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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Table Text Block [Abstract]  
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:

  20182017
(Millions, except percentages)Outstanding BalanceYear-End Stated Interest Rate on Debt(a)Outstanding BalanceYear-End Stated Interest Rate on Debt(a)
Commercial paper(b)  $7522.71%$1,168  1.54%
Other short-term borrowings(c)   2,3481.942,110  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.
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:

  20182017
(Millions, except percentages)Original Contractual Maturity DatesOutstanding 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 Notes2019 - 2042$14,0433.48%3.64%$10,3773.85%3.17%
Floating Rate Senior Notes2020 - 20233,6003.171,7501.93―
Subordinated Notes  2024  5983.633.665983.632.66
American Express Credit Corporation    
Fixed Rate Senior Notes  2019 - 2027  16,6772.283.0619,6522.242.27
Floating Rate Senior Notes  2019 - 2022  3,8003.31―4,5502.09―
American Express National Bank(d)    
Floating Rate Senior Notes    ―――1251.89―
American Express Lending Trust
Fixed Rate Senior Notes2019 - 202312,4742.28―8,0991.90―
Floating Rate Senior Notes2019 - 20235,1252.80―5,8002.03―
Fixed Rate Subordinated Notes2020 - 20222402.37―2062.21―
Floating Rate Subordinated Notes2019 - 20231672.96―1922.05―
American Express Charge Trust II    
Floating Rate Senior Notes  2020  1,5352.89―4,2001.79―
Floating Rate Subordinated Notes    ―――872.11―
Other    
Capitalized Leases  2021 - 2033  195.54―235.59―
Floating Rate Borrowings2019 - 20212620.42―%2560.42―%
Unamortized Underwriting Fees(117)(111)
Total Long-Term Debt    $58,4232.77%$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

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 Trust3,4886,9242,9092,0012,685―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