CONSOLIDATED BALANCE SHEETS American Express Company I 55 AXP I CONSOLIDATED FINANCIAL STATEMENTS December 31, (Millions, except share data) 2002 2001 Assets Cash and cash equivalents $ 10,288 $ 7,222 Accounts receivable and accrued interest: Cardmember receivables, less credit reserves: 2002, $930; 2001, $1,032 25,403 25,212 Other receivables, less credit reserves: 2002, $28; 2001, $134 3,684 4,286 Investments 53,638 46,488 Loans: Cardmember lending, less credit reserves: 2002, $1,030; 2001, $831 21,574 20,131 International banking, less credit reserves: 2002, $151; 2001, $130 5,466 5,155 Other, net 782 1,154 Separate account assets 21,981 27,334 Deferred acquisition costs 3,908 3,737 Land, buildings and equipment — at cost, less accumulated depreciation: 2002, $2,603; 2001, $2,507 2,979 2,811 Other assets 7,550 7,570 Total assets $ 157,253 $ 151,100 Liabilities and Shareholders’ Equity Customers’ deposits $ 18,317 $ 14,557 Travelers Cheques outstanding 6,623 6,190 Accounts payable 9,235 6,820 Insurance and annuity reserves: Fixed annuities 23,411 19,592 Life and disability policies 5,272 4,944 Investment certificate reserves 8,666 8,227 Short-term debt 21,103 31,569 Long-term debt 16,308 7,788 Separate account liabilities 21,981 27,334 Guaranteed preferred beneficial interests in the company’s  junior subordinated deferrable interest debentures 511 500 Other liabilities 11,965 11,542 Total liabilities 143,392 139,063 Shareholders’ Equity Common shares, $.20 par value, authorized 3.6 billion shares; issued and  outstanding 1,305 million shares in 2002 and 1,331 million shares in 2001 261 266 Capital surplus 5,675 5,527 Retained earnings 7,606 6,421 Other comprehensive income (loss), net of tax: Net unrealized securities gains 1,104 334 Net unrealized derivatives losses (538) (296) Foreign currency translation adjustments (198) (112) Minimum pension liability (49) (103) Accumulated other comprehensive income (loss) 319 (177) Total shareholders’ equity 13,861 12,037 Total liabilities and shareholders’ equity $ 157,253 $ 151,100 See Notes to Consolidated Financial Statements.