XML 41 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Debt | 12 Months Ended
--- | ---
Dec. 31, 2023
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:
|  | 2023 |  | 2022
(Millions, except percentages) |  | Outstanding Balance |  | Year-End Stated Interest Rate on Debt (a) |  | Outstanding Balance |  | Year-End Stated Interest Rate on Debt (a)
Short-term borrowings (b) |  | $ | 1,293 |  |  | 1.03 | % |  | $ | 1,348 |  |  | 0.94 | %
Total |  | $ | 1,293 |  |  | 1.03 | % |  | $ | 1,348 |  |  | 0.94 | %
(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, 2023 and 2022. (b)Includes borrowings from banks and book overdrafts with banks, which represents negative cash balances for accounts with an associated overdraft facility, due to timing differences arising in the ordinary course of business. As of December 31, 2023, we maintained a three-year committed, revolving, secured borrowing facility, with a maturity date of September 15, 2026, which gives us the right to sell up to $3.0 billion face amount of eligible certificates issued from the Lending Trust. This facility enhances our contingent funding resources and is also used in the ordinary course of business to fund working capital needs. The facility was undrawn as of both December 31, 2023 and 2022. Additionally, certain of our subsidiaries maintained total committed lines of credit of $185 million and $186 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, nil and $20.9 million were drawn on these committed lines, respectively. We paid $12.0 million and $7.8 million in fees to maintain the secured borrowing facility in 2023 and 2022, 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:
|  | 2023 |  | 2022
(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 |  | 2024 - 2042 |  | $ | 20,930 |  |  | 3.48 | % |  | 4.14 | % |  | $ | 23,813 |  |  | 3.34 | % |  | 4.00 | %
Floating Rate Senior Notes |  | 2024 - 2027 |  | 2,400 |  |  | 6.21 |  |  | — |  |  | 3,000 |  |  | 4.78 |  |  | — |
Fixed-to-Floating Rate Senior Notes |  | 2026 - 2034 |  | 8,769 |  |  | 5.38 |  |  | 5.91 |  |  | 1,250 |  |  | 4.42 |  |  | — |
Fixed Rate Subordinated Notes |  | 2024 |  | 586 |  |  | 3.63 |  |  | 6.74 |  |  | 574 |  |  | 3.63 |  |  | 5.46 |
Fixed-to-Floating Rate Subordinated Notes |  | 2033 - 2034 |  | 1,257 |  |  | 5.24 |  |  | 5.92 |  |  | 750 |  |  | 4.99 |  |  | — |
American Express Credit Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  | 2027 |  | 330 |  |  | 3.30 |  |  |  |  | 328 |  |  | 3.30 |  |  | — |
Lending Trust |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Rate Senior Notes |  | 2024 - 2028 |  | 13,449 |  |  | 3.36 |  |  | 3.49 |  |  | 10,499 |  |  | 2.81 |  |  | — |
Floating Rate Senior Notes |  | — |  |  | — |  |  | — |  |  |  |  | 2,125 |  |  | 4.67 |  |  | — |
Floating Rate Subordinated Notes |  | — |  |  | — |  |  | — |  |  |  |  | 61 |  |  | 4.89 |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance Leases |  |  |  | — |  |  | — |  |  |  |  | 3 |  |  | 5.76 |  |  | — |
Floating Rate Borrowings |  | 2024 - 2026 |  | 238 |  |  | 0.42 |  |  |  |  | 254 |  |  | 0.41 |  |  | — | %
Unamortized Underwriting Fees |  |  |  | (93) |  |  |  |  |  |  | (84) |  |  |  |  |
Total Long-Term Debt |  |  |  | $ | 47,866 |  |  | 3.96 | % |  |  |  | $ | 42,573 |  |  | 3.42 | % |  |
(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, 2023 and 2022. (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, 2023 and 2022. Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2023 were as follows:
(Millions) |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
American Express Company (Parent Company only) |  | $ | 7,500 |  |  | $ | 5,250 |  |  | $ | 6,700 |  |  | $ | 6,411 |  |  | $ | — |  |  | $ | 8,523 |  |  | $ | 34,384 |
American Express Credit Corporation |  | — |  |  | — |  |  | — |  |  | 339 |  |  | — |  |  | — |  |  | 339 |
Lending Trust |  | 2,750 |  |  | 7,250 |  |  | 2,100 |  |  | — |  |  | 1,350 |  |  | — |  |  | 13,450 |
Other |  | 105 |  |  | 63 |  |  | 70 |  |  |  |  |  |  |  |  | 238 |
|  | $ | 10,355 |  |  | $ | 12,563 |  |  | $ | 8,870 |  |  | $ | 6,750 |  |  | $ | 1,350 |  |  | $ | 8,523 |  |  | $ | 48,411 |
Unamortized Underwriting Fees |  |  |  |  |  |  |  |  |  |  |  |  |  | (93) |
Unamortized Discount and Premium |  |  |  |  |  |  |  |  |  |  |  |  |  | (505) |
Impacts due to Fair Value Hedge Accounting |  |  |  |  |  |  |  |  |  |  |  |  |  | 53 |
Total Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 47,866 |
We maintained a committed syndicated bank credit facility of $4.0 billion as of December 31, 2023 and $3.5 billion as of December 31, 2022, all of which was undrawn as of the respective dates. The facility has a maturity date of October 30, 2026, and the availability of the facility is subject to compliance with certain covenants, principally 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, 2023 and 2022, we were in compliance with the covenants contained in the 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, 2026. As of both December 31, 2023 and 2022, no amounts were outstanding on this facility. We paid $20.2 million and $14.1 million in fees to maintain these lines in 2023 and 2022, 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 $6.4 billion, $2.2 billion and $1.1 billion in 2023, 2022 and 2021, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration