Debt

12 Months Ended

Dec. 31, 2018

NOTE 9

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:

	2018				2017
(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)	$	752	2.71	%	$	1,168	1.54	%
Other short-term borrowings^(c)		2,348	1.94			2,110	2.34
Total	$	3,100	2.13	%	$	3,278	2.05	%

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, 2018 and 2017.
Average commercial paper outstanding was $228 million and $1,076 million in 2018 and 2017, respectively.
Primarily includes 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 15, 2020. The facility was undrawn as of both December 31, 2018 and 2017.

We paid $7.8 million and $9.2 million in fees to maintain the secured borrowing facility in 2018 and 2017, 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:

	2018								2017
(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	2019 - 2042	$	14,043	3.48	%	3.64	%	$	10,377		3.85	%	3.17	%
Floating Rate Senior Notes	2020 - 2023		3,600	3.17					1,750		1.93		―
Subordinated Notes	2024		598	3.63		3.66			598		3.63		2.66
American Express Credit Corporation
Fixed Rate Senior Notes	2019 - 2027		16,677	2.28		3.06			19,652		2.24		2.27
Floating Rate Senior Notes	2019 - 2022		3,800	3.31		―			4,550		2.09		―
American Express National Bank^(d)
Floating Rate Senior Notes			―	―		―			125		1.89		―
American Express Lending Trust
Fixed Rate Senior Notes	2019 - 2023		12,474	2.28		―			8,099		1.90		―
Floating Rate Senior Notes	2019 - 2023		5,125	2.80		―			5,800		2.03		―
Fixed Rate Subordinated Notes	2020 - 2022		240	2.37		―			206		2.21		―
Floating Rate Subordinated Notes	2019 - 2023		167	2.96		―			192		2.05		―
American Express Charge Trust II
Floating Rate Senior Notes	2020		1,535	2.89		―			4,200		1.79		―
Floating Rate Subordinated Notes			―	―		―			87		2.11		―
Other
Capitalized Leases	2021 - 2033		19	5.54		―			23		5.59		―
Floating Rate Borrowings	2019 - 2021		262	0.42		―	%		256		0.42		―	%
Unamortized Underwriting Fees			(117)						(111)
Total Long-Term Debt		$	58,423	2.77	%			$	55,804		2.44	%

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 14 for more details on our treatment of fair value hedges.
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, 2018 and 2017.
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, 2018 and 2017.
2017 balances are those of American Express Centurion Bank prior to the merger of two former bank entities into a new single bank entity effective April 1, 2018. As of December 31, 2017, American Express Centurion Bank was the only legacy entity of American Express National Bank (AENB) to have debt securities outstanding.

Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2018 were as follows:

(Millions)		2019		2020		2021	2022		2023		Thereafter		Total
American Express Company (Parent Company only)	$	641	$	2,000	$	4,250	$	3,525	$	4,350	$	4,273	$	19,039
American Express Credit Corporation		7,150		6,600		2,890		2,050		―		2,000		20,690
American Express Lending Trust		3,488		6,924		2,909		2,001		2,685		―		18,007
American Express Charge Trust II		―		1,535		―		―		―		―		1,535
Other		36		90		144		―		―		11		281
	$	11,315	$	17,149	$	10,193	$	7,576	$	7,035	$	6,284	$	59,552
Unamortized Underwriting Fees														(117)
Unamortized Discount and Premium														(771)
Impacts due to Fair Value Hedge Accounting														(241)
Total Long-Term Debt													$	58,423

We maintained a bank line of credit of $3.5 billion as of December 31, 2018 and 2017, all of which was undrawn as of the respective dates. These undrawn amounts support contingent funding needs. The availability of the credit line is subject to our compliance with certain financial covenants, principally the maintenance by American Express Credit Corporation (Credco) of a 1.25 ratio of combined earnings and fixed charges, to fixed charges. As of December 31, 2018 and 2017, we were not in violation of any of our debt covenants.

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, 2020. As of December 31, 2018 and 2017, $1.5 billion and $3.0 billion, respectively, were drawn on this facility.

We paid $14.2 million and $16.3 million in fees to maintain these lines in 2018 and 2017, 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 $2.7 billion, $2.0 billion and $1.7 billion in 2018, 2017 and 2016, respectively.