Fair Values (Tables)

9 Months Ended

Sep. 30, 2016

Fair value assets and liabilities measured on recurring basis

The following table summarizes Credco’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized under the fair valuation hierarchy as Level 2, as of September 30, 2016 and December 31, 2015:

(Millions)		2016		2015
Assets:
Derivatives^(a)	$	331	$	156
Total assets		331		156
Liabilities:
Derivatives^(a)		61		55
Total liabilities	$	61	$	55

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

Estimated fair value of financial assets and financial liabilities

The following table summarizes the estimated fair values of Credco’s financial assets and financial liabilities that are not required to be carried at fair value on a recurring basis, as of September 30, 2016 and December 31, 2015.

				Carrying		Corresponding Fair Value Amount
2016 (Billions)				Value		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)	$	0.7	$	0.7	$	0.2	$	0.5	$	―
			Other financial assets		16.2		16.2		―		16.2		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.4		0.4		―		―		0.4
			Loans to affiliates and other		10.5		10.5		―		7.7		2.8
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			6.9		6.9		―		6.9		―
	Financial liabilities carried at other than fair value
			Long-term debt	$	18.7	$	18.8	$	―	$	18.8	$	―

				Carrying		Corresponding Fair Value Amount
2015 (Billions)				Value		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	$	―	$	―
			Card Member receivables HFS		(b)		(b)		―		(b)		―
			Other financial assets		18.2		18.2		―		18.2		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.4		0.4		―		―		0.4
			Loans to affiliates and other		14.3		14.3		―		11.3		3.0
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			9.4		9.4		―		9.4		―
	Financial liabilities carried at other than fair value
			Long-term debt	$	21.7	$	21.8	$	―	$	21.8	$	―

Level 1 amounts reflect interest-bearing deposits in banks and Level 2 amounts reflect time deposits and short-term investments.
Reflects carrying value and the associated fair value of Card Member receivables HFS of $24 million but does not include any fair value associated with Card Member account relationships.