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Other Liabilities
 12 Months Ended
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]  
Other Liabilities
OTHER LIABILITIES
The following is a summary of Other liabilities as of December 31:
(Millions)
20232022
Membership Rewards liability
$13,742 $12,789 
Book overdraft balances (a)
9,897 7,352 
Deferred card and other fees, net
3,442 3,027 
Employee-related liabilities (b)
2,567 2,530 
Card Member rebate and reward accruals (c)
2,061 2,126 
Income tax liability (d)
1,275 1,651 
Other (e)
8,655 7,875 
Total
$41,639 $37,350 
(a)Primarily includes negative cash balances for accounts without an associated overdraft facility, due to timing differences arising in the ordinary course of business.
(b)Includes employee benefit plan obligations and incentive compensation.
(c)Card Member rebate and reward accruals include payments to third-party reward partners and cash-back rewards.
(d)Includes repatriation tax liability of $998 million and $1,012 million as of December 31, 2023 and 2022, respectively, which represents our remaining obligation under the Tax Cuts and Jobs Act enacted on December 22, 2017 (Tax Act) to pay a one-time transition tax on unrepatriated earnings and profits of certain foreign subsidiaries, the net position for current federal, state and non-U.S. income tax liabilities and deferred tax liabilities for foreign jurisdictions.
(e)Primarily includes prepaid products and Travelers Cheques, lease liabilities, derivative liabilities, accruals for general operating expenses, payments to cobrand partners, unfunded commitments for tax credit investments, client incentives and dividends payable.
MEMBERSHIP REWARDS
The Membership Rewards program allows enrolled Card Members to earn points that can be redeemed for a broad variety of rewards including, but not limited to, travel, shopping, gift cards, and covering eligible charges. We record a Membership Rewards liability that represents our best estimate of the cost of points earned that are expected to be redeemed by Card Members in the future. The weighted average cost (WAC) per point and the Ultimate Redemption Rate (URR) are the key assumptions used to estimate the liability. We use statistical and actuarial models to estimate the URR based on redemption trends, card product type, enrollment tenure, card spend levels and credit attributes. The WAC per point assumption is derived from 12 months of redemptions and is adjusted as appropriate for certain changes in redemption costs that are not representative of future cost expectations and expected developments in redemption patterns.
The expense for Membership Rewards points is included in Card Member rewards expense. We periodically evaluate our liability estimation process and assumptions based on changes in cost per point redeemed, partner contract changes and developments in redemption patterns, which may be impacted by product refreshes, changes in redemption options and mix of proprietary cards-in-force.
DEFERRED CARD AND OTHER FEES, NET
The carrying amount of deferred card and other fees, net of deferred direct acquisition costs and reserves for membership cancellations, as of December 31, 2023 was as follows:
(Millions)20232022
Deferred card and other fees (a)
$3,818 $3,380 
Deferred direct acquisition costs(158)(173)
Reserves for membership cancellations(218)(180)
Deferred card and other fees, net$3,442 $3,027 
(a)Includes deferred fees for Membership Rewards program participants.