Morgan Stanley 2010 Annual Report Download - page 194

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
11. Borrowings and Other Secured Financings.
Commercial Paper and Other Short-Term Borrowings.
The table below summarizes certain information regarding commercial paper and other short-term borrowings:
December 31,
2010
December 31,
2009
(dollars in millions)
Commercial Paper:
Balance at period-end .................................................. $ 945 $ 783
Average balance(1) .................................................... $ 866 $ 924
Weighted average interest rate on period-end balance ......................... 2.5% 0.8%
Other Short-Term Borrowings(2)(3):
Balance at period-end .................................................. $2,311 $1,595
Average balance(1) .................................................... $2,697 $2,453
(1) Average balances are calculated based upon weekly balances.
(2) These borrowings included bank loans, bank notes and structured notes with original maturities of 12 months or less.
(3) Certain structured short-term borrowings are carried at fair value under the fair value option. See Note 4 for additional information.
Long-Term Borrowings.
Maturities and Terms. Long-term borrowings consisted of the following (dollars in millions):
Parent Company Subsidiaries At
December 31,
2010(3)(4)(5)
At
December 31,
2009(3)
Fixed
Rate
Variable
Rate(1)(2)
Fixed
Rate
Variable
Rate(1)(2)
Due in 2010 .......................... $ — $ — $— $ — $ — $ 26,088
Due in 2011 .......................... 14,395 10,558 161 1,797 26,911 26,810
Due in 2012 .......................... 15,310 21,865 37 653 37,865 38,039
Due in 2013 .......................... 6,269 18,452 63 694 25,478 25,020
Due in 2014 .......................... 11,178 5,526 15 984 17,703 16,866
Due in 2015 .......................... 13,087 4,110 73 3,756 21,026 13,175
Thereafter ........................... 39,371 22,847 317 939 63,474 47,376
Total ........................... $99,610 $83,358 $666 $8,823 $192,457 $193,374
Weighted average coupon at
period-end(6) ....................... 5.1% 1.0% 6.2% 4.2% 3.8% 3.9%
(1) Floating rate borrowings bear interest based on a variety of money market indices, including LIBOR and Federal Funds rates.
(2) Amounts include borrowings that are equity-linked, credit-linked, commodity-linked or linked to some other index.
(3) Amounts include long-term borrowings issued under the Temporary Liquidity Guarantee Program (“TLGP”).
(4) Amounts include an increase of approximately $3.2 billion at December 31, 2010 to the carrying amount of certain of the Company’s
long-term borrowings associated with fair value hedges. The increase to the carrying value associated with fair value hedges by year due
was approximately $0.1 billion due in 2011, $0.2 billion due in 2012, $0.4 billion due in 2013, $0.4 billion due in 2014, $0.6 billion due
in 2015 and $1.5 billion due thereafter.
(5) Amounts include a decrease of approximately $0.6 billion at December 31, 2010 to the carrying amounts of certain of the Company’s
long-term borrowings for which the fair value option was elected (see Note 4).
(6) Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which
the fair value option was elected.
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