Fair Values (Tables)

6 Months Ended

Jun. 30, 2017

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 by GAAP’s fair value hierarchy as Level 2, as of June 30, 2017 and December 31, 2016:

(Millions)		2017		2016
Assets:
Derivatives^(a)	$	36	$	301
Total assets		36		301
Liabilities:
Derivatives^(a)		140		98
Total liabilities	$	140	$	98

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 June 30, 2017 and December 31, 2016.

				Carrying		Corresponding Fair Value Amount
2017 (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)	$	1.3	$	1.3	$	0.2	$	1.1	$	―
			Other financial assets		23.4		23.4		―		23.4		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.5		0.5		―		―		0.5
			Loans to affiliates and other		10.0		10.0		―		7.1		2.9
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			7.4		7.4		―		7.4		―
	Financial liabilities carried at other than fair value
			Long-term debt	$	25.2	$	25.4	$	―	$	25.4	$	―

				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)	$	1.2	$	1.2	$	0.2	$	1.0	$	―
			Other financial assets		19.3		19.3		―		19.3		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.5		0.5		―		―		0.5
			Loans to affiliates and other		10.7		10.7		―		7.9		2.8
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			9.1		9.1		―		9.1		―
	Financial liabilities carried at other than fair value
			Long-term debt	$	20.5	$	20.7	$	―	$	20.7	$	―

Level 1 amounts reflect interest-bearing deposits in banks and Level 2 amount reflects time deposits and short-term investments.