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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Measurements - Recurring Basis [Table Text Block]
The following tables display the assets and liabilities measured at fair value on a recurring basis including financial instruments elected for the fair value option. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The tables below display the hedges separately from the hedged items; therefore, they do not directly display the impact of our risk management activities.
 
 
Recurring fair value measurements
June 30, 2013 ($ in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
Investment securities
 
 
 
 
 
 
 

Available-for-sale securities
 
 
 
 
 
 
 

Debt securities
 
 
 
 
 
 
 

U.S. Treasury and federal agencies
 
$
658

 
$
1,132

 
$
—

 
$
1,790

Foreign government
 
4

 
288

 
—

 
292

Mortgage-backed residential
 
—

 
10,328

 
—

 
10,328

Asset-backed
 
—

 
2,276

 
—

 
2,276

Corporate debt securities
 
—

 
1,309

 
—

 
1,309

Total debt securities
 
662

 
15,333

 
—

 
15,995

Equity securities (a)
 
1,020

 
—

 
—

 
1,020

Total available-for-sale securities
 
1,682

 
15,333

 
—

 
17,015

Mortgage loans held-for-sale, net (b)
 
—

 
56

 
—

 
56

Mortgage servicing rights
 
—

 
—

 
—

 
—

Other assets
 
 
 
 
 
 
 

Interests retained in financial asset sales
 
—

 
—

 
124

 
124

Derivative contracts in a receivable position
 
 
 
 
 
 
 

Interest rate
 
15

 
246

 
—

 
261

Foreign currency
 
—

 
49

 
—

 
49

Total derivative contracts in a receivable position
 
15

 
295

 
—

 
310

Total assets
 
$
1,697

 
$
15,684

 
$
124

 
$
17,505

Liabilities
 
 
 
 
 
 
 

Accrued expenses and other liabilities
 
 
 
 
 
 
 

Derivative contracts in a payable position
 
 
 
 
 
 
 

Interest rate
 
$
(24
)
 
$
(175
)
 
$
—

 
$
(199
)
Foreign currency
 
—

 
(12
)
 
(9
)
 
(21
)
Total derivative contracts in a payable position
 
(24
)
 
(187
)
 
(9
)
 
(220
)
Total liabilities
 
$
(24
)
 
$
(187
)
 
$
(9
)
 
$
(220
)
(a)
Our investment in any one industry did not exceed 17%.
(b)
Carried at fair value due to fair value option elections.
 
 
Recurring fair value measurements
December 31, 2012 ($ in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
Investment securities
 
 
 
 
 
 
 

Available-for-sale securities
 
 
 
 
 
 
 

Debt securities
 
 
 
 
 
 
 

U.S. Treasury and federal agencies
 
$
697

 
$
1,517

 
$
—

 
$
2,214

Foreign government
 
3

 
300

 
—

 
303

Mortgage-backed residential
 
—

 
6,906

 
—

 
6,906

Asset-backed
 
—

 
2,340

 
—

 
2,340

Corporate debt securities
 
—

 
1,263

 
—

 
1,263

Total debt securities
 
700

 
12,326

 
—

 
13,026

Equity securities (a)
 
1,152

 
—

 
—

 
1,152

Total available-for-sale securities
 
1,852

 
12,326

 
—

 
14,178

Mortgage loans held-for-sale, net (b)
 
—

 
2,490

 
—

 
2,490

Mortgage servicing rights
 
—

 
—

 
952

 
952

Other assets
 
 
 
 
 
 
 

Interests retained in financial asset sales
 
—

 
—

 
154

 
154

Derivative contracts in a receivable position (c)
 
 
 
 
 
 
 

Interest rate
 
40

 
2,170

 
48

 
2,258

Foreign currency
 
—

 
40

 
—

 
40

Total derivative contracts in a receivable position
 
40

 
2,210

 
48

 
2,298

Collateral placed with counterparties (d)
 
103

 
99

 
—

 
202

Total assets
 
$
1,995

 
$
17,125

 
$
1,154

 
$
20,274

Liabilities
 
 
 
 
 
 
 

Accrued expenses and other liabilities
 
 
 
 
 
 
 

Derivative contracts in a payable position (c)
 
 
 
 
 
 
 

Interest rate
 
$
(13
)
 
$
(2,374
)
 
$
(1
)
 
$
(2,388
)
Foreign currency
 
—

 
(78
)
 
(2
)
 
(80
)
Total derivative contracts in a payable position
 
(13
)
 
(2,452
)
 
(3
)
 
(2,468
)
Total liabilities
 
$
(13
)
 
$
(2,452
)
 
$
(3
)
 
$
(2,468
)

(a)
Our investment in any one industry did not exceed 21%.
(b)
Carried at fair value due to fair value option elections.
(c)
Includes derivatives classified as trading.
(d)
Represents collateral in the form of investment securities. Cash collateral was excluded.
Fair Value Measurements - Recurring Fair Value Inputs [Table Text Block]
The following table presents quantitative information regarding the significant unobservable inputs used in significant Level 3 assets and liabilities measured at fair value on a recurring basis.
June 30, 2013 ($ in millions)
 
Level 3 recurring measurements
 
Valuation technique
 
Unobservable input
 
Range
Assets
 
 
 
 
 
 
 
 
Other assets
 
 
 
 
 
 
 
 
Interests retained in financial asset sales
 
$
124

 
Discounted cash flow
 
Discount rate
 
5.4-5.6%
 
 
 
 
 
 
Commercial paper rate
 
0-0.1%
Fair Value Measurements - Reconciliation of Level 3 Assets and Liabilities [Table Text Block]
The following tables present the reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis. We often economically hedge the fair value change of our assets or liabilities with derivatives and other financial instruments. The Level 3 items presented below may be hedged by derivatives and other financial instruments that are classified as Level 1 or Level 2. Thus, the following tables do not fully reflect the impact of our risk management activities.
 
Level 3 recurring fair value measurements
 
 
Net realized/unrealized
gains (losses)
 
 
 
 
Fair value at June 30, 2013
Net unrealized (losses) included in earnings still held at June 30, 2013
 
($ in millions)
Fair value at April 1, 2013
included
in  earnings
 
included
in OCI
Purchases
Sales
Issuances
Settlements
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Mortgage servicing rights
$
917

$
(12
)
 
$
—

$
—

$
(911
)
$
6

$
—

$
—

$
(12
)
(a)
Other assets
 
 
 
 
 
 
 
 
 
 
 
Interests retained in financial asset sales
139

9

(b)
—

—

—

—

(24
)
124

—

 
Derivative contracts, net
 
 
 
 
 
 
 
 
 
 
 
Interest rate
5

(5
)
 
—

—

—

—

—

—

(6
)
(c)
Foreign currency
—

(9
)
 
—

—

—

—

—

(9
)
(8
)
(c)
Total derivative contracts in a receivable position, net
5

(14
)
 
—

—

—

—

—

(9
)
(14
)
 
Total assets
$
1,061

$
(17
)
 
$
—

$
—

$
(911
)
$
6

$
(24
)
$
115

$
(26
)
 
(a)
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)
Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(c)
Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.
 
Level 3 recurring fair value measurements
 
Fair value
at
April 1, 2012
Net realized/unrealized
gains (losses)
Purchases

Sales
 
Issuances
Settlements
Transfers out due to deconsolidation (a)
Fair value
at June 30, 2012
Net 
unrealized
gains (losses)
included  in
earnings still
held at
June 30, 2012
 
($ in millions)
included
in
earnings
 
included in OCI
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading assets (excluding derivatives)
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed residential securities
$
32

$
—

(b)
$
—

$
—

$
—

 
$
—

$
(1
)
$
(31
)
$
—

$
—

(b)
Investment securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-backed
63

—

 
—

—

—

 
—

—

—

63

—

  
Mortgage loans held-for-sale, net (c)
30

—

 
—

3

—

 
—

(2
)
(31
)
—

—

 
Consumer mortgage finance receivables and loans, net (c)
832

34

(c)
—

—

(245
)
(d)
—

(34
)
(587
)
—

16

(c)
Mortgage servicing rights
2,595

(402
)
(e)
—

—

—

 
42

—

(1,130
)
1,105

(402
)
(e)
Other assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Interests retained in financial asset sales
194

22

(f)
—

—

—

 
—

(23
)
—

193

—

 
Derivative contracts, net (g)
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
44

297

(h)
—

—

—

 
—

(247
)
(1
)
93

22

(h)
Foreign currency
5

2

(h)
—

—

—

 
—

—

—

7

(11
)
(h)
Total derivative contracts in a receivable position, net
49

299

 
—

—

—

 
—

(247
)
(1
)
100

11

 
Total assets
$
3,795

$
(47
)
 
$
—

$
3

$
(245
)
 
$
42

$
(307
)
$
(1,780
)
$
1,461

$
(375
)
  
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
On-balance sheet securitization debt (c)
$
(828
)
$
(32
)
(c)
$
—

$
—

$
—

 
$
—

$
304

$
556

$
—

$
(23
)
(c)
Accrued expenses and other liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan repurchase liabilities (c)
(30
)
—

 
—

(2
)
—

 
—

2

30

—

—

 
Total liabilities
$
(858
)
$
(32
)
 
$
—

$
(2
)
$
—

 
$
—

$
306

$
586

$
—

$
(23
)
 
(a)
Represents the amounts transferred out of Level 3 due to the deconsolidation of ResCap during the three months ended June 30, 2012. Refer to Note 1 for additional information related to ResCap.
(b)
The fair value adjustment and the related interest were reported as income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.
(c)
Carried at fair value due to fair value option elections. Refer to the next section of this note titled Fair Value Option for Financial Assets and Liabilities for the location of the gains and losses in the Condensed Consolidated Statement of Comprehensive Income.
(d)
Represents the sale of consumer mortgage finance receivable and loans sold as part of the sale of a business line during 2012.
(e)
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.
(f)
Reported as other income, net of losses, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.
(g)
Includes derivatives classified as trading.
(h)
Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.
 
Level 3 recurring fair value measurements
 
 
Net realized/unrealized
gains (losses)
 
 
 
 
Fair value at June 30, 2013
Net unrealized (losses) included in earnings still held at June 30, 2013
 
($ in millions)
Fair value at Jan. 1, 2013
included
in  earnings
 
included
in OCI
Purchases
Sales
Issuances
Settlements
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Mortgage servicing rights
$
952

$
(101
)
(a)
$
—

$
—

$
(911
)
$
60

$
—

$
—

$
(101
)
(a)
Other assets
 
 
 
 
 
 
 
 
 
 
 
Interests retained in financial asset sales
154

11

(b)
—

—

—

—

(41
)
124

—

 
Derivative contracts, net
 
 
 
 
 
 
 
 
 
 
 
Interest rate
47

(51
)
(c)
—

—

—

—

4

—

(15
)
(c)
Foreign currency
(2
)
(7
)
(c)
—

—

—

—

—

(9
)
(9
)
(c)
Total derivative contracts in a receivable position, net
45

(58
)
 
—

—

—

—

4

(9
)
(24
)
 
Total assets
$
1,151

$
(148
)
 
$
—

$
—

$
(911
)
$
60

$
(37
)
$
115

$
(125
)
 

(a)
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, in the Condensed Consolidated Statement of Comprehensive Income.
(b)
Reported as other income, net of losses, in the Condensed Consolidated Statement of Comprehensive Income.
(c)
Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.
 
Level 3 recurring fair value measurements
 
Fair value
at
Jan. 1, 2012
Net realized/unrealized
gains (losses)
Purchases

Sales
 
Issuances
Settlements
Transfers out due to deconsolidation (a)
Fair value
at June 30, 2012
Net 
unrealized
gains (losses)
included  in
earnings still
held at
June 30, 2012
 
($ in millions)
included
in
earnings
 
included in OCI
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading assets (excluding derivatives)
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed residential securities
$
33

$
2

(b)
$
—

$
—

$
—

 
$
—

$
(4
)
$
(31
)
$
—

$
4

(b)
Investment securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-backed
62

—

 
1

—

—

 
—

—

—

63

—

  
Mortgage loans held-for-sale, net (c)
30

—

 
—

12

—

 
—

(11
)
(31
)
—

—

 
Consumer mortgage finance receivables and loans, net (c)
835

121

(c)
—

—

(245
)
(d)
—

(124
)
(587
)
—

51

(c)
Mortgage servicing rights
2,519

(401
)
(e)
—

—

—

 
53

64

(1,130
)
1,105

(401
)
(e)
Other assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Interests retained in financial asset sales
231

27

(f)
—

—

—

 
—

(65
)
—

193

—

 
Derivative contracts, net (g)
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
71

273

(h)
—

—

—

 
—

(250
)
(1
)
93

(6
)
(h)
Foreign currency
16

(9
)
(h)
—

—

—

 
—

—

—

7

(22
)
(h)
Total derivative contracts in a receivable position, net
87

264

 
—

—

—

 
—

(250
)
(1
)
100

(28
)

Total assets
$
3,797

$
13


$
1

$
12

$
(245
)
 
$
53

$
(390
)
$
(1,780
)
$
1,461

$
(374
)
  
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
 
 
On-balance sheet securitization debt (c)
$
(830
)
$
(115
)
(c)
$
—

$
—

$
—

 
$
—

$
389

$
556

$
—

$
(62
)
(c)
Accrued expenses and other liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan repurchase liabilities (c)
(29
)
—

 
—

(11
)
—

 
—

10

30

—

—

 
Total liabilities
$
(859
)
$
(115
)
 
$
—

$
(11
)
$
—

 
$
—

$
399

$
586

$
—

$
(62
)
 
(a)
Represents the amounts transferred out of Level 3 due to the deconsolidation of ResCap during the three months ended June 30, 2012. Refer to Note 1 for additional information related to ResCap.
(b)
The fair value adjustment and the related interest were reported as income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.
(c)
Carried at fair value due to fair value option elections. Refer to the next section of this note titled Fair Value Option for Financial Assets and Liabilities for the location of the gains and losses in the Condensed Consolidated Statement of Comprehensive Income.
(d)
Represents the sale of consumer mortgage finance receivable and loans sold as part of the sale of a business line during 2012.
(e)
Fair value adjustment was reported as servicing-asset valuation and hedge activities, net, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.
(f)
Reported as other income, net of losses, and income from discontinued operations, net of tax, in the Condensed Consolidated Statement of Comprehensive Income.
(g)
Includes derivatives classified as trading.
(h)
Refer to Note 20 for information related to the location of the gains and losses on derivative instruments in the Condensed Consolidated Statement of Comprehensive Income.
Fair Value Measurements - Nonrecurring Basis [Table Text Block]
The following tables display the assets and liabilities measured at fair value on a nonrecurring basis.
 
 
Nonrecurring
fair value measurements
 
Lower-of-cost
or
fair value
or valuation
reserve
allowance
 
Total loss
included in
earnings for
the three
months ended
Total loss
included in
earnings for
the six months ended
 
June 30, 2013 ($ in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held-for-sale
 
$
—

 
$
—

 
$
46

 
$
46

 
$
—

 
n/m
n/m
(a)
Commercial finance receivables and loans, net (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Automotive
 
—

 
—

 
123

 
123

 
(19
)
 
n/m (b)
n/m
(a)
Other
 
—

 
—

 
64

 
64

 
(7
)
 
n/m (b)
n/m
(a)
Total commercial finance receivables and loans, net
 
—

 
—

 
187

 
187

 
(26
)
 
n/m (b)
n/m
(a)
Other assets
 
 
 
 
 
 
 

 
 
 
 
 
 
Repossessed and foreclosed assets (c)
 
—

 
—

 
6

 
6

 
(2
)
 
n/m (b)
n/m
(a)
Total assets
 
$
—

 
$
—

 
$
239

 
$
239

 
$
(28
)
 
n/m
n/m
 
n/m = not meaningful
(a)
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
(b)
Represents the portion of the portfolio specifically impaired during 2013. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
(c)
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
 
 
Nonrecurring
fair value measurements
 
Lower-of-cost
or
fair value
or valuation
reserve
allowance
 
Total loss included in
earnings for
the three
months ended
Total loss
included in
earnings for
the six months ended
 
June 30, 2012 ($ in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial finance receivables and loans, net (a)
 
 
 
 
 
 
 

 
 
 
 
 
 
Automotive
 
$
—

 
$
—

 
$
130

 
$
130

 
$
(27
)
 
n/m (b)
n/m
(b)
Other
 
—

 
—

 
27

 
27

 
(6
)
 
n/m (b)
n/m
(b)
Total commercial finance receivables and loans, net
 
—

 
—

 
157

 
157

 
(33
)
 
n/m (b)
n/m
(b)
Other assets
 
 
 
 
 
 
 

 
 
 
 
 
 
Repossessed and foreclosed assets (c)
 
—

 
7

 
5

 
12

 
(1
)
 
n/m (b)
n/m
(b)
Total assets
 
$
—

 
$
7

 
$
162

 
$
169

 
$
(34
)
 
n/m (b)
n/m
 
n/m = not meaningful
(a)
Represents the portion of the portfolio specifically impaired during 2012. The related valuation allowance represents the cumulative adjustment to fair value of those specific receivables.
(b)
We consider the applicable valuation or loan loss allowance to be the most relevant indicator of the impact on earnings caused by the fair value measurement. Accordingly, the table above excludes total gains and losses included in earnings for these items. The carrying values are inclusive of the respective valuation or loan loss allowance.
(c)
The allowance provided for repossessed and foreclosed assets represents any cumulative valuation adjustment recognized to adjust the assets to fair value.
Fair Value Measurements - Nonrecurring Fair Value Inputs [Table Text Block]
The following table presents quantitative information regarding the significant unobservable inputs used in significant Level 3 assets measured at fair value on a nonrecurring basis.
June 30, 2013 ($ in millions)
 
Level 3 nonrecurring measurements
 
Valuation technique
 
Unobservable input
 
Range
Assets
 
 
 
 
 
 
 
 
Commercial finance receivables and loans, net
 
 
 
 
 
 
 
 
Automotive
 
$
123

 
Fair value of collateral
 
Adjusted appraisal value
 
65.0-95.0%
Fair Value Option - Summary of Changes Included in the Condensed Consolidated Statement of Income [Table Text Block]
The following tables summarize the fair value option elections and information regarding the amounts recorded as earnings for each fair value option-elected item.
 
Changes included in the
 
 
Condensed Consolidated Statement of Comprehensive Income
 
Three months ended June 30, ($ in millions)
 
Interest
on loans
held-for-sale (a)
 
(Loss)
gain on mortgage
loans, net
 
Total
included in
earnings
 
 
2013
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Mortgage loans held-for-sale, net
 
$
3

 
$
(8
)
 
$
(5
)
 
(b)
2012
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Mortgage loans held-for-sale, net
 
$
14

 
$
12

 
$
26

 
(b)

(a)
Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.
(b)
The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.
 
Changes included in the
 
 
Condensed Consolidated Statement of Comprehensive Income
 
Six months ended June 30, ($ in millions)
 
Interest
on loans
held-for-sale (a)
 
Loss on
mortgage
loans, net
 
Total
included in
earnings
 
 
2013
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Mortgage loans held-for-sale, net
 
$
19

 
$
(49
)
 
$
(30
)
 
(b)
2012
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
Mortgage loans held-for-sale, net
 
$
40

 
$
(47
)
 
$
(7
)
 
(b)
(a)
Interest income is measured by multiplying the unpaid principal balance on the loans by the coupon rate and the number of days of interest due.
(b)
The credit impact for loans held-for-sale is assumed to be zero because the loans are either suitable for sale or are covered by a government guarantee.
Fair Value Option Election [Table Text Block]
The following table provides the aggregate fair value and the aggregate unpaid principal balance for the fair value option-elected loans.
 
 
June 30, 2013
 
December 31, 2012
($ in millions)
 
Unpaid
principal
balance
 
Fair
value (a)
 
Unpaid
principal
balance
 
Fair
value (a)
Assets
 
 
 
 
 
 
 
 
Mortgage loans held-for-sale, net
 
 
 
 
 
 
 
 
Total loans
 
$
119

 
$
56

 
$
2,416

 
$
2,490

Nonaccrual loans
 
45

 
22

 
47

 
25

Loans 90+ days past due (b)
 
43

 
20

 
36

 
19

(a)
Excludes accrued interest receivable.
(b)
Loans 90+ days past due are also presented within the nonaccrual loan balance and the total loan balance; however, excludes government-insured loans that are still accruing interest.
Fair Value of Financial Intruments [Table Text Block]
The following table presents the carrying and estimated fair value of financial instruments, except for those recorded at fair value on a recurring basis presented in the previous section of this note titled Recurring Fair Value. When possible, we use quoted market prices to determine fair value. Where quoted market prices are not available, the fair value is internally derived based on appropriate valuation methodologies with respect to the amount and timing of future cash flows and estimated discount rates. However, considerable judgment is required in interpreting market data to develop estimates of fair value, so the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions or estimation methodologies could be material to the estimated fair values. Fair value information presented herein was based on information available at June 30, 2013 and December 31, 2012.
 
 
 
Estimated fair value
($ in millions)
Carrying
value
 
Level 1
 
Level 2
 
Level 3
 
Total
June 30, 2013
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Loans held-for-sale, net (a)
$
102

 
$
—

 
$
56

 
$
46

 
$
102

Finance receivables and loans, net (a)
95,810

 
—

 
—

 
96,685

 
96,685

Nonmarketable equity investments
204

 
—

 
176

 
34

 
210

Financial liabilities
 
 
 
 
 
 
 
 
 
Deposit liabilities
$
50,125

 
$
—

 
$
—

 
$
50,872

 
$
50,872

Short-term borrowings
4,197

 
—

 
—

 
4,197

 
4,197

Long-term debt (a)(b)
64,873

 
—

 
34,910

 
33,039

 
67,949

December 31, 2012
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Loans held-for-sale, net (a)
$
2,576

 
$
—

 
$
2,490

 
$
86

 
$
2,576

Finance receivables and loans, net (a)
97,885

 
—

 
—

 
98,907

 
98,907

Nonmarketable equity investments
303

 
—

 
272

 
34

 
306

Financial liabilities
 
 
 
 
 
 
 
 
 
Deposit liabilities
$
47,915

 
$
—

 
$
—

 
$
48,752

 
$
48,752

Short-term borrowings
7,461

 
6

 
—

 
7,454

 
7,460

Long-term debt (a)(b)
74,882

 
—

 
36,018

 
42,533

 
78,551

(a)
Includes financial instruments carried at fair value due to fair value option elections. Refer to the previous section of this note titled Fair Value Option for Financial Assets and Liabilities for further information about the fair value elections.
(b)
The carrying value includes deferred interest for zero-coupon bonds of $339 million and $321 million at June 30, 2013, and December 31, 2012, respectively.