-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HhzTffOPO34OgL5gXPl6yFkvVm53HVzQBHBJbh5aPacQNJ9Nh+/BYhn1eGikEmkx SNlanXCu2YWg1Dt9VvOiEw== 0001047469-08-010044.txt : 20080912 0001047469-08-010044.hdr.sgml : 20080912 20080912152723 ACCESSION NUMBER: 0001047469-08-010044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080911 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20080912 DATE AS OF CHANGE: 20080912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN EXPRESS CO CENTRAL INDEX KEY: 0000004962 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 134922250 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07657 FILM NUMBER: 081069340 BUSINESS ADDRESS: STREET 1: 200 VESEY STREET STREET 2: 50TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10285 BUSINESS PHONE: 2126402000 MAIL ADDRESS: STREET 1: 200 VESEY STREET STREET 2: 50TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10285 8-K 1 a2187865z8-k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) SEPTEMBER 11, 2008 AMERICAN EXPRESS COMPANY ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) NEW YORK --------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-7657 13-4922250 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) 200 VESEY STREET, WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10285 - ----------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) (212) 640-2000 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) NONE ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 7.01 REGULATION FD DISCLOSURE The following information is furnished under Item 7.01 - Regulation FD Disclosure: As previously announced in the American Express Company (the Company) Form 8-K dated September 18, 2007, and in subsequent filings with the U.S. Securities and Exchange Commission (SEC), the Company entered into an agreement with Standard Chartered PLC (Standard Chartered) to sell American Express International Deposit Company (AEIDC), a subsidiary that issues investment certificates to American Express Bank Ltd.'s (AEB) customers, 18 months after the close of the AEB sale through a put/call agreement. The Company completed the sale of AEB to Standard Chartered on February 29, 2008. AEIDC qualifies for classification as a discontinued operation beginning in the third quarter of 2008 as it is one year prior to the anticipated sale of AEIDC. Accordingly, the results of AEIDC have been removed from the Corporate & Other segment and reclassified to the discontinued operations line on the Company's Consolidated Statements of Income for all prior periods. Financial and other information reflecting the reclassification of AEIDC as a discontinued operation is furnished in Exhibit 99.1 and is incorporated by reference herein. 2 EXHIBIT 99.1 Unaudited Consolidated Statements of Income for the quarters ended June 30, 2008, 2007, and 2006; March 31, 2008, 2007, and 2006; December 31, 2007 and 2006; and September 30, 2007 and 2006, and for the years ended December 31, 2007 and 2006. Unaudited Financial Summary information by Segment and for Earnings Per Share for the quarters ended June 30, 2008, 2007, and 2006; March 31, 2008, 2007, and 2006; December 31, 2007 and 2006; and September 30, 2007 and 2006, and for the years ended December 31, 2007 and 2006. Unaudited Consolidated Balance Sheets as of June 30, 2008, and December 31, 2007. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN EXPRESS COMPANY (REGISTRANT) By: /s/ Stephen P. Norman ----------------------- Name: Stephen P. Norman Title: Secretary DATE: September 11, 2008 4 EXHIBIT INDEX Item No. Description - -------- ----------- 99.1 Unaudited Consolidated Statements of Income for the quarters ended June 30, 2008, 2007, and 2006; March 31, 2008, 2007, and 2006; December 31, 2007 and 2006; and September 30, 2007 and 2006, and for the years ended December 31, 2007 and 2006. Unaudited Financial Summary information by Segment and for Earnings Per Share for the quarters ended June 30, 2008, 2007, and 2006; March 31, 2008, 2007, and 2006; December 31, 2007 and 2006; and September 30, 2007 and 2006, and for the years ended December 31, 2007 and 2006. Unaudited Consolidated Balance Sheets as of June 30, 2008, and December 31, 2007. 5 EX-99.1 2 a2187865zex-99_1.txt EXHIBIT 99.1 Exhibit 99.1 All information in the following tables is presented on a basis prepared in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise indicated. Amounts have been revised to reflect American Express International Deposit Company (AEIDC) activities as discontinued operations and to remove AEIDC from the Corporate & Other segment. AMERICAN EXPRESS COMPANY CONSOLIDATED STATEMENTS OF INCOME (Millions)
Quarters Ended ----------------------------------------------------------------- June 30, March 31, December 31, September 30, June 30, 2008 2008 2007 2007 2007 --------- ---------- ------------ -------------- -------- Revenues Discount revenue $ 3,991 $ 3,718 $ 3,912 $ 3,659 $ 3,670 Net card fees 576 567 544 522 500 Travel commissions and fees 573 494 514 484 491 Other commissions and fees 590 622 650 644 587 Securitization income, net 227 444 326 392 332 Other 577 460 494 443 426 ------- ------- ------- ------- ------- Total 6,534 6,305 6,440 6,144 6,006 ------- ------- ------- ------- ------- Interest income Cardmember lending finance revenue 1,521 1,625 1,682 1,581 1,514 Other 256 229 238 239 286 ------- ------- ------- ------- ------- Total 1,777 1,854 1,920 1,820 1,800 ------- ------- ------- ------- ------- Total revenues 8,311 8,159 8,360 7,964 7,806 ------- ------- ------- ------- ------- Interest expense Cardmember lending 364 417 474 444 431 Charge card and other 492 502 562 564 508 ------- ------- ------- ------- ------- Total 856 919 1,036 1,008 939 ------- ------- ------- ------- ------- Revenues net of interest expense 7,455 7,240 7,324 6,956 6,867 ------- ------- ------- ------- ------- Expenses Marketing, promotion, rewards and cardmember services 1,924 1,756 2,719 1,810 1,826 Human resources 1,495 1,470 1,437 1,366 1,334 Professional services 606 550 646 539 578 Occupancy and equipment 412 375 382 374 352 Communications 115 115 119 118 112 Other, net 274 296 (590) 339 347 ------- ------- ------- ------- ------- Total 4,826 4,562 4,713 4,546 4,549 ------- ------- ------- ------- ------- Provisions for losses Charge card 241 345 419 279 233 Cardmember lending 1,537 809 970 579 638 Other 77 63 64 47 32 ------- ------- ------- ------- ------- Total 1,855 1,217 1,453 905 903 ------- ------- ------- ------- ------- Pretax income from continuing operations 774 1,461 1,158 1,505 1,415 Income tax provision 114 417 300 383 369 ------- ------- ------- ------- ------- Income from continuing operations 660 1,044 858 1,122 1,046 (Loss) Income from discontinued operations, net of tax (7) (53) (27) (55) 11 ------- ------- ------- ------- ------- Net income $ 653 $ 991 $ 831 $ 1,067 $ 1,057 ======= ======= ======= ======= =======
1 AMERICAN EXPRESS COMPANY CONSOLIDATED STATEMENTS OF INCOME (Millions)
Quarters Ended ---------------------------------------------------------------- March 31, December 31, September 30, June 30, March 31, 2007 2006 2006 2006 2006 ---------- ------------ ------------- --------- --------- Revenues Discount revenue $ 3,355 $ 3,458 $ 3,259 $ 3,292 $ 2,969 Net card fees 484 479 462 533 520 Travel commissions and fees 437 450 427 483 418 Other commissions and fees 536 573 539 560 561 Securitization income, net 457 347 384 372 386 Other 387 528 417 398 346 ------- ------- ------- ------- ------- Total 5,656 5,835 5,488 5,638 5,200 ------- ------- ------- ------- ------- Interest income Cardmember lending finance revenue 1,368 1,326 1,213 1,100 947 Other 231 210 209 202 198 ------- ------- ------- ------- ------- Total 1,599 1,536 1,422 1,302 1,145 ------- ------- ------- ------- ------- Total revenues 7,255 7,371 6,910 6,940 6,345 ------- ------- ------- ------- ------- Interest expense Cardmember lending 385 351 318 277 246 Charge card and other 458 422 409 378 339 ------- ------- ------- ------- ------- Total 843 773 727 655 585 ------- ------- ------- ------- ------- Revenues net of interest expense 6,412 6,598 6,183 6,285 5,760 ------- ------- ------- ------- ------- Expenses Marketing, promotion, rewards and cardmember services 1,462 1,732 1,586 1,668 1,518 Human resources 1,301 1,361 1,227 1,248 1,204 Professional services 517 646 561 572 484 Occupancy and equipment 328 372 346 342 324 Communications 112 112 104 109 109 Other, net 293 364 343 286 364 ------- ------- ------- ------- ------- Total 4,013 4,587 4,167 4,225 4,003 ------- ------- ------- ------- ------- Provisions for losses Charge card 209 277 257 192 209 Cardmember lending 574 484 412 406 321 Other - 56 30 23 25 ------- ------- ------- ------- ------- Total 783 817 699 621 555 ------- ------- ------- ------- ------- Pretax income from continuing operations 1,616 1,194 1,317 1,439 1,202 Income tax provision 516 292 377 465 393 ------- ------- ------- ------- ------- Income from continuing operations 1,100 902 940 974 809 (Loss) Income from discontinued operations, net of tax (43) 20 27 (29) 64 ------- ------- ------- ------- ------- Net income $ 1,057 $ 922 $ 967 $ 945 $ 873 ======= ======= ======= ======= =======
2 AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (Millions)
Quarters Ended -------------------------------------------------------------- June 30, March 31, December 31, September 30, June 30, 2008 2008 2007 2007 2007 -------- --------- ------------ ------------- -------- REVENUES NET OF INTEREST EXPENSE U.S. Card Services $ 3,593 $ 3,722 $ 3,709 $ 3,589 $ 3,560 International Card Services 1,256 1,195 1,189 1,114 1,049 Global Commercial Services 1,308 1,144 1,128 1,064 1,083 Global Network & Merchant Services 1,083 1,003 1,041 980 966 ------- ------- ------- ------- ------- 7,240 7,064 7,067 6,747 6,658 Corporate & Other, including adjustments and eliminations 215 176 257 209 209 ------- ------- ------- ------- ------- CONSOLIDATED REVENUES NET OF INTEREST EXPENSE $ 7,455 $ 7,240 $ 7,324 $ 6,956 $ 6,867 ======= ======= ======= ======= ======= PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS U.S. Card Services $ (63) $ 791 $ (40) $ 912 $ 827 International Card Services 73 117 (181) 110 92 Global Commercial Services 326 218 144 187 218 Global Network & Merchant Services 455 335 379 389 418 ------- ------- ------- ------- ------- 791 1,461 302 1,598 1,555 Corporate & Other (17) - 856 (93) (140) ------- ------- ------- ------- ------- PRETAX INCOME FROM CONTINUING OPERATIONS $ 774 $ 1,461 $ 1,158 $ 1,505 $ 1,415 ======= ======= ======= ======= ======= NET INCOME (LOSS) U.S. Card Services $ 21 $ 523 $ 7 $ 592 $ 580 International Card Services 115 133 (68) 140 117 Global Commercial Services 227 151 110 135 162 Global Network & Merchant Services 299 223 254 266 266 ------- ------- ------- ------- ------- 662 1,030 303 1,133 1,125 Corporate & Other (2) 14 555 (11) (79) ------- ------- ------- ------- ------- Income from continuing operations 660 1,044 858 1,122 1,046 (Loss) Income from discontinued operations, net of tax (7) (53) (27) (55) 11 ------- ------- ------- ------- ------- NET INCOME $ 653 $ 991 $ 831 $ 1,067 $ 1,057 ======= ======= ======= ======= =======
3 AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (Millions)
Quarters Ended ---------------------------------------------------------------- March 31, December 31, September 30, June 30, March 31, 2007 2006 2006 2006 2006 ---------- ------------ ------------- -------- --------- REVENUES NET OF INTEREST EXPENSE U.S. Card Services $ 3,364 $ 3,349 $ 3,203 $ 3,170 $ 2,898 International Card Services 979 1,026 952 1,026 961 Global Commercial Services 994 982 949 1,032 937 Global Network & Merchant Services 877 916 841 839 748 ------- ------- ------- ------- ------- 6,214 6,273 5,945 6,067 5,544 Corporate & Other, including adjustments and eliminations 198 325 238 218 216 ------- ------- ------- ------- ------- CONSOLIDATED REVENUES NET OF INTEREST EXPENSE $ 6,412 $ 6,598 $ 6,183 $ 6,285 $ 5,760 ======= ======= ======= ======= ======= PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS U.S. Card Services $ 1,031 $ 723 $ 839 $ 939 $ 822 International Card Services 96 76 121 66 49 Global Commercial Services 195 167 157 242 150 Global Network & Merchant Services 374 297 314 315 262 ------- ------- ------- ------- ------- 1,696 1,263 1,431 1,562 1,283 Corporate & Other (80) (69) (114) (123) (81) ------- ------- ------- ------- ------- PRETAX INCOME FROM CONTINUING OPERATIONS $ 1,616 $ 1,194 $ 1,317 $ 1,439 $ 1,202 ======= ======= ======= ======= ======= NET INCOME (LOSS) U.S. Card Services $ 644 $ 473 $ 558 $ 594 $ 527 International Card Services 102 99 106 88 50 Global Commercial Services 129 117 105 151 104 Global Network & Merchant Services 236 201 212 200 166 ------- ------- ------- ------- ------- 1,111 890 981 1,033 847 Corporate & Other (11) 12 (41) (59) (38) ------- ------- ------- ------- ------- Income from continuing operations 1,100 902 940 974 809 (Loss) Income from discontinued operations, net of tax (43) 20 27 (29) 64 ------- ------- ------- ------- ------- NET INCOME $ 1,057 $ 922 $ 967 $ 945 $ 873 ======= ======= ======= ======= =======
4 AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (CONTINUED)
Quarters Ended -------------------------------------------------------------- June 30, March 31, December 31, September 30, June 30, 2008 2008 2007 2007 2007 -------- --------- ------------ ------------- -------- EARNINGS PER COMMON SHARE BASIC Income from continuing operations $ 0.57 $ 0.91 $ 0.74 $ 0.96 $ 0.89 (Loss) Income from discontinued operations - (0.05) (0.02) (0.05) 0.01 ------ ------ ------ ------ ------ Net income $ 0.57 $ 0.86 $ 0.72 $ 0.91 $ 0.90 ====== ====== ====== ====== ====== Average common shares outstanding (millions) 1,154 1,153 1,157 1,170 1,179 ====== ====== ====== ====== ====== DILUTED Income from continuing operations $ 0.57 $ 0.90 $ 0.73 $ 0.94 $ 0.87 (Loss) Income from discontinued operations (0.01) (0.05) (0.02) (0.04) 0.01 ------ ------ ------ ------ ------ Net income $ 0.56 $ 0.85 $ 0.71 $ 0.90 $ 0.88 ====== ====== ====== ====== ====== Average common shares outstanding (millions) 1,163 1,163 1,178 1,192 1,203 ====== ====== ====== ====== ======
5 AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (CONTINUED)
Quarters Ended --------------------------------------------------------------- March 31, December 31, September 30, June 30, March 31, 2007 2006 2006 2006 2006 --------- ------------ ------------- -------- --------- EARNINGS PER COMMON SHARE BASIC Income from continuing operations $ 0.93 $ 0.75 $ 0.78 $ 0.80 $ 0.66 (Loss) Income from discontinued operations (0.04) 0.02 0.02 (0.02) 0.05 ------ ------ ------ ------ ------ Net income $ 0.89 $ 0.77 $ 0.80 $ 0.78 $ 0.71 ====== ====== ====== ====== ====== Average common shares outstanding (millions) 1,187 1,196 1,202 1,217 1,232 ====== ====== ====== ====== ====== DILUTED Income from continuing operations $ 0.91 $ 0.74 $ 0.77 $ 0.78 $ 0.64 (Loss) Income from discontinued operations (0.04) 0.01 0.02 (0.02) 0.05 ------ ------ ------ ------ ------ Net income $ 0.87 $ 0.75 $ 0.79 $ 0.76 $ 0.69 ====== ====== ====== ====== ====== Average common shares outstanding (millions) 1,210 1,224 1,227 1,242 1,258 ====== ====== ====== ====== ======
6 AMERICAN EXPRESS COMPANY CONSOLIDATED STATEMENTS OF INCOME (Millions)
Years Ended December 31, ----------------------- Percentage 2007 2006 Inc/(Dec) ---------- ---------- ---------- Revenues Discount revenue $ 14,596 $ 12,978 12% Net card fees 2,050 1,994 3 Travel commissions and fees 1,926 1,778 8 Other commissions and fees 2,417 2,233 8 Securitization income, net 1,507 1,489 1 Other 1,750 1,689 4 -------- -------- Total 24,246 22,161 9 -------- -------- Interest income Cardmember lending finance revenue 6,145 4,586 34 Other 994 819 21 -------- -------- Total 7,139 5,405 32 -------- -------- Total revenues 31,385 27,566 14 -------- -------- Interest expense Cardmember lending 1,734 1,192 45 Charge card and other 2,092 1,548 35 -------- -------- Total 3,826 2,740 40 -------- -------- Revenues net of interest expense 27,559 24,826 11 -------- -------- Expenses Marketing, promotion, rewards and cardmember services 7,817 6,504 20 Human resources 5,438 5,040 8 Professional services 2,280 2,263 1 Occupancy and equipment 1,436 1,384 4 Communications 461 434 6 Other, net 389 1,357 (71) -------- -------- Total 17,821 16,982 5 -------- -------- Provisions for losses Charge card 1,140 935 22 Cardmember lending 2,761 1,623 70 Other 143 134 7 -------- -------- Total 4,044 2,692 50 -------- -------- Pretax income from continuing operations 5,694 5,152 11 Income tax provision 1,568 1,527 3 -------- -------- Income from continuing operations 4,126 3,625 14 (Loss) Income from discontinued operations, net of tax (114) 82 # -------- -------- Net income $ 4,012 $ 3,707 8 ======== ========
- --------- # - Denotes a variance of more than 100%. 7 AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (Millions)
Years Ended December 31, ----------------------- Percentage 2007 2006 Inc/(Dec) ---------- ---------- ---------- REVENUES NET OF INTEREST EXPENSE U.S. Card Services $ 14,222 $ 12,620 13% International Card Services 4,331 3,965 9 Global Commercial Services 4,269 3,900 9 Global Network & Merchant Services 3,864 3,344 16 -------- -------- 26,686 23,829 12 Corporate & Other, including adjustments and eliminations 873 997 (12) -------- -------- CONSOLIDATED REVENUES NET OF INTEREST EXPENSE $ 27,559 $ 24,826 11 ======== ======== PRETAX INCOME (LOSS) FROM CONTINUING OPERATIONS U.S. Card Services $ 2,730 $ 3,323 (18) International Card Services 117 312 (63) Global Commercial Services 744 716 4 Global Network & Merchant Services 1,560 1,188 31 -------- -------- 5,151 5,539 (7) Corporate & Other 543 (387) # -------- -------- PRETAX INCOME FROM CONTINUING OPERATIONS $ 5,694 $ 5,152 11 ======== ======== NET INCOME (LOSS) U.S. Card Services $ 1,823 $ 2,152 (15) International Card Services 291 343 (15) Global Commercial Services 536 477 12 Global Network & Merchant Services 1,022 779 31 -------- -------- 3,672 3,751 (2) Corporate & Other 454 (126) # -------- -------- Income from continuing operations 4,126 3,625 14 (Loss) Income from discontinued operations, net of tax (114) 82 # -------- -------- NET INCOME $ 4,012 $ 3,707 8 ======== ========
- --------- # - Denotes a variance of more than 100%. 8 AMERICAN EXPRESS COMPANY FINANCIAL SUMMARY (CONTINUED)
Years Ended December 31, ----------------------- Percentage 2007 2006 Inc/(Dec) ---------- ---------- ---------- EARNINGS PER COMMON SHARE BASIC Income from continuing operations $ 3.52 $ 2.99 18% (Loss) Income from discontinued operations (0.10) 0.07 # ------ ------ Net income $ 3.42 $ 3.06 12% ====== ====== Average common shares outstanding (millions) 1,173 1,212 (3)% ====== ====== DILUTED Income from continuing operations $ 3.45 $ 2.93 18% (Loss) Income from discontinued operations (0.09) 0.06 # ------ ------ Net income $ 3.36 $ 2.99 12% ====== ====== Average common shares outstanding (millions) 1,196 1,238 (3)% ====== ======
- --------- # - Denotes a variance of more than 100%. 9 AMERICAN EXPRESS COMPANY CONSOLIDATED BALANCE SHEETS (Millions, except share data)
June 30, December 31, 2008 2007 ------------ ----------- ASSETS Cash and cash equivalents $ 16,374 $ 8,878 Accounts receivable Cardmember receivables, less reserves: 2008, $1,146; 2007, $1,149 38,777 38,923 Other receivables, less reserves: 2008, $48; 2007, $36 3,889 3,060 Investments 13,994 13,214 Loans Cardmember lending, less reserves: 2008, $2,594; 2007, $1,831 47,139 52,674 Other, less reserves: 2008, $47; 2007, $45 690 762 Land, buildings and equipment - at cost, less accumulated depreciation: 2008, $3,716; 2007, $3,453 2,791 2,692 Other assets 9,259 7,349 Assets of discontinued operations 4,417 22,278 --------- --------- Total assets $ 137,330 $ 149,830 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Customers' deposits $ 14,846 $ 15,397 Travelers Cheques outstanding 6,915 7,197 Accounts payable 9,705 7,674 Short-term debt 17,519 17,762 Long-term debt 57,035 55,285 Other liabilities 14,741 13,959 Liabilities of discontinued operations 4,300 21,527 --------- --------- Total liabilities 125,061 138,801 --------- --------- Shareholders' Equity Common shares, $.20 par value, authorized 3.6 billion shares; issued and outstanding 1,159 million shares in 2008 and 1,158 million shares in 2007 232 232 Additional paid-in capital 10,394 10,164 Retained earnings 2,094 1,075 Accumulated other comprehensive (loss) income, net of tax: Net unrealized securities gains 101 12 Net unrealized derivatives losses (86) (71) Foreign currency translation adjustments (348) (255) Net unrealized pension and other postretirement benefit costs (118) (128) --------- --------- Total accumulated other comprehensive loss (451) (442) --------- --------- Total shareholders' equity 12,269 11,029 --------- --------- Total liabilities and shareholders' equity $ 137,330 $ 149,830 ========= =========
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