Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Carrying and Estimated Fair Value

The following table summarizes the carrying values and estimated fair value of our financial instruments at December 31, 2012 and 2011.

	December 31, 2012										December 31, 2011,
	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3		Carrying Value		Estimated Fair Value
	(in millions)
Financial assets:
Cash	$	197	$	197	$	197	$	—	$	—	$	215	$	215
Interest bearing deposits with banks	1,371		1,371		—		1,371		—		1,140		1,140
Securities purchased under agreements to resell	2,160		2,160		—		2,160		—		920		920
Securities	80		80		80		—		—		188		188
Receivables(1):
Real estate secured:
First lien	26,175		19,586		—		—		19,586		34,960		24,438
Second lien	3,066		1,113		—		—		1,113		3,828		1,110
Total real estate secured	29,241		20,699		—		—		20,699		38,788		25,548
Personal non-credit card receivables	—		—		—		—		—		4,308		3,180
Total receivables	29,241		20,699		—		—		20,699		43,096		28,728
Receivables held for sale	6,203		6,203		—		—		6,203		—		—
Due from affiliates	105		105		—		105		—		124		124
Derivative financial assets	—		—		—		—		—		—		—
Financial liabilities:
Commercial paper	—		—		—		—		—		4,026		4,026
Due to affiliates carried at fair value	514		514		—		514		—		447		447
Due to affiliates not carried at fair value	8,575		8,654		—		8,654		—		7,815		7,514
Long-term debt carried at fair value	9,725		9,725		—		9,725		—		13,664		13,664
Long-term debt not carried at fair value	18,701		19,172		—		16,537		2,635		26,126		25,090
Derivative financial liabilities	22		22		—		22		—		26		26

⁽¹⁾  The carrying amount of consumer receivables presented in the table above reflects the amortized cost of the receivable, including any accrued interest, less credit loss reserves.

Assets and Liabilities Recorded at Fair Value ona Recurring Basis

The following table presents information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Netting(1)			Total of Assets (Liabilities) Measured at Fair Value
	(in millions)
December 31, 2012:
Derivative financial assets:
Interest rate swaps	$	—	$	524		$	—	$	—		$	524
Currency swaps	—		1,159			—		—			1,159
Derivative netting	—		—			—		(1,683		)	(1,683		)
Total derivative financial assets	—		1,683			—		(1,683		)	—
Available-for-sale securities:
Money market funds	80		—			—		—			80
Total available-for-sale securities	80		—			—		—			80
Total assets	$	80	$	1,683		$	—	(1,683		)	$	80
Due to affiliates carried at fair value	$	—	$	(514	)	$	—	$	—		$	(514	)
Long-term debt carried at fair value	—		(9,725		)	—		—			(9,725		)
Derivative related liabilities:
Interest rate swaps	—		(1,585		)	—		—			(1,585		)
Currency swaps	—		(45		)	—		—			(45		)
Derivative netting	—		—			—		1,608			1,608
Total derivative related liabilities	—		(1,630		)	—		1,608			(22		)
Total liabilities	$	—	$	(11,869	)	$	—	$	1,608		$	(10,261	)
December 31, 2011:
Derivative financial assets:
Interest rate swaps	$	—	$	973		$	—	$	—		$	973
Currency swaps	—		1,503			—		—			1,503
Derivative netting	—		—			—		(2,476		)	(2,476		)
Total derivative financial assets	—		2,476			—		(2,476		)	—
Available-for-sale securities:
U.S. Treasury	80		—			—		—			80
U.S. government sponsored enterprises	—		1			—		—			1
U.S. corporate debt securities	—		57			—		—			57
Foreign debt securities:
Corporate	—		26			—		—			26
Equity securities	10		—			—		—			10
Money market funds	13		—			—		—			13
Accrued interest income	—		1			—		—			1
Total available-for-sale securities	103		85			—		—			188
Total assets	$	103	$	2,561		$	—	$	(2,476	)	$	188
Due to affiliates carried at fair value	$	—	$	(447	)	$	—	$	—		$	(447	)
Long-term debt carried at fair value	—		(13,664		)	—		—			(13,664		)
Derivative related liabilities:
Interest rate swaps	—		(1,762		)	—		—			(1,762		)
Currency swaps	—		(163		)	—		—			(163		)
Foreign Exchange Forward	—		(3		)	—		—			(3		)
Derivative netting	—		—			—		1,902			1,902
Total derivative related liabilities	—		(1,928		)	—		1,902			(26		)
Total liabilities	$	—	$	(16,039	)	$	—	$	1,902		$	(14,137	)

(1) Represents counterparty and swap collateral netting which allow the offsetting of amounts relating to certain contracts when certain conditions are met.

Rating of U.S. Corporate Debt Securities

The following table provides additional detail regarding the rating of our U.S. corporate debt securities at December 31, 2011:

	Level 2		Level 3		Total
	(in millions)
December 31, 2011:
AAA to AA-(1)	$	26	$	—	$	26
A+ to A-(1)	25		—		25
BBB+ to Unrated(1)	6		—		6

(1) We obtain ratings on our U.S. corporate debt securities from Moody’s Investor Services, Standard and Poor’s Corporation and Fitch Ratings. In the event the ratings we obtain from these agencies differ, we utilize the lower of the three ratings.

Beginning and Ending Balances for Assets Recorded at Fair Value Using Significant Unobservable Inputs

The table below reconciles the beginning and ending balances for assets recorded at fair value using significant unobservable inputs (Level 3) during 2011. There were no assets or liabilities recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2012.

			Total Gains  and (Losses) Included in												Transfers Out of Level 2 and Into Level 3		Transfers Out of Level 3 and Into Level 2				Current Period Unrealized Gains (Losses)
	Jan. 1, 2011		Income		Other Comp. Income			Purchases		Issuances		Settlement							Dec. 31, 2011
Assets:
Securities available-for-sale:
Asset-backed securities	18		—		(5		)	—		—		(13		)	—		—		—		—
Total assets	$	18	$	—	$	(5	)	$	—	$	—	$	(13	)	$	—	$	—	$	—	$	—

Assets and Liabilities Recorded at Fair Value on Non-recurring Basis

The following table presents information about our assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2012 and 2011, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.

	Non-Recurring Fair Value Measurements as of December 31, 2012								Total Gains (Losses) for the Year Ended December 31, 2012
	Level 1		Level 2		Level 3		Total
	(in millions)
Receivables held for sale:
Real estate secured	$	—	$	—	$	3,022	$	3,022	$	(1,352	)
Personal non-credit card	—		—		3,181		3,181		(289		)
Total receivables held for sale	—		—		6,203		6,203		(1,641		)
Real estate owned(1)	—		248		—		248		(93		)
Total assets at fair value on a non-recurring basis	$	—	$	248	$	6,203	$	6,451	$	(1,734	)

	Non-Recurring Fair Value Measurements as of December 31, 2011								Total Gains (Losses) for the Year Ended December 31, 2011
	Level 1		Level 2		Level 3		Total
	(in millions)
Real estate owned(1)	$	—	$	325	$	—	$	325	$	(188	)
Total assets at fair value on a non-recurring basis	$	—	$	325	$	—	$	325	$	(188	)

(1) Real estate owned is required to be reported on the balance sheet net of transactions costs. The real estate owned amounts in the table above reflect the fair value of the underlying asset unadjusted for transaction costs.

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

The following table presents quantitative information about non-recurring fair value measurements of assets and liabilities classified as Level 3 in the fair value hierarchy as of December 31, 2012:

Financial Instrument Type	Fair value (in millions)		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Receivables held for sale carried at fair value:
Real estate secured	$	3,022	Third party appraisal valuation based on	Collateral severity rates(1)	0	%	-	92%
			estimated loss severities, including collateral values, cash	Expenses incurred through collateral disposition	5	%	-	10%
			flows and market discount rate	Market discount rate	10	%	-	15%
Personal non-credit card	3,181		Third party valuation based on estimated loss rates,	Loss rate	13	%	-	19%
			cash flows and market discount rate	Market discount rate	10	%	-	15%

⁽¹⁾  The majority of the real estate secured receivables held for sale consider collateral value, among other items, in determining fair value. Collateral values are based on the most recently available broker's price opinion and the collateral loss severity rate averaged 37 percent.