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Other Liabilities
 12 Months Ended
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]  
Other Liabilities
Note 15.
Other Liabilities
The table below presents other liabilities by type.
 
                 
       
 
As of December
 
                 
$ in millions
 
 
2019
 
    
2018
 
Compensation and benefits
 
 
$  6,889
 
    
$  6,834
 
Income
tax-related
liabilities
  
 
2,947
 
    
2,864
 
Operating lease liabilities
 
 
2,385
 
    
–
 
Noncontrolling interests
 
 
1,713
 
    
1,568
 
Employee interests in consolidated funds
 
 
81
 
    
122
 
Accrued expenses and other
 
 
7,636
 
    
6,219
 
Total
 
 
$21,651
 
    
$17,607
 
 
 
In the table above, accrued expenses and other includes contract liabilities, which represent consideration received by the firm, in connection with its contracts with clients, prior to providing the service. As of both December 2019 and December 2018, the firm’s contract liabilities were not material.
Operating Lease Liabilities
The firm adopted ASU No.
 2016-02
in January 2019, which required the firm to recognize, for leases longer than one year, 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 millions
 
 
As of December 2019
 
2020
 
 
$
  
   384
 
2021
 
 
308
 
2022
 
 
268
 
2023
 
 
235
 
2024
 
 
219
 
2025
 -
 thereafter
  
 
2,566
 
Total undiscounted lease payments
 
 
3,980
 
Imputed interest
 
 
(1,595
)
Total operating lease liabilities
 
 
$ 2,385
 
 
Weighted average remaining lease term
 
 
18 years
 
Weighted average discount rate
 
 
5.02%
 
 
 
In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for leases existing on the date of adoption of ASU No.
 2016-02
and at the lease inception date for leases entered into subsequent to the adoption of this ASU.
Operating lease costs were $538 million for 2019, $409 million for 2018 and $390 million for 2017. Variable lease costs, which are included in operating lease costs, were not material for 2019, 2018 and 2017.
Operating lease liabilities include obligations for office space held in excess of current requirements. Operating lease costs relating to space held for growth is included in occupancy expenses. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both 2019 and 2018.
Lease payments relating to operating lease arrangements that were signed, but had not yet commenced as of December 2019, were not material.