Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of information related to operating leases

The carrying values of the Firm’s operating leases were as follows:

December 31, (in millions, except where otherwise noted)
	2023				2022
Right-of-use assets	$	8,431		(a)	$	7,782
Lease liabilities	8,833			(b)	8,183
Weighted average remaining lease term (in years)	8.4				8.4
Weighted average discount rate	4.01		%		3.55		%
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$	1,662			$	1,613
Supplemental non-cash information
Right-of-use assets obtained in exchange for operating lease obligations	$	2,094			$	1,435

(a)Included $647 million of right-of-use assets associated with First Republic.

(b)Included $712 million of lease liabilities associated with First Republic.

Year ended December 31, (in millions)	2023		2022
Rental expense
Gross rental expense	$	2,079	$	2,079
Sublease rental income	(72)		(119)
Net rental expense	$	2,007	$	1,960

Schedule of future payments under operating leases

The following table presents future payments under operating leases as of December 31, 2023:

Year ended December 31, (in millions)
2024	$	1,685
2025	1,576
2026	1,318
2027	1,169
2028	1,015
After 2028	3,767
Total future minimum lease payments	10,530
Less: Imputed interest	(1,697)
Total	$	8,833

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:

December 31, (in millions)	2023		2022
Carrying value of assets subject to operating leases, net of accumulated depreciation	$	10,663	$	12,302
Accumulated depreciation	3,288		4,282

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:

Year ended December 31, (in millions)	2023		2022		2021
Operating lease income	$	2,843	$	3,654	$	4,914
Depreciation expense	1,778		2,475		3,380

Schedule of future receipts under operating leases

The following table presents future receipts under operating leases as of December 31, 2023:

Year ended December 31, (in millions)
2024	$	1,868
2025	1,158
2026	451
2027	32
2028	9
After 2028	8
Total future minimum lease receipts	$	3,526