Other Liabilities

3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 15.

Other Liabilities

The table below presents other liabilities by type.

	As of
$ in millions		March 2020	December 2019
Compensation and benefits		$  3,281	$  6,889
Income tax-related liabilities		3,172	2,947
Operating lease liabilities		2,289	2,385
Noncontrolling interests		1,122	1,713
Employee interests in consolidated funds		71	81
Accrued expenses and other		8,359	7,636
Total		$18,294	$21,651

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 March 2020 and December 2019, the firm’s contract liabilities were not material.

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 millions	Operating lease liabilities
As of March 2020
Remainder of 2020	$     247
2021	307
2022	266
2023	233
2024	218
2025	192
2026 - thereafter	2,365
Total undiscounted lease payments	3,828
Imputed interest	(1,539	)
Total operating lease liabilities	$ 2,289
Weighted average remaining lease term	18 years
Weighted average discount rate	5.07%
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 operating 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 $113 million for the three months ended March 2020 and $117 million for the three months ended March 2019. Variable lease costs, which are included in operating lease costs, were not material for both the three months ended March 2020 and March 2019.

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 the three months ended March 2020 and March 2019.

Lease payments relating to operating lease arrangements that were signed, but had not yet commenced as of March 2020, were not material.