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Other Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Other Liabilities
OTHER LIABILITIES
The following is a summary of Other liabilities as of December 31:
TABLE 9.1: OTHER LIABILITIES
(Millions)
20242023
Membership Rewards liability
$14,752 $13,742 
Deferred card and other fees, net
4,042 3,442 
Book overdraft balances (a)
3,461 9,897 
Employee-related liabilities (b)
2,676 2,567 
Card Member rebate and reward accruals (c)
2,121 2,061 
Income tax liability (d)
1,386 1,275 
Other (e)
8,373 8,655 
Total
$36,811 $41,639 
(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 $749 million and $998 million as of December 31, 2024 and 2023, respectively, which represents our remaining obligation under the Tax Cuts and Jobs Act enacted on December 22, 2017 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, accruals for general operating expenses, unfunded commitments for tax credit investments, payments to cobrand partners, dividends payable and client incentives.
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 statement credits. 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 was as follows:
TABLE 9.2: DEFERRED CARD AND OTHER FEES, NET
(Millions)20242023
Deferred card and other fees (a)
$4,475 $3,818 
Deferred direct acquisition costs(180)(158)
Reserves for membership cancellations(253)(218)
Deferred card and other fees, net$4,042 $3,442 
(a)Includes deferred fees for Membership Rewards program participants.