American Express 2004 Annual Report Download - page 81

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Consolidated Balance Sheets
AMERICAN EXPRESS COMPANY
December 31, (Millions, except share data) 2004 2003
Assets
Cash and cash equivalents (Note 1) $ 9,907 $ 6,156
Accounts receivable and accrued interest:
Cardmember receivables, less reserves: 2004, $806; 2003, $916 30,270 27,487
Other receivables, less reserves: 2004, $90; 2003, $18 4,380 3,782
Investments (Note 2) 60,809 56,637
Loans: (Note 3)
Cardmember lending, less reserves: 2004, $972; 2003, $998 25,933 24,836
International banking, less reserves: 2004, $95; 2003, $113 6,790 6,371
Other, less reserves: 2004, $17; 2003, $10 2,135 1,093
Separate account assets 35,901 30,809
Deferred acquisition costs 4,099 3,858
Land, buildings and equipment — at cost, less accumulated depreciation:
2004, $3,297; 2003, $3,091 3,083 3,184
Other assets 9,331 10,334
Total assets $ 192,638 $ 174,547
Liabilities and Shareholders’ Equity
Customers’ deposits $ 21,091 $ 21,250
Travelers Cheques outstanding 7,287 6,819
Accounts payable 8,291 6,591
Insurance and annuity reserves:
Fixed annuities and variable annuity guarantees 27,012 26,377
Life and health policies 5,954 5,592
Investment certificate reserves 11,332 9,207
Short-term debt (Note 7) 14,182 19,046
Long-term debt (Note 7) 33,061 20,654
Separate account liabilities 35,901 30,809
Other liabilities 12,507 12,879
Total liabilities 176,618 159,224
Shareholders’ Equity
Common shares, $.20 par value, authorized 3.6 billion shares; issued
and outstanding 1,249 million shares in 2004 and 1,284 million
shares in 2003 (Note 8) 250 257
Additional paid-in capital 7,316 6,081
Retained earnings 8,196 8,793
Accumulated other comprehensive income (loss):
Net unrealized securities gains, net of tax: 2004, ($409); 2003, ($501) 760 931
Net unrealized derivatives losses, net of tax: 2004, $77; 2003, $229 (142) (446)
Foreign currency translation adjustments, net of tax: 2004, $55; 2003, $66 (344) (278)
Minimum pension liability, net of tax: 2004, $8; 2003, $8 (16) (15)
Total accumulated other comprehensive income 258 192
Total shareholders’ equity 16,020 15,323
Total liabilities and shareholders’ equity $ 192,638 $ 174,547
See Notes to Consolidated Financial Statements.
AXP
AR.04
79
Consolidated Balance Sheets