American Express 2004 Annual Report Download - page 121

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(Millions)
Travel
Related
Services
American
Express
Financial
Advisors(a)
American
Express
Bank
Corporate
and Other
Adjustments
and
Eliminations Consolidated
2002
Revenues (GAAP basis) $ 17,721 $ 5,617 $ 745 $ 99 $ (375) $ 23,807
Revenues (managed basis) 18,669 5,617 745 99 (375) 24,755
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
Total Assets $ 72,205 $73,724 $13,234 $17,014 $(18,924) $157,253
Total Equity $ 7,253 $ 6,276 $ 947 $10,974 $(11,589) $ 13,861
(a) AEFA’s most significant subsidiary is IDS Life, which contributed $3.1 billion, $3.0 billion and $2.8 billion in total revenues during 2004, 2003 and 2002,
respectively, derived principally from annuity and life and health related products and services.
Income tax provision (benefit) is calculated on a
separate return basis; however, benefits from operating
losses, loss carrybacks and tax credits (principally
foreign tax credits) recognizable for the Company’s
consolidated reporting purposes are allocated based
upon the tax sharing agreement among members of
the American Express Company consolidated U.S.
tax group.
Assets are those that are used or generated exclusively
by each industry segment. The adjustments and elimi-
nations required to determine the consolidated
amounts shown above consist principally of the elimi-
nation of inter-segment amounts.
AXP
AR.04
119
Notes to Consolidated Financial Statements