The Charles Schwab Corporation - Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]


Year Ended December 31,	2021		2020		2019
Interest revenue	$	11	$	38	$	119
Interest expense	(355)		(273)		(248)
Net interest expense	(344)		(235)		(129)
Trading revenue	—		1		—
Other revenue	(2)		(1)		(1)
Expenses Excluding Interest:
Professional services	(17)		(68)		(24)
Other expenses excluding interest	(125)		(85)		(83)
Loss before income tax benefit and equity in net income of subsidiaries	(488)		(388)		(237)
Income tax benefit/(expense)	32		45		(9)
Loss before equity in net income of subsidiaries	(456)		(343)		(246)
Equity in net income of subsidiaries:
Equity in undistributed net income/(distributions in excess of net income) of subsidiaries	3,361		2,476		(1,198)
Dividends from bank subsidiaries	—		—		4,915
Dividends from non-bank subsidiaries	2,950		1,166		233
Net Income	5,855		3,299		3,704
Preferred stock dividends and other (1)	495		256		178
Net Income Available to Common Stockholders	$	5,360	$	3,043	$	3,526

(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units.

Condensed Balance Sheets


December 31,	2021		2020
Assets
Cash and cash equivalents	$	6,839	$	4,654
Receivables from subsidiaries	1,288		1,260
Available for sale securities	4,218		4,982



Investment in non-bank subsidiaries	34,377		29,550
Investment in bank subsidiaries	30,720		25,548
Other assets	357		371
Total assets	$	77,799	$	66,365
Liabilities and Stockholders’ Equity
Accrued expenses and other liabilities	$	618	$	458
Payables to subsidiaries	80		34
Short-term borrowings	3,005		—
Long-term debt	17,835		9,813
Total liabilities	21,538		10,305
Stockholders’ equity	56,261		56,060
Total liabilities and stockholders’ equity	$	77,799	$	66,365

Condensed Statements of Cash Flows


Year Ended December 31,	2021		2020		2019
Cash Flows from Operating Activities
Net income	$	5,855	$	3,299	$	3,704
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Dividends in excess of (equity in undistributed) earnings of subsidiaries	(3,361)		(2,476)		1,198
Other	21		41		9
Net change in:

Other assets	76		(65)		57
Accrued expenses and other liabilities	112		34		34
Net cash provided by (used for) operating activities	2,703		833		5,002
Cash Flows from Investing Activities
Due from (to) subsidiaries — net	211		46		(122)
Increase in investments in subsidiaries	(10,926)		(2,172)		(1,783)
Repayments (advances) of subordinated loan to CS&Co	—		—		185
Purchases of available for sale securities	(8,002)		(5,397)		(1,141)
Proceeds from sales of available for sale securities	2		2		181
Principal payments on available for sale securities	8,754		2,395		994


Net cash provided by (used for) investing activities	(9,961)		(5,126)		(1,686)
Cash Flows from Financing Activities


Issuance of long-term debt	7,036		3,070		593
Repayment of long-term debt	(1,200)		(700)		—
Issuance of commercial paper	8,253		1,234		1,400
Repayments of commercial paper	(5,250)		(1,234)		(1,400)
Repurchases of common stock	—		—		(2,220)
Net proceeds from preferred stock offerings	2,806		4,940		—
Redemption of preferred stock	(600)		—		—
Dividends paid	(1,822)		(1,280)		(1,060)
Proceeds from stock options exercised and other	220		79		118
Other financing activities	—		(1)		—
Net cash provided by (used for) financing activities	9,443		6,108		(2,569)
Increase (Decrease) in Cash and Cash Equivalents	2,185		1,815		747
Cash and Cash Equivalents at Beginning of Year	4,654		2,839		2,092
Cash and Cash Equivalents at End of Year	$	6,839	$	4,654	$	2,839
Supplemental Cash Flow Information
Non-Cash Investing and Financing Activity
Exchange of TDA Holding-issued senior notes for CSC-issued senior notes	$	1,987	$	—	$	—