| Schedule of Carrying Values and Fair Values of Financial Instruments |
The following table summarizes the carrying values and fair values of our financial assets and financial liabilities as of the dates presented:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | (Millions) | | | | | | | | | Financial assets | | | | | | | | | Credit card and other loans, net | $ | 16,754 | | | $ | 18,466 | | | $ | 16,699 | | | $ | 18,747 | | | Investment securities | 201 | | | 201 | | | 221 | | | 221 | | | Financial liabilities | | | | | | | | | Deposits | 15,502 | | | 15,480 | | | 13,916 | | | 13,928 | | | Debt issued by consolidated VIEs | 2,320 | | | 2,322 | | | 3,422 | | | 3,442 | | | Long-term and other debt | $ | 814 | | | $ | 827 | | | $ | 886 | | | $ | 931 | |
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| Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis |
The following tables summarize our financial instruments measured at fair value on a recurring basis, categorized by the fair value hierarchy described in the preceding paragraphs, as of the dates presented:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Total | | Level 1 | | Level 2 | | Level 3 | | (Millions) | | | | | | | | | Investment securities | $ | 201 | | | $ | 49 | | | $ | 152 | | | $ | — | | | Total assets measured at fair value | $ | 201 | | | $ | 49 | | | $ | 152 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Total | | Level 1 | | Level 2 | | Level 3 | | (Millions) | | | | | | | | | Investment securities | $ | 221 | | | $ | 50 | | | $ | 171 | | | $ | — | | | Total assets measured at fair value | $ | 221 | | | $ | 50 | | | $ | 171 | | | $ | — | |
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| Schedule of Financial Instruments Disclosed but Not Carried at Fair Value |
The fair values of financial instruments that are measured at amortized cost are estimates, and require management’s judgment; therefore, these fair value estimates may not be indicative of future fair values, nor can our fair value be estimated by aggregating all of the amounts presented. The following tables summarize 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 the dates presented: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | (Millions) | | | | | | | | | Financial assets | | | | | | | | | Credit card and other loans, net | $ | 18,466 | | | $ | — | | | $ | — | | | $ | 18,466 | | | Total | $ | 18,466 | | | $ | — | | | $ | — | | | $ | 18,466 | | | | | | | | | | | Financial liabilities | | | | | | | | | Deposits | $ | 15,480 | | | $ | — | | | $ | 15,480 | | | $ | — | | | Debt issued by consolidated VIEs | 2,322 | | | — | | | 2,322 | | | — | | | Long-term and other debt | 827 | | | — | | | 827 | | | — | | | Total | $ | 18,629 | | | $ | — | | | $ | 18,629 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | (Millions) | | | | | | | | | Financial assets | | | | | | | | | Credit card and other loans, net | $ | 18,747 | | | $ | — | | | $ | — | | | $ | 18,747 | | | Total | $ | 18,747 | | | $ | — | | | $ | — | | | $ | 18,747 | | | | | | | | | | | Financial liabilities | | | | | | | | | Deposits | $ | 13,928 | | | $ | — | | | $ | 13,928 | | | $ | — | | | Debt issued by consolidated VIEs | 3,442 | | | — | | | 3,442 | | | — | | | Long-term and other debt | 931 | | | — | | | 931 | | | — | | | Total | $ | 18,301 | | | $ | — | | | $ | 18,301 | | | $ | — | |
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