Parent Company (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed financial information of Parent Company-only

The following tables present Parent Company-only financial statements.

Statements of income and comprehensive income
Year ended December 31, (in millions)	2020		2019		2018
Income
Dividends from subsidiaries and affiliates:
Bank and bank holding company	$	6,000	$	26,000	$	32,501
Non-bank(a)	—		—		2
Interest income from subsidiaries	63		223		216
Other income from subsidiaries:
Bank and bank holding company	2,019		2,738		515
Non-bank	(569)		197		(444)
Other income	205		(1,731)		888
Total income	7,718		27,427		33,678
Expense
Interest expense/(income) to subsidiaries and affiliates(a)	(8,830)		(5,303)		2,291
Other interest expense	14,150		13,246		4,581
Noninterest expense	2,222		1,992		1,793
Total expense	7,542		9,935		8,665
Income before income tax benefit and undistributed net income of subsidiaries	176		17,492		25,013
Income tax benefit	1,324		2,033		1,838
Equity in undistributed net income of subsidiaries	27,631		16,906		5,623
Net income	$	29,131	$	36,431	$	32,474
Other comprehensive income, net	6,417		3,076		(1,476)
Comprehensive income	$	35,548	$	39,507	$	30,998

Balance sheets
December 31, (in millions)	2020		2019
Assets
Cash and due from banks	$	54	$	32
Deposits with banking subsidiaries	6,811		5,309
Trading assets	1,775		3,011
Advances to, and receivables from, subsidiaries:
Bank and bank holding company	27		2,358
Non-bank	86		84
Investments (at equity) in subsidiaries and affiliates:
Bank and bank holding company	508,602		471,207
Non-bank	1,011		1,044
Other assets	10,058		10,699
Total assets	$	528,424	$	493,744
Liabilities and stockholders’ equity
Borrowings from, and payables to, subsidiaries and affiliates(a)	$	25,150	$	23,410
Short-term borrowings	924		2,616
Other liabilities	9,612		9,288
Long-term debt(b)(c)	213,384		197,100
Total liabilities(c)	249,070		232,414
Total stockholders’ equity	279,354		261,330
Total liabilities and stockholders’ equity	$	528,424	$	493,744

Statements of cash flows
Year ended December 31, (in millions)	2020		2019			2018
Operating activities
Net income	$	29,131	$	36,431		$	32,474
Less: Net income of subsidiaries and affiliates(a)	33,631		42,906			38,125
Parent company net loss	(4,500)		(6,475)			(5,651)
Cash dividends from subsidiaries and affiliates(a)	6,000		26,000			32,501
Other operating adjustments	15,357		9,862			(4,400)
Net cash provided by/(used in) operating activities	16,857		29,387			22,450
Investing activities
Net change in:
Advances to and investments in subsidiaries and affiliates, net	(2,663)		(6)		(e)	8,036
All other investing activities, net	24		71			63
Net cash provided by/(used in) investing activities	(2,639)		65			8,099
Financing activities
Net change in:
Borrowings from subsidiaries and affiliates(a)	1,425		2,941			(2,273)
Short-term borrowings	(20)		(56)			(678)
Proceeds from long-term borrowings	37,312		25,569			25,845
Payments of long-term borrowings	(34,194)		(21,226)			(21,956)
Proceeds from issuance of preferred stock	4,500		5,000			1,696
Redemption of preferred stock	(1,430)		(4,075)			(1,696)
Treasury stock repurchased	(6,517)		(24,001)			(19,983)
Dividends paid	(12,690)		(12,343)			(10,109)
All other financing activities, net	(1,080)		(1,290)			(1,526)
Net cash used in financing activities	(12,694)		(29,481)			(30,680)
Net decrease in cash and due from banks and deposits with banking subsidiaries	1,524		(29)			(131)
Cash and due from banks and deposits with banking subsidiaries at the beginning of the year	5,341		5,370			5,501
Cash and due from banks and deposits with banking subsidiaries at the end of the year	$	6,865	$	5,341		$	5,370
Cash interest paid	$	5,445	$	7,957		$	6,911
Cash income taxes paid, net(d)	5,366		3,910			1,782

(a)Affiliates include trusts that issued guaranteed capital debt securities (“issuer trusts”).

(b)At December 31, 2020, long-term debt that contractually matures in 2021 through 2025 totaled $10.8 billion, $10.0 billion, $19.1 billion, $21.8 billion, and $13.5 billion, respectively.

(c)Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations.

(d)Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $8.3 billion, $6.4 billion, and $1.2 billion for the years ended December 31, 2020, 2019, and 2018, respectively.

(e)As a result of the merger of Chase Bank USA, N.A. with and into JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A. distributed $13.5 billion to the Parent company as a return of capital, which the Parent company contributed to the IHC.