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Section 1: 11-K (FORM 11-K OF AMERICAN EXPRESS COMPANY)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K

(Mark One)
      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017
or

         TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 1-7657

A.           Full title of the plan and the address of the plan, if different from that of the issuer named below:

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN

B.             Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

AMERICAN EXPRESS COMPANY

200 Vesey Street
New York, New York 10285
 
 
 

 

 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Financial Statements and Supplemental Schedule



Table of Contents

   
Page
 
       
     
       
FINANCIAL STATEMENTS
     
       
   
1
 
         
   
2
 
         
   
3
 
         
       
         
   
16
 
         
   
61
 
         
   
62
 
         
   
E-1
 

*
Other supplemental schedules required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable or not required.
 
 
 
 
 
 
 
Report of Independent Registered Public Accounting Firm


To the Administrator of the American Express Retirement Savings Plan
 
Opinion on the Financial Statements
 
We have audited the accompanying statements of net assets available for benefits of American Express Retirement Savings Plan (the “Plan”) as of December 31,2017 and December 31,2016 and the related statement of changes in net assets available for benefits for the year ended December 31, 2017, including the related notes (collectively referred to as the “financial statements”).  In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and December 31, 2016, and the changes in net assets available for benefits for the year ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America. 
 
Basis for Opinion
 
These financial statements are the responsibility of the Plan’s management.  Our responsibility is to express an opinion on the Plan’s financial statements based on our audits.  We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.  Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 
Supplemental Information
 
The supplemental schedule of assets (held at end of year) as of December 31, 2017 and the schedule of assets (acquired and disposed of within year) for the year ended December 31, 2017 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements.  The supplemental schedules are the responsibility of the Plan’s management.  Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.
 
 
/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 20, 2018
 

We have served as the Plan’s auditor since 2006.
 
 

 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Benefits
as of December 31, 2017 and 2016
 
(Thousands)
 
2017
   
2016
 
Assets
           
Investments, at fair value:
           
Money market funds
 
$
55,811
   
$
55,245
 
Corporate debt instruments
   
91,782
     
76,738
 
Common stocks
   
2,074,740
     
1,777,962
 
U.S. Government and agency obligations
   
167,456
     
168,684
 
Common/collective trusts
   
1,311,735
     
860,605
 
Mutual funds
   
720,064
     
747,142
 
Self-directed brokerage accounts
   
147,313
     
134,956
 
Other investments
   
130,301
     
92,912
 
Total investments, at fair value
   
4,699,202
     
3,914,244
 
                 
Fully benefit responsive investment contracts, at contract value
   
529,458
     
553,762
 
Due from brokers
   
2,526
     
4,611
 
Cash (non-interest bearing)
   
2,857
     
86
 
Receivables:
               
Notes receivable from participants
   
79,947
     
78,998
 
Investment income accrued
   
2,902
     
2,570
 
    Employer contributions:
               
  Profit sharing
   
109,553
     
47,070
 
  Other than profit sharing
   
26,975
     
21,712
 
Total Assets
   
5,453,420
     
4,623,053
 
                 
Liabilities
               
Accrued expenses
   
2,734
     
2,294
 
Due to brokers
   
4,476
     
2,558
 
Total Liabilities
   
7,210
     
4,852
 
Net assets available for benefits
 
$
5,446,210
   
$
4,618,201
 

See accompanying notes to the financial statements.
 
 
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 2017

(Thousands)
 
2017
 
Contributions
     
Employer
     
Profit sharing
 
$
109,563
 
Other than profit sharing
   
132,071
 
Employee
   
164,662
 
Rollovers
   
16,664
 
Total contributions
   
422,960
 
         
Investment income
       
Net appreciation of investments
   
803,428
 
Interest and dividends
   
61,532
 
Other income
   
685
 
Total investment income
   
865,645
 
         
Interest on notes receivable from participants
   
3,476
 
Total additions to net assets
   
1,292,081
 
         
Withdrawal payments
   
(450,775
)
Administrative expenses
   
(13,297
)
Total deductions to net assets
   
(464,072
)
         
Net increase in net assets available for benefits
   
828,009
 
         
Net assets available for benefits at beginning of year
   
4,618,201
 
Net assets available for benefits at end of year
 
$
5,446,210
 

See accompanying notes to the financial statements.
 
 
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
 
1.
Description of the Plan

General

The American Express Retirement Savings Plan (the “Plan”), which became effective June 11, 1973, is a defined contribution pension plan.  Under the terms of the Plan, regular full-time and certain part-time employees of American Express Company and its participating subsidiaries (the “Company”) can make elective contributions to the Plan beginning as soon as practicable after their date of hire and are eligible to receive Company contributions, if any, upon completion of six months of service.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The following is not a comprehensive description of the Plan, and therefore does not include all situations and limitations covered by the Plan.  The Plan Document is the exclusive governing document and should be referred to for more complete information.

Administration

Wells Fargo Bank, N.A. is the Trustee and Recordkeeper for the Plan.  The Plan is administered by the Company’s Employee Benefits Administration Committee (“EBAC”) and the Company’s Retirement Savings Plan Investment Committee (“RSPIC”).  The Plan Document requires that the American Express Company Stock Fund be offered as an investment option, subject to compliance with ERISA.  RSPIC has the power to select the other investment options available under the Plan and the manner in which these investment options are invested.  Subject to Plan limits, RSPIC also has the power to appoint investment managers to make investment decisions.  Under the terms of the Plan Document, the members of EBAC and RSPIC are appointed by the Company’s Vice President, Benefits & Mobility.

Compensation

The participant compensation (commonly referred to as “Total Pay”) that is used in the calculation of Plan contributions generally includes an employee’s base pay plus overtime, shift differentials, most commissions and most incentives.  For participants above certain salary grades, as defined by the Plan, Total Pay does not include any incentive pay which, in the aggregate, is in excess of one times their base salary when calculating Company contributions.

For purposes of the Plan, compensation is limited to a participant’s regular cash remuneration up to a maximum of $270,000 in 2017 and $265,000 in 2016, before tax deductions and certain other withholdings.

Contributions

The Plan currently provides for the following contributions:

Elective Contributions
Each pay period, participants may make Before-Tax Contributions, Roth Contributions, and/or After-Tax Contributions up to 10% of eligible compensation, or a combination thereof, not to exceed 80% of their Total Pay, to the Plan through payroll deductions. Roth Contributions are a special type of after-tax contribution and are subject to most of the same rules as Before-Tax Contributions. The Internal Revenue Code of 1986, as amended (the “Code”) imposes a limitation that is adjusted annually for cost of living increases on participants’ pre-tax and Roth contributions to plans which are qualified under Code Section 401(k) and other specified tax favored plans. For both 2017 and 2016, this limit was $18,000 for participants under age 50 and $24,000 for participants age 50 or older. The Plan complied with non-discrimination requirements under the Code during 2017 and 2016 by utilizing the safe harbor design for deferrals and matching contributions in accordance with Sections 401(k)(12) and 401(m)(11) of the Code.
 
 
 

 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
 
Eligible employees hired for the first time on or after January 1, 2017 are automatically enrolled to make Before-Tax Contributions equal to 3% of base pay, with a 1% automatic increase each year until the rate reaches 10%, unless the employee makes an alternative election to contribute at a different rate or opt out of automatic enrollment.

Company Matching Contributions
Effective January 1, 2017, the Company matches 100% of a participant’s Before-Tax Contributions and/or Roth Contributions up to 6% of Total Pay after a participant’s completion of six months of service.  For 2016, the Company Matching Contribution was capped at 5% of Total Pay.

Profit Sharing Contributions
Upon a participant’s completion of six months of service, additional Company contributions may be made annually at the Company’s discretion which can be based, in part, on the Company’s performance. Participants must be employed on the last working day of the Plan year (or be disabled under the terms of the Plan) to be eligible for any Profit Sharing Contributions made for that Plan year.  Profit Sharing Contributions to eligible participants are made regardless of whether the eligible participant contributes to the Plan. Profit Sharing Contributions comprised 5.50% and 2.50% of eligible participants’ Total Pay in 2017 and 2016, respectively.

Qualified Non-Elective Contributions
The Company may make Qualified Non-Elective Contributions (“QNEC”). A QNEC is a discretionary, fully vested contribution. The Company may designate all or part of a Company profit sharing contribution as a QNEC. Alternatively, the Company may, in its sole discretion, make an additional contribution designated as a QNEC. Any QNECs are fully vested when made and distributable only under circumstances that permit distributions of Before-Tax Contributions or Roth Contributions (excluding hardship withdrawals). QNECs may be allocated as a uniform percentage of eligible compensation for designated employees and may be restricted to only such employees employed on the last day of the Plan year. Alternatively, the Company may direct that QNECs be allocated among specifically designated non-highly compensated employees in varying percentages of compensation as permitted by law.

Conversion Contributions
For eligible employees on the Company’s United States payroll or on unpaid leave of absence on July 1, 2007 and who generally commenced service prior to April 1, 2007, the Company makes Conversion Contributions equal to a percentage of compensation. The amount of the participant’s Conversion Contributions is based on his/her projected attained age plus completed years of service with the Company as of December 31, 2008.  Conversion Contributions range from 0.5% to 8.0% of Total Pay.  Effective January 1, 2018, the Company will phase out Conversion Contributions.  No Conversion Contributions will be provided for periods after December 31, 2018.

Disability Contributions
Certain qualifying participants who become disabled, as defined by the Plan Document, are eligible to receive contributions similar to Company Conversion, Profit Sharing and/or Matching Contributions.

Transfer of Account Balances
A participant’s account balance may be transferred among the Plan’s investment options upon receipt of instructions from the participant. Account balances may be allocated among the Plan’s investment options on a daily basis.

Participant Rollovers
A rollover contribution is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers are accepted into the Plan, but are not subject to Company contributions.
 
 
 

 

 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
 
In-Plan Roth Conversions
The Plan allows for in-Plan Roth conversions.

Vesting
Participants are immediately vested in their elective Before-Tax, Roth and After-Tax Contributions and rollovers, if any, as well as the investment earnings on the foregoing. Other contributions become vested as set forth below:

Company Matching Contributions
Company Matching Contributions and investment earnings thereon are immediately 100% vested.

Discretionary Profit Sharing Contributions
Profit Sharing Contributions and investment earnings thereon are 100% vested after the earlier of three years of service or, if still employed by the Company or an affiliate, at or after attainment of age 65, disability or death.

Qualified Non-Elective Contributions
QNECs are immediately 100% vested and investment earnings thereon are immediately 100% vested.

Conversion Contributions
Conversion Contributions and investment earnings thereon are 100% vested after the earlier of three years of service or, if still employed by the Company or an affiliate, at or after attainment of age 65, disability or death.

Disability Contributions
Disability Contributions are immediately 100% vested.

Forfeitures
Forfeitures of terminated participants’ non-vested accounts, as well as amounts attributable to outstanding checks as to which the payee cannot be located, are used to pay Plan expenses or to reduce future Company contributions.  Amounts attributable to uncashed checks may, in accordance with EBAC’s direction, be allocated wholly or partly to a reserve to cover future claims for these benefits or be treated in accordance with the normal rules for forfeitures. Forfeited non-vested balances were $1.1 million and $1.0 million as of December 31, 2017 and 2016, respectively. Accrued 2017 Profit Sharing Contributions made to the Plan in March 2018 were reduced by $0.8 million from forfeited account balances. Profit Sharing Contributions made to the Plan in March 2017 were reduced by $0.6 million from forfeited account balances.

Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts and Plan assets will be distributed in accordance with the Plan Document.

Notes Receivable from Participants
Notes receivable from participants (loans) are carried at their unpaid principal balance plus any accrued but unpaid interest.  Participants are allowed to apply for a loan from the Plan for a minimum amount of $500 up to the lesser of $50,000 or 50% of their vested balance, subject to certain restrictions set forth in the Plan and the Code.  General purpose loans are limited to terms of 59 months.  Loans to purchase a principal residence have a maximum term of 359 months.  Loan repayment amounts, including principal and interest, are deducted each pay period and allocated to participants’ investment accounts in accordance with the election in effect for new contributions at the time of repayment.  Terminated participants who have an outstanding loan may make arrangements with the Recordkeeper to pay the loan in full, or make installment payments.  If arrangements are not made for the payment of the outstanding loan balance, the loan amount will be considered in default and the outstanding loan balance will be offset from the account balance, subject to income tax regulations.
 
 
 
 

 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
 
Loans are collateralized by the participant’s remaining vested account balance and the interest rate is fixed for the life of the loan.  The interest rate determination is based on the prime rate plus one percentage point.  In the event of a loan default, the loan is treated as a deemed distribution (i.e., as an early withdrawal of funds from the Plan for tax purposes), which subjects the participant to income tax plus any penalties imposed by the Code based on the loan balance.  If the participant is still employed, the loan balance remains outstanding as an obligation of the participant until it is either repaid or the participant terminates employment.  In the event of a termination, either voluntary or involuntary, the loan may be deducted from the participant’s Plan account balance.  Loans outstanding to participants at December 31, 2017, carried interest rates varying from 3.25% to 9.50% and will mature at various dates through November 2047.

Tax Deferrals
As long as the Plan remains qualified and the related Trust (the “Trust”) remains tax exempt, amounts invested in the Plan through Before-Tax Contributions and Company contributions and rollovers, as well as the investment earnings on such amounts, are not subject to federal income tax until distributed to the participant. After-Tax Contributions are taxed when contributed, with earnings taxed upon distribution. Roth Contributions are taxed when contributed, and earnings on Roth Contributions and rolled-in Roth amounts qualify for tax-free distribution if a participant (i) reaches age 59-1/2, dies or becomes disabled (as defined by federal law) and (ii) has a Roth Contribution account with the Plan (or another plan from which a direct rollover of Roth contributions is received) for at least five taxable years. If those conditions are not met, earnings on Roth Contributions are taxed when distributed. Amounts that are converted to Roth status through an in-plan Roth conversion are taxed when converted (with the exception of After-Tax Contributions; however, earnings on After-Tax Contributions are subject to tax when converted), and thereafter are subject to the Roth taxation rules.

Distributions and Withdrawals
Upon termination of employment due to disability, death or retirement at or after attainment of the Plan’s normal retirement age (65), participants or their beneficiaries are fully vested and eligible to receive a distribution of the full value of their accounts. If employment ends for other reasons, participants are eligible to receive a distribution of their vested account balance. When employment ends, participants (or their beneficiaries) may elect to receive their vested balance as a lump sum cash amount, American Express Company common shares, if applicable, shares of any investment available through the Self-Directed Brokerage Account (“SDA”), if applicable, or a combination of cash and shares. If the account balance is greater than $1,000, a participant may elect to defer distribution until April 1st of the year following the year in which the participant attains age 70-1/2. If the account balance is $1,000 or less, a distribution will be made in a lump sum following the end of employment. Participants may request a withdrawal of all or a portion of their vested account balance subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Distributions and withdrawals are recorded when paid. Distributions may be rolled over to a qualified Individual Retirement Account (“IRA”) or other qualified employer retirement plan, if that plan allows rollovers.

Expenses
The Company, in its discretion, may pay certain administrative expenses, with any expenses not paid by the Company being charged to the Plan.  Expenses related to separately managed investment funds are generally paid out of the applicable investment funds.  Fees, commissions, and other charges and administrative expenses that are attributable to the investment funds as a whole are generally paid from the Plan. All such expenses that are paid by the Plan are included within the administrative expenses on the Statement of Changes in Net Assets Available for Benefits.  Fees and expenses incurred indirectly by the Plan from the underlying mutual funds and collective trusts in which the Plan may invest are not included in the Statement of Changes in Net Assets Available for Benefits as expenses, but reduce the asset value of that mutual fund or collective trust.  Additional expenses are associated with the SDA, and participants electing to invest through the SDA are charged directly for these fees through their SDA.
 
 
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
Effective January 1, 2016, Wells Fargo Institutional Retirement & Trust reduced fees charged to the Plan for recordkeeping of participant accounts, as well as trust and custody of plan assets, and the Plan’s fee structure was changed to provide for a flat per-participant fee rather than an asset-based fee for recordkeeping services. Also effective January 1, 2016, the Plan’s investment adviser, NEPC, LLC restructured its fees to receive a higher proportion of its compensation in the form of a flat fee and reduced the asset-based fees charged to the Plan’s Retirement Funds, and the fee was renegotiated and reduced effective July 2017.  Additionally, as described in Note 8, the Plan reimburses the Company for direct expenses (salary and benefit costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent providing services to the Plan.
 
 

2.
Summary of Significant Accounting Policies
 
Use of Estimates

The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Accounting estimates are an integral part of the financial statements. These estimates are based, in part, on management’s assumptions concerning future events. Among the more significant assumptions are those that relate to fair value measurements. These accounting estimates reflect the best judgment of management, but actual results could differ.

Investment Valuation and Income Recognition

Investments are generally reported at fair value, with the exception of fully benefit responsive investment contracts, which are reported at contract value.  Investments traded on securities exchanges, including common and preferred stocks, are valued at the year-end closing market prices or, in the absence of a closing price, the last reported trade price at the financial statement date. The fair value of the Plan’s corporate debt instruments, U.S. Government and agency securities, municipal bonds and foreign bonds, is valued using a variety of observable market inputs, depending on the type of security being priced, and are obtained from pricing services engaged by the Plan’s Trustee.  See Note 3 (Fair Value Measurements) for a detailed discussion of the valuation techniques.

Purchases and sales of securities are reflected on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis.  As required by the Plan, all dividend and interest income is reinvested into the same investment option in which the dividends and interest income arose, provided that restrictions may apply to investments held under the SDA, and with the exception of the American Express Company Stock Fund, which is an investment option and an Employee Stock Ownership Plan (“ESOP”).  The ESOP holds shares of American Express Company stock on behalf of participants.  Dividends are automatically reinvested in the American Express Company Stock Fund, unless participants elect that the dividends paid with respect to their interest in the fund be distributed in cash.

The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation in the fair value of its investments, which consists of the realized gains or losses and the unrealized appreciation or depreciation on those investments.

Subsequent Events

The Plan has evaluated subsequent events for potential recognition and disclosure through the date the financial statements were issued. There were no subsequent events to report.

Recently Issued Accounting Standards

There were no recently issued accounting standards applicable to the Plan to report through the date the financial statements were issued.

 
 

 

 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 

3.
Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, based on the Plan’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability.

GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows:

Level 1 – Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan can access.


Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including:


Quoted prices for similar assets or liabilities in active markets;
Quoted prices for identical or similar assets or liabilities in markets that are not active;
Inputs other than quoted prices that are observable for the asset or liability; and
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.


Level 3 – Inputs that are unobservable and reflect the Plan’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows).
 
The Plan monitors the market conditions and evaluates the fair value hierarchy levels at least annually. For any transfers in and out of the levels of the fair value hierarchy, the Plan elects to disclose the fair value measurement at the beginning of the reporting period during which the transfer occurred.

The Plan, in partnership with a third-party, corroborates the prices provided by its Trustee’s pricing services to test their reasonableness by comparing their prices to valuations from different pricing sources as well as comparing prices to the sale prices received from sold securities. In instances where price discrepancies are identified between different pricing sources, the Plan would evaluate such discrepancies to ensure that the prices used for its calculation represent the fair value of the underlying investment securities.

Financial Assets Carried at Fair Value
Financial assets disclosed in the tables below represent two types of assets. Assets held in funds (either mutual funds or common/collective trusts) are disclosed in the table according to the appropriate fund category (the underlying securities of those funds are not disclosed separately).  Assets held in separate accounts (which are wholly owned by the Plan) are disclosed according to the appropriate category of the individual securities of those separately managed accounts; these individual securities include common stocks and fixed income securities.  As such, the classification of financial assets in the table does not correspond to the classification of the investment options available to Plan participants, as discussed in Note 4 (Investments).

 
 
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 

The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2017:
Description (Thousands)
 
Total
   
Level 1
   
Level 2
 
Money market funds
 
$
55,811
   
$
55,811
   
$
 
Corporate debt instruments
   
91,782
     
     
91,782
 
Common stocks
   
2,074,740
     
2,074,740
     
 
Common/Collective trusts
   
806,203
     
     
806,203
 
U.S. Government and agency obligations
   
167,456
     
     
167,456
 
Mutual funds
   
720,064
     
720,064
     
 
Self-directed brokerage accounts
   
147,313
     
147,313
     
 
Other investments
   
130,301
     
     
130,301
 
   Total assets in the fair value hierarchy
 
$
4,193,670
   
$
2,997,928
   
$
1,195,742
 
Common/collective trusts measured at net asset value ("NAV")
   
505,532
                 
   Total investments, at fair value
 
$
4,699,202
                 


The following table summarizes the Plan’s financial assets measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described above), as of December 31, 2016:
Description (Thousands)
 
Total
   
Level 1
   
Level 2
 
Money market funds
 
$
55,245
   
$
55,245
   
$
 
Corporate debt instruments
   
76,738
     
     
76,738
 
Common stocks
   
1,777,962
     
1,777,962
     
 
Common/Collective trusts
   
672,722
     
     
672,722
 
U.S. Government and agency obligations
   
168,684
     
     
168,684
 
Mutual funds
   
747,142
     
747,142
     
 
Self-directed brokerage accounts
   
134,956
     
134,956
     
 
Other investments
   
92,912
     
     
92,912
 
   Total assets in the fair value hierarchy
 
$
3,726,361
   
$
2,715,305
   
$
1,011,056
 
Common/collective trusts measured at net asset value ("NAV")
   
187,883
                 
   Total investments, at fair value
 
$
3,914,244
                 

There were no transfers between levels for the years ended December 31, 2017 and 2016.

Valuation Techniques Used in the Fair Value Measurement of Financial Assets Carried at Fair Value
For the financial assets measured at fair value on a recurring basis (categorized in the valuation hierarchy table above), the Plan applies the following valuation techniques:

Level 1:
Money market funds are valued at NAV, which represents the exit price.
Investments in American Express Company common stock, other stock and active publicly traded equity securities are valued at the official closing price of U.S. public exchanges or, if there is no official closing price that day, at the last reported trade price at the financial statement date.
 
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
Mutual funds held within the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission under the Investment Company Act of 1940. These investments are required to make publicly available the daily NAV of the fund and to transact at this price. Hence, open-end mutual funds transact at quoted prices. In addition, the mutual funds held by the Plan are actively traded.
Self-directed brokerage accounts are primarily comprised of common stock and mutual funds and are valued at fair value using the corresponding valuation techniques as previously described.

Level 2:
The fair values for the Plan’s corporate debt instruments, U.S. Government and agency obligations (which also include state and local government obligations) and Other investments (asset-backed securities, foreign sovereign debt and private placement bonds), are obtained primarily from pricing services engaged by the Plan’s Trustee. The fair values provided by the pricing service are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing service vary depending on the type of security being priced but are typically benchmark yields, benchmark security prices, credit spreads, prepayment speeds, reported trades, and broker-dealer quotes, all with reasonable levels of transparency.  The Trustee does not apply any adjustments to the pricing models used. In addition, the Plan did not apply any adjustments to the prices received from the pricing services for 2017 and 2016.  The Plan reaffirms its understanding of the valuation techniques used by the Trustee’s pricing services at least annually. The Plan classifies the prices obtained from the pricing services within Level 2 of the fair value hierarchy because the underlying inputs are directly observable from active markets or recent trades of similar securities in inactive markets. However, the pricing models used do entail a certain amount of subjectivity, and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value.

Common/collective trusts are investment funds formed by the pooling of investments by institutional investors, such as a group of not necessarily affiliated pension or retirement plans, typically with the intention of achieving cost savings over similar investment options such as mutual funds. Common/collective trusts are similar to mutual funds, with a named investment manager and documented investment objective.  These investments, however, are not registered with the SEC (unlike mutual funds, which are registered with the SEC), and participation is not open to the public.  The NAV is measured by the custodian or investment manager as of the close of regular daily trading and is corroborated with observable inputs provided by pricing services for the securities. To the extent the NAV is made publicly available, these common/collective trusts are classified within level 2 of the fair value hierarchy. For common/collective trusts whose NAVs are communicated only to investors in the trusts and are not publicly available, the NAVs are being used as practical expedient for fair value.

Level 3:
There are no Level 3 securities held by the Plan.
The fair values of the financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2017 and 2016, and require management judgment. The Plan’s valuation techniques used to measure the fair value of its investments may produce fair values that may not be indicative of a future sale, or reflective of future fair values. The use of different techniques to determine the fair value of these types of investments could result in different estimates of fair value at the reporting date.
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements
 
4.
Investments

The investment options available to participants include nine core investment options (the “Core Investment Options”), of which five are actively managed and four are passively managed (also known as index funds).  In addition, target date funds (the “Retirement Funds”) that invest in a mix of the actively managed Core Investment Options based on target retirement dates are also available, and the age-appropriate Retirement Fund for the year in which a participant turns 65 generally serves as the Plan’s “default investment” to the extent a participant does not have a valid investment election on file.  Additional investment options include an SDA and the American Express Company Stock Fund. A participant may currently elect to invest contributions in any combination of investment options in increments of 1% and change investment elections for future contributions on any business day the New York Stock Exchange is open.  Participants are only able to allocate 10% of their future contributions to the American Express Company Stock Fund, and transfers of balances from other investment options into the American Express Company Stock Fund are only permitted to the extent the participant’s investment in the American Express Company Stock Fund after the transfer does not exceed 10% of the participant’s overall Plan balance.  Special rules and restrictions may apply to the SDA.

A brief description of the investment options available to participants at December 31, 2017, is set forth below:

Core Investment Options
RSPIC has created five actively managed Core Investment Options to provide diversified and actively managed options to participants. Four of these actively managed Core Investment Options (The Diversified Bond Fund, The U.S. Large-Cap Equity Fund, The U.S. Small/Mid-Cap Equity Fund, and The International Equity Fund) represent a broad asset class (e.g., U.S. Large-Cap Equity, U.S. Small/Mid-Cap Equity, Bonds, etc.) using several active managers within each Fund. These actively managed Core Investment Options seek to outperform a broad market index by buying and selling a limited number of investments (stocks, bonds, or other investments) using the underlying investment managers’ investment management skills.

The actively managed Stable Value Fund invests in diversified pools of U.S. Government and agency fixed income securities together with book value wrap agreements issued by creditworthy insurance companies or banks with the objective to protect a participant’s original investment while offering a competitive rate of interest with minimum risk.

The Stable Value Fund holds a portfolio of book value wrap contracts that are fully benefit-responsive and comprised of both an investment and a contractual component. The investment component consists of units of common/collective trusts, fixed income strategies and a portfolio of actively managed fixed income securities, referred to as the Stable Value Fund assets. Under the book value wrap contracts, the book value wrap provider is obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Stable Value Fund assets. A portion of the Stable Value Fund assets are held in a separate account at MetLife as a condition for MetLife to provide its life insurance separate account contract, which provides similar participant benefit payments as a book value wrap contract.  The assets in the MetLife separate account are not subject to the liabilities of the general account of MetLife. While the contracts are designed to protect the Stable Value Fund against interest rate risk, the Stable Value Fund is still exposed to risk if issuers of the Stable Value Fund assets default on payment of interest or principal, but this risk is mitigated because the underlying Stable Value Fund assets in the Stable Value Fund bond portfolio are backed by the U.S. government. The contracts may not cover participant benefit payments at contract value upon the occurrence of certain events, described below, involving the Stable Value Fund, American Express as its plan sponsor (“Plan Sponsor”) or Ameriprise Trust Company, an affiliate of Ameriprise Financial, Inc., its investment manager.
 
 
 

 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements

 
Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan are now required to be reported at contract value, rather than fair value, on the Statements of Net Assets. Contract value is the relevant measure for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and administrative expenses.

Certain events might limit the ability of the Plan to transact at contract value with the contract issuer and therefore also limit the ability of the Plan to transact at contract value with the participants of the Plan. These events may be different under each contract. Examples of such events include the following:
 
The Plan’s failure to qualify under Section 401(a) of the Internal Revenue Code or the failure of the trust  to be tax-exempt under Section 501(a) of the Internal Revenue Code;
Premature termination of the contracts;
Plan termination or merger;
Changes to the Plan’s administration of competing investment options; and
Bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spinoffs of a subsidiary) that significantly affect the Plan’s normal operations.
 
The Plan believes no such events are probable of occurring.

In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Those events may be different under each contract. Examples of such events include the following:
 
An uncured violation of the Plan’s investment guidelines;
A breach of material obligation under the contract;
A material misrepresentation; and
A material amendment to the agreements without the consent of the issuer.
 
The Plan believes no such events are probable of occurring.

RSPIC has also created four passively-managed (index) Core Investment Options: The Diversified Bond Index Fund, The U.S. Large-Cap Equity Index Fund, The U.S. Small/Mid-Cap Equity Index Fund, and The International Equity Index Fund, which currently use a single index fund as the underlying investment in each Fund. Each passively-managed Core Investment Option seeks to mirror the investments and track the performance of a broad market index that includes hundreds or thousands of stocks or bonds.

Self-Directed Accounts
The SDA gives participants the opportunity to invest in a wide variety of mutual funds in addition to the specific investment options mentioned above. Participants may request a Prospectus for any of the funds available through the SDA.

American Express Company Stock Fund
The Plan Document requires that this Fund be offered as an investment option under the Plan, subject to compliance with ERISA.  The American Express Company Stock Fund is an ESOP. This Fund invests primarily in American Express Company common shares and holds a small amount of cash or other short-term cash equivalents to meet requests for investment transfers, withdrawals, and distributions.  Participants have full voting rights for the common shares underlying the units that are allocated to the American Express Company Stock Fund.

A full, detailed description of the Plan’s investment options, and associated terms and conditions, is available to all participants.
 
 
 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements

 
5.
Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will continue to occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and the Statement of Changes in Net Assets Available for Benefits.

On October 16, 2015, a putative class action, captioned Houssain v. American Express Company, et al., was filed in the United States District Court for the Southern District of New York under ERISA relating to disclosures of the Costco cobrand relationship.  On May 10, 2016, the plaintiff filed an amended complaint naming certain officers of the Company as defendants and alleging that the defendants violated certain ERISA fiduciary obligations by, among other things, allowing the investment of Plan assets in American Express common stock when American Express common stock was not a prudent investment and misrepresenting and failing to disclose material facts to Plan participants in connection with the administration of the Plan.  The amended complaint sought, among other remedies, an unspecified amount of damages.  On September 28, 2017, the Court granted defendants’ motion to dismiss the amended complaint.

 

6.
Income Tax Status

The Plan has received a favorable determination letter from the Internal Revenue Service (“IRS”) dated November 21, 2016, stating that the Plan is qualified under section 401(a) of the Code, and therefore, the related trust is exempt from taxation.  The Plan has been amended after the period covered by the determination letter, including those amendments described in Note 1 (Contributions).  Although the Plan has been amended since receiving the determination letter, the Company believes the Plan, as amended, is currently designed and being operated in compliance with the applicable requirements of the Code, and therefore, believes that the Plan, as amended, is qualified, the related trust is tax-exempt, and the Plan satisfies the requirements of Section 4975(e)(7) of the Code.
GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability or asset if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Company has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2017, there are no uncertain positions taken or expected to be taken that would require recognition of a liability, or asset, or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, the Plan is no longer subject to examination for tax years prior to 2015, which is the earliest open year for U.S. federal tax purposes.
 
 

7.
Reconciliation of Financial Statements to Form 5500
 
The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2017 and 2016:
(Thousands)
 
2017
   
2016
 
Net assets available for benefits per the financial statements
 
$
5,446,210
   
$
4,618,201
 
Difference between contract value and fair value of fully benefit-responsive investment contracts
   
(4,169
)
   
(633
)
Loans deemed distributed
   
(703
)
   
(782
)
Net assets available for benefits per the Form 5500
 
$
5,441,338
   
$
4,616,786
 
 
 
 

 
 
 
 
AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Notes to Financial Statements

 
The following is a reconciliation of net income per the financial statements to Form 5500 for the year ended December 31, 2017:
(Thousands)
 
2017
 
Net Increase in net assets available for benefits per the financial statements
 
$
828,009
 
Adjustment for difference between contract value and fair value of fully benefit-responsive investment contracts
   
(3,536
)
Change in deemed distributions of participant loans
   
79
 
Net income per the Form 5500
 
$
824,552
 
 
 

8.
Related Parties and Parties-In-Interest Transactions

The Plan allows for transactions with, and certain investments in, certain parties that may perform services for, or have fiduciary responsibilities to, the Plan, including Wells Fargo Bank, N.A., the Trustee, and its affiliates as well as investment managers appointed by RSPIC. Transactions with these parties are considered party-in-interest transactions, but not considered prohibited transactions under ERISA.  As noted in Supplemental Schedule H, Line 4i, the Plan held investments with parties-in-interest in Wells Fargo Bank, N.A. and its affiliates, Ameriprise Financial, Inc. and its affiliates, J.P. Morgan Investment Management, Inc. and its affiliates, and the Vanguard Group and Vanguard Fiduciary Trust as of both December 31, 2017 and 2016, and Fidelity Investment Management as of December 31, 2017.  The Plan also held investments in Morgan Stanley and its affiliates, and Morgan Stanley became an investment manager and fiduciary in 2017. Notes Receivable from Participants, as discussed in Note 1 (Description of the Plan), are also considered party-in-interest transactions.

Additionally, the Company is considered a party-in-interest as well as a related party. As of December 31, 2017 and 2016, the Plan held 6,189,243 shares of American Express Company common stock valued at $615 million and 6,771,431 shares valued at $502 million, respectively. During the 2017 plan year the Plan acquired 102,923 shares of American Express Company common stock valued at $9 million through dividend reinvestments and sold 541,885 shares valued at $47 million.  The Plan reimburses the Company for direct expenses (salary and benefits costs) associated with a Company employee dedicated to servicing the Company’s qualified retirement plans for time spent providing services to the Plan.













SUPPLEMENTAL SCHEDULES



15



EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017

 (a)  (b) Identity of Issuer, Borrower, Lessor, or Similar Party    (c) Number of Shares/ Units or Face Amount (in thousands)    (d) Current Value (in thousands)   
 
Money Market Funds
       
 
*
FIDELITY MM GOVT PORTFOLIO #57
 
55,810
 
55,811
 
               
 
Corporate Debt Instruments
         
 
21ST CENTY FOX AMER  7.625% 11/30/28
 
300
 
400
 
 
ABBOTT LABORATORIES  3.875%  9/15/25
 
71
 
73
 
 
ABBVIE INC           3.200% 11/06/22
 
50
 
51
 
 
ABBVIE INC           4.500%  5/14/35
 
560
 
615
 
 
ACE INA HOLDINGS     2.700%  3/13/23
 
200
 
199
 
 
ACE INA HOLDINGS     2.875% 11/03/22
 
47
 
48
 
 
ACE INA HOLDINGS     3.350%  5/03/26
 
30
 
31
 
 
ACTAVIS FUNDING SCS  4.550%  3/15/35
 
35
 
37
 
 
ADVANCE AUTO PARTS   4.500% 12/01/23
 
100
 
105
 
 
AEP TRANSMISSION CO  4.000% 12/01/46
 
62
 
66
 
 
AETNA INC            2.800%  6/15/23
 
42
 
41
 
 
AGL CAPITAL CORP     5.250%  8/15/19
 
180
 
187
 
 
AGRIUM INC           3.375%  3/15/25
 
230
 
231
 
 
AGRIUM INC           4.125%  3/15/35
 
300
 
310
 
 
AIR LEASE CORP       3.000%  9/15/23
 
81
 
80
 
 
AIR LEASE CORP       3.625% 12/01/27
 
70
 
70
 
 
AIR LEASE CORP       3.875%  4/01/21
 
50
 
52
 
 
ALABAMA POWER CO     5.700%  2/15/33
 
200
 
244
 
 
ALBERTA ENERGY CO LT 7.375% 11/01/31
 
50
 
64
 
 
ALLERGAN INC         2.800%  3/15/23
 
620
 
613
 
 
AMAZON.COM INC       3.800% 12/05/24
 
200
 
211
 
 
AMAZON.COM INC       4.800% 12/05/34
 
150
 
176
 
 
AMER AIRLINE 16-2 AA 3.200%  6/15/28
 
190
 
189
 
 
AMER AIRLINE 16-3 AA 3.000% 10/15/28
 
228
 
222
 
 
AMER AIRLINE 17-1 AA 3.650%  2/15/29
 
69
 
71
 
 
AMER AIRLINE 17-2B   3.700% 10/15/25
 
198
 
198
 
 
AMER AIRLN 13-1 A PA 4.000%  7/15/25
 
80
 
82
 
 
AMER AIRLN 14-1 A PT 3.700% 10/01/26
 
125
 
127
 
 
AMERADA HESS CORP    7.125%  3/15/33
 
50
 
60
 
 
AMERADA HESS CORP    7.300%  8/15/31
 
120
 
146
 
 
AMERICAN HONDA FINAN 2.150%  3/13/20
 
100
 
100
 
 
AMERICAN HONDA FINAN 2.450%  9/24/20
 
99
 
99
 
 
AMERICAN HONDA FINAN 2.600% 11/16/22
 
150
 
150
 
 
AMERICAN INTL GROUP  3.875%  1/15/35
 
200
 
201
 
 
AMERICAN INTL GROUP  4.125%  2/15/24
 
200
 
211
 
 
 
*
Indicates party-in-interest
 
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a)  (b) Identity of Issuer, Borrower, Lessor, or Similar Party    (c) Number of Shares/ Units or Face Amount (in thousands)    (d) Current Value (in thousands)   
 
AMERICAN TOWER CORP  2.250%  1/15/22
 
100
 
97
 
 
AMERICAN TOWER CORP  3.375% 10/15/26
 
56
 
55
 
 
AMERICAN TOWER CORP  4.000%  6/01/25
 
100
 
104
 
 
AMERICAN WATER CAPIT 3.400%  3/01/25
 
152
 
157
 
 
*
AMERIPRISE FINANCIAL 2.875%  9/15/26
 
89
 
87
 
 
AMERN AIRLINE 16-2   3.650%  6/15/28
 
21
 
21
 
 
AMGEN INC            3.625%  5/15/22
 
465
 
481
 
 
ANALOG DEVICES INC   3.125% 12/05/23
 
61
 
61
 
 
ANALOG DEVICES INC   4.500% 12/05/36
 
95
 
102
 
 
ANDEAVOR LOGIS LP/CO 4.250% 12/01/27
 
64
 
65
 
 
ANHEUSER-BUSCH INBEV 3.300%  2/01/23
 
636
 
651
 
 
ANHEUSER-BUSCH INBEV 3.650%  2/01/26
 
300
 
310
 
 
ANHEUSER-BUSCH INBEV 4.700%  2/01/36
 
448
 
501
 
 
ANTHEM INC           3.350% 12/01/24
 
70
 
71
 
 
AON PLC              3.500%  6/14/24
 
100
 
102
 
 
AON PLC              3.875% 12/15/25
 
207
 
216
 
 
APACHE COPORATION    6.000%  1/15/37
 
50
 
59
 
 
APPLE INC            2.700%  5/13/22
 
516
 
520
 
 
APPLE INC            2.750%  1/13/25
 
150
 
149
 
 
APPLE INC            2.850%  5/11/24
 
47
 
47
 
 
APPLE INC            2.900%  9/12/27
 
250
 
247
 
 
APPLE INC            3.000%  2/09/24
 
146
 
148
 
 
APPLE INC            3.000%  6/20/27
 
131
 
130
 
 
APPLE INC            3.200%  5/11/27
 
69
 
70
 
 
APPLE INC            3.250%  2/23/26
 
80
 
82
 
 
APPLE INC            3.450%  5/06/24
 
95
 
99
 
 
APPLE INC            3.750%  9/12/47
 
180
 
184
 
 
APPLE INC            3.850%  8/04/46
 
129
 
134
 
 
APPLE INC            4.500%  2/23/36
 
72
 
83
 
 
ARC PROP OPER PART   4.600%  2/06/24
 
205
 
214
 
 
ARCH CAPITAL FINANCE 4.011% 12/15/26
 
19
 
20
 
 
ARCH CAPITAL FINANCE 5.031% 12/15/46
 
44
 
51
 
 
ARROW ELECTRONICS IN 3.250%  9/08/24
 
66
 
65
 
 
ARROW ELECTRONICS IN 3.875%  1/12/28
 
55
 
55
 
 
AT&T INC             3.400%  5/15/25
 
237
 
233
 
 
AT&T INC             3.950%  1/15/25
 
158
 
162
 
 
AT&T INC             4.125%  2/17/26
 
197
 
202
 
 
AT&T INC             4.450%  4/01/24
 
74
 
78
 
 
AT&T INC             4.550%  3/09/49
 
394
 
371
 
 
AT&T INC             4.900%  8/14/37
 
324
 
328
 
 
AT&T INC             5.250%  3/01/37
 
100
 
106
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a)  (b) Identity of Issuer, Borrower, Lessor, or Similar Party    (c) Number of Shares/ Units or Face Amount (in thousands)    (d) Current Value (in thousands)   
 
AT&T INC             5.350%  9/01/40
 
300
 
317
 
 
ATMOS ENERGY CORP    5.500%  6/15/41
 
100
 
126
 
 
AUTOZONE INC         3.750%  6/01/27
 
48
 
49
 
 
AVALONBAY COMMUNITIE 2.850%  3/15/23
 
90
 
90
 
 
AVALONBAY COMMUNITIE 3.500% 11/15/24
 
40
 
41
 
 
AVALONBAY COMMUNITIE 3.900% 10/15/46
 
15
 
15
 
 
BAKER HUGHES A GE CO 5.125%  9/15/40
 
50
 
59
 
 
BALTIMORE GAS & ELEC 3.500%  8/15/46
 
70
 
69
 
 
BALTIMORE GAS & ELEC 3.750%  8/15/47
 
70
 
72
 
 
BANK OF AMERICA CORP 2.625% 10/19/20
 
450
 
454
 
 
BANK OF AMERICA CORP 3.300%  1/11/23
 
800
 
818
 
 
BANK OF AMERICA CORP 3.950%  4/21/25
 
300
 
310
 
 
BANK OF AMERICA CORP 4.000%  4/01/24
 
55
 
58
 
 
BANK OF AMERICA CORP 6.875%  4/25/18
 
600
 
609
 
 
BANK OF MONTREAL     1.500%  7/18/19
 
78
 
77
 
 
BANK OF MONTREAL     2.350%  9/11/22
 
120
 
118
 
 
BANK OF NOVA SCOTIA  1.700%  6/11/18
 
450
 
450
 
 
BANK OF NOVA SCOTIA  2.450%  9/19/22
 
200
 
198
 
 
BANK OF NY MELLON CO 2.200%  8/16/23
 
100
 
97
 
 
BANK OF NY MELLON CO 2.450% 11/27/20
 
78
 
78
 
 
BANK OF NY MELLON CO 2.500%  4/15/21
 
55
 
55
 
 
BANK OF NY MELLON CO 2.600%  8/17/20
 
229
 
231
 
 
BARCLAYS PLC         3.684%  1/10/23
 
317
 
322
 
 
BARCLAYS PLC         4.375%  1/12/26
 
200
 
208
 
 
BAXALTA INC          3.600%  6/23/22
 
50
 
51
 
 
BAXALTA INC          5.250%  6/23/45
 
22
 
26
 
 
BB&T CORPORATION     2.625%  6/29/20
 
180
 
181
 
 
BECTON DICKINSON AND 2.675% 12/15/19
 
131
 
131
 
 
*
BERKSHIRE HATHAWAY   5.750%  1/15/40
 
300
 
396
 
 
BHP FIN USA LTD      6.420%  3/01/26
 
300
 
367
 
 
BIOGEN INC           3.625%  9/15/22
 
80
 
83
 
 
BIOGEN INC           5.200%  9/15/45
 
43
 
51
 
 
BOARDWALK PIPELINES  4.450%  7/15/27
 
22
 
22
 
 
BOARDWALK PIPELINES  4.950% 12/15/24
 
100
 
107
 
 
BOARDWALK PIPELINES  5.950%  6/01/26
 
25
 
28
 
 
BOSTON PROPERTIES LP 2.750% 10/01/26
 
42
 
40
 
 
BOSTON PROPERTIES LP 3.125%  9/01/23
 
30
 
30
 
 
BOSTON PROPERTIES LP 3.200%  1/15/25
 
76
 
76
 
 
BOSTON PROPERTIES LP 3.650%  2/01/26
 
74
 
75
 
 
BP CAPITAL MARKETS   3.017%  1/16/27
 
35
 
35
 
 
BP CAPITAL MARKETS   3.224%  4/14/24
 
140
 
143
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
BP CAPITAL MARKETS   3.245%  5/06/22
 
200
 
205
 
 
BP CAPITAL MARKETS   3.279%  9/19/27
 
98
 
99
 
 
BP CAPITAL MARKETS   3.588%  4/14/27
 
100
 
103
 
 
BP CAPITAL MARKETS   3.814%  2/10/24
 
200
 
210
 
 
BRIXMOR OPERATING PA 3.850%  2/01/25
 
120
 
120
 
 
BROOKFIELD FINANCE   4.700%  9/20/47
 
30
 
31
 
 
BROWN-FORMAN CORP    4.500%  7/15/45
 
45
 
51
 
 
BUCKEYE PARTNERS LP  4.350% 10/15/24
 
74
 
76
 
 
BUCKEYE PARTNERS LP  5.850% 11/15/43
 
195
 
210
 
 
BUNGE LTD FINANCE CO 3.250%  8/15/26
 
28
 
27
 
 
BUNGE LTD FINANCE CO 3.500% 11/24/20
 
81
 
83
 
 
BUNGE LTD FINANCE CO 3.750%  9/25/27
 
59
 
58
 
 
BURLINGTN NORTH SANT 3.000%  3/15/23
 
400
 
408
 
 
BURLINGTN NORTH SANT 3.650%  9/01/25
 
100
 
105
 
 
BURLINGTN NORTH SANT 4.400%  3/15/42
 
50
 
56
 
 
BURLINGTON NORTH SAN 6.150%  5/01/37
 
60
 
80
 
 
CANADIAN NATL RESOUR 5.850%  2/01/35
 
200
 
234
 
 
CANADIAN PACIFIC RR  5.750%  3/15/33
 
70
 
84
 
 
CANADIAN PACIFIC RR  6.125%  9/15/15
 
64
 
85
 
 
CAPITAL ONE FINANCIA 3.750%  4/24/24
 
200
 
205
 
 
CAPITAL ONE FINANCIA 3.750%  7/28/26
 
88
 
88
 
 
CAPITAL ONE FINANCIA 4.200% 10/29/25
 
175
 
180
 
 
CAPITAL ONE NA       2.350%  8/17/18
 
250
 
250
 
 
CARDINAL HEALTH INC  3.410%  6/15/27
 
70
 
69
 
 
CARDINAL HEALTH INC  3.750%  9/15/25
 
45
 
46
 
 
CARDINAL HEALTH INC  4.900%  9/15/45
 
39
 
42
 
 
CATERPILLAR FINANCIA 1.700%  6/16/18
 
250
 
250
 
 
CATERPILLAR INC      6.050%  8/15/36
 
300
 
401
 
 
CBS CORP             4.000%  1/15/26
 
292
 
298
 
 
CELGENE CORP         3.625%  5/15/24
 
173
 
178
 
 
CELGENE CORP         5.700% 10/15/40
 
91
 
108
 
 
CENOVUS ENERGY INC   3.800%  9/15/23
 
150
 
151
 
 
CENOVUS ENERGY INC   5.250%  6/15/37
 
47
 
48
 
 
CENOVUS ENERGY INC   6.750% 11/15/39
 
90
 
108
 
 
CENTERPOINT ENER HOU 3.000%  2/01/27
 
91
 
91
 
 
CHARLES SCHWAB CORP  3.200%  3/02/27
 
150
 
151
 
 
CHARTER COMM OPT LLC 4.908%  7/23/25
 
532
 
566
 
 
CHARTER COMM OPT LLC 6.384% 10/23/35
 
52
 
61
 
 
CHARTER COMM OPT LLC 6.834% 10/23/55
 
70
 
84
 
 
CHEVRON CORP         2.566%  5/16/23
 
210
 
210
 
 
CHEVRON CORP         2.895%  3/03/24
 
81
 
82
 
 
 
*
Indicates party-in-interest
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
CINCINNATI FINL CORP 6.920%  5/15/28
 
50
 
65
 
 
CISCO SYSTEMS INC    1.850%  9/20/21
 
70
 
69
 
 
CISCO SYSTEMS INC    2.200%  2/28/21
 
150
 
150
 
 
CISCO SYSTEMS INC    2.950%  2/28/26
 
73
 
73
 
 
CISCO SYSTEMS INC    3.000%  6/15/22
 
139
 
142
 
 
CITIGROUP INC        1.800%  2/05/18
 
600
 
600
 
 
CITIGROUP INC        2.150%  7/30/18
 
329
 
329
 
 
CITIGROUP INC        2.750%  4/25/22
 
400
 
399
 
 
CITIGROUP INC        3.200% 10/21/26
 
65
 
64
 
 
CITIGROUP INC        4.125%  7/25/28
 
21
 
22
 
 
CITIGROUP INC        4.400%  6/10/25
 
188
 
198
 
 
CITIGROUP INC        4.750%  5/18/46
 
100
 
110
 
 
CITIZENS BANK NA/RI  2.550%  5/13/21
 
250
 
249
 
 
CITIZENS FINANCIAL   2.375%  7/28/21
 
20
 
20
 
 
CITIZENS FINANCIAL   4.300% 12/03/25
 
47
 
49
 
 
CLEVELAND ELECTRIC   5.950% 12/15/36
 
40
 
50
 
 
CME GROUP INC        3.000%  3/15/25
 
200
 
202
 
 
CMS ENERGY CORP      2.950%  2/15/27
 
39
 
38
 
 
CMS ENERGY CORP      3.875%  3/01/24
 
180
 
188
 
 
CNOOC FINANCE 2013   3.000%  5/09/23
 
400
 
396
 
 
COMCAST CORP         2.750%  3/01/23
 
205
 
206
 
 
COMCAST CORP         3.000%  2/01/24
 
100
 
101
 
 
COMCAST CORP         3.200%  7/15/36
 
200
 
190
 
 
COMCAST CORP         4.200%  8/15/34
 
100
 
107
 
 
COMCAST CORP         6.500% 11/15/35
 
123
 
166
 
 
COMERICA BANK        4.000%  7/27/25
 
300
 
311
 
 
COMMONWEALTH EDISON  3.650%  6/15/46
 
45
 
45
 
 
COMMONWEALTH REIT    5.875%  9/15/20
 
350
 
370
 
 
CONNECTICUT LIGHT &  3.200%  3/15/27
 
50
 
51
 
 
CONOCO INC           6.950%  4/15/29
 
300
 
394
 
 
CONSOLIDATED EDISON  4.300% 12/01/56
 
161
 
176
 
 
CONSTELLATION BRANDS 4.250%  5/01/23
 
30
 
32
 
 
CONSUMERS ENERGY CO  3.250%  8/15/46
 
17
 
16
 
 
CROWN CASTLE INTL CO 4.000%  3/01/27
 
24
 
25
 
 
CROWN CASTLE INTL CO 4.875%  4/15/22
 
112
 
120
 
 
CROWN CASTLE INTL CO 5.250%  1/15/23
 
70
 
77
 
 
CSX CORP             6.000% 10/01/36
 
175
 
224
 
 
CVS CAREMARK CORP    2.750% 12/01/22
 
60
 
59
 
 
CVS CAREMARK CORP    4.000% 12/05/23
 
111
 
115
 
 
DANAHER CORP         2.400%  9/15/20
 
36
 
36
 
 
DARDEN RESTAURANTS   3.850%  5/01/27
 
43
 
44
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
DDR CORP             3.375%  5/15/23
 
60
 
60
 
 
DDR CORP             3.625%  2/01/25
 
70
 
69
 
 
DEUTSCHE BANK NY     3.300% 11/16/22
 
100
 
99
 
 
DEUTSCHE BK AKTIENGE 4.250% 10/14/21
 
184
 
191
 
 
DIGITAL REALTY TRUST 3.700%  8/15/27
 
39
 
39
 
 
DISCOVER BANK        4.200%  8/08/23
 
250
 
263
 
 
DISCOVERY COMMUNICAT 3.450%  3/15/25
 
120
 
118
 
 
DISCOVERY COMMUNICAT 3.950%  3/20/28
 
53
 
53
 
 
DOMINION ENERGY INC  1.500%  7/01/20
 
70
 
70
 
 
DOMINION GAS HLDGS   2.800% 11/15/20
 
112
 
113
 
 
DOMINION RESOURCES   2.750%  1/15/22
 
66
 
66
 
 
DOMINION RESOURCES   2.850%  8/15/26
 
76
 
73
 
 
DOW CHEMICAL CO/THE  3.500% 10/01/24
 
200
 
206
 
 
DTE ENERGY CO        3.300%  6/15/22
 
119
 
121
 
 
DUKE ENERGY CAROLINA 3.900%  6/15/21
 
100
 
104
 
 
DUKE ENERGY CORP     2.650%  9/01/26
 
43
 
41
 
 
DUKE ENERGY CORP     6.000% 12/01/28
 
80
 
99
 
 
DUKE ENERGY INDIANA  3.750%  5/15/46
 
80
 
82
 
 
DUKE ENERGY OHIO INC 3.700%  6/15/46
 
46
 
47
 
 
DUKE ENERGY PROGRESS 3.250%  8/15/25
 
53
 
54
 
 
DUKE ENERGY PROGRESS 3.700% 10/15/46
 
54
 
55
 
 
DUKE ENERGY PROGRESS 4.200%  8/15/45
 
130
 
143
 
 
DUKE REALTY LP       3.250%  6/30/26
 
23
 
23
 
 
DUKE REALTY LP       3.875%  2/15/21
 
70
 
72
 
 
DXC TECHNOLOGY CO    4.250%  4/15/24
 
47
 
49
 
 
E*TRADE FINANCIAL CO 3.800%  8/24/27
 
23
 
23
 
 
EATON CORP           4.000% 11/02/32
 
170
 
176
 
 
EBAY INC             2.600%  7/15/22
 
451
 
447
 
 
ECOLAB INC           3.250%  1/14/23
 
88
 
90
 
 
ECOPETROL SA         5.375%  6/26/26
 
104
 
112
 
 
ECOPETROL SA         5.875%  9/18/23
 
128
 
141
 
 
EDISON INTERNATIONAL 2.950%  3/15/23
 
100
 
100
 
 
EMERA US FINANCE LP  3.550%  6/15/26
 
70
 
70
 
 
EMERSON ELECTRIC CO  6.000%  8/15/32
 
150
 
187
 
 
ENBRIDGE INC         5.500% 12/01/46
 
50
 
60
 
 
ENCANA CORP          7.200% 11/01/31
 
140
 
180
 
 
ENERGY TRANSFER PART 3.600%  2/01/23
 
22
 
22
 
 
ENERGY TRANSFER PART 4.050%  3/15/25
 
136
 
136
 
 
ENERGY TRANSFER PART 4.750%  1/15/26
 
45
 
47
 
 
ENERGY TRANSFER PART 4.900%  2/01/24
 
48
 
51
 
 
ENERGY TRANSFER PART 6.050%  6/01/41
 
183
 
196
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
ENLINK MIDSTREAM PAR 4.150%  6/01/25
 
152
 
154
 
 
ENLINK MIDSTREAM PAR 5.050%  4/01/45
 
80
 
79
 
 
ENLINK MIDSTREAM PAR 5.600%  4/01/44
 
50
 
52
 
 
ENTERGY ARKANSAS INC 3.500%  4/01/26
 
31
 
32
 
 
ENTERGY CORP         2.950%  9/01/26
 
31
 
30
 
 
ENTERGY LOUISIANA LL 2.400% 10/01/26
 
59
 
56
 
 
ENTERGY LOUISIANA LL 3.050%  6/01/31
 
57
 
55
 
 
ENTERGY LOUISIANA LL 3.120%  9/01/27
 
40
 
40
 
 
ENTERGY MISSISSIPPI  2.850%  6/01/28
 
50
 
48
 
 
ENTERPRISE PRODUCTS  3.900%  2/15/24
 
200
 
208
 
 
ENTERPRISE PRODUCTS  6.650% 10/15/34
 
300
 
390
 
 
ENTERPRISE PRODUCTS  7.550%  4/15/38
 
90
 
126
 
 
EOG RESOURCES INC    4.150%  1/15/26
 
60
 
64
 
 
EOG RESOURCES INC    5.100%  1/15/36
 
94
 
109
 
 
EPR PROPERTIES       4.500%  6/01/27
 
75
 
75
 
 
EQT CORP             3.900% 10/01/27
 
60
 
60
 
 
ERP OPERATING LP     2.850% 11/01/26
 
51
 
49
 
 
ERP OPERATING LP     3.000%  4/15/23
 
100
 
101
 
 
EXELON CORP          2.500%  6/01/22
 
80
 
82
 
 
EXELON CORP          3.400%  4/15/26
 
63
 
63
 
 
EXELON GENERATION CO 3.400%  3/15/22
 
96
 
98
 
 
EXELON GENERATION CO 4.250%  6/15/22
 
75
 
79
 
 
EXELON GENERATION CO 6.250% 10/01/39
 
180
 
211
 
 
EXPRESS SCRIPTS HOLD 3.000%  7/15/23
 
43
 
43
 
 
EXPRESS SCRIPTS HOLD 4.500%  2/25/26
 
108
 
115
 
 
EXPRESS SCRIPTS HOLD 4.800%  7/15/46
 
53
 
56
 
 
EXXON MOBIL CORPORAT 2.726%  3/01/23
 
124
 
125
 
 
EXXON MOBIL CORPORAT 4.114%  3/01/46
 
77
 
86
 
 
FEDEX CORP           3.250%  4/01/26
 
45
 
45
 
 
FEDEX CORP           4.100%  4/15/43
 
40
 
41
 
 
FIFTH THIRD BANCORP  2.875%  7/27/20
 
188
 
190
 
 
FIRSTENERGY CORP     3.900%  7/15/27
 
38
 
39
 
 
FIRSTENERGY CORP     4.850%  7/15/47
 
26
 
29
 
 
FLORIDA POWER & LIGH 3.125% 12/01/25
 
250
 
254
 
 
FORD MOTOR COMPANY   7.450%  7/16/31
 
270
 
353
 
 
FORD MOTOR CREDIT CO 2.240%  6/15/18
 
422
 
422
 
 
FORD MOTOR CREDIT CO 3.200%  1/15/21
 
275
 
279
 
 
FORD MOTOR CREDIT CO 4.134%  8/04/25
 
212
 
219
 
 
FORTIS INC           3.055% 10/04/26
 
250
 
241
 
 
GE CAPITAL INTL FUND 4.418% 11/15/35
 
1,649
 
1,784
 
 
GENERAL ELEC CAP COR 3.100%  1/09/23
 
115
 
117
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
GENERAL ELEC CAP COR 3.150%  9/07/22
 
287
 
292
 
 
GENERAL MOTORS CO    5.150%  4/01/38
 
200
 
213
 
 
GENERAL MOTORS CO    6.600%  4/01/36
 
175
 
213
 
 
GENERAL MOTORS FINL  3.100%  1/15/19
 
30
 
30
 
 
GENERAL MOTORS FINL  3.450%  4/10/22
 
182
 
184
 
 
GENERAL MOTORS FINL  3.500% 11/07/24
 
100
 
100
 
 
GENERAL MOTORS FINL  3.950%  4/13/24
 
185
 
190
 
 
GENERAL MOTORS FINL  4.000%  1/15/25
 
110
 
113
 
 
GENERAL MOTORS FINL  4.000% 10/06/26
 
140
 
142
 
 
GENERAL MOTORS FINL  4.300%  7/13/25
 
50
 
52
 
 
GENERAL MOTORS FINL  4.350%  1/17/27
 
87
 
90
 
 
GILEAD SCIENCES INC  2.500%  9/01/23
 
9
 
9
 
 
GILEAD SCIENCES INC  3.500%  2/01/25
 
20
 
21
 
 
GILEAD SCIENCES INC  3.700%  4/01/24
 
173
 
181
 
 
GILEAD SCIENCES INC  4.000%  9/01/36
 
40
 
42
 
 
GILEAD SCIENCES INC  4.600%  9/01/35
 
105
 
118
 
 
GLAXOSMITHKLINE CAP  2.800%  3/18/23
 
150
 
151
 
 
GOLDMAN SACHS GROUP  3.500% 11/16/26
 
150
 
151
 
 
GOLDMAN SACHS GROUP  3.625%  1/22/23
 
800
 
826
 
 
GOLDMAN SACHS GROUP  3.850%  1/26/27
 
224
 
230
 
 
GOLDMAN SACHS GROUP  5.750%  1/24/22
 
500
 
554
 
 
GOLDMAN SACHS GROUP  5.950%  1/18/18
 
359
 
360
 
 
GULF SOUTH PIPELINE  4.000%  6/15/22
 
100
 
103
 
 
HALLIBURTON CO       4.850% 11/15/35
 
43
 
48
 
 
HALLIBURTON COMPANY  3.500%  8/01/23
 
150
 
154
 
 
HALLIBURTON COMPANY  6.700%  9/15/38
 
50
 
66
 
 
HARRIS CORPORATION   3.832%  4/28/25
 
100
 
104
 
 
HARRIS CORPORATION   4.854%  4/27/35
 
40
 
45
 
 
HASBRO INC           3.500%  9/15/27
 
58
 
57
 
 
HCP INC              4.200%  3/01/24
 
250
 
262
 
 
HEALTH CARE REIT INC 4.000%  6/01/25
 
30
 
31
 
 
HOME DEPOT INC       2.125%  9/15/26
 
26
 
24
 
 
HOME DEPOT INC       3.000%  4/01/26
 
53
 
53
 
 
HOME DEPOT INC       3.500%  9/15/56
 
18
 
17
 
 
HONEYWELL INTERNATIO 2.500% 11/01/26
 
200
 
193
 
 
HSBC HOLDINGS PLC    2.650%  1/05/22
 
916
 
910
 
 
HSBC HOLDINGS PLC    7.350% 11/27/32
 
224
 
300
 
 
HUNTINGTON BANCSHARE 2.300%  1/14/22
 
115
 
113
 
 
HUNTINGTON NATIONAL  2.000%  6/30/18
 
250
 
250
 
 
HUSKY ENERGY INC     3.950%  4/15/22
 
200
 
207
 
 
ING GROEP NV         3.950%  3/29/27
 
200
 
209
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
INTEL CORP           3.150%  5/11/27
 
80
 
82
 
 
INTEL CORP           3.700%  7/29/25
 
130
 
137
 
 
INTEL CORP           4.100%  5/19/46
 
45
 
50
 
 
INTERNATIONAL PAPER  3.000%  2/15/27
 
79
 
77
 
 
INTL LEASE FINANCE   5.875%  8/15/22
 
150
 
166
 
 
INTL LEASE FINANCE   8.625%  1/15/22
 
100
 
120
 
 
INTL PAPER CO        7.300% 11/15/39
 
50
 
70
 
 
INTL PAPER CO        8.700%  6/15/38
 
40
 
61
 
 
INVESCO FINANCE PLC  3.750%  1/15/26
 
78
 
81
 
 
JB HUNT TRANSPRT SVC 3.850%  3/15/24
 
100
 
103
 
 
JEFFERIES GROUP LLC  4.850%  1/15/27
 
46
 
49
 
 
JERSEY CENTRAL PWR   6.150%  6/01/37
 
30
 
37
 
 
JOHN DEERE CAPITAL   1.600%  7/13/18
 
114
 
114
 
 
JOHN DEERE CAPITAL   2.800%  9/08/27
 
100
 
98
 
 
JOHN DEERE CAPITAL   3.350%  6/12/24
 
179
 
184
 
 
JOHNSON & JOHNSON    3.400%  1/15/38
 
123
 
126
 
 
JOHNSON & JOHNSON    4.375% 12/05/33
 
22
 
25
 
 
JOHNSON CONTROLS INT 3.900%  2/14/26
 
16
 
17
 
 
JOHNSON CONTROLS INT 4.250%  3/01/21
 
150
 
157
 
 
JOHNSON CONTROLS INT 5.125%  9/14/45
 
27
 
32
 
 
KELLOGG CO           3.400% 11/15/27
 
110
 
109
 
 
KERR MCGEE CORP      7.875%  9/15/31
 
300
 
399
 
 
KEYCORP              2.900%  9/15/20
 
62
 
63
 
 
KIMBERLY-CLARK CORP  3.050%  8/15/25
 
50
 
51
 
 
KIMCO REALTY CORP    3.800%  4/01/27
 
50
 
50
 
 
KRAFT FOODS GROUP IN 6.875%  1/26/39
 
300
 
395
 
 
KRAFT HEINZ FOODS CO 3.950%  7/15/25
 
200
 
207
 
 
KRAFT HEINZ FOODS CO 5.000%  7/15/35
 
100
 
109
 
 
KROGER CO.           6.900%  4/15/38
 
300
 
388
 
 
LASMO USA INC DTD    7.300% 11/15/27
 
70
 
88
 
 
LIBERTY PROPERTY LP  3.250% 10/01/26
 
27
 
27
 
 
LINCOLN NATIONAL COR 4.200%  3/15/22
 
300
 
316
 
 
LLOYDS BANKING GROUP 3.750%  1/11/27
 
200
 
203
 
 
LOCKHEED MARTIN CORP 3.100%  1/15/23
 
43
 
44
 
 
LOCKHEED MARTIN CORP 4.090%  9/15/52
 
113
 
118
 
 
LOCKHEED MARTIN CORP 4.500%  5/15/36
 
150
 
168
 
 
LOUISVILLE GAS & ELE 3.300% 10/01/25
 
71
 
73
 
 
LOWE'S COS INC       3.375%  9/15/25
 
42
 
43
 
 
MACYS RETAIL HLDGS   6.790%  7/15/27
 
100
 
108
 
 
MAGELLAN HEALTH SRVC 4.400%  9/22/24
 
167
 
168
 
 
MAGELLAN MIDSTREAM   4.250%  2/01/21
 
250
 
261
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a)  (b) Identity of Issuer, Borrower, Lessor, or Similar Party    (c) Number of Shares/ Units or Face Amount (in thousands)    (d) Current Value (in thousands)   
 
MARATHON OIL CORP    6.600% 10/01/37
 
150
 
188
 
 
MARSH & MCLENNAN COS 3.750%  3/14/26
 
175
 
183
 
 
MARTIN MARIETTA MATE 3.450%  6/01/27
 
73
 
72
 
 
MCCORMICK & CO       3.150%  8/15/24
 
75
 
75
 
 
MCDONALD'S CORP      4.700% 12/09/35
 
101
 
115
 
 
MCDONALD'S CORP      6.300% 10/15/37
 
38
 
51
 
 
MEAD JOHNSON NUTRITI 4.125% 11/15/25
 
120
 
127
 
 
MEAD JOHNSON NUTRITI 4.600%  6/01/44
 
35
 
39
 
 
*
METLIFE INC          3.600% 11/13/25
 
109
 
113
 
 
*
METLIFE INC          4.368%  9/15/23
 
300
 
324
 
 
MICROSOFT CORP       2.400%  8/08/26
 
100
 
96
 
 
MICROSOFT CORP       2.875%  2/06/24
 
90
 
91
 
 
MICROSOFT CORP       3.300%  2/06/27
 
84
 
87
 
 
MICROSOFT CORP       4.000%  2/12/55
 
120
 
128
 
 
MICROSOFT CORP       4.100%  2/06/37
 
136
 
152
 
 
MICROSOFT CORP       4.200% 11/03/35
 
77
 
87
 
 
MICROSOFT CORP       4.500%  2/06/57
 
119
 
141
 
 
MICROSOFT CORP       4.750% 11/03/55
 
109
 
135
 
 
MIDAMERICAN ENERGY   3.100%  5/01/27
 
101
 
102
 
 
MIDAMERICAN ENERGY   3.500% 10/15/24
 
146
 
152
 
 
*
MORGAN STANLEY       2.750%  5/19/22
 
200
 
199
 
 
*
MORGAN STANLEY       3.750%  2/25/23
 
757
 
785
 
 
*
MORGAN STANLEY       3.875%  1/27/26
 
108
 
113
 
 
*
MORGAN STANLEY       4.100%  5/22/23
 
500
 
521
 
 
*
MORGAN STANLEY       5.500%  7/28/21
 
800
 
875
 
 
MOSAIC CO            4.250% 11/15/23
 
330
 
342
 
 
MPLX LP              4.875% 12/01/24
 
80
 
86
 
 
MPLX LP              5.200%  3/01/47
 
40
 
44
 
 
MYLAN INC            5.400% 11/29/43
 
50
 
55
 
 
NATIONAL AUSTRALIA   1.875%  7/23/18
 
350
 
350
 
 
NATIONAL AUSTRALIA   2.125%  5/22/20
 
250
 
249
 
 
NATIONAL RETAIL PROP 3.600% 12/15/26
 
62
 
61
 
 
NATIONAL RETAIL PROP 4.000% 11/15/25
 
218
 
224
 
 
NATIONAL RURAL UTIL  2.950%  2/07/24
 
31
 
31
 
 
NBCUNIVERSAL MEDIA   4.375%  4/01/21
 
150
 
159
 
 
NEVADA POWER CO      5.375%  9/15/40
 
42
 
52
 
 
NISOURCE FINANCE COR 6.250% 12/15/40
 
180
 
233
 
 
NOBLE ENERGY INC     5.625%  5/01/21
 
72
 
74
 
 
NOBLE ENERGY INC     6.000%  3/01/41
 
100
 
118
 
 
NORFOLK SOUTHERN COR 3.850%  1/15/24
 
88
 
93
 
 
NORTHERN STATE PWR   6.250%  6/01/36
 
30
 
41
 
 
 
*
Indicates party-in-interest
 
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
NORTHERN STATE PWR-  6.200%  7/01/37
 
50
 
68
 
 
NORTHROP GRUMMAN COR 3.200%  2/01/27
 
80
 
80
 
 
NORTHROP GRUMMAN COR 3.250%  1/15/28
 
50
 
50
 
 
NSTAR ELECTRIC CO    2.700%  6/01/26
 
100
 
97
 
 
NUCOR CORP           4.000%  8/01/23
 
140
 
147
 
 
NUCOR CORP           6.400% 12/01/37
 
50
 
67
 
 
OCCIDENTAL PETROLEUM 2.700%  2/15/23
 
80
 
80
 
 
OCCIDENTAL PETROLEUM 3.500%  6/15/25
 
45
 
47
 
 
OCCIDENTAL PETROLEUM 4.625%  6/15/45
 
26
 
29
 
 
ONEOK INC            7.500%  9/01/23
 
300
 
357
 
 
ONEOK PARTNERS LP    3.375% 10/01/22
 
31
 
31
 
 
ONEOK PARTNERS LP    4.900%  3/15/25
 
100
 
107
 
 
ONEOK PARTNERS LP    5.000%  9/15/23
 
69
 
74
 
 
ONEOK PARTNERS LP    8.625%  3/01/19
 
50
 
53
 
 
ORACLE CORP          2.400%  9/15/23
 
101
 
100
 
 
ORACLE CORP          2.950%  5/15/25
 
200
 
201
 
 
ORACLE CORP          2.950% 11/15/24
 
130
 
131
 
 
ORACLE CORP          3.850%  7/15/36
 
150
 
159
 
 
ORACLE CORP          3.900%  5/15/35
 
500
 
530
 
 
ORACLE CORP          4.300%  7/08/34
 
200
 
222
 
 
ORACLE CORP          5.750%  4/15/18
 
100
 
101
 
 
O'REILLY AUTOMOTIVE  3.600%  9/01/27
 
62
 
62
 
 
ORIX CORP            2.900%  7/18/22
 
55
 
55
 
 
PACCAR FINANCIAL COR 1.300%  5/10/19
 
51
 
50
 
 
PACCAR FINANCIAL COR 2.250%  2/25/21
 
60
 
60
 
 
PACIFIC GAS & ELECTR 3.250%  6/15/23
 
190
 
192
 
 
PACIFIC GAS & ELECTR 3.500%  6/15/25
 
109
 
111
 
 
PACIFIC GAS & ELECTR 6.050%  3/01/34
 
100
 
126
 
 
PEMEX PROJ FDG MASTE 6.625%  6/15/35
 
250
 
267
 
 
PENTAIR FINANCE SA   2.900%  9/15/18
 
70
 
70
 
 
PEPSICO INC          3.100%  7/17/22
 
104
 
106
 
 
PEPSICO INC          3.450% 10/06/46
 
70
 
68
 
 
PEPSICO INC          4.600%  7/17/45
 
47
 
55
 
 
PEPSICO INC          4.875% 11/01/40
 
20
 
24
 
 
PETRO-CANADA         5.950%  5/15/35
 
300
 
376
 
 
PETROLEOS MEXICANOS  4.625%  9/21/23
 
117
 
120
 
 
PETROLEOS MEXICANOS  6.375%  2/04/21
 
131
 
142
 
 
PETROLEOS MEXICANOS  6.750%  9/21/47
 
104
 
109
 
 
PETROLEOS MEXICANOS  6.875%  8/04/26
 
105
 
119
 
 
PFIZER INC           3.000% 12/15/26
 
105
 
106
 
 
PHILIPS ELECTRONICS  3.750%  3/15/22
 
200
 
208
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
PHILLIPS 66 PARTNERS 3.550% 10/01/26
 
15
 
15
 
 
PHILLIPS 66 PARTNERS 3.605%  2/15/25
 
160
 
161
 
 
PHILLIPS 66 PARTNERS 4.900% 10/01/46
 
40
 
42
 
 
PLAINS ALL AMER PIPE 4.650% 10/15/25
 
450
 
464
 
 
PNC BANK NA          2.950%  1/30/23
 
505
 
508
 
 
POTASH CORP-SASKATCH 3.000%  4/01/25
 
150
 
147
 
 
PPL CAPITAL FUNDING  4.000%  9/15/47
 
63
 
65
 
 
PRECISION CASTPARTS  3.250%  6/15/25
 
80
 
82
 
 
PRECISION CASTPARTS  4.375%  6/15/45
 
80
 
90
 
 
PRICELINE GROUP INC/ 3.550%  3/15/28
 
200
 
198
 
 
PROCTER & GAMBLE CO/ 2.850%  8/11/27
 
110
 
109
 
 
PROGRESS ENERGY INC  7.000% 10/30/31
 
50
 
67
 
 
PROGRESSIVE CORP     2.450%  1/15/27
 
88
 
84
 
 
PROLOGIS LP          3.750% 11/01/25
 
38
 
40
 
 
PROV ST JOSEPH HLTH  2.746% 10/01/26
 
28
 
27
 
 
PSI ENERGY INC       6.120% 10/15/35
 
50
 
66
 
 
PUBLIC SERVICE COLOR 3.550%  6/15/46
 
27
 
27
 
 
PUBLIC SERVICE ELECT 2.250%  9/15/26
 
70
 
66
 
 
QUALCOMM INC         2.600%  1/30/23
 
14
 
14
 
 
QUALCOMM INC         3.250%  5/20/27
 
88
 
86
 
 
QUEST DIAGNOSTICS IN 3.450%  6/01/26
 
20
 
20
 
 
RABOBANK NEDERLAND   3.875%  2/08/22
 
150
 
158
 
 
RABOBANK NEDERLAND   4.625% 12/01/23
 
250
 
268
 
 
REALTY INCOME CORP   3.875%  7/15/24
 
250
 
258
 
 
REGIONS FINANCIAL CO 2.750%  8/14/22
 
70
 
70
 
 
REGIONS FINANCIAL CO 3.200%  2/08/21
 
75
 
76
 
 
REPUBLIC SERVICES IN 3.550%  6/01/22
 
150
 
155
 
 
REYNOLDS AMERICAN IN 5.700%  8/15/35
 
100
 
119
 
 
ROCKWELL COLLINS INC 3.200%  3/15/24
 
37
 
37
 
 
ROCKWELL COLLINS INC 4.350%  4/15/47
 
17
 
18
 
 
ROGERS CABLE INC     8.750%  5/01/32
 
170
 
242
 
 
ROPER TECHNOLOGIES   3.000% 12/15/20
 
25
 
25
 
 
ROYAL BANK OF CANADA 1.800%  7/30/18
 
250
 
250
 
 
ROYAL BANK OF CANADA 2.750%  2/01/22
 
99
 
100
 
 
RYDER SYSTEM INC     2.650%  3/02/20
 
150
 
151
 
 
RYDER SYSTEM INC     2.875%  9/01/20
 
57
 
57
 
 
SAN DIEGO G & E      6.125%  9/15/37
 
80
 
107
 
 
SANTANDER UK GROUP   3.571%  1/10/23
 
200
 
203
 
 
SHELL INTERNATIONAL  2.250% 11/10/20
 
89
 
89
 
 
SHELL INTERNATIONAL  2.500%  9/12/26
 
73
 
71
 
 
SHELL INTERNATIONAL  2.875%  5/10/26
 
230
 
230
 
 
 
*
Indicates party-in-interest
 
 
 
 
EIN 13-4922250
Plan #: 002

AMERICAN EXPRESS RETIREMENT SAVINGS PLAN
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 as of December 31, 2017
 
 (a) (b) Identity of Issuer, Borrower, Lessor, or Similar Party     (c) Number of Shares/ Units or Face Amount (in thousands)     (d) Current Value (in thousands)    
 
SHELL INTERNATIONAL  4.000%  5/10/46
 
222
 
236
 
 
SHELL INTERNATIONAL  4.125%  5/11/35
 
250
 
273
 
 
SHERWIN-WILLIAMS CO  3.125%  6/01/24
 
41
 
41
 
 
SHIRE ACQ INV IRELAN 2.875%  9/23/23
 
83
 
82
 
 
SIMON PROPERTY GROUP 3.750%  2/01/24
 
260
 
271
 
 
SOUTH CAROLINA ELEC& 5.300%  5/15/33
 
100
 
113
 
 
SOUTH CAROLINA ELEC& 6.050%  1/15/38
 
40
 
50
 
 
SOUTHERN CALIF EDISO 5.550%  1/15/36
 
100
 
123
 
 
SOUTHERN CALIF GAS   3.200%  6/15/25
 
150
 
153
 
 
SOUTHERN CO GAS CAPI 2.450% 10/01/23
 
21
 
20
 
 
SOUTHERN CO GAS CAPI 3.950% 10/01/46
 
26
 
26
 
 
SOUTHERN NAT GAS CO  8.000%  3/01/32
 
75
 
102
 
 
SOUTHERN POWER CO    5.150%  9/15/41
 
70
 
78
 
 
SOUTHWEST GAS CORP   3.800%  9/29/46
 
49
 
49
 
 
SOUTHWESTERN ELEC PO 2.750% 10/01/26
 
200
 
193
 
 
SOUTHWESTERN ELEC PO 3.550%  2/15/22
 
50
 
51
 
 
SOUTHWESTERN PUBLIC  4.500%  8/15/41
 
30
 
34
 
 
SPIRIT AIR 2017-1 PT 3.375%  2/15/30
 
77
 
77
 
 
STARBUCKS CORP       4.300%  6/15/45
 
60
 
66
 
 
STATE STREET CORP    3.550%  8/18/25
 
235
 
244
 
 
STATOIL ASA          2.450%  1/17/23
 
300
 
298
 
 
STRYKER CORP         3.500%  3/15/26
 
20
 
21
 
 
SUMITOMO MITSUI BANK 1.950%  7/23/18
 
350
 
350
 
 
SUMITOMO MITSUI FINL 2.442% 10/19/21
 
53
 
52
 
 
SUMITOMO MITSUI FINL 2.778% 10/18/22
 
99
 
98
 
 
SUNCOR ENERGY INC    5.950% 12/01/34
 
50
 
63
 
 
SUNOCO LOGISTICS PAR 4.250%  4/01/24
 
250
 
255
 
 
SUNOCO LOGISTICS PAR 5.950% 12/01/25
 
160
 
179
 
 
SUNTRUST BANK        3.300%  5/15/26
 
200
 
198
 
 
SUNTRUST BANKS INC   2.900%  3/03/21
 
59
 
60
 
 
SVENSKA HANDELSBANKE 2.400% 10/01/20
 
250
 
250
 
 
SYNCHRONY FINANCIAL  3.700%  8/04/26
 
177
 
175
 
 
SYNCHRONY FINANCIAL  4.250%  8/15/24
 
30
 
31
 
 
SYSCO CORPORATION    3.750% 10/01/25
 
44