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Debt (Tables) | 12 Months Ended
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Dec. 31, 2011
Debt (Tables) [Abstract] |
Short-term borrowings | short-term borrowings The Company's short-term borrowings outstanding, defined as borrowings with original maturities of less than one year, as of December 31 were as follows:
|  | 2011 |  |  | 2010 |
(Millions, except percentages) |  | Outstanding Balance |  | Year-End Stated Rate on Debt | (a)(b) |  | Outstanding Balance |  | Year-End Stated Rate on Debt | (a)(b)
Commercial paper |  | $ | 608 |  | 0.03 | % |  | $ | 645 |  | 0.16 | %
Other short-term borrowings(c) |  |  | 2,816 |  | 1.73 | % |  |  | 2,769 |  | 1.23 | %
Total |  | $ | 3,424 |  | 1.43 | % |  | $ | 3,414 |  | 1.03 | %
(a) For floating-rate debt iss uances, the stated interest rates are based on the floating rates in effect as of December 31, 2011 and 2010, respectively. These rates may not be indicative of future interest rates. (b) Effective interest rates are only presented if swaps are in place to hedge the underlying debt. There were no swaps in place as of December 31, 2011 and 2010. (c) Includes interest-bearing overdrafts with banks of $821 million and $966 million as of December 31, 2011 and 2010, respectively. In addition, balances include 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.
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:
|  | 2011 |  |  | 2010 |
(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 |  | 2013-2038 |  | $ | 9,364 |  | 6.90 | % | 6.06 | % | $ | 9,604 | ?? | 6.83 | % | 6.02 | %
Subordinated Debentures(d) |  | 2036 |  |  | 749 |  | 6.80 | % | ― |  |  | 745 | ?? | 6.80 | % | ― |
American Express Travel |  |  |  |  |  |  |  |  |  |  |  |  | ?? |  |  |  |
| Related Services Company Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  |  |  |  | ― |  | ― |  | ― |  |  | 700 | ?? | 5.25 | % | ― |
Floating Rate Senior Notes |  |  |  |  | ― |  | ― |  | ― |  |  | 500 | ?? | 0.47 | % | 5.63 | %
American Express Credit |  |  |  |  |  |  |  |  |  |  |  |  | ?? |  |  |  |
| Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  | 2012-2016 |  |  | 14,188 |  | 4.78 | % | 2.80 | % |  | 12,406 | ?? | 5.15 | % | 3.07 | %
Floating Rate Senior Notes |  | 2012-2014 |  |  | 2,444 |  | 1.24 | % | ― |  |  | 2,480 | ?? | 1.51 | % | ― |
Borrowings under Bank Credit Facilities |  | 2014-2016 |  |  | 4,579 |  | 6.38 | % | 6.27 | % |  | 4,118 | ?? | 5.33 | % | 5.38 | %
American Express Centurion Bank |  |  |  |  |  |  |  |  |  |  |  |  | ?? |  |  |  |
Fixed Rate Senior Notes |  | 2012-2017 |  |  | 2,149 |  | 5.83 | % | 3.32 | % |  | 2,166 | ?? | 5.83 | % | 3.31 | %
Floating Rate Senior Notes |  | 2012 |  |  | 400 |  | 0.43 | % | ― |  |  | 400 | ?? | 0.41 | % | ― |
American Express Bank, FSB |  |  |  |  |  |  |  |  |  |  |  |  | ?? |  |  |  |
Fixed Rate Senior Notes |  | 2012-2017 |  |  | 3,581 |  | 5.65 | % | 3.11 | % |  | 7,168 | ?? | 4.40 | % | 2.72 | %
Floating Rate Senior Notes |  | 2012-2017 |  |  | 1,100 |  | 0.47 | % | ― |  |  | 2,750 | ?? | 0.92 | % | ― |
American Express Charge Trust |  |  |  |  |  |  |  |  |  |  |  |  | ?? |  |  |  |
Floating Rate Senior Notes |  | 2012-2013 |  |  | 4,488 |  | 0.52 | % | ― |  |  | 3,988 | ?? | 0.51 | % | ― |
Floating Rate Subordinated Notes |  | 2012 |  |  | 72 |  | 0.75 | % | ― |  |  | 72 | ?? | 0.74 | % | ― |
American Express Lending Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  |  |  |  | ― |  | ― |  | ― |  |  | 437 |  | 5.35 | % | ― |
Floating Rate Senior Notes |  | 2012-2018 |  |  | 15,065 |  | 0.95 | % | ― |  |  | 17,516 |  | 0.89 | % | ― |
Fixed Rate Subordinated Notes |  |  |  |  | ― |  | ― |  | ― |  |  | 63 |  | 5.61 | % | ― |
Floating Rate Subordinated Notes |  | 2012-2018 |  |  | 1,245 |  | 0.85 | % | ― |  |  | 1,275 |  | 0.66 | % | ― |
Other |  |  |  |  |  |  |  |  |  |  |  |  | ?? |  |  |  |
Fixed Rate Instruments(e) |  | 2014-2022 |  |  | 123 |  | 5.74 | % | ― |  |  | 141 | ?? | 5.64 | % | ― |
Floating Rate Borrowings |  | 2014 |  |  | 129 |  | 0.66 | % | ― |  |  |  |  |  |  |  |
Unamortized Underwriting Fees |  |  |  |  | (106) |  |  |  |  |  |  | (113) |  |  |  |  |
Total Long-Term Debt |  |  |  | $ | 59,570 |  | 3.69 | % |  |  | $ | 66,416 | ?? | 3.48 | % |  |
The outstanding balances inc lude (i) unamortized discount and premium, (ii) the impact of movements in exchange rates on foreign currency denomin ated 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 outs tanding 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 12 for more details on the Company's treatment of fair value hedges. For floating-rate debt issuances, the stated and effective interest rates are based on the floating rates in effect as of December 31, 2011 and 2010, respectively. These rates may not be indicative of future interest rates. Effective interest rates are only presented when swaps are in place to hedge the underlying debt. The maturity date will automatically be extended to September 1, 20 6 6, except in the case of either (i) a prior redemption or (ii) a defau lt. See further discussion on the following page. Includ es $123 million and $132 million as of December 31, 2011 and 2010, respectively, related to capitalized lease transactions.
Aggregate annual maturities on long-term debt obligations | Aggregate annual maturities on long-term debt obligations (based on final maturity dates) as of December 31, 2011 were as follows:
(Millions) |  | 2012 |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | Thereafter |  | Total
American Express Company (Parent Company only) |  | $ | ― |  | $ | 1,000 |  | $ | 1,250 |  | $ | ― |  | $ | 600 |  | $ | 7,000 |  | $ | 9,850
American Express Credit Corporation |  |  | 1,575 |  |  | 4,846 |  |  | 6,442 |  |  | 2,477 |  |  | 5,434 |  |  | ― |  |  | 20,774
American Express Centurion Bank |  |  | 1,150 |  |  | ― |  |  | ― |  |  | 5 |  |  | ― |  |  | 1,302 |  |  | 2,457
American Express Bank, FSB |  |  | 1,550 |  |  | 1,750 |  |  | ― |  |  | ― |  |  | ― |  |  | 1,300 |  |  | 4,600
American Express Charge Trust |  |  | 1,560 |  |  | 3,000 |  |  | ― |  |  | ― |  |  | ― |  |  | ― |  |  | 4,560
American Express Lending Trust |  |  | 5,222 |  |  | 4,056 |  |  | 3,882 |  |  | 1,950 |  |  | ― |  |  | 1,200 |  |  | 16,310
Other |  |  | ― |  |  | ― |  |  | 211 |  |  | ― |  |  | ― |  |  | 40 |  |  | 251
|  | $ | 11,057 |  | $ | 14,652 |  | $ | 11,785 |  | $ | 4,432 |  | $ | 6,034 |  | $ | 10,842 |  |  | 58,802
Unamortized Underwriting Fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (106)
Unamortized Discount and Premium |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (36)
Impacts due to Fair Value Hedge Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 910
Total Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 59,570

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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