JP Morgan Chase 2015 Annual Report Download - page 88

Management’s discussion and analysis
78 JPMorgan Chase & Co./2015 Annual Report
Contractual cash obligations
The accompanying table summarizes, by remaining
maturity, JPMorgan Chase’s significant contractual cash
obligations at December 31, 2015. The contractual cash
obligations included in the table below reflect the minimum
contractual obligation under legally enforceable contracts
with terms that are both fixed and determinable. Excluded
from the below table are certain liabilities with variable
cash flows and/or no obligation to return a stated amount
of principal at maturity.
The carrying amount of on-balance sheet obligations on the
Consolidated balance sheets may differ from the minimum
contractual amount of the obligations reported below. For a
discussion of mortgage repurchase liabilities and other
obligations, see Note 29.
Contractual cash obligations
By remaining maturity at December 31,
(in millions)
2015 2014
2016 2017-2018 2019-2020 After 2020 Total Total
On-balance sheet obligations
Deposits(a) $ 1,262,865 $ 5,166 $ 3,553 $ 4,555 $ 1,276,139 $ 1,361,597
Federal funds purchased and securities loaned or
sold under repurchase agreements 151,433 811 3 491 152,738 192,128
Commercial paper 15,562 — — — 15,562 66,344
Other borrowed funds(a) 11,331 — — — 11,331 15,734
Beneficial interests issued by consolidated VIEs 16,389 18,480 3,093 3,130 41,092 50,200
Long-term debt(a) 45,972 82,293 59,669 92,272 280,206 262,888
Other(b) 3,659 1,201 1,024 2,488 8,372 8,355
Total on-balance sheet obligations 1,507,211 107,951 67,342 102,936 1,785,440 1,957,246
Off-balance sheet obligations
Unsettled reverse repurchase and securities
borrowing agreements(c) 42,482 — — — 42,482 40,993
Contractual interest payments(d) 8,787 9,461 6,693 21,208 46,149 48,038
Operating leases(e) 1,668 3,094 2,388 4,679 11,829 12,441
Equity investment commitments(f) 387 — 75 459 921 1,108
Contractual purchases and capital expenditures 1,266 886 276 170 2,598 2,832
Obligations under affinity and co-brand programs 98 275 80 43 496 2,303
Total off-balance sheet obligations 54,688 13,716 9,512 26,559 104,475 107,715
Total contractual cash obligations $ 1,561,899 $ 121,667 $ 76,854 $ 129,495 $ 1,889,915 $ 2,064,961
(a) Excludes structured notes on which the Firm is not obligated to return a stated amount of principal at the maturity of the notes, but is obligated to return
an amount based on the performance of the structured notes.
(b) Primarily includes dividends declared on preferred and common stock, deferred annuity contracts, pension and postretirement obligations and insurance
liabilities.
(c) For further information, refer to unsettled reverse repurchase and securities borrowing agreements in Note 29.
(d) Includes accrued interest and future contractual interest obligations. Excludes interest related to structured notes for which the Firm’s payment obligation
is based on the performance of certain benchmarks.
(e) Includes noncancelable operating leases for premises and equipment used primarily for banking purposes and for energy-related tolling service
agreements. Excludes the benefit of noncancelable sublease rentals of $1.9 billion and $2.2 billion at December 31, 2015 and 2014, respectively.
(f) At December 31, 2015 and 2014, included unfunded commitments of $50 million and $147 million, respectively, to third-party private equity funds, and
$871 million and $961 million of unfunded commitments, respectively, to other equity investments.