Fair Values (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017:

(Millions)		2018		2017
Assets:
Derivatives^(a)	$	45	$	63
Total assets		45		63
Liabilities:
Derivatives^(a)		101		95
Total liabilities	$	101	$	95

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 value for 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 March 31, 2018 and December 31, 2017.

				Carrying		Corresponding Fair Value Amount
2018 (Billions)				Value		Total		Level 1		Level 2		Level 3
Financial Assets:
	Financial assets for which carrying values
		equal or approximate fair value^(a)
			Cash and cash equivalents	$	0.2	$	0.2	$	0.2	$	―	$	―
			Other financial assets		25.0		25.0		0.1		24.9		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.6		0.6		―		―		0.6
			Loans to affiliates and other		13.3		13.2		―		8.5		4.7
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			12.2		12.2		―		12.2		―
	Financial liabilities carried at other than fair value
			Long-term debt		23.6		23.8		―		23.8		―
			Long-term debt with affiliates	$	0.3	$	0.3	$	―	$	0.3	$	―

				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^(a)
			Cash and cash equivalents	$	0.2	$	0.2	$	0.2	$	―	$	―
			Other financial assets		20.6		20.6		0.1		20.5		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.6		0.6		―		―		0.6
			Loans to affiliates and other		14.5		14.4		―		10.0		4.4
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			8.6		8.6		―		8.6		―
	Financial liabilities carried at other than fair value
			Long-term debt		24.2		24.5		―		24.5		―
			Long-term debt with affiliates	$	0.3	$	0.3	$	―	$	0.3	$	―

Level 1 amounts reflect interest-bearing deposits and Level 2 amounts primarily reflect time deposits and Card Member receivables.