Other Liabilities |
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| Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | Other Liabilities The table below presents other liabilities by type.
Beginning in the fourth quarter of 2025, employee interests in consolidated funds have been aggregated within the noncontrolling interests line item, as such employee interests were not material. Prior period amounts have been conformed to the current presentation. 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 the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of the date of adoption of ASU No. 2016-02, “Leases (Topic 842),” for operating leases existing on the date of adoption and as of the lease inception date for leases entered into subsequent to the adoption of this ASU. Operating lease costs were $475 million for 2025, $473 million for 2024 and $484 million for 2023. Variable lease costs, which are included in operating lease costs, were not material for each of 2025, 2024 and 2023. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for each of 2025, 2024 and 2023. Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.13 billion as of December 2025. Accrued Expenses and Other Accrued expenses and other included: •Liabilities classified as held for sale were not material as of both December 2025 and December 2024. 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 $132 million as of December 2025 and were not material as of December 2024. •Accrued unfunded commitments related to investments in qualified affordable housing and renewable energy projects were $2.57 billion as of December 2025 and $2.15 billion as of December 2024. See Note 17 for further information about these investments.
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