Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

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):

			March 31, 2014				December 31, 2013
		Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	(a)	1	$	1,162	$	1,162	$	1,074	$	1,074
Finance receivables, net	(b)	3	$	30,546	$	31,023	$	29,282	$	29,301
Restricted cash	(a)	1	$	2,101	$	2,101	$	1,958	$	1,958
Interest rate swap agreements	(c)	3	$	8	$	8	$	11	$	11
Interest rate cap agreements purchased	(d)	2	$	6	$	6	$	7	$	7
Foreign currency swap agreements	(d)	2	$	2	$	2	$	3	$	3
Financial liabilities:
Secured debt
North America	(e)	2	$	13,355	$	13,462	$	12,479	$	12,565
International	(f)	2	$	5,867	$	5,867	$	5,113	$	5,113
International	(g)	3	$	4,164	$	4,153	$	4,481	$	4,492
Unsecured debt
North America	(h)	2	$	4,000	$	4,153	$	4,000	$	4,106
International	(i)	2	$	1,731	$	1,731	$	1,282	$	1,282
International	(g)	3	$	1,441	$	1,433	$	1,691	$	1,690
Interest rate swap agreements	(c)	3	$	20	$	20	$	17	$	17
Interest rate cap agreements sold	(d)	2	$	6	$	6	$	7	$	7
Foreign currency swap agreements	(d)	2	$	39	$	39	$	29	$	29

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(a) Cash and cash equivalents and restricted cash bear interest at market rates; therefore, carrying value is considered to be a reasonable estimate of fair value.

(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. Commercial finance receivables generally have variable interest rates and maturities of one year or less. 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.