Long-term Debt

9 Months Ended

Sep. 30, 2023

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 September 30, 2023.


By remaining maturity (in millions, except rates)		September 30, 2023													December 31, 2022
		Under 1 year			1-5 years			After 5 years			Total				Total
Parent company
Senior debt:	Fixed rate	$	6,646		$	84,124		$	94,485		$	185,255			$	194,515
	Variable rate	170			6,143			1,960			8,273				11,565
	Interest rates(f)	2.31		%	2.88		%	3.58		%	3.20		%		3.06		%
Subordinated debt:	Fixed rate	$	2,967		$	5,843		$	8,634		$	17,444			$	19,693
	Variable rate	—			—			—			—				—
	Interest rates(f)	3.88		%	4.88		%	4.69		%	4.62		%		4.50		%
	Subtotal	$	9,783		$	96,110		$	105,079		$	210,972			$	225,773
Subsidiaries
Federal Home Loan Banks advances:	Fixed rate	$	9,903		$	14,040		$	39		$	23,982		(g)	$	93
	Variable rate	3,900			10,000			—			13,900				11,000
	Interest rates(f)	4.75		%	4.69		%	6.06		%	4.72		%		4.32		%
Purchase Money Note(a):	Fixed rate	$	—		$	48,936		$	—		$	48,936			NA
	Interest rates(f)	—		%	3.40		%	—		%	3.40		%		NA
Senior debt:	Fixed rate	$	3,287		$	7,800		$	5,996		$	17,083			$	15,383
	Variable rate	18,410			22,230			5,270			45,910				41,506
	Interest rates(f)	4.36		%	4.99%			1.50		%	1.86		%		2.02		%
Subordinated debt:	Fixed rate	$	—		$	257		$	—		$	257			$	262
	Variable rate	—			—			—			—				—
	Interest rates(f)	—		%	8.25		%	—		%	8.25		%		8.25		%
	Subtotal	$	35,500		$	103,263		$	11,305		$	150,068			$	68,244
Junior subordinated debt:	Fixed rate	$	—		$	—		$	520		$	520			$	550
	Variable rate	—			420			813			1,233				1,298
	Interest rates(f)	—		%	6.17		%	7.43		%	7.13		%		6.33		%
	Subtotal	$	—		$	420		$	1,333		$	1,753			$	1,848
Total long-term debt(b)(c)(d)		$	45,283		$	199,793		$	117,717		$	362,793		(h)(i)	$	295,865
Long-term beneficial interests:
	Fixed rate	$	—		$	2,997		$	—		$	2,997			$	1,999
	Variable rate	—			—			193			193				143
	Interest rates(f)	—		%	4.74		%	4.51		%	4.73		%		2.81		%
Total long-term beneficial interests(e)		$	—		$	2,997		$	193		$	3,190			$	2,142

(a)Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 28 for additional information.

(b)Included long-term debt of $89.6 billion and $13.8 billion secured by assets totaling $231.4 billion and $208.3 billion at September 30, 2023 and December 31, 2022, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.

(c)Included $78.4 billion and $72.3 billion of long-term debt accounted for at fair value at September 30, 2023 and December 31, 2022, respectively.

(d)Included $10.1 billion and $10.3 billion of outstanding zero-coupon notes at September 30, 2023 and December 31, 2022, respectively. The aggregate principal amount of these notes at their respective maturities is $46.1 billion and $45.3 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 $66 million and $5 million accounted for at fair value at September 30, 2023 and December 31, 2022, respectively. Excluded short-term commercial paper and other short-term beneficial interests of $21.7 billion and $10.5 billion at September 30, 2023 and December 31, 2022, respectively.

(f)The interest rates shown are the weighted average of contractual rates in effect at September 30, 2023 and December 31, 2022, 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.

(g)As of September 30, 2023, included $23.9 billion of FHLB advances associated with First Republic. Refer to Note 28 for additional information.

(h)As of September 30, 2023, long-term debt in the aggregate of $189.0 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.

(i)The aggregate carrying values of debt that matures in each of the 12-month periods ending September 30, 2024, 2025, 2026, 2027 and 2028 is $45.3 billion, $52.0 billion, $40.8 billion, $31.6 billion and $75.4 billion, respectively.

The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.53% and 3.26% as of September 30, 2023 and December 31, 2022, 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 5.15% and 4.89% as of September 30, 2023 and December 31, 2022, respectively.

JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including structured notes. These guarantees rank pari passu with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $36.9 billion and $28.2 billion at September 30, 2023 and December 31, 2022, 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.