Other Liabilities

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 15.

Other Liabilities

The table below presents other liabilities by type.

	As of
$ in millions		September 2020	December 2019
Compensation and benefits		$  7,233	$  6,889
Income tax-related liabilities		3,111	2,947
Operating lease liabilities		2,268	2,385
Noncontrolling interests		1,668	1,713
Employee interests in consolidated funds		53	81
Accrued expenses and other		8,832	7,636
Total		$23,165	$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 September 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 September 2020
Remainder of 2020	$      70
2021	326
2022	290
2023	255
2024	237
2025	208
2026 - thereafter	1,856
Total undiscounted lease payments	3,242
Imputed interest	(974	)
Total operating lease liabilities	$ 2,268
Weighted average remaining lease term	16 years
Weighted average discount rate	4.12%
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 $116 million for the three months ended September 2020, $132 million for the three months ended September 2019, $339 million for the nine months ended September 2020 and $374 million for the nine months ended September 2019. Variable lease costs, which are included in operating lease costs, were not material for each of the three and nine months ended September 2020 and September 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 nine months ended September 2020 and September 2019.

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