Morgan Stanley 2015 Annual Report Download - page 250

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(1) The Company’s effective tax rate from continuing operations for 2015 included net discrete tax benefits of $564 million attributable to the Institutional
Securities business segment (see Note 20).
(2) The Institutional Securities business segment Net loss in 2014 was primarily driven by higher legal expenses (see Note 12).
(3) In September 2014, the Company sold a retail property space resulting in a gain on sale of $141 million (within Institutional Securities $84 million, Wealth
Management $40 million and Investment Management $17 million), which was included within Other revenues on the consolidated statements of income.
(4) On July 1, 2014, the Company completed the sale of its ownership stake in TransMontaigne Inc. The gain on sale, which was included in continuing operations,
was approximately $112 million within the Institutional Securities business segment for 2014.
(5) The Company’s effective tax rate from continuing operations for 2014 included net discrete tax benefits of $1,390 million and $839 million attributable to the
Wealth Management and Institutional Securities business segments, respectively (see Note 20).
(6) The Company’s effective tax rate from continuing operations for 2013 included net discrete tax benefits of $407 million attributable to the Institutional
Securities business segment (see Note 20).
Total Assets by Business Segment.
Institutional
Securities
Wealth
Management
Investment
Management(1) Total(2)
(dollars in millions)
At December 31, 2015 .................................. $ 602,714 $ 179,708 $ 5,043 $ 787,465
At December 31, 2014 .................................. $ 630,341 $ 165,147 $ 6,022 $ 801,510
(1) During 2015 and 2014, the Company deconsolidated approximately $244 million and $1.6 billion, respectively, in net assets previously attributable to
nonredeemable noncontrolling interests that were primarily related to or associated with real estate funds sponsored by the Company (see Note 13).
(2) Corporate assets have been fully allocated to the business segments.
Geographic Information.
The Company operates in both U.S. and non-U.S. markets. The Company’s non-U.S. business activities are principally
conducted and managed through EMEA and Asia-Pacific locations. The net revenues disclosed in the following table reflect
the regional view of the Company’s consolidated net revenues on a managed basis, based on the following methodology:
•Institutional Securities: advisory and equity underwriting—client location, debt underwriting—revenue recording
location, sales and trading—trading desk location.
•Wealth Management: Wealth Management representatives operate in the Americas.
•Investment Management: client location, except for Merchant Banking and Real Estate Investing businesses, which
are based on asset location.
Net Revenues by Region.
2015 2014 2013
(dollars in millions)
Americas ......................................................... $ 25,080 $ 25,140 $ 23,358
EMEA ........................................................... 5,353 4,772 4,542
Asia-Pacific ...................................................... 4,722 4,363 4,593
Net revenues .................................................. $ 35,155 $ 34,275 $ 32,493
Total Assets by Region.
At
December 31, 2015
At
December 31, 2014
(dollars in millions)
Americas ............................................................... $ 569,369 $ 622,556
EMEA ................................................................. 146,177 104,152
Asia-Pacific ............................................................. 71,919 74,802
Total ............................................................... $ 787,465 $ 801,510
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