Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for assets measured at fair value on a recurring basis. Liabilities recorded at fair value were not material, and therefore are not included in the following tables:



September 30, 2019	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	4,193	$	—	$	—	$	4,193
Commercial paper	—		923		—		923
Total cash equivalents	4,193		923		—		5,116
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		1,951		—		1,951
U.S. Government securities	—		1,605		—		1,605
Total investments segregated and on deposit for regulatory purposes	—		3,556		—		3,556
Other securities owned:
Equity and bond mutual funds	378		—		—		378
State and municipal debt obligations	—		32		—		32
Equity, U.S. Government and corporate debt, and other securities	3		74		—		77
Schwab Funds^® money market funds	10		—		—		10
Total other securities owned	391		106		—		497
Available for sale securities:
U.S. agency mortgage-backed securities	—		40,431		—		40,431
U.S. Treasury securities	—		5,027		—		5,027
Asset-backed securities	—		4,801		—		4,801
Corporate debt securities	—		4,686		—		4,686
Certificates of deposit	—		1,004		—		1,004
Commercial paper	—		521		—		521
Non-agency commercial mortgage-backed securities	—		13		—		13
Total available for sale securities	—		56,483		—		56,483
Total	$	4,584	$	61,068	$	—	$	65,652



December 31, 2018	Level 1		Level 2		Level 3		Balance at Fair Value
Cash equivalents:
Money market funds	$	3,429	$	—	$	—	$	3,429
Commercial paper	—		4,863		—		4,863
Total cash equivalents	3,429		4,863		—		8,292
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit	—		1,396		—		1,396
U.S. Government securities	—		3,275		—		3,275
Total investments segregated and on deposit for regulatory purposes	—		4,671		—		4,671
Other securities owned:
Equity and bond mutual funds	441		—		—		441
State and municipal debt obligations	—		39		—		39
Equity, U.S. Government and corporate debt, and other securities	3		30		—		33
Schwab Funds^® money market funds	26		—		—		26
Total other securities owned	470		69		—		539
Available for sale securities:
U.S. agency mortgage-backed securities	—		25,556		—		25,556
U.S. Treasury securities	—		18,302		—		18,302
Asset-backed securities	—		10,085		—		10,085
Corporate debt securities	—		7,467		—		7,467
Certificates of deposit	—		3,685		—		3,685
U.S. agency notes	—		898		—		898
Commercial paper	—		522		—		522
Foreign government agency securities	—		49		—		49
Non-agency commercial mortgage-backed securities	—		14		—		14
Total available for sale securities	—		66,578		—		66,578
Total	$	3,899	$	76,181	$	—	$	80,080

Fair Value of Other Financial Instruments

The following tables present the fair value hierarchy for other financial instruments:



September 30, 2019	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	15,136	$	—	$	15,136	$	—	$	15,136
Cash and investments segregated and on deposit for regulatory purposes	12,595		—		12,595		—		12,595
Receivables from brokers, dealers, and clearing organizations	1,317		—		1,317		—		1,317
Receivables from brokerage clients — net	21,061		—		21,061		—		21,061
Held to maturity securities:
U.S. agency mortgage-backed securities	114,276		—		116,012		—		116,012
Asset-backed securities	18,323		—		18,359		—		18,359
Corporate debt securities	4,659		—		4,715		—		4,715
U.S. state and municipal securities	1,306		—		1,413		—		1,413
Non-agency commercial mortgage-backed securities	1,136		—		1,164		—		1,164
U.S. Treasury securities	224		—		230		—		230
Certificates of deposit	200		—		200		—		200
Foreign government agency securities	50		—		50		—		50
Other	20		—		20		—		20
Total held to maturity securities	140,194		—		142,163		—		142,163
Bank loans — net:
First Mortgages	10,630		—		10,682		—		10,682
HELOCs	1,216		—		1,255		—		1,255
Pledged asset lines	4,878		—		4,878		—		4,878
Other	171		—		171		—		171
Total bank loans — net	16,895		—		16,986		—		16,986
Other assets	617		—		617		—		617
Total	$	207,815	$	—	$	209,875	$	—	$	209,875
Liabilities
Bank deposits	$	209,327	$	—	$	209,327	$	—	$	209,327
Payables to brokers, dealers, and clearing organizations	1,736		—		1,736		—		1,736
Payables to brokerage clients	35,622		—		35,622		—		35,622
Accrued expenses and other liabilities	1,252		—		1,252		—		1,252
Long-term debt	7,427		—		7,771		—		7,771
Total	$	255,364	$	—	$	255,708	$	—	$	255,708



December 31, 2018	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets
Cash and cash equivalents	$	19,646	$	—	$	19,646	$	—	$	19,646
Cash and investments segregated and on deposit for regulatory purposes	8,886		—		8,886		—		8,886
Receivables from brokers, dealers, and clearing organizations	553		—		553		—		553
Receivables from brokerage clients — net	21,641		—		21,641		—		21,641
Held to maturity securities:
U.S. agency mortgage-backed securities	118,064		—		116,093		—		116,093
Asset-backed securities	18,502		—		18,546		—		18,546
Corporate debt securities	4,477		—		4,432		—		4,432
U.S. state and municipal securities	1,327		—		1,348		—		1,348
Non-agency commercial mortgage-backed securities	1,156		—		1,142		—		1,142
U.S. Treasury securities	223		—		217		—		217
Certificates of deposit	200		—		201		—		201
Foreign government agency securities	50		—		49		—		49
Other	10		—		10		—		10
Total held to maturity securities	144,009		—		142,038		—		142,038
Bank loans — net:
First Mortgages	10,370		—		10,193		—		10,193
HELOCs	1,500		—		1,583		—		1,583
Pledged asset lines	4,561		—		4,561		—		4,561
Other	178		—		178		—		178
Total bank loans — net	16,609		—		16,515		—		16,515
Other assets	460		—		460		—		460
Total	$	211,804	$	—	$	209,739	$	—	$	209,739
Liabilities
Bank deposits	$	231,423	$	—	$	231,423	$	—	$	231,423
Payables to brokers, dealers, and clearing organizations	1,831		—		1,831		—		1,831
Payables to brokerage clients	32,726		—		32,726		—		32,726
Accrued expenses and other liabilities	1,370		—		1,370		—		1,370
Long-term debt	6,878		—		6,827		—		6,827
Total	$	274,228	$	—	$	274,177	$	—	$	274,177