UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Transition Period from ____ to ____

Commission file No. 1-6908

AMERICAN EXPRESS CREDIT CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	11-1988350
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York	10285
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 640-2000

None

(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
0.625 percent Senior Notes, due November 22, 2021	AXP/21	New York Stock Exchange

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND HAS THEREFORE OMITTED CERTAIN ITEMS FROM THIS REPORT IN ACCORDANCE WITH THE REDUCED DISCLOSURE FORMAT PERMITTED UNDER GENERAL INSTRUCTION H(2).

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                

þ Yes     o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

þ Yes  o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         

☐ Yes    þ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at August 5, 2021
Common Stock (par value $0.10 per share)	1,504,938	Shares

AMERICAN EXPRESS CREDIT CORPORATION

FORM 10-Q

INDEX

Part I.	Financial Information		Page No.
	Item 1.	Financial Statements
		Consolidated Statements of Income – Three and Six Months Ended June 30, 2021 and 2020	11
		Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2021 and 2020	12
		Consolidated Balance Sheets – June 30, 2021 and December 31, 2020	13
		Consolidated Statements of Cash Flows – Six Months Ended June 30, 2021 and 2020	14
		Consolidated Statements of Shareholder’s Equity – Three and Six Months Ended June 30, 2021 and 2020	15
		Notes to Consolidated Financial Statements	16
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)	1
	Item 4.	Controls and Procedures	28
Part II.	Other Information
	Item 1A.	Risk Factors	29
	Item 6.	Exhibits	30
Signatures			31

Throughout this report the term “Credco” refer to American Express Credit Corporation and its subsidiaries on a consolidated basis, and the term “American Express” refers to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties.

PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

Overview

Credco is a wholly owned subsidiary of American Express Travel Related Services Company, Inc. (TRS), which is a wholly owned subsidiary of American Express Company (American Express). Both American Express and TRS are bank holding companies.

Credco is engaged in the business of financing certain non-interest-earning Card Member receivables arising from the use of the American Express charge cards issued in the United States and in certain countries outside the United States. Credco also finances certain interest-earning revolving loans generated by Card Member spending on American Express credit cards issued in non-U.S. markets.

Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section.

Business Environment

Management’s discussion of Credco’s results should be read in the context of the wider business environment for American Express. American Express’ results for the second quarter reflect an acceleration of the improvement in its core business over the last several quarters as well as continued strong credit performance. American Express believes the steps it has taken to manage through the pandemic and its strategy of investing to rebuild its growth momentum are helping it to make sustainable progress towards its longer-term financial objectives. The pace of improvement towards pre-pandemic network volumes that started during the second half of last year has continued, with overall spending volumes exceeding pre-pandemic levels in June. At the same time, certain international countries around the globe continue to face challenges with renewed lockdowns and travel restrictions and there remains uncertainty relating to the ongoing spread and severity of the virus. To the extent that the pandemic continues to have negative impacts on economies, American Express’ results will be affected.

American Express experienced significant adverse impacts during the prior year due to the COVID-19 pandemic and the resulting containment measures implemented by local and national authorities. Year-over-year comparisons for the three-month period reflect the peak of the pandemic impact on its business in 2020, with less of an impact for the six-month period due to the pre-pandemic results for the first two months in the prior year.

American Express’ worldwide network volumes for the second quarter increased 50 percent year-over-year (46 percent on an FX-adjusted basis1) and were down 1 percent (2 percent on an FX-adjusted basis1) from pre-pandemic levels. While U.S. network volumes increased 53 percent versus the prior year and exceeded pre-pandemic levels, international network volumes grew 42 percent (32 percent on an FX-adjusted basis1). International volumes are recovering more slowly due to the slower pace of travel and entertainment (T&E) spending recovery from the pandemic in certain international countries, combined with the historical greater reliance on T&E spending outside the U.S.

American Express continued to see different recovery trends for Goods & Services (G&S) and T&E spend. G&S spend, which accounts for the majority of American Express’ volumes, increased year-over-year and continued to strengthen, and growth exceeded pre-pandemic levels. T&E spend more than tripled versus the prior year, with a significant acceleration in year-over-year growth compared to the first quarter; however, T&E spending remained well below the pre-pandemic levels. T&E spend represents spend on travel and entertainment, which primarily includes airline, cruise, lodging and dining merchant categories, and G&S spend represents transactions in all other merchant categories.

1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).

1

American Express’ Card Member loans increased 8 percent, which was lower than the growth in its billed business, also due to the higher paydown rates. American Express expects recovery in loan balances and Net interest income to continue to lag the improvement in spend volumes. The total balance of loans and receivables in American Express’ financial relief programs saw a significant reduction as compared to the prior quarter and the prior year; however, they remain higher than pre-pandemic levels.

Provisions for credit losses decreased and resulted in a net benefit, primarily due to a reserve release in the current year versus a reserve build in the prior year and lower net write-offs. American Express does not expect to see a material increase in write-off rates in the remainder of this year. The reserve release in the current quarter was driven by strong credit performance and a somewhat improved macroeconomic outlook, which was partially offset by an increase in the outstanding balance of loans and receivables. Credco’s provisions for credit losses also decreased and resulted in a net benefit. Refer to “Results of Operations” in MD&A and Note 3 to the “Consolidated Financial Statements” for additional information. The improved credit performance was driven by American Express’ strong risk management practices and the current record levels of government stimulus and the broad availability of forbearance programs that are beginning to taper off.

See “Cautionary Note Regarding Forward-Looking Statements” for information on legislative and regulatory changes, additional impacts of the COVID-19 pandemic and other matters that could have a material adverse effect on Credco’s results of operations and financial condition.

Results of Operations for the Six Months Ended June 30, 2021 and 2020

Net income depends largely on the volume of Card Member receivables and Card Member loans purchased, the discount rate used to determine purchase price, interest earned, interest expense, collectability of purchased Card Member receivables and Card Member loans, and income taxes. These discussions should be read in conjunction with the discussion under “Business Environment,” which contains further information on the COVID-19 pandemic and the related impacts on Credco’s results of operations.

Credco’s consolidated net income increased by $172 million to $276 million, as compared to net income of $104 million for the same period in 2020. The year-over-year increase was primarily driven by a decline in provision for credit losses and interest expense, as well as an increase in interest income, partially offset by lower discount revenue earned from Card Member receivables.

Table 1: Total Revenues Summary

Six Months Ended June 30,						Change
(Millions, except percentages)		2021		2020			2021 vs. 2020
Discount revenue earned from purchased
	Card Member receivables and Card Member loans	$	135	$	524		$	(389)	(74)	%
Interest income from affiliates and other		182		47			135		#
Finance revenue		33		44			(11)		(25)
Total revenues		$	350	$	615		$	(265)	(43)	%

# Denotes a variance of 100 percent or more

Total revenues

Discount revenue decreased due to lower discount rates on Card Member receivables purchased driven by improvements in the credit environment.

Interest income increased, reflecting a higher expectation as to the collectability of collateralized loan arrangements as a result of improvements in the credit environment.

Finance revenue decreased, primarily due to lower average outstanding Card Member loan balances.

2

Table 2: Total Expenses Summary

Six Months Ended June 30,					Change
(Millions, except percentages)	2021		2020		2021 vs. 2020
Provisions for credit losses	$	(38)	$	276	$	(314)	#
Interest expense	57		132		(75)		(57)	%
Interest expense to affiliates	6		65		(59)		(91)
Other, net	6		(14)		20		#
Total expenses	$	31	$	459	$	(428)	(93)	%

# Denotes a variance of 100 percent or more

Total expenses

Provisions for credit losses decreased and resulted in a net benefit due to reserve releases in the current period versus reserve builds in the prior period and lower net write-offs. The reserve releases in the current period were driven by improving macroeconomic outlooks, which were partially offset by a reserve build related to an increase in the outstanding balance of receivables. The significant reserve builds in the prior period were due to the deterioration of the global macroeconomic outlook, as a result of the COVID-19 pandemic, partially offset by decreases in the outstanding balances of receivables and loans.

Interest expense decreased, primarily due to scheduled debt maturities and lower interest rates during the period.

Interest expense to affiliates decreased, primarily due to decrease in average debt balances and lower interest rates.

Other, net expenses increased, primarily driven by lower forward point gains.

Table 3: Provisions for Credit Losses Summary

Six Months Ended June 30,					Change
(Millions, except percentages)	2021		2020		2021 vs. 2020
Card Member receivables
Net write-offs	$	28	$	101	$	(73)	(72)	%
Reserve (release) build (a)	(74)		163		(237)		#
Total	(46)		264		(310)		#
Card Member loans
Net write-offs	7		6		1		17
Reserve build (a)	1		6		(5)		(83)
Total	8		12		(4)		(33)	%
Total provisions for credit losses	$	(38)	$	276	$	(314)	#

# Denotes a variance of 100 percent or more

(a)Reserve build (release) represents the portion of the provisions for credit losses for the period, related to increasing or decreasing reserves for credit losses as a result of, among other things, changes in volume, macroeconomic outlook, portfolio composition and credit quality of portfolios. Reserve build represents the amount by which the provision for credit losses exceeds net write-offs, while reserve release represents the amount by which net write-offs exceeds the provision for credit losses.

Refer to Note 3 to the “Consolidated Financial Statements” for the range of key variables in the macroeconomic scenarios utilized for the computation of Credco’s reserves for credit losses and factors contributing to the debit reserve balance for Card Member receivables as of June 30, 2021.

Income taxes

The effective tax rate was 13.9 percent and 28.1 percent for the three months ended June 30, 2021 and 2020, respectively, and 13.5 percent and 33.3 percent for the six months ended June 30, 2021 and 2020, respectively. The decrease for both the periods primarily reflected the impact of discrete tax charges and lower pretax income in the prior year. Refer to Note 7 to the “Consolidated Financial Statements” for additional information.

3

Card Member receivables and Card Member loans

As of June 30, 2021 and December 31, 2020, Credco owned $12.9 billion and $12.2 billion, respectively, of gross Card Member receivables. Card Member receivables represent amounts due on American Express charge card products and are recorded at the time they are purchased from the seller. Included in Card Member receivables are Credco Receivables Corporation’s (CRC) purchases of participation interests from American Express Receivables Financing Corporation VIII LLC (RFC VIII) in conjunction with TRS’ securitization program. As of June 30, 2021 and December 31, 2020, CRC owned approximately $4.7 billion and $4.2 billion, respectively, of such participation interests.

The net volume of Card Member receivables and Card Member loans purchased during the six months ended June 30, 2021 and 2020 was approximately $81 billion and $75 billion, respectively.

As of June 30, 2021 and December 31, 2020, Credco owned gross Card Member loans totaling $479 million and $500 million, respectively. These loans generally represent revolving amounts due on American Express lending card products.

The following table summarizes selected information related to the Card Member receivables portfolio as of June 30:

Table 4: Selected Information Related to Card Member Receivables

(Millions, except percentages and where indicated)		2021			2020
Total gross Card Member receivables (a)	$	12,868		$	10,109
Credit loss reserves - Card Member receivables (a)	$	(4)		$	184
Credit loss reserves as a % of receivables		(0.03)	%		1.82	%
Average life of Card Member receivables (# in days) (b)		27			37

(a)Refer to Notes 2 and 3 to the “Consolidated Financial Statements” for further discussion.

(b)Represents the average life of Card Member receivables owned by Credco, based upon the ratio of the average amount of both billed and unbilled receivables owned by Credco at the end of each month, during the periods indicated, to the volume of Card Member receivables purchased by Credco.

Loans to Affiliates and Other

Credco’s loans to affiliates and other represent interest-bearing borrowings by American Express Company, wholly owned subsidiaries of TRS and the joint ventures that issue American Express cards in certain countries.

The components of loans to affiliates and other as of June 30, 2021 and December 31, 2020 were as follows:

Table 5: Loans to Affiliates and Other

(Millions)		2021		2020
American Express Services Europe Limited	$	3,173	$	2,881
American Express Australia Limited		1,810		1,745
Amex Global Holdings C.V.		1,430		1,430
Amex Bank of Canada		959		857
American Express Company (Mexico) S.A. de C.V.		559		540
American Express Company		376		2,772
American Express International, Inc., Singapore Branch		267		303
American Express Bank (Mexico) S.A.		266		257
American Express International (NZ), Inc.		52		56
Alpha Card S.C.R.L./C.V.B.A.		42		25
American Express Saudi Arabia (C) JSC		36		24
Total (a)	$	8,970	$	10,890

(a)As of June 30, 2021 and December 31, 2020, approximately $6.8 billion and $6.4 billion, respectively, were collateralized by the underlying Card Member receivables and Card Member loans transferred with recourse.

4

Due from/to Affiliates

As of June 30, 2021 and December 31, 2020, amounts due from affiliates were $7 million and $6 million, respectively. As of June 30, 2021 and December 31, 2020, amounts due to affiliates were $4.2 billion and $4.3 billion, respectively. These amounts relate primarily to timing differences from the purchase of Card Member receivables, net of remittances from TRS and its subsidiaries, as well as from operating activities. As of both June 30, 2021 and December 31, 2020, due to affiliates also includes an amount pertaining to a tax liability related to the Tax Cuts and Jobs Act of 2017.

Cash and Cash Equivalents

Deposits with Affiliates

As of June 30, 2021 and December 31, 2020, the amount of deposits was $130 million and $451 million, respectively, which represents cash deposited with American Express National Bank (AENB).

Restricted Cash with Affiliates

As of June 30, 2021 and December 31, 2020, the amount of interest-bearing restricted cash was $68 million and $120 million, respectively, which represents cash deposited with Amex Bank of Canada relating to the purchase of Card Member receivables and the collateralized loan arrangement for transfer of Card Member loans.

Short-term Debt to Affiliates

Short-term debt to affiliates consists primarily of interest-bearing master notes payable on demand. Components of short-term debt to affiliates as of June 30, 2021 and December 31, 2020 were as follows:

Table 6: Short-term Debt to Affiliates

(Millions)		2021		2020
American Express Travel Related Services Company, Inc.	$	7,073	$	7,073
AE Exposure Management Limited		1,433		1,193
American Express Holdings Netherlands CV		192		192
Accertify, Inc.		129		107
American Express Swiss Holdings GmbH		28		4
Total	$	8,855	$	8,569

Long-term Debt to Affiliates

Long-term debt to affiliates consists primarily of master note agreements with original contractual maturity dates of one year or greater and are not payable on demand. Components of long-term debt to affiliates as of June 30, 2021 and December 31, 2020 were as follows:

Table 7: Long-term Debt to Affiliates

(Millions)		2021		2020
American Express Company (a)	$	559	$	454
Amex Funding Management (Europe) Limited (b)		359		368
Total	$	918	$	822

(a)Amounts payable by November 2023.

(b)Amounts payable by September 2021.

5

Service Fees to Affiliates

Credco’s affiliates do not explicitly charge Credco a service fee for the servicing of receivables purchased. Instead Credco receives a lower discount rate on the receivables purchased than would be the case if servicing fees were charged. If a servicing fee had been charged by these affiliates from which Credco purchases receivables, fees to affiliates for servicing receivables would have been approximately $123 million and $125 million for the six months ended June 30, 2021 and 2020, respectively. Correspondingly, discount revenue would have increased by approximately the same amounts in these periods.

CONSOLIDATED CAPITAL RESOURCES AND LIQUIDITY

Credco’s balance sheet management objectives are to maintain:

•A broad, deep and diverse set of funding sources to finance its assets and meet operating requirements; and

•Liquidity programs that enable Credco to continuously meet expected future financing obligations and business requirements for at least a twelve-month period in the event it is unable to continue to raise new funds under its traditional funding programs during a substantial weakening in economic conditions.

Credco is monitoring the changing macroeconomic environment and is managing its balance sheet to reflect evolving circumstances.

Funding Strategy

American Express has in place an enterprise-wide funding policy. The principal funding objective is to maintain broad and well-diversified funding sources to allow American Express, including Credco, to meet its maturing obligations, cost-effectively finance asset growth in its global businesses as well as to maintain a strong liquidity profile.

Credco has historically relied on intercompany borrowings and the debt capital markets to fulfill a substantial amount of its funding needs. It has a variety of funding sources available to access the debt capital markets, including senior unsecured debt and commercial paper. Credco continues to assess its funding needs and investor demand and could change the mix of its existing sources as well as add new sources to its funding mix. Credco’s funding plans can vary due to various risks and uncertainties, such as the disruption of financial markets or reductions in market capacity and demand for securities offered by Credco as well as any regulatory changes or changes in its long-term or short-term credit ratings. Many of these risks and uncertainties are beyond Credco’s control.

Credco’s funding strategy is designed, among other things, to maintain appropriate and stable unsecured debt ratings from the major credit rating agencies: Fitch Ratings (Fitch), Moody’s Investor Services (Moody’s) and Standard & Poor’s (S&P). Such ratings help support Credco’s access to cost-effective unsecured funding as part of its overall funding strategy.

Table 8: Unsecured Debt Ratings

Credit Agency	Short-Term Ratings	Long-Term Ratings	Outlook
Fitch	F1	A	Stable
Moody’s	Prime-1	A2	Stable
S&P	A-2	A-	Stable

These ratings are not a recommendation to buy or hold any of Credco’s securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Downgrades in the ratings of Credco’s unsecured debt could result in higher funding costs, as well as higher fees related to borrowings under its unused credit facilities. Declines in credit ratings could also reduce Credco’s borrowing capacity in the unsecured term debt and commercial paper markets. The overall level of the funding provided by Credco to other American Express affiliates is impacted by a variety of factors, among them Credco’s ratings. To the extent that Credco is subject to a higher cost of funds, whether due to an adverse ratings action or otherwise, the affiliates could continue to use, or could increase their use of, alternative sources of funding for their receivables that offer better pricing.

6

Short-term Funding Programs

Short-term borrowings, such as commercial paper, is defined as debt with original contractual maturity of twelve months or less. Credco’s issuance and sale of commercial paper is primarily utilized for working capital needs. The amount of short-term borrowings issued in the future will depend on Credco’s funding strategy, its needs and market conditions. Credco had nil commercial paper outstanding as of both June 30, 2021 and December 31, 2020. The average commercial paper outstanding was nil and $0.6 billion for the six months ended June 30, 2021 and the year ended December 31, 2020, respectively.

Long-term Debt Programs

Long-term debt is raised through the offering of debt securities both in and outside the United States. Long-term debt is generally defined as any debt with an original contractual maturity greater than twelve months. During the six months ended June 30, 2021, Credco did not issue any unsecured debt securities.

Credco had the following long-term debt outstanding as of June 30, 2021 and December 31, 2020:

Table 9: Long-Term Debt Outstanding

(Billions)		2021		2020
Long-term debt outstanding (a)	$	5.2	$	7.0
Average long-term debt (b)	$	6.2	$	9.1

(a)The outstanding balances include (i) unamortized discount, (ii) the impact of movements in exchange rates on foreign currency denominated debt and (iii) the impact of fair value hedge accounting on certain fixed-rate notes that have been swapped to floating rate through the use of interest rate swaps.

(b)Average long-term debt outstanding during the six months ended June 30, 2021 and the year ended December 31, 2020, respectively.

As of June 30, 2021 and December 31, 2020, Credco had $5.2 billion and $7.0 billion of debt securities outstanding, respectively. Credco may redeem from time to time certain debt securities prior to the original contractual maturity dates in accordance with the optional redemption provisions of those debt securities.

The covenants of debt instruments issued by Credco impose the requirement that Credco maintain a minimum consolidated net worth of $50 million, which limits the amount of dividends Credco can pay to TRS, its parent company. During the six months ended June 30, 2021 and 2020, Credco did not pay any dividends to TRS. When considering the amount of dividends it pays, Credco takes into account the amount of capital required to maintain capital strength, support business growth and meet the expectations of debt investors. To the extent excess capital is available, it may be distributed to TRS, via dividends. There are no significant restrictions on the ability of Credco to obtain funds from its subsidiaries by dividend or loan. Additionally, there are no limitations on the amount of debt that can be issued by Credco, provided it maintains the minimum fixed charge coverage ratio (FCCR) of 1.25. As of June 30, 2021, Credco was in compliance with all restrictive covenants contained in its debt agreements.

Liquidity Management

The liquidity objective of American Express and its subsidiaries, including Credco, is to maintain access to a diverse set of on-and off-balance sheet liquidity sources and seek to maintain liquidity sources in amounts sufficient to meet their expected future financial obligations and business requirements for liquidity for a period of at least twelve months in the event they are unable to raise new funds under their regular funding programs during a substantial weakening in economic conditions.

The liquidity management strategy includes a number of elements, including, but not limited to:

•Maintaining diversified funding sources;

•Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;

•Projecting cash inflows and outflows under a variety of economic and market scenarios; and

•Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements.

7

Credco believes that it currently maintains sufficient liquidity to meet all internal and regulatory liquidity requirements. As of June 30, 2021, Credco had Cash and cash equivalents of approximately $234 million which primarily represents the amount deposited with AENB. In addition to its actual holdings of Cash and cash equivalents, Credco maintains access to additional liquidity, in the form of Cash and cash equivalents held by certain affiliates, through intercompany loan agreements, access to securitization of Card Member receivables through sales of receivables to TRS for securitization by RFC VIII and American Express Issuance Trust II, and a committed bank credit facility.

Committed Bank Credit Facility

Credco maintained a U.S. dollar-denominated committed syndicated bank credit facility as of June 30, 2021 of $3.5 billion with a maturity date of October 15, 2022. As of June 30, 2021, no amounts were drawn on this facility. Credco may, from time to time, use this facility in the ordinary course of business to fund working capital needs. Any undrawn portion of this facility could serve as backstop for the amount of commercial paper outstanding. The availability of this facility is subject to compliance with certain covenants that require maintenance of a 1.25 minimum FCCR. FCCR is the ratio of earnings available for fixed charges (interest expenses including interest expense to affiliates) to fixed charges for the applicable period. Earnings available for fixed charges are defined as net income before fixed charges and income tax provision plus, effective the fourth quarter of 2020, certain capital contributions, if any, made by TRS to Credco.

The committed syndicated bank credit facility does not contain a material adverse change clause, which might otherwise preclude borrowing under the credit facility, nor is it dependent on Credco’s credit rating.

Computations for fixed charge coverage ratio were as follows:

Table 10: Computation in support of fixed charge coverage ratio

(Dollars in Millions)	Six Months Ended June 30, 2021		Years Ended December 31,
			2020		2019		2018
Earnings:
Net income	$	276	$	201	$	418	$	387
Income tax provision	43		121		94		29
Interest expense including interest expense to affiliates	63		276		954		851
Capital contributions from TRS (a)	—		—		N/A		N/A
Earnings available for fixed charges	$	382	$	598	$	1,466	$	1,267
Fixed charges - Interest expense including interest expense to affiliates	$	63	$	276	$	954	$	851
Fixed charge coverage ratio	6.06		2.17		1.54		1.49

(a) Effective fourth quarter of 2020, capital contributions from TRS is part of earnings available for fixed charges.

OTHER MATTERS

Cautionary Note Regarding Forward-Looking Statements

Various statements have been made in this Quarterly Report on Form 10-Q that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may also be made in Credco’s other reports filed with or furnished to the Securities and Exchange Commission (SEC) and in other documents. In addition, from time to time, Credco, through its management, may make oral forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such statements. The words “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “estimate,” “predict,” “potential,” “continue” and similar expressions are intended to identify forward-looking statements. Credco cautions you that the risk factors described below as well as those in Credco’s Annual Report on Form 10-K for the year ended December 31, 2020 are not exclusive. There may also be other risks that Credco is unable to predict at this time that may cause actual results to differ materially from those in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Credco undertakes no obligation to update or revise any forward-looking statements.

8

Factors that could cause actual results to differ materially from Credco’s forward-looking statements include, but are not limited to, the following:

•American Express’ ability to continue building growth momentum and improve its financial performance, which will depend in part on spending volumes and therefore on economies continuing to re-open, vaccination rates increasing, travel restrictions lifting, consumers continuing to spend online and the general public feeling comfortable traveling, shopping and dining out again; credit performance and reserve levels; identifying attractive investment opportunities, including retention and acquisition efforts; its ability to control operating expenses; the effective tax rate remaining consistent with current levels; and its ability to continue its share repurchase program; any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs;

•American Express’ ability to grow volumes, revenues and EPS, which could be impacted by, among other things, uncertainty regarding the continued spread of COVID-19 (including new variants) and the availability, distribution and use of effective treatments and vaccines; a further deterioration in global economic and business conditions; consumer and business spending not growing in line with expectations, including G&S spending not continuing to grow and T&E spending not rebounding to around 80 percent of 2019 levels by the end of 2021; an inability or unwillingness of Card Members to pay amounts owed to American Express; insufficient government support and relief programs to address the ongoing impact of the pandemic; prolonged measures to contain the spread of COVID-19 (including travel restrictions) or premature easing of such containment measures, both of which could further exacerbate the effects on business activity and American Express’ Card Members, partners and merchants; health concerns associated with the pandemic continuing to affect consumer behavior, spending levels and preferences, and travel patterns and demand even after government restrictions are lifted and economies re-open; American Express’ and Credco’s inability to effectively manage risk in an uncertain environment; market volatility, changes in capital and credit market conditions and the availability and cost of capital; issues impacting brand perceptions and its reputation; the amount and efficacy of investments in share, scale and relevance; an inability of business partners to meet their obligations to American Express and its customers due to slowdowns or disruptions in their businesses, bankruptcy or liquidation, or otherwise; the impact of any future contingencies, including, but not limited to, restructurings, impairments, changes in reserves, legal costs, the imposition of fines or civil money penalties and increases in Card Member reimbursements; and the impact of regulation and litigation, which could affect the profitability of American Express’ business activities, limit its ability to pursue business opportunities, require changes to business practices or alter its relationships with partners, merchants and Card Members;

•future credit performance, the level of future write-off rates and the amount and timing of future credit reserve builds and releases, which will depend in part on changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates) and delinquency rates; macroeconomic factors such as unemployment rates, gross domestic product (GDP) and the volume of bankruptcies; the performance of accounts as they graduate and exit from financial relief programs; collections capabilities and recoveries of previously written-off loans and receivables; the enrollment in, and effectiveness of, hardship programs and troubled debt restructurings; continued government support for the economy; and governmental actions that provide forms of relief with respect to certain loans and fees, such as limiting debt collections efforts and encouraging or requiring extensions, modifications or forbearance;

•the growth rate of receivables and loans outstanding being higher or lower than current expectations, which will depend on the behavior of Card Members and their actual spending, borrowing and paydown patterns; government stimulus, liquidity and financial strength in American Express’ customer base and the availability of forbearance programs; American Express’ ability to effectively manage risk and enhance Card Member value propositions; credit actions, including line size and other adjustments to credit availability; and the effectiveness of its strategies to capture a greater share of existing Card Members’ spending and borrowings, reduce Card Member attrition and attract new customers;

•factors beyond Credco’s control such as continued waves of COVID-19 cases, whether and when populations achieve herd immunity, severe weather conditions, natural disasters, power loss, disruptions in telecommunications, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, Card Member receivable and Card Member loan balances and other aspects of its business and results of operations or disrupt its global network systems and ability to process transactions;

9

•credit trends, which will depend in part on the economic environment, including, among other things, the rate of bankruptcies and the unemployment rate, which can affect spending on card products and debt payments by individual and corporate customers;

•the effectiveness of Credco’s risk management policies and procedures, including Credco’s ability to accurately estimate the provisions for losses in Credco’s outstanding portfolio of Card Member receivables and Card Member loans, and operational risk;

•fluctuations in foreign currency exchange rates;

•negative changes in Credco’s credit ratings, which could result in decreased liquidity and higher borrowing costs;

•changes in laws or government regulations affecting American Express’ business, including the potential impact of regulations adopted by regulators relating to certain credit and charge card practices;

•the effect of fluctuating interest rates, which could affect Credco’s borrowing costs and have an adverse effect on the market price of notes issued by Credco;

•the impact on American Express’ business of changes in the substantial and increasing worldwide competition in the payments industry;

•the impact on American Express’ business resulting from a failure in or breach of operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm;

•the impact on American Express’ business that could result from litigation such as class actions or from government regulation or supervision;

•Credco’s ability to satisfy its liquidity needs and execute on its funding plans, which will depend on, among other things, Credco’s future business growth, the impact of global economic, political and other events on market capacity, Credco’s credit ratings, demand for securities offered by Credco, performance by Credco’s counterparties under its bank credit facilities and other lending facilities, and regulatory changes;

•Credco’s tax rate not remaining consistent with current levels, which could be impacted by, among other things, further changes in tax laws and regulation, its geographic mix of income, unfavorable tax audits and other unanticipated tax items;

•American Express’ ability to increase Card Member acquisition activities, provide additional value to Card Members and refresh its premium products, which will be impacted in part by competition, brand perceptions and reputation, and its ability to develop and market value propositions that appeal to Card Members and new customers and offer attractive services and rewards programs, which will depend in part on ongoing investments in Card Member acquisition efforts, addressing changing customer behaviors, new product innovation and development, and enrollment processes, including through digital channels, and infrastructure to support new products, services and benefits;

•American Express’ ability to innovate and strengthen its global network, which will depend in part on its ability to update its systems and platforms, the amount American Express invests in the network and its ability to make funds available for such investments, and technological developments, including capabilities that allow greater digital integration;

•American Express’ ability to introduce new and expanded digital capabilities, which will depend on its success in evolving its products and processes for the digital environment, developing new features in the Amex app and enhancing its digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence to address servicing and other customer needs, and supporting the use of its products as a means of payment through online and mobile channels, all of which will be impacted by investment levels, new product innovation and development and infrastructure to support new products, services and benefits; and

•Credco’s funding plan being implemented in a manner inconsistent with current expectations, which will depend on various factors such as future business growth, the impact of global economic, political and other events on market capacity, demand for securities Credco offers, regulatory changes, ability to securitize and sell receivables and loans and the performance of receivables and loans previously sold in securitization transactions.

A further description of these uncertainties and other risks can be found in the 2020 Form 10-K, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other reports filed with the SEC.

10

ITEM 1. FINANCIAL STATEMENTS

AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
Millions	2021		2020		2021		2020
Revenues
Discount revenue earned from purchased Card Member receivables and   Card Member loans	$	70	$	317	$	135	$	524
Interest income from affiliates and other	80		10		182		47
Finance revenue	16		22		33		44
Total revenues	166		349		350		615
Expenses
Provisions for credit losses	(24)		173		(38)		276
Interest expense	24		53		57		132
Interest expense to affiliates	4		12		6		65
Other, net	4		(3)		6		(14)
Total expenses	8		235		31		459
Pretax income	158		114		319		156
Income tax provision	22		32		43		52
Net income	$	136	$	82	$	276	$	104

See Notes to Consolidated Financial Statements.

11

AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
Millions	2021		2020		2021		2020
Net income	$	136	$	82	$	276	$	104
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	2		59		(7)		(78)
Other comprehensive income (loss)	2		59		(7)		(78)
Comprehensive income	$	138	$	141	$	269	$	26

See Notes to Consolidated Financial Statements.

12

AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Millions, except share data)	June 30, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	234	$	601
Card Member receivables, less reserves for credit losses: 2021, $(4); 2020, $70	12,872		12,087
Card Member loans, less reserves for credit losses: 2021, $21; 2020, $20	458		480
Loans to affiliates and other	8,970		10,890
Due from affiliates	7		6
Other assets	285		244
Total assets	$	22,826	$	24,308
Liabilities and Shareholder’s Equity
Liabilities
Short-term debt to affiliates	$	8,855	$	8,569
Long-term debt	5,242		7,037
Long-term debt to affiliates	918		822
Total debt	15,015		16,428
Due to affiliates	4,213		4,344
Accrued interest and other liabilities	434		641
Total liabilities	$	19,662	$	21,413
Shareholder’s Equity
Common stock, $0.10 par value, authorized 3 million shares; issued and   outstanding 1.5 million shares as of June 30, 2021 and December 31, 2020	—		—
Additional paid-in capital	161		161
Retained earnings	4,109		3,833
Accumulated other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of: 2021, $(1); 2020, $5	(1,106)		(1,099)
Total accumulated other comprehensive income (loss)	(1,106)		(1,099)
Total shareholder’s equity	3,164		2,895
Total liabilities and shareholder’s equity	$	22,826	$	24,308

See Notes to Consolidated Financial Statements.

13

AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30 (Millions)	2021		2020
Cash Flows from Operating Activities
Net income	$	276	$	104
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provisions for credit losses	(38)		276
Amortization of underwriting expense	4		7
Deferred taxes	18		(44)
Changes in operating assets and liabilities:
Interest, taxes and other amounts due to/from affiliates	55		11
Other operating assets and liabilities	(458)		433
Net cash (used in) provided by operating activities	(143)		787
Cash Flows from Investing Activities
Net (increase) decrease in Card Member receivables and Card Member loans (a)	(688)		10,019
Net decrease (increase) in loans to affiliates and other (a)	2,049		(1,812)
Net (decrease) increase in due to/from affiliates	(230)		1,918
Net cash provided by investing activities	1,131		10,125
Cash Flows from Financing Activities
Net decrease in short-term debt	—		(3,216)
Net increase in short-term debt to affiliates	286		2,397
Principal payments of long-term debt	(1,750)		(4,600)
Proceeds from long-term debt to affiliates	105		8,006
Principal payments of long-term debt to affiliates (a)	—		(11,251)
Net cash used in financing activities	(1,359)		(8,664)
Effect of foreign currency exchange rates on cash and cash equivalents	4		(5)
Net (decrease) increase in cash and cash equivalents	(367)		2,243
Cash and cash equivalents at beginning of period	601		149
Cash and cash equivalents at end of period	$	234	$	2,392

Cash and cash equivalents reconciliation	Jun-21		Dec-20		Jun-20		Dec-19
Cash and cash equivalents per Consolidated Balance Sheets	$	234	$	601	$	2,392	$	149
Restricted cash included in Cash and cash equivalents (b)	68		120		112		116
Total cash and cash equivalents excluding restricted cash (c)	$	166	$	481	$	2,280	$	33
Supplemental cash flow information					2021		2020
Non-cash Investing activities
Sales of U.S. Corporate Card Member receivables to TRS (a)					$	—	$	5,493
Lending to American Express Company (a)					—		(416)
Non-cash Financing activities
Settlement of borrowings with American Express Company (a)					$	—	$	(5,077)

(a)During the six months ended June 30, 2020, American Express Travel Related Services Company, Inc. (TRS) removed U.S. Consumer and Small Business Card Member receivables from the American Express Issuance Trust II (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. Settlement of this transaction was undertaken through borrowings from American Express Company.

(b)Represents cash deposited with Amex Bank of Canada relating to the purchase of Card Member receivables and the collateralized loan arrangement for transfer of Card Member loans.

(c)Primarily includes deposits with American Express National Bank (AENB).

See Notes to Consolidated Financial Statements.

14

AMERICAN EXPRESS CREDIT CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY

(Unaudited)

Three months ended June 30, 2021 (Millions)	Total		Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of March 31, 2021	$	3,026	$	—	$	161	$	(1,108)	$	3,973
Net income	136		—		—		—		136
Other comprehensive income	2		—		—		2		—
Balances as of June 30, 2021	$	3,164	$	—	$	161	$	(1,106)	$	4,109

Six months ended June 30, 2021 (Millions)	Total		Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of December 31, 2020	$	2,895	$	—	$	161	$	(1,099)	$	3,833
Net income	276		—		—		—		276
Other comprehensive loss	(7)		—		—		(7)		—
Balances as of June 30, 2021	$	3,164	$	—	$	161	$	(1,106)	$	4,109

Three months ended June 30, 2020 (Millions)	Total		Common  Stock		Additional  Paid-in  Capital		Accumulated Other Comprehensive Income (Loss)		Retained  Earnings
Balances as of March 31, 2020	$	2,591	$	—	$	161	$	(1,224)	$	3,654
Net income	82		—		—		—		82
Other comprehensive income	59		—		—		59		—
Balances as of June 30, 2020	$	2,732	$	—	$	161	$	(1,165)	$	3,736

Six months ended June 30, 2020 (Millions)	Total		Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of December 31, 2019	$	2,587	$	—	$	161	$	(1,087)	$	3,513
Cumulative effect of change in accounting principle - Reserves for Credit losses (a)	119		—		—		—		119
Net income	104		—		—		—		104
Other comprehensive loss	(78)		—				(78)		—
Balances as of June 30, 2020	$	2,732	$	—	$	161	$	(1,165)	$	3,736

(a)Represents $140 million, net of tax of $21 million, related to the impact as of January 1, 2020, of adopting the Current Expected Credit Loss (CECL) Methodology for the recognition of credit losses on certain financial instruments.

See Notes to Consolidated Financial Statements.

15

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

The Company

American Express Credit Corporation (Credco) is a wholly owned subsidiary of TRS, which is a wholly owned subsidiary of American Express Company (American Express).

Credco is engaged in the business of financing certain non-interest-earning Card Member receivables arising from the use of the American Express charge cards issued in the United States and in certain countries outside the United States. Credco also finances certain interest-earning revolving loans generated by Card Member spending on American Express credit cards issued in non-U.S. markets.

Credco executes material transactions with its affiliates. The agreements between Credco and its affiliates provide that the parties intend that the transactions thereunder be conducted on an arm’s-length basis and the price at which receivables are sold to Credco be at fair value.

Credco maintains its fixed charge coverage ratio (FCCR) at a minimum of 1.25. The FCCR is achieved by charging appropriate discount rates on the purchase of receivables Credco makes from, and the interest rates on the loans Credco provides to, TRS and other American Express subsidiaries. Each monthly period, the discount and interest rates are determined to generate income for Credco that is sufficient to maintain its minimum FCCR, whilst complying with the parties’ intention for these transactions to occur on an arm’s-length basis. Should it be required, TRS would provide Credco with financial support in the form of capital contributions with respect to maintenance of its 1.25 minimum FCCR as required in its committed bank credit facility. The revenue earned by Credco from purchasing Card Member receivables and Card Member loans at a discount is reported as Discount revenue earned from purchased Card Member receivables and Card Member loans on the Consolidated Statements of Income.

The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in Credco’s Annual Report on Form 10-K for the year ended December 31, 2020. If not materially different, certain note disclosures included therein have been omitted from these Consolidated Financial Statements.

The interim Consolidated Financial Statements included in this report have not been audited. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. Results of operations reported for interim periods are not necessarily indicative of results for the entire year.

The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These accounting estimates reflect the best judgment of management, but actual results could differ.

2. Card Member Receivables and Card Member Loans

American Express’ charge and lending payment card products result in the generation of Card Member receivables and Card Member loans.

Card Member receivables as of June 30, 2021 and December 31, 2020 consisted of:

(Millions)	2021		2020
Global Consumer Services Group (a)	$	2,169	$	2,157
Global Commercial Services	10,699		10,000
Card Member receivables (b)	12,868		12,157
Less: Reserves for credit losses	(4)		70
Card Member receivables, net (c)	$	12,872	$	12,087

16

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(a)Comprised of International Consumer Services.

(b)Net of deferred discount revenue totaling $20 million and $19 million as of June 30, 2021 and December 31, 2020, respectively.

(c)Card Member receivables modified in a troubled debt restructuring (TDR) program were immaterial.

Card Member loans as of June 30, 2021 and December 31, 2020 consisted of:

(Millions)	2021		2020
Global Consumer Services Group (a)	$	479	$	500
Less: Reserves for credit losses	21		20
Card Member loans, net (b)	$	458	$	480

(a)Comprised of International Consumer Services.

(b)Card Member loans modified in a TDR program were immaterial.

Card Member Receivables and Card Member Loans Aging

Generally, a Card Member account is considered past due if payment is not received within 30 days after the billing statement date. The following table presents the aging of Card Member receivables and Card Member loans as of June 30, 2021 and December 31, 2020:

2021 (Millions)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total
Card Member Receivables:
Global Consumer Services Group	$	2,157	$	3	$	2	$	7	$	2,169
Global Commercial Services
Global Small Business Services	1,101		3		1		4		1,109
Global Corporate Payments (a)	(b)		(b)		(b)		24		9,590
Card Member Loans:
Global Consumer Services Group	$	474	$	1	$	1	$	3	$	479

2020 (Millions)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total
Card Member Receivables:
Global Consumer Services Group	$	2,139	$	5	$	4	$	9	$	2,157
Global Commercial Services
Global Small Business Services	1,047		3		2		5		1,057
Global Corporate Payments (a)	(b)		(b)		(b)		32		8,943
Card Member Loans:
Global Consumer Services Group	$	493	$	2	$	1	$	4	$	500

(a)Global Corporate Payments (GCP) reflects global, large and middle market corporate accounts. Delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if collection procedures are initiated on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (b).

(b)Delinquency data for periods other than 90+ days past billing is not available due to system constraints. Therefore, such data has not been utilized for risk management purposes. The balances that are current to 89 days past due can be derived as the difference between the Total and the 90+ Days Past Due balances.

17

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Credit Quality Indicators for Card Member Receivables and Card Member Loans

The following tables present the key credit quality indicators as of or for the six months ended June 30:

	2021				2020
	Net Write-Off Rate (a)		30+ Days Past Due as a % of Total		Net Write-Off Rate (a)		30+ Days Past Due as a % of Total
Card Member Receivables:
Global Consumer Services Group	0.84	%	0.55	%	1.45	%	1.89	%
Global Small Business Services	1.34	%	0.72	%	2.13	%	1.39	%
Global Corporate Payments	0.31	%	(b)		1.26	%	(b)
Card Member Loans:
Global Consumer Services Group	3.07	%	1.04	%	2.03	%	2.18	%

(a)Represents the amount of Card Member receivables or Card Member loans owned by Credco that are written off, net of recoveries, expressed as a percentage of the average Card Member receivable or Card Member loan balances in each of the periods indicated.

(b)For GCP Card Member receivables, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ Days Past Billing as a % of total is 0.25% and 1.98% as of June 30, 2021 and 2020, respectively.

Refer to Note 3 for additional indicators, including external environmental qualitative factors, American Express considers in its evaluation process for reserves for credit losses.

18

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3. Reserves for Credit Losses

American Express has in place an enterprise-wide credit risk management process and manages the overall credit risk exposure associated with the Card Member receivables and Card Member loans, including those purchased by Credco. Reserves for credit losses represent Credco’s best estimate of the expected credit losses in Credco’s outstanding portfolio of Card Member receivables and Card Member loans, as of the balance sheet date. The CECL methodology, requires Credco’s management to estimate lifetime expected credit losses by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period (R&S Period), which is approximately three years, beyond the balance sheet date. American Express makes various judgments combined with historical loss experience to determine a reserve rate that is applied to the outstanding loan or receivable balance to produce a reserve for expected credit losses. American Express uses a combination of statistically-based models that incorporate current and future economic conditions throughout the R&S Period. The process of estimating expected credit losses is based on several key models: Probability of Default (PD), Exposure at Default (EAD), and future recoveries for each month of the R&S Period. Beyond the R&S Period, American Express estimates expected credit losses by immediately reverting to long-term average loss rates.

• PD models are used to estimate the likelihood an account will be written-off.

• EAD models are used to estimate the balance of an account at the time of write-off. This includes balances less expected repayments based on historical payment and revolve behavior, which vary by customer. Due to the nature of revolving loan portfolios, the EAD models are complex and involve assumptions regarding the relationship between future spend and payment behaviors.

• Recovery models are used to estimate amounts that are expected to be received from Card Members after default occurs, typically as a result of collection efforts. Future recoveries are estimated taking into consideration the time of default, time elapsed since default and macroeconomic conditions.

American Express also estimates the likelihood and magnitude of recovery of previously written off accounts considering how long ago the account was written off and future economic conditions. American Express models are developed using historical loss experience covering the economic cycle and consider the impact of account characteristics on expected losses.

Future economic conditions that are incorporated over the R&S Period include multiple macroeconomic scenarios provided to American Express by an independent third party. American Express reviews these economic scenarios and applies judgment to weight them in order to reflect the uncertainty surrounding these scenarios. These macroeconomic scenarios contain certain variables, including unemployment rates and real gross domestic product (GDP), that are significant to American Express’ models.

American Express also evaluates whether to include qualitative reserves to cover losses that are expected but, in its assessment, may not be adequately represented in the quantitative methods or the economic assumptions. American Express considers whether to adjust the quantitative reserves (higher or lower) to address possible limitations within the models or factors not included within the models, such as external conditions, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or American Express’ risk actions.

Lifetime losses for most of Credco’s Card Member receivables and Card Member loans are evaluated at an appropriate level of granularity, including assessment on a pooled basis where financial assets share similar risk characteristics, such as past spend and remittance behaviors, credit bureau scores where available, delinquency status, tenure of balance outstanding, amongst others. Credit losses on accrued interest are measured and presented as part of Reserves for credit losses on the Consolidated Balance Sheets and within the Provisions for credit losses in the Consolidated Statements of Income, rather than reversing interest income.

Card Member receivable and Card Member loan balances are written off when American Express considers amounts to be uncollectible, which is generally determined by the number of days past due and is typically no later than 180 days past due for pay in full or revolving loans. Card Member receivables and Card Member loans in bankruptcy or owed by deceased individuals are generally written off upon notification.

19

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table reflects the range of macroeconomic scenario key variables used in conjunction with other inputs, to calculate reserves for credit losses:

	U.S. Unemployment Rate		U.S. GDP Growth (Contraction) (a)
	June 30, 2021	December 31, 2020	June 30, 2021	December 31, 2020
Second quarter of 2021	6%	8% - 10%	11%	4% - (4)%
Fourth quarter of 2021	4% - 8%	7% - 11%	7% - (3)%	6% - (2)%
Fourth quarter of 2022	4% - 9%	6% - 12%	2%	4% - 3%
Fourth quarter of 2023	3% - 7%	4% - 10%	3% - 2%	5% - 3%

(a) Real GDP quarter over quarter percentage change seasonally adjusted to annualized rates.

Changes in Card Member Receivables Reserve for Credit Losses

Card Member receivables reserve for credit losses decreased and ended in a debit reserve balance for the three and six months ended June 30, 2021, driven by reserve releases due to improving macroeconomic outlooks, which resulted in an expectation that recoveries will more than off-set write-offs. These reserve releases were partially offset by a reserve build related to an increase in the outstanding balance of receivables.

Card Member receivables reserve for credit losses increased for the three and six months ended June 30, 2020, driven by the deterioration of the global macroeconomic outlook, as a result of the COVID-19 pandemic. The increase for the six months ended June 30, 2020 was partially offset by a decline in the outstanding balance of receivables.

The following table presents changes in the Card Member receivables reserve for credit losses for the three and six months ended June 30:

	Three Months Ended June 30,				Six Months Ended June 30,
(Millions)	2021		2020		2021		2020
Beginning Balance	$	30	$	69	$	70	$	15
Provisions (a)	(24)		164		(46)		264
Net write-offs (b)	(10)		(51)		(28)		(101)
Other adjustments (c)	—		2		—		6
Ending Balance	$	(4)	$	184	$	(4)	$	184

(a)Provisions for credit losses includes reserve build (release) and replenishment for net write-offs.

(b)Net of recoveries of $17 million and $15 million for the three months ended June 30, 2021 and 2020, respectively and $38 million for both the six months ended June 30, 2021 and 2020, respectively.

(c)For the six months ended June 30, 2020 primarily includes reserve adjustments related to the removal of U.S. Consumer and Small Business Card Member receivables of $7.2 billion from the Charge Trust. For all the years presented, also includes foreign currency translation adjustments.

Changes in Card Member Loans Reserve for Credit Losses

Card Member loans reserve for credit losses decreased for the three months ended June 30, 2021, driven by improving macroeconomic outlooks, partially offset by an increase in the outstanding balance of loans.

Card Member loans reserve for credit losses remained flat for the six months ended June 30, 2021.

Card Member loans reserve for credit losses increased for the three and six months ended June 30, 2020, driven by the deterioration of the global macroeconomic outlook, as a result of the COVID-19 pandemic, partially offset by a decline in the outstanding balance of loans.

20

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents changes in the Card Member loans reserve for credit losses for the three and six months ended June 30:

	Three Months Ended June 30,				Six Months Ended June 30,
(Millions)	2021		2020		2021		2020
Beginning Balance	$	24	$	18	$	20	$	17
Provisions (a)	—		9		8		12
Net write-offs (b)	(3)		(4)		(7)		(6)
Ending Balance	$	21	$	23	$	21	$	23

(a)Provisions for credit losses includes reserve build (release) and replenishment for net write-offs.

(b)Net of recoveries of $0.8 million and $0.5 million for the three months ended June 30, 2021 and 2020, respectively and $1.5 million and $1.0 million for the six months ended June 30, 2021 and 2020, respectively.

21

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

4. Derivatives and Hedging Activities

Credco uses derivative financial instruments to manage exposures to various market risks. These instruments derive their value from an underlying variable or multiple variables, including interest rates and foreign exchange rates, and are carried at fair value on the Consolidated Balance Sheets. These instruments enable end users to increase, reduce or alter exposure to various market risks and, for that reason, are an integral component of Credco’s market risk management. Credco does not transact in derivatives for trading purposes.

A majority of Credco’s derivative assets and liabilities as of June 30, 2021 and December 31, 2020 are subject to master netting agreements with its derivative counterparties. Accordingly, where appropriate, Credco has elected to present derivative assets and liabilities with the same counterparty on a net basis in the Consolidated Balance Sheets.

In relation to Credco’s credit risk, certain of Credco’s bilateral derivative agreements include provisions that allow Credco’s counterparties to terminate the agreement in the event of a downgrade of Credco’s debt credit rating below investment grade and settle the outstanding net liability position. As of June 30, 2021, these derivatives were not in a material net liability position. Based on Credco’s assessment of the credit risk of its derivative counterparties and its own credit risk as of June 30, 2021 and December 31, 2020, no credit risk adjustment to the derivative portfolio was required.

The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of June 30, 2021 and December 31, 2020:

	Other Assets				Other Liabilities
	Fair Value				Fair Value
(Millions)	2021		2020		2021		2020
Derivatives designated as hedging instruments:
Fair value hedges - Interest rate contracts (a)	$	—	$	—	$	—	$	—
Net investment hedges - Foreign exchange contracts	44		1		17		195
Total derivatives designated as hedging instruments	44		1		17		195
Derivatives not designated as hedging instruments:
Foreign exchange contracts	62		48		49		89
Total derivatives, gross	106		49		66		284
Derivative asset and derivative liability netting (b)	(22)		(15)		(22)		(15)
Total derivatives, net	$	84	$	34	$	44	$	269

(a)For Credco’s centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral.

(b)Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparties under an enforceable master netting arrangement.

Credco posted $6 million and $12 million as of June 30, 2021 and December 31, 2020, respectively, as initial margin on its centrally cleared interest rate swaps; such amounts are recorded within Other assets in Credco’s Consolidated Balance Sheets and are not netted against the derivative balances.

Fair Value Hedges

Credco is exposed to interest rate risk associated with its fixed-rate debt obligations. At the time of issuance, certain fixed-rate long-term debt obligations are designated in fair value hedging relationships, using interest rate swaps, to economically convert the fixed interest rate to a floating interest rate. Credco had $1.8 billion and $3.5 billion of its fixed-rate debt obligations designated in fair value hedging relationships as of June 30, 2021 and December 31, 2020, respectively.

22

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the gains and losses recognized in Interest expense in the Consolidated Statements of Income associated with the fair value hedges of Credco’s fixed-rate long-term debt for the three and six months ended June 30 :

	Gains (losses)
		Three Months Ended June 30,				Six Months Ended June 30,
(Millions)		2021		2020		2021		2020
Fixed-rate long-term debt		$	10	$	—	$	21	$	(66)
Derivatives designated as hedging instruments		(9)		(7)		(21)		72
Total		$	1	$	(7)	$	—	$	6

The carrying values of the hedged liabilities, recorded within Long-term debt on the Consolidated Balance Sheets, were $1.8 billion and $3.5 billion as of June 30, 2021 and December 31, 2020, respectively, including the cumulative amount of fair value hedging adjustments of $19 million and $40 million for the respective periods.

Credco recognized net decreases of $10 million and $14 million in Interest expense on Long-term debt for the three months ended June 30, 2021 and 2020, respectively, and net decreases of $22 million and $12 million for the six months ended June 30, 2021 and 2020, respectively, primarily related to the net settlements (including interest accruals) on Credco’s interest rate derivatives designated as fair value hedges.

Net Investment Hedges

Credco primarily designates foreign currency derivatives as net investment hedges to reduce its exposure to changes in currency exchange rates on its investments in non-U.S. subsidiaries. Credco had notional amounts of approximately $3.2 billion and $2.9 billion of foreign currency derivatives designated as net investment hedges as of June 30, 2021 and December 31, 2020, respectively. The gain or loss on net investment hedges, net of taxes, recorded in AOCI as part of the cumulative translation adjustment was a loss of $27 million and $216 million for the three months ended June 30, 2021 and 2020, respectively, and a loss of $21 million and a gain of $130 million for the six months ended June 30, 2021 and 2020, respectively.

Derivatives Not Designated as Hedges

The changes in the fair value of derivatives that are not designated as hedges are intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures. Credco had notional amounts of approximately $7.5 billion and $6.7 billion as of June 30, 2021 and December 31, 2020, respectively. The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in a net loss of $1 million and a net gain of $5 million for the three months ended June 30, 2021 and 2020, respectively, and a net loss of $2 million and a net gain of $16 million for the six months ended June 30, 2021 and 2020, respectively, that are recognized in Other, net expenses in the Consolidated Statements of Income.

23

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

5. Fair Values

Financial Assets and Financial Liabilities Carried at Fair Value

The following table summarizes Credco’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy as Level 2, as of June 30, 2021 and December 31, 2020:

(Millions)	2021		2020
Assets:
Derivatives, gross (a)	$	106	$	49
Total Assets	106		49
Liabilities:
Derivatives, gross (a)	66		284
Total Liabilities	$	66	$	284

(a)Refer to Note 4 for the fair values of derivative assets and liabilities, on a further disaggregated basis.

Financial Assets and Financial Liabilities Carried at Other Than Fair Value

The following table summarizes the estimated fair values of Credco’s financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of June 30, 2021 and December 31, 2020. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of June 30, 2021 and December 31, 2020 and require Credco’s judgment. These figures may not be indicative of future fair values, nor can the fair value of Credco be estimated by aggregating the amounts presented.

	Carrying Value		Corresponding Fair Value Amount
2021 (Billions)			Total		Level 1		Level 2		Level 3
Financial Assets:
Financial assets for which carrying values
equal or approximate fair value
Cash and cash equivalents (a)	$	0.2	$	0.2	$	0.2	$	—	$	—
Other financial assets (b)	12.9		12.9		—		12.9		—
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	0.5		0.5		—		—		0.5
Loans to affiliates and other	9.0		9.2		—		2.8		6.4
Financial Liabilities:
Financial liabilities for which carrying values equal
or approximate fair value	12.7		12.7		—		12.7		—
Financial liabilities carried at other than fair value
Long-term debt	5.2		5.5		—		5.5		—
Long-term debt to affiliates	$	0.9	$	0.9	$	—	$	0.9	$	—

24

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	Carrying Value		Corresponding Fair Value Amount
2020 (Billions)			Total		Level 1		Level 2		Level 3
Financial Assets:
Financial assets for which carrying values
equal or approximate fair value
Cash and cash equivalents (a)	$	0.6	$	0.6	$	0.6	$	—	$	—
Other financial assets (b)	12.1		12.1		—		12.1		—
Financial assets carried at other than fair value
Card Member loans, less reserves for credit losses	0.5		0.5		—		—		0.5
Loans to affiliates and other	10.9		11.1		—		5.0		6.1
Financial Liabilities:
Financial liabilities for which carrying values equal
or approximate fair value	12.6		12.6		—		12.6		—
Financial liabilities carried at other than fair value
Long-term debt	7.0		7.4		—		7.4		—
Long-term debt to affiliates	$	0.8	$	0.8	$	—	$	0.8	$	—

(a)Amounts reflect interest-bearing deposits and interest-bearing restricted cash.

(b)Level 2 fair value amounts primarily reflect Card Member receivables.

Nonrecurring Fair Value Measurements

During the six months ended June 30, 2021 and the year ended December 31, 2020, Credco did not have any assets that were measured at fair value due to impairment on a nonrecurring basis.

25

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

6. Changes in Accumulated Other Comprehensive Income (Loss)

AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in Foreign Currency Translation Adjustments for the three and six months ended June 30, 2021 and 2020 were as follows:

Three Months Ended June 30, 2021 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of March 31, 2021	$	(1,108)
Net translation on investments in foreign operations	29
Net hedges of investments in foreign operations	(27)
Net change in accumulated other comprehensive income (loss)	2
Balances as of June 30, 2021	$	(1,106)

Six Months Ended June 30, 2021 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of December 31, 2020	$	(1,099)
Net translation on investments in foreign operations	14
Net hedges of investments in foreign operations	(21)
Net change in accumulated other comprehensive income (loss)	(7)
Balances as of June 30, 2021	$	(1,106)

Three Months Ended June 30, 2020 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of March 31, 2020	$	(1,224)
Net translation on investments in foreign operations	275
Net hedges of investments in foreign operations	(216)
Net change in accumulated other comprehensive income (loss)	59
Balances as of June 30, 2020	$	(1,165)

Six Months Ended June 30, 2020 (Millions), net of tax	Foreign Currency Translation Adjustment Gains (Losses)
Balances as of December 31, 2019	$	(1,087)
Net translation on investments in foreign operations	(208)
Net hedges of investments in foreign operations	130
Net change in accumulated other comprehensive income (loss)	(78)
Balances as of June 30, 2020	$	(1,165)

26

AMERICAN EXPRESS CREDIT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table shows the tax impact for the three and six months ended June 30 for the changes in Foreign Currency Translation Adjustments presented above:

	Tax expense (benefit)
	Three Months Ended June 30,				Six Months Ended June 30,
(Millions)	2021		2020		2021		2020
Net translation on investments in foreign operations	$	—	$	—	$	—	$	20
Net hedges of investments in foreign operations	(8)		(68)		(6)		41
Total tax impact	$	(8)	$	(68)	$	(6)	$	61

No amounts were reclassified out of AOCI into the Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020.

7. Income Taxes

The results of operations of Credco are included in the consolidated U.S. federal income tax return of American Express. Under an agreement with American Express, provision for income taxes is recognized on a separate company basis. If benefits for net operating losses, future tax deductions and foreign tax credits cannot be recognized on a separate company basis, such benefits are then recognized based upon a share, derived by formula, of those deductions and credits that are recognizable on an American Express consolidated reporting basis.

The effective tax rate was 13.9 percent and 28.1 percent for the three months ended June 30, 2021 and 2020, respectively, and 13.5 percent and 33.3 percent for the six months ended June 30, 2021 and 2020, respectively. The decrease for both periods primarily reflected the impact of discrete tax charges and lower pretax income in the prior year. The tax rate in each of the periods also reflected the favorable impact of Credco’s ongoing funding activities outside the United States.

Credco’s provision for income taxes for interim financial periods is not based on an estimated annual effective rate due to volatility in certain components of revenues and expenses that prevents Credco from projecting a reliable estimate of full year pretax income. A discrete calculation of the provision for income taxes is recorded for each interim period.

Credco is under continuous examination by the Internal Revenue Service (IRS) and tax authorities in other countries and states in which it has significant business operations. The tax years under examination and open for examination vary by jurisdiction. Credco is currently under examination by the IRS for the 2017 and 2018 tax years.

Credco believes it is reasonably possible that its unrecognized tax benefits could decrease by an immaterial amount within the next 12 months, principally as a result of potential resolutions of prior years’ tax items with various taxing authorities. The prior years’ tax items include unrecognized tax benefits relating to the deductibility of certain expenses or losses and the attribution of taxable income to a particular jurisdiction or jurisdictions. The resolution of such items would not have a material impact on Credco’s effective tax rate.

27

ITEM 4. CONTROLS AND PROCEDURES

Credco’s management, with the participation of Credco’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Credco’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on such evaluation, Credco’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Credco’s disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in Credco’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to Credco’s management, including Credco’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There have not been any changes in Credco’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, Credco’s internal control over financial reporting.

28

PART II. OTHER INFORMATION

ITEM 1A. RISK FACTORS

For a discussion of Credco’s risk factors, see Part I, Item 1A. “Risk Factors” of Credco’s Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 Form 10-K). The risks and uncertainties that Credco faces are not limited to those set forth in the 2020 Form 10-K. Additional risks and uncertainties not presently known to Credco or that it currently believes to be immaterial may also adversely affect its business, particularly in light of the fast-changing nature of the COVID-19 pandemic, containment and stimulus measures, continued outbreaks, and the related impacts to economic and operating conditions.

29

ITEM 6. EXHIBITS

The following exhibits are filed as part of this Quarterly Report:

Exhibit No. Description How Filed

31.1	Certification of David L. Yowan, Chief Executive Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.	Electronically filed herewith.
31.2	Certification of Anderson Y. Lee, Chief Financial Officer, pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.	Electronically filed herewith.
32.1	Certification of David L. Yowan, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Electronically filed herewith.
32.2	Certification of Anderson Y. Lee, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Electronically filed herewith.
101.INS	XBRL Instance Document -The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document	Electronically filed herewith.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Electronically filed herewith.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Electronically filed herewith.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document	Electronically filed herewith.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document	Electronically filed herewith.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)	Electronically filed herewith.

30

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN EXPRESS CREDIT CORPORATION

(Registrant)

Date: August 5, 2021	By	/s/ David L. Yowan
		David L. Yowan
		Chief Executive Officer
Date: August 5, 2021	By	/s/ Leah A. Schweller
		Leah A. Schweller
		Chief Accounting Officer

31