Fair Values (Tables)

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy (as described in the preceding paragraphs), as of December 31:

		2014						2013
(Millions)		Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Investment securities:^(a)
	Equity securities	$	1	$	1	$	―	$	124	$	124	$	―
	Debt securities and other		4,430		350		4,080		4,892		320		4,572
Derivatives^(a)			991		―		991		701		―		701
Total assets			5,422		351		5,071		5,717		444		5,273
Liabilities:
Derivatives^(a)			164		―		164		213		―		213
Total liabilities		$	164	$	―	$	164	$	213	$	―	$	213

Refer to Note 5 for the fair values of investment securities and to Note 14 for the fair values of derivative assets and liabilities, on a further disaggregated basis.

The following table discloses the estimated fair value for the Company’s financial assets and financial liabilities that are not required to be carried at fair value on a recurring basis, as of December 31, 2014 and 2013:

					Carrying		Corresponding Fair Value Amount
2014 (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	$	22	$	22		$	21	$	1	^(a)	$	―
			Other financial assets^(b)		48		48			―		48			―
	Financial assets carried at other than fair value
			Loans, net		70		71	^(c)		―		―			71

Financial Liabilities:
	Financial liabilities for which carrying values equal or
		approximate fair value			61		61			―		61			―
	Financial liabilities carried at other than fair value
			Certificates of deposit^(d)		8		8			―		8			―
			Long-term debt	$	58	$	60	^(c)	$	―	$	60		$	―

					Carrying		Corresponding Fair Value Amount
2013 (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	$	19	$	19		$	17	$	2	^(a)	$	―
			Other financial assets^(b)		48		48			―		48			―
	Financial assets carried at other than fair value
			Loans, net		67		67	^(c)		―		―			67

Financial Liabilities:
	Financial liabilities for which carrying values equal or
		approximate fair value			60		60			―		60			―
	Financial liabilities carried at other than fair value
			Certificates of deposit^(d)		7		8			―		8			―
			Long-term debt	$	55	$	58	^(c)	$	―	$	58		$	―

Reflects time deposits.
Includes accounts receivable (including fair values of Card Member receivables of $7.0 billion and $7.3 billion held by consolidated VIEs as of December 31, 2014 and 2013, respectively), restricted cash and other miscellaneous assets.
Includes fair values of loans of $29.9 billion and $31.0 billion, and long-term debt of $19.5 billion and $18.8 billion, held by consolidated VIEs as of December 31, 2014 and 2013, respectively.
Presented as a component of customer deposits on the Consolidated Balance Sheets.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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