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Asset Securitizations | 12 Months Ended
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Dec. 31, 2017
Disclosure Text Block Abstract |
Asset Securitizations | NOTE 6 Asset Securitizations The Company periodically securitizes Card Member loans and receivables ar ising from its card businesses through the transfer of those assets to securitization trusts. The trusts then issue debt securities collaterali zed by the transferred assets to third-party investors. Card Member loans are transferred to the American Express Credit Account Master Trust (the Lending Trust) and Card Member receivables are transferred to the American Express Issuance Trust II (the Ch arge Trust and together with the Lending Trust, the Trusts). The Trusts are consolidated by the Company. The Trusts are considered VIEs as they have insufficient equity at risk to finance their activities, which are to issue debt securities that are colla teralized by the underlying Card Member loans and receivables. Refer to Note 1 for further details on the principles of consolidation. The Company performs the servicing and key decision making for the Trusts, and therefore has the power to direct the acti vities that most significantly impact the Trusts’ economic performance, which are the collection of the underlying Card Member loans and receivables. In addition, the Company holds all of the variable interests in both Trusts, with the exception of the deb t securities issued to third-party investors. As of December 31, 2017, the Company’s ownership of variable interests was $11.6 billion for the Lending Trust and $4.6 billion for the Charge Trust. Thes e variable interests held by the Company provide it with the right to receive benefits and the obligation to absorb losses, which could be significant to both the Lending Trust and the Charge Trust. Based on these con siderations, the Company is the primary beneficiary of both Trusts and therefore consolidates b oth Trusts. The debt securities issued by the Trusts are non-recourse to the Company. The securitized Card Member loans and receivables held by the Lending Trust and the Charge Trust, respectively, are available only for payment of the debt securities or o ther obligations issued or arising in the securitization transactions (refer to Note 3). The long-term debt of each Trust is payable only out of collections on their respective underlying securitized assets (refer to Note 9). The following table provides information on the restricted cash held by the Lending Trust and the Charge Trust as of December 31, 2017 and 2016, included in Other assets on the Consolidated Balance Sheets:
(Millions) |  | 2017 |  | 2016
Lending Trust |  | $ | 55 |  | $ | 35
Charge Trust |  |  | 7 |  |  | 3
Total |  | $ | 62 |  | $ | 38
These amounts relate to collections of Card Member loans and receivables to be used by the Trusts to fund future expenses and obligations, including interest on debt securities, credit losses and upcoming debt maturities. Under the respective terms of the Lending Trust and the Charge Trust agreements, the occurrence of certain triggering events associated with the performance of the assets of each Trust could result in payment of trust expenses, establishment of reserve fun ds, or, in a worst-case scenario, early amortization of debt securities. During the year ended December 31, 201 7, no such triggering events occurred.

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- Definition This disclosure of financial assets transferred to a trust (for example, Card Member receivables and loans) whereby the trust then issues securities to third-party investors and these securities are collateralized by the transferred assets. The nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset is also disclosed. The required disclosures may be provided in more than one note to the financial statements, as long as the GAAP disclosure objectives are met. + References No definition available. + Details
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