Other Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Note 15.

Other Liabilities

The table below presents other liabilities by type.



	As of December

$ in millions		2020	2019
Compensation and benefits		$ 7,896	$ 6,889
Income tax-related liabilities		3,155	2,947
Operating lease liabilities		2,283	2,385
Noncontrolling interests		1,640	1,713
Employee interests in consolidated funds		34	81
Accrued expenses and other		7,443	7,636
Total		$22,451	$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 December 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 December 2020
2021	$ 342
2022	301
2023	264
2024	247
2025	215
2026 - thereafter	1,899
Total undiscounted lease payments	3,268
Imputed interest	(985	)
Total operating lease liabilities	$ 2,283
Weighted average remaining lease term	16 years
Weighted average discount rate	4.02%
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 $458 million for 2020, $538 million for 2019 and $409 million for 2018. Variable lease costs, which are included in operating lease costs, were not material for 2020, 2019 and 2018. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both 2020 and 2019.

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