JP Morgan Chase 2006 Annual Report Download - page 140
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JPMorgan Chase & Co.
138 JPMorgan Chase & Co. / 2006 Annual Report
Note 32 – International operations
The following table presents income statement information of JPMorgan
Chase by major geographic area. The Firm defines international activities as
business transactions that involve customers residing outside of the U.S., and
the information presented below is based primarily upon the domicile of the
customer or the location from which the customer relationship is managed.
However, many of the Firm’s U.S. operations serve international businesses.
Income from
continuing
operations before
Year ended December 31, (in millions) Revenue(b) Expense(c) income taxes Net income
2006
Europe/Middle East and Africa $ 11,238 $ 7,367 $ 3,871 $ 2,774
Asia and Pacific 3,144 2,566 578 400
Latin America and the Caribbean 1,328 806 522 333
Other 381 240 141 90
Total international 16,091 10,979 5,112 3,597
Total U.S. 45,346 30,572 14,774 10,847
Total $ 61,437 $ 41,551 $ 19,886 $ 14,444
2005
Europe/Middle East and Africa $ 7,549 $ 5,379 $ 2,170 $ 1,547
Asia and Pacific 2,806 2,024 782 509
Latin America and the Caribbean 960 493 467 285
Other 165 89 76 44
Total international 11,480 7,985 3,495 2,385
Total U.S. 42,268 33,924 8,344 6,098
Total $ 53,748 $ 41,909 $ 11,839 $ 8,483
2004(a)
Europe/Middle East and Africa $ 6,439 $ 4,587 $ 1,852 $ 1,305
Asia and Pacific 2,597 1,742 855 547
Latin America and the Caribbean 812 405 407 255
Other 112 77 35 25
Total international 9,960 6,811 3,149 2,132
Total U.S. 32,412 29,705 2,707 2,334
Total $ 42,372 $ 36,516 $ 5,856 $ 4,466
(a) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(b) Revenue is composed of Net interest income and Noninterest revenue.
(c) Expense is composed of Noninterest expense and Provision for credit losses.
As the Firm’s operations are highly integrated, estimates and subjective
assumptions have been made to apportion revenue and expense between
U.S. and international operations. These estimates and assumptions are
consistent with the allocations used for the Firm’s segment reporting as set
forth in Note 33 on pages 139–141 of this Annual Report.
The Firm’s long-lived assets for the periods presented are not considered by
management to be significant in relation to total assets. The majority of the
Firm’s long-lived assets are located in the U.S.