Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Leases

Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases.

Firm as lessee

At March 31, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	March 31, 2021		December 31, 2020
Right-of-use assets	$	7,938	$	8,006
Lease liabilities	8,421		8,508

The Firm’s net rental expense was $490 million and $475 million for the three months ended March 31, 2021 and 2020, respectively.

Firm as lessor

The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended March 31,
(in millions)	2021		2020
Operating lease income	$	1,325	$	1,413
Depreciation expense	934		1,140

Leases

Leases

Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases.

Firm as lessee

At March 31, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.

Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

The following table provides information related to the Firm’s operating leases:

(in millions)	March 31, 2021		December 31, 2020
Right-of-use assets	$	7,938	$	8,006
Lease liabilities	8,421		8,508

The Firm’s net rental expense was $490 million and $475 million for the three months ended March 31, 2021 and 2020, respectively.

Firm as lessor

The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets.

The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:

	Three months ended March 31,
(in millions)	2021		2020
Operating lease income	$	1,325	$	1,413
Depreciation expense	934		1,140