American Express 2015 Annual Report Download - page 144
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Based on its current knowledge, and taking into consideration its litigation-related liabilities, the Company
believes it is not a party to, nor are any of its properties the subject of, any legal proceeding that would have a material
adverse effect on the Company’s consolidated financial condition or liquidity. However, in light of the uncertainties
involved in such matters, it is possible that the outcome of legal proceedings, including the possible resolution of
merchant claims, could have a material impact on the Company’s results of operations.
OTHER COMMITMENTS
The Company also has obligations to make payments under contractual agreements with certain cobrand
partners. The Company expects to fully satisfy these obligations over the remaining term of these agreements as part
of the ongoing operations of its business.
As of December 31, 2015, the obligations under such arrangements were as follows:
(Millions)
2016 ............................................................................................ $ 212
2017 ............................................................................................ 76
2018 ............................................................................................ 62
2019 ............................................................................................ 43
2020 ............................................................................................ 20
Thereafter ....................................................................................... 204
Total ............................................................................................ $ 617
The Company leases certain facilities and equipment under non-cancelable and cancelable agreements, for which
total rental expense was $187 million, $237 million and $281 million in 2015, 2014 and 2013, respectively.
As of December 31, 2015, the minimum aggregate rental commitment under all non-cancelable operating leases
(net of subleases of $37 million) was as follows:
(Millions)
2016 ........................................................................................... $ 165
2017 ........................................................................................... 149
2018 ........................................................................................... 129
2019 ........................................................................................... 105
2020 .......................................................................................... 82
Thereafter ...................................................................................... 863
Total .......................................................................................... $1,493
As of December 31, 2015, the Company’s future minimum lease payments under capital leases or other similar
arrangements is approximately $4 million in 2016 through 2020, and $14 million thereafter.
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