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Other Liabilities
 12 Months Ended
Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]  
Other Liabilities
11. Other Liabilities
11.A Composition of Other Liabilities
As at December 31,
20242023
Accounts payable$2,559 $2,493 
Bank overdrafts and cash pooling175 — 
Repurchase agreements (Note 5)
2,840 2,705 
Accrued expenses and taxes4,904 4,433 
Credit facilities(1)
2,126 2,330 
Borrowed funds(2)
361 333 
Accrued post-retirement benefit liability (Note 24)
351 355 
Secured borrowings from mortgage securitization (Note 5)
1,854 2,119 
Lease liabilities946 989 
Other financial liabilities (Note 5)(3)
2,265 2,449 
Obligations for securities borrowing239 223 
Collateralized loan obligations (Note 5)
5,028 3,247 
Deferred payments liability197 240 
Other(1)
2,447 1,739 
Total other liabilities$26,292 $23,655 

(1)    Interest expense on credit facilities and other borrowings was $148 in 2024 (2023 — $167).
(2)    The change in Borrowed funds relates to net cash flow changes of $23 in 2024 (2023 — $(72)) and foreign exchange rate movements of $5 in 2024 (2023 — $2).
(3)    Comprises of financial liabilities related to acquisitions, including put option liabilities and financial liabilities due to NCI. Interest expense on financial liabilities related to acquisitions was $87 in 2024 (2023 — $91).

Other financial liabilities include obligations to purchase outstanding shares of certain SLC Management subsidiaries. These amounts are initially measured at fair value. For obligations to purchase remaining outstanding shares, the price is based on the expected average EBITDA for respective subsidiaries using multiples in accordance with contractual terms as described in Note 5.A.iii. During the year, these amounts were revised to reflect the change in expected cash flows, resulting in an increase (decrease) in our liability of $(331) (2023 — $48), which has been recognized within operating expenses and commissions in the Consolidated Statements of Operations.
11.B Borrowed Funds
Borrowed funds include the following:
As at December 31,Currency of borrowingMaturity20242023
Encumbrances on real estateCAD
Current — 2032
$294 $258 
Encumbrances on real estateUSD202867 75 
Total borrowed funds$361 $333 

Interest expense on the borrowed funds was $13 in 2024 (2023 — $14). The aggregate maturities of borrowed funds are included in Note 6.