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Asset Securitizations | 9 Months Ended
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Sep. 30, 2021
Asset Securitizations [Abstract] |
Asset Securitizations | Asset Securitizations We periodically securitize Card Member loans and receivables arising from our card businesses through the transfer of those assets to securitization trusts, American Express Credit Account Master Trust (the Lending Trust) and American Express Issuance Trust II (the Charge Trust and together with the Lending Trust, the Trusts). The Trusts then issue debt securities collateralized by the transferred assets to third-party investors. The Trusts are considered VIEs as they have insufficient equity at risk to finance their activities, which are to issue debt securities that are collateralized by the underlying Card Member loans and receivables. We perform the servicing and key decision making for the Trusts, and therefore have the power to direct the activities that most significantly impact the Trusts’ economic performance, which are the collection of the underlying Card Member loans and receivables. In addition, we hold all of the variable interests in both Trusts, with the exception of the debt securities issued to third-party investors. As of September 30, 2021 and December 31, 2020, our ownership of variable interests was $15.8 billion and $13.4 billion, respectively, for the Lending Trust and $5.1 billion and $4.3 billion, respectively, for the Charge Trust. These variable interests held by us provide us 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 considerations, we are the primary beneficiary of the Trusts and therefore consolidate the Trusts. Restricted cash and cash equivalents held by the Lending Trust and Charge Trust was $25 million and nil, respectively, as of September 30, 2021 and $47 million and nil, respectively, as of December 31, 2020. 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 funds, or, in a worst-case scenario, early amortization of debt securities. During the nine months ended September 30, 2021 and the year ended December 31, 2020, no such triggering events occurred.

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- Definition This disclosure of financial assets transferred to a trust (for example, cardmember 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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