American Express Credit 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-6908
Entity Registrant Name	AMERICAN EXPRESS CREDIT CORPORATION
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
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 Shell Company	false
Entity Common Stock, Shares Outstanding		1,504,938
Entity Central Index Key	0000004969
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Discount revenue earned from purchased Card Member receivables and Card Member loans	$ 77	$ 38	$ 212	$ 562
Interest income from affiliates and other	88	19	270	66
Finance revenue	14	19	47	63
Total revenues	179	76	529	691
Expenses
Provisions for credit losses	29	(12)	(9)	264
Interest expense	25	37	82	169
Interest expense to affiliates	4	5	10	70
Other, net	3	0	9	(14)
Total expenses	61	30	92	489
Pretax income	118	46	437	202
Income tax provision	29	20	72	72
Net income	$ 89	$ 26	$ 365	$ 130

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 89	$ 26	$ 365	$ 130
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	(37)	10	(44)	(68)
Other comprehensive income (loss)	(37)	10	(44)	(68)
Comprehensive income	$ 52	$ 36	$ 321	$ 62

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 684	$ 601
Loans to affiliates and other	9,151	10,890
Due from affiliates	2	6
Other assets	253	244
Total assets	24,149	24,308
Liabilities
Short-term debt to affiliates	9,138	8,569
Long-term debt	5,210	7,037
Long-term debt to affiliates	1,319	822
Total debt	15,667	16,428
Due to affiliates	4,847	4,344
Accrued interest and other liabilities	419	641
Total liabilities	20,933	21,413
Shareholder’s Equity
Common stock, $0.10 par value, authorized 3 million shares; issued and outstanding 1.5 million shares as of September 30, 2021 and December 31, 2020	0	0
Additional paid-in capital	161	161
Retained earnings	4,198	3,833
Accumulated other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of: 2021, $26; 2020, $5	(1,143)	(1,099)
Total accumulated other comprehensive income (loss)	(1,143)	(1,099)
Total shareholder’s equity	3,216	2,895
Total liabilities and shareholder’s equity	24,149	24,308
Card Member Receivables
Assets
Card Member loans, less reserves for credit losses	13,608	12,087
Card Member Loans
Assets
Card Member loans, less reserves for credit losses	$ 451	$ 480

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Shareholder’s Equity
Common shares, par value (in dollars per share)	$ 0.10	$ 0.10
Common shares, authorized (in shares)	3,000,000	3,000,000
Common shares, issued (in shares)	1,500,000	1,500,000
Common shares, outstanding (in shares)	1,500,000	1,500,000
Accumulated other comprehensive income (loss)
Foreign currency translation adjustments, tax	$ 26	$ 5
Card Member Receivables
Assets
Financing receivables, reserves for credit losses	10	70
Card Member Loans
Assets
Financing receivables, reserves for credit losses	$ 23	$ 20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net income		$ 365	$ 130
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses		(9)	264
Amortization of underwriting expense		6	10
Deferred taxes		23	(31)
Changes in operating assets and liabilities:
Interest, taxes and other amounts due to/from affiliates		50	(11)
Other operating assets and liabilities		(294)	428
Net cash provided by operating activities		141	790
Cash Flows from Investing Activities
Net (increase) decrease in Card Member receivables and Card Member loans	[1]	(1,560)	9,081
Net decrease in loans to affiliates and other	[1]	1,690	48
Net increase in due to/from affiliates		479	1,854
Net cash provided by investing activities		609	10,983
Cash Flows from Financing Activities
Net decrease in short-term debt		0	(3,216)
Net increase in short-term debt to affiliates		569	2,344
Proceeds from long-term debt		20	0
Principal payments of long-term debt		(1,770)	(6,600)
Proceeds from long-term debt to affiliates		663	8,006
Principal payments of long-term debt to affiliates	[1]	(150)	(11,320)
Net cash used in financing activities		(668)	(10,786)
Effect of foreign currency exchange rates on cash and cash equivalents		1	(3)
Net increase in cash and cash equivalents		83	984
Cash and cash equivalents at beginning of period		601	149
Cash and cash equivalents at end of period		$ 684	$ 1,133
[1]	During the nine months ended September 30, 2020, American Express Travel Related Services Company, Inc. (TRS) removed U.S. Consumer and Small Business Card Member receivables from the American Express Issuance Trust II (the Charge Trust) and substantially replaced them with U.S. Corporate Card Member receivables. 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.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions		Jan. 07, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents reconciliation
Cash and cash equivalents per Consolidated Balance Sheets			$ 684	$ 1,133	$ 601	$ 149
Restricted cash included in Cash and cash equivalents	[1]		119	114	120	116
Total Cash and cash equivalents excluding restricted cash	[2]		565	1,019	481	$ 33
Non-cash Investing activities
Sales of U.S. Corporate Card Member receivables to TRS	[3]		0	5,493
Lending to American Express Company	[3]		0	(416)
Non-cash Financing activities
Settlement of borrowings with American Express Company			1,319		$ 822
Card Member Receivables | Global Corporate Payments
Non-cash Investing activities
Sales of U.S. Corporate Card Member receivables to TRS		$ 5,200
Settlement of Borrowings with American Express Company
Non-cash Financing activities
Settlement of borrowings with American Express Company	[3]		$ 0	$ (5,077)
[1]	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.
[2]	ncludes deposits with American Express National Bank and as of September 30,2021, also includes reverse repurchase agreements.
[3]	During the nine months ended September 30, 2020, American Express Travel Related Services Company, Inc. (TRS) removed U.S. Consumer and Small Business Card Member receivables from the American Express Issuance Trust II (the Charge Trust) and substantially replaced them with U.S. Corporate Card Member receivables. 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.

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	[1]
Beginning Balance at Dec. 31, 2019	$ 2,587	$ 119		$ 0	$ 161	$ (1,087)	$ 3,513	$ 119
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	130						130
Other comprehensive (loss) income	(68)					(68)
Ending Balance at Sep. 30, 2020	2,768			0	161	(1,155)	3,762
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 (loss) income	10					10
Ending Balance at Sep. 30, 2020	2,768			0	161	(1,155)	3,762
Beginning Balance at Dec. 31, 2020	2,895			0	161	(1,099)	3,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	365						365
Other comprehensive (loss) income	(44)					(44)
Ending Balance at Sep. 30, 2021	3,216			0	161	(1,143)	4,198
Beginning Balance at Jun. 30, 2021	3,164			0	161	(1,106)	4,109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	89						89
Other comprehensive (loss) income	(37)					(37)
Ending Balance at Sep. 30, 2021	$ 3,216			$ 0	$ 161	$ (1,143)	$ 4,198
[1]	Represents $140 million, net of tax of $21 million, related to the impact as of January 1, 2020, of adopting the Current Expected Credit Loss (CECL) Methodology for the recognition of credit losses on certain financial instruments.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholder's Equity (Parenthetical) - Cumulative Effect, Period of Adoption, Adjustment $ in Millions	Jan. 01, 2020USD ($)
Impact of new accounting guidance	$ 140
Impact of new accounting guidance, tax	$ 21

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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 and the price at which receivables are sold to Credco be at fair value. Each monthly period, the discount rates on the purchase of receivables Credco makes from, and interest rates on the loans Credco provides to, TRS and other American Express subsidiaries are determined to ensure that these transactions occur on an arm’s-length basis. 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, 2020. 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. Other Information

Card Member Receivables and Car

Card Member Receivables and Card Member Loans	9 Months Ended
	Sep. 30, 2021
Receivables [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. Card Member receivables as of September 30, 2021 and December 31, 2020 consisted of: (Millions) 2021 2020 Global Consumer Services Group (a) $ 2,271 $ 2,157 Global Commercial Services 11,347 10,000 Card Member receivables (b) 13,618 12,157 Less: Reserves for credit losses 10 70 Card Member receivables, net (c) $ 13,608 $ 12,087 (a) Comprised of International Consumer Services. (b) Net of deferred discount revenue totaling $19 million as of both September 30, 2021 and December 31, 2020. (c) Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial. Card Member loans as of September 30, 2021 and December 31, 2020 consisted of: (Millions) 2021 2020 Global Consumer Services Group (a) $ 474 $ 500 Less: Reserves for credit losses 23 20 Card Member loans, net (b) $ 451 $ 480 (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, 2021 and December 31, 2020: 2021 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 2,258 $ 4 $ 3 $ 6 $ 2,271 Global Commercial Services Global Small Business Services 1,158 3 2 3 1,166 Global Corporate Payments (a) (b) (b) (b) 27 10,181 Card Member Loans: Global Consumer Services Group $ 470 $ 1 $ 1 $ 2 $ 474 2020 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 2,139 $ 5 $ 4 $ 9 $ 2,157 Global Commercial Services Global Small Business Services 1,047 3 2 5 1,057 Global Corporate Payments (a) (b) (b) (b) 32 8,943 Card Member Loans: Global Consumer Services Group $ 493 $ 2 $ 1 $ 4 $ 500 (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: 2021 2020 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 0.73 % 0.57 % 1.62 % 1.10 % Global Small Business Services 1.38 % 0.69 % 2.14 % 1.08 % Global Corporate Payments 0.24 % (b) 1.49 % (b) Card Member Loans: Global Consumer Services Group 2.62 % 0.84 % 2.66 % 1.77 % (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 0.27% and 0.64% as of September 30, 2021 and 2020, respectively. 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, 2021
Receivables [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 Credco’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, requires Credco’s 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), which is approximately three years, beyond the balance sheet date. American Express makes various judgments combined with historical loss experience to determine 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 by immediately reverting to long-term average 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 and applies 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 (GDP), 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 American Express’ risk actions. Lifetime losses for most of Credco’s 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. The following table reflects the range of macroeconomic scenario key variables used in conjunction with other inputs, to calculate reserves for credit losses: U.S. Unemployment Rate U.S. GDP Growth (Contraction) (a) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Third quarter of 2021 5% 7% - 11% 8% 3% - (3)% Fourth quarter of 2021 5% - 7% 7% - 11% 6% - (4)% 6% - (2)% Fourth quarter of 2022 4% - 9% 6% - 12% 2% -1% 4% - 3% Fourth quarter of 2023 3% - 7% 4% - 10% 4% - 3% 5% - 3% (a) Real GDP quarter over quarter percentage change seasonally adjusted to annualized rates. Changes in Card Member Receivables Reserve for Credit Losses Card Member receivables reserve for credit losses increased for the three months ended September 30, 2021, driven by higher delinquencies in the GCP portfolio and an increase in the outstanding balance of receivables, partially offset by improved macroeconomic outlook. Card Member receivables reserve for credit losses decreased for the nine months ended September 30, 2021, driven by improved macroeconomic outlook, partially offset by an increase in the outstanding balance of receivables. 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 as a result of the COVID-19 pandemic, partially offset by a decline in the outstanding balance of receivables. The following table presents changes in the Card Member receivables reserve for credit losses for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (Millions) 2021 2020 2021 2020 Beginning Balance $ (4) $ 184 $ 70 $ 15 Provisions (a) 25 (16) (21) 248 Net write-offs (b) (11) (59) (39) (160) Other adjustments (c) — 1 — 7 Ending Balance $ 10 $ 110 $ 10 $ 110 (a) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (b) Net of recoveries of $14 million and $21 million for the three months ended September 30, 2021 and 2020, respectively and $52 million and $59 million for the nine months ended September 30, 2021 and 2020, respectively. (c) 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. For all the years presented, also includes foreign currency translation adjustments. Changes in Card Member Loans Reserve for Credit Losses Card Member loans reserve for credit losses marginally increased for the three and nine months ended September 30, 2021. 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 as a result of the COVID-19 pandemic, and changes in portfolio mix, partially offset by a decline in the outstanding balance of loans. The following table presents changes in the Card Member loans reserve for credit losses for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (Millions) 2021 2020 2021 2020 Beginning Balance $ 21 $ 23 $ 20 $ 17 Provisions (a) 4 4 12 16 Net write-offs (b) (2) (5) (9) (11) Ending Balance $ 23 $ 22 $ 23 $ 22 (a) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (b) Net of recoveries of $1.1 million and $0.6 million for the three months ended September 30, 2021 and 2020 , respectively and $2.6 million and $2.0 million for the nine months ended September 30 ,

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2021
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. A majority of Credco’s derivative assets and liabilities as of September 30, 2021 and December 31, 2020 are subject to master netting agreements with its derivative counterparties. Accordingly, where appropriate, Credco has elected to present derivative assets and liabilities with the same counterparty on a net basis in the Consolidated Balance Sheets. In relation to Credco’s credit risk, certain of Credco’s bilateral derivative agreements include provisions that allow Credco’s counterparties to terminate the agreement in the event of a downgrade of Credco’s debt credit rating below investment grade and settle the outstanding net liability position. As of September 30, 2021, these derivatives were not in a material 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, 2021 and December 31, 2020, no credit risk adjustment to the derivative portfolio was required. The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of September 30, 2021 and December 31, 2020: Other Assets Other Liabilities Fair Value Fair Value (Millions) 2021 2020 2021 2020 Derivatives designated as hedging instruments: Fair value hedges - Interest rate contracts (a) $ — $ — $ — $ — Net investment hedges - Foreign exchange contracts 34 1 8 195 Total derivatives designated as hedging instruments 34 1 8 195 Derivatives not designated as hedging instruments: Foreign exchange contracts 44 48 37 89 Total derivatives, gross 78 49 45 284 Derivative asset and derivative liability netting (b) (22) (15) (22) (15) Total derivatives, net $ 56 $ 34 $ 23 $ 269 (a) For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral. (b) Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparties under an enforceable master netting arrangement. Credco posted $3 million and $12 million as of September 30, 2021 and December 31, 2020, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other assets in Credco’s Consolidated Balance Sheets and are not netted against the derivative balances. 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 had $1.8 billion and $3.5 billion of its fixed-rate debt obligations designated in fair value hedging relationships as of September 30, 2021 and December 31, 2020, respectively. The following table presents the gains and losses recognized in Interest expense in 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) 2021 2020 2021 2020 Fixed-rate long-term debt $ 8 $ 12 $ 28 $ (54) Derivatives designated as hedging instruments (7) (15) (29) 57 Total $ 1 $ (3) $ (1) $ 3 The carrying values of the hedged liabilities, recorded within Long-term debt on the Consolidated Balance Sheets, were $1.8 billion and $3.5 billion as of September 30, 2021 and December 31, 2020, respectively, including the cumulative amount of fair value hedging adjustments of $11 million and $40 million for the respective periods. Credco recognized net decreases of $7 million and $15 million in Interest expense on Long-term debt for the three months ended September 30, 2021 and 2020, respectively, and net decreases of $29 million and $27 million for the nine months ended September 30, 2021 and 2020, respectively, primarily related to the net settlements (including interest accruals) on Credco’s interest rate derivatives designated as fair value hedges. Net Investment Hedges Credco primarily designates foreign currency derivatives as net investment hedges to reduce its exposure to changes in currency exchange rates on its investments in non-U.S. subsidiaries. Credco had notional amounts of approximately $3.6 billion and $2.9 billion of foreign currency derivatives designated as net investment hedges as of September 30, 2021 and December 31, 2020, respectively. The gain or loss on net investment hedges, net of taxes, recorded in AOCI as part of the cumulative translation adjustment was a gain of $88 million and a loss of $59 million for the three months ended September 30, 2021 and 2020, respectively, and gains of $67 million and $71 million for the nine months ended September 30, 2021 and 2020, 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. Credco had notional amounts of approximately $8.3 billion and $6.7 billion as of September 30, 2021 and December 31, 2020, respectively. The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in a net loss of $2 million and a net gain of $1 million for the three months ended September 30, 2021 and 2020, respectively, and a net loss of $4 million and a net gain of $17 million for the nine months ended September 30, 2021 and 2020, respectively, that are recognized in Other, net expenses in the Consolidated Statements of Income.

Fair Values

Fair Values	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (Millions) 2021 2020 Assets: Derivatives, gross (a) $ 78 $ 49 Total Assets 78 49 Liabilities: Derivatives, gross (a) 45 284 Total Liabilities $ 45 $ 284 (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, 2021 and December 31, 2020. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2021 and December 31, 2020 and require Credco’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 2021 (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) $ 0.7 $ 0.7 $ 0.4 $ 0.3 $ — Other financial assets (b) 13.6 13.6 — 13.6 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.5 0.5 — — 0.5 Loans to affiliates and other 9.2 9.2 — 2.8 6.4 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 13.6 13.6 — 13.6 — Financial liabilities carried at other than fair value Long-term debt 5.2 5.5 — 5.5 — Long-term debt to affiliates $ 1.3 $ 1.3 $ — $ 1.3 $ — 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) $ 0.6 $ 0.6 $ 0.6 $ — $ — Other financial assets (b) 12.1 12.1 — 12.1 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.5 0.5 — — 0.5 Loans to affiliates and other 10.9 11.1 — 5.0 6.1 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 12.6 12.6 — 12.6 — Financial liabilities carried at other than fair value Long-term debt 7.0 7.4 — 7.4 — Long-term debt to affiliates $ 0.8 $ 0.8 $ — $ 0.8 $ — (a) Level 1 fair value amounts reflect interest-bearing deposits and interest-bearing restricted cash. Level 2 primarily includes reverse repurchase agreements. (b) Level 2 fair value amounts primarily reflect Card Member receivables. Nonrecurring Fair Value Measurements During the nine months ended September 30, 2021 and the year ended December 31, 2020, 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 (Loss)	9 Months Ended
	Sep. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	Changes in Accumulated Other Comprehensive Income (Loss) 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, 2021 and 2020 were as follows: Three Months Ended September 30, 2021 (Millions) , net of tax Foreign Currency Balances as of June 30, 2021 $ (1,106) Net translation on investments in foreign operations (125) Net hedges of investments in foreign operations 88 Net change in accumulated other comprehensive income (loss) (37) Balances as of September 30, 2021 $ (1,143) Nine Months Ended September 30, 2021 ( Millions ), net of tax Foreign Currency Balances as of December 31, 2020 $ (1,099) Net translation on investments in foreign operations (111) Net hedges of investments in foreign operations 67 Net change in accumulated other comprehensive income (loss) (44) Balances as of September 30, 2021 $ (1,143) Three Months Ended September 30, 2020 ( Millions ), net of tax Foreign Currency Balances as of June 30, 2020 $ (1,165) Net translation on investments in foreign operations 69 Net hedges of investments in foreign operations (59) Net change in accumulated other comprehensive income (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 on investments in foreign operations (139) Net hedges of investments in foreign operations 71 Net change in accumulated other comprehensive income (loss) (68) Balances as of September 30, 2020 $ (1,155) 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) 2021 2020 2021 2020 Net translation on investments in foreign operations $ — $ (1) $ — $ 19 Net hedges of investments in foreign operations 27 (19) 21 22 Total tax impact $ 27 $ (20) $ 21 $ 41 No amounts were reclassified out of AOCI into the Consolidated Statements of Income for the three and nine months ended September 30, 2021 and 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The results of operations of Credco are included in the consolidated U.S. federal income tax return of American Express. Under an agreement with American Express, 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 24.6 percent and 43.5 percent for the three months ended September 30, 2021 and 2020, respectively, and 16.5 percent and 35.6 percent for the nine months ended September 30, 2021 and 2020, respectively. The decrease in the effective tax rate for the three month period primarily reflected changes in the level and geographic mix of pretax income. The decrease in the effective tax rate for the nine month period primarily reflected a discrete tax charge of $33 million in the prior period. 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 deductibility of certain expenses or losses and 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, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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.
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 Credco’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, requires Credco’s 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), which is approximately three years, beyond the balance sheet date. American Express makes various judgments combined with historical loss experience to determine 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 by immediately reverting to long-term average 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 and applies 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 (GDP), 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 American Express’ risk actions. Lifetime losses for most of Credco’s 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.
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.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, 2021
Receivables [Abstract]
Financing receivables detail	Card Member receivables as of September 30, 2021 and December 31, 2020 consisted of: (Millions) 2021 2020 Global Consumer Services Group (a) $ 2,271 $ 2,157 Global Commercial Services 11,347 10,000 Card Member receivables (b) 13,618 12,157 Less: Reserves for credit losses 10 70 Card Member receivables, net (c) $ 13,608 $ 12,087 (a) Comprised of International Consumer Services. (b) Net of deferred discount revenue totaling $19 million as of both September 30, 2021 and December 31, 2020. (c) Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial. Card Member loans as of September 30, 2021 and December 31, 2020 consisted of: (Millions) 2021 2020 Global Consumer Services Group (a) $ 474 $ 500 Less: Reserves for credit losses 23 20 Card Member loans, net (b) $ 451 $ 480 (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, 2021 and December 31, 2020: 2021 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 2,258 $ 4 $ 3 $ 6 $ 2,271 Global Commercial Services Global Small Business Services 1,158 3 2 3 1,166 Global Corporate Payments (a) (b) (b) (b) 27 10,181 Card Member Loans: Global Consumer Services Group $ 470 $ 1 $ 1 $ 2 $ 474 2020 (Millions) Current 30-59 60-89 90+ Total Card Member Receivables: Global Consumer Services Group $ 2,139 $ 5 $ 4 $ 9 $ 2,157 Global Commercial Services Global Small Business Services 1,047 3 2 5 1,057 Global Corporate Payments (a) (b) (b) (b) 32 8,943 Card Member Loans: Global Consumer Services Group $ 493 $ 2 $ 1 $ 4 $ 500 (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: 2021 2020 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 0.73 % 0.57 % 1.62 % 1.10 % Global Small Business Services 1.38 % 0.69 % 2.14 % 1.08 % Global Corporate Payments 0.24 % (b) 1.49 % (b) Card Member Loans: Global Consumer Services Group 2.62 % 0.84 % 2.66 % 1.77 % (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 0.27% and 0.64% as of September 30, 2021 and 2020, respectively.

Reserves for Credit Losses (Tab

Reserves for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Schedule of Key Variables in Macroeconomic Scenarios Utilized for Computation of Reserves for Credit Losses	The following table reflects the range of macroeconomic scenario key variables used in conjunction with other inputs, to calculate reserves for credit losses: U.S. Unemployment Rate U.S. GDP Growth (Contraction) (a) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Third quarter of 2021 5% 7% - 11% 8% 3% - (3)% Fourth quarter of 2021 5% - 7% 7% - 11% 6% - (4)% 6% - (2)% Fourth quarter of 2022 4% - 9% 6% - 12% 2% -1% 4% - 3% Fourth quarter of 2023 3% - 7% 4% - 10% 4% - 3% 5% - 3% (a) Real GDP quarter over quarter percentage change seasonally adjusted to annualized rates.
Card Member Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Schedule of Changes in Card Member Loans and Receivables	The following table presents changes in the Card Member receivables reserve for credit losses for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (Millions) 2021 2020 2021 2020 Beginning Balance $ (4) $ 184 $ 70 $ 15 Provisions (a) 25 (16) (21) 248 Net write-offs (b) (11) (59) (39) (160) Other adjustments (c) — 1 — 7 Ending Balance $ 10 $ 110 $ 10 $ 110 (a) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (b) Net of recoveries of $14 million and $21 million for the three months ended September 30, 2021 and 2020, respectively and $52 million and $59 million for the nine months ended September 30, 2021 and 2020, respectively. (c) 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. For all the years presented, also includes foreign currency translation adjustments.
Card Member Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Schedule of Changes in Card Member Loans and Receivables	The following table presents changes in the Card Member loans reserve for credit losses for the three and nine months ended September 30: Three Months Ended September 30, Nine Months Ended September 30, (Millions) 2021 2020 2021 2020 Beginning Balance $ 21 $ 23 $ 20 $ 17 Provisions (a) 4 4 12 16 Net write-offs (b) (2) (5) (9) (11) Ending Balance $ 23 $ 22 $ 23 $ 22 (a) Provisions for credit losses includes reserve build (release) and replenishment for net write-offs. (b) Net of recoveries of $1.1 million and $0.6 million for the three months ended September 30, 2021 and 2020 , respectively and $2.6 million and $2.0 million for the nine months ended September 30 ,

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: Other Assets Other Liabilities Fair Value Fair Value (Millions) 2021 2020 2021 2020 Derivatives designated as hedging instruments: Fair value hedges - Interest rate contracts (a) $ — $ — $ — $ — Net investment hedges - Foreign exchange contracts 34 1 8 195 Total derivatives designated as hedging instruments 34 1 8 195 Derivatives not designated as hedging instruments: Foreign exchange contracts 44 48 37 89 Total derivatives, gross 78 49 45 284 Derivative asset and derivative liability netting (b) (22) (15) (22) (15) Total derivatives, net $ 56 $ 34 $ 23 $ 269 (a) For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral.
Effect of fair value hedges on results of operations	The following table presents the gains and losses recognized in Interest expense in 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) 2021 2020 2021 2020 Fixed-rate long-term debt $ 8 $ 12 $ 28 $ (54) Derivatives designated as hedging instruments (7) (15) (29) 57 Total $ 1 $ (3) $ (1) $ 3

Fair Values (Tables)

Fair Values (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020: (Millions) 2021 2020 Assets: Derivatives, gross (a) $ 78 $ 49 Total Assets 78 49 Liabilities: Derivatives, gross (a) 45 284 Total Liabilities $ 45 $ 284 (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, 2021 and December 31, 2020. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2021 and December 31, 2020 and require Credco’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 2021 (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) $ 0.7 $ 0.7 $ 0.4 $ 0.3 $ — Other financial assets (b) 13.6 13.6 — 13.6 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.5 0.5 — — 0.5 Loans to affiliates and other 9.2 9.2 — 2.8 6.4 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 13.6 13.6 — 13.6 — Financial liabilities carried at other than fair value Long-term debt 5.2 5.5 — 5.5 — Long-term debt to affiliates $ 1.3 $ 1.3 $ — $ 1.3 $ — 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) $ 0.6 $ 0.6 $ 0.6 $ — $ — Other financial assets (b) 12.1 12.1 — 12.1 — Financial assets carried at other than fair value Card Member loans, less reserves for credit losses 0.5 0.5 — — 0.5 Loans to affiliates and other 10.9 11.1 — 5.0 6.1 Financial Liabilities: Financial liabilities for which carrying values equal or approximate fair value 12.6 12.6 — 12.6 — Financial liabilities carried at other than fair value Long-term debt 7.0 7.4 — 7.4 — Long-term debt to affiliates $ 0.8 $ 0.8 $ — $ 0.8 $ — (a) Level 1 fair value amounts reflect interest-bearing deposits and interest-bearing restricted cash. Level 2 primarily includes reverse repurchase agreements. (b) Level 2 fair value amounts primarily reflect Card Member receivables.

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020 were as follows: Three Months Ended September 30, 2021 (Millions) , net of tax Foreign Currency Balances as of June 30, 2021 $ (1,106) Net translation on investments in foreign operations (125) Net hedges of investments in foreign operations 88 Net change in accumulated other comprehensive income (loss) (37) Balances as of September 30, 2021 $ (1,143) Nine Months Ended September 30, 2021 ( Millions ), net of tax Foreign Currency Balances as of December 31, 2020 $ (1,099) Net translation on investments in foreign operations (111) Net hedges of investments in foreign operations 67 Net change in accumulated other comprehensive income (loss) (44) Balances as of September 30, 2021 $ (1,143) Three Months Ended September 30, 2020 ( Millions ), net of tax Foreign Currency Balances as of June 30, 2020 $ (1,165) Net translation on investments in foreign operations 69 Net hedges of investments in foreign operations (59) Net change in accumulated other comprehensive income (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 on investments in foreign operations (139) Net hedges of investments in foreign operations 71 Net change in accumulated other comprehensive income (loss) (68) Balances as of September 30, 2020 $ (1,155)
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) 2021 2020 2021 2020 Net translation on investments in foreign operations $ — $ (1) $ — $ 19 Net hedges of investments in foreign operations 27 (19) 21 22 Total tax impact $ 27 $ (20) $ 21 $ 41

Basis of Presentation (Details)

Basis of Presentation (Details)	Sep. 30, 2021USD ($)
Credit Facility | Commercial Paper
Debt Instrument [Line Items]
Credit facility capacity	$ 3,500,000,000

Card Member Receivables and C_3

Card Member Receivables and Card Member Loans (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Card Member Receivables
Financing Receivable Segment [Abstract]
Financing receivables, gross	$ 13,618		$ 12,157
Less: Reserves for credit losses	10	$ (4)	70	$ 110	$ 184	$ 15
Financing receivables, net	13,608		12,087
Deferred discount revenue on card member receivable	19		19
Card Member Loans
Financing Receivable Segment [Abstract]
Less: Reserves for credit losses	23	$ 21	20	$ 22	$ 23	$ 17
Financing receivables, net	451		480
Global Consumer Services Group | Card Member Receivables
Financing Receivable Segment [Abstract]
Financing receivables, gross	2,271		2,157
Global Consumer Services Group | Card Member Loans
Financing Receivable Segment [Abstract]
Financing receivables, gross	474		500
Less: Reserves for credit losses	23		20
Financing receivables, net	451		480
Global Commercial Services | Card Member Receivables
Financing Receivable Segment [Abstract]
Financing receivables, gross	$ 11,347		$ 10,000

Card Member Receivables and C_4

Card Member Receivables and Card Member Loans (Details 2) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	$ 13,618	$ 12,157
Global Consumer Services Group | Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	2,271	2,157
Global Consumer Services Group | Card Member Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	474	500
Global Consumer Services Group | Current | Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	2,258	2,139
Global Consumer Services Group | Current | Card Member Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	470	493
Global Consumer Services Group | 30-59 Days Past Due | Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	4	5
Global Consumer Services Group | 30-59 Days Past Due | Card Member Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	1	2
Global Consumer Services Group | 60-89 Days Past Due | Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	3	4
Global Consumer Services Group | 60-89 Days Past Due | Card Member Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	1	1
Global Consumer Services Group | 90+ Days Past Due | Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	6	9
Global Consumer Services Group | 90+ Days Past Due | Card Member Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	2	4
Global Commercial Services | Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	11,347	10,000
Global Commercial Services | Card Member Receivables | Global Small Business Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	1,166	1,057
Global Commercial Services | Card Member Receivables | Global Corporate Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	10,181	8,943
Global Commercial Services | Current | Card Member Receivables | Global Small Business Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	1,158	1,047
Global Commercial Services | 30-59 Days Past Due | Card Member Receivables | Global Small Business Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	3	3
Global Commercial Services | 60-89 Days Past Due | Card Member Receivables | Global Small Business Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	2	2
Global Commercial Services | 90+ Days Past Due | Card Member Receivables | Global Small Business Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	3	5
Global Commercial Services | 90+ Days Past Due | Card Member Receivables | Global Corporate Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, gross	$ 27	$ 32

Card Member Receivables and C_5

Card Member Receivables and Card Member Loans (Details 3)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Global Consumer Services Group | Card Member Receivables
Credit Quality Indicator for Loans and Receivables
30+ Days Past Due as a % of Total	0.57%	1.10%
Global Consumer Services Group | Card Member Receivables | Net Write-Off Rate
Credit Quality Indicator for Loans and Receivables
Net Write-Off Rate	0.73%	1.62%
Global Consumer Services Group | Card Member Loans
Credit Quality Indicator for Loans and Receivables
30+ Days Past Due as a % of Total	0.84%	1.77%
Global Consumer Services Group | Card Member Loans | Net Write-Off Rate
Credit Quality Indicator for Loans and Receivables
Net Write-Off Rate	2.62%	2.66%
Global Commercial Services | Card Member Receivables | Global Small Business Services
Credit Quality Indicator for Loans and Receivables
30+ Days Past Due as a % of Total	0.69%	1.08%
Global Commercial Services | Card Member Receivables | Net Write-Off Rate | Global Small Business Services
Credit Quality Indicator for Loans and Receivables
Net Write-Off Rate	1.38%	2.14%
Global Commercial Services | Card Member Receivables | Net Write-Off Rate | Global Corporate Payments
Credit Quality Indicator for Loans and Receivables
Net Write-Off Rate	0.24%	1.49%
Global Corporate Payments | Card Member Receivables
Credit Quality Indicator for Loans and Receivables
90+ Days Past Billing as a % of total	0.27%	0.64%

Reserves for Credit Losses (Det

Reserves for Credit Losses (Details)	Sep. 30, 2021	Dec. 31, 2020
U.S. Unemployment Rate | Third quarter of 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.05
U.S. Unemployment Rate | Third quarter of 2021 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input		0.07
U.S. Unemployment Rate | Third quarter of 2021 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input		0.11
U.S. Unemployment Rate | Fourth quarter of 2021 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.05	0.07
U.S. Unemployment Rate | Fourth quarter of 2021 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.07	0.11
U.S. Unemployment Rate | Fourth quarter of 2022 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.04	0.06
U.S. Unemployment Rate | Fourth quarter of 2022 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.09	0.12
U.S. Unemployment Rate | Fourth quarter of 2023 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.03	0.04
U.S. Unemployment Rate | Fourth quarter of 2023 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.07	0.10
U.S. GDP Growth (Contraction) | Third quarter of 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.08
U.S. GDP Growth (Contraction) | Third quarter of 2021 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input		0.03
U.S. GDP Growth (Contraction) | Third quarter of 2021 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input		(0.03)
U.S. GDP Growth (Contraction) | Fourth quarter of 2021 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.06	0.06
U.S. GDP Growth (Contraction) | Fourth quarter of 2021 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	(0.04)	(0.02)
U.S. GDP Growth (Contraction) | Fourth quarter of 2022 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.02	0.04
U.S. GDP Growth (Contraction) | Fourth quarter of 2022 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.01	0.03
U.S. GDP Growth (Contraction) | Fourth quarter of 2023 | Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.04	0.05
U.S. GDP Growth (Contraction) | Fourth quarter of 2023 | Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, reserves for credit losses, measurement input	0.03	0.03

Reserves for Credit Losses (D_2

Reserves for Credit Losses (Details 2) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provisions	$ 29	$ (12)	$ (9)	$ 264
Card Member Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries	14	21	52	59
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(4)	184	70	15
Provisions	25	(16)	(21)	248
Net write-offs	(11)	(59)	(39)	(160)
Other adjustments	0	1	0	7
Ending Balance	$ 10	110	$ 10	110
Card Member Receivables | Global Consumer Services Group
Accounts, Notes, Loans and Financing Receivable [Line Items]
Removal of financing receivables		$ 7,200		$ 7,200

Reserves for Credit Losses (D_3

Reserves for Credit Losses (Details 3) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provisions	$ 29	$ (12)	$ (9)	$ 264
Card Member Loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	21	23	20	17
Provisions	4	4	12	16
Net write-offs	(2)	(5)	(9)	(11)
Ending Balance	23	22	23	22
Recoveries	$ 1.1	$ 0.6	$ 2.6	$ 2

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Details Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Margin on interest rate swaps	$ 3		$ 3		$ 12
Derivatives, hedged liabilities	1,800		1,800		3,500
Cumulative amount of fair value hedging adjustment	11		11		40
Net (decrease) in interest expense on long term debt	(7)	$ (15)	(29)	$ (27)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of derivative	8,300		8,300		6,700
Other, Net
Derivative [Line Items]
(Loss) gain in changes in fair value of derivatives not designated as hedges	(2)	1	(4)	17
Fair Value Hedging
Derivative [Line Items]
Derivatives, hedged liabilities	1,800		1,800		3,500
Net Investment Hedges
Derivative [Line Items]
Notional amounts of derivatives	3,600		3,600		$ 2,900
Net hedges of investments in foreign operations	$ 88	$ (59)	$ 67	$ 71

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	$ 78	$ 49
Total fair value of derivative liabilities, gross	45	284
Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset and derivative liability netting, other assets	(22)	(15)
Total derivative assets, net	56	34
Other Assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	34	1
Other Assets | Foreign Exchange Contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	34	1
Other Assets | Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	44	48
Other Assets | Interest Rate Contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative assets, gross	0	0
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset and derivative liability netting, other liabilities	(22)	(15)
Total derivative liabilities, net	23	269
Other Liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	8	195
Other Liabilities | Foreign Exchange Contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	8	195
Other Liabilities | Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	37	89
Other Liabilities | Interest Rate Contract | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Total fair value of derivative liabilities, gross	$ 0	$ 0

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities (Details 1) - Interest Expense - Interest Rate Contract - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Fixed-rate long-term debt	$ 8	$ 12	$ 28	$ (54)
Derivatives designated as hedging instruments	(7)	(15)	(29)	57
Total	$ 1	$ (3)	$ (1)	$ 3

Fair Values (Details)

Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Derivatives, gross	$ 78	$ 49
Liabilities
Derivatives, gross	45	284
Level 2 | Fair Value, Recurring
Assets
Derivatives, gross	78	49
Total assets	78	49
Liabilities
Derivatives, gross	45	284
Total liabilities	$ 45	$ 284

Fair Values (Details 2)

Fair Values (Details 2) - USD ($) $ in Billions	Sep. 30, 2021	Dec. 31, 2020
Carrying Value
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	$ 0.7	$ 0.6
Other financial assets	13.6	12.1
Financial assets carried at other than fair value
Loans to affiliates and other	9.2	10.9
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value	13.6	12.6
Financial liabilities carried at other than fair value
Long-term debt	5.2	7
Long-term debt to affiliates	1.3	0.8
Carrying Value | Card Member Loans
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	0.5	0.5
Corresponding Fair Value Amount
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	0.7	0.6
Other financial assets	13.6	12.1
Financial assets carried at other than fair value
Loans to affiliates and other	9.2	11.1
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value	13.6	12.6
Financial liabilities carried at other than fair value
Long-term debt	5.5	7.4
Long-term debt to affiliates	1.3	0.8
Corresponding Fair Value Amount | Card Member Loans
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	0.5	0.5
Corresponding Fair Value Amount | Level 1
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	0.4	0.6
Other financial assets	0	0
Financial assets carried at other than fair value
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
Corresponding Fair Value Amount | Level 1 | Card Member Loans
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	0	0
Corresponding Fair Value Amount | Level 2
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents	0.3	0
Other financial assets	13.6	12.1
Financial assets carried at other than fair value
Loans to affiliates and other	2.8	5
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value	13.6	12.6
Financial liabilities carried at other than fair value
Long-term debt	5.5	7.4
Long-term debt to affiliates	1.3	0.8
Corresponding Fair Value Amount | Level 2 | Card Member Loans
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	0	0
Corresponding Fair Value Amount | Level 3
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
Loans to affiliates and other	6.4	6.1
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
Corresponding Fair Value Amount | Level 3 | Card Member Loans
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	$ 0.5	$ 0.5

Fair Values (Details Textuals)

Fair Values (Details Textuals) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Nonrecurring
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 (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 3,164	$ 2,732	$ 2,895	$ 2,587
Net change in accumulated other comprehensive income (loss)	(37)	10	(44)	(68)
Ending Balance	3,216	2,768	3,216	2,768
Tax impact for the changes in each component of accumulated other comprehensive (loss) income
Total tax impact	27	(20)	21	41
Foreign Currency Translation Adjustment Gains (Losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(1,106)	(1,165)	(1,099)	(1,087)
Net change in accumulated other comprehensive income (loss)	(37)	10	(44)	(68)
Ending Balance	(1,143)	(1,155)	(1,143)	(1,155)
Net translation on investments in foreign operations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net change in accumulated other comprehensive income (loss)	(125)	69	(111)	(139)
Net hedges of investments in foreign operations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net change in accumulated other comprehensive income (loss)	88	(59)	67	71
Tax impact for the changes in each component of accumulated other comprehensive (loss) income
Total tax impact	27	(19)	21	22
Net translation on investments in foreign operations
Tax impact for the changes in each component of accumulated other comprehensive (loss) income
Total tax impact	$ 0	$ (1)	$ 0	$ 19

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Income (Loss) (Details Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Reclassifications out of AOCI	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details Textuals)

Income Taxes (Details Textuals) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Actual tax rates	24.60%	43.50%	16.50%	35.60%
U.S. Tax Act discrete tax (benefit) charge				$ 33

Uncategorized Items - aexc-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]