Variable Interest Entity

12 Months Ended

Dec. 31, 2017

Variable Interest Entity [Abstract]

Variable Interest Entity

Note 8–Variable Interest Entity

Credco has established a VIE, American Express Canada Credit Corporation (AECCC), used primarily to lend funds to affiliates, through the issuance of notes in Canada under a medium-term note program. All notes issued under this program are fully guaranteed by Credco. Credco is considered the primary beneficiary of the entity and owns all of the outstanding voting interests and, therefore, consolidates the entity. Total assets as of December 31, 2017 and2016 were $0.5 billion and $1.7 billion respectively. As of December 31, 2017 and 2016, nil and $1.7 billion, respectively, of assets were eliminated in consolidation. Total liabilities as of December 31, 2017 and 2016 were $0.5 billion and $1.7 billion respectively. As of December 31, 2017 and 2016,niland $1.3 billion, respectively, of liabilities were eliminated in consolidation. The assets of the VIE are not used solely to settle the obligations of the VIE. The note holders of the VIE have recourse to Credco.