Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Leases

Refer to Note 18 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on leases.

Firm as lessee

At June 30, 2022, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	June 30, 2022		December 31, 2021
Right-of-use assets	$	7,965	$	7,888
Lease liabilities	8,326		8,328

The Firm’s net rental expense was $484 million and $483 million for the three months ended June 30, 2022 and 2021 and $976 million and $974 million for the six months ended June 30, 2022 and 2021, respectively.

Firm as lessor

The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Operating lease income	$	945	$	1,277	$	1,993	$	2,602
Depreciation expense	668		876		1,379		1,809

Leases

Leases

Refer to Note 18 of JPMorgan Chase’s 2021 Form 10-K for a further discussion on leases.

Firm as lessee

At June 30, 2022, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	June 30, 2022		December 31, 2021
Right-of-use assets	$	7,965	$	7,888
Lease liabilities	8,326		8,328

The Firm’s net rental expense was $484 million and $483 million for the three months ended June 30, 2022 and 2021 and $976 million and $974 million for the six months ended June 30, 2022 and 2021, respectively.

Firm as lessor

The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Operating lease income	$	945	$	1,277	$	1,993	$	2,602
Depreciation expense	668		876		1,379		1,809