Commitments, pledged assets and collateral

Lease commitments

At December 31, 2014, JPMorgan Chase and its subsidiaries were obligated under a number of noncancelable operating leases for premises and equipment used primarily for banking purposes, and for energy-related tolling service agreements. Certain leases contain renewal options or escalation clauses providing for increased rental payments based on maintenance, utility and tax increases, or they require the Firm to perform restoration work on leased premises. No lease agreement imposes restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements.

The following table presents required future minimum rental payments under operating leases with noncancelable lease terms that expire after December 31, 2014.



Year ended December 31, (in millions)
2015	$	1,722
2016	1,682
2017	1,534
2018	1,281
2019	1,121
After 2019	5,101
Total minimum payments required^(a)	12,441
Less: Sublease rentals under noncancelable subleases	(2,238		)
Net minimum payment required	$	10,203


(a)	Lease restoration obligations are accrued in accordance with U.S. GAAP, and are not reported as a required minimum lease payment.

Total rental expense was as follows.



Year ended December 31,
(in millions)	2014			2013			2012
Gross rental expense	$	2,255		$	2,187		$	2,212
Sublease rental income	(383		)	(341		)	(288		)
Net rental expense	$	1,872		$	1,846		$	1,924

Pledged assets

Financial assets are pledged to maintain potential borrowing capacity with central banks and for other purposes, including to secure borrowings and public deposits, and to collateralize repurchase and other securities financing agreements. Certain of these pledged assets may be sold or repledged by the secured parties and are identified as financial instruments owned (pledged to various parties) on the Consolidated balance sheets. At December 31, 2014 and 2013, the Firm had pledged assets of $324.5 billion and $251.3 billion, respectively, at Federal Reserve Banks and FHLBs. In addition, as of December 31, 2014 and 2013, the Firm had pledged to third parties $60.1 billion and $68.4 billion, respectively, of financial instruments it owns that may not be sold or repledged by such secured parties. Total assets pledged do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. See Note 16 for additional information on assets and liabilities of consolidated VIEs. For additional information on the Firm’s securities financing activities and long-term debt, see Note 13 and Note 21, respectively. The significant components of the Firm’s pledged assets were as follows.



December 31, (in billions)	2014		2013
Securities	$	118.7	$	68.1
Loans	248.2		230.3
Trading assets and other	169.0		163.3
Total assets pledged	$	535.9	$	461.7

Collateral

At December 31, 2014 and 2013, the Firm had accepted assets as collateral that it could sell or repledge, deliver or otherwise use with a fair value of approximately $761.7 billion and $725.0 billion, respectively. This collateral was generally obtained under resale agreements, securities borrowing agreements, customer margin loans and derivative agreements. Of the collateral received, approximately $596.8 billion and $520.1 billion, respectively, were sold or repledged, generally as collateral under repurchase agreements, securities lending agreements or to cover short sales and to collateralize deposits and derivative agreements.

Certain prior period amounts for both collateral, as well as pledged assets (including the corresponding pledged assets parenthetical disclosure for trading assets on the Consolidated balance sheets) have been revised to conform with the current period presentation.