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Other Liabilities
 9 Months Ended
Sep. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other Liabilities
Other Liabilities
The table below presents other liabilities by type.
 
As of
SeptemberDecember
$ in millions20232022
Compensation and benefits$6,534 $7,225 
Income tax-related liabilities2,982 2,669 
Operating lease liabilities2,222 2,154 
Noncontrolling interests471 649 
Employee interests in consolidated funds19 25 
Accrued expenses and other 7,855 8,733 
Total$20,083 $21,455 
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 September 2023 
Remainder of 2023$54 
2024365 
2025314 
2026278 
2027247 
2028 - thereafter1,585 
Total undiscounted lease payments2,843 
Imputed interest(621)
Total operating lease liabilities$2,222 
Weighted average remaining lease term12 years
Weighted average discount rate4.04 %
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 %
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 $124 million for the three months ended September 2023, $111 million for the three months ended September 2022, $362 million for the nine months ended September 2023 and $348 million for the nine months ended September 2022. Variable lease costs, which are included in operating lease costs, were not material for each of the three and nine months ended September 2023 and September 2022. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for each of the three and nine months ended September 2023 and September 2022.
Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.10 billion as of September 2023.
Accrued Expenses and Other
Accrued expenses and other included:
•Liabilities classified as held for sale were approximately $680 million as of September 2023 and were not material as of December 2022. As of September 2023, such liabilities included $270 million related to GreenSky within Platform Solutions and consisted primarily of customer and other payables. Substantially all of the remaining $410 million of liabilities classified as held for sale related to certain of the firm’s consolidated investments within Asset & Wealth Management. Substantially all such liabilities consisted of other secured financings. 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 $112 million as of September 2023 and $113 million as of December 2022.