Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA


	2020			2019			2018			2017			2016
Operating Results ($ in Millions)
Total revenues net of interest expense	$	36,087		$	43,556		$	40,338		$	36,878		$	35,438
Provisions for credit losses(a)	4,730			3,573			3,352			2,760			2,027
Expenses	27,061			31,554			28,864			26,693			25,369
Pretax income	4,296			8,429			8,122			7,425			8,042
Income tax provision	1,161			1,670			1,201			4,677			2,667
Net income	3,135			$	6,759		$	6,921		$	2,748		$	5,375
Return on average equity(b)	14.2		%	29.6		%	33.5		%	13.2		%	25.8		%
Balance Sheet ($ in Millions)
Cash and cash equivalents(c)	$	32,965		$	24,446		$	27,808		$	33,263		$	25,494

Card Member receivables, net	43,434			56,794			55,320			53,526			46,841
Loans, net	70,643			89,624			83,396			74,300			65,461
Investment securities	21,631			8,406			4,647			3,159			3,157
Total assets	191,367			198,321			188,602			181,196			158,917
Customer deposits	86,875			73,287			69,960			64,452			53,042
Short-term borrowings	1,878			6,442			3,100			3,278			5,581
Long-term debt	42,952			57,835			58,423			55,804			46,990
Shareholders’ equity	$	22,984		$	23,071		$	22,290		$	18,261		$	20,523
Common Share Statistics(d)
Earnings per share:
Net income attributable to common shareholders:(e)
Basic	$	3.77		$	8.00		$	7.93		$	3.00		$	5.63
Diluted	3.77			7.99			7.91			2.99			5.61
Cash dividends declared per common share	1.72			$	1.64		$	1.48		$	1.34		$	1.22
Book value per common share	26.58			$	26.51		$	24.45		$	19.42		$	20.95
Average common shares outstanding (millions):
Basic	805			828			856			883			933
Diluted	806			830			859			886			935
Shares outstanding at period end (millions)	805			810			847			859			904
Other Statistics
Number of colleagues at period end (thousands):
United States	23			23			21			20			21
Outside the United States	41			41			38			35			35
Total	64			64			59			55			56
Number of shareholders of record	19,446			19,974			21,078			22,262			23,572

(a)Results for reporting periods beginning after January 1, 2020 are presented using the CECL methodology, while comparative information continues to be reported in accordance with the incurred loss methodology in effect for prior periods. Refer to Note 3 to the "Consolidated Financial Statements" for further information.

(b)Return on average equity is calculated by dividing one-year period of net income by one-year average of total shareholders’ equity.

(c)Effective December 31, 2020, we reclassified restricted cash from Other assets to Cash and cash equivalents on the Consolidated Balance Sheets. Prior period amounts have been revised to conform to the current period presentation.

(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.

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