Morgan Stanley 2015 Annual Report Download - page 202

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(1) Included in the weighted average and effective average calculations are U.S. and non-U.S. dollar interest rates.
Other.
The Company, through several of its subsidiaries, maintains funded and unfunded committed credit facilities to support
various businesses, including the collateralized commercial and residential mortgage whole loan, derivative contracts,
warehouse lending, emerging market loan, structured product, corporate loan, investment banking and prime brokerage
businesses.
Other Secured Financings.
Other secured financings include the liabilities related to transfers of financial assets that are accounted for as financings
rather than sales, consolidated VIEs where the Company is deemed to be the primary beneficiary, pledged commodities,
certain equity-linked notes and other secured borrowings. See Note 13 for further information on other secured financings
related to VIEs and securitization activities.
Other Secured Financings.
At
December 31, 2015
At
December 31, 2014
(dollars in millions)
Secured financings with original maturities greater than one year .....................$ 7,629 $ 10,346
Secured financings with original maturities one year or less(1) ....................... 1,435 1,395
Failed sales(2) .............................................................. 400 344
Total ...................................................................$ 9,464 $ 12,085
(1) Amounts include approximately $1,401 million of variable rate financings and approximately $34 million in fixed rate financings at December 31, 2015 and
approximately $1,299 million of variable rate financings and approximately $96 million in fixed rate financings at December 31, 2014.
(2) For more information on failed sales, see Note 13.
Maturities and Terms of Secured Financings with Original Maturities Greater than One Year.
At December 31, 2015 At
December 31,
2014Fixed Rate
Variable
Rate(1) Total
(dollars in millions)
Due in 2015 .................................................. $ — $ — $ — $ 3,341
Due in 2016 .................................................. — 2,333 2,333 4,705
Due in 2017 .................................................. — 2,122 2,122 881
Due in 2018 .................................................. — 1,553 1,553 786
Due in 2019 .................................................. 1 1,147 1,148 194
Due in 2020 .................................................. 58 84 142 56
Thereafter .................................................... 84 247 331 383
Total .................................................... $ 143 $ 7,486 $ 7,629 $ 10,346
Weighted average coupon rate at period-end(2) ...................... 3.9% 1.2% 1.2% 0.8%
(1) Variable rate borrowings bear interest based on a variety of indices, including LIBOR. Amounts include borrowings that are equity-linked, credit-linked,
commodity-linked or linked to some other index.
(2) Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes secured financings that are linked to non-interest indices
and for which fair value option was elected.
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