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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
LONG-TERM DEBT
The Company’s long-term debt outstanding, defined as debt with original maturities of one year or greater, as of December 31 was as follows:
2014 2013
(Millions, except percentages)
Maturity
Dates
Outstanding
Balance(a)
Year-End
Stated Rate
on Debt(b)
Year-End
Effective
Interest
Rate with
Swaps(b)(c)
Outstanding
Balance(a)
Year-End
Stated Rate
on Debt(b)
Year-End
Effective
Interest
Rate with
Swaps(b)(c)
American Express Company
(Parent Company only)
Fixed Rate Senior Notes 2016-2042 $ 7,535 5.15% 4.20% $ 8,784 5.43% 4.60%
Floating Rate Senior Notes 2018 850 0.85 — 850 0.84 —
Subordinated Notes(d) 2024-2036 1,350 5.39 4.42 749 6.80 —
American Express Credit Corporation
Fixed Rate Senior Notes 2015-2019 16,260 2.26 1.22 14,875 3.13 2.03
Floating Rate Senior Notes 2015-2019 4,400 0.82 — 2,855 1.14 —
Borrowings under Bank Credit Facilities 2016-2017 3,672 4.25 — 4,012 4.18 —
American Express Centurion Bank
Fixed Rate Senior Notes 2015-2017 2,089 4.12 3.32 2,102 4.12 3.32
Floating Rate Senior Notes 2015-2018 675 0.68 — 675 0.67 —
American Express Bank, FSB
Fixed Rate Senior Notes 2017 999 6.00 — 999 6.00 —
Floating Rate Senior Notes 2017 300 0.46 — 300 0.47 —
American Express Charge Trust II
Floating Rate Senior Notes 2016-2018 3,700 0.41 — 4,200 0.49 —
Floating Rate Subordinated Notes 2016-2018 87 0.80 — 87 0.80 —
American Express Lending Trust
Fixed Rate Senior Notes 2015-2017 6,100 1.11 — 2,600 0.72 —
Floating Rate Senior Notes 2015-2019 8,876 0.72 — 10,685 0.81 —
Fixed Rate Subordinated Notes 2015-2017 300 1.08 — 300 1.08 —
Floating Rate Subordinated Notes 2015-2019 488 0.73 — 847 0.81 —
Other
Fixed Rate Instruments(e) 2016-2033 143 3.09 — 239 3.95 —
Floating Rate Borrowings 2015-2019 247 0.59 —% 276 0.62 —%
Unamortized Underwriting Fees (116) (105)
Total Long-Term Debt $57,955 2.34% $ 55,330 2.56%
(a) The outstanding balances include (i) unamortized discount and premium, (ii) the impact of movements in exchange rates on foreign currency denominated debt
and (iii) the impact of fair value hedge accounting on certain fixed-rate notes that have been swapped to floating rate through the use of interest rate swaps.
Under fair value hedge accounting, the outstanding balances on these fixed-rate notes are adjusted to reflect the impact of changes in fair value due to changes
in interest rates. Refer to Note 14 for more details on the Company’s treatment of fair value hedges.
(b) For floating-rate debt issuances, the stated and effective interest rates are weighted based on outstanding balances and floating rates in effectasof
December 31, 2014 and 2013.
(c) Effective interest rates are only presented when swaps are in place to hedge the underlying debt.
(d) For the $750 million of subordinated debentures issued in 2006 and outstanding as of December 31, 2014, the maturity date will automatically be extended to
September 1, 2066, except in the case of either (i) a prior redemption or (ii) a default.
(e) Includes $31 million and $109 million as of December 31, 2014 and 2013, respectively, related to capitalized lease transactions.
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