Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2012

Long-term debt carrying values by contractual maturity

The following table is a summary of long-term debt carrying values (including unamortized original issue discount, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2012.



By remaining maturity at December 31,		2012											2011
(in millions, except rates)		Under 1 year			1-5 years			After 5 years		Total			Total
Parent company
Senior debt:	Fixed rate^(a)	$	6,876		$	47,101		$	45,739	$	99,716		$	96,478
	Variable rate^(b)	10,049			22,706			6,010		38,765			55,779
	Interest rates^(c)	0.43-5.38%			0.35-7.00%			0.26-7.25%		0.26-7.25%			0.32-7.25%
Subordinated debt:	Fixed rate	$	2,421		$	8,259		$	5,632	$	16,312		$	19,167
	Variable rate	—			3,431			9		3,440			1,954
	Interest rates^(c)	5.25-5.75%			0.61-6.13%			3.88-8.53%		0.61-8.53%			1.09-8.53%
	Subtotal	$	19,346		$	81,497		$	57,390	$	158,233		$	173,378
Subsidiaries
FHLB advances:	Fixed rate	$	1,510		$	3,040		$	162	$	4,712		$	4,738
	Variable rate	2,321			23,012			12,000		37,333			13,085
	Interest rates^(c)	0.30-1.15%			0.30-2.04%			0.39-0.47%		0.30-2.04%			0.32-2.04%
Senior debt:	Fixed rate	$	582		$	2,397		$	3,782	$	6,761		$	6,546
	Variable rate	7,577			11,390			2,640		21,607			28,257
	Interest rates^(c)	0.33-2.10%			0.16-3.75%			1.00-7.28%		0.16-7.28%			0.13-14.21%
Subordinated debt:	Fixed rate	$	—		$	5,651		$	1,862	$	7,513		$	8,755
	Variable rate	—			2,466			—		2,466			1,150
	Interest rates^(c)	—		%	0.64-6.00%			4.38-8.25%		0.64-8.25%			0.87-8.25%
	Subtotal	$	11,990		$	47,956		$	20,446	$	80,392		$	62,531
Junior subordinated debt:	Fixed rate	$	—		$	—		$	7,131	$	7,131		$	15,784
	Variable rate	—			—			3,268		3,268			5,082
	Interest rates^(c)	—		%	—		%	0.81-8.75%		0.81-8.75%			0.93-8.75%
	Subtotal	$	—		$	—		$	10,399	$	10,399		$	20,866
Total long-term debt^(d)(e)(f)		$	31,336		$	129,453		$	88,235	$	249,024	^(h)(i)	$	256,775
Long-term beneficial interests:
	Fixed rate	$	1,629		$	5,502		$	3,262	$	10,393		$	6,261
	Variable rate	10,226			10,551			3,802		24,579			33,473
	Interest rates	0.27-5.40%			0.23-5.63%			0.32-13.91%		0.23-13.91%			0.02-11.00%
Total long-term beneficial interests^(g)		$	11,855		$	16,053		$	7,064	$	34,972		$	39,734


(a)	Included $8.4 billion as of December 31, 2011, that was guaranteed by the FDIC under the Temporary Liquidity Guarantee (“TLG”) Program. All long-term debt guaranteed under the TLG Program matured prior to December 31, 2012.


(b)	Included $11.9 billion as of December 31, 2011 that was guaranteed by the FDIC under the TLG Program. All long-term debt guaranteed under the TLG Program matured prior to December 31, 2012.

(c)

The interest rates shown are the range of contractual rates in effect at year-end, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The use of these derivative instruments modifies the Firm’s exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect at December 31, 2012, for total long-term debt was (0.76)% to 7.86%, versus the contractual range of 0.16% to 8.75% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value.


(d)	Included long-term debt of $48.0 billion and $23.8 billion secured by assets totaling $112.8 billion and $89.4 billion at December 31, 2012 and 2011, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.


(e)	Included $30.8 billion and $34.7 billion of outstanding structured notes accounted for at fair value at December 31, 2012 and 2011, respectively.


(f)	Included $1.6 billion and $2.1 billion of outstanding zero-coupon notes at December 31, 2012 and 2011, respectively. The aggregate principal amount of these notes at their respective maturities was $3.0 billion and $5.0 billion, respectively.

(g)

Included on the Consolidated Balance Sheets in beneficial interests issued by consolidated VIEs. Also included $1.2 billion and $1.3 billion of outstanding structured notes accounted for at fair value at December 31, 2012 and 2011, respectively. Excluded short-term commercial paper and other short-term beneficial interests of $28.2 billion and $26.2 billion at December 31, 2012 and 2011, respectively.


(h)	At December 31, 2012, long-term debt in the aggregate of $22.1 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective notes.


(i)	The aggregate carrying values of debt that matures in each of the five years subsequent to 2012 is $31.3 billion in 2013, $35.8 billion in 2014, $32.0 billion in 2015, $28.0 billion in 2016 and $33.6 billion in 2017.

Outstanding trust preferred capital debt securities

The following is a summary of the outstanding trust preferred securities, including unamortized original issue discount, issued by each trust, and the junior subordinated deferrable interest debenture issued to each trust, as of December 31, 2012.



December 31, 2012 (in millions)	Amount of trust preferred securities issued by trust^(a)	Principal amount of debenture issued to trust^(b)	Issue date	Stated maturity of trust preferred securities and debentures	Earliest redemption date	Interest rate of trust preferred securities and debentures	Interest payment/distribution dates
Bank One Capital III	$474	$757	2000	2030	Any time	8.75%	Semiannually
Bank One Capital VI	100	105	2001	2031	Any time	7.20%	Quarterly
Chase Capital II	482	498	1997	2027	Any time	LIBOR + 0.50%	Quarterly
Chase Capital III	296	305	1997	2027	Any time	LIBOR + 0.55%	Quarterly
Chase Capital VI	241	249	1998	2028	Any time	LIBOR + 0.625%	Quarterly
First Chicago NBD Capital I	249	256	1997	2027	Any time	LIBOR + 0.55%	Quarterly
J.P. Morgan Chase Capital X	1,000	1,018	2002	2032	Any time	7.00%	Quarterly
J.P. Morgan Chase Capital XI	1,075	1,013	2003	2033	Any time	5.88%	Quarterly
J.P. Morgan Chase Capital XII	400	392	2003	2033	Any time	6.25%	Quarterly
JPMorgan Chase Capital XIII	465	480	2004	2034	2014	LIBOR + 0.95%	Quarterly
JPMorgan Chase Capital XIV	600	588	2004	2034	Any time	6.20%	Quarterly
JPMorgan Chase Capital XVI	500	494	2005	2035	Any time	6.35%	Quarterly
JPMorgan Chase Capital XIX	563	564	2006	2036	Any time	6.63%	Quarterly
JPMorgan Chase Capital XXI	836	837	2007	2037	Any time	LIBOR + 0.95%	Quarterly
JPMorgan Chase Capital XXIII	643	643	2007	2047	Any time	LIBOR + 1.00%	Quarterly
JPMorgan Chase Capital XXIV	700	700	2007	2047	Any time	6.88%	Quarterly
JPMorgan Chase Capital XXIX	1,500	1,500	2010	2040	2015	6.70%	Quarterly
Total	$10,124	$10,399


(a)	Represents the amount of trust preferred securities issued to the public by each trust, including unamortized original issue discount.


(b)	Represents the principal amount of JPMorgan Chase debentures issued to each trust, including unamortized original-issue discount. The principal amount of debentures issued to the trusts includes the impact of hedging and purchase accounting fair value adjustments that were recorded on the Firm’s Consolidated Financial Statements.