American Express 1998 Annual Report Download - page 39

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37
Held to Maturity
1998 1997
Gross Gross Gross Gross
Unrealized Unrealized Fair Unrealized Unrealized Fair
(millions) Cost Gains Losses Value Cost Gains Losses Value
U.S. Government and
agencies obligations $60$5 —$65$53 $3 —$56
State and municipal obligations 1,087 81 — 1,168 1,224 75 — 1,299
Corporate debt securities 7,099 500 $ 28 7,571 8,226 452 $ 8 8,670
Foreign government bonds
and obligations 107 20 — 127 118 11 — 129
Mortgage-backed securities 1,614 31 — 1,645 1,992 27 8 2,011
Other 559 9 — 568 258 7 1 264
Total $ 10,526 $ 646 $ 28 $ 11,144 $ 11,871 $ 575 $ 17 $ 12,429
Investments classified as Held to Maturity and Available-
for-Sale at December 31 are distributed by type and
maturity as presented below:
Available-for-Sale
1998 1997
Gross Gross Gross Gross
Unrealized Unrealized Fair Unrealized Unrealized Fair
(millions) Cost Gains Losses Value Cost Gains Losses Value
U.S. Government and
agencies obligations $45$3 —$48$46 $1 —$47
State and municipal obligations 4,282 343 — 4,625 4,273 311 — 4,584
Corporate debt securities 10,854 362 $ 223 10,993 7,667 266 $ 37 7,896
Foreign government bonds
and obligations 972 41 4 1,009 956 27 6 977
Mortgage-backed securities 7,914 188 5 8,097 9,027 200 7 9,220
Equity securities 481 168 4 645 467 159 3 623
Other 1,347 1 1 1,347 380——380
Total $ 25,895 $1,106 $ 237 $ 26,764 $ 22,816 $ 964 $ 53 $ 23,727
Held to Maturity Available-for-Sale
Fair Fair
December 31, 1998 (millions) Cost Value Cost Value
Due within 1 year $ 870 $ 877 $ 1,878 $ 1,893
Due after 1 year through 5 years 4,179 4,424 3,952 4,090
Due after 5 years through 10 years 2,646 2,850 6,459 6,649
Due after 10 years 1,217 1,348 5,211 5,390
8,912 9,499 17,500 18,022
Mortgage-backed securities 1,614 1,645 7,914 8,097
Equity securities — — 481 645
Total $ 10,526 $ 11,144 $ 25,895 $ 26,764