American Express 2009 Annual Report Download - page 127
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN EXPRESS COMPANY
NOTE 26
PARENT COMPANY
Parent Company – Condensed Statements of Income
Years Ended December 31
(Millions) 2009 2008 2007
Revenues
Non-interest revenues
Gain on sale of securities $ 211 $—$—
Other 4613
Total non-interest revenues 215 613
Interest income 142 286 258
Interest expense (562) (462) (360)
Total revenues net of interest expense $ (205) $ (170) $ (89)
Expenses
Salaries and employee benefits 111 129 132
Other 161 119 160
Total 272 248 292
Pretax loss (477 ) (418 ) (381)
Income tax benefit (164 ) (176 ) (157)
Net loss before equity in net income of
subsidiaries and affiliates (313 ) (242 ) (224)
Equity in net income of subsidiaries and
affiliates 2,450 3,113 4,350
Income from continuing operations 2,137 2,871 4,126
Loss from discontinued operations, net
of tax (7 ) (172 ) (114)
Net income $2,130 $2,699 $4,012
Parent Company – Condensed Balance Sheets
As of December 31
(Millions) 2009 2008
Assets
Cash and cash equivalents $ 5,679 $3
Investment securities 530 594
Equity in net assets of subsidiaries and affiliates
of continuing operations 14,677 12,563
Accounts receivable, less reserves 523 1,153
Loan to affiliate in discontinued operations —238
Premises and equipment — at cost, less
accumulated depreciation: 2009, $34;
2008, $33 52 46
Due from subsidiaries 4,197 5,928
Other assets 389 716
Equity in net liabilities of subsidiaries and
affiliates of discontinued operations —(44 )
Total assets $26,047 $21,197
Liabilities and Shareholders’ Equity
Accounts payable and other liabilities $ 1,398 $ 1,424
Long-term debt 10,243 7,932
Total liabilities 11,641 9,356
Shareholders’ equity
Common shares 237 232
Additional paid-in capital 11,144 10,496
Retained earnings 3,737 2,719
Accumulated other comprehensive loss (712 ) (1,606)
Total shareholders’ equity 14,406 11,841
Total liabilities and shareholders’ equity $26,047 $21,197
SUPPLEMENTAL DISCLOSURE
The Parent Company guarantees up to $104 million of
indebtedness under lines of credit that subsidiaries have with
various banks. As of December 31, 2009, $17 million in lines
of credit have been drawn down.
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