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

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]


Year Ended December 31,	2023		2022		2021
Interest revenue	$	545	$	183	$	11
Interest expense	(717)		(501)		(355)
Net interest expense	(172)		(318)		(344)

Other revenue	—		(2)		(2)
Expenses Excluding Interest:
Professional services	(21)		(16)		(17)
Regulatory fees and assessments	(16)		(21)		(20)
Compensation and benefits	(8)		(73)		(87)
Other expenses excluding interest	(112)		(108)		(18)
Loss before income tax benefit and equity in net income of subsidiaries	(329)		(538)		(488)
Income tax benefit (expense)	60		32		32
Loss before equity in net income of subsidiaries	(269)		(506)		(456)
Equity in net income of subsidiaries:
Equity in undistributed net income (distributions in excess of net income) of subsidiaries	1,318		(2,432)		3,361
Dividends from bank subsidiaries	—		6,670		—
Dividends from non-bank subsidiaries	4,018		3,451		2,950
Net Income	5,067		7,183		5,855
Preferred stock dividends and other (1)	418		548		495
Net Income Available to Common Stockholders	$	4,649	$	6,635	$	5,360

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

Condensed Balance Sheets


December 31,	2023		2022
Assets
Cash and cash equivalents	$	11,326	$	8,800
Receivables from subsidiaries	1,193		1,266
Available for sale securities	1,979		4,112


Loans to non-bank subsidiaries	613		—
Investment in non-bank subsidiaries	33,485		35,025
Investment in bank subsidiaries	18,324		8,245
Other assets	653		581
Total assets	$	67,573	$	58,029
Liabilities and Stockholders’ Equity
Accrued expenses and other liabilities	$	727	$	584
Payables to subsidiaries	66		54
Short-term borrowings	—		248
Long-term debt	25,822		20,535
Total liabilities	26,615		21,421
Stockholders’ equity	40,958		36,608
Total liabilities and stockholders’ equity	$	67,573	$	58,029

Condensed Statements of Cash Flows


Year Ended December 31,	2023		2022		2021
Cash Flows from Operating Activities
Net income	$	5,067	$	7,183	$	5,855
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Dividends in excess of (equity in undistributed) earnings of subsidiaries	(1,318)		2,432		(3,361)
Other	(35)		53		21
Net change in:

Other assets	(106)		(230)		76
Accrued expenses and other liabilities	77		(5)		112
Net cash provided by (used for) operating activities	3,685		9,433		2,703
Cash Flows from Investing Activities
Due from (to) subsidiaries — net	(174)		333		211
Increase in investments in subsidiaries	(2,720)		(2,139)		(10,926)

Purchases of available for sale securities	(1,486)		(5,699)		(8,002)
Proceeds from sales of available for sale securities	—		2		2
Principal payments on available for sale securities	3,721		5,803		8,754

Other investing activities	(7)		(25)		—
Net cash provided by (used for) investing activities	(666)		(1,725)		(9,961)
Cash Flows from Financing Activities


Proceeds from short-term borrowings	344		1,895		8,253
Repayments of short-term borrowings	(598)		(4,656)		(5,250)
Issuances of long-term debt	6,097		2,971		7,036
Repayments of long-term debt	(800)		(256)		(1,200)
Repurchases of common stock and nonvoting common stock	(2,842)		(3,395)		—
Issuance of preferred stock, net	—		740		2,806
Redemption and repurchase of preferred stock	(467)		(1,000)		(600)
Dividends paid	(2,276)		(2,110)		(1,822)
Proceeds from stock options exercised	49		64		220

Net cash provided by (used for) financing activities	(493)		(5,747)		9,443
Increase (Decrease) in Cash and Cash Equivalents	2,526		1,961		2,185
Cash and Cash Equivalents at Beginning of Year	8,800		6,839		4,654
Cash and Cash Equivalents at End of Year	$	11,326	$	8,800	$	6,839
Supplemental Cash Flow Information
Non-cash investing and financing activity:
Exchange of TDA Holding-issued senior notes for CSC-issued senior notes	$	—	$	—	$	1,987
Common stock repurchased during the period but settled after period end	$	—	$	40	$	—