American Express 2012 Annual Report Download - page 88

AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Aggregate annual maturities on long-term debt obligations (based on final maturity dates) as of December 31, 2012 were as follows:
(Millions) 2013 2014 2015 2016 2017 Thereafter Total
American Express Company (Parent Company only) $ 1,000 $ 1,250 $ — $ 600 $ 1,500 $ 5,939 $ 10,289
American Express Credit Corporation 4,859 6,550 5,227 5,501 1,500 — 23,637
American Express Centurion Bank — — 1,305 — 1,300 2 2,607
American Express Bank, FSB 1,750 — — — 1,300 — 3,050
American Express Charge Trust —3,000————3,000
American Express Lending Trust 4,056 4,000 5,423 — 1,623 1,200 16,302
Other — 201 175 — — 38 414
$ 11,665 $ 15,001 $ 12,130 $ 6,101 $ 7,223 $ 7,179 59,299
Unamortized Underwriting Fees (112)
Unamortized Discount and Premium (17)
Impacts due to Debt Exchange (977)
Impacts due to Fair Value Hedge Accounting 780
Total Long-Term Debt $ 58,973
As of December 31, 2012 and 2011, the Company maintained
total bank lines of credit of $7.7 billion and $7.5 billion,
respectively. Of the total credit lines, $3.0 billion and $2.9 billion
were undrawn as of December 31, 2012 and 2011, respectively.
Undrawn amounts of $3.0 billion and $2.9 billion supported
commercial paper borrowings and contingent funding needs as
of December 31, 2012 and 2011, respectively. In 2014, 2015 and
2016, respectively, $2.1 billion, $3.0 billion and $2.6 billion of
these credit facilities will expire. The availability of these credit
lines is subject to the Company’s compliance with certain
financial covenants, principally, the maintenance by American
Express Credit Corporation (Credco) of a 1.25 ratio of combined
earnings and fixed charges to fixed charges. Furthermore, in
2011, the Company’s financial covenants included
the maintenance of consolidated tangible net worth of at least
$4.1 billion by the Company, and the compliance of American
Express Centurion Bank (Centurion Bank) and American
Express Bank, FSB (FSB) with applicable regulatory capital
adequacy guidelines. As of December 31, 2012 and 2011, the
Company was not in violation of any of its debt covenants.
Additionally, the Company maintained a 3-year committed,
revolving, secured financing facility which gives the Company
the right to sell up to $3.0 billion face amount of eligible notes
issued from the Charge Trust at any time through July 15, 2014.
As of December 31, 2012, $3.0 billion was drawn on this
facility. The Company also maintained a 2-year committed,
revolving, secured financing facility which gives the Company
the right to sell up to $2.0 billion face amount of eligible
certificates issued from the Lending Trust at any time through
September 15, 2015. This facility remained undrawn as of
December 31, 2012. The Company paid $48.1 million and $22.2
million in fees to maintain these lines in 2012 and 2011,
respectively.
These committed facilities do not contain material adverse
change clauses, which might otherwise preclude borrowing
under the credit facilities, nor are they dependent on the
Company’s credit rating.
The Company paid total interest primarily related to short-
and long-term debt, corresponding interest rate swaps and
customer deposits of $2.2 billion in 2012 and $2.4 billion in both
2011 and 2010.
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