Fair Values (Tables)

6 Months Ended

Jun. 30, 2015

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 valuation hierarchy as Level 2, as of June 30, 2015 and December 31, 2014:

(Millions)		2015		2014
Assets:
Derivatives^(a)	$	176	$	349
Total assets		176		349
Liabilities:
Derivatives^(a)		82		53
Total liabilities	$	82	$	53

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, 2015 and December 31, 2014.

				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		$	20.0	$	20.0	$	0.1	^(a)	$	19.9	$	―
	Financial assets carried at other than fair value
			Card Member loans, net		0.4		0.4		―			―		0.4
			Loans to affiliates and others		11.4		11.3		―			8.3		3.0
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	$	22.2	$	22.3	$	―		$	22.3	$	―

				Carrying		Corresponding Fair Value Amount
2014 (Billions)				Value		Total		Level 2			Level 3
Financial Assets:
	Financial assets for which carrying values
		equal or approximate fair value		$	16.8	$	16.8	$	16.8		$	―
	Financial assets carried at other than fair value
			Card Member loans, net		0.4		0.4		―			0.4
			Loans to affiliates and others		15.3		15.2		12.3			2.9
Financial Liabilities:
	Financial liabilities for which carrying values equal
		or approximate fair value			6.0		6.0		6.0			―
	Financial liabilities carried at other than fair value
			Long-term debt	$	24.3	$	24.5	$	24.5		$	―

(a) Reflects cash and due from banks.