Long-term Debt

12 Months Ended

Dec. 31, 2022

Long-term debt

JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. 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, 2022.


By remaining maturity at December 31, (in millions, except rates)		2022													2021
		Under 1 year			1-5 years			After 5 years			Total				Total
Parent company
Senior debt:	Fixed rate	$	6,770		$	78,821		$	108,924		$	194,515			$	202,370
	Variable rate	604			8,053			2,908			11,565				13,343
	Interest rates(e)	2.64		%	2.67		%	3.41		%	3.06		%		2.67		%
Subordinated debt:	Fixed rate	$	1,982		$	8,809		$	8,902		$	19,693			$	18,269
	Variable rate	—			—			—			—				—
	Interest rates(e)	3.38		%	4.54		%	4.69		%	4.50		%		4.24		%
	Subtotal	$	9,356		$	95,683		$	120,734		$	225,773			$	233,982
Subsidiaries
Federal Home Loan Banks advances:	Fixed rate	$	4		$	43		$	46		$	93			$	110
	Variable rate	7,000			4,000			—			11,000				11,000
	Interest rates(e)	4.36		%	4.22		%	6.08		%	4.32		%		0.23		%
Senior debt:	Fixed rate	$	2,358		$	6,743		$	6,282		$	15,383			$	15,504
	Variable rate	13,445			22,562			5,499			41,506				38,147
	Interest rates(e)	4.12		%	4.85%			1.63		%	2.02		%		2.09		%
Subordinated debt:	Fixed rate	$	—		$	262		$	—		$	262			$	287
	Variable rate	—			—			—			—				—
	Interest rates(e)	—		%	8.25		%	—		%	8.25		%		8.25		%
	Subtotal	$	22,807		$	33,610		$	11,827		$	68,244			$	65,048
Junior subordinated debt:	Fixed rate	$	—		$	—		$	550		$	550			$	678
	Variable rate	—			373			925			1,298				1,297
	Interest rates(e)	—		%	5.03		%	6.67		%	6.33		%		3.20		%
	Subtotal	$	—		$	373		$	1,475		$	1,848			$	1,975
Total long-term debt(a)(b)(c)		$	32,163		$	129,666		$	134,036		$	295,865		(f)(g)	$	301,005
Long-term beneficial interests:
	Fixed rate	$	1,000		$	999		$	—		$	1,999			$	1,747
	Variable rate	—			—			143			143				829
	Interest rates(e)	1.53		%	3.97		%	3.60		%	2.81		%		1.57		%
Total long-term beneficial interests(d)		$	1,000		$	999		$	143		$	2,142			$	2,576

(a)Included long-term debt of $13.8 billion and $14.1 billion secured by assets totaling $208.3 billion and $170.6 billion at December 31, 2022 and 2021, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.

(b)Included $72.3 billion and $74.9 billion of long-term debt accounted for at fair value at December 31, 2022 and 2021, respectively.

(c)Included $10.3 billion and $15.8 billion of outstanding zero-coupon notes at December 31, 2022 and 2021, respectively. The aggregate principal amount of these notes at their respective maturities is $45.3 billion and $46.4 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.

(d)Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included $5 million and $12 million accounted for at fair value at December 31, 2022 and 2021, respectively. Excluded short-term commercial paper and other short-term beneficial interests of $10.5 billion and $8.2 billion at December 31, 2022 and 2021, respectively.

(e)The interest rates shown are the weighted average of contractual rates in effect at December 31, 2022 and 2021, 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 interest rates shown exclude structured notes accounted for at fair value.

(f)At December 31, 2022, long-term debt in the aggregate of $194.9 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 2022 is $32.2 billion in 2023, $40.1 billion in 2024, $34.3 billion in 2025, $32.5 billion in 2026 and $22.8 billion in 2027.

The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.26% and 2.67% as of December 31, 2022 and 2021, respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorgan Chase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issuances. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 4.89% and 1.43% as of December 31, 2022 and 2021, respectively.

JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including structured notes. These guarantees rank on parity with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $28.2 billion and $16.4 billion at December 31, 2022 and 2021, respectively.

The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios, earnings or stock price.