Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Note 15.

Other Liabilities

The table below presents other liabilities by type.



	As of December

$ in millions		2021	2020
Compensation and benefits		$10,838	$ 7,896
Income tax-related liabilities		2,360	3,155
Operating lease liabilities		2,288	2,283
Noncontrolling interests		840	1,640
Employee interests in consolidated funds		29	34
Accrued expenses and other		8,146	7,443
Total		$24,501	$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 December 2021
2022	$ 305
2023	307
2024	284
2025	258
2026	216
2027 - thereafter	1,655
Total undiscounted lease payments	3,025
Imputed interest	(737	)
Total operating lease liabilities	$2,288
Weighted average remaining lease term	14 years
Weighted average discount rate	3.61%
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 $463 million for 2021, $458 million for 2020 and $538 million for 2019. Variable lease costs, which are included in operating lease costs, were not material for 2021, 2020 and 2019. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both 2021 and 2020.

Lease payments relating to operating lease arrangements that were signed, but had not yet commenced were $300 million as of December 2021.

Accrued Expenses and Other

Accrued expenses and other included:

•

Liabilities classified as held for sale of $310 million as of December 2021 related to certain of the firm’s consolidated investments within the Asset Management segment, substantially all of which consisted of other secured financings primarily carried at fair value under the fair value option, 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 December 2021 and December 2020, the firm’s contract liabilities were not material.