Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - AMERICAN EXPRESS CREDIT CORP | d180331ex322.htm |
| EX-32.1 - EX-32.1 - AMERICAN EXPRESS CREDIT CORP | d180331ex321.htm |
| EX-31.2 - EX-31.2 - AMERICAN EXPRESS CREDIT CORP | d180331ex312.htm |
| EX-31.1 - EX-31.1 - AMERICAN EXPRESS CREDIT CORP | d180331ex311.htm |
| EX-12.1 - EX-12.1 - AMERICAN EXPRESS CREDIT CORP | d180331ex121.htm |
| 10-Q - 10-Q - AMERICAN EXPRESS CREDIT CORP | d18033110q.htm |
EXHIBIT 12.2
PREFERRED STOCK DIVIDENDS
|
Three Months Ended
|
Years Ended December 31, | |||||||||||||||||||||||
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(Dollars in Millions)
|
March 31, 2018
|
2017
|
2016
|
2015
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2014
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2013
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||||||||||||||||||
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Earnings:
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||||||||||||||||||||||||
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Pretax income from continuing operations
|
$
|
2,082
|
$
|
7,425
|
$
|
8,042
|
$
|
7,938
|
$
|
8,991
|
$
|
7,888
|
||||||||||||
|
Interest expense (a)
|
621
|
2,112
|
1,704
|
1,623
|
1,707
|
1,958
|
||||||||||||||||||
|
Other adjustments (b)
|
40
|
118
|
101
|
118
|
402
|
133
|
||||||||||||||||||
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Total earnings
|
$
|
2,743
|
$
|
9,655
|
$
|
9,847
|
$
|
9,679
|
$
|
11,100
|
$
|
9,979
|
||||||||||||
|
Fixed charges:
|
||||||||||||||||||||||||
|
Interest expense
|
$
|
621
|
$
|
2,112
|
$
|
1,704
|
$
|
1,623
|
$
|
1,707
|
$
|
1,958
|
||||||||||||
|
Other adjustments (c)
|
13
|
51
|
56
|
62
|
79
|
93
|
||||||||||||||||||
|
Total fixed charges
|
$
|
634
|
$
|
2,163
|
$
|
1,760
|
$
|
1,685
|
$
|
1,786
|
$
|
2,051
|
||||||||||||
|
Preferred stock dividends (d)
|
$
|
27
|
$
|
219
|
$
|
80
|
$
|
62
|
$
|
―
|
$
|
―
|
||||||||||||
|
Total fixed charges and preferred stock dividends
|
$
|
661
|
$
|
2,382
|
$
|
1,840
|
$
|
1,747
|
$
|
1,786
|
$
|
2,051
|
||||||||||||
|
Ratio of earnings to fixed charges
|
4.33
|
4.46
|
5.59
|
5.74
|
6.22
|
4.87
|
||||||||||||||||||
|
Ratio of earnings to combined fixed charges and preferred stock dividends
|
4.15
|
4.05
|
5.35
|
5.54
|
6.22
|
4.87
|
||||||||||||||||||
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(a)
|
Included in interest expense is interest expense related to the Card Member lending, Card Member 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 distributed net income of affiliates accounted for under the equity method, 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.
|
|
(d)
|
Preferred stock dividends represent pre-tax earnings that would be required to cover any preferred stock dividends, computed using American Express’ effective tax rate for the period.
|