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Other Liabilities
 12 Months Ended
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]  
Other Liabilities
Other Liabilities
The table below presents other liabilities by type.
 
As of December
$ in millions20222021
Compensation and benefits$7,225 $10,838 
Income tax-related liabilities2,669 2,360 
Operating lease liabilities2,154 2,288 
Noncontrolling interests649 840 
Employee interests in consolidated funds25 29 
Accrued expenses and other 8,733 8,146 
Total$21,455 $24,501 
Operating Lease Liabilities
For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. See Note 12 for information about operating lease right-of-use assets.
The table below presents information about operating lease liabilities.
$ in millionsOperating
 lease liabilities
As of December 2022 
2023$325 
2024334 
2025283 
2026236 
2027203 
2028 - thereafter1,424 
Total undiscounted lease payments2,805 
Imputed interest(651)
Total operating lease liabilities$2,154 
Weighted average remaining lease term13 years
Weighted average discount rate3.66 %
As of December 2021 
2022$305 
2023307 
2024284 
2025258 
2026216 
2027 - thereafter1,655 
Total undiscounted lease payments3,025 
Imputed interest(737)
Total operating lease liabilities$2,288 
Weighted average remaining lease term14 years
Weighted average discount rate3.61 %
In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for operating leases existing on the date of adoption of ASU No. 2016-02, “Leases (Topic 842),” and at the lease inception date for leases entered into subsequent to the adoption of this ASU.
Operating lease costs were $462 million for 2022, $463 million for 2021 and $458 million for 2020. Variable lease costs, which are included in operating lease costs, were not material for 2022, 2021 and 2020. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for 2022, 2021 and 2020.
Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.48 billion as of December 2022.
Accrued Expenses and Other
Accrued expenses and other included:
•Liabilities classified as held for sale were not material as of December 2022 and $310 million as of December 2021 related to certain of the firm’s consolidated investments within Asset & Wealth Management, substantially all of which consisted of other secured financings primarily carried at fair value under the fair value option, and were related to assets classified as held for sale. See Note 12 for further information about assets held for sale.
•Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service, were $113 million as of December 2022 and were not material as of December 2021.