v3.21.2
Other Liabilities
 6 Months Ended
Jun. 30, 2021
Other Liabilities Disclosure [Abstract]  
Other Liabilities
Note 15.
Other Liabilities
The table below presents other liabilities by type.
 
    As of  
     
$ in millions
  
 
June
2021
 
 
     
December
2020
  
 
Compensation and benefits
  
 
$  9,260
 
      $  7,896  
Income
tax-related
liabilities
  
 
3,166
 
      3,155  
Operating lease liabilities
  
 
2,291
 
      2,283  
Noncontrolling interests
  
 
1,631
 
      1,640  
Employee interests in consolidated funds
  
 
27
 
      34  
Accrued expenses and other
 
  
 
7,573
 
      7,443  
Total
  
 
$23,948
 
      $22,451  
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 June 2021 and December 2020, 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 June 2021
        
Remainder o
f 2
021
  
 
$  
    
162
 
2022
  
 
323
 
2023
  
 
282
 
2024
  
 
266
 
2025
  
 
235
 
2026 - thereafter
  
 
1,807
 
Total undiscounted lease payments
  
 
3,075
 
Imputed interest
  
 
(784
) 
Total operating lease liabilities
  
 
$2,291
 
 
Weighted average remaining lease term
  
 
15 years
 
Weighted average discount rate
  
 
3.72%
 
 
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%  
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,
“Leases (Topic 842),” and at the lease inception date for leases entered into subsequent to the adoption of this ASU.
Operating lease costs were $110 million for both the three months ended June 2021 and June 2020, $230 million for the six months ended June 2021 and $223 million for the six months ended June 2020. Variable lease costs, which are included in operating lease costs, were not material for each of the three and six months ended June 2021 and June 2020. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the six months ended June 2021 and June 2020.
Lease payments relating to operating lease arrangements that were signed, but had not yet commenced were $441 million as of June 2021.