Morgan Stanley 2014 Annual Report Download - page 236

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:
At
December 31,
2014
At
December 31,
2013
(dollars in millions)
Commercial paper(1) ................................................... $ — $ 8
Other short-term borrowings(2)(3)(4) ...................................... 2,261 2,134
Total ............................................................ $2,261 $2,142
(1) Average weekly balance for Commercial paper was $1 million and $155 million at December 31, 2014 and December 31, 2013,
respectively.
(2) Average weekly balance for Other short-term borrowings was $1,923 million and $1,872 million at December 31, 2014 and
December 31, 2013, respectively.
(3) These borrowings included bank loans, bank notes and structured notes with original maturities of 12 months or less.
(4) Certain structured short-term borrowings are carried at fair value under the fair value option (see Note 4).
Long-Term Borrowings.
Maturities and Terms. Long-term borrowings consisted of the following (dollars in millions):
Parent Company Subsidiaries At
December 31,
2014(3)(4)
At
December 31,
2013
Fixed
Rate
Variable
Rate(1)(2)
Fixed
Rate
Variable
Rate(1)(2)
Due in 2014 ........................... $ — $ — $— $ — $ — $ 24,193
Due in 2015 ........................... 12,331 5,450 16 2,943 20,740 21,090
Due in 2016 ........................... 10,648 8,315 35 1,645 20,643 23,144
Due in 2017 ........................... 15,348 7,295 16 1,341 24,000 26,295
Due in 2018 ........................... 12,998 3,730 16 935 17,679 15,308
Due in 2019 ........................... 11,350 5,310 17 894 17,571 8,744
Thereafter ............................. 43,765 6,527 385 1,462 52,139 34,801
Total ............................. $106,440 $36,627 $485 $9,220 $152,772 $153,575
Weighted average coupon at period-end(5) . . . 4.7% 1.0% 6.5% 0.7% 4.2% 4.4%
(1) Variable 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 an increase of approximately $3.3 billion at December 31, 2014 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 2015, $0.3 billion due in 2016, $0.7 billion due in 2017, $0.4 billion due in 2018, $0.5 billion due
in 2019 and $1.3 billion due thereafter.
(4) Amounts include an increase of approximately $0.7 billion at December 31, 2014 to the carrying amounts of certain of the Company’s
long-term borrowings for which the fair value option was elected (see Note 4).
(5) 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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