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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The components of other intangible assets were as follows:
2011 2010
(Millions)
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Customer relationships(a) $ 1,223 $ (407) $ 816 $ 1,125 $ (332) $ 793
Other 445 (112) 333 262 (83) 179
Total $ 1,668 $ (519) $ 1,149 $ 1,387 $ (415) $ 972
(a) Includes intangibles acquired from airline partners of $410 million and $478 million as of December 31, 2011 and 2010, respectively, including approximately $195
million and $230 million, respectively, from Delta.
Amortization expense for the years ended December 31, 2011, 2010 and 2009 was $189 million, $176 million and $140 million,
respectively. Intangible assets acquired in 2011 and 2010 are being amortized, on average, over 13 years and 8 years, respectively.
Estimated amortization expense for other intangible assets over the next five years is as follows:
(Millions) 2012 2013 2014 2015 2016
Estimated amortization expense $ 200 $ 190 $ 165 $ 146 $ 120
OTHER
The Company had $332 million and $197 million in affordable
housing partnership interests as of December 31, 2011 and 2010,
respectively, included in other assets in the table above.
The Company is a limited partner and typically has a less than 50
percent interest in the affordable housing partnerships. These
partnership interests are accounted for in accordance with GAAP
governing equity method investments and joint ventures.
NOTE 9
CUSTOMER DEPOSITS
As of December 31, customer deposits were categorized as
interest-bearing or non-interest-bearing deposits as follows:
(Millions) 2011 2010
U.S.:
Interest-bearing $ 37,271 $ 29,053
Non-interest-bearing 417
Non-U.S.:
Interest-bearing 612 640
Non-interest-bearing 11 17
Total customer deposits $ 37,898 $ 29,727
Customer deposits were aggregated by deposit type offered by
the Company as of December 31 as follows:
(Millions) 2011 2010
U.S. retail deposits:
Savings accounts – Direct $ 14,649 $ 7,725
Certificates of deposit:
Direct 893 1,052
Third party 10,781 11,411
Sweep accounts – Third party 10,948 8,865
Other deposits 627 674
Total customer deposits $ 37,898 $ 29,727
The scheduled maturities of all certificates of deposit as of
December 31, 2011 were as follows:
(Millions) U.S. Non-U.S. Total
2012 $ 3,317 $ 386 $ 3,703
2013 4,820 1 4,821
2014 2,441 – 2,441
2015 267 – 267
2016 607 – 607
After 5 years 222 – 222
Total $ 11,674 $ 387 $ 12,061
As of December 31, certificates of deposit in denominations of
$100,000 or more were as follows:
(Millions) 2011 2010
U.S. $ 580 $ 689
Non-U.S. 304 291
Total $ 884 $ 980
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