Fair Values (Tables)

12 Months Ended

Dec. 31, 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 fair value hierarchy (as described in the preceding paragraphs), as of December 31:

		2016								2015
(Millions)			Total	Level 1		Level 2		Level 3			Total	Level 1		Level 2		Level 3
Assets:
Investment securities:^(a)
	Equity securities and other	$	49	$	1	$	48	$	―	$	49	$	1	$	48	$	―
	Debt securities		3,108		460		2,648		―		3,710		409		3,301		―
Derivatives^(a)			765		―		765		―		544		―		544		―
Total Assets			3,922		461		3,461		―		4,303		410		3,893		―
Liabilities:
Derivatives^(a)			280		―		280		―		201		―		201		―
Total Liabilities		$	280	$	―	$	280	$	―	$	201		―		201		―

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 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:

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.

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 December 31, 2016 and 2015. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2016 and 2015, and require management’s 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^(a)	$	25	$	25	$	22	$	3	$	―
			Other financial assets^(b)		51		51		―		51		―
	Financial assets carried at other than fair value
			Loans, net^(c)		65		66		―		―		66

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)		12		12		―		12		―
			Long-term debt^(c)	$	47	$	48	$	―	$	48	$	―

					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^(a)	$	23	$	23	$	22	$	1	$	―
			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^(c)		59		60		―		―		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^(c)	$	48	$	49	$	―	$	49	$	―

Level 2 amounts reflect time deposits and short-term investments.
Includes Card Member receivables (including fair values of Card Member receivables of $8.8 billion and $6.7 billion held by a consolidated VIE as of December 31, 2016 and 2015, respectively), Other receivables, restricted cash and other miscellaneous assets.
Balances include amounts held by a consolidated VIE for which the fair values of Card Member loans were $26.0 billion and $23.5 billion as of December 31, 2016 and 2015, respectively, and the fair values of long-term debt were $15.2 billion and $13.6 billion as of December 31, 2016 and 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.