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Fair Values (Tables)
 3 Months Ended
Mar. 31, 2012
Fair Values (Tables) [Abstract]  
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 described in the preceding paragraphs), as of March 31, 2012 and December 31, 2011:

    2012 2011
(Millions) Total Level 1 Level 2 Total Level 1 Level 2
Assets:                  
Investment securities:(a)                  
 Equity securities $ 371 $ 371 $ ― $ 360 $ 360 $ ―
 Debt securities and other(b)   6,308   338   5,970   6,787   340   6,447
Derivatives(a)   1,070   ―   1,070   1,516   ―   1,516
Total assets $ 7,749 $ 709 $ 7,040 $ 8,663 $ 700 $ 7,963
Liabilities:                  
Derivatives(a) $ 290 $ ― $ 290 $ 108 $ ― $ 108
Total liabilities $ 290 $ ― $ 290 $ 108 $ ― $ 108

  • Refer to Note 6 for the fair values of investment securities and to Note 9 for the fair values of derivative assets and liabilities, both on a further disaggregated basis.
  • The Level 1 amounts represent the Company's holdings of U.S. Government treasury obligations at March 31, 2012 and December 31, 2011, respectively.

 
Estimated fair value of financial assets and financial liabilities

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 March 31, 2012

      Carrying  Corresponding Fair Value Amount
(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 $ 27 $ 27 $ 23 $ 4 (a) $ ―
   Other financial assets(b) $ 45 $ 45 $ ― $ 45  $ ―
 Financial assets carried at other than fair                
   value                
   Loans, net $ 59 $ 59 (c)$ ― $ ―  $ 59
                    
Financial Liabilities:                
 Financial liabilities for which carrying values                 
  equal or approximate fair value $ 54 $ 54 $ ― $ 54  $ ―
 Financial liabilities carried at other than fair                
    value                
   Certificates of deposit(d) $ 11 $ 11 $ ― $ 11  $ ―
   Long-term debt $ 57 $ 60 (c)$ ― $ 60  $ ―

(a)       Reflects time deposits.

(b)       Includes accounts receivables (including fair values of cardmember receivables of $7.1 billion held by consolidated variable interest entities (VIEs) as of March 31, 2012), restricted cash and other miscellaneous assets.

(c)       Includes fair values of loans and long-term debt of $30.9 billion and $17.7 billion, respectively, held by consolidated VIEs as of March 31, 2012.

(d) Presented as a component of customer deposits on the Consolidated Balance Sheets.