Commitments, Contingencies and Guarantees (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

The table below presents commitments by type.



	As of December

$ in millions		2019	2018
Commitment Type
Commercial lending:
Investment-grade		$ 89,276	$ 81,729
Non-investment-grade		58,718	51,793
Warehouse financing		5,581	4,060
Credit card		13,669	–
Total lending		167,244	137,582
Collateralized agreement		62,093	54,480
Collateralized financing		10,193	15,429
Letters of credit		456	445
Investment		7,879	7,595
Other		6,135	4,892
Total commitments		$254,000	$220,423

The table below presents commitments by expiration.



	As of December 2019

$ in millions		2020	2021 - 2022	2023 - 2024	2025 - Thereafter
Commitment Type
Commercial lending:
Investment-grade		$ 13,921	$31,099	$43,303	$ 953
Non-investment-grade		6,130	15,810	26,379	10,399
Warehouse financing		1,644	2,320	1,596	21
Credit card		13,669	–	–	–
Total lending		35,364	49,229	71,278	11,373
Collateralized agreement		61,588	505	–	–
Collateralized financing		10,193	–	–	–
Letters of credit		409	7	–	40
Investment		3,623	1,434	1,002	1,820
Other		6,051	84	–	–
Total commitments		$117,228	$51,259	$72,280	$13,233

Lending Commitments

The table below presents information about lending commitments.



	As of December

$ in millions		2019	2018
Held for investment		$150,100	$120,997
Held for sale		15,245	14,912
At fair value		1,899	1,673
Total		$167,244	$137,582

In the table above:

•

Held for investment lending commitments are accounted for on an accrual basis. The carrying value of lending commitments was a liability of $527 million (including allowance for losses of $361 million) as of December 2019 and $443 million (including allowance for losses of $286 million) as of December 2018. The estimated fair value of such lending commitments was a liability of $3.05 billion as of December 2019 and $3.78 billion as of December 2018. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.78 billion as of December 2019 and $1.12 billion as of December 2018 would have been classified in level 2, and $1.27 billion as of December 2019 and $2.66 billion as of December 2018 would have been classified in level 3.

•

Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $60 million as of December 2019 and $155 million as of December 2018. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of both December 2019 and

December

2018.

•	Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.

Guarantees

The table below presents derivatives that meet the definition of a guarantee, securities lending indemnifications and certain other financial guarantees.



$ in millions	Derivatives	Securities lending indemnifications	Other financial guarantees
As of December 2019
Carrying Value of Net Liability	$ 3,817	$ –	$ 27
Maximum Payout/Notional Amount by Period of Expiration
2020	$ 91,814	$17,891	$2,044
2021 - 2022	76,693	–	1,714
2023 - 2024	19,377	–	2,219
2025 - thereafter	36,317	–	149
Total	$224,201	$17,891	$6,126
As of December 2018
Carrying Value of Net Liability	$ 4,105	$ –	$ 38
Maximum Payout/Notional Amount by Period of Expiration
2019	$101,169	$27,869	$1,379
2020 - 2021	77,955	–	2,252
2022 - 2023	17,813	–	2,021
2024 - thereafter	67,613	–	241
Total	$264,550	$27,869	$5,893

In the table above:

•	The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.

•	Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.

•	The carrying value for derivatives included derivative assets of $1.56 billion as of December 2019 and $1.48 billion as of December 2018, and derivative liabilities of $5.38 billion as of December 2019 and $5.59 billion as of December 2018.