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Other Liabilities | 9 Months Ended
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Sep. 30, 2025
Other Liabilities Disclosure [Abstract] |
Other Liabilities | Other Liabilities The table below presents other liabilities by type.
| As of
| September | December
$ in millions | 2025 | 2024
Compensation and benefits | $ | 8,464 |  | $ | 8,770 |
Income tax-related liabilities | 4,271 |  | 3,544 |
Operating lease liabilities | 2,184 |  | 2,062 |
Noncontrolling interests | 349 |  | 401 |
Employee interests in consolidated funds | 12 |  | 16 |
Accrued expenses and other | 9,897 |  | 9,427 |
Total | $ | 25,177 |  | $ | 24,220 |
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 2025 |
Remainder of 2025 | $ | 95 |
2026 | 373 |
2027 | 336 |
2028 | 294 |
2029 | 260 |
2030 - thereafter | 1,426 |
Total undiscounted lease payments | 2,784 |
Imputed interest | (600) |
Total operating lease liabilities | $ | 2,184 |
Weighted average remaining lease term | 11 years
Weighted average discount rate | 4.37 | %
As of December 2024 |
2025 | $ | 295 |
2026 | 315 |
2027 | 278 |
2028 | 252 |
2029 | 225 |
2030 - thereafter | 1,298 |
Total undiscounted lease payments | 2,663 |
Imputed interest | (601) |
Total operating lease liabilities | $ | 2,062 |
Weighted average remaining lease term | 12 years
Weighted average discount rate | 4.25 | %
In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of the date of adoption of ASU No. 2016-02, “Leases (Topic 842),” for operating leases existing on the date of adoption and as of the lease inception date for leases entered into subsequent to the adoption of this ASU. Operating lease costs were $122 million for the three months ended September 2025, $119 million for the three months ended September 2024, $356 million for the nine months ended September 2025 and $361 million for the nine months ended September 2024. Variable lease costs, which are included in operating lease costs, were not material for each of the three and nine months ended September 2025 and September 2024. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for each of the three and nine months ended September 2025 and September 2024. Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.20 billion as of September 2025. Accrued Expenses and Other Accrued expenses and other included: •Liabilities classified as held for sale were not material as of both September 2025 and December 2024. See Note 12 for further information about assets held for sale. •Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service, were $124 million as of September 2025 and were not material as of December 2024. •Accrued unfunded commitments related to investments in qualified affordable housing and renewable energy projects were $1.96 billion as of September 2025 and $2.15 billion as of December 2024. See Note 17 for further information about these investments.

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