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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, 2013 were as follows:
(Millions) 2014 2015 2016 2017 2018 Thereafter Total
American Express Company (Parent Company only) $ 1,250 $ — $ 600 $ 1,500 $ 3,850 $ 3,939 $ 11,139
American Express Credit Corporation 4,420 7,010 7,293 1,500 1,340 — 21,563
American Express Centurion Bank — 1,305 — 1,300 125 1 2,731
American Express Bank, FSB ———1,300——1,300
American Express Charge Trust II — — 3,000 — 1,287 — 4,287
American Express Lending Trust 4,000 5,423 500 1,623 2,886 — 14,432
Other 179 143 161 — — 32 515
$ 9,849 $ 13,881 $ 11,554 $ 7,223 $ 9,488 $ 3,972 55,967
Unamortized Underwriting Fees (105)
Unamortized Discount and Premium (960)
Impacts due to Fair Value Hedge Accounting 428
Total Long-Term Debt $ 55,330
As of December 31, 2013 and 2012, the Company maintained total
bank lines of credit of $7.0 billion and $7.7 billion, respectively. Of the
total credit lines, $3.0 billion was undrawn as of both December 31,
2013 and 2012. Undrawn amounts support commercial paper
borrowings and contingent funding needs. $4.8 billion and $2.2 billion
of these credit facilities will expire in 2015 and 2016, respectively. 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. As
of December 31, 2013 and 2012, the Company was not in violation of
any of its debt covenants.
Additionally, the Company maintained a 3-year committed,
revolving, secured borrowing facility that gives the Company the right
to sell up to $3.0 billion face amount of eligible notes issued from the
Charge Trust II at any time through July 15, 2016. As of December 31,
2013, $3.0 billion was drawn on this facility. This facility was repaid on
January 15, 2014.
The Company paid $44.9 million and $46.7 million in fees to
maintain these lines in 2013 and 2012, 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 $2.0 billion, $2.2 billion and $2.4 billion in 2013, 2012 and
2011, respectively.
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