American Express 2009 Annual Report Download - page 96

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN EXPRESS COMPANY
NOTE 10
DEBT
SHORT-TERM BORROWINGS
The Company’s short-term borrowings outstanding, defined as borrowings with original maturities of less than one year, were as
follows as of December 31:
(Millions, except percentages) 2009 2008
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) $ 975 0.19% — $7,272 2.20% —
Federal funds purchased —— — 470 1.30% —
Other short-term borrowings(d) 1,369 0.85% 0.85% 1,251 1.90% 1.88%
Total $2,344 0.57% $8,993 2.11%
(a) For floating rate debt issuances, the stated and effective interest rates are based on the floating rates in effect as of December 31, 2009 and
2008, 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.
(c) December 31, 2008 balance 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). As of December 31, 2009, no commercial paper purchased by the SPV was
outstanding.
(d) Includes interest-bearing overdrafts with banks of $277 million and $382 million as of December 31, 2009 and 2008, respectively. In
addition, balances include interest bearing amounts due to merchants in accordance with merchant service agreements, as well as other
short-term borrowings.
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