Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of information related to operating leases

The following tables provide information related to the Firm’s operating leases:

As of June 30, (in millions, except where otherwise noted)
	2019
Right-of-use assets	$	8,118
Lease liabilities	8,404
Weighted average remaining lease term (in years)	8.7
Weighted average discount rate	3.75		%
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	778
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations	$	587

(in millions)	Three months ended June 30, 2019			Six months ended June 30, 2019
Rental expense
Gross rental expense	$	506		$	1,020
Sublease rental income	(42		)	(88		)
Net rental expense	$	464		$	932

Schedule of future payments under operating leases

The following table presents future payments under operating leases as of June 30, 2019:

Year ended December 31, (in millions)
2019 (excluding six months ended June 30, 2019)	$	787
2020	1,535
2021	1,356
2022	1,161
2023	988
After 2023	4,180
Total future minimum lease payments	10,007
Less: Imputed interest	(1,603		)
Total	$	8,404

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)	June 30, 2019		December 31, 2018
Carrying value of assets subject to operating leases, net of accumulated depreciation	$	22,406	$	21,428
Accumulated depreciation	5,643		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 June 30,				Six months ended June 30,
(in millions)	2019		2018		2019		2018
Operating lease income	$	1,327	$	1,112	$	2,643	$	2,159
Depreciation expense	988		852		1,985		1,663

Schedule of future receipts under operating leases

The following table presents future receipts under operating leases as of June 30, 2019:

Year ended December 31, (in millions)
2019 (excluding six months ended June 30, 2019)	$	2,107
2020	3,381
2021	1,866
2022	386
2023	69
After 2023	136
Total future minimum lease payments	$	7,945