Fair Values (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2012 and December 31,2011:

		2012						2011
(Millions)		Total		Level 1		Level 2		Total		Level 1		Level 2
Assets:
Investment securities:(a)
	Equity securities	$	290	$	290	$	―	$	360	$	360	$	―
	Debt securities and other(b)		6,036		339		5,697		6,787		340		6,447
Derivatives(a)			1,362		―		1,362		1,516		―		1,516
Total assets		$	7,688	$	629	$	7,059	$	8,663	$	700	$	7,963
Liabilities:
Derivatives(a)		$	98	$	―	$	98	$	108	$	―	$	108
Total liabilities		$	98	$	―	$	98	$	108	$	―	$	108

• Refer to Note 5for the fair values of investment securities and to Note 8 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 June 30,2012 and December 31, 2011.

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 June 30, 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	$	22	$	22		$	21	$	1	(a)	$	―
			Other financial assets(b)	$	46	$	46		$	―	$	46		$	―
	Financial assets carried at other than fair
			value
			Loans, net	$	60	$	61	(c)	$	―	$	―		$	61
Financial Liabilities:
	Financial liabilities for which carrying values
		equal or approximate fair value		$	53	$	53		$	―	$	53		$	―
	Financial liabilities carried at other than fair
		value
			Certificates of deposit(d)	$	10	$	10		$	―	$	10		$	―
			Long-term debt	$	56	$	59	(c)	$	―	$	59		$	―

(a)       Reflects time deposits.

(b)       Includes accounts receivables (including fair values of cardmember receivables of $7.2 billion held by consolidated variable interest entities (VIEs) as of June 30, 2012), restricted cashand other miscellaneous assets.

(c)       Includes fair values of loans and long-term debt of $31.1 billion and $16.2 billion, respectively, held by consolidated VIEs as of June 30,2012.

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