Morgan Stanley 1999 Annual Report Download - page 90

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99 AR |page 88 Revenues and expenses directly associated with each respective
segment are included in determining their operating results. Other
revenues and expenses that are not directly attributable to a par-
ticular segment are allocated based upon the Company’s allocation
methodologies, generally based on each segment’s respective rev-
enues or other relevant measures. Selected financial information
for the Company’s segments is presented in the table below.
FISCAL 1999
(dollars in millions) SECURITIES ASSET MANAGEMENT CREDIT SERVICES TOTAL
All other revenues $ 15,427 $2,060 $ 2,157 $ 19,644
Net interest 948 52 1,365 2,365
Net revenues 16,375 2,112 3,522 22,009
Income before taxes 5,864 767 1,097 7,728
Provision for income taxes 2,183 319 435 2,937
Net income 3,681 448 662 4,791
Total assets(1) $336,890 $4,927 $25,150 $366,967
FISCAL 1998
(dollars in millions) SECURITIES ASSET MANAGEMENT CREDIT SERVICES TOTAL
All other revenues $ 10,439 $1,676 $ 1,407 $ 13,522
Net interest 1,100 87 1,735 2,922
Net revenues 11,539 1,763 3,142 16,444
Gain on sale of businesses — 323 362 685
Income before taxes and cumulative effect
of accounting change 3,441 694 1,250 5,385
Provision for income taxes 1,199 264 529 1,992
Cumulative effect of accounting change — (117) — (117)
Net income 2,242 313 721 3,276
Total assets(1) $292,867 $4,537 $20,186 $317,590
FISCAL 1997
(dollars in millions) SECURITIES ASSET MANAGEMENT CREDIT SERVICES TOTAL
All other revenues $ 9,261 $1,817 $ 978 $ 12,056
Net interest 763 64 1,950 2,777
Net revenues 10,024 1,881 2,928 14,833
Income before taxes(2) 3,026 565 757 4,274
Provision for income taxes(2) 1,185 230 284 1,688
Net income(2) 1,841 335 473 2,586
Total assets(1) $272,761 $5,117 $24,409 $302,287
(1) Corporate assets have been fully allocated to the Company’s business segments.
(2) Fiscal 1997 total income before taxes, provision for income taxes and net income includes merger-related expenses of $74 million ($63 million net of taxes), which were not
allocated to the respective segments.