Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Of Financial Instruments [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (in millions):

			December 31, 2013				December 31, 2012
		Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	(a)	1	$	1,074	$	1,074	$	1,289	$	1,289
Finance receivables, net	(b)	3	$	29,282	$	29,301	$	10,998	$	11,313
Restricted cash	(a)	1	$	1,958	$	1,958	$	768	$	768
Interest rate swap agreements	(c)	3	$	11	$	11	$	—	$	—
Interest rate cap agreements purchased	(d)	2	$	7	$	7	$	1	$	1
Foreign currency swap agreements	(d)	2	$	3	$	3	$	—	$	—
Financial liabilities:
Secured debt
North America	(e)	2	$	12,479	$	12,565	$	9,378	$	9,526
International	(f)	2	$	5,113	$	5,113	$	—	$	—
International	(g)	3	$	4,481	$	4,492	$	—	$	—
Unsecured debt
North America	(h)	2	$	4,000	$	4,106	$	1,500	$	1,620
International	(i)	2	$	1,282	$	1,282	$	—	$	—
International	(g)	3	$	1,691	$	1,690	$	—	$	—
Interest rate swap agreements	(c)	3	$	17	$	17	$	—	$	—
Interest rate cap agreements sold	(d)	2	$	7	$	7	$	1	$	1
Foreign currency swap agreements	(d)	2	$	29	$	29	$	—	$	—

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(a) The carrying value of cash and cash equivalents and restricted cash is considered to be a reasonable estimate of fair value since these investments bear interest at market rates and have maturities of less than 90 days.

(b) The fair value of the consumer finance receivables in the North America Segment is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. The fair value of the consumer finance receivables in the International Segment is estimated based on forecasted cash flows on the receivables discounted using current origination rates for similar type loans. Substantially all commercial finance receivables either have variable interest rates and maturities of one year or less, or were acquired or funded within the last year. Therefore, the carrying value is considered to be a reasonable estimate of fair value.

(c) The fair values of the interest rate swap agreements are estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates.

(d) The fair values of the interest rate cap agreements and foreign currency swap agreements are based on quoted market prices.

(e) Secured debt in the North America Segment is comprised of revolving credit facilities, publicly-issued secured debt, and privately-issued secured debt. For revolving credit facilities with variable rates of interest and terms of one year or less, carrying value is considered to be a reasonable estimate of fair value. The fair value of the publicly and privately issued secured term debt is based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated using quoted market prices of similar securities.

(f) The level 2 secured debt in the International Segment has terms of one year or less, or has been priced within the last six months; therefore, carrying value is considered to be a reasonable estimate of fair value.

(g) The fair value of level 3 secured debt and unsecured debt in the International Segment is estimated by discounting future net cash flows expected to be settled using current risk-adjusted rates.

(h) The fair value of unsecured debt in the North America Segment is based on quoted market prices in thinly-traded markets.

(i) The level 2 unsecured debt in the International Segment has terms of one year or less; therefore, carrying value is considered to be a reasonable estimate of fair value.