AMERICAN EXPRESS CREDIT CORP - FORM 10-K - EX-12.2 - March 14, 2016

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EX-12.1 - EX-12.1 - AMERICAN EXPRESS CREDIT CORPd129675dex121.htm
EX-31.2 - EX-31.2 - AMERICAN EXPRESS CREDIT CORPd129675dex312.htm
EX-32.1 - EX-32.1 - AMERICAN EXPRESS CREDIT CORPd129675dex321.htm
EX-23.1 - EX-23.1 - AMERICAN EXPRESS CREDIT CORPd129675dex231.htm
EX-31.1 - EX-31.1 - AMERICAN EXPRESS CREDIT CORPd129675dex311.htm
EX-32.2 - EX-32.2 - AMERICAN EXPRESS CREDIT CORPd129675dex322.htm
10-K - FORM 10-K - AMERICAN EXPRESS CREDIT CORPd129675d10k.htm

EXHIBIT 12.2

AMERICAN EXPRESS COMPANY

COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

 

      Years Ended December 31,  

(Dollars in Millions)

    2015      2014      2013      2012      2011  

Earnings:

               

Pretax income from continuing operations

    $         7,938       $         8,991       $         7,888       $         6,451       $         6,956   

Interest expense(a)

      1,623         1,707         1,958         2,226         2,320   

Other adjustments(b)

      118         402         133         117         124   

 

   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total earnings

    $ 9,679       $ 11,100       $ 9,979       $ 8,794       $ 9,400   

 

   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Fixed charges:

               

Interest expense

    $ 1,623       $ 1,707       $ 1,958       $ 2,226       $ 2,320   

Other adjustments(c)

      62         79         93         102         94   

 

   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

    $ 1,685       $ 1,786       $ 2,051       $ 2,328       $ 2,414   

Preferred stock dividends

    $ 62         —           —           —           —     

 

   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges and preferred stock dividends

    $ 1,747         1,786         2,051         2,328         2,414   

Ratio of earnings to combined fixed charges and preferred stock dividends

      5.54         6.22         4.87         3.78         3.89   

 

(a) Included in interest expense is interest expense related to the Card Member lending activities, international banking operations, and charge card and other activities in the Consolidated Statements of Income. Interest expense does not include interest on liabilities recorded under GAAP governing accounting for uncertainty in income taxes. American Express’ policy is to classify such interest in income tax provision in the Consolidated Statements of Income.

 

(b) For purposes of the “earnings” computation, “other adjustments” include adding the amortization of capitalized interest, the net loss of affiliates accounted for under the equity method whose debt is not guaranteed by American Express, the non-controlling interest in the earnings of majority-owned subsidiaries with fixed charges, and the interest component of rental expense, and subtracting undistributed net income of affiliates accounted for under the equity method.

 

(c) For purposes of the “fixed charges” computation, “other adjustments” include capitalized interest costs and the interest component of rental expense.

AMERICAN EXPRESS CREDIT CORP Reports