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Other Liabilities
 9 Months Ended
Sep. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Liabilities
Other Liabilities
The table below presents other liabilities by type.
 
As of
SeptemberDecember
$ in millions20252024
Compensation and benefits$8,464 $8,770 
Income tax-related liabilities4,271 3,544 
Operating lease liabilities2,184 2,062 
Noncontrolling interests349 401 
Employee interests in consolidated funds12 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 millionsOperating
 lease liabilities
As of September 2025 
Remainder of 2025$95 
2026373 
2027336 
2028294 
2029260 
2030 - thereafter1,426 
Total undiscounted lease payments2,784 
Imputed interest(600)
Total operating lease liabilities$2,184 
Weighted average remaining lease term11 years
Weighted average discount rate4.37%
As of December 2024 
2025$295 
2026315 
2027278 
2028252 
2029225 
2030 - thereafter1,298 
Total undiscounted lease payments2,663 
Imputed interest(601)
Total operating lease liabilities$2,062 
Weighted average remaining lease term12 years
Weighted average discount rate4.25%
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.