Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA


	2019			2018			2017			2016			2015(a)
Operating Results ($ in Millions)
Total revenues net of interest expense	$	43,556		$	40,338		$	36,878		$	35,438		$	32,818
Provisions for losses(b)	3,573			3,352			2,760			2,027			1,988
Expenses(b)	31,554			28,864			26,693			25,369			22,892
Pretax income	8,429			8,122			7,425			8,042			7,938
Income tax provision	1,670			1,201			4,677			2,667			2,775
Net income	6,759			$	6,921		$	2,748		$	5,375		$	5,163
Return on average equity(c)	29.6		%	33.5		%	13.2		%	25.8		%	24.0		%
Return on average assets(c)	3.5		%	3.8		%	1.6		%	3.4		%	3.3		%
Balance Sheet ($ in Millions)
Cash and cash equivalents	$	23,932		$	27,445		$	32,927		$	25,208		$	22,762
Card Member loans and receivables HFS(b)	—			—			—			—			14,992
Card Member receivables, net	56,794			55,320			53,526			46,841			43,671
Loans, net	89,624			83,396			74,300			65,461			58,799
Investment securities	8,406			4,647			3,159			3,157			3,759
Total assets	198,321			188,602			181,196			158,917			161,184
Customer deposits	73,287			69,960			64,452			53,042			54,997
Short-term borrowings	6,442			3,100			3,278			5,581			4,812
Long-term debt	57,835			58,423			55,804			46,990			48,061
Shareholders’ equity	$	23,071		$	22,290		$	18,261		$	20,523		$	20,673
Average shareholders' equity to average total assets ratio	11.7		%	11.3		%	12.5		%	13.2		%	13.5		%
Common Share Statistics(d)
Earnings per share:
Net income attributable to common shareholders:(e)
Basic	$	8.00		$	7.93		$	3.00		$	5.63		$	5.07
Diluted	7.99			7.91			2.99			5.61			5.05
Cash dividends declared per common share	1.64			$	1.48		$	1.34		$	1.22		$	1.13
Dividend payout ratio(f)	20.5		%	18.7		%	44.7		%	21.7		%	22.3		%
Book value per common share	26.51			$	24.45		$	19.42		$	20.95		$	19.71
Average common shares outstanding (millions):
Basic	828			856			883			933			999
Diluted	830			859			886			935			1,003
Shares outstanding at period end (millions)	810			847			859			904			969
Other Statistics
Number of colleagues at period end (thousands):
United States	23			21			20			21			21
Outside the United States	41			38			35			35			34
Total	64			59			55			56			55
Number of shareholders of record	19,974			21,078			22,262			23,572			24,704

(a)2015 amounts were not restated in conjunction with the adoption of the new revenue recognition standard.

(b)Beginning December 1, 2015 through to the sale completion dates in the first half of 2016, Card Member loans and receivables related to our cobrand partnerships with JetBlue Airways Corporation and Costco Wholesale Corporation in the United States were held for sale on the Consolidated Balance Sheets and credit costs were reported in Expenses through a valuation allowance adjustment and not reflected in Provisions for losses.

(c)Return on average equity and return on average assets are calculated by dividing one-year period of net income by one-year average of total shareholders’ equity or total assets, respectively.

(d)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.

(e)Represents net income, less earnings allocated to participating share awards and dividends on preferred shares.

(f)Calculated on year’s dividends declared per common share as a percentage of the year’s net income available per common share.

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