Leases (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of information related to operating leases

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



As of March 31, (in millions, except where otherwise noted)
	2019
Right-of-use assets	$	8,272
Lease liabilities	8,562

Weighted average remaining lease term (in years)	8.7
Weighted average discount rate	3.74		%

Three months ended March 31, (in millions)
	2019
Rental expense
Gross rental expense	$	514
Sublease rental income	(46		)
Net rental expense	$	468

Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	389
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations	$	365

Schedule of future minimum rental payments under operating leases with noncancelable lease terms

The following table presents required future minimum rental payments under operating leases with noncancelable lease terms that expire after March 31, 2019:



Year ended December 31, (in millions)
2019 (excluding three months ended March 31, 2019)	$	1,198
2020	1,515
2021	1,335
2022	1,138
2023	966
After 2023	4,043
Total future minimum lease payments	10,195
Less: Imputed interest	(1,633		)
Total	$	8,562

Schedule of carrying value of assets subject to leases

The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets:



(in millions)	March 31, 2019		December 31, 2018
Carrying value of assets subject to operating leases, net of accumulated depreciation	$	22,052	$	21,428
Accumulated depreciation	5,555		5,303

Schedule of operating lease income and related depreciation expense

The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income:



Three months ended March 31, (in millions)	2019		2018
Operating lease income	$	1,316	$	1,047
Depreciation expense	997		811

Schedule of future minimum operating lease payments receivable

The following table presents future minimum operating lease payments expected to be received as of March 31, 2019:



Year ended December 31, (in millions)
2019 (excluding three months ended March 31, 2019)	$	2,964
2020	2,964
2021	1,424
2022	206
2023	66
After 2023	134
Total future minimum lease payments	$	7,758