Company Quick10K Filing
American Express Credit
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 2 $-0
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-27 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-14 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-10 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-06 Quarter: 2014-03-31
10-K 2014-03-11 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-03-08 Annual: 2012-12-31
10-Q 2012-11-06 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-10 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-31 Annual: 2010-12-31
10-Q 2010-11-10 Quarter: 2010-09-30
10-Q 2010-08-12 Quarter: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-K 2010-03-31 Annual: 2009-12-31
8-K 2019-02-14 Earnings
8-K 2018-10-25 Earnings
8-K 2018-07-25 Earnings
8-K 2018-04-25 Earnings
8-K 2018-02-20 Earnings
AEXC 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-31.1 credcoq319ex311.htm
EX-31.2 credcoq319ex312.htm
EX-32.1 credcoq319ex321.htm
EX-32.2 credcoq319ex322.htm

American Express Credit Earnings 2019-09-30

AEXC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CNHC 12,949 11,626 877 0 149 771 5,714 0% 7.4 1%
RMES 1 1 0 0 -0 -0 -0 0.5 -13%
TCT 210 12 13 0 11 11 -200 0% -18.3 5%
VDI 1,766 1,288 779 0 465 632 222 0% 0.4 26%
POYE 0 0 0 0 -0 -0 -0 0.0 -1,973%
SCTF 0 0 0 0 -0 -0 -0 3.0 -33%
SEK 302,033 283,794 0 0 0 0 -0 0%
DAVEY 570 398 1,095 98 32 97 161 9% 1.7 6%
SLDV 25 6 2 0 13 19 -1 0% -0.0 53%
MBCC 216 243 112 0 -7 10 215 0% 21.5 -3%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file No. 1-6908
AMERICAN EXPRESS CREDIT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware11-1988350
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 640-2000        
None
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
2.375 percent Medium-Term Senior Notes Series F, due May 26, 2020AXP/20New York Stock Exchange
0.625 percent Senior Notes, due 2021AXP/21New York Stock Exchange

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND HAS THEREFORE OMITTED CERTAIN ITEMS FROM THIS REPORT IN ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER GENERAL INSTRUCTION H(2).
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.            
þ Yes     o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
þ Yes  o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes    þ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at November 5, 2019
Common Stock (par value $0.10 per share)1,504,938  Shares  




Table of Contents

AMERICAN EXPRESS CREDIT CORPORATION
FORM 10-Q
INDEX
Page No.
 
 
 
 
 
 
16  
23  
25  
25  
26  
27  
Throughout this report the term “Credco” refers to American Express Credit Corporation and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise.



Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
(Millions)2019201820192018
Revenues
Discount revenue earned from purchased Card Member
receivables and Card Member loans
$305  $271  $913  $733  
Interest income from affiliates and other62  99  267  278  
Finance revenue21  16  58  44  
Total revenues388  386  1,238  1,055  
Expenses
Provisions for losses56  68  170  190  
Interest expense117  165  417  469  
Interest expense to affiliates102  56  337  125  
Other, net(18) (10) (66) (37) 
Total expenses257  279  858  747  
Pretax income131  107  380  308  
Income tax provision (benefit)21  (2) 55  (18) 
Net income$110  $109  $325  $326  

See Notes to Consolidated Financial Statements.
1


Table of Contents

AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions)2019201820192018
Net income$110  $109  $325  $326  
Other comprehensive loss:
Foreign currency translation adjustments, net of tax(24) (16) (39) (27) 
Other comprehensive loss(24) (16) (39) (27) 
Comprehensive income$86  $93  $286  $299  
See Notes to Consolidated Financial Statements.
2


Table of Contents

AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)

(Millions, except share data)September 30,
2019
December 31,
2018
Assets
Cash and cash equivalents$33  $102  
Card Member receivables, less reserves: 2019, $168; 2018, $167
24,787  24,429  
Card Member loans, less reserves: 2019, $8; 2018, $5
634  636  
Loans to affiliates and other9,222  14,136  
Due from affiliates141  210  
Other assets320  529  
Total assets$35,137  $40,042  
Liabilities and Shareholder’s Equity
Liabilities
Short-term debt$33  $826  
Short-term debt to affiliates6,203  5,899  
Long-term debt13,448  20,447  
Long-term debt to affiliates10,053  7,523  
Total debt29,737  34,695  
Due to affiliates2,645  2,869  
Accrued interest and other liabilities273  282  
Total liabilities$32,655  $37,846  
Shareholder’s Equity
Common stock, $0.10 par value, authorized 3 million shares; issued and
  outstanding 1.5 million shares as of September 30, 2019 and December 31,
  2018
    
Additional paid-in capital161  161  
Retained earnings3,420  3,095  
Accumulated other comprehensive loss
Foreign currency translation adjustments, net of tax of: 2019, $45; 2018, $34
(1,099) (1,060) 
Total accumulated other comprehensive loss(1,099) (1,060) 
  Total shareholder’s equity2,482  2,196  
Total liabilities and shareholder’s equity$35,137  $40,042  
See Notes to Consolidated Financial Statements.
3


Table of Contents

AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30 (Millions)20192018
Cash Flows from Operating Activities
Net income$325  $326  
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for losses170  190  
Amortization of underwriting expense15  19  
Deferred taxes12  (40) 
Changes in operating assets and liabilities:
Interest, taxes and other amounts due to/from affiliates37  (86) 
Other operating assets and liabilities484  144  
Net cash provided by operating activities1,043  553  
Cash Flows from Investing Activities
Net increase in Card Member receivables and Card Member loans (666) (5,991) 
Net (increase) decrease in loans to affiliates and other (a)
(304) 766  
Net (decrease) increase in due to/from affiliates(155) 1,632  
Net cash used in investing activities(1,125) (3,593) 
Cash Flows from Financing Activities
Net decrease in short-term debt(793) (1,149) 
Net increase in short-term debt to affiliates (b)
305  6,841  
Principal payments of long-term debt(7,150) (2,647) 
Proceeds from long-term debt to affiliates (b)
26,964    
Principal payments of long-term debt to affiliates (a)(b)
(19,313)   
Net cash provided by financing activities13  3,045  
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash3  (3) 
Net (decrease) increase in cash, cash equivalents and restricted cash(66) 2  
Cash, cash equivalents and restricted cash at beginning of period195  296  
Cash, cash equivalents and restricted cash at end of period$129  $298  

Supplemental cash flow information
Non-cash Investing activity
Termination of intercompany loan agreement with American Express Limited and American Express International, Inc. (a)
$5,109  $  
Non-cash Financing activity
Settlement of borrowings with American Express Company (a)
$(5,109) $  
Cash, cash equivalents and restricted cash reconciliationSep-19Dec-18Sep-18Dec-17
Cash and cash equivalents per Consolidated Balance Sheets$33  $102  $200  $196  
Restricted cash included in Other assets per Consolidated Balance Sheets (c)
96  93  98  100  
Total cash, cash equivalents and restricted cash$129  $195  $298  $296  
(a)As a result of funding structure changes in the ordinary course of business, Credco terminated the intercompany loan agreement with American Express Limited and American Express International, Inc. and settled the related borrowings from American Express Company during the nine months ended September 30, 2019.
(b)Pursuant to the revision of the master note arrangement with American Express Company during the fourth quarter of 2018, Credco has changed the classification of the net borrowings from short-term debt to affiliates to long-term debt to affiliates.
(c)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.
See Notes to Consolidated Financial Statements.
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AMERICAN EXPRESS CREDIT CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY
(Unaudited)

Three months ended September 30, 2019 (Millions)TotalCommon
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Balances as of June 30, 2019$2,396  $  $161  $(1,075) $3,310  
Net income110  —  —  —  110  
Other comprehensive loss(24) —  —  (24)   
Balances as of September 30, 2019$2,482  $  $161  $(1,099) $3,420  

Nine months ended September 30, 2019 (Millions)TotalCommon
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Balances as of December 31, 2018$2,196  $  $161  $(1,060) $3,095  
Net income325  —  —  —  325  
Other comprehensive loss(39) —  —  (39)   
Balances as of September 30, 2019$2,482  $  $161  $(1,099) $3,420  

Three months ended September 30, 2018 (Millions)TotalCommon
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Balances as of June 30, 2018$2,077  $  $161  $(1,009) $2,925  
Net income109  —  —  —  109  
Other comprehensive loss(16) —  —  (16)   
Balances as of September 30, 2018$2,170  $  $161  $(1,025) $3,034  

Nine months ended September 30, 2018 (Millions)TotalCommon
Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Balances as of December 31, 2017$1,871  $  $161  $(998) $2,708  
Net income326  —  —  —  326  
Other comprehensive loss(27) —  —  (27)   
Balances as of September 30, 2018$2,170  $  $161  $(1,025) $3,034  
See Notes to Consolidated Financial Statements.

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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
The Company
Credco is a wholly owned subsidiary of American Express Travel Related Services Company, Inc. (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 is required to maintain its fixed charge coverage ratio at a minimum of 1.25, which is achieved by charging appropriate discount rates on the purchase of receivables Credco makes from, and the interest rates on the loans Credco provides to, TRS and other American Express subsidiaries. Each monthly period, the discount and interest rates are determined to generate income for Credco that is sufficient to maintain its minimum fixed charge coverage ratio, whilst maintaining the intention for these transactions to occur on an arm's-length basis. Should it be required, American Express would provide Credco with financial support with respect to maintenance of its minimum fixed charge coverage ratio. The revenue earned by Credco from purchasing Card Member receivables and Card Member loans at a discount is reported as discount revenue 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, 2018 (the 2018 Form 10-K). 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.


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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
RECENTLY ISSUED AND ADOPTED ACCOUNTING STANDARDS
Recently Issued Accounting Standards
In June 2016, the Financial Accounting Standards Board (FASB) issued new accounting guidance for the recognition of credit losses on financial instruments, effective January 1, 2020. The guidance introduces a new credit reserving methodology known as the Current Expected Credit Loss (CECL) methodology, which differs significantly from the incurred loss approach used today and will alter the estimation process, inputs and assumptions used in estimating credit losses. The CECL methodology requires measurement of expected credit losses for the estimated life of the financial instrument, not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. At the date of adoption, the change in reserves will be recorded in retained earnings as a cumulative-effect adjustment.
Credco continues to evaluate the impact the new guidance will have on its financial position and results of operations. As part of Credcos evaluation of the estimated impacts of CECL, it has run multiple simulations based on its portfolio composition and current expectations of future economic conditions. Credco expects a net decrease in total reserves for credit losses based on the comparison of preliminary CECL estimates as compared to the incurred loss model applied today, primarily due to the lifetime loss requirement of CECL and the relatively short estimated average life of Card Member receivables. The actual impact at adoption will depend on the outstanding balances, characteristics of Credco’s receivable and loan portfolios, macroeconomic conditions and forecasted information at the date of adoption.

Credco, along with American Express, continues its cross-functional implementation efforts and has substantially completed development of its CECL models. Model validation, user acceptance testing and parallel runs will continue through the remainder of 2019.
Recently Adopted Accounting Standards

In February 2018, as a result of the enactment of the Tax Cuts and Jobs Act (the Tax Act), the FASB issued new accounting guidance on the reclassification of certain tax effects from accumulated other comprehensive income (AOCI) to retained earnings. Credco adopted the new guidance effective January 1, 2019 and did not elect the optional reclassification.
2. 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, 2019 and December 31, 2018 consisted of:
(Millions)20192018
Global Consumer Services Group (a)
$8,785  $8,485  
Global Commercial Services (b)
16,170  16,111  
Card Member receivables(c)
24,955  24,596  
Less: Reserve for losses168  167  
Card Member receivables, net (d)
$24,787  $24,429  

(a)Comprised of U.S. and International Consumer Services.
(b)Comprised of Corporate and Small Business Services.
(c)Net of deferred discount revenue totaling $70 million and $68 million as of September 30, 2019 and December 31, 2018, respectively.
(d)Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial.


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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Card Member loans as of September 30, 2019 and December 31, 2018 consisted of:
(Millions)20192018
Global Consumer Services Group (a)
$642  $641  
Less: Reserve for losses8  5  
Card Member loans, net (b)
$634  $636  

(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, 2019 and December 31, 2018:
2019 (Millions)Current30-59
Days
Past Due
60-89
Days
Past Due
90+
Days
Past Due
Total
Card Member Receivables:
Global Consumer Services Group$8,702  $29  $15  $39  $8,785  
Global Commercial Services
Global Small Business Services1,926  10  4  9  1,949  
Global Corporate Payments (a)
(b)(b)(b)94  14,221  
Card Member Loans:
Global Consumer Services Group$636  $2  $1  $3  $642  

2018 (Millions)Current30-59
Days
Past Due
60-89
Days
Past Due
90+
Days
Past Due
Total
Card Member Receivables:
Global Consumer Services Group$8,432  $17  $12  $24  $8,485  
Global Commercial Services
Global Small Business Services1,787  7  4  7  1,805  
Global Corporate Payments (a)
(b)(b)(b)103  14,306  
Card Member Loans:
Global Consumer Services Group$636  $2  $1  $2  $641  

(a)For Global Corporate Payments Card Member receivables in Global Commercial Services, 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.
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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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:
20192018
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 Group1.04 %0.94 %1.24 %0.62 %
Global Small Business Services1.31 %1.18 %1.51 %0.86 %
Card Member Loans:
Global Consumer Services Group1.44 %0.93 %0.93 %0.68 %

20192018
Net Loss Ratio as a % of Charge Volume(b)
90+ Days Past Billing as a % of Receivables
Net Loss Ratio as a % of Charge Volume(b)
90+ Days Past Billing as a % of Receivables
Card Member Receivables:
Global Corporate Payments0.06 %0.66 %0.07 %0.78 %

(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 receivables or Card Member loans balances in each of the periods indicated.
(b)Represents the amount of Card Member receivables owned by Credco that are written off, net of recoveries, expressed as a percentage of the volume of Card Member receivables purchased by Credco in each of the periods indicated.

3. Reserves for Losses

Reserves for losses relating to Card Member receivables and Card Member loans represent management’s best estimate of the probable inherent losses in Credco’s outstanding portfolio of receivables and loans, as of the balance sheet date. Management’s evaluation process requires certain estimates and judgments.
Changes in Card Member Receivables Reserve for Losses
The following table presents changes in the Card Member receivables reserve for losses for the nine months ended September 30:
(Millions)20192018
Balance, January 1$167  $145  
Provisions160  186  
Other credits (a)
13  51  
Net write-offs (b)
(166) (173) 
Other debits (c)
(6) (26) 
Balance, September 30$168  $183  

(a)Primarily reserve balances related to new groups of, and participation interests in, Card Member receivables purchased from affiliates, totaling $2.7 billion and $9.7 billion for the nine months ended September 30, 2019 and 2018, respectively.
(b)Net of recoveries of $94 million and $84 million for the nine months ended September 30, 2019 and 2018, respectively.
(c)Primarily reserve balances related to participation interests in Card Member receivables sold to an affiliate. Participation interests in Card Member receivables sold totaled $1.1 billion and $4.5 billion for the nine months ended September 30, 2019 and 2018, respectively.

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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Changes in Card Member Loans Reserve for Losses
The following table presents changes in the Card Member loans reserve for losses for the nine months ended September 30:
(Millions)20192018
Balance, January 1$5  $5  
Provisions10  4  
Net write-offs (a)
(7) (4) 
Balance, September 30$8  $5  

(a)Net of recoveries of $1.0 million for both the nine months ended September 30, 2019 and 2018.
4. 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 Credcos market risk management. Credco does not transact in derivatives for trading purposes.
In relation to Credco’s credit risk, certain of Credco’s bilateral derivative agreements include provisions that allow 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, 2019, these derivatives were not in a material net liability position. Based on Credco’s assessment of the credit risk of its derivative counterparties as of September 30, 2019 and December 31, 2018, no credit risk adjustment to the derivative portfolio was required.
A majority of Credco’s derivative assets and liabilities as of September 30, 2019 and December 31, 2018 are subject to master netting agreements with its derivative counterparties. Credco has no derivative amounts subject to enforceable master netting arrangements that are not offset on the Consolidated Balance Sheets.
The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of September 30, 2019 and December 31, 2018:
Other AssetsOther Liabilities
Fair ValueFair Value
(Millions)2019201820192018
Derivatives designated as hedging instruments:
    Fair value hedges - Interest rate contracts (a)(b)
$  $  $  $  
    Net investment hedges - Foreign exchange contracts65  57  2  10  
Total derivatives designated as hedging instruments65  57  2  10  
Derivatives not designated as hedging instruments:
    Foreign exchange contracts62  220  78  6  
Total derivatives, gross127  277  80  16  
Less: Derivative asset and derivative liability netting (c)
(43) (11) (43) (11) 
Total derivatives, net$84  $266  $37  $5  
(a)For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral.
(b)Credco posted $41 million and $55 million as of September 30, 2019 and December 31, 2018, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other assets on Credco’s Consolidated Balance Sheets and are not netted against the derivative balances.
(c)Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparties under an enforceable master netting arrangement.



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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Fair Value Hedges

Credco is exposed to interest rate risk associated with its fixed-rate debt obligations. At the time of issuance, certain fixed-rate long-term debt obligations are designated in fair value hedging relationships, using interest rate swaps, to economically convert the fixed interest rate to a floating interest rate. Credco has $8.8 billion and $13.8 billion of its fixed-rate debt obligations designated in fair value hedging relationships as of September 30, 2019 and December 31, 2018, respectively.
The following table presents the gains and losses recognized in Interest expense on the Consolidated Statements of Income associated with the fair value hedges of Credco’s fixed-rate long-term debt for the three and nine months ended September 30:
Gains (losses)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions)2019201820192018
Fixed-rate long-term debt$(22) $(4) $(177) $123  
Derivatives designated as hedging instruments26  2  183  (113) 
Total$4  $(2) $6  $10  
The carrying values of the hedged liabilities, recorded within Long-term debt on the Consolidated Balance Sheets, were $8.7 billion and $13.5 billion as of September 30, 2019 and December 31, 2018, respectively, including the cumulative amount of fair value hedging adjustments of $6 million and $184 million for the respective periods.
Credco recognized net increases of $21 million and $23 million in Interest expense on long-term debt for the three months ended September 30, 2019 and 2018, respectively, and $81 million and $46 million for the nine months ended September 30, 2019 and 2018, respectively, primarily related to the net settlements (interest accruals) on Credco’s interest rate derivatives designated as fair value hedges.
Net Investment Hedges
Credco had notional amounts of approximately $3.0 billion and $2.9 billion of foreign currency derivatives designated as net investment hedges as of September 30, 2019 and December 31, 2018, respectively. The gain or loss on net investment hedges, net of taxes, recorded in AOCI as part of the cumulative translation adjustment, were a gain of $50 million and a loss of $3 million for the three months ended September 30, 2019 and 2018, respectively, and gains of $29 million and $59 million for the nine months ended September 30, 2019 and 2018, respectively.
Derivatives Not Designated as Hedges
The changes in the fair value of derivatives that are not designated as hedges are intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures. The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in net gains of $20 million and $10 million for the three months ended September 30, 2019 and 2018, respectively, and $69 million and $40 million for the nine months ended September 30, 2019 and 2018, respectively, that are recognized in Other expenses on the Consolidated Statements of Income.
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AMERICAN EXPRESS CREDIT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5. 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, 2019 and December 31, 2018:
(Millions)20192018
Assets:
Derivatives, gross (a)
$127  $277  
Total Assets127  277  
Liabilities:
Derivatives, gross (a)
80  16  
Total Liabilities$80  $16  
(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, 2019 and December 31, 2018. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2019 and December 31, 2018, and require management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of Credco be estimated by aggregating the amounts presented.
Carrying
Value
Corresponding Fair Value Amount
2019 (Billions)TotalLevel 1Level 2Level 3
Financial Assets:
Financial assets for which carrying values
    equal or approximate fair value