Commitments and Guarantees

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

For additional information on our commitments and guarantees, refer to page 166 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K.

The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and off-balance sheet guarantees as of the dates indicated:


(In millions)	March 31, 2021		December 31, 2020
Commitments:
Unfunded credit facilities	$	34,114	$	34,213
Guarantees(1):
Indemnified securities financing	$	436,039	$	440,875
Standby letters of credit	3,502		3,330

(1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties.

As of March 31, 2021, approximately 72% of our unfunded commitments to extend credit expire within one year, compared to approximately 73% as of December 31, 2020.

Indemnified Securities Financing

For additional information on our indemnified securities financing, refer to page 166 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K.

The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:


(In millions)	March 31, 2021		December 31, 2020
Fair value of indemnified securities financing	$	436,039	$	440,875
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing	457,367		463,273
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements	59,308		54,432
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements	64,146		58,092

In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of March 31, 2021 and December 31, 2020, we had approximately $24.77 billion and $18.33 billion, respectively, of collateral provided and approximately $13.80 billion and $9.36 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions.