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Fair Values (Tables)
 12 Months Ended
Dec. 31, 2018
Table Text Block [Abstract]  
Fair value assets and liabilities measured on recurring basis

The following table summarizes our 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:

2018  2017
(Millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment securities:(a)      
Equity securities$48  $1  $47$―  $48$1$47$―
Debt securities4,599  ―  4,599―  3,1111,0452,066―
Derivatives, gross(a)514  ―  514―  210―210―
Total Assets5,161  1  5,160―  3,3691,0462,323―
Liabilities:    
Derivatives, gross(a)214  ―  214―  218―218―
Total Liabilities$214  $―  $214$―  $218―218―

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 our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of December 31, 2018 and 2017. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of December 31, 2018 and 2017, and require management’s judgment. These figures may not be indicative of future fair values, nor can our fair value be estimated by aggregating the amounts presented.

Carrying  Corresponding Fair Value Amount
2018 (Billions)ValueTotalLevel 1Level 2Level 3
Financial Assets:    
Financial assets for which carrying values equal or
approximate fair value  
Cash and cash equivalents(a)$27$ 27$ 26$ 1$ ―
Other financial assets(b)5858― 58―
Financial assets carried at other than fair value
Loans, net(c)  83  84― ― 84
Financial Liabilities:    
Financial liabilities for which carrying values equal or
approximate fair value81  81― 81―
Financial liabilities carried at other than fair value
Certificates of deposit(d)  13  13 ―13―
Long-term debt(c)  $58  $59$ ―$59$ ―
Carrying  Corresponding Fair Value Amount
2017 (Billions)ValueTotalLevel 1Level 2Level 3
Financial Assets:    
Financial assets for which carrying values equal or
approximate fair value  
Cash and cash equivalents(a)$33$ 33$ 32$ 1$ ―
Other financial assets(b)5757― 57―
Financial assets carried at other than fair value
Loans, net(c)  74  75― ― 75
Financial Liabilities:    
Financial liabilities for which carrying values equal or
approximate fair value76  76― 76―
Financial liabilities carried at other than fair value
Certificates of deposit(d)  17  17 ―17―
Long-term debt(c)  $56  $57$ ―$57$ ―

  • Level 2 amounts reflect time deposits and short-term investments.
  • Includes Card Member receivables (including fair values of Card Member receivables of $8.5 billion and $8.9 billion held by a consolidated VIE as of December 31, 2018 and 2017, 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 $33.0 billion and $25.6 billion as of December 31, 2018 and 2017, respectively, and the fair values of Long-term debt were $19.4 billion and $18.6 billion as of December 31, 2018 and 2017, respectively.
  • Presented as a component of Customer deposits on the Consolidated Balance Sheets.