American Express 2003 Annual Report Download - page 77

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Consolidated Balance Sheets
AMERICAN EXPRESS COMPANY
December 31, (Millions, except share data) 2003 2002
Assets
Cash and cash equivalents (Note 1) $5,726 $10,288
Accounts receivable and accrued interest:
Cardmember receivables, less credit reserves: 2003, $916; 2002, $930 27,487 25,403
Other receivables, less credit reserves: 2003, $18; 2002, $28 3,782 3,684
Investments (Note 2) 57,067 53,638
Loans: (Note 3)
Cardmember lending, less credit reserves: 2003, $998; 2002, $1,030 24,836 21,574
International banking, less credit reserves: 2003, $113; 2002, $151 6,371 5,466
Other, net 1,093 782
Separate account assets 30,809 21,981
Deferred acquisition costs 4,137 3,908
Land, buildings and equipment — at cost, less accumulated depreciation:
2003, $3,091; 2002, $2,603 3,184 2,979
Other assets 10,509 7,550
Total assets $175,001 $157,253
Liabilities and Shareholders’ Equity
Customers’ deposits $21,250 $18,317
Travelers Cheques outstanding 6,819 6,623
Accounts payable 6,591 9,235
Insurance and annuity reserves:
Fixed annuities 26,377 23,411
Life and disability policies 5,592 5,272
Investment certificate reserves 9,207 8,666
Short-term debt (Note 6) 19,046 21,103
Long-term debt (Note 6) 20,654 16,308
Separate account liabilities 30,809 21,981
Guaranteed preferred beneficial interests in the company’s
junior subordinated deferrable interest debentures (Note 7) —511
Other liabilities 13,333 11,965
Total liabilities 159,678 143,392
Shareholders’ Equity
Common shares, $.20 par value, authorized 3.6 billion shares; issued and
outstanding 1,284 million shares in 2003 and 1,305 million shares
in 2002 (Note 8) 257 261
Additional paid-in capital 6,081 5,675
Retained earnings 8,793 7,606
Other comprehensive income (loss), net of tax:
Net unrealized securities gains 931 1,104
Net unrealized derivatives losses (446) (538)
Foreign currency translation adjustments (278) (198)
Minimum pension liability (15) (49)
Accumulated other comprehensive income 192 319
Total shareholders’ equity 15,323 13,861
Total liabilities and shareholders’ equity $175,001 $157,253
See Notes to Consolidated Financial Statements.
(p.75_axp_ consolidated financial statements)