 39,648
Loans:
Cardmember lending, less reserves: 1998, $593; 1997, $576 14,721 13,183
International banking, less reserves: 1998, $214; 1997, $131 5,404 6,062
Other, net 929 864
Separate account assets 27,349 23,215
Deferred acquisition costs 2,990 2,894
Land, buildings and equipment — at cost, less accumulated depreciation:
1998, $2,067; 1997, $1,838 1,637 1,533
Other assets 6,288 6,651
Total assets $ 126,933 $ 120,003
Liabilities and Shareholders’ Equity
Customers’ deposits $ 10,398 $ 9,444
Travelers Cheques outstanding 5,823 5,634
Accounts payable 5,373 4,876
Insurance and annuity reserves:
Fixed annuities 21,172 22,112
Life and disability policies 4,261 4,053
Investment certificate reserves 4,854 4,149
Short-term debt 22,605 20,570
Long-term debt 7,019 7,873
Separate account liabilities 27,349 23,215
Other liabilities 7,881 8,503
Total liabilities 116,735 110,429
Guaranteed preferred beneficial interests in the Company’s
junior subordinated deferrable interest debentures 500 —
Shareholders’ Equity
Common shares, $.60 par value, authorized 1.2 billion shares; issued and
outstanding 450.5 million shares in 1998 and 466.4 million shares in 1997 270 280
Capital surplus 4,809 4,624
Retained earnings 4,148 4,188
Other comprehensive income, net of tax:
Net unrealized securities gains 583 579
Foreign currency translation adjustments (112) (97)
Accumulated other comprehensive income 471 482
Total shareholders’ equity 9,698 9,574
Total liabilities and shareholders’ equity $ 126,933 $ 120,003
See notes to consolidated financial statements.
CONSOLIDATED BALANCE SHEETS
AMERICAN EXPRESS COMPANY