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Fair Values (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair value assets and liabilities measured on recurring basis | The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy, as of September 30, 2021 and December 31, 2020:
|  | 2021 |  | 2020
(Millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 102 |  |  | $ | 101 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 81 |  |  | $ | 80 |  |  | $ | 1 |  |  | $ | — |
Debt securities (b) |  | 9,487 |  |  | — |  |  | 9,462 |  |  | 25 |  |  | 21,550 |  |  | — |  |  | 21,550 |  |  | — |
Derivatives, gross (a) |  | 531 |  |  | — |  |  | 531 |  |  | — |  |  | 629 |  |  | — |  |  | 629 |  |  | — |
Total Assets |  | 10,120 |  |  | 101 |  |  | 9,994 |  |  | 25 |  |  | 22,260 |  |  | 80 |  |  | 22,180 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives, gross (a) |  | 119 |  |  | — |  |  | 119 |  |  | — |  |  | 702 |  |  | — |  |  | 702 |  |  | — |
Total Liabilities |  | $ | 119 |  |  | $ | — |  |  | $ | 119 |  |  | $ | — |  |  | $ | 702 |  |  | $ | — |  |  | $ | 702 |  |  | $ | — |
(a)Refer to Note 4 for the fair values of investment securities and to Note 8 for the fair values of derivative assets and liabilities on a further disaggregated basis. (b)Level 3 fair value amount represents investments in debt securities issued by Community Development Financial Institutions.
Estimated fair value of financial assets and financial liabilities | The following table summarizes the estimated fair values of our 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 management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of American Express be estimated by aggregating the amounts presented.
|  | Carrying Value |  | 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) |  | $ | 28 |  |  | $ | 28 |  |  | $ | 26 |  |  | $ | 2 |  |  | $ | — |
Other financial assets (b) |  | 51 |  |  | 51 |  |  | — |  |  | 51 |  |  | — |
Financial assets carried at other than fair value |  |  |  |  |  |  |  |  |  |
Card Member and Other loans, less reserves (c) |  | 76 |  |  | 79 |  |  | — |  |  | — |  |  | 79 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Financial liabilities for which carrying values equal or approximate fair value |  | 103 |  |  | 103 |  |  | — |  |  | 103 |  |  | — |
Financial liabilities carried at other than fair value |  |  |  |  |  |  |  |  |  |
Certificates of deposit (d) |  | 5 |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Long-term debt (c) |  | $ | 34 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |
|  | Carrying Value |  | 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) |  | $ | 33 |  |  | $ | 33 |  |  | $ | 31 |  |  | $ | 2 |  |  | $ | — |
Other financial assets (b) |  | 46 |  |  | 46 |  |  | — |  |  | 46 |  |  | — |
Financial assets carried at other than fair value |  |  |  |  |  |  |  |  |  |
Card Member and Other loans, less reserves (c) |  | 71 |  |  | 75 |  |  | — |  |  | — |  |  | 75 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Financial liabilities for which carrying values equal or approximate fair value |  | 101 |  |  | 101 |  |  | — |  |  | 101 |  |  | — |
Financial liabilities carried at other than fair value |  |  |  |  |  |  |  |  |  |
Certificates of deposit (d) |  | 8 |  |  | 8 |  |  | — |  |  | 8 |  |  | — |
Long-term debt (c) |  | $ | 43 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 45 |  |  | $ | — |
(a)Level 2 fair value amounts reflect time deposits and short-term investments. (b)Balances include Card Member receivables (including fair values of Card Member receivables of $5.1 billion and $4.2 billion held by a consolidated VIE as of September 30, 2021 and December 31, 2020, respectively), other receivables and other miscellaneous assets. (c)Balances include amounts held by a consolidated VIE for which the fair values of Card Member loans were $24.7 billion and $25.8 billion as of September 30, 2021 and December 31, 2020, respectively, and the fair values of Long-term debt were $9.2 billion and $13.0 billion as of September 30, 2021 and December 31, 2020, respectively. (d)Presented as a component of Customer deposits on the Consolidated Balance Sheets.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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