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notes to consolidated financial statements
american express company
92
At December 31, 2008 and 2007, time deposits in denominations
of $100,000 or more were as follows:
(Millions) 2008 2007
U.S. $ 894 $11,187
Non-U.S. 153 1,124
Total $1,047 $12,311
The scheduled maturities of all time deposits at December 31,
2008 are as follows:
(Millions) U.S. Non-U.S. Total
2009(a) $4,755 $669 $5,424
2010 976 115 1,091
2011 454 — 454
2012 — — —
2013 884 — 884
After 5 years — — —
Total $7,069 $784 $7,853
(a) Includes the U.S. and Non-U.S. time deposits in denominations of $100,000
or more of $894 million and $153 million, respectively.
note 9
customer deposits
At December 31, 2008 and 2007, customer deposits were split
between interest-bearing and non-interest-bearing deposits as
follows:
(Millions) 2008 2007
U.S. offices:
Interest-bearing ($14,069 at fair
value at December 31, 2008) $14,377 $13,279
Non-interest-bearing 23 45
Non-U.S. offices:
Interest-bearing ($1,029 at fair value at
December 31, 2008) 1,072 2,050
Non-interest-bearing 14 23
Total customer deposits $15,486 $15,397
The customer deposits are aggregated by deposit type offered
by the Company at December 31, 2008 and 2007, as follows:
(Millions) 2008 2007
Retail:
Cash sweep accounts $ 7,123 $ 2,106
CDs 6,232 —
Institutional 837 10,928
Others 1,294 2,363
Total customer deposits $15,486 $15,397
note 10
debt
short-term borrowings
The Company’s short-term borrowings outstanding, defined as debt with original maturities of less than one year, at December 31,
was as follows:
(Millions, except percentages) 2008 2007
Outstanding
Balance
Year-End
Stated
Rate on
Debt(a)
Year-End
Effective
Interest
Rate with
Swaps(a)(b)
Outstanding
Balance
Year-End
Stated
Rate on
Debt(a)
Year-End
Effective
Interest
Rate with
Swaps(a)(b)
Commercial paper(c) $7,272 2.20% — $10,490 4.36% 4.33%
Federal funds purchased and securities sold
under agreements to repurchase 470 1.30% — 2,434 4.98% —
Other short-term borrowings(d) 1,251 1.90% 1.88% 4,837 4.83% —
Total $8,993 2.11% $17,761 4.57%
(a) For floating rate debt issuances, the stated and effective interest rates are based on the floating rates in effect at December 31, 2008 and 2007, respectively. These
rates may not be indicative of future interest rates.
(b) Effective interest rates are only presented if swaps are in place to hedge the underlying debt at the respective year-end.
(c) Includes $4.5 billion of commercial paper purchased by the Federal Reserve Bank’s Special Purpose Vehicle (SPV) through the Commercial Paper Funding
Facility (CPFF) at December 31, 2008. The Company is permitted to issue up to a maximum of $14.7 billion to the SPV that was created for this purpose. The
facility will mature in October 2009.
(d) Other short-term borrowings include $313 million related to borrowings with a discontinued operation (AEB) at December 31, 2007, and interest bearing
overdrafts with banks of $669 million and $463 million at December 31, 2008 and 2007, respectively.