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Debt
 12 Months Ended
Dec. 31, 2021
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:
20212020
(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)
$— — %$— — %
Other short-term borrowings (c)
2,243 0.58 1,878 0.61 
Total$2,243 0.58 %$1,878 0.61 %
(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, 2021 and 2020.
(b)Average commercial paper outstanding was nil and $628 million in 2021 and 2020, respectively.
(c)Includes borrowings from banks and 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 16, 2024. The facility was undrawn as of both December 31, 2021 and 2020. Additionally, certain of our subsidiaries maintained total committed lines of credit of $145 million and $148 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, $7.2 million and nil were drawn on these committed lines, respectively.
We paid $7.8 million and $7.7 million in fees to maintain the secured borrowing facility in 2021 and 2020, 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:
20212020
(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 Notes2022 - 2042$18,324 3.02 %2.03 %$18,251 3.25 %2.09 %
Floating Rate Senior Notes2022 - 20263,300 0.69 — 4,000 0.84 — 
Fixed Rate Subordinated Notes2024599 3.63 1.38 599 3.63 1.43 
American Express Credit Corporation
Fixed Rate Senior Notes2022 - 20272,078 2.80 1.32 6,746 2.38 1.67 
Floating Rate Senior Notes2022300 0.87 — 300 0.93 — 
Lending Trust
Fixed Rate Senior Notes2022 - 20248,199 2.01 1.82 8,325 2.74 2.55 
Floating Rate Senior Notes2022 - 20233,325 0.49 — 4,125 0.51 — 
Fixed Rate Subordinated Notes2022212 2.72 — 246 2.80 — 
Floating Rate Subordinated Notes2022 - 202379 0.68 — 79 0.73 — 
Charge Trust
Floating Rate Conduit Borrowings20242,000 0.40 — — — — 
Other
Finance Leases2024 - 203314 5.49 — 17 5.54 — 
Floating Rate Borrowings2022 - 2024297 0.42 — %328 0.42 — %
Unamortized Underwriting Fees(52)(64)
Total Long-Term Debt$38,675 2.22 %$42,952 2.49 %
(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, 2021 and 2020.
(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, 2021 and 2020.
Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2021 were as follows:
(Millions)20222023202420252026ThereafterTotal
American Express Company (Parent Company only)$5,675 $5,750 $5,000 $750 $2,450 $2,933 $22,558 
American Express Credit Corporation2,050 — — — — 339 2,389 
Lending Trust6,381 2,685 2,750 — — — 11,816 
Charge Trust— — 2,000 — — — 2,000 
Other77 88 136 — — 10 311 
$14,183 $8,523 $9,886 $750 $2,450 $3,282 $39,074 
Unamortized Underwriting Fees(52)
Unamortized Discount and Premium(584)
Impacts due to Fair Value Hedge Accounting237 
Total Long-Term Debt$38,675 

We maintained a committed syndicated bank credit facility of $3.5 billion as of December 31, 2021 and 2020, all of which was undrawn as of the respective dates. This facility was maintained by our wholly owned subsidiary American Express Credit Corporation (Credco) through September 30, 2021 and the availability of the credit line was subject to compliance with certain covenants by Credco, principally the maintenance by Credco of a 1.25 ratio of its combined earnings, certain capital contributions and fixed charges, to fixed charges. Effective October 1, 2021, this facility was terminated, and we entered into a new committed syndicated bank credit facility for the same amount with a maturity date of October 15, 2024 with American Express Company and American Express Travel Related Services Company, Inc. (TRS) as co-borrowers and co-obligors. The availability of the new credit facility is subject to 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, 2021, we were in compliance with the covenants contained in the new 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, 2024. As of December 31, 2021 and 2020, $2.0 billion and nil were drawn on this facility, respectively. The amount drawn as of December 31, 2021 was repaid in full on January 18, 2022.
We paid $15.7 million and $14.2 million in fees to maintain these lines in 2021 and 2020, 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 $1.1 billion, $2.0 billion and $3.4 billion in 2021, 2020 and 2019, respectively.