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Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt | DEBT SHORT-TERM BORROWINGS Our short-term borrowings outstanding, defined as borrowings with original contractual maturity dates of less than one year, as of December 31 were as follows:
|  | 2021 |  | 2020
(Millions, except percentages) |  | Outstanding Balance |  | Year-End Stated Interest Rate on Debt (a) |  | Outstanding Balance |  | Year-End Stated Interest Rate on Debt (a)
Commercial paper (b) |  | $ | — |  |  | — | % |  | $ | — |  |  | — | %
Other short-term borrowings (c) |  | 2,243 |  |  | 0.58 |  |  | 1,878 |  |  | 0.61 |
Total |  | $ | 2,243 |  |  | 0.58 | % |  | $ | 1,878 |  |  | 0.61 | %
(a)For floating-rate issuances, the stated interest rates are weighted based on the outstanding principal balances and interest rates in effect as of December 31, 2021 and 2020. (b)Average commercial paper outstanding was nil and $628 million in 2021 and 2020, respectively. (c)Includes borrowings from banks and book overdrafts with banks due to timing differences arising in the ordinary course of business. We maintained a three-year committed, revolving, secured borrowing facility that gives us the right to sell up to $2.0 billion face amount of eligible certificates issued from the Lending Trust at any time through September 16, 2024. The facility was undrawn as of both December 31, 2021 and 2020. Additionally, certain of our subsidiaries maintained total committed lines of credit of $145 million and $148 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, $7.2 million and nil were drawn on these committed lines, respectively. We paid $7.8 million and $7.7 million in fees to maintain the secured borrowing facility in 2021 and 2020, respectively. The committed facility does not contain a material adverse change clause, which might otherwise preclude borrowing under the facility, nor is it dependent on our credit rating. LONG-TERM DEBT Our long-term debt outstanding, defined as debt with original contractual maturity dates of one year or greater, as of December 31 was as follows:
|  | 2021 |  | 2020
(Millions, except percentages) |  | Original Contractual Maturity Dates |  | Outstanding Balance(a) |  | Year-End Interest Rate on Debt(b) |  | Year-End Interest Rate with Swaps(b)(c) |  | Outstanding Balance(a) |  | Year-End Interest Rate on Debt(b) |  | Year-End Interest Rate with Swaps(b)(c)
American Express Company (Parent Company only) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  | 2022 - 2042 |  | $ | 18,324 |  |  | 3.02 | % |  | 2.03 | % |  | $ | 18,251 |  |  | 3.25 | % |  | 2.09 | %
Floating Rate Senior Notes |  | 2022 - 2026 |  | 3,300 |  |  | 0.69 |  |  | — |  |  | 4,000 |  |  | 0.84 |  |  | — |
Fixed Rate Subordinated Notes |  | 2024 |  | 599 |  |  | 3.63 |  |  | 1.38 |  |  | 599 |  |  | 3.63 |  |  | 1.43 |
American Express Credit Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  | 2022 - 2027 |  | 2,078 |  |  | 2.80 |  |  | 1.32 |  |  | 6,746 |  |  | 2.38 |  |  | 1.67 |
Floating Rate Senior Notes |  | 2022 |  | 300 |  |  | 0.87 |  |  | — |  |  | 300 |  |  | 0.93 |  |  | — |
Lending Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  | 2022 - 2024 |  | 8,199 |  |  | 2.01 |  |  | 1.82 |  |  | 8,325 |  |  | 2.74 |  |  | 2.55 |
Floating Rate Senior Notes |  | 2022 - 2023 |  | 3,325 |  |  | 0.49 |  |  | — |  |  | 4,125 |  |  | 0.51 |  |  | — |
Fixed Rate Subordinated Notes |  | 2022 |  | 212 |  |  | 2.72 |  |  | — |  |  | 246 |  |  | 2.80 |  |  | — |
Floating Rate Subordinated Notes |  | 2022 - 2023 |  | 79 |  |  | 0.68 |  |  | — |  |  | 79 |  |  | 0.73 |  |  | — |
Charge Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating Rate Conduit Borrowings |  | 2024 |  | 2,000 |  |  | 0.40 |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance Leases |  | 2024 - 2033 |  | 14 |  |  | 5.49 |  |  | — |  |  | 17 |  |  | 5.54 |  |  | — |
Floating Rate Borrowings |  | 2022 - 2024 |  | 297 |  |  | 0.42 |  |  | — | % |  | 328 |  |  | 0.42 |  |  | — | %
Unamortized Underwriting Fees |  |  |  | (52) |  |  |  |  |  |  | (64) |  |  |  |  |
Total Long-Term Debt |  |  |  | $ | 38,675 |  |  | 2.22 | % |  |  |  | $ | 42,952 |  |  | 2.49 | % |  |
(a)The outstanding balances include (i) unamortized discount, (ii) the impact of movements in exchange rates on foreign currency denominated 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. Refer to Note 13 for more details on our treatment of fair value hedges. (b)For floating-rate issuances, the stated interest rate on debt is weighted based on the outstanding principal balances and interest rates in effect as of December 31, 2021 and 2020. (c)Interest rates with swaps are only presented when swaps are in place to hedge the underlying debt. The interest rates with swaps are weighted based on the outstanding principal balances and the interest rates on the floating leg of the swaps in effect as of December 31, 2021 and 2020. Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2021 were as follows:
(Millions) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total
American Express Company (Parent Company only) |  | $ | 5,675 |  |  | $ | 5,750 |  |  | $ | 5,000 |  |  | $ | 750 |  |  | $ | 2,450 |  |  | $ | 2,933 |  |  | $ | 22,558 |
American Express Credit Corporation |  | 2,050 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 339 |  |  | 2,389 |
Lending Trust |  | 6,381 |  |  | 2,685 |  |  | 2,750 |  |  | — |  |  | — |  |  | — |  |  | 11,816 |
Charge Trust |  | — |  |  | — |  |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
Other |  | 77 |  |  | 88 |  |  | 136 |  |  | — |  |  | — |  |  | 10 |  |  | 311 |
|  | $ | 14,183 |  |  | $ | 8,523 |  |  | $ | 9,886 |  |  | $ | 750 |  |  | $ | 2,450 |  |  | $ | 3,282 |  |  | $ | 39,074 |
Unamortized Underwriting Fees |  |  |  |  |  |  |  |  |  |  |  |  |  | (52) |
Unamortized Discount and Premium |  |  |  |  |  |  |  |  |  |  |  |  |  | (584) |
Impacts due to Fair Value Hedge Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  | 237 |
Total Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 38,675 |
We maintained a committed syndicated bank credit facility of $3.5 billion as of December 31, 2021 and 2020, all of which was undrawn as of the respective dates. This facility was maintained by our wholly owned subsidiary American Express Credit Corporation (Credco) through September 30, 2021 and the availability of the credit line was subject to compliance with certain covenants by Credco, principally the maintenance by Credco of a 1.25 ratio of its combined earnings, certain capital contributions and fixed charges, to fixed charges. Effective October 1, 2021, this facility was terminated, and we entered into a new committed syndicated bank credit facility for the same amount with a maturity date of October 15, 2024 with American Express Company and American Express Travel Related Services Company, Inc. (TRS) as co-borrowers and co-obligors. The availability of the new credit facility is subject to our maintenance of a minimum Common Equity Tier 1 (CET1) risk-based capital ratio of 4.5 percent, with certain restrictions in relation to either accessing the facility or distributing capital to common shareholders in the event our CET1 risk-based capital ratio falls between 4.5 percent and 6.5 percent. As of December 31, 2021, we were in compliance with the covenants contained in the new credit facility. Additionally, we maintained a three-year committed, revolving, secured borrowing facility that gives us the right to sell up to $3.0 billion face amount of eligible notes issued from the Charge Trust at any time through July 15, 2024. As of December 31, 2021 and 2020, $2.0 billion and nil were drawn on this facility, respectively. The amount drawn as of December 31, 2021 was repaid in full on January 18, 2022. We paid $15.7 million and $14.2 million in fees to maintain these lines in 2021 and 2020, respectively. These committed facilities do not contain material adverse change clauses, which might otherwise preclude borrowing under the credit facilities, nor are they dependent on our credit rating. We paid total interest, primarily related to short- and long-term debt, corresponding interest rate swaps and customer deposits, of $1.1 billion, $2.0 billion and $3.4 billion in 2021, 2020 and 2019, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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