Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Assets and liabilities at fair value

(In millions)									Netting
	Level 1		(a)	Level 2		(a)	Level 3		adjustment		(b)	Net balance
March 31, 2013
Assets
Investment securities
Debt
U.S. corporate	$	0		$	20,357		$	3,542	$	0		$	23,899
State and municipal		0			4,558			90		0			4,648
Residential mortgage-backed		0			2,121			96		0			2,217
Commercial mortgage-backed		0			3,120			6		0			3,126
Asset-backed(c)		0			686			4,916		0			5,602
Corporate - non-U.S.		69			1,049			1,336		0			2,454
Government - non-U.S.		1,088			903			41		0			2,032
U.S. government and federal agency		0			3,226			264		0			3,490
Retained interests		0			0			91		0			91
Equity
Available-for-sale		488			17			11		0			516
Trading		184			2			0		0			186
Derivatives(d)		0			10,157			183		(6,354)			3,986
Other(e)		0			0			409		0			409
Total	$	1,829		$	46,196		$	10,985	$	(6,354)		$	52,656
Liabilities
Derivatives	$	0		$	3,070		$	17	$	(2,820)		$	267
Other		0			22			0		0			22
Total	$	0		$	3,092		$	17	$	(2,820)		$	289
December 31, 2012
Assets
Investment securities
Debt
U.S. corporate	$	0		$	20,580		$	3,552	$	0		$	24,132
State and municipal		0			4,469			77		0			4,546
Residential mortgage-backed		0			2,162			100		0			2,262
Commercial mortgage-backed		0			3,088			6		0			3,094
Asset-backed(c)		0			715			5,023		0			5,738
Corporate - non-U.S.		71			1,132			1,212		0			2,415
Government - non-U.S.		702			1,019			42		0			1,763
U.S. government and federal agency		0			3,288			277		0			3,565
Retained interests		0			0			83		0			83
Equity
Available-for-sale		569			14			13		0			596
Trading		245			0			0		0			245
Derivatives(d)		0			10,934			280		(7,657)			3,557
Other(e)		0			0			432		0			432
Total	$	1,587		$	47,401		$	11,097	$	(7,657)		$	52,428
Liabilities
Derivatives	$	0		$	3,040		$	20	$	(2,908)		$	152
Other		0			23			0		0			23
Total	$	0		$	3,063		$	20	$	(2,908)		$	175

• The fair value ofsecurities transferred between Level 1 and Level 2was $2 million in the three months ended March 31, 2013.
• The netting of derivative receivables and payables (including the effects of any collateral posted or received) is permitted when a legally enforceable master netting agreement exists.
• Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries.
• The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a gain (loss) of $(18) million and $(15) million at March 31, 2013 and December 31, 2012, respectively. See Note 11 for additional information on the composition of our derivative portfolio.
• Included private equity investments and loans designated under the fair value option.

Changes in level 3 instruments

Changes in Level 3 Instruments for the Three Months Ended March 31, 2013

																						Net
(In millions)																						change in
						Net realized/																unrealized
			Net			unrealized																gains
			realized/			gains (losses)																(losses)
			unrealized			included in																relating to
			gains			accumulated																instruments
	Balance at		(losses)			other								Transfers			Transfers			Balance at		still held at
	January 1,		included in			comprehensive								into			out of			March 31,		March 31,
	2013		earnings		(a)	income		Purchases		Sales		Settlements		Level 3		(b)	Level 3		(b)	2013		2013		(c)
Investment securities
Debt
U.S. corporate	$	3,552	$	(258)		$	218	$	61	$	(6)	$	(45)	$	93		$	(73)		$	3,542	$	0
State and municipal		77		0			0		4		0		(1)		10			0			90		0
Residential
mortgage-backed		100		0			(3)		0		0		(1)		0			0			96		0
Commercial
mortgage-backed		6		0			0		0		0		0		0			0			6		0
Asset-backed		5,023		1			(2)		144		0		(262)		12			0			4,916		0
Corporate – non-U.S.		1,212		8			13		126		(3)		(35)		15			0			1,336		0
Government
– non-U.S.		42		0			(1)		0		0		0		0			0			41		0
U.S. government and
federal agency		277		0			(13)		0		0		0		0			0			264		0
Retained interests		83		3			10		0		0		(5)		0			0			91		0
Equity
Available-for-sale		13		0			0		0		0		0		0			(2)			11		0
Derivatives(d)(e)		262		(38)			0		(1)		0		(53)		0			0			170		(7)
Other		432		(2)			0		33		(54)		0		0			0			409		(1)
Total	$	11,079	$	(286)		$	222	$	367	$	(63)	$	(402)	$	130		$	(75)		$	10,972	$	(8)

• Earnings effects are primarily included in the “Revenues from services” and “Interest” captions in the Condensed Statement of Earnings.
• Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
• Represented the amount of unrealized gains or losses for the period included in earnings.
• Represented derivative assets net of derivative liabilities and included cash accruals of $4 million not reflected in the fair value hierarchy table.
• Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 11.

Changes in Level 3 Instruments for the Three Months Ended March 31, 2012

																						Net
(In millions)																						change in
						Net realized/																unrealized
			Net			unrealized																gains
			realized/			gains (losses)																(losses)
			unrealized			included in																relating to
			gains			accumulated																instruments
	Balance at		(losses)			other								Transfers			Transfers			Balance at		still held at
	January 1,		included in			comprehensive								into			out of			March 31,		March 31,
	2012		earnings		(a)	income		Purchases		Sales		Settlements		Level 3		(b)	Level 3		(b)	2012		2012		(c)
Investment securities
Debt
U.S. corporate	$	3,235	$	26		$	37	$	13	$	(31)	$	(16)	$	0		$	(13)		$	3,251	$	0
State and municipal		77		0			2		0		0		0		0			0			79		0
Residential
mortgage-backed		41		(3)			3		0		0		(1)		68			(1)			107		0
Commercial
mortgage-backed		4		0			0		0		0		0		0			(3)			1		0
Asset-backed		4,040		(4)			42		341		(31)		0		16			0			4,404		0
Corporate – non-U.S.		1,204		(9)			60		10		0		(26)		14			(4)			1,249		0
Government
– non-U.S.		84		(34)			35		52		(71)		(14)		0			0			52		0
U.S. government and
federal agency		253		0			7		0		0		0		0			0			260		0
Retained interests		35		0			(4)		5		(1)		(1)		0			0			34		0
Equity
Available-for-sale		17		0			(1)		0		0		(1)		0			0			15		0
Derivatives(d)(e)		141		(25)			1		0		0		0		0			0			117		(26)
Other		388		2			0		0		0		0		0			0			390		2
Total	$	9,519	$	(47)		$	182	$	421	$	(134)	$	(59)	$	98		$	(21)		$	9,959	$	(24)

• Earnings effects are primarily included in the “Revenues from services” and “Interest” captions in the Condensed Statement of Earnings.
• Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
• Represented the amount of unrealized gains or losses for the period included in earnings.
• Represented derivative assets net of derivative liabilities and included cash accruals of $4million not reflected in the fair value hierarchy table.
• Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 11.

Non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis

	Remeasured during				Remeasured during
	the three months ended				the year ended
	March 31, 2013				December 31, 2012
(In millions)	Level 2		Level 3		Level 2		Level 3
Financing receivables and loans held for sale	$	116	$	2,281	$	366	$	4,094
Cost and equity method investments(a)		0		203		8		313
Long-lived assets, including real estate		312		2,050		702		2,182
Total	$	428	$	4,534	$	1,076	$	6,589

• Includes the fair value of private equity and real estate funds included in Level 3 of $20 million and $84 million at March 31, 2013 and December 31, 2012, respectively.

Significant Unobservable Inputs Used For Level Three Recurring And Nonrecurring Measurements [Table Text Block]

	Three months ended March 31,
(In millions)	2013		2012
Financing receivables and loans held for sale	$	(128)	$	(126)
Cost and equity method investments(a)		(72)		(21)
Long-lived assets, including real estate(b)		(359)		(151)
Total	$	(559)	$	(298)

• Includes fair value adjustments associated with private equity and real estate funds of $(3) million in both the three months ended March 31, 2013 and 2012.
• Includes impairments related to real estate equity properties and investments recorded in operating and administrative expenses of $223 million and $50 million in the three months ended March 31, 2013 and 2012, respectively.

Fair value adjustments to assets measured on a non-recurring basis

						Range
	Fair value at		Valuation	Unobservable		(weighted
(Dollars in millions)	March 31, 2013		technique	inputs		average)
Recurring fair value measurements
Investment securities
Debt
U.S. corporate	$	1,585	Income approach	Discount rate	(a)	1.8%-38.0% (11.3%)
Asset-backed		4,869	Income approach	Discount rate	(a)	1.7%-13.1% (3.6%)
Corporate-non-U.S.		1,016	Income approach	Discount rate	(a)	2.3%-23.9% (11.8%)
Other financial assets		358	Income approach	Weighted average		8.1%-9.4% (8.8%)
				cost of capital
Non-recurring fair value measurements
Financing receivables and loans held for sale	$	1,513	Income approach	Capitalization rate	(b)	5.4%-13.7% (8.0%)
		106	Business enterprise	EBITDA multiple		4.3X-7.0X (5.7X)
			value
Cost and equity method investments		38	Income approach	Capitalization rate	(b)	7.7%-10.6% (10.3%)
Long-lived assets, including real estate		1,078	Income approach	Capitalization rate	(b)	7.7%-14.5% (7.8%)
						Range
	Fair value at		Valuation	Unobservable		(weighted
	December 31, 2012		technique	inputs		average)
Recurring fair value measurements
Investment securities
Debt
U.S. corporate	$	1,652	Income approach	Discount rate	(a)	1.3%-29.9% (11.1%)
Asset-backed		4,977	Income approach	Discount rate	(a)	2.1%-13.1% (3.8%)
Corporate non-U.S.		865	Income approach	Discount rate	(a)	1.5%-25.0% (13.2%)
Other financial assets		360	Income approach	Weighted average		8.7%-10.2% (8.7%)
				cost of capital
Non-recurring fair value measurements
Financing receivables and loans held for sale	$	2,633	Income approach	Capitalization rate	(b)	3.8%-14.0% (8.0%)
		202	Business enterprise	EBITDA multiple		2.0X-6.0X (4.8X)
			value
Cost and equity method investments		72	Income approach	Capitalization rate	(b)	9.2%-12.8% (12.0%)
Long-lived assets, including real estate		985	Income approach	Capitalization rate	(b)	4.8%-14.6% (7.3%)

• Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value.
• Represents the rate of return on net operating income which is considered acceptable for an investor and is used to determine a property's capitalized value. An increase in the capitalization rate would result in a decrease in the fair value.