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Fair Values (Tables)
 9 Months Ended
Sep. 30, 2016
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 of September 30, 2016 and December 31, 2015:

2016  2015
(Millions)Total  Level 1  Level 2  Level 3  Total  Level 1  Level 2  Level 3
Assets:              
Investment securities:(a)              
Equity securities and other$49  $1  $48  $―  $50  $1  $49  $―
Debt securities3,679541  3,138  ―  3,709409  3,300  ―
Derivatives(a)720―  720  ―  544―  544  ―
Total assets4,448  542  3,906  ―  4,303  410  3,893  ―
Liabilities:              
Derivatives(a)241  ―  241  ―  201  ―  201  ―
Total liabilities$241  $―  $241  $―  $201  $―  $201  $―

Refer to Note 5 for the fair values of investment securities and to Note 9 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 the Company’s financial assets and financial liabilities that are not required to be carried at fair value on a recurring basis, as of September 30, 2016 and December 31, 2015. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2016 and December 31, 2015, and require management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of the Company be estimated by aggregating the amounts presented.

Carrying  Corresponding Fair Value Amount
2016 (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$ 25$ 2$ ―
Other financial assets(b)4848―48―
Financial assets carried at other than fair value
Loans, net(c)  61  61――61
Financial Liabilities:    
Financial liabilities for which carrying values equal or approximate fair value63  63―63―
Financial liabilities carried at other than fair value
Certificates of deposit(d)  13  13―13―
Long-term debt(c)  $45  $46$ ―$46$ ―
Carrying    Corresponding Fair Value Amount
2015 (Billions)ValueTotalLevel 1Level 2Level 3
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents(a)$23$ 23$ 22$ 1$ ―
Other financial assets(b)4747―47―
Financial assets carried at other than fair value
Card Member loans and receivables HFS(e)1515――15
Loans, net(c)  59  60――60
Financial Liabilities:    
Financial liabilities for which carrying values equal or approximate fair value67  67―67―
Financial liabilities carried at other than fair value
Certificates of deposit(d)  14  14―14―
Long-term debt(c)  $48  $49$ ―$49$ ―

  • Level 2 amounts reflect time deposits and short-term investments.
  • Includes Card Member receivables (including fair values of Card Member receivables of $5.5 billion and $6.7 billion held by a consolidated VIE as of September 30, 2016 and December 31, 2015, 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 $24.7 billion and $23.5 billion as of September 30, 2016 and December 31, 2015, respectively, and the fair values of long-term debt were $14.8 billion and $13.6 billion as of September 30, 2016 and December 31, 2015, respectively.
  • Presented as a component of customer deposits on the Consolidated Balance Sheets.
  • Does not include any fair value associated with the Card Member account relationships. Refer to Note 2 for additional information.