At December 31, 2013, the aggregate amount of investment grade funded loans was $6.5 billion and the aggregate amount of non-investment grade funded loans was $7.9 billion.
In connection with these corporate lending activities (which include corporate funded and unfunded lending commitments), the Company had hedges (which include “single name,” “sector” and “index” hedges) with a notional amount of $9.0 billion related to the total corporate lending exposure of $93.0 billion at December 31, 2013.
“Event-Driven” Loans and Lending Commitments at December 31, 2013.
Included in the total corporate lending exposure amounts in the table above at December 31, 2013 were “eventdriven” exposures of $9.5 billion composed of funded loans of $2.0 billion and lending commitments of $7.5 billion.
Included in the “event-driven” exposure at December 31, 2013 were $7.3 billion of loans and lending commitments to non-investment grade borrowers.
The maturity profile of the “event-driven” loans and lending commitments at December 31, 2013 was as follows: 33% will mature in less than 1 year, 17% will mature within 1 to 3 years, 32% will mature within 3 to 5 years and 18% will mature in over 5 years.
Industry Exposure—Corporate Lending.
The Company also monitors its credit exposure to individual industries for credit exposure arising from corporate loans and lending commitments as discussed above.
The following table shows the Company’s credit exposure from its primary corporate loans and lending commitments by industry at December 31, 2013:
## Table 0 ##
Institutional Securities Other Lending Activities.
In addition to the primary corporate lending activity described above, the Institutional Securities business segment engages in other lending activity.
These loans primarily include corporate loans purchased in the secondary market, commercial and residential mortgage loans, asset-backed loans and financing extended to institutional clients.
At December 31, 2013, approximately 99.6% of Institutional Securities Other lending activities held for investment were current; less than 0.4% were on nonaccrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt.
MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The components of the Company’s stock-based compensation expense (net of cancellations) are presented below:
## Table 1 ##
(1) Amounts for 2013, 2012 and 2011 include $25 million, $31 million and $186 million, respectively, related to stock-based awards that were granted in 2014, 2013 and 2012, respectively, to employees who satisfied retirement-eligible requirements under award terms that do not contain a service period.
(2) Annual expense fluctuations are primarily due to the introduction in 2012 of a new vesting requirement for certain employees who satisfy existing retirement-eligible requirements to provide a one-year advance notice of their intention to retire from the Company.
As such, expense recognition for these awards begins after the grant date (see Note 2).
The table above excludes stock-based compensation expense recorded in discontinued operations, which was approximately $3 million in 2012.
See Note 1 for additional information on discontinued operations.
The tax benefit related to stock-based compensation expense was $371 million, $306 million and $383 million for 2013, 2012 and 2011, respectively.
The tax benefit for stock-based compensation expense included in discontinued operations was $1 million in 2012.
At December 31, 2013, the Company had $749 million of unrecognized compensation cost related to unvested stock-based awards.
Absent estimated or actual forfeitures or cancellations, this amount of unrecognized compensation cost will be recognized as $470 million in 2014, $205 million in 2015 and $74 million thereafter.
These amounts do not include 2013 performance year awards granted in January 2014, which will begin to be amortized in 2014.
In connection with awards under its stock-based compensation plans, the Company is authorized to issue shares of its common stock held in treasury or newly issued shares.
At December 31, 2013, approximately 107 million shares were available for future grant under these plans.
The Company generally uses treasury shares, if available, to deliver shares to employees and has an ongoing repurchase authorization that includes repurchases in connection with awards granted under its stock-based compensation plans.
Share repurchases by the Company are subject to regulatory approval.
See Note 15 for additional information on the Company’s share repurchase program.
Restricted Stock Units.
The Company has granted restricted stock unit awards pursuant to several stock-based compensation plans.
The plans provide for the deferral of a portion of certain employees’ incentive compensation with awards made in the form of restricted common stock or in the right to receive unrestricted shares of common stock in the future.
Awards under these plans are generally subject to vesting over time contingent upon continued employment and to restrictions on sale, transfer or assignment until the end of a specified period, generally one to three years from the date of grant.
All or a portion of an award may be canceled if employment is terminated before the end of the relevant restriction period.
All or a portion of a vested award also may be canceled in certain limited situations, including termination for cause during the relevant restriction period.
Recipients of stock-based awards may have voting rights, at the Company’s discretion, and generally receive dividend equivalents.
MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) funds and foreign corporate bond funds invest in individual securities quoted on a recognized stock exchange or traded in a regulated market and certain bond funds that aim to produce returns as close as possible to certain Financial Times Stock Exchange indexes.
Foreign target cash flow funds are designed to provide a series of fixed annual cash flows over five or 10 years achieved by investing in government bonds and derivatives.
Foreign liquidity funds place a high priority on capital preservation, stable value and a high liquidity of assets.
Foreign funds are generally categorized in Level 2 of the fair value hierarchy as they are readily redeemable at their NAV.
Corporate equity funds traded on a recognized exchange are categorized in Level 1 of the fair value hierarchy.
Other investments held by non-U.
S.  based plans consist of real estate funds, hedge funds and insurance annuity contracts.
These real estate and hedge funds are categorized in Level 2 of the fair value hierarchy to the extent that they are readily redeemable at their NAV, otherwise they are categorized in Level 3 of the fair value hierarchy.
The insurance annuity contracts are valued based on the premium reserve of the insurer for a guarantee that the insurer has given to the employee benefit plan that approximates fair value.
The insurance annuity contracts are categorized in Level 3 of the fair value hierarchy.
The following table presents the fair value of the net pension plan assets at December 31, 2013.
There were no transfers between levels during 2013:
## Table 2 ##

<table><tr><td>Industry</td><td>Corporate Lending Exposure  (dollars in millions)</td></tr><tr><td>Energy</td><td>$12,240</td></tr><tr><td>Utilities</td><td>10,410</td></tr><tr><td>Healthcare</td><td>10,095</td></tr><tr><td>Consumer discretionary</td><td>9,981</td></tr><tr><td>Industrials</td><td>9,514</td></tr><tr><td>Funds, exchanges and other financial services-1</td><td>7,190</td></tr><tr><td>Consumer staples</td><td>6,788</td></tr><tr><td>Information technology</td><td>6,526</td></tr><tr><td>Telecommunications services</td><td>5,658</td></tr><tr><td>Materials</td><td>4,867</td></tr><tr><td>Real Estate</td><td>4,171</td></tr><tr><td>Other</td><td>5,593</td></tr><tr><td>Total</td><td>$93,033</td></tr></table>
<table><tr><td></td><td> 2013</td><td> 2012</td><td> 2011</td></tr><tr><td></td><td colspan="3"> (dollars in millions)</td></tr><tr><td>Restricted stock units-1</td><td>$1,140</td><td>$864</td><td>$1,057</td></tr><tr><td>Stock options</td><td>15</td><td>4</td><td>24</td></tr><tr><td>Performance-based stock units</td><td>29</td><td>29</td><td>32</td></tr><tr><td>Total-2</td><td>$1,184</td><td>$897</td><td>$1,113</td></tr></table>
<table><tr><td></td><td> Quoted Prices in Active Markets for Identical Assets (Level1)</td><td> Significant Observable Inputs (Level 2)</td><td> Significant Unobservable Inputs (Level 3)</td><td> Total</td></tr><tr><td></td><td colspan="4"> (dollars in millions)</td></tr><tr><td colspan="2"> Assets:</td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents-1</td><td>$91</td><td>$—</td><td>$—</td><td>$91</td></tr><tr><td>U.S. government and agency securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities</td><td>1,047</td><td>—</td><td>—</td><td>1,047</td></tr><tr><td>U.S. agency securities</td><td>—</td><td>204</td><td>—</td><td>204</td></tr><tr><td>Total U.S. government and agency securities</td><td>1,047</td><td>204</td><td>—</td><td>1,251</td></tr><tr><td>Corporate and other debt:</td><td></td><td></td><td></td><td></td></tr><tr><td>State and municipal securities</td><td>—</td><td>2</td><td>—</td><td>2</td></tr><tr><td>Collateralized debt obligations</td><td>—</td><td>76</td><td>—</td><td>76</td></tr><tr><td>Total corporate and other debt</td><td>—</td><td>78</td><td>—</td><td>78</td></tr><tr><td>Derivative contracts-2</td><td>—</td><td>122</td><td>—</td><td>122</td></tr><tr><td>Derivative-related cash collateral receivable</td><td>—</td><td>37</td><td>—</td><td>37</td></tr><tr><td>Commingled trust funds-3</td><td>—</td><td>1,004</td><td>—</td><td>1,004</td></tr><tr><td>Foreign funds-4</td><td>21</td><td>291</td><td>—</td><td>312</td></tr><tr><td>Other investments</td><td>—</td><td>10</td><td>38</td><td>48</td></tr><tr><td>Total investments</td><td>1,159</td><td>1,746</td><td>38</td><td>2,943</td></tr><tr><td>Receivables:</td><td></td><td></td><td></td><td></td></tr><tr><td>Other receivables-1</td><td>—</td><td>20</td><td>—</td><td>20</td></tr><tr><td>Total receivables</td><td>—</td><td>20</td><td>—</td><td>20</td></tr><tr><td>Total assets</td><td>$1,159</td><td>$1,766</td><td>$38</td><td>$2,963</td></tr><tr><td> Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Derivative contracts-5</td><td>$—</td><td>$92</td><td>$—</td><td>$92</td></tr><tr><td>Derivative-related cash collateral payable</td><td>—</td><td>2</td><td>—</td><td>2</td></tr><tr><td>Other liabilities-1</td><td>—</td><td>2</td><td>—</td><td>2</td></tr><tr><td>Total liabilities</td><td>—</td><td>96</td><td>—</td><td>96</td></tr><tr><td>Net pension assets</td><td>$1,159</td><td>$1,670</td><td>$38</td><td>$2,867</td></tr></table>

Question: Which section is Derivative-related cash collateral receivable the highest?
Answer: Significant Observable Inputs (Level 2)