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AMERICAN EXPRESS COMPANY | ANNUAL REPORT 2015 A
Appendices to the Chairman’s letter
APPENDIX I
RECONCILIATION OF ADJUSTMENTS
Revenues Net of Interest Expense Adjusted for FX, Gain on the Sale of the Concur
Investment and Global Business Travel Operations
YoY%
(MILLIONS, EXCEPT PERCENTAGES) 2015 2014 INC/(DEC)
GAAP Total Revenues Net of Interest Expense $ 32,818 $ 34,188 (4)
Global Business Travel Total Revenues,
Net of Interest Expense1 (741)
Q4’14 Gain on Sale of Concur Investment (719)
Adjusted Total Revenues Net of Interest Expense $ 32,818 $ 32,728 0
FX-Adjusted2 Total Revenues Net of Interest Expense
Excluding Concur & Global Business Travel $ 32,818 $ 31,539 4
1 Represents operating performance of Global Business Travel as reported in H1’14, due to the deconsolidation of our global business
travel operations as a result of the joint venture transaction that closed June 30, 2014. Does not include other Global Business
Travel-related items, including equity earnings from the joint venture and impacts related to a transition services agreement that will
phase out over time.
2 FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency
translation into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for 2015 apply to the period(s)
against which such results are being compared). Certain amounts included in the calculations of FX-adjusted revenues are subject
to management allocations.