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Deferred Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2017
Deferred Compensation Arrangements [Abstract]  
Stock-Based Compensation Expense
Stock-Based Compensation Expense
$ in millions201720162015
RSUs$951$1,054$1,080
Stock options2(3)
PSUs758126
Total1$1,026$1,137$1,103
Includes:
Retirement eligible awards2$85$73$68

  • Net of cancellations.
  • Relates to stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement.  
Tax Benefit Related to Stock-Based Compensation Expense
Tax Benefit Related to Stock-Based Compensation Expense
$ in millions201720162015
Tax benefit1$225$381$369

1. Excludes income tax consequences related to employee share-based award conversions.

Unrecognized Compensation Cost Related to Unvested Stock-Based Awards
Unrecognized Compensation Cost Related to Unvested Stock-Based Awards
At December 31,
$ in millions20171
To be recognized in:
2018$357
2019158
Thereafter27
Total$542

1. Amounts do not include forfeitures, cancellations, accelerations or 2017 performance year compensation awarded in January 2018, which will begin to be amortized in 2018 (see the Annual Compensation Cost for 2017 Performance Year Awards table herein).  

Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Grant [Table Text Block]
Common Shares Available for Future Awards Under Stock-Based Compensation Plans
At December 31,
in millions2017
Shares146
Vested and Unvested RSU Activity
Vested and Unvested RSU Activity
2017
shares in millionsNumber of SharesWeighted Average Award Date Fair Value
RSUs at beginning of period100$29.35
Awarded2242.98
Conversions to common stock(31)30.03
Cancelled(3)31.96
RSUs at end of period188$32.46
Aggregate intrinsic value of
RSUs at end of period (dollars in millions)$4,633
Weighted average award date fair value
RSUs awarded in 2016$25.48
RSUs awarded in 201534.76

1. At December 31, 2017, the weighted average remaining term until delivery for the outstanding RSUs was approximately 1.1 years.  

Unvested RSU Activity
Unvested RSU Activity
2017
shares in millionsNumber of SharesWeighted Average Award Date Fair Value
Unvested RSUs at beginning of period65$28.70
Awarded2242.98
Vested(34)30.46
Cancelled(3)31.96
Unvested RSUs at end of period150$33.64

1. Unvested RSUs represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligible requirements.

Fair Value of RSU Activity
Fair Value of RSU Activity
$ in millions201720162015
Conversions to
common stock$1,333$1,068$1,646
Vested1,4701,0881,693
Fair Value per PSU on Award Date
PSU Fair Value on Award Date
201720162015
MS Adjusted ROE$42.64$25.19$34.58
Relative MS TSR48.0224.5138.07
PSU Valuation Assumptions
Monte Carlo Simulation Assumptions
Award YearRisk-Free Interest RateExpected Stock Price VolatilityExpected Dividend Yield
20171.5%27.0%0.0%
20161.1%25.4%0.0%
20150.9%29.6%0.0%
PSU Activity
PSU Activity
2017
shares in millionsNumber of Shares
PSUs at beginning of period4
Awarded1
Conversions to common stock(2)
PSUs at end of period3
Deferred Cash-Based Compensation Plans
Deferred Cash-Based Compensation Expense
$ in millions201720162015
Deferred cash-based awards$1,039$950$660
Return on referenced investments696228112
Total1$1,735$1,178$772
Includes:
Retirement-eligible awards2$176$151$144

1. Net of cancellations.

2. Relates to deferred cash-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement.

Unrecognized Compensation Cost Related to Unvested Deferred Cash-Based Awards
At December 31,
$ in millions20171
To be recognized in:
2018$375
2019125
Thereafter195
Total$695

  • Amounts do not include unrecognized expense for returns on referenced investments, forfeitures, cancellations, accelerations or 2017 performance year compensation awarded in January 2018 which will begin to be amortized in 2018 (see below).
Annual Compensation Cost for 2017 Performance Year Awards
Annual Compensation Cost for 2017 Performance Year Awards1
$ in millions20182019ThereafterTotal
Stock-based awards$519$198$165$882
Deferred cash-based
awards6162901211,027
Total$1,135$488$286$1,909

1. Awarded in January 2018 and contain a future service requirement. Amounts do not include forfeitures, cancellations, accelerations, or any future return on referenced investments.