American Express 2003 Annual Report Download - page 107

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American
Travel Express American Adjustments
Related Financial Express Corporate and
(Millions) Services Advisors Bank and Other Eliminations Consolidated
2003
Revenues (GAAP basis) $19,189 $ 6,172 $ 801 $ 104 $ (400) $ 25,866
Net revenues (managed basis) 20,132 4,050 801 104 (400) 24,687
Net investment income 472 2,279 349 101 (138) 3,063
Cardmember lending net finance
charge revenue:
GAAP basis 2,042 ————2,042
Managed basis 3,942 ————3,942
Interest expense:
GAAP basis 786 45 — 214 (140) 905
Managed basis 786 45 — 214 (140) 905
Pretax income (loss) before
accounting change 3,571 859 151 (334) — 4,247
Income tax provision (benefit) 1,141 177 49 (120) — 1,247
Income (loss) before accounting change 2,430 682 102 (214) — 3,000
Cumulative effect of accounting change,
net of tax(a) —(13) — — — (13)
Net income (loss)(a) 2,430 669 102 (214) — 2,987
Assets $79,282 $ 84,569 $ 14,232 $ 19,129 $ (22,211) $ 175,001
2002
Revenues (GAAP basis) $17,721 $ 5,617 $ 745 $ 99 $ (375) $ 23,807
Net revenues (managed basis) 18,669 3,663 745 99 (375) 22,801
Net investment income 598 2,058 360 99 (124) 2,991
Cardmember lending net finance
charge revenue:
GAAP basis 1,828 ————1,828
Managed basis 3,654 ————3,654
Interest expense:
GAAP basis 1,001 32 — 175 (126) 1,082
Managed basis 987 32 — 175 (126) 1,068
Pretax income (loss) 3,080 865 121 (339) — 3,727
Income tax provision (benefit) 945 233 41 (163) — 1,056
Net income (loss) 2,135 632 80 (176) — 2,671
Assets $72,205 $ 73,724 $ 13,234 $ 17,014 $ (18,924) $ 157,253
2001
Revenues (GAAP basis) $17,359 $ 4,791 $ 649 $ 123 $ (340) $ 22,582
Net revenues (managed basis) 18,102 2,825 649 123 (340) 21,359
Net investment income 710 1,162 302 123 (160) 2,137
Cardmember lending net finance
charge revenue:
GAAP basis 1,704 ————1,704
Managed basis 3,138 ————3,138
Interest expense:
GAAP basis 1,454 26 — 182 (161) 1,501
Managed basis 1,487 26 — 182 (161) 1,534
Pretax income (loss) 1,979 (24) (14) (345) — 1,596
Income tax provision (benefit) 520 (76) (1) (158) — 285
Net income (loss)(b) 1,459 52 (13) (187) — 1,311
Assets $69,384 $ 71,471 $ 11,878 $ 15,726 $ (17,359) $ 151,100
(a) Results for 2003 reflect a $20 million non-cash pretax charge ($13 million after-tax) related to the December 31, 2003 adoption of FIN 46, as revised.
(b) 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).
(p.105_axp_ notes to consolidated financial statements)