American Express 2009 Annual Report Download - page 125

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN EXPRESS COMPANY
The following table presents certain selected financial information as of December 31, 2009, 2008 and 2007 and for each of the
years then ended.
(Millions, except where indicated) USCS ICS GCS GNMS
Corporate &
Other(a) Consolidated
2009(b)
Non-interest revenues $ 9,525 $3,404 $4,157 $3,625 $688 $21,399
Interest income 3,221 1,588 61 6 455 5,331
Interest expense 855 509 172 (85) 756 2,207
Total revenues net of interest expense 11,891 4,483 4,046 3,716 387 24,523
Total provision 3,769 1,211 177 135 21 5,313
Pretax income from continuing operations 324 230 568 1,381 338 2,841
Income tax provision (benefit) 75 (73) 178 483 41 704
Income from continuing operations $ 249 $ 303 $ 390 $ 898 $297 $ 2,137
Total equity (billions) $ 6.5 $ 2.2 $ 3.4 $ 1.8 $ 0.5 $ 14.4
2008
Non-interest revenues $11,427 $3,758 $5,081 $3,875 $578 $24,719
Interest income 4,736 1,984 168 5 308 7,201
Interest expense 2,166 961 553 (222) 97 3,555
Total revenues net of interest expense 13,997 4,781 4,696 4,102 789 28,365
Total provision 4,389 1,030 231 127 21 5,798
Pretax income from continuing operations 1,141 153 693 1,490 104 3,581
Income tax provision (benefit) 289 (198) 188 495 (64) 710
Income from continuing operations $ 852 $ 351 $ 505 $ 995 $168 $ 2,871
Total equity (billions) $ 4.8 $ 2.0 $ 3.5 $ 1.4 $ 0.1 $ 11.8
2007
Non-interest revenues $11,750 $3,499 $4,697 $3,549 $621 $24,116
Interest income 5,125 1,741 187 3 368 7,424
Interest expense 2,653 909 615 (312) 116 3,981
Total revenues net of interest expense 14,222 4,331 4,269 3,864 873 27,559
Total provision 2,998 812 163 103 27 4,103
Pretax income from continuing operations 2,730 117 744 1,560 543 5,694
Income tax provision (benefit) 907 (174) 208 538 89 1,568
Income from continuing operations $ 1,823 $ 291 $ 536 $1,022 $454 $ 4,126
Total equity (billions) $ 4.5 $ 2.1 $ 2.2 $ 1.2 $ 1.0 $ 11.0
(a) Corporate & Other includes adjustments and eliminations for intersegment activity.
(b) The Company changed the manner by which it assesses the performance of its reportable operating segments to exclude the impact of its
excess liquidity funding levels. Accordingly, beginning in 2009, the debt and cash and investment balances associated with the Company’s
excess liquidity funding and the related net negative interest spread are no longer included within the reportable operating segment results
(primarily USCS and GCS segments) and are reported in the Corporate & Other segment. The segment results for the prior years have not
been revised for this change. The impact on segment income from continuing operations was an increase to USCS, ICS, and GCS of $101
million, $1 million and $41 million, respectively, and a decrease to Corporate & Other of $143 million for the year ending December 31,
2009. The impact on reportable operating segment asset and liability balances for this change was a decrease to USCS and GCS of $19 billion
and $7 billion, respectively, and an increase to Corporate & Other of $26 billion as of December 31, 2009.
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