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Commitments, Contingencies and Guarantees (Tables)
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
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)
$
25.8

 
$
26.4

 
$
12.9

 
$
—

 
$
242.3

 
$
307.4

Loan commitments (1)
302.8

 
16.9

 
65.0

 
56.2

 
—

 
440.9

Mortgage-related and other purchase commitments
—

 
—

 
217.0

 
—

 
—

 
217.0

Underwriting commitments
0.1

 
—

 
—

 
—

 
—

 
0.1

Forward starting reverse repos (2)
3,346.5

 
—

 
—

 
—

 
—

 
3,346.5

Forward starting repos (2)
2,609.3

 
—

 
—

 
—

 
—

 
2,609.3

Other unfunded commitments (1)
135.0

 
124.7

 
4.6

 
36.2

 
12.7

 
313.2

 
$
6,419.5


$
168.0


$
299.5


$
92.4


$
255.0


$
7,234.4


(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 March 31, 2017, $3,303.6 million within forward starting reverse repos and $2,609.3 million within forward starting 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 March 31, 2017 (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
$
17,839.8

 
$
1,562.1

 
$
—

 
$
—

 
$
421.7

 
$
19,823.6

Written derivative contracts – credit related
—

 
53.4

 
11.5

 
294.3

 
—

 
359.2

Total derivative contracts
$
17,839.8


$
1,615.5


$
11.5


$
294.3


$
421.7


$
20,182.8
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts
The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of March 31, 2017 is as follows (in millions):
 
External Credit Rating
 
 
 
AAA/
Aaa
 
AA/
Aa
 
A
 
BBB/Baa
 
Below
Investment
Grade
 
Notional/
Maximum
Payout
Credit related derivative contracts:
 
 
 
 
 

 
 
 
 
 
 
Index credit default swaps
$
4.0

 
$
—

 
$
—

 
$
—

 
$
—

 
$
4.0

Single name credit default swaps
$
—

 
$
—

 
$
115.1

 
$
59.9

 
$
180.2

 
$
355.2