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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 26
PARENT COMPANY
PARENT COMPANY – CONDENSED STATEMENTS OF INCOME
Years Ended December 31 (Millions) 2013 2012 2011
Revenues
Non-interest revenues
Gain on sale of securities $ 135 $ 121 $ 15
Other 5(12) 3
Total non-interest revenues 140 109 18
Interest income 134 137 142
Interest expense (583) (609) (633)
Total revenues net of interest expense (309) (363) (473)
Expenses
Salaries and employee benefits 206 165 173
Other 261 214 186
Total 467 379 359
Pretax loss (776) (742) (832)
Income tax benefit (297) (258) (346)
Net loss before equity in net income of
subsidiaries and affiliates (479) (484) (486)
Equity in net income of subsidiaries and
affiliates 5,838 4,966 5,385
Income from continuing operations 5,359 4,482 4,899
Income from discontinued operations,
net of tax —— 36
Net income $ 5,359 $ 4,482 $ 4,935
PARENT COMPANY – CONDENSED BALANCE SHEETS
As of December 31 (Millions) 2013 2012
Assets
Cash and cash equivalents $ 6,076 $ 4,797
Investment securities 123 296
Equity in net assets of subsidiaries and affiliates of
continuing operations 19,571 19,087
Accounts receivable, less reserves 378 655
Premises and equipment, less accumulated
depreciation: 2013, $76; 2012, $59 136 117
Loans to subsidiaries and affiliates 5,236 6,733
Due from subsidiaries and affiliates 1,126 1,189
Other assets 335 441
Total assets 32,981 33,315
Liabilities and Shareholders’ Equity
Liabilities
Accounts payable and other liabilities 1,386 1,474
Due to subsidiaries and affiliates 926 1,069
Short-term debt of subsidiaries and affiliates 819 2,316
Long-term debt 10,354 9,570
Total liabilities 13,485 14,429
Shareholders’ equity
Common shares 213 221
Additional paid-in capital 12,202 12,067
Retained earnings 8,507 7,525
Accumulated other comprehensive loss (1,426) (927)
Total shareholders’ equity 19,496 18,886
Total liabilities and shareholders’ equity $ 32,981 $ 33,315
105