Morgan Stanley 1998 Annual Report Download - page 51

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(dollars in millions, except share data) NOVEMBER 30, 1998 NOVEMBER 30, 1997
LIABILITIES AND SHAREHOLDERS’ EQUITY
Commercial paper and other short-term borrowings $ 28,137 $ 22,614
Deposits 8,197 8,993
Financial instruments sold, not yet purchased:
U.S. government and agency securities 11,305 11,563
Other sovereign government obligations 13,899 12,095
Corporate and other debt 3,093 1,699
Corporate equities 11,501 13,305
Derivative contracts 21,198 15,599
Physical commodities 348 68
Securities sold under agreements to repurchase 92,327 111,680
Obligation to return securities received as collateral(1) 6,636 —
Securities loaned 23,152 14,141
Payables:
Customers 40,606 25,086
Brokers, dealers and clearing organizations 5,244 16,097
Interest and dividends 371 970
Other liabilities and accrued expenses 8,623 8,630
Long-term borrowings 27,435 24,792
302,072 287,332
Capital Units 999 999
Preferred Securities Issued by Subsidiaries 400 —
Commitments and contingencies
Shareholders’ equity:
Preferred stock 674 876
Common stock ($0.01 par value, 1,750,000,000 shares authorized, 605,842,952 and
602,829,994 shares issued, 565,670,808 and 594,708,971 shares outstanding at
November 30, 1998 and November 30, 1997) 6 6
Paid-in capital 3,746 3,727
Retained earnings 12,080 9,330
Employee stock trust 1,913 1,681
Cumulative translation adjustments (12) (9)
Subtotal 18,407 15,611
Note receivable related to sale of preferred stock to ESOP (60) (68)
Common stock held in treasury, at cost ($0.01 par value, 40,172,144 and 8,121,023 shares
at November 30, 1998 and November 30, 1997) (2,702) (250)
Common stock issued to employee trust (1,526) (1,337)
Total shareholders’ equity 14,119 13,956
Total liabilities and shareholders’ equity $ 317,590 $ 302,287
(1) These amounts relate to the Company’s adoption of SFAS No. 127.
See Notes to Consolidated Financial Statements.
*FIFTY
-FIVE *
MORGAN STANLEY DEAN WITTER *1998 ANNUAL REPORT