American Express 2011 Annual Report Download - page 79

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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10
DEBT
SHORT-TERM BORROWINGS
The Company’s short-term borrowings outstanding, defined as borrowings with original maturities of less than one year, as of
December 31 were as follows:
2011 2010
(Millions, except percentages) Outstanding Balance
Year-End Stated Rate
on Debt(a)(b) Outstanding Balance
Year-End Stated Rate
on Debt(a)(b)
Commercial paper $ 608 0.03% $ 645 0.16%
Other short-term borrowings(c) 2,816 1.73% 2,769 1.23%
Total $ 3,424 1.43% $ 3,414 1.03%
(a) For floating-rate debt issuances, the stated interest rates are based on the floating rates in effect as of December 31, 2011 and 2010, 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. There were no swaps in place as of December 31, 2011 and 2010.
(c) Includes interest-bearing overdrafts with banks of $821 million and $966 million as of December 31, 2011 and 2010, respectively. In addition, balances include certain
book overdrafts (i.e., primarily timing differences arising in the ordinary course of business), short-term borrowings from banks, as well as interest-bearing amounts
due to merchants in accordance with merchant service agreements.
77