15.
Leases In January 1996, the Company entered into a lease agreement with an unrelated third party for a new corporate office facility, which the Company occupied in February 1997.
In May 2004, the Company entered into the first amendment to this lease agreement, effective January 1, 2004.
The lease was extended from an original period of 10 years, with an option for five additional years, to a period of 18 years from the inception date, with an option for five additional years.
The Company incurred lease rental expense related to this facility of $1.3 million in 2008, 2007 and 2006.
The future minimum lease payments are $1.4 million per annum from January 1, 2009 to December 31, 2014.
The future minimum lease payments from January 1, 2015 through December 31, 2019 will be determined based on prevailing market rental rates at the time of the extension, if elected.
The amended lease also provided for the lessor to reimburse the Company for up to $550,000 in building refurbishments completed through March 31, 2006.
These amounts have been recorded as a reduction of lease expense over the remaining term of the lease.
The Company has also entered into various noncancellable operating leases for equipment and office space.
Office space lease expense totaled $9.3 million, $6.3 million and $4.7 million for the years ended December 31, 2008, 2007 and 2006, respectively.
Future minimum lease payments under noncancellable operating leases for office space in effect at December 31, 2008 are $8.8 million in 2009, $6.6 million in 2010, $3.0 million in 2011, $1.8 million in 2012 and $1.1 million in 2013.16.
Royalty Agreements The Company has entered into various renewable, nonexclusive license agreements under which the Company has been granted access to the licensor’s technology and the right to sell the technology in the Company’s product line.
Royalties are payable to developers of the software at various rates and amounts, which generally are based upon unit sales or revenue.
Royalty fees are reported in cost of goods sold and were $6.3 million, $5.2 million and $3.9 million for the years ended December 31, 2008, 2007 and 2006, respectively.17.
Geographic Information Revenue to external customers is attributed to individual countries based upon the location of the customer.
Revenue by geographic area is as follows:
## Table 0 ##
revenue growth rates, growth rates of cash expenditures and related operating margin percentages, income tax rates, and factors that influence the Company's weighted average cost of capital, including interest rates, the ratio of the Company's debt capital to its total capital and the Company's systematic risk or beta.
Of the preceding factors, fair value estimates are most sensitive to changes in revenue growth rate assumptions.
Factors that could adversely affect the Company's revenue growth rates include adverse economic conditions in certain geographies or industries, especially key industrial and electronics industries; enhanced competition and related pricing pressures; integration issues associated with acquisitions; strengthening of the U. S.  Dollar or other adverse foreign currency fluctuations; reduced renewal rates for the Company's annual lease and maintenance contracts; and the Company's ability to attract and retain key personnel.
Any of these factors individually or in combination could cause the Company's growth rates to decline over a defined period of time.
The Company has demonstrated an ability in the past to adjust its cost structure through reductions in discretionary spending, delayed hiring or workforce reductions when faced with periods of reduced revenue growth.
If adverse conditions would persist over a longer period of time and would cause a revision to the Company's long-term revenue growth rate projections without a similar cost reduction response, or if other factors would occur that would result in a similar growth rate revision or a material revision to the other inputs to reporting unit fair value, it could cause the fair value of the Company's reporting unit to fall below its carrying value, potentially resulting in an impairment.
The Company is involved in various investigations, claims and legal proceedings that arise in the ordinary course of business including alleged infringement of intellectual property rights, commercial disputes, labor and employment matters, tax audits and other matters.
The Company reviews the status of these matters, assesses its financial exposure and records a related accrual if the potential loss from an investigation, claim or legal proceeding is probable and the amount is reasonably estimable.
Significant judgment is involved in the determination of probability and in the determination of whether an exposure is reasonably estimable.
As a result of the uncertainties involved in making these estimates, the Company may have to revise its estimates as facts and circumstances change.
The revision of these estimates could have a material impact on the Company’s financial position and results of operations.
The Company grants options and stock awards to employees and directors under the Company’s stock option and grant plan.
Eligible employees can also purchase shares of the Company’s common stock at a discount under the Company’s employee stock purchase plan.
The benefits provided under these plans are share-based payments subject to the provisions of share-based payment accounting guidance.
The Company uses the fair value method to apply the provisions of share-based payment accounting guidance.
Share-based compensation expense for 2012, 2011 and 2010 was $32.4 million, $23.1 million and $19.0 million, respectively.
As of December 31, 2012, total unrecognized estimated compensation expense related to unvested stock options granted prior to that date was $61.9 million, which is expected to be recognized over a weighted average period of 2.0 years.
The value of each share-based award was estimated on the date of grant or date of acquisition for options issued in a business combination using the Black-Scholes option pricing model (“Black-Scholes model”).
The determination of the fair value of share-based payment awards using an option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables.
These variables include the Company’s expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates and expected dividends.
The table below presents the weighted average input assumptions used and resulting fair values for options granted or issued in business combinations during each respective year.
The stock-based compensation expense for options is recorded ratably over their requisite service period.
The interest rates used were determined by using the five-year U. S.  Treasury Note yield on the date of grant or date of acquisition.
## Table 1 ##
Prior to 2012, the Company issued both non-qualified and incentive stock options; however, the Company no longer issues incentive stock options.
The tax benefits associated with the outstanding incentive stock options are unpredictable, as they are predicated upon an award recipient triggering an event that disqualifies the award and that then results in a tax deduction to the Company.
Share-based payment accounting guidance requires that these tax benefits be recorded at the time of the triggering event.
The triggering events for each option holder are not easily projected.
In order to estimate the tax benefits related to incentive stock options, the Company makes many assumptions and estimates, including the number of incentive stock options that will be exercised during the period by U. S.  employees, the number of incentive stock options that will be disqualified
## Table 2 ##
(1) Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated with accounting for deferred revenue in business combinations.
(2) Amount represents $67.3 million of amortization expense associated with intangible assets acquired in business combinations, $32.4 million of stock-based compensation expense, the $9.6 million adjustment to revenue as reflected in (1) above and $0.9 million of transaction expenses related to the Esterel acquisition.
(3) Amount represents the impact of the adjustments to operating income referred to in (2) above, adjusted for the related income tax impact of $37.0 million.
(4) Amount represents the revenue not reported during the period as a result of the acquisition accounting adjustment associated with accounting for deferred revenue in business combinations.
(5) Amount represents $51.7 million of amortization expense associated with intangible assets acquired in business combinations, $23.1 million of stock-based compensation expense, the $9.6 million adjustment to revenue as reflected in (4) above and $2.1 million of transaction expenses related to the Apache acquisition.
(6) Amount represents the impact of the adjustments to operating income referred to in (5) above, adjusted for the related income tax impact of $28.2 million.
Note: The 2011 GAAP and non-GAAP net income and earnings per share data reflected above include $4.8 million, or $0.05 per diluted share, related to income tax expense associated with reductions to the Japanese corporate tax rate, beginning with the 2013 tax year.
This legislation, enacted on November 30, 2011, resulted in an additional $4.8 million in deferred tax expense due to the reduction in the value of certain net deferred tax assets of the Company's Japanese subsidiaries.
Non-GAAP Measures Management uses non-GAAP financial measures (a) to evaluate the Company's historical and prospective financial performance as well as its performance relative to its competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and its employees.
In addition, many financial analysts that follow the Company focus on and publish both historical results and future projections based on non-GAAP financial measures.
The Company believes that it is in the best interest of its investors to provide this information to analysts so that they accurately report the non-GAAP financial information.
Moreover, investors have historically requested and the Company has historically reported these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.
While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures.
These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all of the Company’s competitors and may not be directly comparable to similarly titled measures of the Company’s competitors due to potential differences in the exact method of calculation.
The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.
Consumer, excluding credit card, loan portfolio Consumer loans, excluding credit card loans, consist primarily of residential mortgages, home equity loans and lines of credit, auto loans, business banking loans, and student and other loans, with a focus on serving the prime consumer credit market.
The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain paymentoption loans originated by Washington Mutual that may result in negative amortization.
The table below provides information about retained consumer loans, excluding credit card, by class.
## Table 3 ##
Delinquency rates are a primary credit quality indicator for consumer loans.
Loans that are more than 30 days past due provide an early warning of borrowers who may be experiencing financial difficulties and/or who may be unable or unwilling to repay the loan.
As the loan continues to age, it becomes more clear that the borrower is likely either unable or unwilling to pay.
In the case of residential real estate loans, late-stage delinquencies (greater than 150 days past due) are a strong indicator of loans that will ultimately result in a foreclosure or similar liquidation transaction.
In addition to delinquency rates, other credit quality indicators for consumer loans vary based on the class of loan, as follows: ?
For residential real estate loans, including both non-PCI and PCI portfolios, the current estimated LTV ratio, or the combined LTV ratio in the case of junior lien loans, is an indicator of the potential loss severity in the event of default.
Additionally, LTV or combined LTV can provide insight into a borrower’s continued willingness to pay, as the delinquency rate of high-LTV loans tends to be greater than that for loans where the borrower has equity in the collateral.
The geographic distribution of the loan collateral also provides insight as to the credit quality of the portfolio, as factors such as the regional economy, home price changes and specific events such as natural disasters, will affect credit quality.
The borrower’s current or “refreshed” FICO score is a secondary credit-quality indicator for certain loans, as FICO scores are an indication of the borrower’s credit payment history.
Thus, a loan to a borrower with a low FICO score (660 or below) is considered to be of higher risk than a loan to a borrower with a high FICO score.
Further, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score.  ?
For scored auto, scored business banking and student loans, geographic distribution is an indicator of the credit performance of the portfolio.
Similar to residential real estate loans, geographic distribution provides insights into the portfolio performance based on regional economic activity and events.  ?
Risk-rated business banking and auto loans are similar to wholesale loans in that the primary credit quality indicators are the risk rating that is assigned to the loan and whether the loans are considered to be criticized and/or nonaccrual.
Risk ratings are reviewed on a regular and ongoing basis by Credit Risk Management and are adjusted as necessary for updated information about borrowers’ ability to fulfill their obligations.
For further information about risk-rated wholesale loan credit quality indicators, see page 279 of this Note.
Residential real estate – excluding PCI loans The following table provides information by class for residential real estate – excluding retained PCI loans in the consumer, excluding credit card, portfolio segment.
The following factors should be considered in analyzing certain credit statistics applicable to the Firm’s residential real estate – excluding PCI loans portfolio: (i) junior lien home equity loans may be fully charged off when the loan becomes 180 days past due, and the value of the collateral does not support the repayment of the loan, resulting in relatively high charge-off rates for this product class; and (ii) the lengthening of loss-mitigation timelines may result in higher delinquency rates for loans carried at the net realizable value of the collateral that remain on the Firm’s Consolidated Balance Sheets.
The following table summarizes short-term and long-term funding, excluding deposits, as of December 31, 2017 and 2016, and average balances for the years ended December 31, 2017 and 2016.
For additional information, see the Consolidated Balance Sheets Analysis on pages 47-48 and Note 19.
Sources of funds (excluding deposits)
## Table 4 ##
(a) Included in beneficial interest issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(b) Excludes long-term structured repurchase agreements of $1.3 billion and $1.8 billion as of December 31, 2017 and 2016, respectively, and average balances of $1.5 billion and $2.9 billion for the years ended December 31, 2017 and 2016, respectively.
(c) Excludes long-term securities loaned of $1.3 billion and $1.2 billion as of December 31, 2017 and 2016, respectively, and average balances of $1.3 billion for both the years ended December 31, 2017 and 2016.
(d) Excludes federal funds purchased.
(e) Subordinated debt includes $1.6 billion of junior subordinated debentures distributed pro rata to the holders of the $1.6 billion of trust preferred securities which were cancelled on December 18, 2017.
For further information see Note 19 .
(f) Other securitizations includes securitizations of student loans.
The Firm deconsolidated the student loan securitization entities in the second quarter of 2017 as it no longer had a controlling financial interest in these entities as a result of the sale of the student loan portfolio.
The Firm’s wholesale businesses also securitize loans for client-driven transactions, which are not considered to be a source of funding for the Firm and are not included in the table.
(g) Includes long-term structured notes which are secured.
(h) For additional information on preferred stock and common stockholders’ equity see Capital Risk Management on pages 82–91, Consolidated statements of changes in stockholders’ equity, Note 20 and Note 21.
Short-term funding The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase.
These instruments are secured predominantly by high-quality securities collateral, including governmentissued debt and agency MBS, and constitute a significant portion of the federal funds purchased and securities loaned or sold under repurchase agreements on the Consolidated balance sheets.
The increase in the average balance of securities loaned or sold under agreements to repurchase for the year ended December 31, 2017, compared to December 31, 2016, was largely due to client activities in CIB.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to customers’ investment and financing activities; the Firm’s demand for financing; the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios); and other market and portfolio factors.
The Firm’s sources of short-term unsecured funding primarily consist of issuances of wholesale commercial paper.
The increase in short-term unsecured funding was primarily due to higher issuance of commercial paper reflecting in part a change in the mix of funding from securities sold under repurchase agreements for CIB Markets activities.
Long-term funding and issuance Long-term funding provides additional sources of stable funding and liquidity for the Firm.
The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations, and regulatory requirements, including TLAC.
Long-term funding objectives include maintaining diversification, maximizing market access and
FIVE-YEAR STOCK PERFORMANCE The following table and graph compare the five-year cumulative total return for JPMorgan Chase & Co.  (“JPMorgan Chase” or the “Firm”) common stock with the cumulative return of the S&P 500 Index, the KBW Bank Index and the S&P Financial Index.
The S&P 500 Index is a commonly referenced equity benchmark in the United States of America (“U.
S. ”), consisting of leading companies from different economic sectors.
The KBW Bank Index seeks to reflect the performance of banks and thrifts that are publicly traded in the U. S.  and is composed of leading national money center and regional banks and thrifts.
The S&P Financial Index is an index of financial companies, all of which are components of the S&P 500.
The Firm is a component of all three industry indices.
The following table and graph assume simultaneous investments of $100 on December 31, 2012, in JPMorgan Chase common stock and in each of the above indices.

<table><tr><td></td><td>Year Ended December 31,</td></tr><tr><td><i>(in thousands)</i></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>United States</td><td>$151,688</td><td>$131,777</td><td>$94,282</td></tr><tr><td>Germany</td><td>68,390</td><td>50,973</td><td>34,567</td></tr><tr><td>Japan</td><td>66,960</td><td>50,896</td><td>35,391</td></tr><tr><td>Canada</td><td>8,033</td><td>4,809</td><td>4,255</td></tr><tr><td>Other European</td><td>127,246</td><td>108,971</td><td>70,184</td></tr><tr><td>Other international</td><td>56,022</td><td>37,914</td><td>24,961</td></tr><tr><td>Total revenue</td><td>$478,339</td><td>$385,340</td><td>$263,640</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td>Risk-free interest rate</td><td>2012 0.59% to 1.04%</td><td>2011 0.91% to 2.11%</td><td>2010 1.27% to 2.34%</td></tr><tr><td>Expected dividend yield</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>Expected volatility</td><td>38%</td><td>39%</td><td>39%</td></tr><tr><td>Expected term</td><td>6.0 years</td><td>5.8 years</td><td>6.1 years</td></tr><tr><td>Weighted average fair value per share</td><td>$24.82</td><td>$25.84</td><td>$19.41</td></tr></table>
<table><tr><td></td><td colspan="8">Year Ended December 31,</td></tr><tr><td></td><td colspan="4">2012</td><td colspan="4">2011</td></tr><tr><td>(in thousands, except percentages and per share data)</td><td>AsReported</td><td>Adjustments</td><td></td><td>Non-GAAPResults</td><td>AsReported</td><td>Adjustments</td><td></td><td>Non-GAAPResults</td></tr><tr><td>Total revenue</td><td>$798,018</td><td>$9,636</td><td>-1</td><td>$807,654</td><td>$691,449</td><td>$9,621</td><td>-4</td><td>$701,070</td></tr><tr><td>Operating income</td><td>294,253</td><td>110,290</td><td>-2</td><td>404,543</td><td>265,559</td><td>86,550</td><td>-5</td><td>352,109</td></tr><tr><td>Operating profit margin</td><td>36.9%</td><td></td><td></td><td>50.1%</td><td>38.4%</td><td></td><td></td><td>50.2%</td></tr><tr><td>Net income</td><td>$203,483</td><td>$73,304</td><td>-3</td><td>$276,787</td><td>$180,675</td><td>$58,301</td><td>-6</td><td>$238,976</td></tr><tr><td>Earnings per share – diluted:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Diluted earnings per share</td><td>$2.14</td><td></td><td></td><td>$2.91</td><td>$1.91</td><td></td><td></td><td>$2.53</td></tr><tr><td>Weighted average shares – diluted</td><td>94,954</td><td></td><td></td><td>94,954</td><td>94,381</td><td></td><td></td><td>94,381</td></tr></table>
<table><tr><td>December 31, (in millions)</td><td>2013</td><td>2012</td></tr><tr><td>Residential real estate – excluding PCI</td><td></td><td></td></tr><tr><td>Home equity:</td><td></td><td></td></tr><tr><td>Senior lien</td><td>$17,113</td><td>$19,385</td></tr><tr><td>Junior lien</td><td>40,750</td><td>48,000</td></tr><tr><td>Mortgages:</td><td></td><td></td></tr><tr><td>Prime, including option ARMs</td><td>87,162</td><td>76,256</td></tr><tr><td>Subprime</td><td>7,104</td><td>8,255</td></tr><tr><td>Other consumer loans</td><td></td><td></td></tr><tr><td>Auto</td><td>52,757</td><td>49,913</td></tr><tr><td>Business banking</td><td>18,951</td><td>18,883</td></tr><tr><td>Student and other</td><td>11,557</td><td>12,191</td></tr><tr><td>Residential real estate – PCI</td><td></td><td></td></tr><tr><td>Home equity</td><td>18,927</td><td>20,971</td></tr><tr><td>Prime mortgage</td><td>12,038</td><td>13,674</td></tr><tr><td>Subprime mortgage</td><td>4,175</td><td>4,626</td></tr><tr><td>Option ARMs</td><td>17,915</td><td>20,466</td></tr><tr><td>Total retained loans</td><td>$288,449</td><td>$292,620</td></tr></table>
<table><tr><td>As of or for the year ended December 31,</td><td></td><td></td><td colspan="2">Average</td></tr><tr><td>(in millions)</td><td>2017</td><td>2016</td><td>2017</td><td>2016</td></tr><tr><td>Commercial paper</td><td>$24,186</td><td>$11,738</td><td>$19,920</td><td>$15,001</td></tr><tr><td>Other borrowed funds</td><td>27,616</td><td>22,705</td><td>26,612</td><td>21,139</td></tr><tr><td>Total short-term borrowings</td><td>$51,802</td><td>$34,443</td><td>$46,532</td><td>$36,140</td></tr><tr><td>Obligations of Firm-administered multi-seller conduits<sup>(a)</sup></td><td>$3,045</td><td>$2,719</td><td>$3,206</td><td>$5,153</td></tr><tr><td>Securities loaned or sold under agreements to repurchase:</td><td></td><td></td><td></td><td></td></tr><tr><td>Securities sold under agreements to repurchase<sup>(b)</sup></td><td>$146,432</td><td>$149,826</td><td>$171,973</td><td>$160,458</td></tr><tr><td>Securities loaned<sup>(c)</sup></td><td>7,910</td><td>12,137</td><td>11,526</td><td>13,195</td></tr><tr><td>Total securities loaned or sold under agreements to repurchase<sup>(d)</sup></td><td>$154,342</td><td>$161,963</td><td>$183,499</td><td>$173,653</td></tr><tr><td>Senior notes</td><td>$155,852</td><td>$151,042</td><td>$154,352</td><td>$153,768</td></tr><tr><td>Trust preferred securities<sup>(e)</sup></td><td>690</td><td>2,345</td><td>2,276</td><td>3,724</td></tr><tr><td>Subordinated debt<sup>(e)</sup></td><td>16,553</td><td>21,940</td><td>18,832</td><td>24,224</td></tr><tr><td>Structured notes</td><td>45,727</td><td>37,292</td><td>42,918</td><td>35,978</td></tr><tr><td>Total long-term unsecured funding</td><td>$218,822</td><td>$212,619</td><td>$218,378</td><td>$217,694</td></tr><tr><td>Credit card securitization<sup>(a)</sup></td><td>$21,278</td><td>$31,181</td><td>$25,933</td><td>$29,428</td></tr><tr><td>Other securitizations<sup>(a)(f)</sup></td><td>—</td><td>1,527</td><td>626</td><td>1,669</td></tr><tr><td>FHLB advances</td><td>60,617</td><td>79,519</td><td>69,916</td><td>73,260</td></tr><tr><td>Other long-term secured funding<sup>(g)</sup></td><td>4,641</td><td>3,107</td><td>3,195</td><td>4,619</td></tr><tr><td>Total long-term secured funding</td><td>$86,536</td><td>$115,334</td><td>$99,670</td><td>$108,976</td></tr><tr><td>Preferred stock<sup>(h)</sup></td><td>$26,068</td><td>$26,068</td><td>26,212</td><td>$26,068</td></tr><tr><td>Common stockholders’ equity<sup>(h)</sup></td><td>$229,625</td><td>$228,122</td><td>230,350</td><td>$224,631</td></tr></table>

Question: What is the sum of the Structured notes in the years where FHLB advances is positive? (in million)
Answer: 83019