Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Subsequent to year end, American Express removed U.S. consumer and small business Card Member receivables from the Charge Trust and substantially replaced them with U.S. corporate Card Member receivables.

To effect this change, on January 7, 2020, Credco sold $5.2 billion of U.S. corporate Card Member receivables to TRS. Then on February 1, 2020, TRS transferred $5.2 billion of U.S. corporate Card Member receivables to the Charge Trust and removed $7.2 billion of U.S. consumer and small business Card Member receivables from the Charge Trust. Since Credco maintains participation interests in the Charge Trust, these transactions resulted in Credco (i) no longer having an interest in the $7.2 billion in U.S. consumer and small business Card Member receivables and (ii) having an interest in the U.S. corporate Card Member receivables in the Charge Trust. Settlement of these transactions was undertaken through borrowings from American Express Company and thus Long-term debt to affiliates has also decreased by $7.2 billion.