MORGAN STANLEY
For the period ended Mar 31, 2024. Filed May 3, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
16. Total Equity
- Total Equity
Preferred Stock
| Shares Outstanding · Carrying Value | |||||
|---|---|---|---|---|---|
| $ in millions, except per share data · AtMarch 31,2024 · LiquidationPreferenceper Share · AtMarch 31,2024 · AtDecember 31,2023 | |||||
| Series | |||||
| A | 44,000 | $25,000 | $1,100 | $1,100 | |
| C1 | 519,882 | 1,000 | 408 | 408 | |
| E | 34,500 | 25,000 | 862 | 862 | |
| F | 34,000 | 25,000 | 850 | 850 | |
| I | 40,000 | 25,000 | 1,000 | 1,000 | |
| K | 40,000 | 25,000 | 1,000 | 1,000 | |
| L | 20,000 | 25,000 | 500 | 500 | |
| M | 400,000 | 1,000 | 430 | 430 | |
| N | 3,000 | 100,000 | 300 | 300 | |
| O | 52,000 | 25,000 | 1,300 | 1,300 | |
| P | 40,000 | 25,000 | 1,000 | 1,000 | |
| Total | $8,750 | $8,750 | |||
| Shares authorized | 30,000,000 | ||||
- Series C preferred stock is held by MUFG.
| 67 | March 2024 Form 10-Q |
Table of Contents
Notes to Consolidated Financial Statements(Unaudited)
For a description of Series A through Series P preferred stock, see Note 17 to the financial statements in the 2023 Form 10-K. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 15).
Share Repurchases
| Three Months Ended March 31, | ||
|---|---|---|
| $ in millions | 2024 | 2023 |
| Repurchases of common stock under the Firm’s Share Repurchase Authorization | $1,000 | $1,500 |
On June 30, 2023, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock, without a set expiration date, beginning in the third quarter of 2023, which will be exercised from time to time as conditions warrant. For more information on share repurchases, see Note 17 to the financial statements in the 2023 Form 10-K.
Common Shares Outstanding for Basic and Diluted EPS
| Three Months EndedMarch 31, | ||
|---|---|---|
| in millions | 2024 | 2023 |
| Weighted average common shares outstanding, basic | 1,601 | 1,645 |
| Effect of dilutive RSUs and PSUs | 15 | 18 |
| Weighted average common shares outstanding and common stock equivalents, diluted | 1,616 | 1,663 |
| Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | — | 4 |
Dividends
| $ in millions, except pershare data · Three Months EndedMarch 31, 2024 · Three Months EndedMarch 31, 2023 | |||||
|---|---|---|---|---|---|
| Per Share1 · Total · Per Share1 · Total | |||||
| Preferred stock series | |||||
| A | $392 | $17 | $343 | $15 | |
| C | 25 | 13 | 25 | 13 | |
| E | 445 | 15 | 445 | 15 | |
| F | 434 | 15 | 430 | 14 | |
| I | 398 | 16 | 398 | 16 | |
| K | 366 | 15 | 366 | 15 | |
| L | 305 | 6 | 305 | 6 | |
| M2 | 29 | 12 | 29 | 12 | |
| N | 2,226 | 7 | 2,650 | 8 | |
| O | 266 | 14 | 266 | 14 | |
| P | 406 | 16 | 406 | 16 | |
| Total Preferred stock | $146 | $144 | |||
| Common stock | $0.85 | $1,390 | $0.775 | $1,305 | |
Common and Preferred Stock dividends are payable quarterly unless otherwise noted.
Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly.
Accumulated Other Comprehensive Income (Loss)1
| $ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total |
|---|---|---|---|---|---|---|
| December 31, 2023 | $(1,153) | $(3,094) | $(595) | $(1,595) | $16 | $(6,421) |
| OCI during the period | (112) | 68 | 4 | (568) | (28) | (636) |
| March 31, 2024 | $(1,265) | $(3,026) | $(591) | $(2,163) | $(12) | $(7,057) |
| December 31, 2022 | $(1,204) | $(4,192) | $(508) | $(345) | $(4) | $(6,253) |
| OCI during the period | 32 | 512 | (1) | (8) | 7 | 542 |
| March 31, 2023 | $(1,172) | $(3,680) | $(509) | $(353) | $3 | $(5,711) |
- Amounts are net of tax and noncontrolling interests.
Components of Period Changes in OCI
| Three Months Ended March 31, 2024 | |||||
|---|---|---|---|---|---|
| $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net |
| CTA | |||||
| OCI activity | $(70) | $(103) | $(173) | $(61) | $(112) |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(70) | $(103) | $(173) | $(61) | $(112) |
| Change in net unrealized gains (losses) on AFS securities | |||||
| OCI activity | $132 | $(32) | $100 | $— | $100 |
| Reclassified to earnings | (43) | 11 | (32) | — | (32) |
| Net OCI | $89 | $(21) | $68 | $— | $68 |
| Pension and other | |||||
| OCI activity | $— | $— | $— | $— | $— |
| Reclassified to earnings | 5 | (1) | 4 | — | 4 |
| Net OCI | $5 | $(1) | $4 | $— | $4 |
| Change in net DVA | |||||
| OCI activity | $(751) | $180 | $(571) | $5 | $(576) |
| Reclassified to earnings | 10 | (2) | 8 | — | 8 |
| Net OCI | $(741) | $178 | $(563) | $5 | $(568) |
| Change in fair value of cash flow hedge derivatives | |||||
| OCI activity | $(47) | $11 | $(36) | $— | $(36) |
| Reclassified to earnings | 11 | (3) | 8 | — | 8 |
| Net OCI | $(36) | $8 | $(28) | $— | $(28) |
| Three Months Ended March 31, 2023 | |||||
|---|---|---|---|---|---|
| $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net |
| CTA | |||||
| OCI activity | $(10) | $30 | $20 | $(12) | $32 |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(10) | $30 | $20 | $(12) | $32 |
| Change in net unrealized gains (losses) on AFS securities | |||||
| OCI activity | $710 | $(167) | $543 | $— | $543 |
| Reclassified to earnings | (41) | 10 | (31) | — | (31) |
| Net OCI | $669 | $(157) | $512 | $— | $512 |
| Pension and other | |||||
| OCI activity | $— | $— | $— | $— | $— |
| Reclassified to earnings | (1) | — | (1) | — | (1) |
| Net OCI | $(1) | $— | $(1) | $— | $(1) |
| Change in net DVA | |||||
| OCI activity | $(30) | $10 | $(20) | $(7) | $(13) |
| Reclassified to earnings | 6 | (1) | 5 | — | 5 |
| Net OCI | $(24) | $9 | $(15) | $(7) | $(8) |
| Change in fair value of cash flow hedge derivatives | |||||
| OCI activity | $7 | $(1) | $6 | $— | $6 |
| Reclassified to earnings | 1 | — | 1 | — | 1 |
| Net OCI | $8 | $(1) | $7 | $— | $7 |
| March 2024 Form 10-Q | 68 |
|---|
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