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Commitments, Contingencies and Guarantees (Tables)
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum Lease Commitments for Noncancelable Operating Leases
Future minimum annual rentals (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) under these leases at December 31, 2016 are as follows (in thousands):
2017
$
91,057

2018
87,405

2019
76,194

2020
62,186

2021
57,704

Thereafter
572,845

 
947,391

Less:  sublease income
(19,204
)
 
$
928,187

Commitments and Contingencies
The following table summarizes commitments associated with certain business activities (in millions):
 
Expected Maturity Date
 
 
 
2017
 
2018
 
2019
and
2020
 
2021
and
2022
 
2023
and
Later
 
Maximum
Payout 
 
 
 
 
 
 
 
 
 
 
 
 
Equity commitments (1)
$
192.4

 
$
22.1

 
$
13.0

 
$

 
$
243.3

 
$
470.8

Loan commitments (1)
315.3

 
16.9

 
71.6

 
44.0

 

 
447.8

Underwriting commitments
349.4

 

 

 

 

 
349.4

Forward starting reverse repos (2)
4,668.7

 

 

 

 

 
4,668.7

Forward starting repos (2)
2,539.2

 

 

 

 

 
2,539.2

Other unfunded commitments (1)

 
37.0

 
4.8

 
33.8

 
13.2

 
88.8

 
$
8,065.0

 
$
76.0

 
$
89.4

 
$
77.8

 
$
256.5

 
$
8,564.7

(1)
Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date.  The amounts are however mostly available on demand.
(2)
At December 31, 2016, $4,592.9 million within forward starting reverse repos and $2,464.6 million within repos settled within three business days.
Guarantees
The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of December 31, 2016 (in millions):
 
Expected Maturity Date
 
 
Guarantee Type
2017
 
2018
 
2019
and
2020
 
2021
and
2022
 
2023
and
Later
 
Notional/
Maximum
Payout
 
 
 
 
 
 
 
 
 
 
 
 
Derivative contracts – non-credit related
$
18,838.6

 
$
820.4

 
$

 
$

 
$
421.8

 
$
20,080.8

Written derivative contracts – credit related

 
52.2

 
24.6

 
360.8

 

 
437.6

Total derivative contracts
$
18,838.6

 
$
872.6

 
$
24.6

 
$
360.8

 
$
421.8

 
$
20,518.4

External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts
The following table summarizes the external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of December 31, 2016 (in millions):
 
External Credit Rating
 
 
 
AAA/
Aaa
 
AA/
Aa
 
A
 
BBB/Baa
 
Below
Investment
Grade
 
Unrated
 
Notional/
Maximum
Payout
Credit related derivative contracts:
 
 
 
 
 

 
 
 
 
 
 
 
 
Index credit default swaps
$
54.0

 
$

 
$

 
$

 
$

 
$

 
$
54.0

Single name credit default swaps

 

 
79.5

 
42.9

 
261.2

 

 
383.6