Item 16. FORM 10-K SUMMARY

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Item 16. FORM 10-K SUMMARY

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


						AMERICAN EXPRESS COMPANY
						/s/ JEFFREY C. CAMPBELL
						Jeffrey C. Campbell Vice Chairman and Chief Financial Officer

February 11, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the date indicated.


/s/ STEPHEN J. SQUERI						/s/ THEODORE J. LEONSIS
Stephen J. Squeri Chairman, Chief Executive Officer and Director						Theodore J. Leonsis Director

/s/ JEFFREY C. CAMPBELL						/s/ KAREN L. PARKHILL
Jeffrey C. Campbell Vice Chairman and Chief Financial Officer						Karen L. Parkhill Director

/s/ JESSICA LIEBERMAN QUINN						/s/ CHARLES E. PHILLIPS, JR.
Jessica Lieberman Quinn Executive Vice President and Corporate Controller (Principal Accounting Officer)						Charles E. Phillips, Jr. Director

/s/ THOMAS J. BALTIMORE, JR.						/s/ LYNN A. PIKE
Thomas J. Baltimore, Jr. Director						Lynn A. Pike Director

/s/ CHARLENE BARSHEFSKY						/s/ DANIEL L. VASELLA
Charlene Barshefsky Director						Daniel L. Vasella Director

/s/ JOHN J. BRENNAN						/s/ LISA W. WARDELL
John J. Brennan Director						Lisa W. Wardell Director

/s/ PETER CHERNIN						/s/ RONALD A. WILLIAMS
Peter Chernin Director						Ronald A. Williams Director

/s/ RALPH DE LA VEGA						/s/ CHRISTOPHER D. YOUNG
Ralph de la Vega Director						Christopher D. Young Director

/s/ MICHAEL O. LEAVITT
Michael O. Leavitt Director

February 11, 2022

Table of Contents

Appendix

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

The accompanying supplemental information should be read in conjunction with the “MD&A”, “Consolidated Financial Statements” and notes thereto.

Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables provide a summary of our consolidated average balances including major categories of interest-earning assets and interest-bearing liabilities along with an analysis of net interest earnings. Consolidated average balances, interest, and average yields are segregated between U.S. and non-U.S. offices. Assets, liabilities, interest income and interest expense are attributed to the United States and outside the United States based on the location of the office recording such items.


	2021						2020						2019
Years Ended December 31, (Millions, except percentages)	Average Balance (a)		Interest Income		Average Yield		Average Balance (a)		Interest Income		Average Yield		Average Balance (a)		Interest Income		Average Yield
Interest-earning assets
Interest-bearing deposits in other banks
U.S.	$	25,583	$	34	0.1	%	$	31,446	$	100	0.3	%	$	22,169	$	517	2.3	%
Non-U.S.	2,291		54		2.4		2,367		51		2.2		2,085		48		2.3
Federal funds sold and securities purchased under agreements to resell
U.S.	—		—		—		—		—		—		19		3		15.8
Non-U.S.	196		10		5.1		184		11		6.0		56		6		10.7
Short-term investment securities
U.S.	360		—		—		658		7		1.1		409		11		2.7
Non-U.S.	106		—		—		97		1		1.0		93		1		1.1
Card Member loans (b)
U.S.	66,436		7,553		11.4		65,559		8,196		12.5		72,422		9,452		13.1
Non-U.S.	9,614		1,086		11.3		9,018		1,196		13.3		10,362		1,400		13.5
Other loans (b)
U.S.	2,341		181		7.7		4,078		342		8.4		4,101		413		10.1
Non-U.S.	126		30		23.8		139		45		32.4		170		43		25.3
Taxable investment securities(c)
U.S.	13,765		62		0.5		14,002		100		0.7		6,335		147		2.3
Non-U.S.	634		16		2.5		612		21		3.4		589		27		4.6
Non-taxable investment securities (c)
U.S.	87		3		4.7		128		5		5.1		237		11		5.9
Other assets (d)
Primarily U.S.	16		4		n.m		38		8		n.m.		17		5		n.m.
Total interest-earning assets (e)	$	121,555	$	9,033	7.4	%	$	128,326	$	10,083	7.9	%	$	119,064	$	12,084	10.2	%
U.S.	108,588		7,837				115,909		8,758				105,709		10,559
Non-U.S.	12,967		1,196				12,417		1,325				13,355		1,525

n.m. Denotes rates determined to not be meaningful.

(a)Averages based on month-end balances.

(b)Average non-accrual loans were included in the average Card Member loan balances in amounts of $121 million, $275 million and $307 million in U.S. for 2021, 2020 and 2019, respectively. Average other loan balances for U.S. include average non-accrual loans of $1 million, $3 million and $7 million for 2021, 2020 and 2019, respectively. Average non-accrual loans are considered to determine the average yield on loans.

(c)Average yields for both taxable and non-taxable investment securities have been calculated using amortized cost balances and do not include changes in fair value recorded in other comprehensive loss. Average yield on non-taxable investment securities is calculated on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent for 2021, 2020 and 2019.

(d)Amounts include (i) average equity securities balances, which are included in investment securities on the Consolidated Balance Sheets, and (ii) the associated income.

(e)The average yield on total interest-earning assets is adjusted for the impacts of the items mentioned in footnote (c).

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Years Ended December 31, (Millions, except percentages)	2021 Average Balance (a)			2020 Average Balance (a)			2019 Average Balance (a)
Non-interest-earning assets
Cash and due from banks
U.S.	$	2,729		$	2,205		$	2,842
Non-U.S.	868			823			732
Card Member receivables, net
U.S.	30,039			27,414			27,724
Non-U.S.	16,632			16,009			28,040
Reserves for credit losses on Card Member and other loans
U.S.	(3,964)			(4,682)			(2,057)
Non-U.S.	(369)			(526)			(258)
Other assets (b)
U.S.	16,589			14,680			12,689
Non-U.S.	5,514			5,830			5,593
Total non-interest-earning assets	68,038			61,753			75,305
U.S.	45,393			39,617			41,198
Non-U.S.	22,645			22,136			34,107
Total assets	$	189,593		$	190,079		$	194,369
U.S.	153,981			155,526			146,908
Non-U.S.	35,612			34,553			47,461

Percentage of total average assets attributable to non-U.S. activities	18.8		%	18.2		%	24.4		%

(a)Averages based on month-end balances.

(b)Includes premises and equipment, net of accumulated depreciation and amortization.

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	2021							2020							2019
Years Ended December 31, (Millions, except percentages)	Average Balance (a)			Interest Expense		Average Rate		Average Balance (a)			Interest Expense		Average Rate		Average Balance (a)			Interest Expense		Average Rate
Interest-bearing liabilities
Customer deposits
U.S.
Savings	$	78,084		$	314	0.4	%	$	69,796		$	697	1.0	%	$	59,087		$	1,247	2.1	%
Time	6,092			139		2.3		9,898			237		2.4		12,179			298		2.4
Demand	692			2		0.3		752			5		0.7		447			9		2.0
Non-U.S.
Time	8			—		—		11			1		9.1		16			1		6.3
Other deposits	11			3		27.3		11			3		27.3		10			4		40.0
Short-term borrowings
U.S.	3			—		—		769			18		2.3		407			22		5.4
Non-U.S.	1,983			12		0.6		2,017			11		0.5		2,621			15		0.6
Long-term debt and other (b)
U.S.	38,157			808		2.1		48,690			1,123		2.3		57,936			1,859		3.2
Non-U.S.	326			5		1.5		336			3		0.9		325			9		2.8
Total interest-bearing liabilities	$	125,356		$	1,283	1.0	%	$	132,280		$	2,098	1.6	%	$	133,028		$	3,464	2.6	%
U.S.	123,028			1,263				129,905			2,080				130,056			3,435
Non-U.S.	2,328			20				2,375			18				2,972			29

Non-interest-bearing liabilities
Accounts payable
U.S.	4,289							4,642							7,116
Non-U.S.	5,107							4,737							6,202
Customer deposits(c)
U.S.	494							766							385
Non-U.S.	569							682							387
Other liabilities
U.S.	22,925							18,954							18,360
Non-U.S.	6,943							6,016							6,079
Total non-interest-bearing liabilities	40,327							35,797							38,529
U.S.	27,708							24,362							25,861
Non-U.S.	12,619							11,435							12,668
Total liabilities	165,683							168,077							171,557
U.S.	150,736							154,267							155,917
Non-U.S.	14,947							13,810							15,640
Total shareholders' equity	23,910							22,002							22,812
Total liabilities and shareholders' equity	$	189,593						$	190,079						$	194,369

Percentage of total average liabilities attributable to non-U.S. activities	9.0		%					8.2		%					9.1		%
Interest rate spread						6.4	%						6.3	%						7.6	%
Net interest income and net average yield on interest-earning assets(d)`				$	7,750	6.4	%				$	7,985	6.2	%				$	8,620	7.2	%

(a)Averages based on month-end balances.

(b)Interest expense primarily reflects interest on long-term financing and interest incurred on derivative instruments in qualifying hedging relationships on the hedged debt instruments.

(c)U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $470 million, $742 million and $353 million for 2021, 2020 and 2019, respectively. Non-U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $568 million, $679 million and $381 million for 2021, 2020 and 2019, respectively.

(d)Net average yield on interest-earning assets is defined as net interest income divided by average total interest-earning assets as adjusted for the items mentioned in footnote (c) from the table on A-1.

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Changes in Net Interest Income − Volume and Rate Analysis (a)

The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate. Major categories of interest-earning assets and interest-bearing liabilities have been segregated between U.S. and non-U.S. offices. Average volume/rate changes have been allocated between the average volume and average rate variances on a consistent basis based upon the respective percentage changes in average balances and average rates.


	2021 Versus 2020						2020 Versus 2019
	Increase (Decrease) due to change in:						Increase (Decrease) due to change in:
Years Ended December 31, (Millions)	Average Volume		Average Rate		Net Change		Average Volume		Average Rate		Net Change
Interest-earning assets
Interest-bearing deposits in other banks
U.S.	$	(19)	$	(47)	$	(66)	$	216	$	(633)	$	(417)
Non-U.S.	(2)		5		3		6		(3)		3
Federal funds sold and securities purchased under agreements to resell
U.S.	—		—		—		(3)		—		(3)
Non-U.S.	1		(2)		(1)		14		(9)		5
Short-term investment securities
U.S.	(3)		(4)		(7)		7		(11)		(4)
Non-U.S.	—		(1)		(1)		—		—		—
Card Member loans
U.S.	110		(753)		(643)		(896)		(360)		(1,256)
Non-U.S.	79		(189)		(110)		(182)		(22)		(204)
Other loans
U.S.	(146)		(15)		(161)		(2)		(69)		(71)
Non-U.S.	(4)		(11)		(15)		(8)		10		2
Taxable investment securities
U.S.	(1)		(37)		(38)		177		(224)		(47)
Non-U.S.	1		(6)		(5)		1		(7)		(6)
Non-taxable investment securities
U.S.	(2)		—		(2)		(7)		1		(6)
Other assets
Primarily U.S.	(5)		1		(4)		6		(3)		3
Change in interest income	9		(1,059)		(1,050)		(671)		(1,330)		(2,001)
Interest-bearing liabilities
Customer deposits
U.S.
Savings	83		(466)		(383)		226		(776)		(550)
Time	(91)		(7)		(98)		(56)		(5)		(61)
Demand	—		(3)		(3)		6		(10)		(4)
Non-U.S.
Time	—		(1)		(1)		—		—		—
Other deposits	—		—		—		—		(1)		(1)
Short-term borrowings
U.S.	(18)		—		(18)		20		(24)		(4)
Non-U.S.	—		1		1		(3)		(1)		(4)
Long-term debt and other
U.S.	(243)		(72)		(315)		(297)		(439)		(736)
Non-U.S.	—		2		2		—		(6)		(6)
Change in interest expense	(269)		(546)		(815)		(104)		(1,262)		(1,366)
Change in net interest income	$	278	$	(513)	$	(235)	$	(567)	$	(68)	$	(635)

(a)Refer to footnotes from “Distribution of Assets, Liabilities and Shareholders’ Equity” for additional information.

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Maturities and Sensitivities to Changes in Interest Rates

The following table presents contractual maturities of loans and Card Member receivables by customer type, and segregated between U.S. and non-U.S. based on domicile of the borrowers, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements.


December 31, (Millions)	2021
	Within 1 year (a)		1-5 years (b) (c)		5-15 years (c)		After 15 years (c)		Total
Loans
U.S. loans
Card Member	$	76,500	$	378	$	—	$	—	$	76,878
Other	554		1,997		98		34		2,683
Non-U.S. loans
Card Member	11,684		—		—		—		11,684
Other	163		65		—		—		228
Total loans	$	88,901	$	2,440	$	98	$	34	$	91,473

Loans due after one year at fixed interest rates
Card Member			$	378	$	—	$	—	$	378
Other			2,038		—		34		2,072
Loans due after one year at variable interest rates
Card Member			—		—		—		—
Other			24		98		—		122
Total loans			$	2,440	$	98	$	34	$	2,572
Card Member receivables
U.S.	$	38,284	$	128	$	—	$	—	$	38,412
Non-U.S.	15,233		—		—		—		15,233
Total Card Member receivables	$	53,517	$	128	$	—	$	—	$	53,645

(a)Card Member loans have no stated maturity and are therefore included in the due within one year category. However, many of our Card Members will revolve their balances, which may extend their repayment period beyond one year for balances outstanding as of December 31, 2021. Card member receivables are due upon receipt of Card Member statements and have no stated interest rate and are therefore included in the due within one year category.

(b)Card Member loans and receivables due after one year represent Troubled Debt Restructurings (TDRs). Card Members experiencing financial difficulties are offered modification programs wherein a long-term concession (more than 12 months) has been granted to the borrower and are classified as TDRs.

(c)Other loans due after one year primarily represents installment loans.

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Credit Quality Indicators for Loans and Card Member Receivables

The following table summarizes the ratio of all loans and Card Member receivables categories.


Years Ended December 31, (Millions, except percentages and where indicated)	2021			2020
Card Member loans
Net write-offs — principal less recoveries	$	672		$	1,795
Net write-offs — interest and fees less recoveries	$	207		$	375
Average Card Member loans (billions)(a)	$	76.1		$	74.6
Principal only net write-offs / average Card Member loans outstanding (b)	0.9		%	2.4		%
Principal, interest and fees net write-offs / average Card Member loans outstanding (b)	1.2		%	2.9		%
Other loans
Net write-offs	$	21		$	111
Average Other loans (billions)(a)	$	2.5		$	4.2
Net write-offs/average other loans outstanding (b)	0.9		%	2.6		%
Card Member receivables
Net write-offs — principal and fees less recoveries	$	129		$	881
Average Card Member receivables (billions)(a)	$	46.8		$	43.9
Net write-offs / average Card Member receivables outstanding (b)	0.3		%	2.0		%

Reserve for credit losses	$	3,421		$	5,849
Non-accrual loans (c)	$	96		$	176
Reserve for credit losses to total loans and Card Member receivables (d)	2.4		%	4.9		%
Non-accrual loans to total loans (e)	0.1		%	0.2		%
Reserve for credit losses to non-accrual loans (f)	3476.3		%	3171.4		%

(a)Averages are based on month-end balances for the periods presented.

(b)The net write-off rate presented is on a worldwide basis and is based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(c)Non-accrual loans not in modification programs primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest. Amounts presented exclude loans classified as TDR. Lower non-accrual loans are primarily driven by higher enrollments under In House TDR programs and lower delinquencies.

(d)Represents the reserve for credit losses as a percentage of total loans and Card Member receivables. Refer to “Maturities and Sensitivities to Changes in Interest Rates” for total outstanding balances of loans and Card Member receivables.

(e)Represents percentage of non-accrual loans to total loans.

(f)Represents the total reserve for credit losses on Card Member loans and other loans as a percentage of total non-accrual loans. Refer to “Allocation of reserve for credit losses” for reserve related to Card Member loans and other loans.

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Allocation of Reserve for Credit Losses

The following table shows the reserve for credit losses allocated to each of loans and Card Member receivables by customer type, and between U.S. and non-U.S. borrowers.


December 31,	2021				2020
(Millions, except percentages) Reserve for credit losses at end of year applicable to	Amount		Percentage (a)		Amount		Percentage (a)
Loans U.S. loans
Card Member	$	3,067	91	%	$	4,820	86	%
Other	50		1		228		4
Non-U.S. loans
Card Member	238		8		524		10
Other	2		—		10		—
	$	3,357	100	%	$	5,582	100	%

Card Member receivables
U.S.	$	54	84	%	$	216	81	%
Non-U.S.	10		16		51		19
	$	64	100	%	$	267	100	%

(a)Percentage of reserve for credit losses on loans and Card Member receivables in each category to the total reserve.

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Uninsured Time Certificates of Deposit

The following table presents the amount of uninsured time certificates of deposit issued by us in our U.S. and non-U.S. offices, further segregated by time remaining until maturity. For any account holder with aggregate deposits in excess of insured limits, the uninsured deposits are calculated proportionately as a percentage of total deposits for each category of deposits held as of the reporting date.


	By remaining maturity as of December 31, 2021
(Millions)	3 months or less		Over 3 months but within 6 months		Over 6 months but within 12 months		Over 12 months		Total
U.S. (a)	$	73	$	30	$	18	$	93	$	214
Non U.S. (b)	$	1	$	1	$	3	$	—	$	5

(a)We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to $250,000 per account holder through the FDIC.

(b)Includes time deposits in certain of our Non-U.S. offices, that exceed the insurance limit as defined by the regulatory rules in individual markets.

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Previous: Item 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES