American Express 2001 Annual Report Download - page 75

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axp_73
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
American
Travel Express American Adjustments
Related Financial Express Corporate and
(Millions) Services Advisors Bank and Other Eliminations Consolidated
2001
Net revenues (managed basis) $ 18,102 $ 2,825 $ 649 $ 123 $ (340) $ 21,359
Revenues (GAAP basis) 17,359 4,791 649 123 (340) 22,582
Interest and dividends, net 710 1,162 302 123 (160) 2,137
Cardmember lending net finance
charge revenue:
Managed basis 3,138
————
3,138
GAAP basis 912
————
912
Interest expense:
Managed basis 1,487 26
—
182 (161) 1,534
GAAP basis 1,454 26
—
182 (161) 1,501
Pretax income (loss) 1,979 (24) (14) (345)
—
1,596
Income tax provision (benefit) 520 (76) (1) (158)
—
285
Net income (loss)(a) 1,459 52 (13) (187)
—
1,311
Assets $ 69,384 $ 71,471 $ 11,878 $ 15,726 $ (17,359) $ 151,100
2000
Net revenues (managed basis) $ 17,441 $ 4,219 $ 591 $ 167 $ (333) $ 22,085
Revenues (GAAP basis) 17,120 6,130 591 167 (333) 23,675
Interest and dividends, net 803 2,292 251 165 (221) 3,290
Cardmember lending net finance
charge revenue:
Managed basis 2,383
————
2,383
GAAP basis 987
————
987
Interest expense:
Managed basis 1,571 22
—
180 (214) 1,559
GAAP basis 1,366 22
—
180 (214) 1,354
Pretax income (loss) 2,713 1,483 33 (321)
—
3,908
Income tax provision (benefit) 784 451 4 (141)
—
1,098
Net income (loss) 1,929 1,032 29 (180)
—
2,810
Assets $ 71,419 $ 73,560 $ 11,413 $ 16,487 $ (18,456) $ 154,423
1999
Net revenues (managed basis) $ 15,234 $ 3,737 $ 621 $ 109 $ (218) $ 19,483
Revenues (GAAP basis) 15,130 5,636 621 109 (218) 21,278
Interest and dividends, net 643 2,443 291 105 (136) 3,346
Cardmember lending net finance
charge revenue:
Managed basis 1,929
————
1,929
GAAP basis 1,333
————
1,333
Interest expense:
Managed basis 1,204 32
—
164 (129) 1,271
GAAP basis 984 32
—
164 (129) 1,051
Pretax income (loss) 2,383 1,363 27 (335)
—
3,438
Income tax provision (benefit) 691 428 5 (161)
—
963
Net income (loss) 1,692 935 22 (174)
—
2,475
Assets $ 63,233 $ 74,644 $ 11,354 $ 14,449 $ (15,163) $ 148,517
(a)2001 results include three significant items: (1) a charge at AEFA of $1.01 billion pretax ($669 million after-tax) reflecting losses associated with high-yield securities recorded during
the first half of 2001; (2) consolidated restructuring charges of $631 million pretax ($411 million after-tax); and (3) the consolidated one-time adverse impact from the September 11th
terrorist attacks of $98 million pretax ($65 million after-tax).