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Fair Values of Assets and Liabilities
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Values of Assets and Liabilities Fair Values of Assets and Liabilities
Assets and liabilities measured at fair value on a recurring basis

Schwab’s assets and liabilities measured at fair value on a recurring basis include: certain cash equivalents, certain investments segregated and on deposit for regulatory purposes, AFS securities, and certain other assets. The Company uses the market approach to determine the fair value of assets and liabilities. When available, the Company uses quoted prices in active markets to measure the fair value of assets and liabilities. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. When utilizing market data and bid-ask spread, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices in active markets do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of investment assets. We generally obtain prices from three independent third-party pricing sources for assets recorded at fair value.

Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposit; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, and discounted cash flows that incorporate observable information such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar “to-be-issued” securities. We compare the prices obtained from the primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. Schwab does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in material differences in the amounts recorded.

For a description of the fair value hierarchy and Schwab’s fair value methodologies, see Item 8 – Note 2 in the 2020 Form 10-K. The Company did not adjust prices received from the primary independent third-party pricing service at September 30, 2021 or December 31, 2020.
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, 2021Level 1Level 2Level 3Balance at
Fair Value
Cash equivalents:
Money market funds$10,346 $— $— $10,346 
U.S. Treasury securities— 1 — 1 
Total cash equivalents10,346 1 — 10,347 
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit— 350 — 350 
U.S. Government securities— 24,347 — 24,347 
Total investments segregated and on deposit for regulatory purposes— 24,697 — 24,697 
Available for sale securities:
U.S. agency mortgage-backed securities— 331,314 — 331,314 
Asset-backed securities— 17,628 — 17,628 
Corporate debt securities— 12,599 — 12,599 
U.S. Treasury securities— 11,477 — 11,477 
U.S. state and municipal securities— 1,702 — 1,702 
Non-agency commercial mortgage-backed securities— 1,223 — 1,223 
Certificates of deposit— 999 — 999 
Other— 26 — 26 
Total available for sale securities— 376,968 — 376,968 
Other assets:
Equity and bond mutual funds114 — — 114 
U.S. Government securities— 8 — 8 
State and municipal debt obligations— 16 — 16 
Equity, corporate debt, and other securities12 16 — 28 
Total other assets126 40 — 166 
Total$10,472 $401,706 $— $412,178 
December 31, 2020Level 1Level 2Level 3Balance at
Fair Value
Cash equivalents:
Money market funds$11,159 $— $— $11,159 
Total cash equivalents11,159 — — 11,159 
Investments segregated and on deposit for regulatory purposes:
Certificates of deposit— 550 — 550 
U.S. Government securities— 30,698 — 30,698 
Total investments segregated and on deposit for regulatory purposes— 31,248 — 31,248 
Available for sale securities:
U.S. agency mortgage-backed securities— 290,353 — 290,353 
Asset-backed securities— 18,898 — 18,898 
Corporate debt securities— 12,796 — 12,796 
U.S. Treasury securities— 10,656 — 10,656 
U.S. state and municipal securities— 1,697 — 1,697 
Foreign government agency securities— 1,413 — 1,413 
Non-agency commercial mortgage-backed securities— 1,265 — 1,265 
Certificates of deposit— 300 — 300 
Other— 22 — 22 
Total available for sale securities— 337,400 — 337,400 
Other assets:
Equity and bond mutual funds361 — — 361 
U.S. Government securities— 253 — 253 
State and municipal debt obligations— 37 — 37 
Equity, corporate debt, and other securities7 29 — 36 
Total other assets368 319 — 687 
Total$11,527 $368,967 $— $380,494 
Fair Value of Other Financial Instruments
The following tables present the fair value hierarchy for other financial instruments:
September 30, 2021Carrying
Amount		Level 1Level 2Level 3Balance at
Fair Value
Assets     
Cash and cash equivalents$23,976 $23,976 $— $— $23,976 
Cash and investments segregated and on deposit for
  regulatory purposes		17,595 4,015 13,580 — 17,595 
Receivables from brokerage clients — net86,549 — 86,549 — 86,549 
Bank loans — net:     
First Mortgages19,282 — 19,340 — 19,340 
HELOCs686 — 707 — 707 
Pledged asset lines11,412 — 11,412 — 11,412 
Other190 — 190 — 190 
Total bank loans — net31,570 — 31,649 — 31,649 
Other assets6,238 — 6,238 — 6,238 
Liabilities     
Bank deposits$395,275 $— $395,275 $— $395,275 
Payables to brokerage clients113,052 — 113,052 — 113,052 
Accrued expenses and other liabilities11,796 — 11,796 — 11,796 
Short-term borrowings3,000 — 3,000 — 3,000 
Long-term debt19,429 — 20,285 — 20,285 
December 31, 2020Carrying
Amount		Level 1Level 2Level 3Balance at
Fair Value
Assets     
Cash and cash equivalents$29,189 $29,189 $— $— $29,189 
Cash and investments segregated and on deposit for
  regulatory purposes		19,143 4,212 14,931 — 19,143 
Receivables from brokerage clients — net64,436 — 64,436 — 64,436 
Bank loans — net:     
First Mortgages14,882 — 15,305 — 15,305 
HELOCs837 — 838 — 838 
Pledged asset lines7,916 — 7,916 — 7,916 
Other178 — 178 — 178 
Total bank loans — net23,813 — 24,237 — 24,237 
Other assets2,883 — 2,883 — 2,883 
Liabilities     
Bank deposits$358,022 $— $358,022 $— $358,022 
Payables to brokerage clients104,201 — 104,201 — 104,201 
Accrued expenses and other liabilities8,263 — 8,263 — 8,263 
Long-term debt13,626 — 14,829 — 14,829