Leases (Tables)

9 Months Ended

Sep. 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 September 30, (in millions, except where otherwise noted)
	2019
Right-of-use assets	$	8,160
Lease liabilities	8,425
Weighted average remaining lease term (in years)	8.7
Weighted average discount rate	3.73		%
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	1,177
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations	$	990

(in millions)	Three months ended September 30, 2019			Nine months ended September 30, 2019
Rental expense
Gross rental expense	$	517		$	1,537
Sublease rental income	(49		)	(137		)
Net rental expense	$	468		$	1,400

Schedule of future payments under operating leases

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

Year ended December 31, (in millions)
2019 (excluding nine months ended September 30, 2019)	$	394
2020	1,569
2021	1,394
2022	1,198
2023	1,027
After 2023	4,442
Total future minimum lease payments	10,024
Less: Imputed interest	(1,599		)
Total	$	8,425

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)	September 30, 2019		December 31, 2018
Carrying value of assets subject to operating leases, net of accumulated depreciation	$	22,953	$	21,428
Accumulated depreciation	5,848		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 September 30,				Nine months ended September 30,
(in millions)	2019		2018		2019		2018
Operating lease income	$	1,384	$	1,157	$	4,027	$	3,316
Depreciation expense	1,053		901		3,038		2,564

Schedule of future receipts under operating leases

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

Year ended December 31, (in millions)
2019 (excluding nine months ended September 30, 2019)	$	1,121
2020	3,785
2021	2,303
2022	660
2023	74
After 2023	137
Total future minimum lease payments	$	8,080