American Express 2012 Annual Report Download - page 86

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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:
2012 2011
(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%
Other short-term borrowings(c) 3,314 1.46% 3,729 1.32%
Total $ 3,314 1.46% $ 4,337 1.14%
(a) For floating-rate debt issuances, the stated interest rates are based on the floating rates in effect as of December 31, 2012 and 2011, 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, 2012 and 2011.
(c) Includes interest-bearing overdrafts with banks of $615 million and $821 million as of December 31, 2012 and 2011, 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.
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