Fair Value Measurement

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair value measurement

For a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy, refer to Note2 of JPMorgan Chase’s 2017 Annual Report.

The following table presents the assets and liabilities reported at fair value as ofJune 30, 2018, and December 31, 2017, by major product category and fair value hierarchy.

Assets and liabilities measured at fair value on a recurring basis
	Fair value hierarchy						Derivative netting adjustments
June 30, 2018 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	12,793	$	—	$	—		$	12,793
Securities borrowed	—		4,052		—		—			4,052
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies(a)	—		37,805		478		—			38,283
Residential – nonagency	—		2,001		87		—			2,088
Commercial – nonagency	—		1,299		18		—			1,317
Total mortgage-backed securities	—		41,105		583		—			41,688
U.S. Treasury and government agencies(a)	38,363		9,192		—		—			47,555
Obligations of U.S. states and municipalities	—		8,465		736		—			9,201
Certificates of deposit, bankers’ acceptances and commercial paper	—		2,095		—		—			2,095
Non-U.S. government debt securities	34,787		31,647		183		—			66,617
Corporate debt securities	—		24,571		274		—			24,845
Loans(b)	—		43,891		1,986		—			45,877
Asset-backed securities	—		3,002		87		—			3,089
Total debt instruments	73,150		163,968		3,849		—			240,967
Equity securities	98,142		485		288		—			98,915
Physical commodities(c)	5,136		1,542		—		—			6,678
Other	—		13,273		406		—			13,679
Total debt and equity instruments(d)	176,428		179,268		4,543		—			360,239
Derivative receivables:
Interest rate	528		278,652		1,831		(258,040		)	22,971
Credit	—		19,917		1,017		(20,310		)	624
Foreign exchange	1,497		194,169		806		(179,709		)	16,763
Equity	—		41,798		3,167		(34,789		)	10,176
Commodity	—		21,702		166		(13,892		)	7,976
Total derivative receivables(e)	2,025		556,238		6,987		(506,740		)	58,510
Total trading assets(f)	178,453		735,506		11,530		(506,740		)	418,749
Available-for-sale securities:
Mortgage-backed securities:
U.S. government agencies(a)	—		61,922		—		—			61,922
Residential – nonagency	—		9,679		1		—			9,680
Commercial – nonagency	—		7,827		—		—			7,827
Total mortgage-backed securities	—		79,428		1		—			79,429
U.S. Treasury and government agencies	25,344		—		—		—			25,344
Obligations of U.S. states and municipalities	—		39,330		—		—			39,330
Certificates of deposit	—		75		—		—			75
Non-U.S. government debt securities	17,359		8,327		—		—			25,686
Corporate debt securities	—		2,133		—		—			2,133
Asset-backed securities:
Collateralized loan obligations	—		20,999		147		—			21,146
Other	—		8,866		—		—			8,866
Total available-for-sale securities	42,703		159,158		148		—			202,009
Loans	—		2,917		159		—			3,076
Mortgage servicing rights	—		—		6,241		—			6,241
Other assets(f)(g)	11,873		57		1,225		—			13,155
Total assets measured at fair value on a recurring basis	$	233,029	$	914,483	$	19,303	$	(506,740	)	$	660,075
Deposits	$	—	$	15,391	$	4,305	$	—		$	19,696
Federal funds purchased and securities loaned or sold under repurchase agreements	—		866		—		—			866
Short-term borrowings	—		6,521		2,209		—			8,730
Trading liabilities:
Debt and equity instruments(d)	82,507		24,777		43		—			107,327
Derivative payables:
Interest rate	561		252,080		1,342		(245,368		)	8,615
Credit	—		19,737		1,041		(19,276		)	1,502
Foreign exchange	1,539		184,977		1,051		(175,046		)	12,521
Equity	—		42,639		5,745		(36,902		)	11,482
Commodity	—		22,232		918		(14,759		)	8,391
Total derivative payables(e)	2,100		521,665		10,097		(491,351		)	42,511
Total trading liabilities	84,607		546,442		10,140		(491,351		)	149,838
Accounts payable and other liabilities	6,568		57		8		—			6,633
Beneficial interests issued by consolidated VIEs	—		—		1		—			1
Long-term debt	—		31,834		18,262		—			50,096
Total liabilities measured at fair value on a recurring basis	$	91,175	$	601,111	$	34,925	$	(491,351	)	$	235,860

	Fair value hierarchy						Derivative netting adjustments
December 31, 2017 (in millions)	Level 1		Level 2		Level 3					Total fair value
Federal funds sold and securities purchased under resale agreements	$	—	$	14,732	$	—	$	—		$	14,732
Securities borrowed	—		3,049		—		—			3,049
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies(a)	—		41,515		307		—			41,822
Residential – nonagency	—		1,835		60		—			1,895
Commercial – nonagency	—		1,645		11		—			1,656
Total mortgage-backed securities	—		44,995		378		—			45,373
U.S. Treasury and government agencies(a)	30,758		6,475		1		—			37,234
Obligations of U.S. states and municipalities	—		9,067		744		—			9,811
Certificates of deposit, bankers’ acceptances and commercial paper	—		226		—		—			226
Non-U.S. government debt securities	28,887		28,831		78		—			57,796
Corporate debt securities	—		24,146		312		—			24,458
Loans(b)	—		35,242		2,719		—			37,961
Asset-backed securities	—		3,284		153		—			3,437
Total debt instruments	59,645		152,266		4,385		—			216,296
Equity securities	87,346		197		295		—			87,838
Physical commodities(c)	4,924		1,322		—		—			6,246
Other	—		14,197		690		—			14,887
Total debt and equity instruments(d)	151,915		167,982		5,370		—			325,267
Derivative receivables:
Interest rate	181		314,107		1,704		(291,319		)	24,673
Credit	—		21,995		1,209		(22,335		)	869
Foreign exchange	841		158,834		557		(144,081		)	16,151
Equity	—		37,722		2,318		(32,158		)	7,882
Commodity	—		19,875		210		(13,137		)	6,948
Total derivative receivables(e)	1,022		552,533		5,998		(503,030		)	56,523
Total trading assets(f)	152,937		720,515		11,368		(503,030		)	381,790
Available-for-sale securities:
Mortgage-backed securities:
U.S. government agencies(a)	—		70,280		—		—			70,280
Residential – nonagency	—		11,366		1		—			11,367
Commercial – nonagency	—		5,025		—		—			5,025
Total mortgage-backed securities	—		86,671		1		—			86,672
U.S. Treasury and government agencies	22,745		—		—		—			22,745
Obligations of U.S. states and municipalities	—		32,338		—		—			32,338
Certificates of deposit	—		59		—		—			59
Non-U.S. government debt securities	18,140		9,154		—		—			27,294
Corporate debt securities	—		2,757		—		—			2,757
Asset-backed securities:
Collateralized loan obligations	—		20,720		276		—			20,996
Other	—		8,817		—		—			8,817
Equity securities(g)	547		—		—		—			547
Total available-for-sale securities	41,432		160,516		277		—			202,225
Loans	—		2,232		276		—			2,508
Mortgage servicing rights	—		—		6,030		—			6,030
Other assets(f)(g)	13,795		343		1,265		—			15,403
Total assets measured at fair value on a recurring basis	$	208,164	$	901,387	$	19,216	$	(503,030	)	$	625,737
Deposits	$	—	$	17,179	$	4,142	$	—		$	21,321
Federal funds purchased and securities loaned or sold under repurchase agreements	—		697		—		—			697
Short-term borrowings	—		7,526		1,665		—			9,191
Trading liabilities:
Debt and equity instruments(d)	64,664		21,183		39		—			85,886
Derivative payables:
Interest rate	170		282,825		1,440		(277,306		)	7,129
Credit	—		22,009		1,244		(21,954		)	1,299
Foreign exchange	794		154,075		953		(143,349		)	12,473
Equity	—		39,668		5,727		(36,203		)	9,192
Commodity	—		21,017		884		(14,217		)	7,684
Total derivative payables(e)	964		519,594		10,248		(493,029		)	37,777
Total trading liabilities	65,628		540,777		10,287		(493,029		)	123,663
Accounts payable and other liabilities	9,074		121		13		—			9,208
Beneficial interests issued by consolidated VIEs	—		6		39		—			45
Long-term debt	—		31,394		16,125		—			47,519
Total liabilities measured at fair value on a recurring basis	$	74,702	$	597,700	$	32,271	$	(493,029	)	$	211,644

(a) At June 30, 2018, and December 31, 2017, included total U.S. government-sponsored enterprise obligations of $65.6 billion and $78.0 billion, respectively, which were predominantly mortgage-related.

(b) At June 30, 2018, and December 31, 2017, included within trading loans were $14.8 billion and $11.4 billion, respectively, of residential first-lien mortgages, and $5.6 billion and $4.2 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. government agencies of $9.7 billion and $5.7 billion, respectively, and reverse mortgages of zero and $836 million respectively.

(c) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. For a further discussion of the Firm’s hedge accounting relationships, refer to Note 4. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.

(d) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).

(e) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. For purposes of the tables above, the Firm does not reduce derivative receivables and derivative payables balances for this netting adjustment, either within or across the levels of the fair value hierarchy, as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset or liability. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

(f) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2018, and December 31, 2017, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $764 million and $779 million, respectively. Included in these balances at June 30, 2018, and December 31, 2017, were trading assets of $50 million and $54 million, respectively, and other assets of $714 million and $725 million, respectively.

(g) Effective January 1, 2018, the Firm adopted the recognition and measurement guidance. Equity securities that were previously reported as AFS securities were reclassified to other assets upon adoption.

Transfers between levels for instruments carried at fair

value on a recurring basis

For the three and six months ended June 30, 2018 and 2017 there were no individually significant transfers.

All transfers are based on changes in the observability of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

Level 3 valuations

For further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments, refer to Note2 of JPMorgan Chase’s 2017 Annual Report.

The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and, for certain instruments, the weighted averages of such inputs.While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.

The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.

In the Firm’s view, the input range and the weighted average value do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

For the Firm’s derivatives and structured notes positions classified within level 3 at June 30, 2018, interest rate correlation inputs used in estimating fair value were concentrated towards the upper end of the range; equity correlation, equity-FX, and equity-IR correlation inputs were concentrated in the middle of the range; commodity correlation inputs were concentrated in the middle of the range; credit correlation inputs were concentrated towards the lower end of the range; and the interest rate-foreign exchange (“IR-FX”) correlation inputs were distributed across the range. In addition, the interest rate spread volatility inputs used in estimating fair value were distributed across the range; equity volatilities and commodity volatilities were concentrated towards the lower end of the range; and forward commodity prices used in estimating the fair value of commodity derivatives were concentrated towards the lower end of the range. Prepayment speed inputs used in estimating fair value of interest rate derivatives were concentrated towards the lower end of the range. Recovery rate, yield and prepayment speed inputs used in estimating fair value of credit derivatives were distributed across the range; credit spreads and conditional default rates were concentrated towards the lower end of the range; loss severity and price inputs were concentrated towards the upper end of the range.

Level 3 inputs(a)
June 30, 2018
Product/Instrument	Fair value (in millions)			Principal valuation technique	Unobservable inputs(g)	Range of input values							Weighted average
Residential mortgage-backed securities and loans(b)	$	798		Discounted cash flows	Yield	0		%	–	23		%			6		%
					Prepayment speed	0		%	–	50		%			8		%
					Conditional default rate	0		%	–	20		%			1		%
					Loss severity	0		%	–	100		%			6		%
Commercial mortgage-backed securities and loans(c)	445			Market comparables	Price	$	6		–	$	101				$	91
Obligations of U.S. states and municipalities	736			Market comparables	Price	$	59		–	$	100				$	97
Corporate debt securities	274			Market comparables	Price	$	2		–	$	107				$	82
Loans(d)	1,486			Market comparables	Price	$	4		–	$	104				$	87
Asset-backed securities	147			Discounted cash flows	Credit spread	216						bps			216		bps
					Prepayment speed	20						%			20		%
					Conditional default rate	2						%			2		%
					Loss severity	30						%			30		%
	87			Market comparables	Price	$	4		–	$	100				$	59
Net interest rate derivatives	293			Option pricing	Interest rate spread volatility	16		bps	–	38				bps
					Interest rate correlation	(50		)%	–	97		%
					IR-FX correlation	55		%	–	60		%
	196			Discounted cash flows	Prepayment speed	0		%	–	30		%
Net credit derivatives	(27		)	Discounted cash flows	Credit correlation	35		%	–	65		%
					Credit spread	8		bps	–	1,497		bps
					Recovery rate	20		%	–	70		%
					Yield	1		%	–	36		%
					Prepayment speed	0		%	–	18		%
					Conditional default rate	0		%	–	93		%
					Loss severity	0		%	–	100		%
	3			Market comparables	Price	$	10		–	$	98
Net foreign exchange derivatives	(62		)	Option pricing	IR-FX correlation	(50		)%	–	60		%
	(183		)	Discounted cash flows	Prepayment speed	8		%	–	9		%
Net equity derivatives	(2,578		)	Option pricing	Equity volatility	10		%	–	60		%
					Equity correlation	10		%	–	95		%
					Equity-FX correlation	(70		)%	–	60		%
					Equity-IR correlation	20		%	–	40		%
Net commodity derivatives	(752		)	Option pricing	Forward commodity price	$	52		–	$ 80 per barrel
					Commodity volatility	5		%	–	53		%
					Commodity correlation	(52		)%	–	95		%
MSRs	6,241			Discounted cash flows	Refer to Note 14
Other assets	289			Discounted cash flows	Credit spread	70						bps			70		bps
					Yield	8		%	–	10		%			8		%
	1,342			Market comparables	Price	$	35		–	$	104				$	46
					EBITDA multiple	3.0x			–	8.4x					8.0x
Long-term debt, short-term borrowings, and deposits(e)	24,776			Option pricing	Interest rate spread volatility	16		bps	–	38				bps
					Interest rate correlation	(50		)%	–	97		%
					IR-FX correlation	(50		)%	–	60		%
					Equity correlation	10		%	–	95		%
					Equity-FX correlation	(70		)%	–	60		%
					Equity-IR correlation	20		%	–	40		%
Other level 3 assets and liabilities, net(f)	419

(a) The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.

(b) Includes U.S. government agency securities of $471 million, nonagency securities of $88 million and trading loans of $239 million.

(c) Includes U.S. government agency securities of $7 million, nonagency securities of $18 million, trading loans of $261 million and non-trading loans of $159 million.

(d) Comprises trading loans.

(e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are predominantly financial instruments containing embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.

(f) Includes level 3 assets and liabilities that are insignificant both individually and in aggregate.

(g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

Changes in and ranges of unobservable inputs

For a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions refer to Note 2 of JPMorgan Chase’s 2017 Annual Report.

Changes in level 3 recurring fair value measurements

The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months endedJune 30, 2018 and 2017. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable parameters to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2018 (in millions)	Fair value at April 1, 2018			Total realized/unrealized gains/(losses)															Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2018				Change in unrealized gains/(losses) related to financial instruments held at June 30, 2018
								Purchases(f)			Sales					Settlements(g)
Assets:
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies	$	508		$	—			$	5		$	(11	)			$	(19	)	$	5		$	(10	)		$	478		$	—
Residential – nonagency	55			2				45			(11		)			(1		)	11			(14		)		87			1
Commercial – nonagency	14			2				1			(1		)			(12		)	17			(3		)		18			1
Total mortgage-backed securities	577			4				51			(23		)			(32		)	33			(27		)		583			2
U.S. Treasury and government agencies	—			—				—			—					—			—			—				—			—
Obligations of U.S. states and municipalities	704			(9		)		42			—					(1		)	—			—				736			(9		)
Non-U.S. government debt securities	197			(12		)		126			(92		)			—			—			(36		)		183			(12		)
Corporate debt securities	306			(3		)		60			(40		)			(10		)	36			(75		)		274			4
Loans	2,368			(21		)		565			(806		)			(192		)	251			(179		)		1,986			(30		)
Asset-backed securities	63			4				45			(9		)			(6		)	2			(12		)		87			4
Total debt instruments	4,215			(37		)		889			(970		)			(241		)	322			(329		)		3,849			(41		)
Equity securities	300			(13		)		65			(50		)			(1		)	—			(13		)		288			(8		)
Other	698			(254		)		16			(34		)			(18		)	—			(2		)		406			(259		)
Total trading assets – debt and equity instruments	5,213			(304		)	(c)	970			(1,054		)			(260		)	322			(344		)		4,543			(308		)	(c)
Net derivative receivables:(a)
Interest rate	472			287				38			(51		)			(179		)	(54		)	(24		)		489			254
Credit	5			21				1			(5		)			(29		)	(4		)	(13		)		(24		)	9
Foreign exchange	(288		)	94				13			(3		)			(8		)	(74		)	21				(245		)	95
Equity	(2,512		)	143				606			(1,042		)			(13		)	38			202				(2,578		)	(24		)
Commodity	(519		)	(35		)		—			—					(186		)	(9		)	(3		)		(752		)	(65		)
Total net derivative receivables	(2,842		)	510			(c)	658			(1,101		)			(415		)	(103		)	183				(3,110		)	269			(c)
Available-for-sale securities:
Asset-backed securities	204			—				—			—					(57		)	—			—				147			—
Other	1			—				—			—					—			—			—				1			—
Total available-for-sale securities	205			—			(d)	—			—					(57		)	—			—				148			—			(d)
Loans	396			(9		)	(c)	—			—					(154		)	—			(74		)		159			(9		)	(c)
Mortgage servicing rights	6,202			94			(e)	236			(104		)			(187		)	—			—				6,241			94			(e)
Other assets	1,220			(13		)	(c)	24			(2		)			(5		)	1			—				1,225			(17		)	(c)
	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2018 (in millions)	Fair value at April 1, 2018			Total realized/unrealized (gains)/losses															Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2018				Change in unrealized (gains)/ losses related to financial instruments held at June 30, 2018
								Purchases			Sales			Issuances		Settlements(g)
Liabilities:(b)
Deposits	$	4,017		$	49		(c)(i)	$	—		$	—		$	434	$	(57	)	$	1		$	(139	)		$	4,305		$	50		(c)(i)
Short-term borrowings	2,125			(197		)	(c)(i)	—			—			862		(614		)	43			(10		)		2,209			(27		)	(c)(i)
Trading liabilities – debt and equity instruments	50			(11		)	(c)	(25		)	33			—		—			—			(4		)		43			(4		)	(c)
Accounts payable and other liabilities	7			(1		)		—			1			—		—			1			—				8			(1		)
Beneficial interests issued by consolidated VIEs	1			—				—			—			—		—			—			—				1			—
Long-term debt	16,950			(344		)	(c)(i)	—			—			3,740		(2,083		)	219			(220		)		18,262			(427		)	(c)(i)

	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2017 (in millions)	Fair value at April 1, 2017			Total realized/unrealized gains/(losses)																Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2017					Change in unrealized gains/(losses) related to financial instruments held at June 30, 2017
								Purchases(f)			Sales						Settlements(g)
Assets:
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies	$	353		$	(11	)		$	82		$	(54	)				$	(19	)	$	20		$	(6	)		$	365			$	(14	)
Residential – nonagency	35			(1		)		31			(3		)				(5		)	46			(5		)		98				(4		)
Commercial – nonagency	45			(1		)		10			(6		)				(2		)	30			(11		)		65				(1		)
Total mortgage-backed securities	433			(13		)		123			(63		)				(26		)	96			(22		)		528				(19		)
Obligations of U.S. states and municipalities	668			4				9			—						—			—			—				681				3
Non-U.S. government debt securities	47			3				102			(95		)				—			1			(21		)		37				2
Corporate debt securities	738			2				74			(38		)				(254		)	27			(88		)		461				1
Loans	4,588			68				729			(323		)				(390		)	122			(306		)		4,488				83
Asset-backed securities	245			8				11			(30		)				(25		)	6			(132		)		83				6
Total debt instruments	6,719			72				1,048			(549		)				(695		)	252			(569		)		6,278				76
Equity securities	271			21				57			(41		)				—			1			(25		)		284				10
Other	763			43				3			(7		)				(65		)	2			(8		)		731				31
Total trading assets – debt and equity instruments	7,753			136			(c)	1,108			(597		)				(760		)	255			(602		)		7,293				117			(c)
Net derivative receivables:(a)
Interest rate	1,009			37				21			(30		)				(348		)	30			(7		)		712				(90		)
Credit	17			(48		)		1			(1		)				(20		)	6			—				(45		)		(37		)
Foreign exchange	(1,490		)	95				3			(2		)				656			12			40				(686		)		101
Equity	(1,896		)	(35		)		149			(83		)				(504		)	(108		)	33				(2,444		)		(38		)
Commodity	(56		)	(22		)		—			—						23			(2		)	(1		)		(58		)		(32		)
Total net derivative receivables	(2,416		)	27			(c)	174			(116		)				(193		)	(62		)	65				(2,521		)		(96		)	(c)
Available-for-sale securities:
Asset-backed securities	622			2				—			—						(77		)	—			—				547				2
Other	1			—				—			—						—			—			—				1				—
Total available-for-sale securities	623			2			(d)	—			—						(77		)	—			—				548				2			(d)
Loans	404			18			(c)	—			—						(117		)	—			—				305				13			(c)
Mortgage servicing rights	6,079			(200		)	(e)	154			(67		)				(213		)	—			—				5,753				(200		)	(e)
Other assets	2,077			193			(c)	28			(78		)				(286		)	—			—				1,934				120			(c)
	Fair value measurements using significant unobservable inputs
Three months ended June 30, 2017 (in millions)	Fair value at April 1, 2017			Total realized/unrealized (gains)/losses																Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2017					Change in unrealized (gains)/losses related to financial instruments held at June 30, 2017
								Purchases			Sales			Issuances			Settlements(g)
Liabilities:(b)
Deposits	$	2,133		$	30		(c)	$	—		$	—		$	292		$	(31	)	$	—		$	(293	)		$	2,131			$	27		(c)
Short-term borrowings	1,261			46			(c)	—			—			683			(657		)	23			(42		)		1,314				53			(c)
Trading liabilities – debt and equity instruments	45			(1		)		(7		)	2			—			—			1			(4		)		36				—
Accounts payable and other liabilities	11			—				(1		)	—			—			—			—			—				10				—
Beneficial interests issued by consolidated VIEs	51			—				(44		)	—			—			(6		)	—			—				1				—
Long-term debt	14,094			70			(c)(j)	—			—			2,941		(j)	(2,274		)	53			(152		)		14,732			(j)	15			(c)(j)

	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2018 (in millions)	Fair value at January 1, 2018			Total realized/unrealized gains/(losses)															Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2018				Change in unrealized gains/(losses) related to financial instruments held at June 30, 2018
								Purchases(f)			Sales					Settlements(g)
Assets:
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies	$	307		$	3			$	334		$	(98	)			$	(39	)	$	9		$	(38	)		$	478		$	1
Residential – nonagency	60			—				45			(13		)			(3		)	40			(42		)		87			1
Commercial – nonagency	11			3				7			(8		)			(13		)	21			(3		)		18			(2		)
Total mortgage-backed securities	378			6				386			(119		)			(55		)	70			(83		)		583			—
U.S. Treasury and government agencies	1			—				—			—					—			—			(1		)		—			—
Obligations of U.S. states and municipalities	744			(11		)		81			—					(78		)	—			—				736			(11		)
Non-U.S. government debt securities	78			(10		)		351			(184		)			—			17			(69		)		183			(9		)
Corporate debt securities	312			(4		)		141			(140		)			(11		)	167			(191		)		274			3
Loans	2,719			41				1,035			(1,534		)			(329		)	374			(320		)		1,986			(24		)
Asset-backed securities	153			9				59			(22		)			(40		)	13			(85		)		87			5
Total debt instruments	4,385			31				2,053			(1,999		)			(513		)	641			(749		)		3,849			(36		)
Equity securities	295			(21		)		93			(60		)			(1		)	4			(22		)		288			(8		)
Other	690			(239		)		34			(40		)			(38		)	1			(2		)		406			(251		)
Total trading assets – debt and equity instruments	5,370			(229		)	(c)	2,180			(2,099		)			(552		)	646			(773		)		4,543			(295		)	(c)
Net derivative receivables:(a)
Interest rate	264			340				55			(55		)			(133		)	(28		)	46				489			314
Credit	(35		)	38				2			(7		)			(25		)	(1		)	4				(24		)	11
Foreign exchange	(396		)	240				13			(8		)			3			(112		)	15				(245		)	190
Equity	(3,409		)	782				824			(1,284		)			421			(73		)	161				(2,578		)	514
Commodity	(674		)	150				—			—					(174		)	(8		)	(46		)		(752		)	154
Total net derivative receivables	(4,250		)	1,550			(c)	894			(1,354		)			92			(222		)	180				(3,110		)	1,183			(c)
Available-for-sale securities:
Asset-backed securities	276			1				—			—					(130		)	—			—				147			1
Other	1			—				—			—					—			—			—				1			—
Total available-for-sale securities	277			1			(d)	—			—					(130		)	—			—				148			1			(d)
Loans	276			(4		)	(c)	122			—					(161		)	—			(74		)		159			(5		)	(c)
Mortgage servicing rights	6,030			478			(e)	479			(399		)			(347		)	—			—				6,241			478			(e)
Other assets	1,265			(50		)	(c)	47			(16		)			(21		)	1			(1		)		1,225			(52		)	(c)
	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2018 (in millions)	Fair value at January 1, 2018			Total realized/unrealized (gains)/losses															Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2018				Change in unrealized (gains)/ losses related to financial instruments held at June 30, 2018
								Purchases			Sales			Issuances		Settlements(g)
Liabilities:(b)
Deposits	$	4,142		$	(41	)	(c)(i)	$	—		$	—		$	755	$	(255	)	$	1		$	(297	)		$	4,305		$	(86	)	(c)(i)
Short-term borrowings	1,665			(182		)	(c)(i)	—			—			2,070		(1,360		)	55			(39		)		2,209			(31		)	(c)(i)
Trading liabilities – debt and equity instruments	39			(8		)	(c)	(62		)	76			—		1			2			(5		)		43			(1		)	(c)
Accounts payable and other liabilities	13			(1		)		(6		)	1			—		—			1			—				8			(1		)
Beneficial interests issued by consolidated VIEs	39			—				—			—			—		(38		)	—			—				1			—
Long-term debt	16,125			(590		)	(c)(i)	—			—			6,831		(4,346		)	594			(352		)		18,262			(706		)	(c)(i)

	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2017 (in millions)	Fair value at January 1, 2017			Total realized/unrealized gains/(losses)																Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2017					Change in unrealized gains/(losses) related to financial instruments held at June 30, 2017
								Purchases(f)			Sales						Settlements(g)
Assets:
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies	$	392		$	(7	)		$	161		$	(151	)				$	(35	)	$	27		$	(22	)		$	365			$	(16	)
Residential – nonagency	83			8				36			(20		)				(9		)	61			(61		)		98				1
Commercial – nonagency	17			2				17			(14		)				(5		)	60			(12		)		65				(1		)
Total mortgage-backed securities	492			3				214			(185		)				(49		)	148			(95		)		528				(16		)
Obligations of U.S. states and municipalities	649			12				95			(70		)				(5		)				—				681				11
Non-U.S. government debt securities	46			3				174			(178		)				—			27			(35		)		37				3
Corporate debt securities	576			(7		)		497			(146		)				(376		)	60			(143		)		461				1
Loans	4,837			178				1,491			(1,067		)				(765		)	318			(504		)		4,488				98
Asset-backed securities	302			22				109			(168		)				(36		)	14			(160		)		83				7
Total debt instruments	6,902			211				2,580			(1,814		)				(1,231		)	567			(937		)		6,278				104
Equity securities	231			34				113			(47		)				—			2			(49		)		284				20
Other	761			65				22			(7		)				(112		)	10			(8		)		731				49
Total trading assets – debt and equity instruments	7,894			310			(c)	2,715			(1,868		)				(1,343		)	579			(994		)		7,293				173			(c)
Net derivative receivables:(a)
Interest rate	1,263			81				37			(53		)				(651		)	34			1				712				(151		)
Credit	98			(94		)		1			(3		)				(62		)	17			(2		)		(45		)		(50		)
Foreign exchange	(1,384		)	70				4			(4		)				565			23			40				(686		)		60
Equity	(2,252		)	34				485			(128		)				(528		)	(181		)	126				(2,444		)		(37		)
Commodity	(85		)	(4		)		—			—						25			4			2				(58		)		30
Total net derivative receivables	(2,360		)	87			(c)	527			(188		)				(651		)	(103		)	167				(2,521		)		(148		)	(c)
Available-for-sale securities:
Asset-backed securities	663			12				—			(50		)				(78		)	—			—				547				10
Other	1			—				—			—						—			—			—				1				—
Total available-for-sale securities	664			12			(d)	—			(50		)				(78		)	—			—				548				10			(d)
Loans	570			24			(c)	—			—						(289		)	—			—				305				16			(c)
Mortgage servicing rights	6,096			(157		)	(e)	371			(138		)				(419		)	—			—				5,753				(157		)	(e)
Other assets	2,223			230			(c)	32			(155		)				(396		)	—			—				1,934				132			(c)
	Fair value measurements using significant unobservable inputs
Six months ended June 30, 2017 (in millions)	Fair value at January 1, 2017			Total realized/unrealized (gains)/losses																Transfers into level 3(h)			Transfers (out of) level 3(h)			Fair value at June 30, 2017					Change in unrealized (gains)/ losses related to financial instruments held at June 30, 2017
								Purchases			Sales			Issuances			Settlements(g)
Liabilities:(b)
Deposits	$	2,117		$	6		(c)(i)	$	—		$	—		$	601		$	(111	)	$	—		$	(482	)		$	2,131			$	45		(c)(i)
Short-term borrowings	1,134			47			(c)(i)	—						1,390			(1,242		)	40			(55		)		1,314				49			(c)(i)
Trading liabilities – debt and equity instruments	43			(1		)	(c)	(8		)	4			—			1			3			(6		)		36				—
Accounts payable and other liabilities	13			—				(1		)	—			—			(2		)	—			—				10				—
Beneficial interests issued by consolidated VIEs	48			3				(44		)	—			—			(6		)	—			—				1				—
Long-term debt	12,850			599			(c)(j)	—			—			6,733		(j)	(5,085		)	88			(453		)		14,732			(j)	398			(c)(i)

(a) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.

(b) Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) were 15% at both June 30, 2018 and December 31, 2017, respectively.

(c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.

(d) Realized gains/(losses) on AFS securities, as well as other-than-temporary impairment (“OTTI”) losses that are recorded in earnings, are reported in investment securities losses. Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) or foreign exchange hedge accounting adjustments recorded in income on AFS securities for the three and six months endedJune 30, 2018 and 2017, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were zero and $2 million for the three months ended June 30, 2018 and 2017, respectively and $1 million and $12 million for the six months ended June 30, 2018 and 2017, respectively.

(e) Changes in fair value for CCB MSRs are reported in mortgage fees and related income.

(f) Loan originations are included in purchases.

(g) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidation associated with beneficial interests in VIEs and other items.

(h) All transfers into and/or out of level 3 are based on changes in the observability of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.

(i) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue. Unrealized (gains)/losses are reported in OCI. Unrealized gains were $71 million and $123 million for the three and six months ended June 30, 2018, respectively. There were no realized gains for the three and six months ended June 30, 2018, respectively.

(j) The prior period amounts have been revised to conform with the current period presentation.

Level 3 analysis

Consolidated balance sheets changes

Level 3 assets (including assets measured at fair value on a nonrecurring basis) were0.8%of total Firm assets atJune 30, 2018. The following describes significant changes to level 3 assets since December 31, 2017, for those items measured at fair value on a recurring basis. For further information on changes impacting items measured at fair value on a nonrecurring basis, refer to Assets and liabilities measured at fair value on a nonrecurring basis onpage 102.

Three months ended June 30, 2018

Level 3 assets were $19.3 billion at June 30, 2018, reflecting a decrease of $180 million from March 31, 2018 with no movements that were individually significant.

Six months ended June 30, 2018

Level 3 assets at June 30, 2018 increased by $87 million from December 31, 2017 with no movements that were individually significant.

Gains and losses

The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. For further information on these instruments, refer to Changes in level 3 recurring fair value measurements rollforward tables onpages 96–101.

Three months ended June 30, 2018

• $278 million of net gains on assets and $504 million of net gains on liabilities, none of which were individually significant.

Three months ended June 30, 2017

• $176 million of net gains on assets and $145 million of net losses on liabilities, none of which were individually significant.

Six months ended June 30, 2018

• $1.7 billion of net gains on assets predominantly driven by market movements in derivative receivables, in particular equity derivative receivables.

• $822 million of net gains on liabilities, none of which were individually significant.

Six months ended June 30, 2017

• $506 million of of net gains on assets and $654 million of net losses on liabilities, none of which were individually significant.

Credit and funding adjustments — derivatives

The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.

	Three months ended June 30,					Six months ended June 30,
(in millions)	2018		2017			2018		2017
Credit and funding adjustments:
Derivatives CVA	$	73	$	249		$	157	$	470
Derivatives FVA	97		(60		)	14		(67		)

For further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities, refer to Note 2 of JPMorgan Chase’s 2017 Annual Report.

Assets and liabilities measured at fair value on a nonrecurring basis

The following tables present the assets still held as of June 30, 2018 and 2017, respectively, for which a nonrecurring fair value adjustment was recorded during the six months ended June 30, 2018 and 2017, respectively, by major product category and fair value hierarchy.

	Fair value hierarchy							Total fair value
June 30, 2018 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	325	$	210	(a)	$	535
Other assets(b)	—		217		823			1,040
Total assets measured at fair value on a nonrecurring basis	$	—	$	542	$	1,033		$	1,575

	Fair value hierarchy						Total fair value
June 30, 2017 (in millions)	Level 1		Level 2		Level 3
Loans	$	—	$	292	$	430	$	722
Other assets	—		10		245		255
Total assets measured at fair value on a nonrecurring basis	$	—	$	302	$	675	$	977

(a) Of the $210 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2018, $166 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans and other loans charged off in accordance with regulatory guidance). These amounts are classified as level 3 as they are valued using a broker’s price opinion and discounted based upon the Firm’s experience with actual liquidation values. These discounts to the broker price opinions ranged from 13% to 40% with a weighted average of 22%.

(b) Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative) as a result of the adoption of the recognition and measurement guidance. Of the $823 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2018, $641 million related to such equity securities. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

There were no material liabilities measured at fair value on a nonrecurring basis at June 30, 2018 and 2017.

Nonrecurring fair value changes

The following table presents the total change in value of assets and liabilities for which a fair value adjustment has been recognized for the three and six months ended June 30, 2018 and 2017, related to financial instruments held at those dates.

	Three months ended June 30,							Six months ended June 30,
	2018				2017			2018				2017
Loans	$	(18	)		$	(60	)	$	(22	)		$	(109	)
Other assets	37			(a)	(17		)	528			(a)	(44		)
Accounts payable and other liabilities	—				(1		)	—				(1		)
Total nonrecurring fair value gains/(losses)	$	19			$	(78	)	$	506			$	(154	)

(a) Included $67 million and $562 million for the three months and six months ended June 30, 2018, respectively, of fair value gains as a result of the measurement alternative.

For further information about the measurement of impaired collateral-dependent loans, and other loans where the carrying value is based on the fair value of the underlying collateral (e.g., residential mortgage loans charged off in accordance with regulatory guidance), refer to Note 12 of JPMorgan Chase’s 2017 Annual Report.

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents by fair value hierarchy classification the carrying values and estimated fair values atJune 30, 2018, and December 31, 2017, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value,refer to Note2 of JPMorgan Chase’s 2017 Annual Report.

	June 30, 2018										December 31, 2017
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value		Level 1		Level 2		Level 3		Total estimated fair value
Financial assets
Cash and due from banks	$	23.7	$	23.7	$	—	$	—	$	23.7	$	25.9	$	25.9	$	—	$	—	$	25.9
Deposits with banks	381.5		377.7		3.8		—		381.5		405.4		401.8		3.6		—		405.4
Accrued interest and accounts receivable	74.9		—		74.8		0.1		74.9		67.0		—		67.0		—		67.0
Federal funds sold and securities purchased under resale agreements	213.7		—		213.7		—		213.7		183.7		—		183.7		—		183.7
Securities borrowed	104.2		—		104.2		—		104.2		102.1		—		102.1		—		102.1
Securities, held-to-maturity	31.0		—		30.9		—		30.9		47.7		—		48.7		—		48.7
Loans, net of allowance for loan losses(a)	932.1		—		221.9		709.2		931.1		914.6		—		213.2		707.1		920.3
Other(b)	56.5		—		55.6		1.0		56.6		53.9		—		52.1		9.2		61.3
Financial liabilities
Deposits	$	1,432.4	$	—	$	1,432.4	$	—	$	1,432.4	$	1,422.7	$	—	$	1,422.7	$	—	$	1,422.7
Federal funds purchased and securities loaned or sold under repurchase agreements	174.4		—		174.4		—		174.4		158.2		—		158.2		—		158.2
Short-term borrowings	55.1		—		54.9		0.2		55.1		42.6		—		42.4		0.2		42.6
Accounts payable and other liabilities	165.2		—		162.6		2.4		165.0		152.0		—		148.9		2.9		151.8
Beneficial interests issued by consolidated VIEs	21.3		—		21.3		—		21.3		26.0		—		26.0		—		26.0
Long-term debt and junior subordinated deferrable interest debentures	223.0		—		219.5		3.2		222.7		236.6		—		240.3		3.2		243.5

Effective January 1, 2018, the Firm adopted several new accounting standards. Certain of the new accounting standards were applied retrospectively and, accordingly, prior period amounts were revised.

(a) Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. The difference between the estimated fair value and carrying value of a financial asset or liability is the result of the different methodologies used to determine fair value as compared with carrying value. For example, credit losses are estimated for a financial asset’s remaining life in a fair value calculation but are estimated for a loss emergence period in the allowance for loan loss calculation; future loan income (interest and fees) is incorporated in a fair value calculation but is generally not considered in the allowance for loan losses. For a further discussion of the Firm’s methodologies for estimating the fair value of loans and lending-related commitments, refer to Valuation hierarchy on pages 156–159 of JPMorgan Chase’s 2017 Annual Report.

(b) The prior period amounts have been revised to conform with the current period presentation.

The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value of the wholesale allowance for lending-related commitments and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.

	June 30, 2018										December 31, 2017
			Estimated fair value hierarchy										Estimated fair value hierarchy
(in billions)	Carrying value(a)		Level 1		Level 2		Level 3		Total estimated fair value		Carrying value(a)		Level 1		Level 2		Level 3		Total estimated fair value
Wholesale lending-related commitments	$	1.1	$	—	$	—	$	1.7	$	1.7	$	1.1	$	—	$	—	$	1.6	$	1.6

(a) Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.

The Firm does not estimate the fair value of consumer lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. For a further discussion of the valuation of lending-related commitments, refer to page 157 of JPMorgan Chase’s 2017 Annual Report.

Equity securities without readily determinable fair values

As a result of the adoption of the recognition and measurement guidance and the election of the measurement alternative in the first quarter of 2018, the Firm measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in earnings.

In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.

The following table presents the carrying value of equity securities without readily determinable fair values still held as of June 30, 2018, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.

	As of or for the
(in millions)	Three months ended June 30, 2018			Six months ended June 30, 2018
Other assets
Carrying value	$	1,471		$	1,471
Upward carrying value changes	67			562
Downward carrying value changes/impairment	(26		)	(28		)

Included in other assets above is the Firm’s interest in approximately40 millionVisa Class B shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be converted into Visa Class A shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B shares into Visa Class A shares is1.6298at June 30, 2018, and may be adjusted by Visa depending on developments related to the litigation matters.