JP Morgan Chase 2015 Annual Report Download - page 289

JPMorgan Chase & Co./2015 Annual Report 279
Note 20 – Accounts payable and other liabilities
Accounts payable and other liabilities consist of payables to
customers; payables to brokers, dealers and clearing
organizations; payables from security purchases that did
not settle; income taxes payables; accrued expense,
including interest-bearing liabilities; and all other liabilities,
including litigation reserves and obligations to return
securities received as collateral.
The following table details the components of accounts
payable and other liabilities.
December 31, (in millions) 2015 2014
Brokerage payables(a) $ 107,632 $ 134,467
Accounts payable and other liabilities 70,006 72,472
Total $ 177,638 $ 206,939
(a) Includes payables to customers, brokers, dealers and clearing
organizations, and payables from security purchases that did not settle.
Note 21 – Long-term debt
JPMorgan Chase issues long-term debt denominated in various currencies, although 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. 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, 2015.
By remaining maturity at
December 31, 2015 2014
(in millions, except rates) Under 1 year 1-5 years After 5 years Total Total
Parent company
Senior debt: Fixed rate $ 12,014 $ 54,200 $ 51,544 $ 117,758 $ 108,529
Variable rate 15,158 23,254 5,766 44,178 42,201
Interest rates(a) 0.16-7.00% 0.24-7.25% 0.31-6.40% 0.16-7.25% 0.18-7.25%
Subordinated debt: Fixed rate $ — $ 2,292 $ 13,958 $ 16,250 $ 16,645
Variable rate — 1,038 9 1,047 3,452
Interest rates(a) —% 1.06-8.53% 3.38-8.00% 1.06-8.53% 0.48-8.53%
Subtotal $ 27,172 $ 80,784 $ 71,277 $ 179,233 $ 170,827
Subsidiaries
Federal Home Loan Banks
(“FHLB”) advances: Fixed rate $ 5 $ 30 $ 156 $ 191 $ 2,204
Variable rate 9,700 56,690 5,000 71,390 62,790
Interest rates(a) 0.37-0.65% 0.17-0.72% 0.50-0.70% 0.17-0.72% 0.11-2.04%
Senior debt: Fixed rate $ 631 $ 1,288 $ 3,631 $ 5,550 $ 5,751
Variable rate 10,493 7,456 2,639 20,588 20,082
Interest rates(a) 0.47-1.00% 0.53-4.61% 1.30-7.28% 0.47-7.28% 0.26-8.00%
Subordinated debt: Fixed rate $ 1,472 $ 3,647 $ 1,461 $ 6,580 $ 6,928
Variable rate 1,150 — — 1,150 2,362
Interest rates(a) 0.83-5.88% 6.00% 4.38-8.25% 0.83-8.25% 0.57-8.25%
Subtotal $ 23,451 $ 69,111 $ 12,887 $ 105,449 $ 100,117
Junior subordinated debt: Fixed rate $ — $ — $ 717 $ 717 $ 2,185
Variable rate — — 3,252 3,252 3,250
Interest rates(a) —% —% 0.83-8.75% 0.83-8.75% 0.73-8.75%
Subtotal $ — $ — $ 3,969 $ 3,969 $ 5,435
Total long-term debt(b)(c)(d) $ 50,623 $ 149,895 $ 88,133 $ 288,651 (f)(g) $ 276,379
Long-term beneficial interests:
Fixed rate $ 1,674 $ 10,931 $ 1,594 $ 14,199 $ 13,949
Variable rate 3,393 10,642 2,323 16,358 21,418
Interest rates 0.45-5.16% 0.37-5.23% 0.00-15.94% 0.00-15.94% 0.05-15.93%
Total long-term beneficial
interests(e) $ 5,067 $ 21,573 $ 3,917 $ 30,557 $ 35,367
(a) The interest rates shown are the range of contractual rates in effect at year-end, 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 use of these derivative instruments modifies the Firm’s
exposure to the contractual interest rates disclosed in the table above. Including the effects of the hedge accounting derivatives, the range of modified rates in effect
at December 31, 2015, for total long-term debt was (0.19)% to 8.88%, versus the contractual range of 0.16% to 8.75% presented in the table above. The interest
rate ranges shown exclude structured notes accounted for at fair value.
(b) Included long-term debt of $76.6 billion and $69.2 billion secured by assets totaling $171.6 billion and $156.7 billion at December 31, 2015 and 2014,
respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments.