American Express 2015 Annual Report Download - page 137
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NOTE 9
DEBT
SHORT-TERM BORROWINGS
The Company’s short-term borrowings outstanding, defined as borrowings with original contractual maturity
dates of less than one year, as of December 31 were as follows:
2015 2014
(Millions, except percentages) Outstanding
Balance Year-End Stated
Rate on Debt (a)
Outstanding
Balance Year-End Stated
Rate on Debt (a)
Commercial paper ................................... $ 2,120 0.38% $ 769 0.29%
Other short-term borrowings (b)(c) ...................... 2,692 1.11 2,711 0.81
Total ............................................... $ 4,812 0.79% $3,480 0.69%
(a) For floating-rate issuances, the stated interest rates are weighted based on the outstanding balances and floating rates in effect as of
December 31, 2015 and 2014.
(b) Includes interest-bearing overdrafts with banks of $410 million and $470 million as of December 31, 2015 and 2014, respectively. In addition,
balances include a partially drawn secured borrowing facility (maturing on September 15, 2017), 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. The secured borrowing facility gives the Company the right to sell up to $2.0
billion face amount of eligible certificates issued from the Lending Trust.
(c) The Company paid $6.7 million and $7.0 million in fees to maintain the secured borrowing facility in 2015 and 2014, respectively.
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