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Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Table Text Block [Abstract]  
Short-term borrowings

The Company’s short-term borrowings outstanding, defined as borrowings with original contractual maturity dates of less than one year, as of December 31 were as follows:

  20152014
(Millions, except percentages)Outstanding BalanceYear-End Stated Rate on Debt(a)Outstanding BalanceYear-End Stated Rate on Debt(a)
Commercial paper  $2,120  0.38%$769  0.29%
Other short-term borrowings(b)(c)  2,692  1.112,711  0.81
Total  $4,812  0.79%$3,480  0.69%

  • For floating-rate issuances, the stated interest rates are weighted based on the outstanding balances and floating rates in effect as of December 31, 2015 and 2014.
  • Includes interest-bearing overdrafts with banks of $410 million and $470 million as of December 31, 2015 and 2014, respectively. In addition, balances include a partially drawn secured borrowing facility (maturing on September 15, 2017), 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. The secured borrowing facility gives the Company the right to sell up to $2.0 billion face amount of eligible certificates issued from the Lending Trust.
  • The Company paid $6.7 million and $7.0 million in fees to maintain the secured borrowing facility in 2015 and 2014, respectively.
Long-term debt

The Company’s long-term debt outstanding, defined as debt with original contractual maturity dates of one year or greater, as of December 31 was as follows:

  20152014
(Millions, except percentages)Original Contractual Maturity DatesOutstanding 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 Notes2016-2042$7,5465.15%4.25%$7,5355.15%4.20%
Floating Rate Senior Notes20188500.97―8500.85―
Subordinated Notes(d)  2024-2036  1,3475.394.471,3505.394.42
American Express Credit Corporation    
Fixed Rate Senior Notes  2016-2020  16,4692.161.2816,2602.261.22
Floating Rate Senior Notes  2016-2020  5,3000.98―4,4000.82―
Borrowings under Bank Credit Facilities  ―  ―――3,6724.25―
American Express Centurion Bank    
Fixed Rate Senior Notes  2017  1,3195.994.752,0894.123.32
Floating Rate Senior Notes  2018  1250.81―6750.68―
American Express Bank, FSB    
Fixed Rate Senior Notes  2017  1,0006.00―9996.00―
Floating Rate Senior Notes  2017  3000.62―3000.46―
American Express Charge Trust II    
Floating Rate Senior Notes  2018  2,2000.67―3,7000.41―
Floating Rate Subordinated Notes  2018  870.97―870.80―
American Express Lending Trust
Fixed Rate Senior Notes2016-20174,0001.35―6,1001.11―
Floating Rate Senior Notes2017-20197,0250.82―8,8760.72―
Fixed Rate Subordinated Notes――――3001.08―
Floating Rate Subordinated Notes2017-20193160.97―4880.73―
Other    
Fixed Rate Instruments(e)  2021-2033  295.62―1433.09―
Floating Rate Borrowings2016-20192440.66―%2470.59―%
Unamortized Underwriting Fees(96)(116)
Total Long-Term Debt    $48,0612.44%$57,955  2.34%

  • The outstanding balances include (i) unamortized discount and premium, (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. Under fair value hedge accounting, the outstanding 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 14 for more details on the Company’s treatment of fair value hedges.
  • For floating-rate issuances, the stated and effective interest rates are weighted based on the outstanding balances and floating rates in effect as of December 31, 2015 and 2014.
  • Effective interest rates are only presented when swaps are in place to hedge the underlying debt.
  • For the $750 million of subordinated debentures issued in 2006 and outstanding as of December 31, 2015, the maturity date will automatically be extended to September 1, 2066, except in the case of either (i) a prior redemption or (ii) a default. At the Company’s option, the subordinated debentures are redeemable for cash on or after September 1, 2016, at 100 percent of the principal amounts plus any accrued but unpaid interest.
  • Includes $29 million and $31 million as of December 31, 2015 and 2014, respectively, related to capitalized lease transactions.
Aggregate annual maturities on long-term debt obligations

Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2015 were as follows:

(Millions)  2016  2017  2018  2019  2020  Thereafter  Total
American Express Company (Parent Company only)(a)  $1,350  $1,500  $3,851  $641  $―  $3,147  $10,489
American Express Credit Corporation  4,931  4,900  3,614  4,150  4,150  ―  21,745
American Express Centurion Bank  ―  1,300  125  ―  ―  ―  1,425
American Express Bank, FSB  ―  1,300  ―  ―  ―  ―  1,300
American Express Charge Trust II  ―  ―  2,287  ―  ―  ―  2,287
American Express Lending Trust5006,6392,8851,317――11,341
Other  33  83  124  4  ―  29  273
  $6,814  $15,722  $12,886  $6,112  $4,150  $3,176  $48,860
Unamortized Underwriting Fees(96)
Unamortized Discount and Premium(890)
Impacts due to Fair Value Hedge Accounting187
Total Long-Term Debt$48,061

The Company currently intends to exercise its redemption option related to the $750 million of Subordinated Debentures, subject to business and market conditions.