Commitments, Contingent Liabilities and Guarantees (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Significant Commitments

The following table reflects a summary of significant commitments as of:

($ in millions)	March 31, 2021		December 31, 2020
Commitments to extend credit	$	76,820	74,499
Forward contracts related to residential mortgage loans held for sale	6,872		2,903
Letters of credit	1,869		1,982
Purchase obligations	177		195
Capital commitments for private equity investments	94		83
Capital expenditures	84		75

Credit Risk Associated with Commitments

Risk ratings of outstanding commitments to extend credit under this risk rating system are summarized in the following table as of:

($ in millions)	March 31, 2021		December 31, 2020
Pass	$	73,851	71,386
Special mention	1,513		2,049
Substandard	1,455		1,063
Doubtful	1		1
Total commitments to extend credit	$	76,820	74,499

Standby and Commercial Letters of Credit, Conditional Commitments Issued to Guarantee the Performance of a Customer to a Third Party

Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party and expire as summarized in the following table as of March 31, 2021:

($ in millions)
Less than 1 year(a)	$	1,016
1 - 5 years(a)	851
Over 5 years	2
Total letters of credit	$	1,869

(a)Includes $10 and $2 issued on behalf of commercial customers to facilitate trade payments in U.S. dollars and foreign currencies which expire less than 1 year and between 1 -5 years, respectively.

Credit Risk Associated with Letters of Credit

Risk ratings of outstanding letters of credit under this risk rating system are summarized in the following table as of:

($ in millions)	March 31, 2021		December 31, 2020
Pass	$	1,638	1,739
Special mention	63		111
Substandard	168		132
Total letters of credit	$	1,869	1,982

Visa Funding and Bancorp Cash Payments

After the Bancorp’s sale of the Class B Shares, Visa has funded additional amounts into the litigation escrow account which have resulted in further dilutive adjustments to the conversion of Class B Shares into Class A Shares, and along with other terms of the total return swap, required the Bancorp to make cash payments in varying amounts to the swap counterparty as follows:

Period ($ in millions)	Visa Funding Amount		Bancorp Cash Payment Amount
Q2 2010	$	500	20
Q4 2010	800		35
Q2 2011	400		19
Q1 2012	1,565		75
Q3 2012	150		6
Q3 2014	450		18
Q2 2018	600		26
Q3 2019	300		12