Morgan Stanley 2014 Annual Report Download - page 286

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents the fair value of the net pension plan assets at December 31, 2013. There were no
transfers between levels during 2013:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs (Level 3) Total
(dollars in millions)
Assets:
Investments:
Cash and cash equivalents(1) .................... $ 91 $ — $— $ 91
U.S. government and agency securities:
U.S. Treasury securities ..................... 1,047 — — 1,047
U.S. agency securities ...................... — 204 — 204
Total U.S. government and agency securities .... 1,047 204 — 1,251
Corporate and other debt:
State and municipal securities ................ — 2 — 2
Collateralized debt obligations ............... — 76 — 76
Total corporate and other debt ................ — 78 — 78
Derivative contracts(2) ......................... — 122 — 122
Derivative-related cash collateral receivable ........ — 37 — 37
Commingled trust funds(3) ...................... — 1,004 — 1,004
Foreign funds(4) .............................. 21 291 — 312
Other investments ............................. — 10 38 48
Total investments ......................... 1,159 1,746 38 2,943
Receivables:
Other receivables(1) ........................... — 20 — 20
Total receivables .......................... — 20 — 20
Total assets ...................................... $1,159 $1,766 $ 38 $2,963
Liabilities:
Derivative contracts(5) ............................. $ — $ 92 $— $ 92
Derivative-related cash collateral payable .............. — 2 — 2
Other liabilities(1) ................................. — 2 — 2
Total liabilities .................................... $ — $ 96 $— $ 96
Net pension assets ............................. $1,159 $1,670 $ 38 $2,867
(1) Cash and cash equivalents, other receivables and other liabilities are valued at their carrying value, which approximates fair value.
(2) Derivative contracts in an asset position consist of investments in interest rate swaps of $122 million.
(3) Commingled trust funds consist of investments in fixed income funds of $1,004 million.
(4) Foreign funds include investments in fixed income funds, targeted cash flow funds, liquidity funds, corporate equity funds and
diversified funds of $157 million, $77 million, $56 million, $21 million and $1 million, respectively.
(5) Derivative contracts in a liability position consist of investments in interest rate swaps of $92 million.
282