Other Liabilities

The table below presents other liabilities by type.


	As of
	March		December
$ in millions	2026		2025
Compensation and benefits	$	5,536	$	10,231
Income tax-related liabilities	4,087		4,223
Operating lease liabilities	2,097		2,170
Noncontrolling interests	954		446
Accrued expenses and other	10,832		10,431
Total	$	23,506	$	27,501

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 2026
Remainder of 2026	$	286
2027	359
2028	312
2029	271
2030	218
2031 - thereafter	1,280
Total undiscounted lease payments	2,726
Imputed interest	(629)
Total operating lease liabilities	$	2,097

Weighted average remaining lease term	11 years
Weighted average discount rate	4.31		%
As of December 2025
2026	$	381
2027	348
2028	307
2029	269
2030	201
2031 - thereafter	1,326
Total undiscounted lease payments	2,832
Imputed interest	(662)
Total operating lease liabilities	$	2,170

Weighted average remaining lease term	11 years
Weighted average discount rate	4.34		%

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 $123 million for the three months ended March 2026 and $114 million for the three months ended March 2025. Variable lease costs, which are included in operating lease costs, were not material for both the three months ended March 2026 and March 2025. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the three months ended March 2026 and March 2025.

Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.34 billion as of March 2026.

Accrued Expenses and Other

Accrued expenses and other included:

•Liabilities classified as held for sale were not material as of both March 2026 and December 2025. 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 $137 million as of March 2026 and $132 million as of December 2025.

•Accrued unfunded commitments related to investments in qualified affordable housing and renewable energy projects were $2.49 billion as of March 2026 and $2.57 billion as of December 2025. See Note 17 for further information about these investments.