Note 19 – 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 December 31, 2018. By remaining maturity at December 31, (in millions, except rates) 2018 2017 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 8,958 $ 55,362 $ 81,500 $ 145,820 $ 141,551 Variable rate 4,037 14,025 4,916 22,978 26,461 Interest rates (a) 0.17-6.30% 0.23-4.95% 0.45-6.40% 0.17-6.40% 0.16-7.25% Subordinated debt: Fixed rate $ 146 $ 1,948 $ 12,214 $ 14,308 $ 14,646 Variable rate — — 9 9 9 Interest rates (a) 8.53% 3.38% 3.63-8.00% 3.38-8.53% 3.38-8.53% Subtotal $ 13,141 $ 71,335 $ 98,639 $ 183,115 $ 182,667 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 12 $ 25 $ 118 $ 155 $ 167 Variable rate 11,000 29,300 4,000 44,300 60,450 Interest rates (a) 2.58-2.95% 2.36-2.96% 2.43-2.52% 2.36-2.96% 1.18-2.00% Senior debt: Fixed rate $ 1,574 $ 6,454 $ 8,406 $ 16,434 $ 11,990 Variable rate 6,667 22,277 6,657 35,601 26,218 Interest rates (a) 1.65-7.50% 2.60-7.50% 1.00-7.50% 1.00-7.50% 0.22-7.50% Subordinated debt: Fixed rate $ — $ — $ 301 $ 301 $ 313 Variable rate — — — — — Interest rates (a) —% —% 8.25% 8.25% 8.25% Subtotal $ 19,253 $ 58,056 $ 19,482 $ 96,791 $ 99,138 Junior subordinated debt: Fixed rate $ — $ — $ 659 $ 659 $ 690 Variable rate — — 1,466 1,466 1,585 Interest rates (a) —% —% 3.04-8.75% 3.04-8.75% 1.88-8.75% Subtotal $ — $ — $ 2,125 $ 2,125 $ 2,275 Total long-term debt (b)(c)(d) $ 32,394 $ 129,391 $ 120,246 $ 282,031 $^{(f)(g)}$  $ 284,080 Long-term beneficial interests: Fixed rate $ 4,634 $ 2,977 $ — $ 7,611 $ 13,579 Variable rate 2,324 3,471 308 6,103 8,192 Interest rates 1.27-2.87% 0.00-3.01% 2.50-4.62% 0.00-4.62% 0.00-6.54% Total long-term beneficial interests (e) $ 6,958 $ 6,448 $ 308 $ 13,714 $ 21,771 (a) The interest rates shown are the range of contractual rates in effect at December 31, 2018 and 2017, 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 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, 2018, for total long-term debt was (0.06)% to 8.88%, versus the contractual range of 0.17% 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 $47.7 billion and $63.5 billion secured by assets totaling $207.0 billion and $208.4 billion at December 31, 2018 and 2017, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $54.9 billion and $47.5 billion of long-term debt accounted for at fair value at December 31, 2018 and 2017, respectively. (d) Included $11.2 billion and $10.3 billion of outstanding zero-coupon notes at December 31, 2018 and 2017, respectively. The aggregate principal amount of these notes at their respective maturities is $37.4 billion and $33.5 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 $28 million and $45 million accounted for at fair value at December 31, 2018 and 2017, respectively. Excluded short-term commercial paper and other short-term beneficial interests of $6.5 billion and $4.3 billion at December 31, 2018 and 2017, respectively. (f) At December 31, 2018, long-term debt in the aggregate of $138.2 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. (g) The aggregate carrying values of debt that matures in each of the five years subsequent to 2018 is $32.4 billion in 2019, $46.7 billion in 2020, $40.0 billion in 2021, $16.3 billion in 2022 and $26.4 billion in 2023. JPMorgan Chase & Co./2018 Form 10-K 257