v2.4.0.6
Commitments, Guarantees and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2012
Commitments, Guarantees and Contingencies [Abstract]  
Commitments by Period of Expiration
   Years to Maturity  
   Less       Total at
    than 1 1-3 3-5 Over 5 December 31, 2012
            
   (dollars in millions)
Letters of credit and other financial guarantees          
 obtained to satisfy collateral requirements $ 1,186$ 1$ 6$ —$ 1,193
Investment activities   794  94  49  292  1,229
Primary lending commitments—investment grade(1)  7,734  11,583  34,743  171  54,231
Primary lending commitments—non-investment grade(1)  924  3,881  10,148  2,161  17,114
Secondary lending commitments(2)   116  103  53  50  322
Commitments for secured lending transactions   235  —  —  —  235
Forward starting reverse repurchase agreements and           
 securities borrowing agreements(3)(4)  45,653  —  —  —  45,653
Commercial and residential mortgage-related commitments  778  16  183  207  1,184
Other commitments   1,534  157  93  95  1,879
 Total $ 58,954$ 15,835$ 45,275$ 2,976$ 123,040

.

(1)       This amount includes $35.3 billion of investment grade and $8.4 billion of non-investment grade unfunded commitments accounted for as held for investment and $1.4 billion of investment grade and $2.3 billion of non-investment grade unfunded commitments accounted for as held for sale at December 31, 2012. The remainder of these lending commitments is carried at fair value.

(2)       These commitments are recorded at fair value within Financial instruments owned and Financial instruments sold, not yet purchased in the consolidated statements of financial condition (see Note 4).

(3)       The Company enters into forward starting reverse repurchase and securities borrowing agreements (agreements that have a trade date at or prior to December 31, 2012 and settle subsequent to period-end) that are primarily secured by collateral from U.S. government agency securities and other sovereign government obligations. These agreements primarily settle within three business days and of the total amount at December 31, 2012, $40.0 billion settled within three business days.

(4)       The Company also has a contingent obligation to provide financing to a clearinghouse through which it clears certain transactions. The financing is required only upon the default of a clearinghouse member. The financing takes the form of a reverse repurchase facility, with a maximum amount of approximately $2.3 billion.

 

 
Future Minimum Rental Commitments for Premises and Equipment
  Operating
  Premises
Year Ended Leases
2013$ 666
2014  658
2015  563
2016  509
2017  442
Thereafter  2,883
Future Minimum Rental Commitments for Commodities Business
  Operating
  Equipment
Year Ended Leases
2013$ 324
2014  148
2015  105
2016  67
2017  61
Thereafter  134
Obligations under Guarantee Arrangements
   Maximum Potential Payout/Notional Carrying Amount (Asset)/ Liability Collateral/ Recourse
   Years to Maturity    
Type of Guarantee Less than 1 1-3 3-5 Over 5 Total  
                
   (dollars in millions)
Credit derivative contracts(1)$ 444,092$ 583,649$ 716,945$ 148,506$ 1,893,192$ 10,883$ —
Other credit contracts  796  125  155  1,323  2,399  (745)  —
Non-credit derivative contracts(1)  943,448  798,348  281,877  411,271  2,434,944  76,880  —
Standby letters of credit and other              
 financial guarantees issued(2)(3)  796  1,253  1,269  5,742  9,060  (189)  7,086
Market value guarantees  —  93  108  531  732  10  101
Liquidity facilities  2,403  148  —  —  2,551  (4)  3,764
Whole loan sales representations              
 and warranties  —  —  —  24,950  24,950  79  —
Securitization representations and              
 warranties  —  —  —  70,904  70,904  35  —
General partner guarantees  69  43  —  200  312  76  —

 

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(1)       Carrying amounts of derivative contracts are shown on a gross basis prior to cash collateral or counterparty netting. For further information on derivative contracts, see Note 12.

(2)       Approximately $2.0 billion of standby letters of credit are also reflected in the “Commitments” table above in primary and secondary lending commitments. Standby letters of credit are recorded at fair value within Financial instruments owned or Financial instruments sold, not yet purchased in the consolidated statements of financial condition.

(3)       Amounts include guarantees issued by consolidated real estate funds sponsored by the Company of approximately $113 million. These guarantees relate to obligations of the fund's investee entities, including guarantees related to capital expenditures and principal and interest debt payments. Accrued losses under these guarantees of approximately $4 million are reflected as a reduction of the carrying value of the related fund investments, which are reflected in Financial instruments owned—Investments on the consolidated statement of financial condition.