Fair Values (Tables)

9 Months Ended

Sep. 30, 2011

Fair Values (Tables) [Abstract]

Fair value assets and liabilities measured on recurring basis

The following table summarizes the Company's financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP's valuation hierarchy (as described in the preceding paragraphs), as of September 30, 2011 and December 31,2010:

		2011						2010
(Millions)		Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Investment securities:(a)
	Equity securities	$	313	$	313	$	―	$	475	$	475	$	―
	Debt securities and other		8,956		―		8,956		13,535		―		13,535
Derivatives(b)			1,790		―		1,790		1,089		―		1,089
Total assets		$	11,059	$	313	$	10,746	$	15,099	$	475	$	14,624
Liabilities:
Derivatives(b)		$	221	$	―	$	221	$	419	$	―	$	419
Total liabilities		$	221	$	―	$	221	$	419	$	―	$	419

• Refer to Note 6 for the fair values of investment securities on a further disaggregated basis.
• Refer to Note 9 for the fair values of derivative assets and liabilities on a further disaggregated basis, as well as the netting of both (i) cash collateral received or posted under credit support agreements and (ii) derivative assets and derivative liabilities under master netting agreements. These balances have been presented gross in the table above.

Estimated fair value of financial assets and financial liabilities

The following table discloses the estimated fair value for the Company's financial assets and financial liabilities that are not carried at fair value, as of September 30, 2011 and December 31,2010:

			2011					2010
			Carrying		Fair			Carrying		Fair
(Billions)			Value		Value			Value		Value
Financial Assets:
	Assets for which carrying values equal or
		approximate fair value	$	68	$	68	(a)	$	61	$	61	(b)
	Loans, net		$	56	$	57	(a)	$	58	$	58	(b)
Financial Liabilities:
	Liabilities for which carrying values equal or
		approximate fair value	$	47	$	47		$	43	$	43
	Certificates of deposit		$	10	$	11		$	13	$	13
	Long-term debt		$	62	$	64	(a)	$	66	$	69	(b)

(a) Includes fair values of cardmember receivables and loans of $7.1 billion and $30.9 billion, respectively, available to settle obligations of consolidated variable interest entities (VIEs) and long-term debt of $17.8 billion issued by consolidated VIEs as of September 30, 2011. Refer to the Consolidated Balance Sheets for the related carrying values.

(b) Includes fair values of cardmember receivables and loans of $8.1 billion and $33.2 billion, respectively, available to settle obligations of consolidated VIEs and long-term debt of $23.6 billion issued by consolidated VIEs as of December 31,2010. Refer to the Consolidated Balance Sheets for the related carrying values.