Commitments, Contingencies and Guarantees (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

The table below presents commitments by type.



	As of

$ in millions		March 2020	December 2019
Commitment Type
Commercial lending:
Investment-grade		$ 76,791	$ 89,276
Non-investment-grade		51,208	58,718
Warehouse financing		7,519	5,581
Credit cards		16,447	13,669
Total lending		151,965	167,244
Collateralized agreement		64,243	62,093
Collateralized financing		18,845	10,193
Letters of credit		374	456
Investment		5,812	7,879
Other		9,027	6,135
Total commitments		$250,266	$254,000

The table below presents commitments by expiration.



	As of March 2020

$ in millions		Remainder of 2020	2021 - 2022	2023 - 2024	2025 - Thereafter
Commitment Type
Commercial lending:
Investment-grade		$ 8,002	$27,196	$35,485	$ 6,108
Non-investment-grade		3,337	16,676	20,843	10,352
Warehouse financing		927	5,103	1,295	194
Credit cards		16,447	–	–	–
Total lending		28,713	48,975	57,623	16,654
Collateralized agreement		63,747	496	–	–
Collateralized financing		18,845	–	–	–
Letters of credit		299	35	–	40
Investment		1,657	1,422	1,059	1,674
Other		8,909	118	–	–
Total commitments		$122,170	$51,046	$58,682	$18,368

Lending Commitments

The table below presents information about lending commitments.



	As of

$ in millions		March 2020	December 2019
Held for investment		$133,501	$150,100
Held for sale		15,419	15,245
At fair value		3,045	1,899
Total		$151,965	$167,244

In the table above:

•

Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $460 million (including allowance for losses of $335 million) as of March 2020 and $527 million (including allowance for losses of $361 million) as of December 2019. The estimated fair value of such lending commitments was a liability of $5.89 billion as of March 2020 and $3.05 billion as of December 2019. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.29 billion as of March 2020 and $1.78 billion as of December 2019 would have been classified in level 2, and $2.60 billion as of March 2020 and $1.27 billion as of December 2019 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 $196 million as of March 2020 and $60 million as of December 2019. 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 March 2020 and December 2019.

•	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 March 2020
Carrying Value of Net Liability	$ 7,973	$ –	$ 58
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2020	$ 65,570	$16,978	$1,648
2021 - 2022	72,282	–	1,930
2023 - 2024	22,395	–	2,853
2025 - thereafter	35,303	–	192
Total	$195,550	$16,978	$6,623
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

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 $1.67 billion as of March 2020 and $1.56 billion as of December 2019, and derivative liabilities of $9.64 billion as of March 2020 and $5.38 billion as of December 2019.