Fair value measurements using significant unobservable inputs Year ended December 31, 2018 (in millions) Fair value at January 1, 2018 Total realized/unrealized gains/(losses) Transfers into level 3 (h) Transfers (out of) level 3 (h) Fair value at Dec. 31, 2018 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2018 Purchases (f) Sales Settlements (g) Assets: (a) Trading assets: Debt instruments: Mortgage-backed securities: U.S. government agencies $ 307 $ (23) $ 478 $ (164) $ (73) $ 94 $ (70) $ 549 $ (21) Residential – nonagency 60 (2) 78 (50) (7) 59 (74) 64 1 Commercial – nonagency 11 2 18 (18) (17) 36 (21) 11 (2) Total mortgage-backed securities 378 (23) 574 (232) (97) 189 (165) 624 (22) U.S. Treasury and government agencies 1 — — — — — (1) — — Obligations of U.S. states and municipalities 744 (17) 112 (70) (80) — — 689 (17) Non-U.S. government debt securities 78 (22) 459 (277) (12) 23 (94) 155 (9) Corporate debt securities 312 (18) 364 (309) (48) 262 (229) 334 (1) Loans 2,719 26 1,364 (1,793) (658) 813 (765) 1,706 (1) Asset-backed securities 153 28 98 (41) (55) 45 (101) 127 22 Total debt instruments 4,385 (26) 2,971 (2,722) (950) 1,332 (1,355) 3,635 (28) Equity securities 295 (40) 118 (120) (1) 107 (127) 232 9 Other 690 (285) 55 (40) (118) 3 (4) 301 (301) Total trading assets – debt and equity instruments 5,370 (351) $^{(c)}$  3,144 (2,882) (1,069) 1,442 (1,486) 4,168 (320) $^{(c)}$  Net derivative receivables: (b) Interest rate 264 150 107 (133) (430) (15) 19 (38) 187 Credit (35) (40) 5 (7) (57) 4 23 (107) (28) Foreign exchange (396) 103 52 (20) 30 (108) 42 (297) (63) Equity (3,409) 198 1,676 (2,208) 1,805 (617) 330 (2,225) 561 Commodity (674) (73) 1 (72) (301) 7 (17) (1,129) 146 Total net derivative receivables (4,250) 338 $^{(c)}$  1,841 (2,440) 1,047 (729) 397 (3,796) 803 $^{(c)}$  Available-for-sale securities: Mortgage-backed securities 1 — — — — — — 1 — Asset-backed securities 276 1 — — (277) — — — — Total available-for-sale securities 277 1 $^{(d)}$  — — (277) — — 1 — Loans 276 (7) $^{(c)}$  123 — (196) — (74) 122 (7) $^{(c)}$  Mortgage servicing rights 6,030 230 $^{(e)}$  1,246 (636) (740) — — 6,130 230 $^{(e)}$  Other assets 1,265 (328) $^{(c)}$  61 (37) (37) 4 (1) 927 (340) $^{(c)}$  JPMorgan Chase & Co./2018 Form 10-K 171 Fair value measurements using significant unobservable inputs Year ended December 31, 2018 (in millions) Fair value at January 1, 2018 Total realized/unrealized (gains)/losses Transfers (out of) level 3 (h) Fair value at Dec. 31, 2018 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2018 Purchases Sales Issuances Settlements (g) Transfers into level 3 (h) Liabilities: (a) Deposits $ 4,142 $ (136) $^{(c)(i)}$  $ — $ — $ 1,437 $ (736) $ 2 $ (540) $ 4,169 $ (204) $^{(c)(i)}$  Federal funds purchased and securities loaned or sold under repurchase agreements — — — — — — — — — — Short-term borrowings 1,665 (329) $^{(c)(i)}$  — — 3,455 (3,388) 272 (152) 1,523 (131) $^{(c)(i)}$  Trading liabilities – debt and equity instruments 39 19 $^{(c)}$  (99) 114 — (1) 14 (36) 50 16 $^{(c)}$  Accounts payable and other liabilities 13 — (12) 5 — — 4 — 10 — Beneficial interests issued by consolidated VIEs 39 — — 1 — (39) — — 1 — Long-term debt 16,125 (1,169) $^{(c)(i)}$  — — 11,919 (7,769) 1,143 (831) 19,418 (1,385) $^{(c)(i)}$ 