American Express 2004 Annual Report Download - page 103

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Note 7 SHORT- AND LONG-TERM DEBT AND BORROWING AGREEMENTS
Short-Term Debt
The Company’s short-term debt outstanding, defined as debt with original maturities of less than one year, primarily
consists of commercial paper, borrowed funds and bank notes payable. Short-term debt at December 31 is as follows:
(Dollars in millions) 2004 2003
Outstanding
Balance
Notional
Amount
of Swaps
Year-End
Stated
Rate on
Debt(a)
Year-End
Effective
Interest
Rate with
Swaps(a) Maturity
of Swaps
Outstanding
Balance
Notional
Amount
of Swaps
Year-End
Stated
Rate on
Debt(a)
Year-End
Effective
Interest
Rate with
Swaps(a) Maturity
of Swaps
Commercial paper $ 7,604 $ 363 2.17% 2.16% Various $10,339 $4,093 1.03% 2.05% Various
Borrowed funds 3,207 — 2.65% — — 5,164 1,500 1.45% 2.69% 2004
Bank notes payable 3,111 2,800 2.67% 3.49% 2005 3,430 — 1.67% — —
Other 260 — 1.60% — — 113 26 0.65% 1.77% Various
Total $14,182 $3,163 2.38% $19,046 $5,619 1.26%
(a) For floating rate debt issuances, the stated and effective interest rates were based on the respective rates at December 31, 2004 and 2003. These rates are not
indicative of future interest rates.
Unused lines of credit to support commercial paper borrowings were approximately $9.0 billion and $9.2 billion
at December 31, 2004 and 2003, respectively.
AXP
AR.04
101
Notes to Consolidated Financial Statements