American Express - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht
|Land||Vereinigte Staaten von Amerika|
|Indizes||Dow Jones Industrial AverageS&P 500|
|Rohdaten nach||US GAAP in Millionen USD|
|Aktiensplits||2005-10-03 - 10000:8753 | 2000-05-11 - 3:1 ||
|Letztes Bilanz Update||17.02.2017|
|Fundamental Verhältnisse errechnet am: 21.07.2017|
NOTE 27QUARTERLY FINANCIAL DATA (UNAUDITED) (Millions, except per share amounts) 2015 2014Quarters Ended 12/31 9/306/303/31 12/319/306/303/31Total revenues net of interest expense $8,391 $8,193$8,284$7,950 $9,081$8,303$8,631$8,173Pretax income 1,454 1,9382,2302,316 2,2252,2462,3122,208Net income 899 1,2661,4731,525 1,4471,4771,5291,432Earnings Per Common Share — Basic: Net income attributable to commonshareholders(a) $0.89 $1.24$1.43$1.49 $1.40$1.41$1.44$1.34Earnings Per Common Share — Diluted: Net income attributable to commonshareholders(a) 0.89 1.241.421.48 1.391.401.431.33Cash dividends declared per common share 0.29 0.290.290.26 0.260.260.260.23Common share price: High 77.85 81.6681.9293.94 94.8996.2496.0494.35Low $67.57 $71.71$76.53$
Principles of Consolidation The Consolidated Financial Statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Significant intercompany transactions are eliminated.The Company consolidates entities in which it holds a “controlling financial interest.” For voting interest entities, the Company is considered to hold a controlling financial interest when it is able to exercise control over the investees’ operating and financial decisions. For variable interest entities (VIEs), it is considered to hold a controlling financial interest when it is determined to be the primary beneficiary. A primary beneficiary is the party that has both: (1) the power to direct the activities that most significantly impact that entity’s economic performance, and (2) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The determination of whether an entity is a VIE is based on the amount and characteristics of the entity’s equity. Entities in which the Company’s voting interest in common equity does not provide it with control, but allows the Company to exert significant influence over the operating and financial decisions, are accounted for under the equity method. All other investments in equity securities, to the extent that they are not considered marketable securities, are accounted for under the cost method.
Total Revenues Net of Interest Expense
Discount revenue represents the amount earned by the Company on transactions occurring at merchants with which the Company, or a Global Network Services (GNS) partner, has entered into card acceptance agreements for facilitating transactions between the merchants and the Company’s Card Members. The discount fee generally is deducted from the payment to the merchant and recorded as discount revenue at the time the charge is captured.
Net Card Fees
Card fees, net of direct card acquisition costs and a reserve for projected membership cancellations, are deferred and recognized on a straight-line basis over the 12-month card membership period as Net Card Fees in the Consolidated Statements of Income. The unamortized net card fee balance is reported net in Other Liabilities on the Consolidated Balance Sheets (refer to Note 10).
Travel Commissions and Fees
The Company earns travel commissions and fees by charging clients transaction or management fees for selling and arranging travel and for travel management services. Client transaction fee revenue is recognized at the time the client books the travel arrangements. Travel management services revenue is recognized over the contractual term of the agreement. The Company’s travel suppliers (e.g., airlines, hotels and car rental companies) pay commissions and fees on tickets issued, sales and other services based on contractual agreements. Commissions and fees from travel suppliers are generally recognized at the time a ticket is purchased or over the term of the contract. Commissions and fees that are based on services rendered (e.g., hotel stays and car rentals) are recognized based on usage.
Other Commissions and Fees
Other commissions and fees include foreign currency conversion fees, Card Member delinquency fees, service fees and other card-related assessments, which are recognized primarily in the period in which they are charged to the Card Member (refer to Note 19). In addition, service fees are also earned from other customers (e.g., merchants) for a variety of services and are recognized when the service is performed, which is generally in the period the fee is charged. Also included are fees related to the Company’s Membership Rewards program, which are deferred and recognized over the period covered by the fee. The unamortized Membership Rewards fee balance is included in Other Liabilities on the Consolidated Balance Sheets (refer to Note 10).
The Company regularly makes payments through contractual arrangements with merchants, corporate payments clients, Card Members and certain other customers. Payments to such customers, including cash rebates paid to Card Members, are generally classified as contra-revenue unless a specifically identifiable benefit (e.g., goods or services) is received by the Company or its Card Members in consideration for that payment, and the fair value of such benefit is determinable and measurable. If no such benefit is identified, then the entire payment is classified as contra-revenue and included in the Consolidated Statements of Income in the revenue line item where the related transactions are recorded (e.g., discount revenue, travel commissions and fees and other commissions and fees). If such a benefit is identified, then the payment is classified as expense up to the estimated fair value of the benefit.
Interest on Card Member loans is assessed using the average daily balance method. Unless the loan is classified as non-accrual, interest is recognized based upon the outstanding balance, in accordance with the terms of the applicable account agreement, until the outstanding balance is paid or written off.
Interest and dividends on investment securities primarily relates to the Company’s performing fixed-income securities. Interest income is accrued as earned using the effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so that a constant rate of return is recognized on the investment security’s outstanding balance. Amounts are recognized until such time as a security is in default or when it is likely that future interest payments will not be received as scheduled.
Interest on deposits with banks and other is recognized as earned, and primarily relates to the placement of cash in interest-bearing time deposits, overnight sweep accounts, and other interest-bearing demand and call accounts.
Interest expense includes interest incurred primarily to fund Card Member loans, charge card product receivables, general corporate purposes, and liquidity needs, and is recognized as incurred. Interest expense is divided principally into two categories: (i) deposits, which primarily relates to interest expense on deposits taken from customers and institutions, and (ii) long-term debt and other, which primarily relates to interest expense on the Company’s long-term financing and short-term borrowings, and the realized impact of derivatives hedging interest rate risk.
Reportable Operating Segments and Geographic Operations
Reportable Operating Segments
The Company is a global services company that is principally engaged in businesses comprising four reportable operating segments: USCS, ICS, GCS and Global Network & Merchant Services (GNMS).
The Company considers a combination of factors when evaluating the composition of its reportable operating segments, including the results reviewed by the chief operating decision maker, economic characteristics, products and services offered, classes of customers, product distribution channels, geographic considerations (primarily United States versus outside the United States), and regulatory environment considerations.
The following is a brief description of the primary business activities of the Company’s four reportable operating segments:
- USCS offers a wide range of card products and services to consumers and small businesses in the United States, provides travel services to Card Members and other consumers, and operates a coalition loyalty business.
- ICS offers a wide range of card products and services to consumers and small businesses outside the United States, provides travel services to Card Members and other consumers, and operates a coalition loyalty business in various countries.
- GCS offers global corporate payment services to large and mid-sized companies. The Company’s business travel operations, which had been included in GCS, were deconsolidated effective June 30, 2014 in connection with the formation of the GBT JV, discussed previously. Therefore, there is a lack of comparability against periods prior to the deconsolidation. The Company’s proportional share of the GBT JV net income or loss is reported within Other revenues.
- GNMS operates a global payments network that processes and settles proprietary and non-proprietary card transactions. GNMS acquires merchants; leverages the Company’s global closed-loop network to offer multi-channel marketing programs and capabilities, services and reporting and analytical data to the Company’s merchants around the world; and provides financing products for qualified merchants. It also enters into partnership agreements with third-party card issuers and acquirers to license the American Express brand and broaden the Card Member and merchant base for the Company’s network worldwide.
Corporate functions and certain other businesses, including the Company’s EG business, as well as other Company operations are included in Corporate & Other.
The following table presents certain selected financial information for the Company’s reportable operating segments and Corporate & Other as of or for the years ended December 31, 2015, 2014 and 2013:
|(Millions, except where indicated)||USCS||ICS||GCS||GNMS||Other||(a)||Consolidated|
|Total revenues net of interest expense||18,793||5,018||3,342||5,528||137||32,818|
|Total provisions (b)||1,453||329||148||54||4||1,988|
|Pretax income (loss) from continuing operations||5,355||508||1,073||2,775||(1,773)||7,938|
|Income tax provision (benefit)||1,942||87||407||1,004||(665)||2,775|
|Net income (loss)||3,413||421||666||1,771||(1,108)||5,163|
|Total assets (billions)(c)||117||35||18||24||(33)||161|
|Total equity (billions)||10.3||2.9||3.7||2.4||1.4||20.7|
|(Millions, except per share amounts)||2015||2014||2013|
|Basic and diluted:|
|Net income available to common shareholders||5,101||5,885||5,359|
|Earnings allocated to participating share awards(a)||(38)||(46)||(47)|
|Net income attributable to common shareholders||$||5,063||$||5,839||$||5,312|
|Basic: Weighted-average common stock||999||1,045||1,082|
|Add: Weighted-average stock options(b)||4||6||7|
- The Company’s unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.
- The dilutive effect of unexercised stock options excludes from the computation of EPS 0.5 million, 0.2 million and 0.1 million of options for the years ended December 31, 2015, 2014 and 2013, respectively, because inclusion of the options would have been anti-dilutive.
For the years ended December 31, 2015, 2014 and 2013, the Company met specified performance measures related to the $750 million of Subordinated Debentures issued in 2006, and maturing in 2036. If the performance measures were not achieved in any given quarter, the Company would be required to issue common shares and apply the proceeds to make interest payments.