Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2018.

By remaining maturity at December 31, (in millions, except rates)		2018													2017
		Under 1 year			1-5 years			After 5 years			Total				Total
Parent company
Senior debt:	Fixed rate	$	8,958		$	55,362		$	81,500		$	145,820			$	141,551
	Variable rate	4,037			14,025			4,916			22,978				26,461
	Interest rates(a)	0.17-6.30%			0.23-4.95%			0.45-6.40%			0.17-6.40%				0.16-7.25%
Subordinated debt:	Fixed rate	$	146		$	1,948		$	12,214		$	14,308			$	14,646
	Variable rate	—			—			9			9				9
	Interest rates(a)	8.53		%	3.38		%	3.63-8.00%			3.38-8.53%				3.38-8.53%
	Subtotal	$	13,141		$	71,335		$	98,639		$	183,115			$	182,667
Subsidiaries
Federal Home Loan Banks advances:	Fixed rate	$	12		$	25		$	118		$	155			$	167
	Variable rate	11,000			29,300			4,000			44,300				60,450
	Interest rates(a)	2.58-2.95%			2.36-2.96%			2.43-2.52%			2.36-2.96%				1.18-2.00%
Senior debt:	Fixed rate	$	1,574		$	6,454		$	8,406		$	16,434			$	11,990
	Variable rate	6,667			22,277			6,657			35,601				26,218
	Interest rates(a)	1.65-7.50%			2.60-7.50%			1.00-7.50%			1.00-7.50%				0.22-7.50%
Subordinated debt:	Fixed rate	$	—		$	—		$	301		$	301			$	313
	Variable rate	—			—			—			—				—
	Interest rates(a)	—		%	—		%	8.25		%	8.25		%		8.25		%
	Subtotal	$	19,253		$	58,056		$	19,482		$	96,791			$	99,138
Junior subordinated debt:	Fixed rate	$	—		$	—		$	659		$	659			$	690
	Variable rate	—			—			1,466			1,466				1,585
	Interest rates(a)	—		%	—		%	3.04-8.75%			3.04-8.75%				1.88-8.75%
	Subtotal	$	—		$	—		$	2,125		$	2,125			$	2,275
Total long-term debt(b)(c)(d)		$	32,394		$	129,391		$	120,246		$	282,031		(f)(g)	$	284,080
Long-term beneficial interests:
	Fixed rate	$	4,634		$	2,977		$	—		$	7,611			$	13,579
	Variable rate	2,324			3,471			308			6,103				8,192
	Interest rates	1.27-2.87%			0.00-3.01%			2.50-4.62%			0.00-4.62%				0.00-6.54%
Total long-term beneficial interests(e)		$	6,958		$	6,448		$	308		$	13,714			$	21,771

(a) The interest rates shown are the range of contractual rates in effect at December 31, 2018 and 2017, respectively, 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, 2018, for total long-term debt was (0.06)% to 8.88%, versus the contractual range of 0.17% to 8.75% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value.

(b) Included long-term debt of $47.7 billion and $63.5 billion secured by assets totaling $207.0 billion and $208.4 billion at December 31, 2018 and 2017, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.

(c) Included $54.9 billion and $47.5 billion of long-term debt accounted for at fair value at December 31, 2018 and 2017, respectively.

(d) Included $11.2 billion and $10.3 billion of outstanding zero-coupon notes at December 31, 2018 and 2017, respectively. The aggregate principal amount of these notes at their respective maturities is $37.4 billion and $33.5 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable.

(e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $28 million and $45 million accounted for at fair value at December 31, 2018 and 2017, respectively. Excluded short-term commercial paper and other short-term beneficial interests of $6.5 billion and $4.3 billion at December 31, 2018 and 2017, respectively.

(f) At December 31, 2018, long-term debt in the aggregate of $138.2 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 instruments.

(g)

The aggregate carrying values of debt that matures in each of the five years subsequent to 2018 is $32.4 billion in 2019, $46.7 billion in 2020, $40.0 billion in 2021, $16.3 billion in 2022 and $26.4 billion in 2023.

Schedule of maturities of long-term debt

The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2018.

By remaining maturity at December 31, (in millions, except rates)		2018													2017
		Under 1 year			1-5 years			After 5 years			Total				Total
Parent company
Senior debt:	Fixed rate	$	8,958		$	55,362		$	81,500		$	145,820			$	141,551
	Variable rate	4,037			14,025			4,916			22,978				26,461
	Interest rates(a)	0.17-6.30%			0.23-4.95%			0.45-6.40%			0.17-6.40%				0.16-7.25%
Subordinated debt:	Fixed rate	$	146		$	1,948		$	12,214		$	14,308			$	14,646
	Variable rate	—			—			9			9				9
	Interest rates(a)	8.53		%	3.38		%	3.63-8.00%			3.38-8.53%				3.38-8.53%
	Subtotal	$	13,141		$	71,335		$	98,639		$	183,115			$	182,667
Subsidiaries
Federal Home Loan Banks advances:	Fixed rate	$	12		$	25		$	118		$	155			$	167
	Variable rate	11,000			29,300			4,000			44,300				60,450
	Interest rates(a)	2.58-2.95%			2.36-2.96%			2.43-2.52%			2.36-2.96%				1.18-2.00%
Senior debt:	Fixed rate	$	1,574		$	6,454		$	8,406		$	16,434			$	11,990
	Variable rate	6,667			22,277			6,657			35,601				26,218
	Interest rates(a)	1.65-7.50%			2.60-7.50%			1.00-7.50%			1.00-7.50%				0.22-7.50%
Subordinated debt:	Fixed rate	$	—		$	—		$	301		$	301			$	313
	Variable rate	—			—			—			—				—
	Interest rates(a)	—		%	—		%	8.25		%	8.25		%		8.25		%
	Subtotal	$	19,253		$	58,056		$	19,482		$	96,791			$	99,138
Junior subordinated debt:	Fixed rate	$	—		$	—		$	659		$	659			$	690
	Variable rate	—			—			1,466			1,466				1,585
	Interest rates(a)	—		%	—		%	3.04-8.75%			3.04-8.75%				1.88-8.75%
	Subtotal	$	—		$	—		$	2,125		$	2,125			$	2,275
Total long-term debt(b)(c)(d)		$	32,394		$	129,391		$	120,246		$	282,031		(f)(g)	$	284,080
Long-term beneficial interests:
	Fixed rate	$	4,634		$	2,977		$	—		$	7,611			$	13,579
	Variable rate	2,324			3,471			308			6,103				8,192
	Interest rates	1.27-2.87%			0.00-3.01%			2.50-4.62%			0.00-4.62%				0.00-6.54%
Total long-term beneficial interests(e)		$	6,958		$	6,448		$	308		$	13,714			$	21,771

(a) The interest rates shown are the range of contractual rates in effect at December 31, 2018 and 2017, respectively, 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, 2018, for total long-term debt was (0.06)% to 8.88%, versus the contractual range of 0.17% to 8.75% presented in the table above. The interest rate ranges shown exclude structured notes accounted for at fair value.

(b) Included long-term debt of $47.7 billion and $63.5 billion secured by assets totaling $207.0 billion and $208.4 billion at December 31, 2018 and 2017, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.

(c) Included $54.9 billion and $47.5 billion of long-term debt accounted for at fair value at December 31, 2018 and 2017, respectively.

(d) Included $11.2 billion and $10.3 billion of outstanding zero-coupon notes at December 31, 2018 and 2017, respectively. The aggregate principal amount of these notes at their respective maturities is $37.4 billion and $33.5 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable.

(e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $28 million and $45 million accounted for at fair value at December 31, 2018 and 2017, respectively. Excluded short-term commercial paper and other short-term beneficial interests of $6.5 billion and $4.3 billion at December 31, 2018 and 2017, respectively.

(f) At December 31, 2018, long-term debt in the aggregate of $138.2 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 instruments.

(g)

The aggregate carrying values of debt that matures in each of the five years subsequent to 2018 is $32.4 billion in 2019, $46.7 billion in 2020, $40.0 billion in 2021, $16.3 billion in 2022 and $26.4 billion in 2023.