Other Liabilities

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Note 15.

Other Liabilities

The table below presents other liabilities by type.



	As of

$ in millions		September 2021	December 2020
Compensation and benefits		$10,215	$ 7,896
Income tax-related liabilities		3,058	3,155
Operating lease liabilities		2,283	2,283
Noncontrolling interests		1,598	1,640
Employee interests in consolidated funds		30	34
Accrued expenses and other		9,994	7,443
Total		$27,178	$22,451

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 2021
Remainder of 2021	$ 71
2022	324
2023	288
2024	268
2025	241
2026 - thereafter	1,839
Total undiscounted lease payments	3,031
Imputed interest	(748	)
Total operating lease liabilities	$ 2,283
Weighted average remaining lease term	14 years
Weighted average discount rate	3.66%
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 $118 million for the three months ended September 2021, $116 million for the three months ended September 2020, $348 million for the nine months ended September 2021 and $339 million for the nine months ended September 2020. Variable lease costs, which are included in operating lease costs, were not material for each of the three and nine months ended September 2021 and September 2020. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the nine months ended September 2021 and September 2020.

Lease payments relating to operating lease arrangements that were signed, but had not yet commenced were $344 million as of September 2021.

Accrued Expenses and Other

Accrued expenses and other included:

•

Liabilities classified as held for sale of $2.06 billion as of September 2021 related to certain of the firm’s consolidated investments within the Asset Management segment, substantially all of which consisted of other secured financings and were related to assets classified as held for sale. See Note 12 for further information about assets held for sale. As of December 2020, liabilities classified as held for sale were not material.

•

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 2021 and December 2020, the firm’s contract liabilities were not material.