Fair Values (Tables)

6 Months Ended

Jun. 30, 2016

Fair value assets and liabilities measured on recurring basis

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 of June 30, 2016 and December 31, 2015:

		2016								2015
(Millions)		Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investment securities:^(a)
	Equity securities	$	1	$	1	$	―	$	―	$	1	$	1	$	―	$	―
	Debt securities and other		3,891		368		3,523		―		3,758		409		3,349		―
Derivatives^(a)			1,143		―		1,143		―		544		―		544		―
Total assets			5,035		369		4,666		―		4,303		410		3,893		―
Liabilities:
Derivatives^(a)			389		―		389		―		201		―		201		―
Total liabilities		$	389	$	―	$	389	$	―	$	201	$	―	$	201	$	―

Refer to Note 5 for the fair values of investment securities and to Note 9 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 the Company’s financial assets and financial liabilities that are not required to be carried at fair value on a recurring basis, as of June 30, 2016 and December 31, 2015. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of June 30, 2016 and December 31, 2015, and require management judgment. These figures may not be indicative of future fair values, nor can the fair value of the Company be estimated by aggregating the amounts presented.

					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	$	34	$	34		$	33	$	1	^(a)	$	―
			Other financial assets^(b)		48		48			―		48			―
	Financial assets carried at other than fair value
			Loans, net		60		61	^(c)		―		―			61

Financial Liabilities:
	Financial liabilities for which carrying values
		equal or approximate fair value			63		63			―		63			―
	Financial liabilities carried at other than
		fair value
			Certificates of deposit^(d)		14		14			―		14			―
			Long-term debt	$	51	$	52	^(c)	$	―	$	52		$	―

					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
			Cash and cash equivalents	$	23	$	23		$	22	$	1	^(a)	$	―
			Other financial assets^(b)		47		47			―		47			―
	Financial assets carried at other than fair value
			Card Member loans and receivables HFS^(e)		15		15			―		―			15
			Loans, net		59		60	^(c)		―		―			60

Financial Liabilities:
	Financial liabilities for which carrying values
		equal or approximate fair value			67		67			―		67			―
	Financial liabilities carried at other than
		fair value
			Certificates of deposit^(d)		14		14			―		14			―
			Long-term debt	$	48	$	49	^(c)	$	―	$	49		$	―

Reflects time deposits and short-term investments.
Includes Card Member receivables (including fair values of Card Member receivables of $5.8 billion and $6.7 billion held by a consolidated VIE as of June 30, 2016 and December 31, 2015, respectively), Other receivables, restricted cash and other miscellaneous assets.
Includes the fair values of Card Member loans of $25.3 billion and $23.5 billion and long-term debt of $14.7 billion and $13.6 billion held by a consolidated VIE as of June 30, 2016 and December 31, 2015, respectively.
Presented as a component of customer deposits on the Consolidated Balance Sheets.
Does not include any fair value associated with the Card Member account relationships. Refer to Note 2 for additional information.