MORGAN STANLEY
For the period ended Jun 30, 2024. Filed Aug 5, 2024.
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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.
Jun 30, 2024 · Filed Aug 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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16. Total Equity
- Total Equity
Preferred Stock
| Shares Outstanding · Carrying Value | |||||
|---|---|---|---|---|---|
| $ in millions, except per share data · AtJune 30,2024 · LiquidationPreferenceper Share · AtJune 30,2024 · 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.
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
| June 2024 Form 10-Q | 72 |
|---|
Table of Contents
Notes to Consolidated Financial Statements(Unaudited)
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 June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| $ in millions | 2024 | 2023 | 2024 | 2023 |
| Repurchases of common stock under the Firm’s Share Repurchase Authorization | $750 | $1,000 | $1,750 | $2,500 |
On June 28, 2024, 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 2024, 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.
On July 30, 2024, the Firm issued 40 million depositary shares of Series Q Preferred Stock, for an aggregate price of $1.0 billion. Each depositary share represents a 1/1000th interest in a share of 6.625% Non-Cumulative Preferred Stock, Series Q, $0.01 par value (“Series Q Preferred Stock”). The Series Q Preferred Stock is redeemable at the Firm’s option, (i) in whole or in part, from time to time, on any dividend payment date on or after October 15, 2029 or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of this series), in each case at a redemption price of $25,000 per share (equivalent to $25 per depositary share). The Series Q Preferred Stock also has a preference over the Firm’s common stock upon liquidation and qualifies as Tier 1 capital.
Common Shares Outstanding for Basic and Diluted EPS
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| in millions | 2024 | 2023 | 2024 | 2023 |
| Weighted average common shares outstanding, basic | 1,594 | 1,635 | 1,597 | 1,640 |
| Effect of dilutive RSUs and PSUs | 17 | 16 | 17 | 17 |
| Weighted average common shares outstanding and common stock equivalents, diluted | 1,611 | 1,651 | 1,614 | 1,657 |
| Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) | — | 5 | — | 4 |
Dividends
| $ in millions, except pershare data · Three Months EndedJune 30, 2024 · Three Months EndedJune 30, 2023 | |||||
|---|---|---|---|---|---|
| Per Share1 · Total · Per Share1 · Total | |||||
| Preferred stock series | |||||
| A | $398 | $18 | $377 | $17 | |
| C | 25 | 13 | 25 | 13 | |
| E | 450 | 16 | 445 | 16 | |
| F | 434 | 14 | 430 | 15 | |
| I | 398 | 16 | 398 | 16 | |
| K | 366 | 14 | 366 | 14 | |
| L | 305 | 6 | 305 | 6 | |
| N3 | 2,285 | 7 | 2,051 | 6 | |
| O | 266 | 14 | 266 | 14 | |
| P | 406 | 16 | 406 | 16 | |
| Total Preferred stock | $134 | $133 | |||
| Common stock | $0.850 | $1,377 | $0.775 | $1,292 | |
| $ in millions, except pershare data · Six Months EndedJune 30, 2024 · Six Months EndedJune 30, 2023 | |||||
|---|---|---|---|---|---|
| Per Share1 · Total · Per Share1 · Total | |||||
| Preferred stock series | |||||
| A | $790 | $35 | $720 | $32 | |
| C | 50 | 26 | 50 | 26 | |
| E | 896 | 31 | 891 | 31 | |
| F | 869 | 29 | 859 | 29 | |
| I | 797 | 32 | 797 | 32 | |
| K | 731 | 29 | 731 | 29 | |
| L | 609 | 12 | 609 | 12 | |
| M2 | 29 | 12 | 29 | 12 | |
| N3 | 4,511 | 14 | 4,701 | 14 | |
| O | 531 | 28 | 531 | 28 | |
| P | 813 | 32 | 813 | 32 | |
| Total Preferred stock | $280 | $277 | |||
| Common stock | $1.70 | $2,767 | $1.55 | $2,597 | |
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.
Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.
Accumulated Other Comprehensive Income (Loss)1
| $ in millions | CTA | AFS Securities | Pension and Other | DVA | Cash Flow Hedges | Total |
|---|---|---|---|---|---|---|
| March 31, 2024 | $(1,265) | $(3,026) | $(591) | $(2,163) | $(12) | $(7,057) |
| OCI during the period | (90) | 109 | 9 | 269 | — | 297 |
| June 30, 2024 | $(1,355) | $(2,917) | $(582) | $(1,894) | $(12) | $(6,760) |
| March 31, 2023 | $(1,172) | $(3,680) | $(509) | $(353) | $3 | $(5,711) |
| OCI during the period | (27) | (21) | (1) | (520) | (20) | (589) |
| June 30, 2023 | $(1,199) | $(3,701) | $(510) | $(873) | $(17) | $(6,300) |
| December 31, 2023 | $(1,153) | $(3,094) | $(595) | $(1,595) | $16 | $(6,421) |
| OCI during the period | (202) | 177 | 13 | (299) | (28) | (339) |
| June 30, 2024 | $(1,355) | $(2,917) | $(582) | $(1,894) | $(12) | $(6,760) |
| December 31, 2022 | $(1,204) | $(4,192) | $(508) | $(345) | $(4) | $(6,253) |
| OCI during the period | 5 | 491 | (2) | (528) | (13) | (47) |
| June 30, 2023 | $(1,199) | $(3,701) | $(510) | $(873) | $(17) | $(6,300) |
- Amounts are net of tax and noncontrolling interests.
| 73 | June 2024 Form 10-Q |
Table of Contents
Notes to Consolidated Financial Statements(Unaudited)
Components of Period Changes in OCI
| Three Months Ended June 30, 2024 | |||||
|---|---|---|---|---|---|
| $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net |
| CTA | |||||
| OCI activity | $(59) | $(83) | $(142) | $(52) | $(90) |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(59) | $(83) | $(142) | $(52) | $(90) |
| Change in net unrealized gains (losses) on AFS securities | |||||
| OCI activity | $150 | $(35) | $115 | $— | $115 |
| Reclassified to earnings | (7) | 1 | (6) | — | (6) |
| Net OCI | $143 | $(34) | $109 | $— | $109 |
| Pension and other | |||||
| OCI activity | $5 | $— | $5 | $— | $5 |
| Reclassified to earnings | 5 | (1) | 4 | — | 4 |
| Net OCI | $10 | $(1) | $9 | $— | $9 |
| Change in net DVA | |||||
| OCI activity | $355 | $(86) | $269 | $6 | $263 |
| Reclassified to earnings | 7 | (1) | 6 | — | 6 |
| Net OCI | $362 | $(87) | $275 | $6 | $269 |
| Change in fair value of cash flow hedge derivatives | |||||
| OCI activity | $(12) | $3 | $(9) | $— | $(9) |
| Reclassified to earnings | 12 | (3) | 9 | — | 9 |
| Net OCI | $— | $— | $— | $— | $— |
| Three Months Ended June 30, 2023 | |||||
|---|---|---|---|---|---|
| $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net |
| CTA | |||||
| OCI activity | $(88) | $(23) | $(111) | $(84) | $(27) |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(88) | $(23) | $(111) | $(84) | $(27) |
| Change in net unrealized gains (losses) on AFS securities | |||||
| OCI activity | $(38) | $10 | $(28) | $— | $(28) |
| Reclassified to earnings | 10 | (3) | 7 | — | 7 |
| Net OCI | $(28) | $7 | $(21) | $— | $(21) |
| Pension and other | |||||
| OCI activity | $(1) | $— | $(1) | $— | $(1) |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(1) | $— | $(1) | $— | $(1) |
| Change in net DVA | |||||
| OCI activity | $(704) | $171 | $(533) | $(11) | $(522) |
| Reclassified to earnings | 3 | (1) | 2 | — | 2 |
| Net OCI | $(701) | $170 | $(531) | $(11) | $(520) |
| Change in fair value of cash flow hedge derivatives | |||||
| OCI activity | $(25) | $4 | $(21) | $— | $(21) |
| Reclassified to earnings | 2 | (1) | 1 | — | 1 |
| Net OCI | $(23) | $3 | $(20) | $— | $(20) |
| Six Months Ended June 30, 2024 | |||||
|---|---|---|---|---|---|
| $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net |
| CTA | |||||
| OCI activity | $(129) | $(186) | $(315) | $(113) | $(202) |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(129) | $(186) | $(315) | $(113) | $(202) |
| Change in net unrealized gains (losses) on AFS securities | |||||
| OCI activity | $282 | $(67) | $215 | $— | $215 |
| Reclassified to earnings | (50) | 12 | (38) | — | (38) |
| Net OCI | $232 | $(55) | $177 | $— | $177 |
| Pension and other | |||||
| OCI activity | $5 | $— | $5 | $— | $5 |
| Reclassified to earnings | 10 | (2) | 8 | — | 8 |
| Net OCI | $15 | $(2) | $13 | $— | $13 |
| Change in net DVA | |||||
| OCI activity | $(396) | $94 | $(302) | $11 | $(313) |
| Reclassified to earnings | 17 | (3) | 14 | — | 14 |
| Net OCI | $(379) | $91 | $(288) | $11 | $(299) |
| Change in fair value of cash flow hedge derivatives | |||||
| OCI activity | $(59) | $14 | $(45) | $— | $(45) |
| Reclassified to earnings | 23 | (6) | 17 | — | 17 |
| Net OCI | $(36) | $8 | $(28) | $— | $(28) |
| Six Months Ended June 30, 2023 | |||||
|---|---|---|---|---|---|
| $ in millions | Pre-tax Gain (Loss) | Income Tax Benefit (Provision) | After-tax Gain (Loss) | Non-controlling Interests | Net |
| CTA | |||||
| OCI activity | $(98) | $7 | $(91) | $(96) | $5 |
| Reclassified to earnings | — | — | — | — | — |
| Net OCI | $(98) | $7 | $(91) | $(96) | $5 |
| Change in net unrealized gains (losses) on AFS securities | |||||
| OCI activity | $672 | $(157) | $515 | $— | $515 |
| Reclassified to earnings | (31) | 7 | (24) | — | (24) |
| Net OCI | $641 | $(150) | $491 | $— | $491 |
| Pension and other | |||||
| OCI activity | $(1) | $— | $(1) | $— | $(1) |
| Reclassified to earnings | (1) | — | (1) | — | (1) |
| Net OCI | $(2) | $— | $(2) | $— | $(2) |
| Change in net DVA | |||||
| OCI activity | $(734) | $181 | $(553) | $(18) | $(535) |
| Reclassified to earnings | 9 | (2) | 7 | — | 7 |
| Net OCI | $(725) | $179 | $(546) | $(18) | $(528) |
| Change in fair value of cash flow hedge derivatives | |||||
| OCI activity | $(18) | $3 | $(15) | $— | $(15) |
| Reclassified to earnings | 3 | (1) | 2 | — | 2 |
| Net OCI | $(15) | $2 | $(13) | $— | $(13) |
| June 2024 Form 10-Q | 74 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.