American Express Credit 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-6908
Entity Registrant Name	AMERICAN EXPRESS CREDIT CORP
Entity Central Index Key	0000004969
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-1988350
Entity Address, Address Line One	200 Vesey Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10285
City Area Code	212
Local Phone Number	640-2000
Title of 12(b) Security	0.625 percent Senior Notes, due November 22, 2021
Trading Symbol	AXP/21
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		1,504,938
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Shell Company	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Discount revenue earned from purchased Card Member receivables and Card Member loans	$ 38	$ 305	$ 562	$ 913
Interest income from affiliates and other	19	62	66	267
Finance revenue	19	21	63	58
Total revenues	76	388	691	1,238
Expenses
Provisions for credit losses	(12)	56	264	170
Interest expense	37	117	169	417
Interest expense to affiliates	5	102	70	337
Other, net	0	(18)	(14)	(66)
Total expenses	30	257	489	858
Pretax income	46	131	202	380
Income tax provision	20	21	72	55
Net income	$ 26	$ 110	$ 130	$ 325

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 26	$ 110	$ 130	$ 325
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	10	(24)	(68)	(39)
Other comprehensive income (loss)	10	(24)	(68)	(39)
Comprehensive income	$ 36	$ 86	$ 62	$ 286

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,019	$ 33
Card Member receivables, less reserves for credit losses	10,877	25,395
Card Member loans, less reserves for credit losses	431	687
Loans to affiliates and other	10,357	10,345
Due from affiliates	11	652
Other assets	287	245
Total assets	22,982	37,357
Liabilities
Short-term debt	0	3,216
Short-term debt to affiliates	8,568	6,225
Long-term debt	6,985	13,469
Long-term debt to affiliates	916	9,292
Total debt	16,469	32,202
Due to affiliates	3,414	2,133
Accrued interest and other liabilities	331	435
Total liabilities	20,214	34,770
Shareholder’s Equity
Common stock	0	0
Additional paid-in capital	161	161
Retained earnings	3,762	3,513
Accumulated other comprehensive loss
Foreign currency translation adjustments, net of tax	(1,155)	(1,087)
Total accumulated other comprehensive loss	(1,155)	(1,087)
Total shareholder’s equity	2,768	2,587
Total liabilities and shareholder’s equity	$ 22,982	$ 37,357

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Card Member receivables, reserves for credit losses	$ 110	$ 162
Card Member loans, reserves for credit losses	$ 22	$ 10
Shareholder’s Equity
Common shares, par value (in dollars per share)	$ 0.10	$ 0.10
Common shares, authorized	3,000,000	3,000,000
Common shares, issued	1,500,000	1,500,000
Common shares, outstanding	1,500,000	1,500,000
Accumulated other comprehensive loss
Foreign currency translation adjustments, tax	$ 66	$ 25

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net income		$ 130	$ 325
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses		264	170
Amortization of underwriting expense		10	15
Deferred taxes		(31)	12
Changes in operating assets and liabilities:
Interest, taxes and other amounts due to/from affiliates		(11)	37
Other operating assets and liabilities		428	484
Net cash provided by operating activities		790	1,043
Cash Flows from Investing Activities
Net decrease (increase) in Card Member receivables and Card Member loans	[1]	9,081	(666)
Net decrease (increase) in loans to affiliates and other	[1],[2]	48	(304)
Net increase (decrease) in due to/from affiliates		1,854	(155)
Net cash provided by (used in) investing activities		10,983	(1,125)
Cash Flows from Financing Activities
Net decrease in short-term debt		(3,216)	(793)
Net increase in short-term debt to affiliates		2,344	305
Principal payments of long-term debt		(6,600)	(7,150)
Proceeds from long-term debt to affiliates		8,006	26,964
Principal payments of long-term debt to affiliates	[1],[2]	(11,320)	(19,313)
Net cash (used in) provided by financing activities		(10,786)	13
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		(3)	3
Net increase (decrease) in cash, cash equivalents and restricted cash		984	(66)
Cash, cash equivalents and restricted cash at beginning of period		149	195
Cash, cash equivalents and restricted cash at end of period		$ 1,133	$ 129
[1]	Primarily driven by removal of U.S. Consumer and Small Business Card Member receivables from the American Express Issuance Trust II (the Charge Trust) and replacement of the same with U.S. Corporate Card Member receivables by American Express Travel Related Services Company, Inc. (TRS) during the three months ended March 31, 2020. To effect this change, on January 7, 2020, Credco sold $5.2 billion of U.S. Corporate Card Member receivables to TRS. Settlement of this transaction was undertaken through borrowings from American Express Company.
[2]	As a result of funding structure changes in the ordinary course of business, Credco terminated the intercompany loan agreement with American Express Limited and American Express International, Inc. and settled the related borrowings from American Express Company during the nine months ended September 30, 2019.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions		Jan. 07, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents per Consolidated Balance Sheets	[1]		$ 1,019	$ 33	$ 33	$ 102
Restricted cash included in Other assets per Consolidated Balance Sheets	[2]		114	96	116	93
Total cash, cash equivalents and restricted cash			1,133	129	149	$ 195
Non-cash Investing activities
Sales of U.S Corporate Card Member receivables to TRS	[3]		5,493
Lending to American Express Company	[3]		(416)
Termination of intercompany loan agreement with American Express Limited and American Express International, Inc.	[4]		0	5,109
Non-cash Financing activities
Settlement of borrowings with American Express Company			916		$ 9,292
Global Corporate Payments [Member] | Card Member Receivables [Member]
Non-cash Investing activities
Sales of U.S Corporate Card Member receivables to TRS		$ 5,200
Settlement of Borrowings with American Express Company [Member]
Non-cash Financing activities
Settlement of borrowings with American Express Company	[3],[4]		$ (5,077)	$ (5,109)
[1]	Primarily represents deposits with American Express National Bank (AENB). Refer to Note 1 for additional information.
[2]	Represents cash deposited with Amex Bank of Canada relating to the purchase of Card Member receivables and the collateralized loan arrangement for transfer of Card Member loans.
[3]	Primarily driven by removal of U.S. Consumer and Small Business Card Member receivables from the American Express Issuance Trust II (the Charge Trust) and replacement of the same with U.S. Corporate Card Member receivables by American Express Travel Related Services Company, Inc. (TRS) during the three months ended March 31, 2020. To effect this change, on January 7, 2020, Credco sold $5.2 billion of U.S. Corporate Card Member receivables to TRS. Settlement of this transaction was undertaken through borrowings from American Express Company.
[4]	As a result of funding structure changes in the ordinary course of business, Credco terminated the intercompany loan agreement with American Express Limited and American Express International, Inc. and settled the related borrowings from American Express Company during the nine months ended September 30, 2019.

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]		Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	[1]
Beginning Balance at Dec. 31, 2018	$ 2,196			$ 0	$ 161	$ (1,060)	$ 3,095
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	325						325
Other comprehensive income (loss)	(39)					(39)
Ending Balance at Sep. 30, 2019	2,482			0	161	(1,099)	3,420
Beginning Balance at Jun. 30, 2019	2,396			0	161	(1,075)	3,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110						110
Other comprehensive income (loss)	(24)					(24)
Ending Balance at Sep. 30, 2019	2,482			0	161	(1,099)	3,420
Beginning Balance at Dec. 31, 2019	$ 2,587	$ 119	[1]	0	161	(1,087)	3,513	$ 119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Ending Balance at Jan. 01, 2020		119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of new accounting guidance, tax		21
Beginning Balance at Dec. 31, 2019	$ 2,587	119	[1]	0	161	(1,087)	3,513	$ 119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	130						130
Other comprehensive income (loss)	(68)					(68)
Ending Balance at Sep. 30, 2020	2,768			0	161	(1,155)	3,762
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of new accounting guidance		$ 140
Beginning Balance at Jun. 30, 2020	2,732			0	161	(1,165)	3,736
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26						26
Other comprehensive income (loss)	10					10
Ending Balance at Sep. 30, 2020	$ 2,768			$ 0	$ 161	$ (1,155)	$ 3,762
[1]	Represents $140 million, net of tax of $21 million, related to the impact as of January 1, 2020, of adopting the new accounting guidance for the recognition of credit losses on certain financial instruments.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company American Express Credit Corporation (Credco) is a wholly owned subsidiary of TRS, which is a wholly owned subsidiary of American Express Company (American Express). Credco is engaged in the business of financing certain non-interest-earning Card Member receivables arising from the use of the American Express charge cards issued in the United States and in certain countries outside the United States. Credco also finances certain interest-earning revolving loans generated by Card Member spending on American Express credit cards issued in non-U.S. markets. Credco executes material transactions with its affiliates. The agreements between Credco and its affiliates provide that the parties intend that the transactions thereunder be conducted on an arm’s-length basis; however, there can be no assurance that the terms of these arrangements are the same as would be negotiated between independent, unrelated parties. Credco maintains its fixed charge coverage ratio (FCCR) at a minimum of 1.25, which is achieved by charging appropriate discount rates on the purchase of receivables Credco makes from, and the interest rates on the loans Credco provides to, TRS and other American Express subsidiaries. Each monthly period, the discount and interest rates are determined to generate income for Credco that is sufficient to maintain its minimum FCCR, whilst maintaining the intention for these transactions to occur on an arm’s-length basis. Should it be required, American Express would provide Credco with financial support with respect to maintenance of its minimum FCCR. The revenue earned by Credco from purchasing Card Member receivables and Card Member loans at a discount is reported as Discount revenue earned from purchased Card Member receivables and Card Member loans on the Consolidated Statements of Income. The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in Credco’s Annual Report on Form 10-K for the year ended December 31, 2019. If not materially different, certain note disclosures included therein have been omitted from these Consolidated Financial Statements. The interim Consolidated Financial Statements included in this report have not been audited. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These accounting estimates reflect the best judgment of management, but actual results could differ. Recently Adopted Accounting Standards Effective January 1, 2020, Credco adopted the new credit reserving methodology, applicable to certain financial instruments, known as the Current Expected Credit Loss Other Information Effective February 1, 2020, TRS removed U.S. Consumer and Small Business Card Member receivables from the Charge Trust and substantially replaced them with U.S. Corporate Card Member receivables in two phases. On February 1, 2020 and April 20, 2020, TRS transferred $5.2 billion and $1.7 billion, respectively, of U.S. Corporate Card Member receivables to the Charge Trust. Since Credco maintains participation interests in the Charge Trust, these transactions resulted in Credco (i) no longer having a $7.2 billion interest in U.S. Consumer and Small Business Card Member receivables and (ii) having an interest in the U.S. Corporate Card Member receivables in the Charge Trust. The settlement of $7.2 billion related to the U.S. Consumer and Small Business portfolio was used to repay borrowings from American Express Company leading to a reduction in Long-term debt to affiliates of $7.2 billion . In the month of June 2020, Credco restructured a number of its intercompany loan arrangements to further enhance funding flexibility and effectiveness. Credco borrowed $7.1 billion from TRS to repay borrowings from AE Exposure Management Limited of $4.7 billion. The excess of $2.2 billion was deposited with AENB, which was reported as part of Cash and cash equivalents as of June 30, 2020. During the third quarter, amounts were withdrawn from AENB to meet business funding requirements resulting in $1.0 billion in deposits remaining with AENB as of September 30, 2020.

Card Member Receivables and Car

Card Member Receivables and Card Member Loans	9 Months Ended
	Sep. 30, 2020
Accounts Receivable And Loans Tables [Abstract]
Card Member Receivables and Card Member Loans	Card Member Receivables and Card Member Loans American Express’ charge and lending payment card products result in the generation of Card Member receivables and Card Member loans. Reserves for reporting periods beginning after January 1, 2020 are presented using the CECL methodology, while comparative information continues to be reported in accordance with the incurred loss methodology in effect for prior periods. Card Member receivables as of September 30, 2020 and December 31, 2019 consisted of: (Millions) 2020 2019 Global Consumer Services Group (a)(b) $ 1,733 $ 9,847 Global Commercial Services (b) 9,254 15,710 Card Member receivables (c) 10,987 25,557 Less: Reserve for credit losses 110 162 Card Member receivables, net (d) $ 10,877 $ 25,395 (a) Comprised of International Consumer Services as of September 30, 2020 and U.S. and International Consumer Services as of December 31, 2019. (b) During the three months ended March 31, 2020, $7.2 billion of U.S. Consumer and Small Business Card Member receivables were transferred out of the Charge Trust resulting in a reduction of the same amount in Credco’s participation interest in such receivables. Refer to Note 1 for additional information. (c) Net of deferred discount revenue totaling $53 million and $75 million as of September 30, 2020 and December 31, 2019, respectively. (d) Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial. Card Member loans as of September 30, 2020 and December 31, 2019 consisted of: (Millions) 2020 2019 Global Consumer Services Group (a) $ 453 $ 697 Less: Reserve for credit losses 22 10 Card Member loans, net (b) $ 431 $ 687 (a) Comprised of International Consumer Services. (b) Card Member loans modified in a TDR program were immaterial. Card Member Receivables and Card Member Loans Aging Generally, a Card Member account is considered past due if payment is not received within 30 days after the billing statement date. The following table presents the aging of Card Member receivables and Card Member loans as of September 30, 2020 and December 31, 2019: 2020 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 1,714 $ 7 $ 4 $ 8 $ 1,733 Global Commercial Services Global Small Business Services 913 5 2 3 923 Global Corporate Payments (a) (b) (b) (b) 53 8,331 Card Member Loans: Global Consumer Services Group $ 445 $ 2 $ 1 $ 5 $ 453 2019 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 9,766 $ 29 $ 16 $ 36 $ 9,847 Global Commercial Services Global Small Business Services 1,996 10 5 9 2,020 Global Corporate Payments (a) (b) (b) (b) 105 13,690 Card Member Loans: Global Consumer Services Group $ 689 $ 3 $ 2 $ 3 $ 697 (a) Global Corporate Payments (GCP) reflects global, large and middle market corporate accounts. Delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if collection procedures are initiated on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (b). (b) Delinquency data for periods other than 90+ days past billing is not available due to system constraints. Therefore, such data has not been utilized for risk management purposes. The balances that are current to 89 days past due can be derived as the difference between the Total and the 90+ Days Past Due balances. Credit Quality Indicators for Card Member Receivables and Card Member Loans The following tables present the key credit quality indicators as of or for the nine months ended September 30: 2020 2019 Net Write-Off Rate (a) 30+ Days Past Due as a % of Total Net Write-Off Rate (a) 30+ Days Past Due as a % of Total Card Member Receivables: Global Consumer Services Group 1.62 % 1.10 % 1.04 % 0.94 % Global Small Business Services 2.14 % 1.08 % 1.31 % 1.18 % Global Corporate Payments 1.49 % (b) (c) (b) Card Member Loans: Global Consumer Services Group 2.66 % 1.77 % 1.44 % 0.93 % (a) Represents the amount of Card Member receivables or Card Member loans owned by Credco that are written off, net of recoveries, expressed as a percentage of the average Card Member receivable or Card Member loan balances in each of the periods indicated. (b) For GCP Card Member receivables, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ Days Past Billing as a % of total is 0.64% and 0.66% for the nine months ended September 30, 2020 and 2019, respectively. (c) Net loss ratio was the credit quality indicator for GCP Card Member receivables for prior periods, and represents the amount of Card Member receivables owned by Credco that are written off, net of recoveries, expressed as a percentage of the volume of Card Member receivables purchased by Credco. The net loss ratio for the nine months ended September 30, 2019 was 0.06%. Refer to Note 3 for additional indicators, including external environmental qualitative factors, American Express considers in its evaluation process for reserves for credit losses.

Reserves for Credit Losses

Reserves for Credit Losses	9 Months Ended
	Sep. 30, 2020
Reserves for Credit Losses [Abstract]
Reserve for Credit Losses	Reserves for Credit Losses American Express has in place an enterprise-wide credit risk management process and manages the overall credit risk exposure associated with the Card Member receivables and Card Member loans, including those purchased by Credco. Reserves for credit losses represent management’s best estimate of the expected credit losses in Credco’s outstanding portfolio of Card Member receivables and Card Member loans, as of the balance sheet date. The CECL methodology, which became effective January 1, 2020, requires management to estimate lifetime expected credit losses by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period (R&S Period) beyond the balance sheet date. American Express makes various judgments combined with historical loss experience to calculate a reserve rate that is applied to the outstanding loan or receivable balance to produce a reserve for expected credit losses. American Express uses a combination of statistically-based models that incorporate current and future economic conditions throughout the R&S Period. The process of estimating expected credit losses is based on several key models: Probability of Default (PD), Exposure at Default (EAD), and future recoveries for each month of the R&S Period. Beyond the R&S Period, American Express estimates expected credit losses using its historical loss rates. • PD models are used to estimate the likelihood an account will be written-off. • EAD models are used to estimate the balance of an account at the time of write-off. This includes balances less expected repayments based on historical payment and revolve behavior, which vary by customer. Due to the nature of revolving loan portfolios, the EAD models are complex and involve assumptions regarding the relationship between future spend and payment behaviors. • Recovery models are used to estimate amounts that are expected to be received from Card Members after default occurs, typically as a result of collection efforts. Future recoveries are estimated taking into consideration the time of default, time elapsed since default and macroeconomic conditions. American Express also estimates the likelihood and magnitude of recovery of previously written off accounts considering how long ago the account was written off and future economic conditions. American Express models are developed using historical loss experience covering the economic cycle and consider the impact of account characteristics on expected losses. Future economic conditions that are incorporated over the R&S Period include multiple macroeconomic scenarios provided to American Express by an independent third party. American Express reviews these economic scenarios quarterly and uses their judgment to weight them in order to reflect the uncertainty surrounding these scenarios. These macroeconomic scenarios contain certain variables, including unemployment rates and real gross domestic product, that are significant to American Express’ models. American Express also evaluates whether to include qualitative reserves to cover losses that are expected but, in its assessment, may not be adequately represented in the quantitative methods or the economic assumptions. American Express considers whether to adjust the quantitative reserves (higher or lower) to address possible limitations within the models or factors not included within the models, such as external conditions, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or management risk actions. Lifetime losses for most Card Member receivables and Card Member loans are evaluated at an appropriate level of granularity, including assessment on a pooled basis where financial assets share similar risk characteristics, such as past spend and remittance behaviors, credit bureau scores where available, delinquency status, tenure of balance outstanding, amongst others. Credit losses on accrued interest are measured and presented as part of Reserves for credit losses on the Consolidated Balance Sheets and within the Provisions for credit losses in the Consolidated Statements of Income, rather than reversing interest income. Card Member receivable and Card Member loan balances are written off when American Express considers amounts to be uncollectible, which is generally determined by the number of days past due and is typically no later than 180 days past due for pay in full or revolving loans. Card Member receivables and Card Member loans in bankruptcy or owed by deceased individuals are generally written off upon notification. Results for reporting periods beginning after January 1, 2020 are presented using the CECL methodology while comparative information continues to be reported in accordance with the incurred loss methodology in effect for prior periods. Changes in Card Member Receivables Reserve for Credit Losses Card Member receivables reserve for credit losses decreased for the three months ended September 30, 2020, primarily driven by improved credit performance. Card Member receivables reserve for credit losses increased for the nine months ended September 30, 2020, primarily driven by deterioration of the global macroeconomic outlook, including unemployment and Gross Domestic Product (GDP), partially offset by a decline in outstanding balances. The following table presents changes in the Card Member receivables reserve for credit losses for the three and nine months ended September 30: (Millions) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning Balance (a) $ 184 $ 172 $ 15 $ 167 Provisions (b) (16) 52 248 160 Net write-offs (c) (59) (55) (160) (166) Other adjustments (d) 1 (1) 7 7 Ending Balance $ 110 $ 168 $ 110 $ 168 (a) For the nine months ended September 30, 2020, beginning balance includes a decrease of $147 million as of January 1, 2020, related to the adoption of the CECL (b) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (c) Net of recoveries of $21 million and $30 million for the three months ended September 30, 2020 and 2019, respectively and $59 million and $94 million for the nine months ended September 30, 2020 and 2019, respectively. (d) For the three months ended September 30, 2020 and 2019, primarily includes foreign currency translation adjustments. For the nine months ended September 30, 2020, primarily includes reserve adjustments related to the removal of U.S. Consumer and Small Business Card Member receivables of $7.2 billion from the Charge Trust and for the nine months ended September 30, 2019, primarily includes reserve balances related to new groups of, and participation interests in, Card Member receivables purchased from affiliates, totaling $2.7 billion and participation interests in Card Member receivables sold to an affiliate totaling $1.1 billion. Changes in Card Member Loans Reserve for Credit Losses Card Member loans reserve for credit losses remained flat for the three months ended September 30, 2020. Card Member loans reserve for credit losses increased for the nine months ended September 30, 2020, primarily driven by deterioration of the global macroeconomic outlook, including unemployment and GDP, and changes in portfolio mix, partially offset by a decline in outstanding balances. The following table presents changes in the Card Member loans reserve for credit losses for the three and nine months ended September 30: (Millions) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning Balance (a) $ 23 $ 7 $ 17 $ 5 Provisions (b) 4 4 16 10 Net write-offs (c) (5) (3) (11) (7) Ending Balance $ 22 $ 8 $ 22 $ 8 (a) For the nine months ended September 30, 2020, beginning balance includes an increase of $7 million as of January 1, 2020, related to the adoption of the CECL (b) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (c) Net of recoveries o f $0.6 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively and $2.0 million and $1.0 million for the nine months ended September 30, 2020 and 2019, respectively.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Credco uses derivative financial instruments to manage exposures to various market risks. These instruments derive their value from an underlying variable or multiple variables, including interest rates and foreign exchange rates, and are carried at fair value on the Consolidated Balance Sheets. These instruments enable end users to increase, reduce or alter exposure to various market risks and, for that reason, are an integral component of Credco’s market risk management. Credco does not transact in derivatives for trading purposes. In relation to Credco’s credit risk, certain of Credco’s bilateral derivative agreements include provisions that allow Credco or the counterparty to terminate the agreement and settle the fair value of existing positions in the event of a downgrade of one’s party credit rating below investment grade. As of September 30, 2020, these derivatives were not in a significant net liability position. Based on Credco’s assessment of the credit risk of its derivative counterparties and its own credit risk as of September 30, 2020 and December 31, 2019, no credit risk adjustment to the derivative portfolio was required. A majority of Credco’s derivative assets and liabilities as of September 30, 2020 and December 31, 2019 are subject to master netting agreements with its derivative counterparties. Credco presents derivative assets and liabilities subject to enforceable netting arrangements with the same counterparty on a net basis on the Consolidated Balance Sheets. The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of September 30, 2020 and December 31, 2019: Other Assets Other Liabilities Fair Value Fair Value (Millions) 2020 2019 2020 2019 Derivatives designated as hedging instruments: Fair value hedges - Interest rate contracts (a)(b) $ — $ — $ — $ — Net investment hedges - Foreign exchange contracts 43 12 60 44 Total derivatives designated as hedging instruments 43 12 60 44 Derivatives not designated as hedging instruments: Foreign exchange contracts 62 31 39 182 Total derivatives, gross 105 43 99 226 Derivative asset and derivative liability netting (c) (36) (27) (36) (27) Total derivatives, net $ 69 $ 16 $ 63 $ 199 (a) For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral. (b) Credco posted $17 million and $20 million as of September 30, 2020 and December 31, 2019, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other assets on Credco’s Consolidated Balance Sheets and are not netted against the derivative balances. (c) Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparties under an enforceable master netting arrangement. Fair Value Hedges Credco is exposed to interest rate risk associated with its fixed-rate debt obligations. At the time of issuance, certain fixed-rate long-term debt obligations are designated in fair value hedging relationships, using interest rate swaps, to economically convert the fixed interest rate to a floating interest rate. Credco has $3.5 billion and $8.8 billion of its fixed-rate debt obligations designated in fair value hedging relationships as of September 30, 2020 and December 31, 2019, respectively. The following table presents the gains and losses recognized in Interest expense on the Consolidated Statements of Income associated with the fair value hedges of Credco’s fixed-rate long-term debt for the three and nine months ended September 30: Gains (losses) Three Months Ended Nine Months Ended (Millions) 2020 2019 2020 2019 Fixed-rate long-term debt $ 12 $ (22) $ (54) $ (177) Derivatives designated as hedging instruments (15) 26 57 183 Total $ (3) $ 4 $ 3 $ 6 The carrying values of the hedged liabilities, recorded within Long-term debt on the Consolidated Balance Sheets, were $3.5 billion and $8.7 billion as of September 30, 2020 and December 31, 2019, respectively, including the cumulative amount of fair value hedging adjustments of $52 million and $(2) million for the respective periods. Credco recognized a net decrease of $15 million and a net increase of $21 million in Interest expense on long-term debt for the three months ended September 30, 2020 and 2019, respectively, and a net decrease of $27 million and a net increase of $81 million for the nine months ended September 30, 2020 and 2019, respectively, primarily related to the net settlements (interest accruals) on Credco’s interest rate derivatives designated as fair value hedges. Net Investment Hedges Credco had notional amounts of approximately $2.9 billion and $3.0 billion of foreign currency derivatives designated as net investment hedges as of September 30, 2020 and December 31, 2019, respectively. The gain or loss on net investment hedges, net of taxes, recorded in AOCI as part of the cumulative translation adjustment, was a loss of $59 million and a gain of $50 million for the three months ended September 30, 2020 and 2019, respectively, and gains of $71 million and $29 million for the nine months ended September 30, 2020 and 2019, respectively. Derivatives Not Designated as Hedges The changes in the fair value of derivatives that are not designated as hedges are intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures. The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in net gains of $1 million and $20 million for the three months ended September 30, 2020 and 2019, respectively, and $17 million and $69 million for the nine months ended September 30, 2020 and 2019, respectively, that are recognized in Other, net expenses on the Consolidated Statements of Income.

Fair Values

Fair Values	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Values	Fair Values Financial Assets and Financial Liabilities Carried at Fair Value The following table summarizes Credco’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy as Level 2, as of September 30, 2020 and December 31, 2019: (Millions) 2020 2019 Assets: Derivatives, gross (a) $ 105 $ 43 Total Assets 105 43 Liabilities: Derivatives, gross (a) 99 226 Total Liabilities $ 99 $ 226 (a) Refer to Note 4 for the fair values of derivative assets and liabilities, on a further disaggregated basis. Financial Assets and Financial Liabilities Carried at Other Than Fair Value The following table summarizes the estimated fair values of Credco’s financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of September 30, 2020 and December 31, 2019. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2020 and December 31, 2019, and require management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of Credco be estimated by aggregating the amounts presented. Carrying Corresponding Fair Value Amount 2020 (Billions) Total Level 1 Level 2 Level 3 Financial Assets: Financial assets for which carrying values equal or approximate fair value Cash and cash equivalents (a) $ 1.0 $ 1.0 $ 1.0 $ — $ — Other financial assets (b) 11.1 11.1 0.1 11.0 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.4 0.4 — — 0.4 Loans to affiliates and other 10.4 10.5 — 5.2 5.3 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 11.6 11.6 — 11.6 — Financial liabilities carried at other than fair value Long-term debt 7.0 7.3 — 7.3 — Long-term debt to affiliates $ 0.9 $ 0.9 $ — $ 0.9 $ — Carrying Corresponding Fair Value Amount 2019 (Billions) Total Level 1 Level 2 Level 3 Financial Assets: Financial assets for which carrying values equal or approximate fair value Cash and cash equivalents (a) $ — $ — $ — $ — $ — Other financial assets (b) 26.3 26.3 0.1 26.2 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.7 0.7 — — 0.7 Loans to affiliates and other 10.3 10.4 — 2.8 7.6 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 11.2 11.2 — 11.2 — Financial liabilities carried at other than fair value Long-term debt 13.5 13.7 — 13.7 — Long-term debt to affiliates $ 9.3 $ 9.4 $ — $ 9.4 $ — (a) Amounts reflect interest-bearing deposits. Refer to Note 1 for additional information. (b) Level 1 amounts reflect interest-bearing restricted cash and Level 2 amounts primarily reflect Card Member receivables. Nonrecurring Fair Value Measurements During the nine months ended September 30, 2020 and the year ended December 31, 2019, Credco did not have any assets that were measured at fair value due to impairment on a nonrecurring basis.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes in Accumulated Other Comprehensive Income	Changes in Accumulated Other Comprehensive Income AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in Foreign Currency Translation Adjustments for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, 2020 (Millions) , net of tax Foreign Currency Translation Adjustment Gains (Losses) Balances as of June 30, 2020 $ (1,165) Net translation gains of investments in foreign operations 69 Net losses related to hedges of investments in foreign operations (59) Net change in accumulated other comprehensive loss 10 Balances as of September 30, 2020 $ (1,155) Nine Months Ended September 30, 2020 (Millions) , net of tax Foreign Currency Balances as of December 31, 2019 $ (1,087) Net translation losses of investments in foreign operations (139) Net gains related to hedges of investments in foreign operations 71 Net change in accumulated other comprehensive loss (68) Balances as of September 30, 2020 $ (1,155) Three Months Ended September 30, 2019 (Millions) , net of tax Foreign Currency Translation Adjustment Gains (Losses) Balances as of June 30, 2019 $ (1,075) Net translation losses of investments in foreign operations (74) Net gains related to hedges of investments in foreign operations 50 Net change in accumulated other comprehensive loss (24) Balances as of September 30, 2019 $ (1,099) Nine Months Ended September 30, 2019 (Millions) , net of tax Foreign Currency Balances as of December 31, 2018 $ (1,060) Net translation losses of investments in foreign operations (68) Net gains related to hedges of investments in foreign operations 29 Net change in accumulated other comprehensive loss (39) Balances as of September 30, 2019 $ (1,099) The following table shows the tax impact for the three and nine months ended September 30 for the changes in Foreign Currency Translation Adjustments presented above: Tax expense (benefit) Three Months Ended Nine Months Ended (Millions) 2020 2019 2020 2019 Net translation on investments in foreign operations $ (1) $ (1) $ 19 $ 2 Net hedges of investments in foreign operations (19) 15 22 9 Total tax impact $ (20) $ 14 $ 41 $ 11 No amounts were reclassified out of AOCI into the Consolidated Statements of Income associated with the sale or liquidation of a business for the three and nine months ended September 30, 2020 and 2019.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The results of operations of Credco are included in the consolidated U.S. federal income tax returns of American Express. Under an agreement with American Express, the provision for income taxes is recognized on a separate company basis. If benefits for net operating losses, future tax deductions and foreign tax credits cannot be recognized on a separate company basis, such benefits are then recognized based upon a share, derived by formula, of those deductions and credits that are recognizable on an American Express consolidated reporting basis. The effective tax rate was 43.5 percent and 16.0 percent for the three months ended September 30, 2020 and 2019, respectively, and 35.6 percent and 14.5 percent for the nine months ended September 30, 2020 and 2019, respectively. The increase in the effective tax rate for the three month period primarily reflected changes in the level and geographic mix of pretax income. The increase in the effective tax rate for the nine month period primarily reflected a discrete tax charge of $33 million related to the attribution of income to jurisdictions outside the U.S, as well as changes in the level and geographic mix of pretax income. Credco’s provision for income taxes for interim financial periods is not based on an estimated annual effective rate due to volatility in certain components of revenues and expenses that prevents Credco from projecting a reliable estimate of full year pretax income. A discrete calculation of the provision for income taxes is recorded for each interim period. Credco is under continuous examination by the Internal Revenue Service (IRS) and tax authorities in other countries and states in which it has significant business operations. The tax years under examination and open for examination vary by jurisdiction. Credco is currently under examination by the IRS for the 2017 and 2018 tax years. Credco believes it is reasonably possible that its unrecognized tax benefits could decrease by an immaterial amount within the next 12 months, principally as a result of potential resolutions of prior years’ tax items with various taxing authorities. The prior years’ tax items include unrecognized tax benefits relating to the attribution of taxable income to a particular jurisdiction or jurisdictions. The resolution of such items would not have a material impact on Credco’s effective tax rate.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Summary Of Significant Accounting Policies [Line Items]
Basis of Presentation	The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These accounting estimates reflect the best judgment of management, but actual results could differ.
Recently Issued and Adopted Accounting Standards	Recently Adopted Accounting Standards Effective January 1, 2020, Credco adopted the new credit reserving methodology, applicable to certain financial instruments, known as the Current Expected Credit Loss
Derivatives	Credco uses derivative financial instruments to manage exposures to various market risks. These instruments derive their value from an underlying variable or multiple variables, including interest rates and foreign exchange rates, and are carried at fair value on the Consolidated Balance Sheets.
Not Designated as Hedging Instrument [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivatives	The changes in the fair value of derivatives that are not designated as hedges are intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures.

Card Member Receivables and C_2

Card Member Receivables and Card Member Loans (Tables)	9 Months Ended
	Sep. 30, 2020
Accounts Receivable And Loans Tables [Abstract]
Card Member receivables segment detail	Card Member receivables as of September 30, 2020 and December 31, 2019 consisted of: (Millions) 2020 2019 Global Consumer Services Group (a)(b) $ 1,733 $ 9,847 Global Commercial Services (b) 9,254 15,710 Card Member receivables (c) 10,987 25,557 Less: Reserve for credit losses 110 162 Card Member receivables, net (d) $ 10,877 $ 25,395 (a) Comprised of International Consumer Services as of September 30, 2020 and U.S. and International Consumer Services as of December 31, 2019. (b) During the three months ended March 31, 2020, $7.2 billion of U.S. Consumer and Small Business Card Member receivables were transferred out of the Charge Trust resulting in a reduction of the same amount in Credco’s participation interest in such receivables. Refer to Note 1 for additional information. (c) Net of deferred discount revenue totaling $53 million and $75 million as of September 30, 2020 and December 31, 2019, respectively. (d) Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial.
Card Member loans detail	Card Member loans as of September 30, 2020 and December 31, 2019 consisted of: (Millions) 2020 2019 Global Consumer Services Group (a) $ 453 $ 697 Less: Reserve for credit losses 22 10 Card Member loans, net (b) $ 431 $ 687 (a) Comprised of International Consumer Services.
Aging of Card Member receivables and loans	The following table presents the aging of Card Member receivables and Card Member loans as of September 30, 2020 and December 31, 2019: 2020 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 1,714 $ 7 $ 4 $ 8 $ 1,733 Global Commercial Services Global Small Business Services 913 5 2 3 923 Global Corporate Payments (a) (b) (b) (b) 53 8,331 Card Member Loans: Global Consumer Services Group $ 445 $ 2 $ 1 $ 5 $ 453 2019 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 9,766 $ 29 $ 16 $ 36 $ 9,847 Global Commercial Services Global Small Business Services 1,996 10 5 9 2,020 Global Corporate Payments (a) (b) (b) (b) 105 13,690 Card Member Loans: Global Consumer Services Group $ 689 $ 3 $ 2 $ 3 $ 697 (a) Global Corporate Payments (GCP) reflects global, large and middle market corporate accounts. Delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if collection procedures are initiated on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (b). (b) Delinquency data for periods other than 90+ days past billing is not available due to system constraints. Therefore, such data has not been utilized for risk management purposes. The balances that are current to 89 days past due can be derived as the difference between the Total and the 90+ Days Past Due balances.
Credit quality indicators for loans and receivables	The following tables present the key credit quality indicators as of or for the nine months ended September 30: 2020 2019 Net Write-Off Rate (a) 30+ Days Past Due as a % of Total Net Write-Off Rate (a) 30+ Days Past Due as a % of Total Card Member Receivables: Global Consumer Services Group 1.62 % 1.10 % 1.04 % 0.94 % Global Small Business Services 2.14 % 1.08 % 1.31 % 1.18 % Global Corporate Payments 1.49 % (b) (c) (b) Card Member Loans: Global Consumer Services Group 2.66 % 1.77 % 1.44 % 0.93 % (a) Represents the amount of Card Member receivables or Card Member loans owned by Credco that are written off, net of recoveries, expressed as a percentage of the average Card Member receivable or Card Member loan balances in each of the periods indicated. (b) For GCP Card Member receivables, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ Days Past Billing as a % of total is 0.64% and 0.66% for the nine months ended September 30, 2020 and 2019, respectively.

Reserves for Credit Losses (Tab

Reserves for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2020
Reserves for Credit Losses [Abstract]
Changes in Card Member Receivable Reserve for Credit Losses	The following table presents changes in the Card Member receivables reserve for credit losses for the three and nine months ended September 30: (Millions) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning Balance (a) $ 184 $ 172 $ 15 $ 167 Provisions (b) (16) 52 248 160 Net write-offs (c) (59) (55) (160) (166) Other adjustments (d) 1 (1) 7 7 Ending Balance $ 110 $ 168 $ 110 $ 168 (a) For the nine months ended September 30, 2020, beginning balance includes a decrease of $147 million as of January 1, 2020, related to the adoption of the CECL (b) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (c) Net of recoveries of $21 million and $30 million for the three months ended September 30, 2020 and 2019, respectively and $59 million and $94 million for the nine months ended September 30, 2020 and 2019, respectively.
Changes in the Card Member Loans Reserve for Credit Losses	The following table presents changes in the Card Member loans reserve for credit losses for the three and nine months ended September 30: (Millions) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning Balance (a) $ 23 $ 7 $ 17 $ 5 Provisions (b) 4 4 16 10 Net write-offs (c) (5) (3) (11) (7) Ending Balance $ 22 $ 8 $ 22 $ 8 (a) For the nine months ended September 30, 2020, beginning balance includes an increase of $7 million as of January 1, 2020, related to the adoption of the CECL (b) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (c) Net of recoveries o f $0.6 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively and $2.0 million and $1.0 million for the nine months ended September 30, 2020 and 2019, respectively.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of September 30, 2020 and December 31, 2019: Other Assets Other Liabilities Fair Value Fair Value (Millions) 2020 2019 2020 2019 Derivatives designated as hedging instruments: Fair value hedges - Interest rate contracts (a)(b) $ — $ — $ — $ — Net investment hedges - Foreign exchange contracts 43 12 60 44 Total derivatives designated as hedging instruments 43 12 60 44 Derivatives not designated as hedging instruments: Foreign exchange contracts 62 31 39 182 Total derivatives, gross 105 43 99 226 Derivative asset and derivative liability netting (c) (36) (27) (36) (27) Total derivatives, net $ 69 $ 16 $ 63 $ 199 (a) For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral. (b) Credco posted $17 million and $20 million as of September 30, 2020 and December 31, 2019, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other assets on Credco’s Consolidated Balance Sheets and are not netted against the derivative balances. (c) Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparties under an enforceable master netting arrangement.
Effect of fair value hedges on results of operations	The following table presents the gains and losses recognized in Interest expense on the Consolidated Statements of Income associated with the fair value hedges of Credco’s fixed-rate long-term debt for the three and nine months ended September 30: Gains (losses) Three Months Ended Nine Months Ended (Millions) 2020 2019 2020 2019 Fixed-rate long-term debt $ 12 $ (22) $ (54) $ (177) Derivatives designated as hedging instruments (15) 26 57 183 Total $ (3) $ 4 $ 3 $ 6

Fair Values (Tables)

Fair Values (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair value assets and liabilities measured on recurring basis	The following table summarizes Credco’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy as Level 2, as of September 30, 2020 and December 31, 2019: (Millions) 2020 2019 Assets: Derivatives, gross (a) $ 105 $ 43 Total Assets 105 43 Liabilities: Derivatives, gross (a) 99 226 Total Liabilities $ 99 $ 226 (a) Refer to Note 4 for the fair values of derivative assets and liabilities, on a further disaggregated basis.
Estimated fair value of financial assets and financial liabilities	The following table summarizes the estimated fair values of Credco’s financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of September 30, 2020 and December 31, 2019. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2020 and December 31, 2019, and require management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of Credco be estimated by aggregating the amounts presented. Carrying Corresponding Fair Value Amount 2020 (Billions) Total Level 1 Level 2 Level 3 Financial Assets: Financial assets for which carrying values equal or approximate fair value Cash and cash equivalents (a) $ 1.0 $ 1.0 $ 1.0 $ — $ — Other financial assets (b) 11.1 11.1 0.1 11.0 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.4 0.4 — — 0.4 Loans to affiliates and other 10.4 10.5 — 5.2 5.3 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 11.6 11.6 — 11.6 — Financial liabilities carried at other than fair value Long-term debt 7.0 7.3 — 7.3 — Long-term debt to affiliates $ 0.9 $ 0.9 $ — $ 0.9 $ — Carrying Corresponding Fair Value Amount 2019 (Billions) Total Level 1 Level 2 Level 3 Financial Assets: Financial assets for which carrying values equal or approximate fair value Cash and cash equivalents (a) $ — $ — $ — $ — $ — Other financial assets (b) 26.3 26.3 0.1 26.2 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.7 0.7 — — 0.7 Loans to affiliates and other 10.3 10.4 — 2.8 7.6 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 11.2 11.2 — 11.2 — Financial liabilities carried at other than fair value Long-term debt 13.5 13.7 — 13.7 — Long-term debt to affiliates $ 9.3 $ 9.4 $ — $ 9.4 $ — (a) Amounts reflect interest-bearing deposits. Refer to Note 1 for additional information. (b) Level 1 amounts reflect interest-bearing restricted cash and Level 2 amounts primarily reflect Card Member receivables.

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Components of comprehensive income (loss), net of tax	Changes in Foreign Currency Translation Adjustments for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, 2020 (Millions) , net of tax Foreign Currency Translation Adjustment Gains (Losses) Balances as of June 30, 2020 $ (1,165) Net translation gains of investments in foreign operations 69 Net losses related to hedges of investments in foreign operations (59) Net change in accumulated other comprehensive loss 10 Balances as of September 30, 2020 $ (1,155) Nine Months Ended September 30, 2020 (Millions) , net of tax Foreign Currency Balances as of December 31, 2019 $ (1,087) Net translation losses of investments in foreign operations (139) Net gains related to hedges of investments in foreign operations 71 Net change in accumulated other comprehensive loss (68) Balances as of September 30, 2020 $ (1,155) Three Months Ended September 30, 2019 (Millions) , net of tax Foreign Currency Translation Adjustment Gains (Losses) Balances as of June 30, 2019 $ (1,075) Net translation losses of investments in foreign operations (74) Net gains related to hedges of investments in foreign operations 50 Net change in accumulated other comprehensive loss (24) Balances as of September 30, 2019 $ (1,099) Nine Months Ended September 30, 2019 (Millions) , net of tax Foreign Currency Balances as of December 31, 2018 $ (1,060) Net translation losses of investments in foreign operations (68) Net gains related to hedges of investments in foreign operations 29 Net change in accumulated other comprehensive loss (39) Balances as of September 30, 2019 $ (1,099)
Foreign currency translation adjustments - tax effect	The following table shows the tax impact for the three and nine months ended September 30 for the changes in Foreign Currency Translation Adjustments presented above: Tax expense (benefit) Three Months Ended Nine Months Ended (Millions) 2020 2019 2020 2019 Net translation on investments in foreign operations $ (1) $ (1) $ 19 $ 2 Net hedges of investments in foreign operations (19) 15 22 9 Total tax impact $ (20) $ 14 $ 41 $ 11

Basis of Presentation (Details

Basis of Presentation (Details Textuals) $ in Millions	Feb. 01, 2020USD ($)	Jan. 01, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Apr. 20, 2020USD ($)	Dec. 31, 2019USD ($)		Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ratio of combined earnings and fixed earnings to fixed charges required to maintain availability of credit line					1.25
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Decrease in Card Member receivable reserves					$ (110)			$ (162)
Shareholder’s equity			$ 2,732		2,768	$ 2,482		2,587		$ 2,396	$ 2,196
Removal of Card member receivables (U.S. consumer Card Member receivables)	$ 7,200			$ 7,200
Reduction in long term debt to affiliate	7,200
Amount borrowed from related party					2,344	305
Affiliated Entity [Member] | Restructuring of Loan Arrangements [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount borrowed from related party			7,100
Repayment of borrowings from related party			4,700
Excess deposited with AENB			2,200		1,000
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in Card Member receivable reserves			$ (184)		(110)	$ (168)		(15)		$ (172)	$ (167)
Adoption of new accounting guidance, tax		$ 21
Shareholder’s equity		119						119	[1]
Card Member Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in Card Member loan reserves		7
Card Member Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in Card Member receivable reserves					$ (110)			$ (162)
Card Member Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Decrease in Card Member receivable reserves		$ 147
Card Member Receivables [Member] | Global Consumer Services Group [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Removal of Card member receivables (U.S. consumer Card Member receivables)	7,200
Card Member Receivables [Member] | Global Corporate Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of Card Member receivables	$ 5,200						$ 1,700
[1]	Represents $140 million, net of tax of $21 million, related to the impact as of January 1, 2020, of adopting the new accounting guidance for the recognition of credit losses on certain financial instruments.

Card Member Receivables and C_3

Card Member Receivables and Card Member Loans (Details) - USD ($) $ in Millions	Feb. 01, 2020	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable segment information
Less: Reserve for credit losses			$ 110	$ 162
Card Member receivables, net			10,877	25,395
Reduction of Card member receivables (U.S. consumer Card Member receivables)	$ 7,200	$ 7,200
Deferred discount (expense) revenue on card member receivable			53	75
Card Member Receivables [Member]
Accounts receivable segment information
Card Member receivables			10,987	25,557
Less: Reserve for credit losses			110	162
Card Member receivables, net			10,877	25,395
Global Consumer Services Group [Member] | Card Member Receivables [Member]
Accounts receivable segment information
Card Member receivables			1,733	9,847
Reduction of Card member receivables (U.S. consumer Card Member receivables)	$ 7,200
Global Commercial Services [Member] | Card Member Receivables [Member]
Accounts receivable segment information
Card Member receivables			$ 9,254	$ 15,710

Card Member Receivables and C_4

Card Member Receivables and Card Member Loans (Details 1) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Reserve for credit losses	$ 22	$ 10
Card Member Loans, net	431	687
Global Consumer Services Group [Member] | Card Member Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Card Member loans	453	697
Less: Reserve for credit losses	22	10
Card Member Loans, net	$ 431	$ 687

Card Member Receivables and C_5

Card Member Receivables and Card Member Loans (Details 2) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Card Member Receivables [Member]
Financing receivable recorded investment aging
Card Member receivables total aging	$ 10,987	$ 25,557
Global Consumer Services Group [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Current	1,714	9,766
Card Member receivables total aging	1,733	9,847
Global Consumer Services Group [Member] | Card Member Loans [Member]
Financing receivable recorded investment aging
Current	445	689
Card Member loans total aging	453	697
Global Consumer Services Group [Member] | 30-59 Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	7	29
Global Consumer Services Group [Member] | 30-59 Days Past Due [Member] | Card Member Loans [Member]
Financing receivable recorded investment aging
Period past due	2	3
Global Consumer Services Group [Member] | 60-89 Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	4	16
Global Consumer Services Group [Member] | 60-89 Days Past Due [Member] | Card Member Loans [Member]
Financing receivable recorded investment aging
Period past due	1	2
Global Consumer Services Group [Member] | 90+ Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	8	36
Global Consumer Services Group [Member] | 90+ Days Past Due [Member] | Card Member Loans [Member]
Financing receivable recorded investment aging
Period past due	5	3
Global Small Business Services [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Current	913	1,996
Card Member receivables total aging	923	2,020
Global Small Business Services [Member] | 30-59 Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	5	10
Global Small Business Services [Member] | 60-89 Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	2	5
Global Small Business Services [Member] | 90+ Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	3	9
Global Corporate Payments [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Card Member receivables total aging	8,331	13,690
Global Corporate Payments [Member] | 90+ Days Past Due [Member] | Card Member Receivables [Member]
Financing receivable recorded investment aging
Period past due	$ 53	$ 105

Card Member Receivables and C_6

Card Member Receivables and Card Member Loans (Details 3)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Global Consumer Services Group [Member] | Card Member Receivables [Member] | Net Write-Off Rate [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	1.62%	1.04%
Global Consumer Services Group [Member] | Card Member Receivables [Member] | 30 Days Past Due as a % of Total [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	1.10%	0.94%
Global Consumer Services Group [Member] | Card Member Loans [Member] | Net Write-Off Rate [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	2.66%	1.44%
Global Consumer Services Group [Member] | Card Member Loans [Member] | 30 Days Past Due as a % of Total [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	1.77%	0.93%
Global Small Business Services [Member] | Card Member Receivables [Member] | Net Write-Off Rate [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	2.14%	1.31%
Global Small Business Services [Member] | Card Member Receivables [Member] | 30 Days Past Due as a % of Total [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	1.08%	1.18%
Global Corporate Payments [Member] | Card Member Receivables [Member] | Net Write-Off Rate [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	1.49%
Global Corporate Payments [Member] | Card Member Receivables [Member] | Net Loss Ratio as a % of Charge Volume [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators		0.06%
Global Corporate Payments [Member] | Card Member Receivables [Member] | 90 Days Past Billing as a % of Receivables [Member]
Credit Quality Indicator for Loans and Receivables
Credit Quality Indicators	0.64%	0.66%

Reserves for Credit Losses (Det

Reserves for Credit Losses (Details) - USD ($) $ in Millions	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 01, 2020
Card Members Receivable Reserve for Credit Losses [Roll Forward]
Beginning Balance	$ 162			$ 162
Ending Balance		$ 110		110
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Allowance for Card Member receivables, recoveries of bad debts		21	$ 30	59	$ 94
Participation interests in Card Member receivables purchased from affiliates					2,700
Participation interests in Card Member receivables sold to affiliate					1,100
Cumulative Effect, Period of Adoption, Adjustment [Member]
Card Members Receivable Reserve for Credit Losses [Roll Forward]
Beginning Balance	$ 15	184	172	15	167
Provisions		(16)	52	248	160
Net write-offs		(59)	(55)	(160)	(166)
Other adjustments		1	(1)	7	7
Ending Balance		110	$ 168	110	$ 168
Decrease related to adoption of the CECL methodology	147
Card Member Receivables [Member]
Card Members Receivable Reserve for Credit Losses [Roll Forward]
Beginning Balance	162			162
Ending Balance		$ 110		$ 110
Card Member Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Card Members Receivable Reserve for Credit Losses [Roll Forward]
Ending Balance	$ (147)
Card Member Receivables [Member] | Global Consumer Services Group [Member]
Card Members Receivable Reserve for Credit Losses [Roll Forward]
Removal of Card Member receivables						$ 7,200

Reserves for Credit Losses (D_2

Reserves for Credit Losses (Details 2) - USD ($) $ in Millions	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	$ 10			$ 10
Ending Balance		$ 22		22
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Recoveries		0.6	$ 0.5	2	$ 1
Cumulative Effect, Period of Adoption, Adjustment [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Increase related to adoption of CECL methodology	$ 7
Accounting Standards Update 2016-13 [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Beginning Balance	$ 17	23	7	17	5
Provisions		4	4	16	10
Net write-offs		(5)	(3)	(11)	(7)
Ending Balance		$ 22	$ 8	$ 22	$ 8

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Carrying values of hedged liabilities	$ 3,500		$ 3,500		$ 8,700
Cumulative amount of fair value hedging adjustment	52		52		(2)
Net increase (decrease) in interest expense on long term debt and other	(15)	$ 21	(27)	$ 81
Other, Net [Member]
Derivative [Line Items]
Gain (loss) in changes in fair value of derivatives not designated as hedges	1	20	17	69
Fair Value Hedging [Member]
Derivative [Line Items]
Notional amount of long-term debt	3,500		3,500		8,800
Net Investment Hedges [Member]
Derivative [Line Items]
Notional amounts of derivatives	2,900		2,900		$ 3,000
Foreign Currency Translation Adjustment Gains (Losses) [Member]
Derivative [Line Items]
Gain (loss) on net investment hedges, net of taxes	$ (59)	$ 50	$ 71	$ 29

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	$ 105	$ 43
Total fair value of derivative liabilities, gross	99	226
Margin on interest rate swaps	17	20
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset and derivative liability netting, other assets	(36)	(27)
Total derivative assets, net	69	16
Other Assets [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	43	12
Other Assets [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	0	0
Other Assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	43	12
Other Assets [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	62	31
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative asset and derivative liability netting, other liabilities	(36)	(27)
Total derivative liabilities, net	63	199
Other Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	60	44
Other Liabilities [Member] | Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	0	0
Other Liabilities [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	60	44
Other Liabilities [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	$ 39	$ 182

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities (Details 1) - Interest Expense [Member] - Interest Rate Contracts [Member] - Fair Value Hedging [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Fixed-rate long-term debt	$ 12	$ (22)	$ (54)	$ (177)
Derivatives designated as hedging instruments	(15)	26	57	183
Total	$ (3)	$ 4	$ 3	$ 6

Fair Values (Details)

Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Derivatives, gross	$ 105	$ 43
Liabilities
Derivatives, gross	99	226
Level 2 [Member]
Assets
Derivatives, gross	105	43
Total assets	105	43
Liabilities
Derivatives, gross	99	226
Total liabilities	$ 99	$ 226

Fair Values (Details 2)

Fair Values (Details 2) - USD ($) $ in Millions		Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	[1]	$ 1,019	$ 33	$ 33	$ 102
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses		431	687
Loans to affiliates and other		10,357	10,345
Financial liabilities carried at other than fair value
Long-term debt		6,985	13,469
Long-term debt to affiliates		916	9,292
Carrying Value [Member]
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents		1,000	0
Other financial assets		11,100	26,300
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses		400	700
Loans to affiliates and other		10,400	10,300
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value		11,600	11,200
Financial liabilities carried at other than fair value
Long-term debt		7,000	13,500
Long-term debt to affiliates		900	9,300
Estimate of Fair Value Measurement [Member]
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents		1,000	0
Other financial assets		11,100	26,300
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses		400	700
Loans to affiliates and other		10,500	10,400
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value		11,600	11,200
Financial liabilities carried at other than fair value
Long-term debt		7,300	13,700
Long-term debt to affiliates		900	9,400
Estimate of Fair Value Measurement [Member] | Level 1 [Member]
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents		1,000	0
Other financial assets		100	100
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses		0	0
Loans to affiliates and other		0	0
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value		0	0
Financial liabilities carried at other than fair value
Long-term debt		0	0
Long-term debt to affiliates		0	0
Estimate of Fair Value Measurement [Member] | Level 2 [Member]
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents		0	0
Other financial assets		11,000	26,200
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses		0	0
Loans to affiliates and other		5,200	2,800
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value		11,600	11,200
Financial liabilities carried at other than fair value
Long-term debt		7,300	13,700
Long-term debt to affiliates		900	9,400
Estimate of Fair Value Measurement [Member] | Level 3 [Member]
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents		0	0
Other financial assets		0	0
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses		400	700
Loans to affiliates and other		5,300	7,600
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value		0	0
Financial liabilities carried at other than fair value
Long-term debt		0	0
Long-term debt to affiliates		$ 0	$ 0
[1]	Primarily represents deposits with American Express National Bank (AENB). Refer to Note 1 for additional information.

Fair Values (Details Textuals)

Fair Values (Details Textuals) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value for impairment	$ 0	$ 0

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 2,732	$ 2,396	$ 2,587	$ 2,196
Net change in accumulated other comprehensive loss	10	(24)	(68)	(39)
Ending Balance	2,768	2,482	2,768	2,482
Tax impact for the changes in each component of accumulated other comprehensive (loss) income
Net translation on investments in foreign operations	(1)	(1)	19	2
Net hedges of investments in foreign operations	(19)	15	22	9
Total tax impact	(20)	14	41	11
Foreign Currency Translation Adjustment Gains (Losses) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,165)	(1,075)	(1,087)	(1,060)
Net translation gains (losses) of investments in foreign operations	69	(74)	(139)	(68)
Net gains (losses) related to hedges of investments in foreign operations	(59)	50	71	29
Net change in accumulated other comprehensive loss	10	(24)	(68)	(39)
Ending Balance	$ (1,155)	$ (1,099)	$ (1,155)	$ (1,099)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Income (Details Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Amount of gain (loss) reclassified from accumulated other comprehensive income	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details Textuals)

Income Taxes (Details Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Examination [Line Items]
Actual tax rates	43.50%	16.00%	35.60%	14.50%
U.S. Tax Act discrete tax (benefit) charge			$ 33
Internal Revenue Service (IRS) [Member] | Tax Year 2017 [Member]
Income Tax Examination [Line Items]
Open tax years by major tax jurisdiction			2017
Internal Revenue Service (IRS) [Member] | Tax Year 2018 [Member]
Income Tax Examination [Line Items]
Open tax years by major tax jurisdiction			2018