Transactions With Affiliates (Tables)

12 Months Ended

Dec. 31, 2018

Transactions with affiliates as of or for the years ended December 31, were as follows:

(Millions, except percentages)		2018			2017			2016
Loans to affiliates and other	$	14,136		$	14,527		$	10,659
Average interest rate on loans to affiliates and other		2.79	%		2.19	%		1.78	%
Due from affiliates	$	210		$	189		$	997
Restricted cash with affiliates		93			100			―
Short-term debt to affiliates		5,899			5,997			4,559
Average interest rate on short-term debt to affiliates		2.09	%		1.04	%		0.49	%
Maximum month-end level of short-term debt during the year	$	14,216		$	8,377		$	5,091
Long term debt to affiliates		7,523			270			―
Average interest rate on long-term debt to affiliates		2.69	%		0.23	%		―
Maximum month-end level of long-term debt during the year	$	8,725		$	270		$	―
Due to affiliates		2,869			1,988			1,517
Maximum month-end level of loans to affiliates during the year		14,136			14,527			13,083
Interest income from affiliates and other		383			279			207
Interest expense to affiliates		225			58			24
Other, net expense		2			2			1
Interest paid on short-term and long-term debt	$	198		$	54		$	21

Components of loans to affiliates

The components of loans to affiliates and other as of December 31 were as follows:

(Millions)		2018		2017
American Express Limited	$	3,847	$	3,847
American Express Services Europe Limited		3,552		2,747
American Express Australia Limited		1,839		1,616
Amex Bank of Canada		1,334		1,737
American Express International, Inc.		1,243		1,180
Amex Global Holdings C.V.		888		888
American Express Company (Mexico) S.A. de C.V.		463		812
American Express International, Inc. - Branch - Singapore		383		124
American Express Bank (Mexico) S.A.		348		325
Alpha Card S.C.R.L./C.V.B.A.		114		138
American Express International (NZ), Inc.		72		80
American Express Saudi Arabia (C) JSC		53		34
Amex Funding Management (Europe) Limited		―		38
American Express Company		―		961
Total ^(a)	$	14,136	$	14,527

As of December 31, 2018 and 2017, approximately $7.2 billion and $5.0 billion, respectively, were collateralized by the underlying Card Member receivables and loans transferred with recourse.

Components of short-term debt to affiliates

Short-term debt to affiliates consists primarily of master note agreements payable on demand. Credco does not expect any changes to its short-term funding strategies with affiliates. Components of short-term debt to affiliates as of December 31 were as follows:

(Millions)		2018		2017
AE Exposure Management Limited	$	5,122	$	4,548
American Express Europe LLC		517		765
American Express Holdings Netherlands CV		192		192
Accertify Inc.		68		48
American Express Swiss Holdings GmbH		―		444
Total	$	5,899	$	5,997

Components of long-term debt to affiliates

Components of long-term debt to affiliates as of December 31 were as follows:

		2018				2017
		Outstanding	Year-End Stated			Outstanding	Year-End Stated
		Balance	Interest Rate on			Balance	Interest Rate on
(Millions, except percentages)			Debt				Debt
American Express Company^(a)	$	7,240	3.32	%	$	―	―	%
Amex Funding Management
(Europe) Limited^(b)		283	0.28			―	―
LB Luxembourg Two S.a.r.l.		―	―			270	0.22
Total	$	7,523	3.20	%	$	270	0.22	%

Amounts payable by November 2023.
Amounts payable by September 2021.