Fair Values (Tables)

12 Months Ended

Dec. 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 described in the preceding paragraphs), as of December 31:

(Millions)		2018		2017
Assets:
Derivatives, gross^(a)	$	277	$	63
Total assets		277		63
Liabilities:
Derivatives, gross^(a)		16		95
Total liabilities	$	16	$	95

Refer to Note 6 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 December 31, 2018 and 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
			Cash and cash equivalents^(a)	$	0.1	$	0.1	$	0.1	$	―	$	―
			Other financial assets^(b)		24.9		24.9		0.1		24.8		―
	Financial assets carried at other than fair value
			Card Member loans, net		0.6		0.6		―		―		0.6
			Loans to affiliates and other		14.1		14.1		―		7.4		6.7
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			9.0		9.0		―		9.0		―
	Financial liabilities carried at other than fair value
			Long-term debt		20.4		20.5		―		20.5		―
			Long-term debt to affiliates	$	7.5	$	7.3	$	―	$	7.3	$	―

				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
			Cash and cash equivalents^(a)	$	0.2	$	0.2	$	0.2	$	―	$	―
			Other financial assets^(b)		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 to affiliates	$	0.3	$	0.3	$	―	$	0.3	$	―

Amounts reflect interest-bearing deposits.
Level 1 amounts reflect interest-bearing restricted cash and Level 2 amounts primarily reflect Card Member receivables.