Summary
This 8-K filing from American Express Company (AXP) announces a significant change in its segment reporting, effective the third quarter of 2000. The company is reclassifying its Travelers Cheque (TC) operations from the American Express Bank/Travelers Cheque (AEB/TC) segment to the Travel Related Services (TRS) segment. This change is intended to better reflect recent organizational realignments. To provide investors with a clear understanding of this operational shift and its historical impact, American Express has provided restated financial information for the TRS and AEB segments. This includes comparative income statements and balance sheets for prior years (1997-1999) and the first two quarters of 2000, presented on both a GAAP and a managed basis. The filing details the new AEB segment (excluding TC business), the old AEB/TC segment as originally reported, and restated TRS segment figures that now incorporate the TC business.
Key Highlights
- 1Effective Q3 2000, Travelers Cheque (TC) operations are being moved from the AEB/TC segment to the Travel Related Services (TRS) segment.
- 2This reclassification reflects recent organizational changes within American Express.
- 3Restated financial information for both the TRS and AEB segments is being provided for historical context.
- 4The restated financials cover the years 1997 through 1999, and the first two quarters of 2000.
- 5Financial data is presented on both a GAAP basis and a managed basis for the TRS segment.
- 6The filing includes detailed restatements of income statements and condensed balance sheets for the affected segments.
- 7This action aims to provide a more accurate representation of the company's business segments to investors.