Exit and Other Related Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Activity in Exit and Other Related Liabilities

The following is a summary of the TD Ameritrade integration activity in the Company’s exit and other related liabilities as of September 30, 2023 and activity for the nine months ended September 30, 2023:

	Investor Services Employee Compensation and Benefits		Advisor Services Employee Compensation and Benefits		Total
Balance at December 31, 2022 (1)	$	36	$	10	$	46
Amounts recognized in expense (2)	20		3		23
Costs paid or otherwise settled	(10)		(2)		(12)
Balance at September 30, 2023 (1)	$	46	$	11	$	57

(1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets.

(2) Amounts recognized in expense for severance pay and other termination benefits, as well as retention costs, are included in compensation and benefits on the condensed consolidated statements of income.

The following is a summary of the restructuring activity in the Company’s exit and other related liabilities as of September 30, 2023 and activity for the nine months ended September 30, 2023:

	Investor Services Employee Compensation and Benefits		Advisor Services Employee Compensation and Benefits		Total
Balance at December 31, 2022 (1)	$	—	$	—	$	—
Amounts recognized in expense (2)	202		74		276
Costs paid or otherwise settled	—		—		—
Balance at September 30, 2023 (1)	$	202	$	74	$	276

(1) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets.

(2) Amounts recognized in expense for severance pay and other termination benefits are included in compensation and benefits on the condensed consolidated statements of income.

Summary of Exit and Other Related Costs Recognized in Expense

The following table summarizes the TD Ameritrade integration exit and other related costs recognized in expense for the three and nine months ended September 30, 2023:

	Investor Services						Advisor Services
Three Months Ended September 30,	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	9	$	—	$	9	$	—	$	—	$	—	$	9
Occupancy and equipment	—		3		3		—		—		—		3
Other	—		4		4		—		—		—		4
Total	$	9	$	7	$	16	$	—	$	—	$	—	$	16
	Investor Services						Advisor Services
Nine Months Ended September 30,	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	20	$	—	$	20	$	3	$	—	$	3	$	23
Occupancy and equipment	—		6		6		—		2		2		8
Other	—		18		18		—		7		7		25
Total	$	20	$	24	$	44	$	3	$	9	$	12	$	56

(1) Costs related to facility closures. These costs, which are comprised of impairment and accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased properties.

The following table summarizes the TD Ameritrade integration exit and other related costs recognized in expense for the three and nine months ended September 30, 2022:

	Investor Services						Advisor Services
Three Months Ended September 30,	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	5	$	—	$	5	$	1	$	—	$	1	$	6
Occupancy and equipment	—		2		2		—		1		1		3
Total	$	5	$	2	$	7	$	1	$	1	$	2	$	9
	Investor Services						Advisor Services
Nine Months Ended September 30,	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	18	$	—	$	18	$	5	$	—	$	5	$	23
Occupancy and equipment	—		4		4		—		2		2		6
Total	$	18	$	4	$	22	$	5	$	2	$	7	$	29

(1) Costs related to facility closures. These costs, which are comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased properties.

The following table summarizes the TD Ameritrade integration exit and other related costs incurred from October 6, 2020 through September 30, 2023:

	Investor Services						Advisor Services
	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	243	$	—	$	243	$	64	$	—	$	64	$	307
Occupancy and equipment	—		37		37		—		9		9		46
Depreciation and amortization	—		2		2		—		1		1		3
Professional services	—		1		1		—		—		—		1
Other	—		20		20		—		7		7		27
Total	$	243	$	60	$	303	$	64	$	17	$	81	$	384

(1) Costs related to facility closures. These costs, which are primarily comprised of impairment and accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties.

The following table summarizes the restructuring exit and other related costs recognized in expense for the three and nine months ended September 30, 2023, which represents cumulative costs incurred to date:

	Investor Services						Advisor Services
	Employee Compensation and Benefits		Facility Exit Costs (1)		Investor Services Total		Employee Compensation and Benefits		Facility Exit Costs (1)		Advisor Services Total		Total
Compensation and benefits	$	202	$	—	$	202	$	74	$	—	$	74	$	276
Occupancy and equipment	—		1		1		—		1		1		2
Other	—		1		1		—		—		—		1
Total	$	202	$	2	$	204	$	74	$	1	$	75	$	279

(1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets, relate to the impact of abandoning leased properties.