American Express 2004 Annual Report Download - page 104

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Long-Term Debt
December 31, (Dollars in millions) 2004 2003
Outstanding
Balance
Notional
Amount
of Swaps
Year-End
Stated
Rate on
Debt
(c)
Year-End
Effective
Interest
Rate with
Swaps
(c)
Maturity
of Swaps
Outstanding
Balance
Notional
Amount
of Swaps
Year-End
Stated
Rate on
Debt
(c)
Year-End
Effective
Interest
Rate with
Swaps
(c)
Maturity
of Swaps
American Express Company
(Parent Company only)
Convertible Debentures
due December 1, 2033 $ 2,000 — 1.85% — — $ 2,000 — 1.85% — —
Fixed Rate Senior Notes
due 2005 – 2013 3,740 — 5.07% — — 3,739 — 5.34% — —
American Express Credit
Corporation
Fixed Rate Senior Notes
due 2006 – 2017 999 — 3.00% — — 999 — 3.00% — —
Fixed Rate Medium-Term Notes
due 2005 – 2009 3,251 $ 350 5.22% 4.92% 2005 626 $ 350 3.56% 1.25% 2005
Floating Rate Medium-Term Notes
due 2005 – 2006
(a)
10,681 8,000 2.45% 2.92% Various 8,931 1,300 1.22% 1.55% Various
Borrowings under Bank Credit
Facilities due 2009 3,683 1,537 4.54% 4.68% Various —— — — —
American Express Centurion Bank
Fixed Rate Senior Notes due 2009 508 500 4.31% 4.31% 2009 51 49 7.55% 1.99% 2004
Floating Rate Senior Notes
due 2005 331 — 1.60% — — 407 — 1.45% — —
Floating Rate Medium-Term Notes
due 2005 – 2009 3,550 700 1.83% 1.91% Various 100 — 1.15% — —
Subordinated Fixed Rate Notes
due 2004 ———— — 3 — 7.95% — —
Subordinated Floating Rate Notes
due 2005 27 — 1.98% — — 33 — 1.71% — —
American Express Bank, FSB
Floating Rate Medium-Term Notes
due 2005 – 2007 1,602 — 1.59% — — —— — — —
American Express Receivables
Finance Corporation
Fixed Rate Senior Notes due 2004 ———— —261 251 7.55% 1.99% 2004
Floating Rate Senior Notes
due 2005 1,417 — 1.60% — — 2,093 — 1.45% — —
Subordinated Fixed Rate Notes
due 2004 ———— —14 — 7.95% — —
Subordinated Floating Rate Notes
due 2005 115 — 1.98% — — 170 — 1.71% — —
Other
Fixed Rate Notes
due 2005 – 2014
(b)(d)
810 — 4.73% — — 757 — 6.25% — —
Floating Rate Notes
due 2006 – 2007
(b)
347 106 4.90% 5.05% Various 470 420 3.57% 4.79% Various
Total $ 33,061 $ 11,193 3.19% $ 20,654 $ 2,370 2.56%
(a) These balances include $2 billion and $1 billion notes which are subject to extension by the holders through March 5, 2008 and June 20, 2008, respectively.
(b) As a result of the December 31, 2003 adoption of FIN 46, these balances include a combined $317 million and $325 million, respectively, at December 31,
2004 and 2003 of debt related to a consolidated CDO. This debt is non-recourse to the Company and will be extinguished from the cash flows of the investments
held within the portfolio of the CDO.
(c) For floating rate debt issuances, the stated and effective interest rates were based on the respective rate at December 31, 2004 and 2003. These rates are not
indicative of future interest rates.
(d) These balances include $113 million related to two sale-leaseback transactions as described in Note 10.
AXP
AR.04
102
Notes to Consolidated Financial Statements