American Express 2015 Annual Report Download - page 168

NOTE 26
PARENT COMPANY
PARENT COMPANY — CONDENSED STATEMENTS OF INCOME
Years Ended December 31 (Millions) 2015 2014 2013
Revenues
Non-interest revenues
Gain on sale of securities ..................................................... $—$ 99 $ 135
Other ..................................................................... 400 270 5
Total non-interest revenues ...................................................... 400 369 140
Interest income ................................................................ 172 141 134
Interest expense ................................................................ (526) (543) (583)
Total revenues net of interest expense ............................................. 46 (33) (309)
Expenses
Salaries and employee benefits ................................................. 341 275 206
Other ....................................................................... 443 357 261
Total .......................................................................... 784 632 467
Pretax loss ..................................................................... (738) (665) (776)
Income tax benefit .............................................................. (268) (249) (297)
Net loss before equity in net income of subsidiaries and affiliates ...................... (470) (416) (479)
Equity in net income of subsidiaries and affiliates .................................... 5,633 6,301 5,838
Net income .................................................................... $ 5,163 $5,885 $5,359
PARENT COMPANY — CONDENSED BALANCE SHEETS
As of December 31 (Millions) 2015 2014
Assets
Cash and cash equivalents ............................................................. $ 6,400 $ 8,824
Investment securities ................................................................. 11
Equity in net assets of subsidiaries and affiliates .......................................... 19,856 20,123
Accounts receivable, less reserves ...................................................... 311 134
Premises and equipment, less accumulated depreciation: 2015, $140; 2014, $106 ............. 133 139
Loans to subsidiaries and affiliates ...................................................... 11,762 7,809
Due from subsidiaries and affiliates ..................................................... 896 1,477
Other assets ......................................................................... 275 365
Total assets ......................................................................... 39,634 38,872
Liabilities and Shareholders’ Equity
Liabilities
Accounts payable and other liabilities ................................................... 1,603 1,590
Due to subsidiaries and affiliates ........................................................ 716 964
Short-term debt of subsidiaries and affiliates ............................................. 6,923 5,937
Long-term debt ...................................................................... 9,719 9,708
Total liabilities ..................................................................... 18,961 18,199
Shareholders’ Equity
Preferred Shares ..................................................................... ——
Common shares ..................................................................... 194 205
Additional paid-in capital .............................................................. 13,348 12,874
Retained earnings .................................................................... 9,665 9,513
Accumulated other comprehensive loss ................................................. (2,534) (1,919)
Total shareholders’ equity ........................................................... 20,673 20,673
Total liabilities and shareholders’ equity ................................................. $39,634 $38,872
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