Delaware (State or other jurisdiction of incorporation or organization) | 94-3025021 (I.R.S. Employer Identification No.) |
Large accelerated filer ☒ | Accelerated filer ☐ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Item 1. | ||||
21-22 | ||||
23-54 | ||||
Item 2. | 1-15 | |||
Item 3. | ||||
Item 4. | ||||
Item 1. | ||||
Item 1A. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 5. | ||||
Item 6. | ||||
• | Charles Schwab & Co., Inc. (CS&Co), a securities broker-dealer; |
• | Charles Schwab Bank (CSB), a federal savings bank; and |
• | Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab’s proprietary mutual funds (Schwab Funds®) and Schwab’s exchange-traded funds (Schwab ETFs™). |
• | Maximizing our market valuation and stockholder returns over time; our belief that developing trusted relationships will translate into more client assets which drives revenue and, along with expense discipline, generates earnings growth and builds stockholder value (see Introduction in Part I, Item 2); |
• | Ongoing investments to drive growth and efficiency (see Overview); |
• | Capital expenditures in 2018 (see Results of Operations); |
• | Consolidated balance sheet assets remaining above $250 billion (see Risk Management and Capital Management); |
• | The expected impact of new accounting standards not yet adopted (see New Accounting Standards in Part I, Item 1, Financial Information – Notes to Condensed Consolidated Financial Statements (Item 1) – Note 2); |
• | The likelihood of indemnification and guarantee payment obligations (see Commitments and Contingencies in Item 1 – Note 9); and |
• | The impact of legal proceedings and regulatory matters (see Commitments and Contingencies in Item 1 – Note 9 and Legal Proceedings in Part II, Item 1). |
• | General market conditions, including the level of interest rates, equity valuations, and trading activity; |
• | Our ability to attract and retain clients, develop trusted relationships, and grow client assets; |
• | Client use of our advice solutions and other products and services; |
• | The level of client assets, including cash balances; |
• | Competitive pressure on pricing, including deposit rates; |
• | Client sensitivity to interest rates; |
• | Regulatory guidance; |
• | Timing and amount of transfers of certain balances from sweep money market funds into bank sweep deposits; |
• | Capital and liquidity needs and management; |
• | Our ability to manage expenses; |
• | Our ability to develop and launch new products, services, and capabilities, as well as implement infrastructure, in a timely and successful manner; |
• | The effect of adverse developments in litigation or regulatory matters and the extent of any related charges; and |
• | Potential breaches of contractual terms for which we have indemnification and guarantee obligations. |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Client Metrics | ||||||||||||||||||||
Net new client assets (in billions) (1) | $ | 53.5 | $ | 51.6 | 4 | % | $ | 78.6 | $ | 155.0 | (49 | )% | ||||||||
Core net new client assets (in billions) | $ | 53.5 | $ | 51.6 | 4 | % | $ | 172.5 | $ | 136.7 | 26 | % | ||||||||
Client assets (in billions, at quarter end) | $ | 3,563.7 | $ | 3,181.2 | 12 | % | ||||||||||||||
Average client assets (in billions) | $ | 3,508.1 | $ | 3,107.8 | 13 | % | $ | 3,420.2 | $ | 2,986.3 | 15 | % | ||||||||
New brokerage accounts (in thousands) | 369 | 336 | 10 | % | 1,196 | 1,055 | 13 | % | ||||||||||||
Active brokerage accounts (in thousands, at quarter end) | 11,423 | 10,565 | 8 | % | ||||||||||||||||
Assets receiving ongoing advisory services (in billions, at quarter end) | $ | 1,851.9 | $ | 1,613.6 | 15 | % | ||||||||||||||
Client cash as a percentage of client assets (at quarter end) | 10.3 | % | 11.1 | % | ||||||||||||||||
Company Financial Metrics | ||||||||||||||||||||
Total net revenues | $ | 2,579 | $ | 2,165 | 19 | % | $ | 7,463 | $ | 6,376 | 17 | % | ||||||||
Total expenses excluding interest | 1,360 | 1,220 | 11 | % | 4,111 | 3,679 | 12 | % | ||||||||||||
Income before taxes on income | 1,219 | 945 | 29 | % | 3,352 | 2,697 | 24 | % | ||||||||||||
Taxes on income | 296 | 327 | (9 | )% | 780 | 940 | (17 | )% | ||||||||||||
Net income | 923 | 618 | 49 | % | 2,572 | 1,757 | 46 | % | ||||||||||||
Preferred stock dividends and other | 38 | 43 | (12 | )% | 128 | 127 | 1 | % | ||||||||||||
Net income available to common stockholders | $ | 885 | $ | 575 | 54 | % | $ | 2,444 | $ | 1,630 | 50 | % | ||||||||
Earnings per common share — diluted | $ | .65 | $ | .42 | 55 | % | $ | 1.79 | $ | 1.21 | 48 | % | ||||||||
Net revenue growth from prior year | 19 | % | 13 | % | 17 | % | 16 | % | ||||||||||||
Pre-tax profit margin | 47.3 | % | 43.6 | % | 44.9 | % | 42.3 | % | ||||||||||||
Return on average common stockholders’ equity | 20 | % | 15 | % | 19 | % | 15 | % | ||||||||||||
Expenses excluding interest as a percentage of average client assets (annualized) | 0.15 | % | 0.16 | % | 0.16 | % | 0.16 | % | ||||||||||||
Consolidated Tier 1 Leverage Ratio (at quarter end) | 7.5 | % | 7.7 | % |
2018 | 2017 | ||||||||||||||||
Three Months Ended September 30, | Percent Change | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | ||||||||||||
Net interest revenue | |||||||||||||||||
Interest revenue | 49 | % | $ | 1,755 | 68 | % | $ | 1,176 | 54 | % | |||||||
Interest expense | 143 | % | (228 | ) | (9 | )% | (94 | ) | (4 | )% | |||||||
Net interest revenue | 41 | % | 1,527 | 59 | % | 1,082 | 50 | % | |||||||||
Asset management and administration fees | |||||||||||||||||
Mutual funds and ETF service fees | (16 | )% | 435 | 17 | % | 519 | 24 | % | |||||||||
Advice solutions | 11 | % | 294 | 11 | % | 265 | 12 | % | |||||||||
Other | 4 | % | 80 | 3 | % | 77 | 4 | % | |||||||||
Asset management and administration fees | (6 | )% | 809 | 31 | % | 861 | 40 | % | |||||||||
Trading revenue | |||||||||||||||||
Commissions | 14 | % | 155 | 6 | % | 136 | 6 | % | |||||||||
Principal transactions | 40 | % | 21 | 1 | % | 15 | 1 | % | |||||||||
Trading revenue | 17 | % | 176 | 7 | % | 151 | 7 | % | |||||||||
Other | (6 | )% | 67 | 3 | % | 71 | 3 | % | |||||||||
Total net revenues | 19 | % | $ | 2,579 | 100 | % | $ | 2,165 | 100 | % |
2018 | 2017 | ||||||||||||||||
Nine Months Ended September 30, | Percent Change | Amount | % of Total Net Revenues | Amount | % of Total Net Revenues | ||||||||||||
Net interest revenue | |||||||||||||||||
Interest revenue | 42 | % | $ | 4,766 | 64 | % | $ | 3,358 | 52 | % | |||||||
Interest expense | 155 | % | (569 | ) | (8 | )% | (223 | ) | (3 | )% | |||||||
Net interest revenue | 34 | % | 4,197 | 56 | % | 3,135 | 49 | % | |||||||||
Asset management and administration fees | |||||||||||||||||
Mutual funds and ETF service fees | (10 | )% | 1,386 | 19 | % | 1,538 | 24 | % | |||||||||
Advice solutions | 12 | % | 859 | 11 | % | 765 | 12 | % | |||||||||
Other | 1 | % | 229 | 3 | % | 226 | 4 | % | |||||||||
Asset management and administration fees | (2 | )% | 2,474 | 33 | % | 2,529 | 40 | % | |||||||||
Trading revenue | |||||||||||||||||
Commissions | 10 | % | 501 | 7 | % | 456 | 7 | % | |||||||||
Principal transactions | 27 | % | 56 | 1 | % | 44 | 1 | % | |||||||||
Trading revenue | 11 | % | 557 | 8 | % | 500 | 8 | % | |||||||||
Other | 11 | % | 235 | 3 | % | 212 | 3 | % | |||||||||
Total net revenues | 17 | % | $ | 7,463 | 100 | % | $ | 6,376 | 100 | % |
2018 | 2017 | |||||||||||||||||||||
Three Months Ended September 30, | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | ||||||||||||||||
Interest-earning assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 18,623 | $ | 94 | 1.98 | % | $ | 10,498 | $ | 33 | 1.25 | % | ||||||||||
Cash and investments segregated | 10,253 | 51 | 1.94 | % | 17,355 | 44 | 1.01 | % | ||||||||||||||
Broker-related receivables | 307 | 1 | 1.94 | % | 459 | 1 | 0.96 | % | ||||||||||||||
Receivables from brokerage clients | 20,224 | 217 | 4.19 | % | 16,498 | 151 | 3.63 | % | ||||||||||||||
Available for sale securities (1) | 55,283 | 328 | 2.34 | % | 45,906 | 187 | 1.62 | % | ||||||||||||||
Held to maturity securities | 137,065 | 887 | 2.57 | % | 107,557 | 606 | 2.24 | % | ||||||||||||||
Bank loans | 16,579 | 142 | 3.43 | % | 16,058 | 122 | 3.01 | % | ||||||||||||||
Total interest-earning assets | 258,334 | 1,720 | 2.63 | % | 214,331 | 1,144 | 2.12 | % | ||||||||||||||
Other interest revenue | 35 | 32 | ||||||||||||||||||||
Total interest-earning assets | $ | 258,334 | $ | 1,755 | 2.69 | % | $ | 214,331 | $ | 1,176 | 2.18 | % | ||||||||||
Funding sources | ||||||||||||||||||||||
Bank deposits | $ | 208,666 | $ | 158 | 0.30 | % | $ | 163,039 | $ | 49 | 0.12 | % | ||||||||||
Payables to brokerage clients | 20,595 | 16 | 0.31 | % | 24,833 | 6 | 0.10 | % | ||||||||||||||
Short-term borrowings | — | — | — | 1,695 | 6 | 1.40 | % | |||||||||||||||
Long-term debt | 5,790 | 51 | 3.52 | % | 3,436 | 30 | 3.46 | % | ||||||||||||||
Total interest-bearing liabilities | 235,051 | 225 | 0.38 | % | 193,003 | 91 | 0.19 | % | ||||||||||||||
Non-interest-bearing funding sources | 23,283 | 21,328 | ||||||||||||||||||||
Other interest expense | 3 | 3 | ||||||||||||||||||||
Total funding sources | $ | 258,334 | $ | 228 | 0.36 | % | $ | 214,331 | $ | 94 | 0.18 | % | ||||||||||
Net interest revenue | $ | 1,527 | 2.33 | % | $ | 1,082 | 2.00 | % |
2018 | 2017 | |||||||||||||||||||||
Nine Months Ended September 30, | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | Average Balance | Interest Revenue/ Expense | Average Yield/ Rate | ||||||||||||||||
Interest-earning assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 16,164 | $ | 217 | 1.78 | % | $ | 9,375 | $ | 72 | 1.03 | % | ||||||||||
Cash and investments segregated | 12,002 | 149 | 1.64 | % | 19,609 | 120 | 0.82 | % | ||||||||||||||
Broker-related receivables | 324 | 4 | 1.62 | % | 428 | 2 | 0.74 | % | ||||||||||||||
Receivables from brokerage clients | 19,629 | 600 | 4.03 | % | 15,861 | 415 | 3.50 | % | ||||||||||||||
Available for sale securities (1) | 52,797 | 859 | 2.16 | % | 55,070 | 615 | 1.49 | % | ||||||||||||||
Held to maturity securities | 129,490 | 2,420 | 2.48 | % | 99,523 | 1,691 | 2.27 | % | ||||||||||||||
Bank loans | 16,522 | 410 | 3.31 | % | 15,764 | 347 | 2.94 | % | ||||||||||||||
Total interest-earning assets | 246,928 | 4,659 | 2.50 | % | 215,630 | 3,262 | 2.02 | % | ||||||||||||||
Other interest revenue | 107 | 96 | ||||||||||||||||||||
Total interest-earning assets | $ | 246,928 | $ | 4,766 | 2.56 | % | $ | 215,630 | $ | 3,358 | 2.08 | % | ||||||||||
Funding sources | ||||||||||||||||||||||
Bank deposits | $ | 193,010 | $ | 339 | 0.23 | % | $ | 163,475 | $ | 98 | 0.08 | % | ||||||||||
Payables to brokerage clients | 21,591 | 37 | 0.23 | % | 26,198 | 11 | 0.06 | % | ||||||||||||||
Short-term borrowings | 4,488 | 54 | 1.59 | % | 1,475 | 11 | 1.00 | % | ||||||||||||||
Long-term debt | 5,053 | 131 | 3.46 | % | 3,349 | 89 | 3.55 | % | ||||||||||||||
Total interest-bearing liabilities | 224,142 | 561 | 0.33 | % | 194,497 | 209 | 0.14 | % | ||||||||||||||
Non-interest-bearing funding sources | 22,786 | 21,133 | ||||||||||||||||||||
Other interest expense | 8 | 14 | ||||||||||||||||||||
Total funding sources | $ | 246,928 | $ | 569 | 0.31 | % | $ | 215,630 | $ | 223 | 0.14 | % | ||||||||||
Net interest revenue | $ | 4,197 | 2.25 | % | $ | 3,135 | 1.94 | % |
Three Months Ended September 30, | 2018 | 2017 | |||||||||||||||||||
Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | ||||||||||||||||
Schwab money market funds before fee waivers | $ | 130,202 | $ | 122 | 0.37 | % | $ | 158,927 | $ | 220 | 0.55 | % | |||||||||
Fee waivers | — | (1 | ) | ||||||||||||||||||
Schwab money market funds | 130,202 | 122 | 0.37 | % | 158,927 | 219 | 0.55 | % | |||||||||||||
Schwab equity and bond funds and ETFs | 219,137 | 67 | 0.12 | % | 164,011 | 56 | 0.14 | % | |||||||||||||
Mutual Fund OneSource® and other non-transaction fee funds | 209,560 | 171 | 0.32 | % | 219,076 | 179 | 0.32 | % | |||||||||||||
Other third-party mutual funds and ETFs (1) | 342,316 | 75 | 0.09 | % | 291,307 | 65 | 0.09 | % | |||||||||||||
Total mutual funds and ETFs (2) | $ | 901,215 | 435 | 0.19 | % | $ | 833,321 | 519 | 0.25 | % | |||||||||||
Advice solutions (2) | |||||||||||||||||||||
Fee-based | $ | 234,338 | 294 | 0.50 | % | $ | 206,854 | 265 | 0.51 | % | |||||||||||
Non-fee-based | 65,146 | — | — | 50,758 | — | — | |||||||||||||||
Total advice solutions | $ | 299,484 | 294 | 0.39 | % | $ | 257,612 | 265 | 0.41 | % | |||||||||||
Other balance-based fees (3) | 400,048 | 63 | 0.06 | % | 424,280 | 67 | 0.06 | % | |||||||||||||
Other (4) | 17 | 10 | |||||||||||||||||||
Total asset management and administration fees | $ | 809 | $ | 861 |
Nine Months Ended September 30, | 2018 | 2017 | |||||||||||||||||||
Average Client Assets | Revenue | Average Fee | Average Client Assets | Revenue | Average Fee | ||||||||||||||||
Schwab money market funds before fee waivers | $ | 142,177 | $ | 451 | 0.42 | % | $ | 160,230 | $ | 675 | 0.56 | % | |||||||||
Fee waivers | — | (10 | ) | ||||||||||||||||||
Schwab money market funds | 142,177 | 451 | 0.42 | % | 160,230 | 665 | 0.55 | % | |||||||||||||
Schwab equity and bond funds and ETFs | 206,058 | 195 | 0.13 | % | 151,579 | 163 | 0.14 | % | |||||||||||||
Mutual Fund OneSource® and other non-transaction fee funds | 216,699 | 524 | 0.32 | % | 214,058 | 528 | 0.33 | % | |||||||||||||
Other third-party mutual funds and ETFs (1) | 329,033 | 216 | 0.09 | % | 278,479 | 182 | 0.09 | % | |||||||||||||
Total mutual funds and ETFs (2) | $ | 893,967 | 1,386 | 0.21 | % | $ | 804,346 | 1,538 | 0.26 | % | |||||||||||
Advice solutions (2) | |||||||||||||||||||||
Fee-based | $ | 228,326 | 859 | 0.50 | % | $ | 199,500 | 765 | 0.51 | % | |||||||||||
Non-fee-based | 62,377 | — | — | 46,785 | — | — | |||||||||||||||
Total advice solutions | $ | 290,703 | 859 | 0.40 | % | $ | 246,285 | 765 | 0.42 | % | |||||||||||
Other balance-based fees (3) | 404,596 | 191 | 0.06 | % | 406,442 | 192 | 0.06 | % | |||||||||||||
Other (4) | 38 | 34 | |||||||||||||||||||
Total asset management and administration fees | $ | 2,474 | $ | 2,529 |
Schwab Money Market Funds | Schwab Equity and Bond Funds and ETFs | Mutual Fund OneSource® and Other NTF funds | ||||||||||||||||||||||
Three Months Ended September 30, | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Balance at beginning of period | $ | 134,166 | $ | 156,186 | $ | 201,361 | $ | 151,336 | $ | 212,513 | $ | 224,749 | ||||||||||||
Net inflows (outflows) | (6,204 | ) | 2,753 | 6,596 | 7,086 | (7,126 | ) | (13,255 | ) | |||||||||||||||
Net market gains (losses) and other | 522 | 235 | 8,899 | 6,676 | 7,228 | 9,684 | ||||||||||||||||||
Balance at end of period | $ | 128,484 | $ | 159,174 | $ | 216,856 | $ | 165,098 | $ | 212,615 | $ | 221,178 |
Schwab Money Market Funds | Schwab Equity and Bond Funds and ETFs | Mutual Fund OneSource® and Other NTF funds | ||||||||||||||||||||||
Nine Months Ended September 30, | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Balance at beginning of period | $ | 163,650 | $ | 163,495 | $ | 181,608 | $ | 125,813 | $ | 225,202 | $ | 198,924 | ||||||||||||
Net inflows (outflows) | (36,645 | ) | (4,832 | ) | 24,867 | 22,347 | (25,403 | ) | (23,494 | ) | ||||||||||||||
Net market gains (losses) and other (1) | 1,479 | 511 | 10,381 | 16,938 | 12,816 | 45,748 | ||||||||||||||||||
Balance at end of period | $ | 128,484 | $ | 159,174 | $ | 216,856 | $ | 165,098 | $ | 212,615 | $ | 221,178 |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Daily average revenue trades (DARTs) (in thousands) | 382 | 312 | 22 | % | 406 | 313 | 30 | % | |||||||||||||
Clients’ daily average trades (in thousands) | 683 | 633 | 8 | % | 732 | 602 | 22 | % | |||||||||||||
Number of trading days | 62.5 | 62.5 | — | 187.5 | 187.5 | — | |||||||||||||||
Daily average revenue per revenue trade | $ | 7.27 | $ | 7.74 | (6 | )% | $ | 7.27 | $ | 8.52 | (15 | )% | |||||||||
Trading revenue | $ | 176 | $ | 151 | 17 | % | $ | 557 | $ | 500 | 11 | % |
Three Months Ended September 30, | Percent Change | Nine Months Ended September 30, | Percent Change | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||
Salaries and wages | $ | 423 | $ | 372 | 14 | % | $ | 1,253 | $ | 1,110 | 13 | % | ||||||||||
Incentive compensation | 193 | 187 | 3 | % | 615 | 580 | 6 | % | ||||||||||||||
Employee benefits and other | 121 | 103 | 17 | % | 384 | 336 | 14 | % | ||||||||||||||
Total compensation and benefits | $ | 737 | $ | 662 | 11 | % | $ | 2,252 | $ | 2,026 | 11 | % | ||||||||||
Professional services | 164 | 152 | 8 | % | 476 | 429 | 11 | % | ||||||||||||||
Occupancy and equipment | 124 | 111 | 12 | % | 368 | 323 | 14 | % | ||||||||||||||
Advertising and market development | 70 | 63 | 11 | % | 220 | 205 | 7 | % | ||||||||||||||
Communications | 59 | 56 | 5 | % | 179 | 171 | 5 | % | ||||||||||||||
Depreciation and amortization | 78 | 69 | 13 | % | 226 | 200 | 13 | % | ||||||||||||||
Regulatory fees and assessments | 57 | 43 | 33 | % | 158 | 133 | 19 | % | ||||||||||||||
Other | 71 | 64 | 11 | % | 232 | 192 | 21 | % | ||||||||||||||
Total expenses excluding interest | $ | 1,360 | $ | 1,220 | 11 | % | $ | 4,111 | $ | 3,679 | 12 | % | ||||||||||
Expenses as a percentage of total net revenues | ||||||||||||||||||||||
Compensation and benefits | 29 | % | 31 | % | 30 | % | 32 | % | ||||||||||||||
Advertising and market development | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||
Full-time equivalent employees (in thousands) | ||||||||||||||||||||||
At quarter end | 19.1 | 17.3 | 10 | % | ||||||||||||||||||
Average | 19.0 | 17.1 | 11 | % | 18.4 | 16.7 | 10 | % |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Percent Change | 2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | 2018 | 2017 | ||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||
Net interest revenue | 39 | % | $ | 1,138 | $ | 818 | 47 | % | $ | 389 | $ | 264 | 41 | % | $ | 1,527 | $ | 1,082 | |||||||||||||||
Asset management and administration fees | (5 | )% | 565 | 595 | (8 | )% | 244 | 266 | (6 | )% | 809 | 861 | |||||||||||||||||||||
Trading revenue | 19 | % | 112 | 94 | 12 | % | 64 | 57 | 17 | % | 176 | 151 | |||||||||||||||||||||
Other | (2 | )% | 53 | 54 | (18 | )% | 14 | 17 | (6 | )% | 67 | 71 | |||||||||||||||||||||
Total net revenues | 20 | % | 1,868 | 1,561 | 18 | % | 711 | 604 | 19 | % | 2,579 | 2,165 | |||||||||||||||||||||
Expenses Excluding Interest | 11 | % | 1,015 | 918 | 14 | % | 345 | 302 | 11 | % | 1,360 | 1,220 | |||||||||||||||||||||
Income before taxes on income | 33 | % | $ | 853 | $ | 643 | 21 | % | $ | 366 | $ | 302 | 29 | % | $ | 1,219 | $ | 945 |
Investor Services | Advisor Services | Total | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Percent Change | 2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | 2018 | 2017 | ||||||||||||||||||||||||
Net Revenues | |||||||||||||||||||||||||||||||||
Net interest revenue | 33 | % | $ | 3,158 | $ | 2,366 | 35 | % | $ | 1,039 | $ | 769 | 34 | % | $ | 4,197 | $ | 3,135 | |||||||||||||||
Asset management and administration fees | (1 | )% | 1,727 | 1,743 | (5 | )% | 747 | 786 | (2 | )% | 2,474 | 2,529 | |||||||||||||||||||||
Trading revenue | 14 | % | 354 | 311 | 7 | % | 203 | 189 | 11 | % | 557 | 500 | |||||||||||||||||||||
Other | 14 | % | 182 | 159 | — | 53 | 53 | 11 | % | 235 | 212 | ||||||||||||||||||||||
Total net revenues | 18 | % | 5,421 | 4,579 | 14 | % | 2,042 | 1,797 | 17 | % | 7,463 | 6,376 | |||||||||||||||||||||
Expenses Excluding Interest | 11 | % | 3,069 | 2,762 | 14 | % | 1,042 | 917 | 12 | % | 4,111 | 3,679 | |||||||||||||||||||||
Income before taxes on income | 29 | % | $ | 2,352 | $ | 1,817 | 14 | % | $ | 1,000 | $ | 880 | 24 | % | $ | 3,352 | $ | 2,697 |
September 30, 2018 | December 31, 2017 | |||||
Increase of 100 basis points | 4.1 | % | 3.3 | % | ||
Decrease of 100 basis points | (4.7 | )% | (6.2 | )% |
Description | Borrower | Outstanding | Available | ||||||
Committed, unsecured credit facility with various external banks | CSC | $ | — | $ | 750 | ||||
Uncommitted, unsecured lines of credit with various external banks | CSC, CS&Co | — | 1,432 | ||||||
Federal Reserve Bank discount window (1) | CSB | — | 2,422 | ||||||
Federal Home Loan Bank secured credit facility (2) | Banking subsidiaries | — | 30,002 | ||||||
Unsecured commercial paper (3) | CSC | — | 750 |
September 30, 2018 | Par Outstanding | Maturity | Weighted Average Interest Rate | Moody’s | Standard & Poor’s | Fitch | ||||
Senior Notes | $ | 5,781 | 2020 - 2028 | 3.31% | A2 | A | A | |||
Short-term borrowings | $ | — | N/A | N/A | N/A | N/A | N/A |
Issuance Date | Issuance Amount | Maturity Date | Interest Rate | Interest Payable | ||
May 22, 2018 | $ | 600 | 5/21/2021 | Three-month LIBOR + 0.32% | Quarterly | |
May 22, 2018 | $ | 600 | 5/21/2021 | 3.25% | Semi-annually | |
May 22, 2018 | $ | 750 | 5/21/2025 | 3.85% | Semi-annually |
September 30, 2018 | December 31, 2017 | ||||||||||||||
CSC | CSB | CSC | CSB | ||||||||||||
Total stockholders’ equity | $ | 20,834 | $ | 14,899 | $ | 18,525 | $ | 13,224 | |||||||
Less: | |||||||||||||||
Preferred stock | 2,793 | — | 2,793 | — | |||||||||||
Common Equity Tier 1 Capital before regulatory adjustments | $ | 18,041 | $ | 14,899 | $ | 15,732 | $ | 13,224 | |||||||
Less: | |||||||||||||||
Goodwill, net of associated deferred tax liabilities | $ | 1,191 | $ | 13 | $ | 1,191 | $ | 13 | |||||||
Other intangible assets, net of associated deferred tax liabilities | 127 | — | 61 | — | |||||||||||
Deferred tax assets, net of valuation allowances and deferred tax liabilities | 2 | — | 2 | — | |||||||||||
AOCI adjustment (1) | (304 | ) | (278 | ) | (152 | ) | (144 | ) | |||||||
Common Equity Tier 1 Capital | $ | 17,025 | $ | 15,164 | $ | 14,630 | $ | 13,355 | |||||||
Tier 1 Capital | $ | 19,818 | $ | 15,164 | $ | 17,423 | $ | 13,355 | |||||||
Total Capital | 19,846 | 15,191 | 17,452 | 13,382 | |||||||||||
Risk-Weighted Assets | 86,830 | 75,224 | 75,866 | 66,519 | |||||||||||
Common Equity Tier 1 Capital/Risk-Weighted Assets | 19.6 | % | 20.2 | % | 19.3 | % | 20.1 | % | |||||||
Tier 1 Capital/Risk-Weighted Assets | 22.8 | % | 20.2 | % | 23.0 | % | 20.1 | % | |||||||
Total Capital/Risk-Weighted Assets | 22.9 | % | 20.2 | % | 23.0 | % | 20.1 | % | |||||||
Tier 1 Leverage Ratio | 7.5 | % | 7.1 | % | 7.6 | % | 7.1 | % |
2018 | 2017 | |||||||||||||||
Nine Months Ended September 30, | Cash Paid | Per Share Amount | Cash Paid | Per Share Amount | ||||||||||||
Common Stock | $ | 448 | $ | .33 | $ | 323 | $ | .24 | ||||||||
Series A Preferred Stock (1) | 28 | 70.00 | 28 | 70.00 | ||||||||||||
Series B Preferred Stock (2,5) | N/A | N/A | 22 | 45.00 | ||||||||||||
Series C Preferred Stock (2) | 27 | 45.00 | 27 | 45.00 | ||||||||||||
Series D Preferred Stock (2) | 33 | 44.64 | 33 | 44.64 | ||||||||||||
Series E Preferred Stock (3) | 28 | 4,625.00 | 23 | 3,867.01 | ||||||||||||
Series F Preferred Stock (4) | 15 | 2,930.56 | N/A | N/A |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net Revenues | ||||||||||||||||
Interest revenue | $ | 1,755 | $ | 1,176 | $ | 4,766 | $ | 3,358 | ||||||||
Interest expense | (228 | ) | (94 | ) | (569 | ) | (223 | ) | ||||||||
Net interest revenue | 1,527 | 1,082 | 4,197 | 3,135 | ||||||||||||
Asset management and administration fees | 809 | 861 | 2,474 | 2,529 | ||||||||||||
Trading revenue | 176 | 151 | 557 | 500 | ||||||||||||
Other | 67 | 71 | 235 | 212 | ||||||||||||
Total net revenues | 2,579 | 2,165 | 7,463 | 6,376 | ||||||||||||
Expenses Excluding Interest | ||||||||||||||||
Compensation and benefits | 737 | 662 | 2,252 | 2,026 | ||||||||||||
Professional services | 164 | 152 | 476 | 429 | ||||||||||||
Occupancy and equipment | 124 | 111 | 368 | 323 | ||||||||||||
Advertising and market development | 70 | 63 | 220 | 205 | ||||||||||||
Communications | 59 | 56 | 179 | 171 | ||||||||||||
Depreciation and amortization | 78 | 69 | 226 | 200 | ||||||||||||
Regulatory fees and assessments | 57 | 43 | 158 | 133 | ||||||||||||
Other | 71 | 64 | 232 | 192 | ||||||||||||
Total expenses excluding interest | 1,360 | 1,220 | 4,111 | 3,679 | ||||||||||||
Income before taxes on income | 1,219 | 945 | 3,352 | 2,697 | ||||||||||||
Taxes on income | 296 | 327 | 780 | 940 | ||||||||||||
Net Income | 923 | 618 | 2,572 | 1,757 | ||||||||||||
Preferred stock dividends and other | 38 | 43 | 128 | 127 | ||||||||||||
Net Income Available to Common Stockholders | $ | 885 | $ | 575 | $ | 2,444 | $ | 1,630 | ||||||||
Weighted-Average Common Shares Outstanding: | ||||||||||||||||
Basic | 1,351 | 1,339 | 1,349 | 1,338 | ||||||||||||
Diluted | 1,364 | 1,353 | 1,363 | 1,352 | ||||||||||||
Earnings Per Common Shares Outstanding: | ||||||||||||||||
Basic | $ | .66 | $ | .43 | $ | 1.81 | $ | 1.22 | ||||||||
Diluted | $ | .65 | $ | .42 | $ | 1.79 | $ | 1.21 | ||||||||
Dividends Declared Per Common Share | $ | .13 | $ | .08 | $ | .33 | $ | .24 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 923 | $ | 618 | $ | 2,572 | $ | 1,757 | ||||||||
Other comprehensive income (loss), before tax: | ||||||||||||||||
Change in net unrealized gain (loss) on available for sale securities: | ||||||||||||||||
Net unrealized gain (loss) | (43 | ) | — | (184 | ) | 81 | ||||||||||
Reclassification of net unrealized loss transferred to held to maturity | — | — | — | 227 | ||||||||||||
Other reclassifications included in other revenue | — | — | — | (7 | ) | |||||||||||
Change in net unrealized gain (loss) on held to maturity securities: | ||||||||||||||||
Reclassification of net unrealized loss transferred from available for sale | — | — | — | (227 | ) | |||||||||||
Amortization of amounts previously recorded upon transfer from available for sale | 8 | 10 | 26 | 21 | ||||||||||||
Other | — | — | — | (3 | ) | |||||||||||
Other comprehensive income (loss), before tax | (35 | ) | 10 | (158 | ) | 92 | ||||||||||
Income tax effect | 9 | (4 | ) | 39 | (35 | ) | ||||||||||
Other comprehensive income (loss), net of tax | (26 | ) | 6 | (119 | ) | 57 | ||||||||||
Comprehensive Income | $ | 897 | $ | 624 | $ | 2,453 | $ | 1,814 |
September 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 21,830 | $ | 14,217 | |||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $4,424 at September 30, 2018 and $6,596 at December 31, 2017) | 8,487 | 15,139 | |||||
Receivables from brokers, dealers, and clearing organizations | 798 | 649 | |||||
Receivables from brokerage clients — net | 22,411 | 20,576 | |||||
Other securities owned — at fair value | 500 | 539 | |||||
Available for sale securities | 57,558 | 49,995 | |||||
Held to maturity securities | 138,952 | 120,926 | |||||
Bank loans — net | 16,564 | 16,478 | |||||
Equipment, office facilities, and property — net | 1,683 | 1,471 | |||||
Goodwill | 1,227 | 1,227 | |||||
Other assets | 2,092 | 2,057 | |||||
Total assets | $ | 272,102 | $ | 243,274 | |||
Liabilities and Stockholders’ Equity | |||||||
Bank deposits | $ | 213,408 | $ | 169,656 | |||
Payables to brokers, dealers, and clearing organizations | 1,522 | 1,287 | |||||
Payables to brokerage clients | 27,851 | 31,243 | |||||
Accrued expenses and other liabilities | 2,697 | 2,810 | |||||
Short-term borrowings | — | 15,000 | |||||
Long-term debt | 5,790 | 4,753 | |||||
Total liabilities | 251,268 | 224,749 | |||||
Stockholders’ equity: | |||||||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $2,850 | 2,793 | 2,793 | |||||
Common stock — 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 | |||||
Additional paid-in capital | 4,484 | 4,353 | |||||
Retained earnings | 16,615 | 14,408 | |||||
Treasury stock, at cost — 135,806,047 shares at September 30, 2018 and 142,210,890 shares at December 31, 2017 | (2,769 | ) | (2,892 | ) | |||
Accumulated other comprehensive income (loss) | (304 | ) | (152 | ) | |||
Total stockholders’ equity | 20,834 | 18,525 | |||||
Total liabilities and stockholders’ equity | $ | 272,102 | $ | 243,274 |
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||
Preferred Stock | Common stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at cost | Total | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 2,783 | 1,488 | $ | 15 | $ | 4,267 | $ | 12,649 | $ | (3,130 | ) | $ | (163 | ) | $ | 16,421 | ||||||||||||||
Net income | — | — | — | — | 1,757 | — | — | 1,757 | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | 57 | 57 | |||||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | (120 | ) | — | — | (120 | ) | |||||||||||||||||||||
Dividends declared on common stock | — | — | — | — | (323 | ) | — | — | (323 | ) | |||||||||||||||||||||
Stock option exercises and other | — | — | — | (30 | ) | — | 128 | — | 98 | ||||||||||||||||||||||
Share-based compensation and related tax effects | — | — | — | 105 | — | — | — | 105 | |||||||||||||||||||||||
Other | — | — | — | 23 | — | 9 | — | 32 | |||||||||||||||||||||||
Balance at September 30, 2017 | $ | 2,783 | 1,488 | $ | 15 | $ | 4,365 | $ | 13,963 | $ | (2,993 | ) | $ | (106 | ) | $ | 18,027 | ||||||||||||||
Balance at December 31, 2017 | $ | 2,793 | 1,488 | $ | 15 | $ | 4,353 | $ | 14,408 | $ | (2,892 | ) | $ | (152 | ) | $ | 18,525 | ||||||||||||||
Adoption of accounting standards (Note 2) | — | — | — | — | 200 | — | (33 | ) | 167 | ||||||||||||||||||||||
Net income | — | — | — | — | 2,572 | — | — | 2,572 | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | (119 | ) | (119 | ) | |||||||||||||||||||||
Dividends declared on preferred stock | — | — | — | — | (117 | ) | — | — | (117 | ) | |||||||||||||||||||||
Dividends declared on common stock | — | — | — | — | (448 | ) | — | — | (448 | ) | |||||||||||||||||||||
Stock option exercises and other | — | — | — | (8 | ) | — | 116 | — | 108 | ||||||||||||||||||||||
Share-based compensation and related tax effects | — | — | — | 106 | — | — | — | 106 | |||||||||||||||||||||||
Other | — | — | — | 33 | — | 7 | — | 40 | |||||||||||||||||||||||
Balance at September 30, 2018 | $ | 2,793 | 1,488 | $ | 15 | $ | 4,484 | $ | 16,615 | $ | (2,769 | ) | $ | (304 | ) | $ | 20,834 |
Nine Months Ended September 30, | ||||||||
2018 | 2017 (1) | |||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 2,572 | $ | 1,757 | ||||
Adjustments to reconcile net income to net cash (used for) provided by operating activities: | ||||||||
Share-based compensation | 113 | 111 | ||||||
Depreciation and amortization | 226 | 200 | ||||||
Premium amortization, net, on available for sale and held to maturity securities | 276 | 240 | ||||||
Other | 108 | 35 | ||||||
Net change in: | ||||||||
Investments segregated and on deposit for regulatory purposes | 6,973 | 6,864 | ||||||
Receivables from brokers, dealers, and clearing organizations | (147 | ) | 61 | |||||
Receivables from brokerage clients | (1,858 | ) | (1,310 | ) | ||||
Other securities owned | 39 | 22 | ||||||
Other assets | (143 | ) | (76 | ) | ||||
Payables to brokers, dealers, and clearing organizations | 43 | (957 | ) | |||||
Payables to brokerage clients | (3,392 | ) | (4,414 | ) | ||||
Accrued expenses and other liabilities | (155 | ) | (82 | ) | ||||
Net cash provided by operating activities | 4,655 | 2,451 | ||||||
Cash Flows from Investing Activities | ||||||||
Purchases of available for sale securities | (19,781 | ) | (6,375 | ) | ||||
Proceeds from sales of available for sale securities | 115 | 5,773 | ||||||
Principal payments on available for sale securities | 12,091 | 6,532 | ||||||
Purchases of held to maturity securities | (30,639 | ) | (19,886 | ) | ||||
Principal payments on held to maturity securities | 12,382 | 7,927 | ||||||
Net increase in bank loans | (86 | ) | (829 | ) | ||||
Purchases of equipment, office facilities, and property | (400 | ) | (267 | ) | ||||
Purchases of Federal Home Loan Bank stock | (156 | ) | (160 | ) | ||||
Proceeds from sales of Federal Home Loan Bank stock | 528 | 106 | ||||||
Other investing activities | (74 | ) | (52 | ) | ||||
Net cash provided by (used for) investing activities | (26,020 | ) | (7,231 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Net change in bank deposits | 43,752 | 1,809 | ||||||
Net change in short-term borrowings | (15,000 | ) | 5,000 | |||||
Issuance of long-term debt | 1,936 | 643 | ||||||
Repayment of long-term debt | (906 | ) | (256 | ) | ||||
Dividends paid | (579 | ) | (456 | ) | ||||
Proceeds from stock options exercised and other | 108 | 98 | ||||||
Other financing activities | (12 | ) | (10 | ) | ||||
Net cash provided by (used for) financing activities | 29,299 | 6,828 | ||||||
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 7,934 | 2,048 | ||||||
Cash and Cash Equivalents including Amounts Restricted at Beginning of Year | 19,160 | 17,873 | ||||||
Cash and Cash Equivalents, including Amounts Restricted at End of Period | $ | 27,094 | $ | 19,921 |
Nine Months Ended September 30, | ||||||||
2018 | 2017 (1) | |||||||
Supplemental Cash Flow Information | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 550 | $ | 233 | ||||
Income taxes | $ | 649 | $ | 890 | ||||
Non-cash investing activity: | ||||||||
Securities purchased during the period but settled after period end | $ | 221 | $ | 3,977 | ||||
September 30, 2018 | September 30, 2017 | |||||||
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet (2) | ||||||||
Cash and cash equivalents | $ | 21,830 | $ | 12,253 | ||||
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | 5,264 | 7,668 | ||||||
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | $ | 27,094 | $ | 19,921 |
• | Charles Schwab & Co., Inc. (CS&Co), a securities broker-dealer; |
• | Charles Schwab Bank (CSB), a federal savings bank; and |
• | Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab’s proprietary mutual funds (Schwab Funds®) and Schwab’s exchange-traded funds (Schwab ETFs™). |
Standard | Description | Date of Adoption | Effects on the Financial Statements or Other Significant Matters |
Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and related ASUs | Clarifies that revenue from contracts with clients should be recognized in a manner that depicts the timing of the related transfer of goods or performance of services at an amount that reflects the expected consideration. Adoption allows either full or modified retrospective transition. Full retrospective transition required a cumulative effect adjustment to retained earnings as of the earliest comparative period presented. Modified retrospective transition required a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. | January 1, 2018 | The guidance does not apply to revenue earned from the Company’s loans and securities. Accordingly, net interest revenue was not impacted. The primary impact for the Company was the capitalization on the consolidated balance sheets of sales commissions paid to employees for obtaining new contracts with clients. These capitalized costs resulted in an asset of $219 million and a related deferred tax liability of $52 million upon adoption. The asset is being amortized to expense over time as the related revenues are recognized. The Company adopted the revenue recognition guidance using the modified retrospective method for all contracts that were not completed as of January 1, 2018. Further details of the impact of adoption are included below in this Note as well as in Note 3. |
ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10)” and ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10)” | Requires: (i) equity investments to be measured at fair value, with changes in fair value recognized in net income, unless the equity method is applied or the equity investments do not have readily determinable fair values in which case a practical alternative may be elected; (ii) use of an exit price when measuring the fair value of financial instruments for disclosures; (iii) separate presentation of financial assets and liabilities by measurement category and form of instrument on the balance sheet or in the accompanying notes. Adoption requires a cumulative effect adjustment to the balance sheet as of the beginning of the year of initial application, except for certain changes that require prospective adoption. | January 1, 2018 | The Company adopted this guidance on a prospective basis for its equity securities that do not have readily determinable fair values. No other significant changes resulted from adoption. Therefore, there was no material impact on the Company’s financial statements. The Company elected to use the alternative to fair value measurement for its equity securities that do not have readily determinable fair values. These equity securities will be adjusted for impairment and observable price changes of the identical or similar investments of the same issuer, as applicable. Schwab refers to this approach as the adjusted cost method. This method was applied to an immaterial amount of Community Reinvestment Act (CRA) investments included in other assets on the consolidated balance sheets. |
ASU 2016-18, “Statement of Cash Flows (Topic 230) – Restricted Cash a Consensus of the Emerging Issues Task Force” | Requires that the statement of cash flows explain the change during the period in the total cash and cash equivalents, including restricted cash and cash equivalents. Adoption requires retrospective presentation of the statement of cash flows to include restricted cash and cash equivalents in the beginning and ending amounts. | January 1, 2018 | The Company adopted this guidance on a retrospective basis. The Company has significant amounts of restricted cash and cash equivalents due to its business as a broker-dealer. As a result of the adoption, changes in restricted cash and cash equivalents included within cash and investments segregated and on deposit for regulatory purposes in the consolidated balance sheets are now presented with changes in cash and cash equivalents throughout the consolidated statements of cash flows. The amount of restricted cash and cash equivalents is included in a separate table in the consolidated statements of cash flows. |
Standard | Description | Date of Adoption | Effects on the Financial Statements or Other Significant Matters |
ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” | Permits reclassification of the impacts on certain tax affected items included in AOCI that were adjusted through income from continuing operations rather than AOCI upon the effective date of the Tax Act. Adoption provides for retrospective adoption to all periods presented and impacted by the Tax Act or as of the beginning of the period of adoption. | January 1, 2018 | The Company adopted this guidance as of January 1, 2018. The Company elected to reclassify the income tax effects of the Tax Act from items in AOCI into retained earnings as of the beginning of the period of adoption. Adoption resulted in a reduction in AOCI and a corresponding increase in retained earnings of $33 million. |
Standard | Description | Required Date of Adoption | Effects on the Financial Statements or Other Significant Matters |
ASU 2016-02, “Leases (Topic 842)” | Amends the accounting for leases by lessees and lessors. The primary change from the new guidance is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases. Additional changes include accounting for lease origination and executory costs, required lessee reassessments during the lease term due to changes in circumstances, and expanded lease disclosures. Adoption provides for modified retrospective transition as of the beginning of the earliest comparative period presented in the financial statements in which the entity first applies the new standard or prospectively with an adjustment as of the beginning of the period of adoption. Certain transition relief is permitted if elected by the entity. | January 1, 2019 | The Company plans to adopt the new lease accounting guidance prospectively as of January 1, 2019 with a cumulative-effect adjustment to the opening balance of retained earnings (i.e., prior periods will not be adjusted). The Company does not expect this guidance will have a material impact on its earnings per common share (EPS). However, it will result in a gross up of the consolidated balance sheet due to recognition of right-of-use assets and lease liabilities primarily related to leases of office space and branches. These amounts will be based on the present value of our remaining operating lease payments (see Note 13 in the 2017 10-K for the undiscounted rental commitments for operating leases). The Company is refining its methodology to estimate the right-of-use assets and lease liabilities. We are also testing system updates and refining internal controls for applying the lease accounting changes. Based upon our current population of leases, we expect the right-of-use asset and corresponding lease liability to be less than 0.5% of our total assets. |
Standard | Description | Required Date of Adoption | Effects on the Financial Statements or Other Significant Matters |
ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” | Provides guidance for recognizing impairment of most debt instruments measured at amortized cost, including loans and held to maturity (HTM) debt securities. Requires estimating current expected credit losses (CECL) over the remaining life of an instrument or a portfolio of instruments with similar risk characteristics based on relevant information about past events, current conditions, and reasonable forecasts. The initial estimate of, and the subsequent changes in, CECL will be recognized as credit loss expense through current earnings and will be reflected as an allowance for credit losses offsetting the carrying value of the financial instrument(s) on the balance sheet. Amends the OTTI model for available for sale (AFS) debt securities by requiring the use of an allowance, rather than directly reducing the carrying value of the security, and eliminating consideration of the length of time such security has been in an unrealized loss position as a factor in concluding whether a credit loss exists. Adoption requires a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the entity applies the new guidance except that a prospective transition is required for AFS debt securities for which an OTTI has been recognized prior to the effective date. | January 1, 2020 (early adoption permitted) | The Company continues to evaluate the impact of this guidance on its financial statements, including EPS. The Company has finished the majority of its scoping work and assessment of the current state of data and systems. Work is transitioning to designing and building out approaches to address certain asset classes with a focus primarily on a subset of our securities, including corporate debt securities. The Company expects that a large portion of its securities will have zero expectation of credit losses based on industry and regulator views for U.S. treasury and certain government agency-backed securities. We are currently working on in-depth analysis for the other asset types that do not have zero expectation of credit losses to determine our methods and any needed changes to policies and procedures. |
ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” | Shortens the amortization period for the premium on certain callable debt securities to the earliest call date. The amendments are applicable to any purchased individual debt security with an explicit and noncontingent call feature with a fixed price on a preset date. ASU 2017-08 does not impact the accounting for callable debt securities held at a discount. Adoption requires modified retrospective transition as of the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings. | January 1, 2019 (early adoption permitted) | While still under evaluation, the Company does not expect this guidance will have a material impact on its financial statements, including EPS. |
Standard | Description | Required Date of Adoption | Effects on the Financial Statements or Other Significant Matters |
ASU 2018-15, “Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” | Aligns the criteria for capitalizing implementation costs for cloud computing arrangements (CCA) that are service contracts with internal-use software that is developed or purchased and CCAs that include an internal-use software license. This guidance requires that the capitalized implementation costs be recognized over the period of the CCA service contract, subject to impairment evaluation on an ongoing basis. The guidance prescribes the balance sheet, income statement, and statement of cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. Adoption provides for retrospective or prospective application to all implementation costs incurred after the date of adoption. | January 1, 2020 (early adoption permitted) | Historically, Schwab has expensed implementation costs as they are incurred for CCAs that are service contracts. Therefore, adopting this guidance will change the Company’s accounting treatment for these types of implementation costs. The Company is evaluating the impacts of this guidance on its financial statements, including EPS. |
Balance at December 31, 2017 | Adjustments Due to ASU 2014-09 | Adjustments Due to ASU 2018-02 | Balance at January 1, 2018 | |||||||||||||
Assets | ||||||||||||||||
Other assets (1) | $ | 2,057 | $ | 167 | $ | — | $ | 2,224 | ||||||||
Stockholders’ Equity | ||||||||||||||||
Retained earnings | 14,408 | 167 | 33 | 14,608 | ||||||||||||
Accumulated other comprehensive income | (152 | ) | — | (33 | ) | (185 | ) |
Three Months Ended September 30, 2018 | ||||||||||||
Statement of Income | As Reported | Balances Without Adoption of ASU 2014-09 | Effect of Change Higher/(Lower) | |||||||||
Expenses Excluding Interest | ||||||||||||
Compensation and benefits | $ | 737 | $ | 744 | $ | (7 | ) | |||||
Taxes on income | 296 | 294 | 2 | |||||||||
Net Income | 923 | 918 | 5 |
Nine Months Ended September 30, 2018 | ||||||||||||
Statement of Income | As Reported | Balances Without Adoption of ASU 2014-09 | Effect of Change Higher/(Lower) | |||||||||
Expenses Excluding Interest | ||||||||||||
Compensation and benefits | $ | 2,252 | $ | 2,279 | $ | (27 | ) | |||||
Taxes on income | 780 | 773 | 7 | |||||||||
Net Income | 2,572 | 2,552 | 20 |
As of September 30, 2018 | ||||||||||||
Balance Sheet | As Reported | Balances Without Adoption of ASU 2014-09 | Effect of Change Higher/(Lower) | |||||||||
Assets | ||||||||||||
Other assets (1) | $ | 2,092 | $ | 1,905 | $ | 187 | ||||||
Stockholders’ Equity | ||||||||||||
Retained earnings | 16,615 | 16,428 | 187 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
Net interest revenue | ||||||||||||||
Interest revenue | $ | 1,755 | $ | 1,176 | $ | 4,766 | $ | 3,358 | ||||||
Interest expense | (228 | ) | (94 | ) | (569 | ) | (223 | ) | ||||||
Net interest revenue | 1,527 | 1,082 | 4,197 | 3,135 | ||||||||||
Asset management and administration fees | ||||||||||||||
Mutual funds and ETF service fees | 435 | 519 | 1,386 | 1,538 | ||||||||||
Advice solutions | 294 | 265 | 859 | 765 | ||||||||||
Other | 80 | 77 | 229 | 226 | ||||||||||
Asset management and administration fees | 809 | 861 | 2,474 | 2,529 | ||||||||||
Trading revenue | ||||||||||||||
Commissions | 155 | 136 | 501 | 456 | ||||||||||
Principal transactions | 21 | 15 | 56 | 44 | ||||||||||
Trading revenue | 176 | 151 | 557 | 500 | ||||||||||
Other | 67 | 71 | 235 | 212 | ||||||||||
Total net revenues | $ | 2,579 | $ | 2,165 | $ | 7,463 | $ | 6,376 |
September 30, 2018 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Available for sale securities | ||||||||||||||||
U.S. agency mortgage-backed securities | $ | 24,010 | $ | 47 | $ | 102 | $ | 23,955 | ||||||||
U.S. Treasury securities | 12,412 | — | 169 | 12,243 | ||||||||||||
Asset-backed securities (1) | 9,378 | 19 | 10 | 9,387 | ||||||||||||
Corporate debt securities (2) | 6,921 | 10 | 9 | 6,922 | ||||||||||||
Certificates of deposit | 2,765 | 4 | — | 2,769 | ||||||||||||
U.S. agency notes | 1,688 | — | 6 | 1,682 | ||||||||||||
Commercial paper (2,3) | 518 | — | — | 518 | ||||||||||||
Foreign government agency securities | 50 | — | 2 | 48 | ||||||||||||
Non-agency commercial mortgage-backed securities | 34 | — | — | 34 | ||||||||||||
Total available for sale securities | $ | 57,776 | $ | 80 | $ | 298 | $ | 57,558 | ||||||||
Held to maturity securities | ||||||||||||||||
U.S. agency mortgage-backed securities | $ | 113,453 | $ | 26 | $ | 3,483 | $ | 109,996 | ||||||||
Asset-backed securities (1) | 17,964 | 122 | 12 | 18,074 | ||||||||||||
Corporate debt securities (2) | 4,578 | 8 | 55 | 4,531 | ||||||||||||
U.S. state and municipal securities | 1,330 | 6 | 7 | 1,329 | ||||||||||||
Non-agency commercial mortgage-backed securities | 1,149 | 1 | 25 | 1,125 | ||||||||||||
U.S. Treasury securities | 223 | — | 11 | 212 | ||||||||||||
Certificates of deposit | 200 | 1 | — | 201 | ||||||||||||
Foreign government agency securities | 50 | — | 2 | 48 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Total held to maturity securities | $ | 138,952 | $ | 164 | $ | 3,595 | $ | 135,521 |
December 31, 2017 | ||||||||||||||||
Available for sale securities | ||||||||||||||||
U.S. agency mortgage-backed securities | $ | 20,915 | $ | 53 | $ | 39 | $ | 20,929 | ||||||||
U.S. Treasury securities | 9,583 | — | 83 | 9,500 | ||||||||||||
Asset-backed securities (1) | 9,019 | 34 | 6 | 9,047 | ||||||||||||
Corporate debt securities (2) | 6,154 | 16 | 1 | 6,169 | ||||||||||||
Certificates of deposit | 2,040 | 2 | 1 | 2,041 | ||||||||||||
U.S. agency notes | 1,914 | — | 8 | 1,906 | ||||||||||||
Commercial paper (2) | 313 | — | — | 313 | ||||||||||||
Foreign government agency securities | 51 | — | 1 | 50 | ||||||||||||
Non-agency commercial mortgage-backed securities | 40 | — | — | 40 | ||||||||||||
Total available for sale securities | $ | 50,029 | $ | 105 | $ | 139 | $ | 49,995 | ||||||||
Held to maturity securities | ||||||||||||||||
U.S. agency mortgage-backed securities | $ | 101,197 | $ | 290 | $ | 1,034 | $ | 100,453 | ||||||||
Asset-backed securities (1) | 12,937 | 127 | 2 | 13,062 | ||||||||||||
Corporate debt securities (2) | 4,078 | 13 | 5 | 4,086 | ||||||||||||
U.S. state and municipal securities | 1,247 | 57 | — | 1,304 | ||||||||||||
Non-agency commercial mortgage-backed securities | 994 | 10 | 5 | 999 | ||||||||||||
U.S. Treasury securities | 223 | — | 3 | 220 | ||||||||||||
Certificates of deposit | 200 | — | — | 200 | ||||||||||||
Foreign government agency securities | 50 | — | 1 | 49 | ||||||||||||
Total held to maturity securities | $ | 120,926 | $ | 497 | $ | 1,050 | $ | 120,373 |
| Less than | 12 months | |||||||||||||||||||||
| 12 months | or longer | Total | ||||||||||||||||||||
September 30, 2018 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Available for sale securities | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | 10,119 | $ | 68 | $ | 1,988 | $ | 34 | $ | 12,107 | $ | 102 | |||||||||||
U.S. Treasury securities | 7,770 | 72 | 4,374 | 97 | 12,144 | 169 | |||||||||||||||||
Asset-backed securities | 1,841 | 4 | 601 | 6 | 2,442 | 10 | |||||||||||||||||
Corporate debt securities | 3,030 | 8 | 229 | 1 | 3,259 | 9 | |||||||||||||||||
U.S. agency notes | 566 | 2 | 1,116 | 4 | 1,682 | 6 | |||||||||||||||||
Foreign government agency securities | — | — | 48 | 2 | 48 | 2 | |||||||||||||||||
Total | $ | 23,326 | $ | 154 | $ | 8,356 | $ | 144 | $ | 31,682 | $ | 298 | |||||||||||
Held to maturity securities | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | 59,643 | $ | 1,247 | $ | 40,279 | $ | 2,236 | $ | 99,922 | $ | 3,483 | |||||||||||
Asset-backed securities | 2,115 | 12 | 39 | — | 2,154 | 12 | |||||||||||||||||
Corporate debt securities | 2,862 | 52 | 77 | 3 | 2,939 | 55 | |||||||||||||||||
U.S. state and municipal securities | 471 | 5 | 14 | 2 | 485 | 7 | |||||||||||||||||
Non-agency commercial mortgage-backed securities | 651 | 15 | 279 | 10 | 930 | 25 | |||||||||||||||||
U.S. Treasury securities | — | — | 212 | 11 | 212 | 11 | |||||||||||||||||
Foreign government agency securities | — | — | 48 | 2 | 48 | 2 | |||||||||||||||||
Total | $ | 65,742 | $ | 1,331 | $ | 40,948 | $ | 2,264 | $ | 106,690 | $ | 3,595 | |||||||||||
Total securities with unrealized losses (1) | $ | 89,068 | $ | 1,485 | $ | 49,304 | $ | 2,408 | $ | 138,372 | $ | 3,893 |
December 31, 2017 | |||||||||||||||||||||||
Available for sale securities | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | 5,696 | $ | 21 | $ | 2,548 | $ | 18 | $ | 8,244 | $ | 39 | |||||||||||
U.S. Treasury securities | 4,625 | 11 | 4,875 | 72 | 9,500 | 83 | |||||||||||||||||
Asset-backed securities | 904 | 3 | 424 | 3 | 1,328 | 6 | |||||||||||||||||
Corporate debt securities | 736 | 1 | 120 | — | 856 | 1 | |||||||||||||||||
Certificates of deposit | 799 | 1 | — | — | 799 | 1 | |||||||||||||||||
U.S. agency notes | 99 | — | 1,807 | 8 | 1,906 | 8 | |||||||||||||||||
Foreign government agency securities | 50 | 1 | — | — | 50 | 1 | |||||||||||||||||
Total | $ | 12,909 | $ | 38 | $ | 9,774 | $ | 101 | $ | 22,683 | $ | 139 | |||||||||||
Held to maturity securities | |||||||||||||||||||||||
U.S. agency mortgage-backed securities | $ | 42,102 | $ | 310 | $ | 24,753 | $ | 724 | $ | 66,855 | $ | 1,034 | |||||||||||
Asset-backed securities | 1,124 | 2 | 72 | — | 1,196 | 2 | |||||||||||||||||
Corporate debt securities | 1,078 | 5 | — | — | 1,078 | 5 | |||||||||||||||||
Non-agency commercial mortgage-backed securities | 607 | 5 | — | — | 607 | 5 | |||||||||||||||||
U.S. Treasury securities | 220 | 3 | — | — | 220 | 3 | |||||||||||||||||
Foreign government agency securities | 49 | 1 | — | — | 49 | 1 | |||||||||||||||||
Total | $ | 45,180 | $ | 326 | $ | 24,825 | $ | 724 | $ | 70,005 | $ | 1,050 | |||||||||||
Total securities with unrealized losses (2) | $ | 58,089 | $ | 364 | $ | 34,599 | $ | 825 | $ | 92,688 | $ | 1,189 |
September 30, 2018 | Within 1 year | After 1 year through 5 years | After 5 years through 10 years | After 10 years | Total | |||||||||||||||
Available for sale securities | ||||||||||||||||||||
U.S. agency mortgage-backed securities (1) | $ | 169 | $ | 3,669 | $ | 10,571 | $ | 9,546 | $ | 23,955 | ||||||||||
U.S. Treasury securities | 5,999 | 6,244 | — | — | 12,243 | |||||||||||||||
Asset-backed securities | 250 | 6,968 | 1,750 | 419 | 9,387 | |||||||||||||||
Corporate debt securities | 1,621 | 5,301 | — | — | 6,922 | |||||||||||||||
Certificates of deposit | 866 | 1,903 | — | — | 2,769 | |||||||||||||||
U.S. agency notes | 1,311 | 371 | — | — | 1,682 | |||||||||||||||
Commercial paper | 518 | — | — | — | 518 | |||||||||||||||
Foreign government agency securities | — | 48 | — | — | 48 | |||||||||||||||
Non-agency commercial mortgage-backed securities (1) | — | — | — | 34 | 34 | |||||||||||||||
Total fair value | $ | 10,734 | $ | 24,504 | $ | 12,321 | $ | 9,999 | $ | 57,558 | ||||||||||
Total amortized cost | $ | 10,762 | $ | 24,632 | $ | 12,368 | $ | 10,014 | $ | 57,776 | ||||||||||
Held to maturity securities | ||||||||||||||||||||
U.S. agency mortgage-backed securities (1) | $ | 383 | $ | 14,370 | $ | 31,785 | $ | 63,458 | $ | 109,996 | ||||||||||
Asset-backed securities | 5 | 1,611 | 9,373 | 7,085 | 18,074 | |||||||||||||||
Corporate debt securities | 238 | 3,550 | 743 | — | 4,531 | |||||||||||||||
U.S. state and municipal securities | — | 59 | 254 | 1,016 | 1,329 | |||||||||||||||
Non-agency commercial mortgage-backed securities (1) | — | 353 | — | 772 | 1,125 | |||||||||||||||
U.S. Treasury securities | — | — | 212 | — | 212 | |||||||||||||||
Certificates of deposit | — | 201 | — | — | 201 | |||||||||||||||
Foreign government agency securities | — | 48 | — | — | 48 | |||||||||||||||
Other | — | — | — | 5 | 5 | |||||||||||||||
Total fair value | $ | 626 | $ | 20,192 | $ | 42,367 | $ | 72,336 | $ | 135,521 | ||||||||||
Total amortized cost | $ | 628 | $ | 20,540 | $ | 43,339 | $ | 74,445 | $ | 138,952 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Proceeds | $ | — | $ | 288 | $ | 115 | $ | 5,773 | ||||||||
Gross realized gains | — | — | — | 7 |
September 30, 2018 | Current | 30-59 days past due | 60-89 days past due | >90 days past due and other nonaccrual loans (3) | Total past due and other nonaccrual loans | Total loans | Allowance for loan losses | Total bank loans – net | ||||||||||||||||
First Mortgages (1,2) | $ | 10,217 | $ | 24 | $ | 2 | $ | 13 | $ | 39 | $ | 10,256 | $ | 17 | $ | 10,239 | ||||||||
HELOCs (1,2) | 1,589 | 2 | 1 | 10 | 13 | 1,602 | 7 | 1,595 | ||||||||||||||||
Pledged asset lines | 4,552 | 3 | 1 | — | 4 | 4,556 | — | 4,556 | ||||||||||||||||
Other | 176 | — | — | — | — | 176 | 2 | 174 | ||||||||||||||||
Total bank loans | $ | 16,534 | $ | 29 | $ | 4 | $ | 23 | $ | 56 | $ | 16,590 | $ | 26 | $ | 16,564 | ||||||||
December 31, 2017 | ||||||||||||||||||||||||
First Mortgages (1,2) | $ | 9,983 | $ | 14 | $ | 2 | $ | 17 | $ | 33 | $ | 10,016 | $ | 16 | $ | 10,000 | ||||||||
HELOCs (1,2) | 1,928 | — | 3 | 12 | 15 | 1,943 | 8 | 1,935 | ||||||||||||||||
Pledged asset lines | 4,361 | 4 | 4 | — | 8 | 4,369 | — | 4,369 | ||||||||||||||||
Other | 176 | — | — | — | — | 176 | 2 | 174 | ||||||||||||||||
Total bank loans | $ | 16,448 | $ | 18 | $ | 9 | $ | 29 | $ | 56 | $ | 16,504 | $ | 26 | $ | 16,478 |
September 30, 2018 | September 30, 2017 | |||||||||||||||||||||||||||||||
Three Months Ended | First Mortgages | HELOCs | Other | Total (1) | First Mortgages | HELOCs | Other | Total (1) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 17 | $ | 7 | $ | 2 | $ | 26 | $ | 17 | $ | 8 | $ | 1 | $ | 26 | ||||||||||||||||
Charge-offs | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||
Recoveries | — | 1 | — | 1 | — | — | 1 | 1 | ||||||||||||||||||||||||
Provision for loan losses | — | (1 | ) | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 7 | $ | 2 | $ | 26 | $ | 16 | $ | 8 | $ | 2 | $ | 26 |
Nine Months Ended | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 16 | $ | 8 | $ | 2 | $ | 26 | $ | 17 | $ | 8 | $ | 1 | $ | 26 | ||||||||||||||||
Charge-offs | — | — | (1 | ) | (1 | ) | (2 | ) | (1 | ) | — | (3 | ) | |||||||||||||||||||
Recoveries | — | 2 | — | 2 | 1 | 1 | 1 | 3 | ||||||||||||||||||||||||
Provision for loan losses | 1 | (3 | ) | 1 | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Balance at end of period | $ | 17 | $ | 7 | $ | 2 | $ | 26 | $ | 16 | $ | 8 | $ | 2 | $ | 26 |
September 30, 2018 | December 31, 2017 | |||||||
Nonaccrual loans (1) | $ | 23 | $ | 28 | ||||
Other real estate owned (2) | 3 | 3 | ||||||
Total nonperforming assets | 26 | 31 | ||||||
Troubled debt restructurings | 4 | 11 | ||||||
Total impaired assets | $ | 30 | $ | 42 |
• | Year of origination; |
• | Borrower FICO scores at origination (Origination FICO); |
• | Updated borrower FICO scores (Updated FICO); |
• | Loan-to-value (LTV) ratios at origination (Origination LTV); and |
• | Estimated current LTV ratios (Estimated Current LTV). |
September 30, 2018 | Balance | Weighted Average Updated FICO | Utilization Rate (1) | Percent of Loans that are on Nonaccrual Status | |||||||||
First Mortgages | |||||||||||||
Estimated Current LTV | |||||||||||||
<70% | $ | 9,383 | 777 | N/A | 0.05 | % | |||||||
>70% – <90% | 868 | 771 | N/A | 0.24 | % | ||||||||
>90% – <100% | 4 | 713 | N/A | 8.70 | % | ||||||||
>100% | 1 | 742 | N/A | — | |||||||||
Total | $ | 10,256 | 776 | N/A | 0.07 | % | |||||||
HELOCs | |||||||||||||
Estimated Current LTV (2) | |||||||||||||
<70% | $ | 1,509 | 771 | 31 | % | 0.18 | % | ||||||
>70% – <90% | 84 | 752 | 47 | % | 0.90 | % | |||||||
>90% – <100% | 5 | 746 | 77 | % | 0.90 | % | |||||||
>100% | 4 | 704 | 81 | % | 5.28 | % | |||||||
Total | $ | 1,602 | 770 | 31 | % | 0.24 | % | ||||||
Pledged asset lines | |||||||||||||
Weighted-Average LTV (2) | |||||||||||||
=70% | $ | 4,556 | 766 | 36 | % | — |
December 31, 2017 | Balance | Weighted Average Updated FICO | Utilization Rate (1) | Percent of Loans that are on Nonaccrual Status | |||||||||
First Mortgages | |||||||||||||
Estimated Current LTV | |||||||||||||
<70% | $ | 9,046 | 775 | N/A | 0.09 | % | |||||||
>70% – <90% | 961 | 769 | N/A | 0.46 | % | ||||||||
>90% – <100% | 5 | 714 | N/A | 10.49 | % | ||||||||
>100% | 4 | 713 | N/A | 6.23 | % | ||||||||
Total | $ | 10,016 | 775 | N/A | 0.14 | % | |||||||
HELOCs | |||||||||||||
Estimated Current LTV (2) | |||||||||||||
<70% | $ | 1,773 | 772 | 32 | % | 0.18 | % | ||||||
>70% – <90% | 148 | 755 | 47 | % | 0.84 | % | |||||||
>90% – <100% | 14 | 742 | 64 | % | 2.85 | % | |||||||
>100% | 8 | 718 | 72 | % | 4.91 | % | |||||||
Total | $ | 1,943 | 770 | 33 | % | 0.27 | % | ||||||
Pledged asset lines | |||||||||||||
Weighted-Average LTV (2) | |||||||||||||
=70% | $ | 4,369 | 765 | 41 | % | — |
September 30, 2018 | First Mortgages | HELOCs | ||||||
Year of origination | ||||||||
Pre-2014 | $ | 2,144 | $ | 1,156 | ||||
2014 | 436 | 93 | ||||||
2015 | 1,087 | 110 | ||||||
2016 | 2,662 | 96 | ||||||
2017 | 2,420 | 101 | ||||||
2018 | 1,507 | 46 | ||||||
Total | $ | 10,256 | $ | 1,602 | ||||
Origination FICO | ||||||||
<620 | $ | 5 | — | |||||
620 – 679 | 83 | 8 | ||||||
680 – 739 | 1,595 | 305 | ||||||
>740 | 8,573 | 1,289 | ||||||
Total | $ | 10,256 | $ | 1,602 | ||||
Origination LTV | ||||||||
<70% | $ | 7,737 | $ | 1,127 | ||||
>70% – <90% | 2,514 | 468 | ||||||
>90% – <100% | 5 | 7 | ||||||
Total | $ | 10,256 | $ | 1,602 |
December 31, 2017 | First Mortgages | HELOCs | ||||||
Year of origination | ||||||||
Pre-2014 | $ | 2,804 | $ | 1,496 | ||||
2014 | 530 | 116 | ||||||
2015 | 1,218 | 128 | ||||||
2016 | 2,886 | 111 | ||||||
2017 | 2,578 | 92 | ||||||
Total | $ | 10,016 | $ | 1,943 | ||||
Origination FICO | ||||||||
<620 | $ | 6 | $ | 1 | ||||
620 – 679 | 89 | 10 | ||||||
680 – 739 | 1,569 | 365 | ||||||
>740 | 8,352 | 1,567 | ||||||
Total | $ | 10,016 | $ | 1,943 | ||||
Origination LTV | ||||||||
<70% | $ | 7,569 | $ | 1,360 | ||||
>70% – <90% | 2,441 | 574 | ||||||
>90% – <100% | 6 | 9 | ||||||
Total | $ | 10,016 | $ | 1,943 |
September 30, 2018 | Balance | |||
Converted to an amortizing loan by period end | $ | 640 | ||
Within 1 year | 186 | |||
> 1 year – 3 years | 133 | |||
> 3 years – 5 years | 163 | |||
> 5 years | 480 | |||
Total | $ | 1,602 |
September 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
Aggregate assets | Aggregate liabilities | Maximum exposure to loss | Aggregate assets | Aggregate liabilities | Maximum exposure to loss | |||||||||||||||||||
LIHTC investments (1) | $ | 347 | $ | 204 | $ | 347 | $ | 304 | $ | 203 | $ | 304 | ||||||||||||
Other CRA investments (2) | 68 | — | 116 | 69 | — | 125 | ||||||||||||||||||
Total | $ | 415 | $ | 204 | $ | 463 | $ | 373 | $ | 203 | $ | 429 |
September 30, 2018 | December 31, 2017 | |||||||
Interest-bearing deposits: | ||||||||
Deposits swept from brokerage accounts | $ | 194,337 | $ | 148,212 | ||||
Checking | 12,230 | 13,388 | ||||||
Savings and other | 6,153 | 7,264 | ||||||
Total interest-bearing deposits | 212,720 | 168,864 | ||||||
Non-interest-bearing deposits | 688 | 792 | ||||||
Total bank deposits | $ | 213,408 | $ | 169,656 |
Date of | Principal Amount Outstanding | ||||||
Issuance | September 30, 2018 | December 31, 2017 | |||||
Fixed-rate Senior Notes: | |||||||
1.500% due March 10, 2018 (1) | 03/10/15 | $ | — | $ | 625 | ||
2.200% due July 25, 2018 (2) | 07/25/13 | — | 275 | ||||
4.450% due July 22, 2020 | 07/22/10 | 700 | 700 | ||||
3.250% due May 21, 2021 | 05/22/18 | 600 | — | ||||
3.225% due September 1, 2022 | 08/29/12 | 256 | 256 | ||||
2.650% due January 25, 2023 | 12/07/17 | 800 | 800 | ||||
3.000% due March 10, 2025 | 03/10/15 | 375 | 375 | ||||
3.850% due May 21, 2025 | 05/22/18 | 750 | — | ||||
3.450% due February 13, 2026 | 11/13/15 | 350 | 350 | ||||
3.200% due March 2, 2027 | 03/02/17 | 650 | 650 | ||||
3.200% due January 25, 2028 | 12/07/17 | 700 | 700 | ||||
Floating-rate Senior Notes: | |||||||
Three-month LIBOR + 0.32% due May 21, 2021 | 05/22/18 | 600 | — | ||||
Total Senior Notes | 5,781 | 4,731 | |||||
5.450% Finance lease obligation (3) | 06/04/04 | 55 | 61 | ||||
Unamortized discount — net | (13 | ) | (14 | ) | |||
Debt issuance costs | (33 | ) | (25 | ) | |||
Total long-term debt | $ | 5,790 | $ | 4,753 |
Maturities | |||
2018 | $ | 2 | |
2019 | 8 | ||
2020 | 709 | ||
2021 | 1,209 | ||
2022 | 266 | ||
Thereafter | 3,642 | ||
Total maturities | 5,836 | ||
Unamortized discount — net | (13 | ) | |
Debt issuance costs | (33 | ) | |
Total long-term debt | $ | 5,790 |
September 30, 2018 | December 31, 2017 | ||||||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | $ | 11,028 | $ | 10,060 | |||
Commitments to purchase First Mortgage loans | 355 | 308 | |||||
Total | $ | 11,383 | $ | 10,368 |
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
Gross Assets/ Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Net Amounts Presented in the Condensed Consolidated Balance Sheets | Counterparty Offsetting | Collateral | Net Amount | ||||||||||||||||||||
September 30, 2018 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Resale agreements (1) | $ | 4,424 | $ | — | $ | 4,424 | $ | — | $ | (4,424 | ) | (2) | $ | — | |||||||||||
Securities borrowed (3) | 346 | — | 346 | (316 | ) | (30 | ) | — | |||||||||||||||||
Total | $ | 4,770 | $ | — | $ | 4,770 | $ | (316 | ) | $ | (4,454 | ) | $ | — | |||||||||||
Liabilities | |||||||||||||||||||||||||
Securities loaned (4,5) | $ | 1,062 | $ | — | $ | 1,062 | $ | (316 | ) | $ | (652 | ) | $ | 94 | |||||||||||
Total | $ | 1,062 | $ | — | $ | 1,062 | $ | (316 | ) | $ | (652 | ) | $ | 94 | |||||||||||
December 31, 2017 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Resale agreements (1) | $ | 6,596 | $ | — | $ | 6,596 | $ | — | $ | (6,596 | ) | (2) | $ | — | |||||||||||
Securities borrowed (3) | 222 | — | 222 | (199 | ) | (22 | ) | 1 | |||||||||||||||||
Total | $ | 6,818 | $ | — | $ | 6,818 | $ | (199 | ) | $ | (6,618 | ) | $ | 1 | |||||||||||
Liabilities | |||||||||||||||||||||||||
Securities loaned (4,5) | $ | 966 | $ | — | $ | 966 | $ | (199 | ) | $ | (670 | ) | $ | 97 | |||||||||||
Total | $ | 966 | $ | — | $ | 966 | $ | (199 | ) | $ | (670 | ) | $ | 97 |
September 30, 2018 | December 31, 2017 | |||||||||||
Fair value of client securities available to be pledged | $ | 28,806 | $ | 25,905 | ||||||||
Fair value of client securities pledged for: | ||||||||||||
Fulfillment of requirements with the Options Clearing Corporation (1) | 3,036 | 2,280 | ||||||||||
Fulfillment of client short sales | 1,923 | 2,011 | ||||||||||
Securities lending to other broker-dealers | 872 | 784 | ||||||||||
Total collateral pledged | $ | 5,831 | $ | 5,075 |
(1) | Client securities pledged to fulfill client margin requirements for open option contracts established with the Options Clearing Corporation. |
September 30, 2018 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 552 | $ | — | $ | — | $ | 552 | |||||||
Commercial paper | — | 1,988 | — | 1,988 | |||||||||||
Total cash equivalents | 552 | 1,988 | — | 2,540 | |||||||||||
Investments segregated and on deposit for regulatory purposes: | |||||||||||||||
Certificates of deposit | — | 1,950 | — | 1,950 | |||||||||||
Total investments segregated and on deposit for regulatory purposes | — | 1,950 | — | 1,950 | |||||||||||
Other securities owned: | |||||||||||||||
Equity and bond mutual funds | 394 | — | — | 394 | |||||||||||
Schwab Funds® money market funds | 21 | — | — | 21 | |||||||||||
State and municipal debt obligations | — | 44 | — | 44 | |||||||||||
Equity, U.S. Government and corporate debt, and other securities | 3 | 38 | — | 41 | |||||||||||
Total other securities owned | 418 | 82 | — | 500 | |||||||||||
Available for sale securities: | |||||||||||||||
U.S. agency mortgage-backed securities | — | 23,955 | — | 23,955 | |||||||||||
U.S. Treasury securities | — | 12,243 | — | 12,243 | |||||||||||
Asset-backed securities | — | 9,387 | — | 9,387 | |||||||||||
Corporate debt securities | — | 6,922 | — | 6,922 | |||||||||||
Certificates of deposit | — | 2,769 | — | 2,769 | |||||||||||
U.S. agency notes | — | 1,682 | — | 1,682 | |||||||||||
Commercial paper | — | 518 | — | 518 | |||||||||||
Foreign government agency securities | — | 48 | — | 48 | |||||||||||
Non-agency commercial mortgage-backed securities | — | 34 | — | 34 | |||||||||||
Total available for sale securities | — | 57,558 | — | 57,558 | |||||||||||
Total | $ | 970 | $ | 61,578 | $ | — | $ | 62,548 |
December 31, 2017 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 2,727 | $ | — | $ | — | $ | 2,727 | |||||||
Total cash equivalents | 2,727 | — | — | 2,727 | |||||||||||
Investments segregated and on deposit for regulatory purposes: | |||||||||||||||
Certificates of deposit | — | 2,198 | — | 2,198 | |||||||||||
U.S. Government securities | — | 3,658 | — | 3,658 | |||||||||||
Total investments segregated and on deposit for regulatory purposes | — | 5,856 | — | 5,856 | |||||||||||
Other securities owned: | |||||||||||||||
Equity and bond mutual funds | 318 | — | — | 318 | |||||||||||
Schwab Funds® money market funds | 135 | — | — | 135 | |||||||||||
State and municipal debt obligations | — | 52 | — | 52 | |||||||||||
Equity, U.S. Government and corporate debt, and other securities | 2 | 32 | — | 34 | |||||||||||
Total other securities owned | 455 | 84 | — | 539 | |||||||||||
Available for sale securities: | |||||||||||||||
U.S. agency mortgage-backed securities | — | 20,929 | — | 20,929 | |||||||||||
U.S. Treasury securities | — | 9,500 | — | 9,500 | |||||||||||
Asset-backed securities | — | 9,047 | — | 9,047 | |||||||||||
Corporate debt securities | — | 6,169 | — | 6,169 | |||||||||||
Certificates of deposit | — | 2,041 | — | 2,041 | |||||||||||
U.S. agency notes | — | 1,906 | — | 1,906 | |||||||||||
Commercial paper | — | 313 | — | 313 | |||||||||||
Foreign government agency securities | — | 50 | — | 50 | |||||||||||
Non-agency commercial mortgage-backed securities | — | 40 | — | 40 | |||||||||||
Total available for sale securities | — | 49,995 | — | 49,995 | |||||||||||
Total | $ | 3,182 | $ | 55,935 | $ | — | $ | 59,117 |
September 30, 2018 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 19,290 | $ | — | $ | 19,290 | $ | — | $ | 19,290 | |||||||||
Cash and investments segregated and on deposit for regulatory purposes | 6,526 | — | 6,526 | — | 6,526 | ||||||||||||||
Receivables from brokers, dealers, and clearing organizations | 798 | — | 798 | — | 798 | ||||||||||||||
Receivables from brokerage clients — net | 22,402 | — | 22,402 | — | 22,402 | ||||||||||||||
Held to maturity securities: | |||||||||||||||||||
U.S. agency mortgage-backed securities | 113,453 | — | 109,996 | — | 109,996 | ||||||||||||||
Asset-backed securities | 17,964 | — | 18,074 | — | 18,074 | ||||||||||||||
Corporate debt securities | 4,578 | — | 4,531 | — | 4,531 | ||||||||||||||
U.S. state and municipal securities | 1,330 | — | 1,329 | — | 1,329 | ||||||||||||||
Non-agency commercial mortgage-backed securities | 1,149 | — | 1,125 | — | 1,125 | ||||||||||||||
U.S. Treasury securities | 223 | — | 212 | — | 212 | ||||||||||||||
Certificates of deposit | 200 | — | 201 | — | 201 | ||||||||||||||
Foreign government agency securities | 50 | — | 48 | — | 48 | ||||||||||||||
Other | 5 | — | 5 | — | 5 | ||||||||||||||
Total held to maturity securities | 138,952 | — | 135,521 | — | 135,521 | ||||||||||||||
Bank loans — net: | |||||||||||||||||||
First Mortgages | 10,239 | — | 9,963 | — | 9,963 | ||||||||||||||
HELOCs | 1,595 | — | 1,664 | — | 1,664 | ||||||||||||||
Pledged asset lines | 4,556 | — | 4,556 | — | 4,556 | ||||||||||||||
Other | 174 | — | 174 | — | 174 | ||||||||||||||
Total bank loans — net | 16,564 | — | 16,357 | — | 16,357 | ||||||||||||||
Other assets | 463 | — | 463 | — | 463 | ||||||||||||||
Total | $ | 204,995 | $ | — | $ | 201,357 | $ | — | $ | 201,357 | |||||||||
Liabilities | |||||||||||||||||||
Bank deposits | $ | 213,408 | $ | — | $ | 213,408 | $ | — | $ | 213,408 | |||||||||
Payables to brokers, dealers, and clearing organizations | 1,522 | — | 1,522 | — | 1,522 | ||||||||||||||
Payables to brokerage clients | 27,851 | — | 27,851 | — | 27,851 | ||||||||||||||
Accrued expenses and other liabilities | 1,177 | — | 1,177 | — | 1,177 | ||||||||||||||
Long-term debt | 5,790 | — | 5,687 | — | 5,687 | ||||||||||||||
Total | $ | 249,748 | $ | — | $ | 249,645 | $ | — | $ | 249,645 |
December 31, 2017 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 11,490 | $ | — | $ | 11,490 | $ | — | $ | 11,490 | |||||||||
Cash and investments segregated and on deposit for regulatory purposes | 9,277 | — | 9,277 | — | 9,277 | ||||||||||||||
Receivables from brokers, dealers, and clearing organizations | 649 | — | 649 | — | 649 | ||||||||||||||
Receivables from brokerage clients — net | 20,568 | — | 20,568 | — | 20,568 | ||||||||||||||
Held to maturity securities: | |||||||||||||||||||
U.S. agency mortgage-backed securities | 101,197 | — | 100,453 | — | 100,453 | ||||||||||||||
Asset-backed securities | 12,937 | — | 13,062 | — | 13,062 | ||||||||||||||
Corporate debt securities | 4,078 | — | 4,086 | — | 4,086 | ||||||||||||||
U.S. state and municipal securities | 1,247 | — | 1,304 | — | 1,304 | ||||||||||||||
Non-agency commercial mortgage-backed securities | 994 | — | 999 | — | 999 | ||||||||||||||
U.S. Treasury securities | 223 | — | 220 | — | 220 | ||||||||||||||
Certificates of deposit | 200 | — | 200 | — | 200 | ||||||||||||||
Foreign government agency securities | 50 | — | 49 | — | 49 | ||||||||||||||
Total held to maturity securities | 120,926 | — | 120,373 | — | 120,373 | ||||||||||||||
Bank loans — net: | |||||||||||||||||||
First Mortgages | 10,000 | — | 9,917 | — | 9,917 | ||||||||||||||
HELOCs | 1,935 | — | 2,025 | — | 2,025 | ||||||||||||||
Pledged asset lines | 4,369 | — | 4,369 | — | 4,369 | ||||||||||||||
Other | 174 | — | 174 | — | 174 | ||||||||||||||
Total bank loans — net | 16,478 | — | 16,485 | — | 16,485 | ||||||||||||||
Other assets | 781 | — | 781 | — | 781 | ||||||||||||||
Total | $ | 180,169 | $ | — | $ | 179,623 | $ | — | $ | 179,623 | |||||||||
Liabilities | |||||||||||||||||||
Bank deposits | $ | 169,656 | $ | — | $ | 169,656 | $ | — | $ | 169,656 | |||||||||
Payables to brokers, dealers, and clearing organizations | 1,287 | — | 1,287 | — | 1,287 | ||||||||||||||
Payables to brokerage clients | 31,243 | — | 31,243 | — | 31,243 | ||||||||||||||
Accrued expenses and other liabilities | 1,463 | — | 1,463 | — | 1,463 | ||||||||||||||
Short-term borrowings | 15,000 | — | 15,000 | — | 15,000 | ||||||||||||||
Long-term debt | 4,753 | — | 4,811 | — | 4,811 | ||||||||||||||
Total | $ | 223,402 | $ | — | $ | 223,460 | $ | — | $ | 223,460 |
Liquidation Preference Per Share | Dividend Rate in Effect at September 30, 2018 | Earliest Redemption Date | Date at Which Dividend Rate Becomes Floating | Floating Annual Rate of Three-Month LIBOR plus: | ||||||||||||||||
Shares Issued and Outstanding (In thousands) at | Carrying Value at | |||||||||||||||||||
September 30, 2018 (1) | December 31, 2017 (1) | September 30, 2018 | December 31, 2017 | Issue Date | ||||||||||||||||
Fixed-rate: | ||||||||||||||||||||
Series C | 600 | 600 | $ | 1,000 | $ | 585 | $ | 585 | 08/03/15 | 6.000 | % | 12/01/20 | N/A | N/A | ||||||
Series D | 750 | 750 | 1,000 | 728 | 728 | 03/07/16 | 5.950 | % | 06/01/21 | N/A | N/A | |||||||||
Fixed-to-floating-rate: | ||||||||||||||||||||
Series A | 400 | 400 | 1,000 | 397 | 397 | 01/26/12 | 7.000 | % | 02/01/22 | 02/01/22 | 4.820 | % | ||||||||
Series E | 6 | 6 | 100,000 | 591 | 591 | 10/31/16 | 4.625 | % | 03/01/22 | 03/01/22 | 3.315 | % | ||||||||
Series F | 5 | 5 | 100,000 | 492 | 492 | 10/31/17 | 5.000 | % | 12/01/27 | 12/01/27 | 2.575 | % | ||||||||
Total preferred stock | 1,761 | 1,761 | $ | 2,793 | $ | 2,793 |
2018 | 2017 | ||||||||||||||||||||||
Three Months Ended September 30, | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Change in net unrealized gain (loss) on available for sale securities: | |||||||||||||||||||||||
Net unrealized gain (loss) | $ | (43 | ) | $ | 11 | $ | (32 | ) | $ | — | $ | — | $ | — | |||||||||
Change in net unrealized gain (loss) on held to maturity securities: | |||||||||||||||||||||||
Amortization of amounts previously recorded upon transfer from available for sale | 8 | (2 | ) | 6 | 10 | (4 | ) | 6 | |||||||||||||||
Other comprehensive income (loss) | $ | (35 | ) | $ | 9 | $ | (26 | ) | $ | 10 | $ | (4 | ) | $ | 6 |
2018 | 2017 | ||||||||||||||||||||||
Nine Months Ended September 30, | Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | |||||||||||||||||
Change in net unrealized gain (loss) on available for sale securities: | |||||||||||||||||||||||
Net unrealized gain (loss) | $ | (184 | ) | $ | 45 | $ | (139 | ) | $ | 81 | $ | (30 | ) | $ | 51 | ||||||||
Reclassification of net unrealized loss on securities transferred to held to maturity (1) | — | — | — | 227 | (85 | ) | 142 | ||||||||||||||||
Other reclassifications included in other revenue | — | — | — | (7 | ) | 3 | (4 | ) | |||||||||||||||
Change in net unrealized gain (loss) on held to maturity securities: | |||||||||||||||||||||||
Reclassification of net unrealized loss on securities transferred from available for sale (1) | — | — | — | (227 | ) | 85 | (142 | ) | |||||||||||||||
Amortization of amounts previously recorded upon transfer from available for sale | 26 | (6 | ) | 20 | 21 | (9 | ) | 12 | |||||||||||||||
Other | — | — | — | (3 | ) | 1 | (2 | ) | |||||||||||||||
Other comprehensive income (loss) | $ | (158 | ) | $ | 39 | $ | (119 | ) | $ | 92 | $ | (35 | ) | $ | 57 |
Total Accumulated Other Comprehensive Income | ||||
Balance at December 31, 2016 | $ | (163 | ) | |
Available for sale securities: | ||||
Net unrealized gain (loss) | 51 | |||
Reclassification of net unrealized loss on securities transferred to held to maturity | 142 | |||
Other reclassifications included in other revenue | (4 | ) | ||
Held to maturity securities: | ||||
Reclassification of net unrealized loss on securities transferred from available for sale | (142 | ) | ||
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 12 | |||
Other | (2 | ) | ||
Balance at September 30, 2017 | $ | (106 | ) | |
Balance at December 31, 2017 | $ | (152 | ) | |
Adoption of accounting standards (Note 2) | (33 | ) | ||
Available for sale securities: | ||||
Net unrealized gain (loss) | (139 | ) | ||
Held to maturity securities: | ||||
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale | 20 | |||
Balance at September 30, 2018 | $ | (304 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 923 | $ | 618 | $ | 2,572 | $ | 1,757 | ||||||||
Preferred stock dividends and other (1) | (38 | ) | (43 | ) | (128 | ) | (127 | ) | ||||||||
Net income available to common stockholders | $ | 885 | $ | 575 | $ | 2,444 | $ | 1,630 | ||||||||
Weighted-average common shares outstanding — basic | 1,351 | 1,339 | 1,349 | 1,338 | ||||||||||||
Common stock equivalent shares related to stock incentive plans | 13 | 14 | 14 | 14 | ||||||||||||
Weighted-average common shares outstanding — diluted (2) | 1,364 | 1,353 | 1,363 | 1,352 | ||||||||||||
Basic EPS | $ | .66 | $ | .43 | $ | 1.81 | $ | 1.22 | ||||||||
Diluted EPS | $ | .65 | $ | .42 | $ | 1.79 | $ | 1.21 |
Actual | Minimum to be Well Capitalized | Minimum Capital Requirement | |||||||||||||||||||
September 30, 2018 | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
CSC | |||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | 17,025 | 19.6 | % | N/A | $ | 3,907 | 4.5 | % | ||||||||||||
Tier 1 Risk-Based Capital | 19,818 | 22.8 | % | N/A | 5,210 | 6.0 | % | ||||||||||||||
Total Risk-Based Capital | 19,846 | 22.9 | % | N/A | 6,946 | 8.0 | % | ||||||||||||||
Tier 1 Leverage | 19,818 | 7.5 | % | N/A | 10,622 | 4.0 | % | ||||||||||||||
CSB | |||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | 15,164 | 20.2 | % | $ | 4,890 | 6.5 | % | $ | 3,385 | 4.5 | % | |||||||||
Tier 1 Risk-Based Capital | 15,164 | 20.2 | % | 6,018 | 8.0 | % | 4,513 | 6.0 | % | ||||||||||||
Total Risk-Based Capital | 15,191 | 20.2 | % | 7,522 | 10.0 | % | 6,018 | 8.0 | % | ||||||||||||
Tier 1 Leverage | 15,164 | 7.1 | % | 10,668 | 5.0 | % | 8,534 | 4.0 | % | ||||||||||||
December 31, 2017 | |||||||||||||||||||||
CSC | |||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | 14,630 | 19.3 | % | N/A | $ | 3,414 | 4.5 | % | ||||||||||||
Tier 1 Risk-Based Capital | 17,423 | 23.0 | % | N/A | 4,552 | 6.0 | % | ||||||||||||||
Total Risk-Based Capital | 17,452 | 23.0 | % | N/A | 6,069 | 8.0 | % | ||||||||||||||
Tier 1 Leverage | 17,423 | 7.6 | % | N/A | 9,218 | 4.0 | % | ||||||||||||||
CSB | |||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | $ | 13,355 | 20.1 | % | $ | 4,324 | 6.5 | % | $ | 2,993 | 4.5 | % | |||||||||
Tier 1 Risk-Based Capital | 13,355 | 20.1 | % | 5,321 | 8.0 | % | 3,991 | 6.0 | % | ||||||||||||
Total Risk-Based Capital | 13,382 | 20.1 | % | 6,652 | 10.0 | % | 5,321 | 8.0 | % | ||||||||||||
Tier 1 Leverage | 13,355 | 7.1 | % | 9,462 | 5.0 | % | 7,569 | 4.0 | % |
September 30, 2018 | December 31, 2017 | |||||||
Net Capital | $ | 2,280 | $ | 2,118 | ||||
Minimum net capital required | 0.250 | 0.250 | ||||||
2% of aggregate debit balances | 476 | 435 | ||||||
Net Capital in excess of required net capital | $ | 1,804 | $ | 1,683 |
Investor Services | Advisor Services | Total | ||||||||||||||||||||||
Three Months Ended September 30, | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Net Revenues | ||||||||||||||||||||||||
Net interest revenue | $ | 1,138 | $ | 818 | $ | 389 | $ | 264 | $ | 1,527 | $ | 1,082 | ||||||||||||
Asset management and administration fees | 565 | 595 | 244 | 266 | 809 | 861 | ||||||||||||||||||
Trading revenue | 112 | 94 | 64 | 57 | 176 | 151 | ||||||||||||||||||
Other | 53 | 54 | 14 | 17 | 67 | 71 | ||||||||||||||||||
Total net revenues | 1,868 | 1,561 | 711 | 604 | 2,579 | 2,165 | ||||||||||||||||||
Expenses Excluding Interest | 1,015 | 918 | 345 | 302 | 1,360 | 1,220 | ||||||||||||||||||
Income before taxes on income | $ | 853 | $ | 643 | $ | 366 | $ | 302 | $ | 1,219 | $ | 945 |
Investor Services | Advisor Services | Total | ||||||||||||||||||||||
Nine Months Ended September 30, | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Net Revenues | ||||||||||||||||||||||||
Net interest revenue | $ | 3,158 | $ | 2,366 | $ | 1,039 | $ | 769 | $ | 4,197 | $ | 3,135 | ||||||||||||
Asset management and administration fees | 1,727 | 1,743 | 747 | 786 | 2,474 | 2,529 | ||||||||||||||||||
Trading revenue | 354 | 311 | 203 | 189 | 557 | 500 | ||||||||||||||||||
Other | 182 | 159 | 53 | 53 | 235 | 212 | ||||||||||||||||||
Total net revenues | 5,421 | 4,579 | 2,042 | 1,797 | 7,463 | 6,376 | ||||||||||||||||||
Expenses Excluding Interest | 3,069 | 2,762 | 1,042 | 917 | 4,111 | 3,679 | ||||||||||||||||||
Income before taxes on income | $ | 2,352 | $ | 1,817 | $ | 1,000 | $ | 880 | $ | 3,352 | $ | 2,697 |
Month | Total number of shares purchased (in thousands) | Average price paid per shares | |||||
July: | |||||||
Employee transactions (1) | 3 | $ | 51.24 | ||||
August: | |||||||
Employee transactions (1) | 5 | $ | 50.57 | ||||
September: | |||||||
Employee transactions (1) | 5 | $ | 50.99 | ||||
Total: | |||||||
Employee Transactions (1) | 13 | $ | 50.89 |
Exhibit Number | Exhibit | ||
12.1 | |||
31.1 | |||
31.2 | |||
32.1 | (1) | ||
32.2 | (1) | ||
101.INS | XBRL Instance Document | (2) | |
101.SCH | XBRL Taxonomy Extension Schema | (2) | |
101.CAL | XBRL Taxonomy Extension Calculation | (2) | |
101.DEF | XBRL Extension Definition | (2) | |
101.LAB | XBRL Taxonomy Extension Label | (2) | |
101.PRE | XBRL Taxonomy Extension Presentation | (2) | |
(1 | ) | Furnished as an exhibit to this Quarterly Report on Form 10-Q. | |
(2 | ) | Attached as Exhibit 101 to this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 are the following materials formatted in XBRL (Extensible Business Reporting Language) (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements. |
THE CHARLES SCHWAB CORPORATION | |||
(Registrant) | |||
Date: | November 7, 2018 | /s/ Peter Crawford | |
Peter Crawford | |||
Executive Vice President and Chief Financial Officer |
Nine Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
September 30, 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings before taxes on earnings | $ | 3,352 | $ | 3,650 | $ | 2,993 | $ | 2,279 | $ | 2,115 | $ | 1,705 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Bank deposits | 339 | 148 | 37 | 29 | 30 | 31 | ||||||||||||||||||
Payables to brokerage clients | 37 | 16 | 3 | 2 | 2 | 3 | ||||||||||||||||||
Short-term borrowings | 54 | 41 | 9 | — | — | — | ||||||||||||||||||
Long-term debt | 131 | 119 | 104 | 92 | 73 | 69 | ||||||||||||||||||
Other | 8 | 18 | 18 | 9 | (3 | ) | 2 | |||||||||||||||||
Total | 569 | 342 | 171 | 132 | 102 | 105 | ||||||||||||||||||
Interest portion of rental expense | 86 | 99 | 88 | 77 | 71 | 69 | ||||||||||||||||||
Total fixed charges (A) | 655 | 441 | 259 | 209 | 173 | 174 | ||||||||||||||||||
Earnings before taxes on earnings and fixed charges (B) | $ | 4,007 | $ | 4,091 | $ | 3,252 | $ | 2,488 | $ | 2,288 | $ | 1,879 | ||||||||||||
Ratio of earnings to fixed charges (B) ÷ (A) (1) | 6.1 | 9.3 | 12.6 | 11.9 | 13.2 | 10.8 | ||||||||||||||||||
Ratio of earnings to fixed charges, excluding | ||||||||||||||||||||||||
bank deposits and payables to brokerage | ||||||||||||||||||||||||
clients interest expense (2) | 13.0 | 14.2 | 14.7 | 13.8 | 16.0 | 13.2 | ||||||||||||||||||
Total fixed charges | $ | 655 | $ | 441 | $ | 259 | $ | 209 | $ | 173 | $ | 174 | ||||||||||||
Preferred stock dividends and other (3) | 167 | 270 | 227 | 131 | 96 | 97 | ||||||||||||||||||
Total fixed charges and preferred stock dividends and other (C) | $ | 822 | $ | 711 | $ | 486 | $ | 340 | $ | 269 | $ | 271 | ||||||||||||
Ratio of earnings to fixed charges and preferred | ||||||||||||||||||||||||
stock dividends and other (B) ÷ (C) (1) | 4.9 | 5.8 | 6.7 | 7.3 | 8.5 | 6.9 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock | ||||||||||||||||||||||||
dividends and other, excluding bank deposits and | ||||||||||||||||||||||||
payables to brokerage clients interest expense (2) | 8.1 | 7.2 | 7.2 | 8.0 | 9.5 | 7.8 |
1. | I have reviewed this Quarterly Report on Form 10-Q of The Charles Schwab Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 7, 2018 | /s/ Walter W. Bettinger II | |
Walter W. Bettinger II | |||
President and Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of The Charles Schwab Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 7, 2018 | /s/ Peter Crawford | |
Peter Crawford | |||
Executive Vice President and Chief Financial Officer |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein. |
/s/ Walter W. Bettinger II | Date: | November 7, 2018 | |
Walter W. Bettinger II | |||
President and Chief Executive Officer |
/s/ Peter Crawford | Date: | November 7, 2018 | |
Peter Crawford | |||
Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 31, 2018 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SCHW | |
Entity Registrant Name | SCHWAB CHARLES CORP | |
Entity Central Index Key | 0000316709 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,350,452,801 |
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||||
Net Revenues | ||||||||||||
Interest revenue | $ 1,755 | $ 1,176 | $ 4,766 | $ 3,358 | ||||||||
Interest expense | (228) | (94) | (569) | (223) | ||||||||
Net interest revenue | 1,527 | 1,082 | 4,197 | 3,135 | ||||||||
Asset management and administration fees | 809 | 861 | 2,474 | 2,529 | ||||||||
Trading revenue | 176 | 151 | 557 | 500 | ||||||||
Other | 67 | 71 | 235 | 212 | ||||||||
Total net revenues | 2,579 | 2,165 | 7,463 | 6,376 | ||||||||
Expenses Excluding Interest | ||||||||||||
Compensation and benefits | 737 | 662 | 2,252 | 2,026 | ||||||||
Professional services | 164 | 152 | 476 | 429 | ||||||||
Occupancy and equipment | 124 | 111 | 368 | 323 | ||||||||
Advertising and market development | 70 | 63 | 220 | 205 | ||||||||
Communications | 59 | 56 | 179 | 171 | ||||||||
Depreciation and amortization | 78 | 69 | 226 | 200 | [1] | |||||||
Regulatory fees and assessments | 57 | 43 | 158 | 133 | ||||||||
Other | 71 | 64 | 232 | 192 | ||||||||
Total expenses excluding interest | 1,360 | 1,220 | 4,111 | 3,679 | ||||||||
Income before taxes on income | 1,219 | 945 | 3,352 | 2,697 | ||||||||
Taxes on income | 296 | 327 | 780 | 940 | ||||||||
Net Income | 923 | 618 | 2,572 | 1,757 | [1] | |||||||
Preferred stock dividends and other | [2] | 38 | 43 | 128 | 127 | |||||||
Net Income Available to Common Stockholders | $ 885 | $ 575 | $ 2,444 | $ 1,630 | ||||||||
Weighted-Average Common Shares Outstanding: | ||||||||||||
Basic (shares) | 1,351 | 1,339 | 1,349 | 1,338 | ||||||||
Diluted (shares) | [3] | 1,364 | 1,353 | 1,363 | 1,352 | |||||||
Earnings Per Common Shares Outstanding: | ||||||||||||
Basic (USD per share) | $ 0.66 | $ 0.43 | $ 1.81 | $ 1.22 | ||||||||
Diluted (USD per share) | 0.65 | 0.42 | 1.79 | 1.21 | ||||||||
Dividends Declared Per Common Share (USD per share) | $ 0.13 | $ 0.08 | $ 0.33 | $ 0.24 | ||||||||
|
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Assets | |||||
Cash and cash equivalents | $ 21,830 | [1] | $ 14,217 | ||
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $4,424 at September 30, 2018 and $6,596 at December 31, 2017) | 8,487 | 15,139 | |||
Receivables from brokers, dealers, and clearing organizations | 798 | 649 | |||
Receivables from brokerage clients — net | 22,411 | 20,576 | |||
Other securities owned — at fair value | 500 | 539 | |||
Available for sale securities | 57,558 | 49,995 | |||
Held to maturity securities | 138,952 | 120,926 | |||
Bank loans — net | 16,564 | 16,478 | |||
Equipment, office facilities, and property — net | 1,683 | 1,471 | |||
Goodwill | 1,227 | 1,227 | |||
Other assets | 2,092 | 2,057 | |||
Total assets | 272,102 | 243,274 | |||
Liabilities and Stockholders’ Equity | |||||
Bank deposits | 213,408 | 169,656 | |||
Payables to brokers, dealers, and clearing organizations | 1,522 | 1,287 | |||
Payables to brokerage clients | 27,851 | 31,243 | |||
Accrued expenses and other liabilities | 2,697 | 2,810 | |||
Short-term borrowings | 0 | 15,000 | |||
Long-term debt | 5,790 | 4,753 | |||
Total liabilities | 251,268 | 224,749 | |||
Stockholders’ equity: | |||||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $2,850 | 2,793 | 2,793 | |||
Common stock — 3 billion shares authorized; $.01 par value per share; 1,487,543,446 shares issued | 15 | 15 | |||
Additional paid-in capital | 4,484 | 4,353 | |||
Retained earnings | 16,615 | 14,408 | |||
Treasury stock, at cost — 135,806,047 shares at September 30, 2018 and 142,210,890 shares at December 31, 2017 | (2,769) | (2,892) | |||
Accumulated other comprehensive income (loss) | (304) | (152) | |||
Total stockholders’ equity | 20,834 | 18,525 | |||
Total liabilities and stockholders’ equity | $ 272,102 | $ 243,274 | |||
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cash and investments segregated and on deposit for regulatory purposes, resale agreements | $ 4,424 | $ 6,596 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | $ 2,850 | $ 2,850 |
Common stock, shares authorized (shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (shares) | 1,487,543,446 | 1,487,543,446 |
Treasury stock (shares) | 135,806,047 | 142,210,890 |
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions |
Total |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, at cost [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
|||
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2016 | $ 16,421 | $ 2,783 | $ 15 | $ 4,267 | $ 12,649 | $ (3,130) | $ (163) | |||
Beginning balance (shares) at Dec. 31, 2016 | 1,488 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 1,757 | [1] | 1,757 | |||||||
Other comprehensive income (loss), net of tax | 57 | 57 | ||||||||
Dividends declared on preferred stock | (120) | (120) | ||||||||
Dividends declared on common stock | (323) | (323) | ||||||||
Stock option exercises and other | 98 | (30) | 128 | |||||||
Share-based compensation and related tax effects | 105 | 105 | ||||||||
Other | 32 | 23 | 9 | |||||||
Ending balance (shares) at Sep. 30, 2017 | 1,488 | |||||||||
Ending balance at Sep. 30, 2017 | 18,027 | 2,783 | $ 15 | 4,365 | 13,963 | (2,993) | (106) | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Adoption of accounting standards (Note 2) | Accounting Standards Update 2014-09 and 2018-02 [Member] | 167 | 200 | (33) | |||||||
Beginning balance at Dec. 31, 2017 | 18,525 | 2,793 | $ 15 | 4,353 | 14,408 | (2,892) | (152) | |||
Beginning balance (shares) at Dec. 31, 2017 | 1,488 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 2,572 | 2,572 | ||||||||
Other comprehensive income (loss), net of tax | (119) | (119) | ||||||||
Dividends declared on preferred stock | (117) | (117) | ||||||||
Dividends declared on common stock | (448) | (448) | ||||||||
Stock option exercises and other | 108 | (8) | 116 | |||||||
Share-based compensation and related tax effects | 106 | 106 | ||||||||
Other | 40 | 33 | 7 | |||||||
Ending balance (shares) at Sep. 30, 2018 | 1,488 | |||||||||
Ending balance at Sep. 30, 2018 | $ 20,834 | $ 2,793 | $ 15 | $ 4,484 | $ 16,615 | $ (2,769) | $ (304) | |||
|
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
||||||
Cash Flows from Operating Activities | |||||||
Net income | $ 2,572 | $ 1,757 | [1] | ||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||
Share-based compensation | 113 | 111 | [1] | ||||
Depreciation and amortization | 226 | 200 | [1] | ||||
Premium amortization, net, on available for sale and held to maturity securities | 276 | 240 | [1] | ||||
Other | 108 | 35 | [1] | ||||
Net change in: | |||||||
Investments segregated and on deposit for regulatory purposes | 6,973 | 6,864 | [1] | ||||
Receivables from brokers, dealers, and clearing organizations | (147) | 61 | [1] | ||||
Receivables from brokerage clients | (1,858) | (1,310) | [1] | ||||
Other securities owned | 39 | 22 | [1] | ||||
Other assets | (143) | (76) | [1] | ||||
Payables to brokers, dealers, and clearing organizations | 43 | (957) | [1] | ||||
Payables to brokerage clients | (3,392) | (4,414) | [1] | ||||
Accrued expenses and other liabilities | (155) | (82) | [1] | ||||
Net cash provided by operating activities | 4,655 | 2,451 | [1] | ||||
Cash Flows from Investing Activities | |||||||
Purchases of available for sale securities | (19,781) | (6,375) | [1] | ||||
Proceeds from sales of available for sale securities | 115 | 5,773 | [1] | ||||
Principal payments on available for sale securities | 12,091 | 6,532 | [1] | ||||
Purchases of held to maturity securities | (30,639) | (19,886) | [1] | ||||
Principal payments on held to maturity securities | 12,382 | 7,927 | [1] | ||||
Net increase in bank loans | (86) | (829) | [1] | ||||
Purchases of equipment, office facilities, and property | (400) | (267) | [1] | ||||
Purchases of Federal Home Loan Bank stock | (156) | (160) | [1] | ||||
Proceeds from sales of Federal Home Loan Bank stock | 528 | 106 | [1] | ||||
Other investing activities | (74) | (52) | [1] | ||||
Net cash provided by (used for) investing activities | (26,020) | (7,231) | [1] | ||||
Cash Flows from Financing Activities | |||||||
Net change in bank deposits | 43,752 | 1,809 | [1] | ||||
Net change in short-term borrowings | (15,000) | 5,000 | [1] | ||||
Issuance of long-term debt | 1,936 | 643 | [1] | ||||
Repayment of long-term debt | (906) | (256) | [1] | ||||
Dividends paid | (579) | (456) | [1] | ||||
Proceeds from stock options exercised and other | 108 | 98 | [1] | ||||
Other financing activities | (12) | (10) | [1] | ||||
Net cash provided by (used for) financing activities | 29,299 | 6,828 | [1] | ||||
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 7,934 | 2,048 | [1] | ||||
Cash and Cash Equivalents including Amounts Restricted at Beginning of Year | 19,160 | 17,873 | [1] | ||||
Cash and Cash Equivalents, including Amounts Restricted at End of Period | [2] | 27,094 | 19,921 | [1] | |||
Cash paid during the period for: | |||||||
Interest | 550 | 233 | |||||
Income taxes | 649 | 890 | |||||
Non-cash investing activity: | |||||||
Securities purchased during the period but settled after period end | $ 221 | $ 3,977 | |||||
|
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2018 |
Sep. 30, 2017 |
[2] | |||||
---|---|---|---|---|---|---|---|---|
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet | ||||||||
Cash and cash equivalents | [1] | $ 21,830 | $ 12,253 | |||||
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | [1] | 5,264 | 7,668 | |||||
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | [1] | $ 27,094 | $ 19,921 | |||||
|
Introduction and Basis of Presentation |
9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Introduction and Basis of Presentation | Introduction and Basis of Presentation The Charles Schwab Corporation (CSC) is a savings and loan holding company engaged, through its subsidiaries, in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Significant business subsidiaries of CSC include the following:
Unless otherwise indicated, the terms “Schwab,” “the Company,” “we,” “us,” or “our” mean CSC together with its consolidated subsidiaries. These unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the U.S. (GAAP), which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements, and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2017 Form 10-K. The significant accounting policies are included in Note 2 in the 2017 Form 10-K. There have been no significant changes to these accounting policies during the first nine months of 2018, except as described in Note 2 below. Principles of Consolidation Schwab evaluates all entities in which it has financial interests for consolidation, except for money market funds, which are specifically excluded from consolidation guidance. When an entity is evaluated for consolidation, Schwab determines whether its interest in the entity constitutes a controlling financial interest under either the variable interest entity (VIE) model or a voting interest entity (VOE) model. In evaluating whether Schwab’s interest in a VIE is a controlling financial interest, we consider whether our involvement, in the context of the design, purpose, and risks of the VIE, as well as any involvement of related parties, provides us with (i) the power to direct the most significant activities of the VIE, and (ii) the obligation to absorb losses or receive benefits that are significant to the VIE. If both of these conditions exist, then Schwab would be the primary beneficiary of that VIE, and consolidate it. Based upon the assessments for all of our interests in VIEs, there are no cases where Schwab is the primary beneficiary; therefore, we are not required to consolidate any VIEs. Schwab consolidates all VOEs in which it has majority-voting interests. Investments in entities in which Schwab does not have a controlling financial interest are accounted for under the equity method of accounting when we have the ability to exercise significant influence over operating and financing decisions of the entity. Investments in entities for which Schwab does not have the ability to exercise significant influence are generally carried at cost and adjusted for impairment and observable price changes of the identical or similar investments of the same issuer (adjusted cost method), except for certain investments in qualified affordable housing projects which are accounted for under the proportional amortization method. All equity method, adjusted cost method, and proportional amortization method investments are included in other assets on the condensed consolidated balance sheets. |
New Accounting Standards |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards
New Accounting Standards Not Yet Adopted
The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09, “Revenue – Revenue from Contracts with Customers” and ASU 2018-02, “Other Comprehensive Income – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” were as follows:
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated statement of income and condensed consolidated balance sheet were as follows:
(1) Adjustment is comprised of an increase in capitalized contract costs of $246 million, partially offset by an increase in deferred tax liabilities of $59 million. |
Revenue Recognition |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Disaggregated Revenue Disaggregation of Schwab’s revenue by major source is as follows:
For a summary of revenue provided by our reportable segments, see Note 17. The recognition of revenue is not impacted by the operating segment in which revenue is generated. Net interest revenue Net interest revenue, which is generated from financial instruments covered by various other areas of GAAP, is not within the scope of Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers (ASC 606), and is included in the table above in order to reconcile to total net revenues per the condensed consolidated statement of income. Net interest revenue is the difference between interest generated on interest earning assets and interest paid on funding sources. Our primary interest earning assets include cash and cash equivalents; segregated cash and investments; margin loans, which constitute the majority of receivables from brokerage clients; investment securities; and bank loans. Revenue on interest earning assets is affected by various factors, such as the composition of assets, prevailing interest rates at the time of origination or purchase, changes in interest rates on floating rate securities, and changes in prepayment levels for mortgage related securities and loans. Fees earned on securities borrowing and lending activities, which are conducted by CS&Co on assets held in client brokerage accounts, are included in other interest revenue and expense. Asset management and administration fees The majority of asset management and administration fees are generated through our proprietary and third-party mutual fund and ETF offerings, as well as fee-based advisory solutions. Mutual fund and ETF service fees are charged for investment management, shareholder, and administration services provided to Schwab Funds® and Schwab ETFs™, as well as recordkeeping, shareholder, and administration services provided to third-party funds. Advice solutions fees are charged for brokerage and asset management services provided to advice solutions clients. Both mutual fund and ETF service fees and advice solutions fees are earned and recognized over time. Fees are generally based on a percentage of the daily value of assets under management and are collected on a monthly or quarterly basis. Trading revenue Substantially all trading revenue is generated through commissions earned for executing trades for clients in individual equities, options, fixed income securities, and certain third-party mutual funds and ETFs. This revenue is earned and collected when the trades are executed. Other revenue Other revenue includes order flow revenue, other service fees, software fees from our portfolio management solutions, exchange processing fees, and nonrecurring gains. Generally, the most significant portion of other revenue is order flow revenue, which are payments received from execution venues to which CS&Co sends equity and option orders. Order flow revenue is recognized when the trades are executed. Capitalized contract costs Deferred contract costs relate to sales commissions paid to employees for obtaining contracts with clients and are included in other assets on the condensed consolidated balance sheets. These costs are amortized to expense on a straight-line basis over a period that is consistent with how the related revenue is recognized. At September 30, 2018 and January 1, 2018, we had $246 million and $219 million of deferred contract costs, respectively. Amortization expense related to deferred contract costs was $12 million and $34 million for the third quarter and first nine months of 2018, respectively, which was recorded in compensation and benefits expense on the condensed consolidated statements of income. Contract balances Receivables from contracts with customers within the scope of ASC 606 were $353 million at January 1, 2018 and $359 million at September 30, 2018 and were recorded in other assets on the condensed consolidated balance sheets. Schwab does not have any other significant contract assets or contract liability balances as of September 30, 2018 and January 1, 2018. Unsatisfied performance obligations We do not have any unsatisfied performance obligations other than those that are subject to an elective practical expedient under ASC 606. The practical expedient applies to and is elected for contracts where we recognize revenue at the amount to which we have the right to invoice for services performed. |
Investment Securities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of AFS and HTM securities are as follows:
(1) Approximately 37% and 42% of asset-backed securities held as of September 30, 2018 and December 31, 2017, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 43% and 40% of the asset-backed securities held as of September 30, 2018 and December 31, 2017, respectively. (2) As of September 30, 2018 and December 31, 2017, approximately 31% and 41%, respectively, of the total AFS and HTM investments in corporate debt securities and commercial paper were issued by institutions in the financial services industry. Approximately 18% and 22% of the holdings of these securities were issued by institutions in the information technology industry as of September 30, 2018 and December 31, 2017, respectively. (3) Included in cash and cash equivalents on the condensed consolidated balance sheet, but excluded from this table is $2.0 billion of AFS commercial paper. These holdings have maturities of three months or less and an aggregate market value equal to amortized cost. At September 30, 2018, certain banking subsidiaries had pledged securities with a fair value of $21.5 billion as collateral to secure borrowing capacity on secured credit facilities with the FHLB (see Note 8). We also pledge certain investment securities as collateral to secure borrowing capacity at the Federal Reserve Bank discount window, and had pledged securities with a fair value of $2.4 billion as collateral for this facility at September 30, 2018. CSB also pledges securities issued by federal agencies to secure certain trust deposits. The fair value of these pledged securities was $898 million at September 30, 2018. Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, are as follows:
(1) The number of investment positions with unrealized losses totaled 413 for AFS securities and 1,800 for HTM securities. (2) The number of investment positions with unrealized losses totaled 251 for AFS securities and 938 for HTM securities. At September 30, 2018, substantially all securities in the investment portfolios were rated investment grade. U.S. agency mortgage-backed securities do not have explicit credit ratings; however, management considers these to be of the highest credit quality and rating given the guarantee of principal and interest by the U.S. government or U.S. government-sponsored enterprises. Management evaluates whether investment securities are other-than-temporarily impaired (OTTI) on a quarterly basis as described in Note 2 in the 2017 Form 10-K. No amounts were recognized as OTTI in earnings or other comprehensive income in 2018 or 2017. As of September 30, 2018 and December 31, 2017, Schwab did not hold any securities on which OTTI was previously recognized. The maturities of AFS and HTM securities are as follows:
(1) Mortgage-backed securities have been allocated to maturity groupings based on final contractual maturities. Actual maturities will differ from final contractual maturities because borrowers on a certain portion of loans underlying these securities have the right to prepay their obligations. Proceeds and gross realized gains and losses from sales of AFS securities are as follows:
|
Bank Loans and Related Allowance for Loan Losses |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans and Related Allowance for Loan Losses | Bank Loans and Related Allowance for Loan Losses The composition of bank loans and delinquency analysis by loan type is as follows:
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $73 million and $77 million at September 30, 2018 and December 31, 2017, respectively. (2) At September 30, 2018 and December 31, 2017, 47% and 48%, respectively, of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at September 30, 2018 or December 31, 2017. At September 30, 2018, CSB had pledged $11.1 billion of First Mortgages and HELOCs as collateral to secure borrowing capacity on a secured credit facility with the FHLB (see Note 8). Substantially all of the bank loans were collectively evaluated for impairment at September 30, 2018 and December 31, 2017. Changes in the allowance for loan losses were as follows:
(1) All pledged asset lines (PALs) were fully collateralized by securities with fair values in excess of borrowings at September 30, 2018 and December 31, 2017. A summary of impaired bank loan-related assets is as follows:
(1) Nonaccrual loans include nonaccrual troubled debt restructurings. (2) Included in other assets on the condensed consolidated balance sheets. Credit Quality In addition to monitoring delinquency, Schwab monitors the credit quality of First Mortgages and HELOCs by stratifying the portfolios by the following:
Borrowers’ FICO scores are provided by an independent third-party credit reporting service and updated quarterly. The Origination LTV and Estimated Current LTV for a HELOC include any first lien mortgage outstanding on the same property at the time of the HELOC’s origination. The Estimated Current LTV for each loan is updated on a monthly basis by reference to a home price appreciation index. The credit quality indicators of the Company’s bank loan portfolio are detailed below:
(1) The Utilization Rate is calculated using the outstanding balance divided by the associated total line of credit. (2) Represents the LTV for the full line of credit (drawn and undrawn). N/A Not applicable.
At September 30, 2018, First Mortgage loans of $9.3 billion had adjustable interest rates. These mortgages have initial fixed interest rates for three to ten years and interest rates that adjust annually thereafter. Approximately 31% of the balance of these mortgages consisted of loans with interest-only payment terms. The interest rates on approximately 64% of the balance of these interest-only loans are not scheduled to reset for three or more years. Schwab’s mortgage loans do not include interest terms described as temporary introductory rates below current market rates. The HELOC product has a 30-year loan term with an initial draw period of ten years from the date of origination. After the initial draw period, the balance outstanding at such time is converted to a 20-year amortizing loan. The interest rate during the initial draw period, and the 20-year amortizing period, is a floating rate based on the prime rate plus a margin. HELOCs that convert to an amortizing loan may experience higher delinquencies, and higher loss rates, than those in the initial draw period. The allowance for loan loss methodology takes this increased inherent risk into consideration. The following table presents when current outstanding HELOCs will convert to amortizing loans:
At September 30, 2018, $1.3 billion of the HELOC portfolio was secured by second liens on the associated properties. Second lien mortgage loans typically possess a higher degree of credit risk given the subordination to the first lien holder in the event of default. In addition to the credit monitoring activities described previously, Schwab also monitors credit risk by reviewing the delinquency status of the first lien loan on the associated property. At September 30, 2018, the borrowers on approximately 54% of HELOC loan balances outstanding only paid the minimum amount due. |
Variable Interest Entities |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities As of September 30, 2018 and December 31, 2017, all of Schwab’s involvement with variable interest entities (VIEs) is through CSB’s Community Reinvestment Act-related investments and most of those are related to Low-Income Housing Tax Credit (LIHTC) investments. As part of CSB’s community reinvestment initiatives, CSB generally invests with other institutional investors in funds that make equity investments in multifamily affordable housing properties. CSB receives tax credits and other tax benefits for these investments. CSB’s LIHTC investments are accounted for using the proportional amortization method, which amortizes the cost of the investment over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is included in taxes on income on the consolidated statements of income. Aggregate assets, liabilities, and maximum exposure to loss The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below:
(1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other CRA investments are recorded using either the adjusted cost method, equity method, or as HTM securities. Aggregate assets are included in HTM securities, bank loans – net, or other assets on the condensed consolidated balance sheets. Schwab’s maximum exposure to loss would result from the loss of the investments, including any committed amounts. During the nine months ended September 30, 2018 and 2017, Schwab did not provide or intend to provide financial or other support to the VIEs that it was not contractually required to provide. CSB’s funding of these remaining commitments is dependent upon the occurrence of certain conditions, and CSB expects to pay substantially all of these commitments between 2018 and 2021. |
Bank Deposits |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Deposits | Bank Deposits Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows:
|
Borrowings |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings CSC’s Senior Notes are unsecured obligations and rank equally with the other unsecured senior debt. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. The following table lists long-term debt by instrument outstanding as of September 30, 2018 and December 31, 2017.
(1) Redeemed on February 8, 2018. (2) Redeemed on June 25, 2018. (3) Schwab has a finance lease obligation related to an office building and land under a 20-year lease. The remaining finance lease obligation is being reduced by a portion of the lease payments over the remaining lease term through June 30, 2024. Annual maturities on long-term debt outstanding at September 30, 2018 are as follows:
Short-term borrowings: Certain banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the value of our First Mortgages, HELOCs, and the fair value of certain of their investment securities that are pledged as collateral. As of September 30, 2018, the collateral pledged provided a total borrowing capacity of $30.0 billion of which no amounts were outstanding. As of December 31, 2017, the collateral pledged by CSB provided a total borrowing capacity of $32.3 billion, of which $15.0 billion was outstanding. As a condition of the FHLB borrowings, we are required to hold FHLB stock, which was recorded in other assets on the condensed consolidated balance sheets. The investment in FHLB was $32 million at September 30, 2018 and $405 million at December 31, 2017. |
Commitments and Contingencies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Loan Portfolio: CSB provides a co-branded loan origination program for CSB clients (the Program) with Quicken Loans, Inc. (Quicken Loans®). Pursuant to the Program, Quicken Loans originates and services First Mortgages and HELOCs for CSB clients. Under the Program, CSB purchases certain First Mortgages and HELOCs that are originated by Quicken Loans. CSB purchased First Mortgages of $491 million and $696 million during the third quarters of 2018 and 2017, respectively, and $1.6 billion and $2.0 billion during the first nine months of 2018 and 2017, respectively. Schwab purchased HELOCs with commitments of $104 million and $115 million during the third quarters of 2018 and 2017, respectively, and $311 million and $344 million during the first nine months of 2018 and 2017, respectively. The Company’s commitments to extend credit on bank lines of credit and to purchase First Mortgages are as follows:
Guarantees and indemnifications: Schwab has clients that sell (i.e., write) listed option contracts that are cleared by the Options Clearing Corporation – a clearing house that establishes margin requirements on these transactions. We partially satisfy the margin requirements by arranging unsecured standby letter of credit agreements (LOCs), in favor of the Options Clearing Corporation, which are issued by several banks. At September 30, 2018, the aggregate face amount of these LOCs totaled $225 million. There were no funds drawn under any of these LOCs at September 30, 2018. In connection with its securities lending activities, Schwab is required to provide collateral to certain brokerage clients. The Company satisfies the collateral requirements by providing cash as collateral. Schwab also provides guarantees to securities clearing houses and exchanges under standard membership agreements, which require members to guarantee the performance of other members. Under the agreements, if another member becomes unable to satisfy its obligations to the clearing houses and exchanges, other members would be required to meet shortfalls. Schwab’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. The potential requirement for the Company to make payments under these arrangements is remote. Accordingly, no liability has been recognized for these guarantees. Legal contingencies: Schwab is subject to claims and lawsuits in the ordinary course of business, including arbitrations, class actions and other litigation, some of which include claims for substantial or unspecified damages. The Company is also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies. Predicting the outcome of a litigation or regulatory matter is inherently difficult, requiring significant judgment and evaluation of various factors, including the procedural status of the matter and any recent developments; prior experience and the experience of others in similar cases; available defenses, including potential opportunities to dispose of a case on the merits or procedural grounds before trial (e.g., motions to dismiss or for summary judgment); the progress of fact discovery; the opinions of counsel and experts regarding potential damages; potential opportunities for settlement and the status of any settlement discussions; and potential insurance coverage and indemnification. It may not be reasonably possible to estimate a range of potential liability until the matter is closer to resolution – pending, for example, further proceedings, the outcome of key motions or appeals, or discussions among the parties. Numerous issues may have to be developed, such as discovery of important factual matters and determination of threshold legal issues, which may include novel or unsettled questions of law. Reserves are established or adjusted or further disclosure and estimates of potential loss are provided as the matter progresses and more information becomes available. Schwab believes it has strong defenses in all significant matters currently pending and is contesting liability and any damages claimed. Nevertheless, some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and the Company may also determine to settle a matter because of the uncertainty and risks of litigation. Described below are certain matters in which there is a reasonable possibility that a material loss could be incurred or where the matter may otherwise be of significant interest to stockholders. Unless otherwise noted, the Company is unable to provide a reasonable estimate of any potential liability given the stage of proceedings in the matter. With respect to all other pending matters, based on current information and consultation with counsel, it does not appear reasonably possible that the outcome of any such matter would be material to the financial condition, operating results, or cash flows of the Company. Total Bond Market Fund Litigation: On August 28, 2008, a class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of investors in the Schwab Total Bond Market Fund™. Plaintiff’s fourth amended complaint, filed on June 25, 2015, asserts state law breach of contract and fiduciary duty claims and names CSIM, Schwab Investments (registrant and issuer of the fund’s shares), and certain current and former fund trustees as defendants. Allegations include that the fund improperly deviated from its stated investment objectives by investing in collateralized mortgage obligations (CMOs) and investing more than 25% of fund assets in CMOs and mortgage-backed securities without obtaining a fundholder vote. Plaintiff seeks unspecified compensatory and rescission damages, unspecified equitable and injunctive relief, costs, and attorneys’ fees on behalf of a putative class of investors who held shares as of August 31, 2007, and a putative class of investors who purchased the shares between September 1, 2017 and February 27, 2009. In decisions issued October 6, 2015 and February 23, 2016, the court dismissed all claims with prejudice, holding that federal securities law precluded plaintiff from pursuing such claims as a class action. Plaintiff appealed to the Ninth Circuit, and on September 14, 2018, a 3-judge panel upheld dismissal, with leave for plaintiff to pursue the claims in its individual capacity. Action by plaintiff, including further appeal, remains pending. Crago Order Routing Litigation: On July 13, 2016, a securities class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of a putative class of customers executing equity orders through CS&Co. The lawsuit names CS&Co and CSC as defendants and alleges that an agreement under which CS&Co routed orders to UBS Securities LLC between July 13, 2011 and December 31, 2014 violated CS&Co’s duty to seek best execution. Plaintiffs seek unspecified damages, interest, injunctive and equitable relief, and attorneys’ fees and costs. After a first amended complaint was dismissed with leave to amend, plaintiffs filed a second amended complaint on August 14, 2017. Defendants again moved to dismiss, and in a decision issued December 5, 2017, the court denied the motion. Defendants have answered the complaint to deny all allegations, and intend to vigorously contest the lawsuit. |
Financial Instruments Subject to Off-Balance Sheet Credit Risk |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Subject to Off-Balance Sheet Credit Risk | Financial Instruments Subject to Off-Balance Sheet Credit Risk Resale agreements: Schwab enters into collateralized resale agreements principally with other broker-dealers, which could result in losses in the event the counterparty fails to purchase the securities held as collateral for the cash advanced and the fair value of the securities declines. To mitigate this risk, Schwab requires that the counterparty deliver securities to a custodian, to be held as collateral, with a fair value at or in excess of the resale price. Schwab also sets standards for the credit quality of the counterparty, monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requires additional collateral where deemed appropriate. The collateral provided under these resale agreements is utilized to meet obligations under broker-dealer client protection rules, which place limitations on our ability to access such segregated securities. For Schwab to repledge or sell this collateral, it would be required to deposit cash and/or securities of an equal amount into its segregated reserve bank accounts in order to meet its segregated cash and investment requirement. Schwab’s resale agreements are not subject to master netting arrangements. Securities lending: Schwab loans brokerage client securities temporarily to other brokers and clearing houses in connection with its securities lending activities and receives cash as collateral for the securities loaned. Increases in security prices may cause the fair value of the securities loaned to exceed the amount of cash received as collateral. In the event the counterparty to these transactions does not return the loaned securities or provide additional cash collateral, we may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy our client obligations. Schwab mitigates this risk by requiring credit approvals for counterparties, monitoring the fair value of securities loaned, and requiring additional cash as collateral when necessary. We also borrow securities from other broker-dealers to fulfill short sales by brokerage clients and deliver cash to the lender in exchange for the securities. The fair value of these borrowed securities was $338 million and $215 million at September 30, 2018 and December 31, 2017, respectively. All of our securities lending transactions are through a program with a clearing organization, which guarantees the return of cash to us and is subject to enforceable master netting arrangements with other broker-dealers; however, we do not net securities lending transactions. Therefore, the securities loaned and securities borrowed are presented gross in the condensed consolidated balance sheets. The following table presents information about our resale agreements and securities lending activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities at September 30, 2018 and December 31, 2017.
(2) Actual collateral was greater than or equal to 102% of the related assets. At September 30, 2018 and December 31, 2017, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $4.5 billion and $6.7 billion, respectively. (3) Included in receivables from brokers, dealers, and clearing organizations in the condensed consolidated balance sheets. (4) Included in payables to brokers, dealers, and clearing organizations in the condensed consolidated balance sheets. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at September 30, 2018 and December 31, 2017. (5) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. Margin lending: Clients with margin loans have agreed to allow Schwab to pledge collateralized securities in their brokerage accounts in accordance with federal regulations. The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, and the amounts that we had pledged:
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $88 million as of September 30, 2018 and $78 million as of December 31, 2017.
|
Fair Values of Assets and Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, other securities owned, and AFS securities. 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. 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 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 at least three independent pricing sources for assets recorded at fair value. Our primary independent pricing service provides prices based on observable trades 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 sources 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 a material difference in the recorded amounts. For a description of the fair value hierarchy and Schwab’s fair value methodologies, including the use of independent third-party pricing services, see Note 2 in the 2017 Form 10-K. We did not transfer any assets or liabilities between Level 1, Level 2, or Level 3 during the nine months ended September 30, 2018, or the year ended December 31, 2017. In addition, the Company did not adjust prices received from the primary independent third-party pricing service at September 30, 2018 or December 31, 2017. 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:
Fair Value of Other Financial Instruments The following tables present the fair value hierarchy for other financial instruments:
|
Stockholders' Equity |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity The Company’s preferred stock issued and outstanding is as follows:
(1) Represented by depositary shares, except for Series A. N/A Not applicable. |
Accumulated Other Comprehensive Income |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Accumulated other comprehensive income (AOCI) represents cumulative gains and losses that are not reflected in earnings. The components of other comprehensive income (loss) are as follows:
(1) See Note 5 in the 2017 10-K for discussion of the transfer of securities from the AFS category to the HTM category during the first quarter of 2017. AOCI balances are as follows:
|
Taxes on Income |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | Taxes on Income On December 22, 2017, the Tax Act was signed into law. Among other things, the Tax Act lowered the federal corporate income tax rate from 35% to 21%, effective for tax years including or commencing January 1, 2018. Schwab’s effective tax rate for the three and nine months ended September 30, 2018 was 24.3% and 23.3%, respectively, compared to 34.6% and 34.9% for the three and nine months ended September 30, 2017, respectively, resulting from the impact of the Tax Act of 2017. Also as a result of the Tax Act, Schwab recognized a $46 million one-time non-cash charge to taxes on income in the fourth quarter of 2017 associated with the remeasurement of net deferred tax assets and other tax adjustments related to the Tax Act. While we were able to make a reasonable estimate of the impact of the reduction in the corporate tax rate in the fourth quarter of 2017, our accounting for various elements of the Tax Act may be affected by clarifications of the Tax Act and other related analysis. During the second quarter of 2018, Schwab concluded its analysis of the effect of bonus depreciation that allows for immediate expensing of qualified property related to the Tax Act. The impact of the true-up adjustment from this analysis was determined to be immaterial. We are continuing to gather additional information to complete the accounting for the remaining estimated items, including the state tax effect of adjustments made to federal temporary differences, and expect to complete the accounting within the prescribed measurement period. As such, the impact of the Tax Act is an estimate pending further information and the analysis noted. As of January 1, 2018, Schwab adopted new accounting guidance that decreased AOCI and increased retained earnings by $33 million for the reclassification of certain impacts of the Tax Act as described in Note 2. |
Earnings Per Common Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share EPS under the basic and diluted computations is as follows:
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 11 million and 9 million shares for the third quarters of 2018 and 2017, respectively, and 12 million and 10 million shares for the first nine months of 2018 and 2017, respectively. |
Regulatory Requirements |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Requirements | Regulatory Requirements At September 30, 2018, Schwab and CSB met all of their respective capital requirements. The regulatory capital and ratios for CSC (consolidated) and CSB are as follows:
At September 30, 2018, CSB is considered well capitalized (the highest category) under its regulatory capital rules. At September 30, 2018, CSC’s and CSB’s capital levels exceeded the fully implemented capital conservation buffer requirement. Certain events, such as growth in bank deposits and regulatory discretion, could adversely affect our ability to meet future capital requirements. In late 2017, Schwab acquired a federal savings bank charter and changed the name to Charles Schwab Signature Bank (CSSB). At September 30, 2018, CSSB’s balance sheet consisted primarily of investment securities with total assets of $13.1 billion. CSSB is subject to similar regulatory guidelines and requirements, and seeks to maintain a Tier 1 Leverage Ratio similar to CSB. Net capital and net capital requirements for CS&Co are as follows:
In accordance with the SEC Customer Protection Rule, CS&Co had portions of its cash and investments segregated for the exclusive benefit of clients at September 30, 2018. The SEC Customer Protection Rule requires broker-dealers to segregate client fully paid securities and cash balances not collateralizing margin positions and not swept to money market funds or bank deposit accounts. Amounts included in cash and investments segregated and on deposit for regulatory purposes represent actual balances on deposit. Cash and cash equivalents included in cash and investments segregated and on deposit for regulatory purposes are presented as part of Schwab’s cash balances in the consolidated statements of cash flows. |
Segment Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Schwab’s two reportable segments are Investor Services and Advisor Services. Schwab structures the operating segments according to its clients and the services provided to those clients. The Investor Services segment provides retail brokerage and banking services to individual investors and retirement plan services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking, and support services, as well as retirement business services to independent RIAs, independent retirement advisors, and recordkeepers. Revenues and expenses are allocated to the two segments based on which segment services the client. Management evaluates the performance of the segments on a pre-tax basis. Segment assets and liabilities are not used for evaluating segment performance or in deciding how to allocate resources to segments. There are no revenues from transactions between the segments. Financial information for the segments is presented in the following tables:
|
Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 25, 2018, CSC’s Board of Directors terminated the existing two share repurchase authorizations and replaced them with a new authorization to repurchase up to a total of $1.0 billion of common stock. On October 31, 2018, CSC issued $500 million aggregate principal amount of Senior Notes that mature in 2024 and $600 million aggregate principal amount of Senior Notes that mature in 2029 under its universal shelf registration statement on file with the SEC. The Senior Notes due 2024 have a fixed interest rate of 3.550% with interest payable semi-annually. The Senior Notes due 2029 have a fixed interest rate of 4.000% with interest payable semi-annually. |
New Accounting Standards (Policy) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | These unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the U.S. (GAAP), which require management to make certain estimates and assumptions that affect the reported amounts in the accompanying financial statements, and in the related disclosures. These estimates are based on information available as of the date of the condensed consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. In the opinion of management, all normal, recurring adjustments have been included for a fair statement of this interim financial information. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Schwab’s 2017 Form 10-K. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation Schwab evaluates all entities in which it has financial interests for consolidation, except for money market funds, which are specifically excluded from consolidation guidance. When an entity is evaluated for consolidation, Schwab determines whether its interest in the entity constitutes a controlling financial interest under either the variable interest entity (VIE) model or a voting interest entity (VOE) model. In evaluating whether Schwab’s interest in a VIE is a controlling financial interest, we consider whether our involvement, in the context of the design, purpose, and risks of the VIE, as well as any involvement of related parties, provides us with (i) the power to direct the most significant activities of the VIE, and (ii) the obligation to absorb losses or receive benefits that are significant to the VIE. If both of these conditions exist, then Schwab would be the primary beneficiary of that VIE, and consolidate it. Based upon the assessments for all of our interests in VIEs, there are no cases where Schwab is the primary beneficiary; therefore, we are not required to consolidate any VIEs. Schwab consolidates all VOEs in which it has majority-voting interests. Investments in entities in which Schwab does not have a controlling financial interest are accounted for under the equity method of accounting when we have the ability to exercise significant influence over operating and financing decisions of the entity. Investments in entities for which Schwab does not have the ability to exercise significant influence are generally carried at cost and adjusted for impairment and observable price changes of the identical or similar investments of the same issuer (adjusted cost method), except for certain investments in qualified affordable housing projects which are accounted for under the proportional amortization method. All equity method, adjusted cost method, and proportional amortization method investments are included in other assets on the condensed consolidated balance sheets. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of New Accounting Standards and New Accounting Standards Not Yet Adopted | Adoption of New Accounting Standards
New Accounting Standards Not Yet Adopted
|
New Accounting Standards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements | The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09, “Revenue – Revenue from Contracts with Customers” and ASU 2018-02, “Other Comprehensive Income – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” were as follows:
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated statement of income and condensed consolidated balance sheet were as follows:
(1) Adjustment is comprised of an increase in capitalized contract costs of $246 million, partially offset by an increase in deferred tax liabilities of $59 million. |
Revenue Recognition (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Schwab's Revenue | Disaggregation of Schwab’s revenue by major source is as follows:
|
Investment Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Securities Held to Maturity | The amortized cost, gross unrealized gains and losses, and fair value of AFS and HTM securities are as follows:
(1) Approximately 37% and 42% of asset-backed securities held as of September 30, 2018 and December 31, 2017, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 43% and 40% of the asset-backed securities held as of September 30, 2018 and December 31, 2017, respectively. (2) As of September 30, 2018 and December 31, 2017, approximately 31% and 41%, respectively, of the total AFS and HTM investments in corporate debt securities and commercial paper were issued by institutions in the financial services industry. Approximately 18% and 22% of the holdings of these securities were issued by institutions in the information technology industry as of September 30, 2018 and December 31, 2017, respectively. (3) Included in cash and cash equivalents on the condensed consolidated balance sheet, but excluded from this table is $2.0 billion of AFS commercial paper. These holdings have maturities of three months or less and an aggregate market value equal to amortized cost. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss | Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, are as follows:
(1) The number of investment positions with unrealized losses totaled 413 for AFS securities and 1,800 for HTM securities. (2) The number of investment positions with unrealized losses totaled 251 for AFS securities and 938 for HTM securities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of Securities Available for Sale and Securities Held to Maturity | The maturities of AFS and HTM securities are as follows:
(1) Mortgage-backed securities have been allocated to maturity groupings based on final contractual maturities. Actual maturities will differ from final contractual maturities because borrowers on a certain portion of loans underlying these securities have the right to prepay their obligations. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale | Proceeds and gross realized gains and losses from sales of AFS securities are as follows:
|
Bank Loans and Related Allowance for Loan Losses (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Bank Loans and Delinquency Analysis by Loan Segment | The composition of bank loans and delinquency analysis by loan type is as follows:
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $73 million and $77 million at September 30, 2018 and December 31, 2017, respectively. (2) At September 30, 2018 and December 31, 2017, 47% and 48%, respectively, of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole. (3) There were no loans accruing interest that were contractually 90 days or more past due at September 30, 2018 or December 31, 2017. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Allowance for Loan Losses | Changes in the allowance for loan losses were as follows:
(1) All pledged asset lines (PALs) were fully collateralized by securities with fair values in excess of borrowings at September 30, 2018 and December 31, 2017. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Bank Loan Related Assets | A summary of impaired bank loan-related assets is as follows:
(1) Nonaccrual loans include nonaccrual troubled debt restructurings. (2) Included in other assets on the condensed consolidated balance sheets. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators of Bank Loan Portfolio | The credit quality indicators of the Company’s bank loan portfolio are detailed below:
(1) The Utilization Rate is calculated using the outstanding balance divided by the associated total line of credit. (2) Represents the LTV for the full line of credit (drawn and undrawn). N/A Not applicable.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Converting to Amortizing Loans | The following table presents when current outstanding HELOCs will convert to amortizing loans:
|
Variable Interest Entities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Assets, Liabilities and Maximum Exposure to Loss | The aggregate assets, liabilities, and maximum exposure to loss from those VIEs in which Schwab holds a variable interest, but is not the primary beneficiary, are summarized in the table below:
(1) Aggregate assets and aggregate liabilities are included in other assets and accrued expenses and other liabilities, respectively, on the condensed consolidated balance sheets. (2) Other CRA investments are recorded using either the adjusted cost method, equity method, or as HTM securities. Aggregate assets are included in HTM securities, bank loans – net, or other assets on the condensed consolidated balance sheets. |
Bank Deposits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits from Banking Clients Consisting of Interest Bearing and Noninterest Bearing Deposits | Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows:
|
Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt Including Unamortized Debt Discounts and Premiums | The following table lists long-term debt by instrument outstanding as of September 30, 2018 and December 31, 2017.
(1) Redeemed on February 8, 2018. (2) Redeemed on June 25, 2018. (3) Schwab has a finance lease obligation related to an office building and land under a 20-year lease. The remaining finance lease obligation is being reduced by a portion of the lease payments over the remaining lease term through June 30, 2024. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Maturities on Long-term Debt Outstanding | Annual maturities on long-term debt outstanding at September 30, 2018 are as follows:
|
Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments to Purchase or Sell | The Company’s commitments to extend credit on bank lines of credit and to purchase First Mortgages are as follows:
|
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and Liabilities | The following table presents information about our resale agreements and securities lending activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities at September 30, 2018 and December 31, 2017.
(2) Actual collateral was greater than or equal to 102% of the related assets. At September 30, 2018 and December 31, 2017, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $4.5 billion and $6.7 billion, respectively. (3) Included in receivables from brokers, dealers, and clearing organizations in the condensed consolidated balance sheets. (4) Included in payables to brokers, dealers, and clearing organizations in the condensed consolidated balance sheets. The cash collateral received from counterparties under securities lending transactions was equal to or greater than the market value of the securities loaned at September 30, 2018 and December 31, 2017. (5) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged | The following table summarizes the fair value of client securities that were available, under such regulations, that could have been used as collateral, and the amounts that we had pledged:
Note: Excludes amounts available and pledged for securities lending from fully-paid client securities. The fair value of fully-paid client securities available and pledged was $88 million as of September 30, 2018 and $78 million as of December 31, 2017.
|
Fair Values of Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy for 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Other Financial Instruments | The following tables present the fair value hierarchy for other financial instruments:
|
Stockholders' Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock Issued and Outstanding | The Company’s preferred stock issued and outstanding is as follows:
(1) Represented by depositary shares, except for Series A. N/A Not applicable. |
Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income (Loss) | Accumulated other comprehensive income (AOCI) represents cumulative gains and losses that are not reflected in earnings. The components of other comprehensive income (loss) are as follows:
(1) See Note 5 in the 2017 10-K for discussion of the transfer of securities from the AFS category to the HTM category during the first quarter of 2017. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Balances | AOCI balances are as follows:
|
Earnings Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EPS under Basic and Diluted Computations | EPS under the basic and diluted computations is as follows:
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 11 million and 9 million shares for the third quarters of 2018 and 2017, respectively, and 12 million and 10 million shares for the first nine months of 2018 and 2017, respectively. |
Regulatory Requirements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital and Ratios | The regulatory capital and ratios for CSC (consolidated) and CSB are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Capital and Net Capital Requirements | Net capital and net capital requirements for CS&Co are as follows:
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information for Reportable Segments | Financial information for the segments is presented in the following tables:
|
New Accounting Standards (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Jan. 01, 2018 |
|
ASU 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Capitalized costs | $ 219 | |
Deferred tax liability | $ 59 | 52 |
ASU 2018-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Retained earnings | $ 33 | |
ASU 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Percentage of total assets | 0.50% |
New Accounting Standards (Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|---|
Assets | |||||
Other assets | $ 2,092 | $ 2,224 | $ 2,057 | ||
Equity | |||||
Retained earnings | 16,615 | 14,608 | 14,408 | ||
Accumulated other comprehensive income (loss) | (304) | (185) | $ (152) | $ (106) | $ (163) |
Capitalized contract cost | 246 | 219 | |||
Accounting Standards Update 2014-09 and 2018-02 [Member] | |||||
Equity | |||||
Capitalized contract cost | 219 | ||||
Deferred tax liability | 52 | ||||
ASU 2014-09 [Member] | |||||
Equity | |||||
Capitalized contract cost | 246 | ||||
Deferred tax liability | $ 59 | 52 | |||
ASU 2014-09 [Member] | Adjustments [Member] | |||||
Assets | |||||
Other assets | 167 | ||||
Equity | |||||
Retained earnings | 167 | ||||
Accumulated other comprehensive income (loss) | 0 | ||||
ASU 2018-02 [Member] | Adjustments [Member] | |||||
Assets | |||||
Other assets | 0 | ||||
Equity | |||||
Retained earnings | 33 | ||||
Accumulated other comprehensive income (loss) | $ (33) |
New Accounting Standards (Statement of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
||||
Expenses Excluding Interest | |||||||
Compensation and benefits | $ 737 | $ 662 | $ 2,252 | $ 2,026 | |||
Taxes on income | 296 | 327 | 780 | 940 | |||
Net income | 923 | $ 618 | 2,572 | $ 1,757 | [1] | ||
Balances Without Adoption of ASC 606 [Member] | ASU 2014-09 [Member] | |||||||
Expenses Excluding Interest | |||||||
Compensation and benefits | 744 | 2,279 | |||||
Taxes on income | 294 | 773 | |||||
Net income | 918 | 2,552 | |||||
Effect of Change Higher/(Lower) [Member] | ASU 2014-09 [Member] | |||||||
Expenses Excluding Interest | |||||||
Compensation and benefits | (7) | (27) | |||||
Taxes on income | 2 | 7 | |||||
Net income | $ 5 | $ 20 | |||||
|
New Accounting Standards (Balance Sheet) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Assets | |||
Other assets | $ 2,092 | $ 2,224 | $ 2,057 |
Stockholders’ Equity | |||
Retained earnings | 16,615 | 14,608 | $ 14,408 |
Capitalized contract cost | 246 | 219 | |
ASU 2014-09 [Member] | |||
Stockholders’ Equity | |||
Capitalized contract cost | 246 | ||
Deferred tax liability | 59 | $ 52 | |
Balances Without Adoption of ASC 606 [Member] | ASU 2014-09 [Member] | |||
Assets | |||
Other assets | 1,905 | ||
Stockholders’ Equity | |||
Retained earnings | 16,428 | ||
Effect of Change Higher/(Lower) [Member] | ASU 2014-09 [Member] | |||
Assets | |||
Other assets | 187 | ||
Stockholders’ Equity | |||
Retained earnings | $ 187 |
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Interest revenue | $ 1,755 | $ 1,176 | $ 4,766 | $ 3,358 |
Interest expense | (228) | (94) | (569) | (223) |
Net interest revenue | 1,527 | 1,082 | 4,197 | 3,135 |
Asset management and administration fees | 809 | 861 | 2,474 | 2,529 |
Trading revenue | 176 | 151 | 557 | 500 |
Other | 67 | 71 | 235 | 212 |
Total net revenues | 2,579 | 2,165 | 7,463 | 6,376 |
Mutual funds and ETF service fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset management and administration fees | 435 | 519 | 1,386 | 1,538 |
Advice solutions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset management and administration fees | 294 | 265 | 859 | 765 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Asset management and administration fees | 80 | 77 | 229 | 226 |
Commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Trading revenue | 155 | 136 | 501 | 456 |
Principal Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Trading revenue | $ 21 | $ 15 | $ 56 | $ 44 |
Revenue Recognition (Capitalized Contract Costs and Contract Balances) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
Jan. 01, 2018 |
|
Revenue from Contract with Customer [Abstract] | |||
Deferred contract cost | $ 246 | $ 246 | $ 219 |
Amortization expense | 12 | 34 | |
Receivables from contracts with customers | $ 359 | $ 359 | $ 353 |
Investment Securities (Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity Securities) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Available for sale securities: | ||
Amortized Cost | $ 57,776 | $ 50,029 |
Gross Unrealized Gains | 80 | 105 |
Gross Unrealized Losses | 298 | 139 |
Fair Value | 57,558 | 49,995 |
Held to maturity securities: | ||
Amortized Cost | 138,952 | 120,926 |
Gross Unrealized Gains | 164 | 497 |
Gross Unrealized Losses | 3,595 | 1,050 |
Fair Value | 135,521 | 120,373 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 24,010 | 20,915 |
Gross Unrealized Gains | 47 | 53 |
Gross Unrealized Losses | 102 | 39 |
Fair Value | 23,955 | 20,929 |
Held to maturity securities: | ||
Amortized Cost | 113,453 | 101,197 |
Gross Unrealized Gains | 26 | 290 |
Gross Unrealized Losses | 3,483 | 1,034 |
Fair Value | 109,996 | 100,453 |
U.S. Treasury securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 12,412 | 9,583 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 169 | 83 |
Fair Value | 12,243 | 9,500 |
Held to maturity securities: | ||
Amortized Cost | 223 | 223 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 11 | 3 |
Fair Value | 212 | 220 |
Asset-backed securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 9,378 | 9,019 |
Gross Unrealized Gains | 19 | 34 |
Gross Unrealized Losses | 10 | 6 |
Fair Value | 9,387 | 9,047 |
Held to maturity securities: | ||
Amortized Cost | 17,964 | 12,937 |
Gross Unrealized Gains | 122 | 127 |
Gross Unrealized Losses | 12 | 2 |
Fair Value | 18,074 | 13,062 |
Corporate debt securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 6,921 | 6,154 |
Gross Unrealized Gains | 10 | 16 |
Gross Unrealized Losses | 9 | 1 |
Fair Value | 6,922 | 6,169 |
Held to maturity securities: | ||
Amortized Cost | 4,578 | 4,078 |
Gross Unrealized Gains | 8 | 13 |
Gross Unrealized Losses | 55 | 5 |
Fair Value | 4,531 | 4,086 |
Certificates of deposit [Member] | ||
Available for sale securities: | ||
Amortized Cost | 2,765 | 2,040 |
Gross Unrealized Gains | 4 | 2 |
Gross Unrealized Losses | 0 | 1 |
Fair Value | 2,769 | 2,041 |
Held to maturity securities: | ||
Amortized Cost | 200 | 200 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 201 | 200 |
U.S. agency notes [Member] | ||
Available for sale securities: | ||
Amortized Cost | 1,688 | 1,914 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 6 | 8 |
Fair Value | 1,682 | 1,906 |
U.S. state and municipal securities [Member] | ||
Held to maturity securities: | ||
Amortized Cost | 1,330 | 1,247 |
Gross Unrealized Gains | 6 | 57 |
Gross Unrealized Losses | 7 | 0 |
Fair Value | 1,329 | 1,304 |
Commercial paper [Member] | ||
Available for sale securities: | ||
Amortized Cost | 518 | 313 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 518 | 313 |
Available-for-sale securities, current | 2,000 | |
Foreign government agency securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 50 | 51 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2 | 1 |
Fair Value | 48 | 50 |
Held to maturity securities: | ||
Amortized Cost | 50 | 50 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2 | 1 |
Fair Value | 48 | 49 |
Non-agency commercial mortgage-backed securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 34 | 40 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 34 | 40 |
Held to maturity securities: | ||
Amortized Cost | 1,149 | 994 |
Gross Unrealized Gains | 1 | 10 |
Gross Unrealized Losses | 25 | 5 |
Fair Value | $ 1,125 | $ 999 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Held to maturity securities: | ||
Asset-backed securities percentage | 37.00% | 42.00% |
Collateralized Credit Card Securities [Member] | ||
Held to maturity securities: | ||
Asset-backed securities percentage | 43.00% | 40.00% |
Other [Member] | ||
Held to maturity securities: | ||
Amortized Cost | $ 5 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 5 | |
Corporate debt securities issued by financial services industry [Member] | ||
Held to maturity securities: | ||
AFS and HTM securities percentage | 31.00% | 41.00% |
Corporate debt securities, information technology [Member] | ||
Held to maturity securities: | ||
AFS and HTM securities percentage | 18.00% | 22.00% |
Investment Securities (Narrative) (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Schedule of Held-to-maturity Securities [Line Items] | ||
OTTI recognized in earnings or other comprehensive income | $ 0 | $ 0 |
Deposits [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities pledged as collateral | 898,000,000 | |
Federal Reserve Bank Advances [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities pledged as collateral | 2,400,000,000 | |
Federal Home Loan Bank of San Francisco [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities pledged as collateral | $ 21,500,000,000 |
Investment Securities (Available For Sale and Held to Maturity Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss) (Details) $ in Millions |
Sep. 30, 2018
USD ($)
security
|
Dec. 31, 2017
USD ($)
security
|
---|---|---|
Available for sale securities: | ||
Less than 12 months Fair Value | $ 23,326 | $ 12,909 |
Less than 12 months Unrealized Losses | 154 | 38 |
12 months or longer Fair Value | 8,356 | 9,774 |
12 months or longer Unrealized Losses | 144 | 101 |
Total Fair Value | 31,682 | 22,683 |
Total Unrealized Losses | 298 | 139 |
Held to maturity securities: | ||
Less than 12 months Fair Value | 65,742 | 45,180 |
Less than 12 months Unrealized Losses | 1,331 | 326 |
12 months or longer Fair Value | 40,948 | 24,825 |
12 months or longer Unrealized Losses | 2,264 | 724 |
Total Fair Value | 106,690 | 70,005 |
Total Unrealized Losses | 3,595 | 1,050 |
Total securities with unrealized losses | ||
Less than 12 months Fair Value | 89,068 | 58,089 |
Less than 12 months Unrealized Losses | 1,485 | 364 |
12 months or longer Fair Value | 49,304 | 34,599 |
12 months or longer Unrealized Losses | 2,408 | 825 |
Total Fair Value | 138,372 | 92,688 |
Total Unrealized Losses | $ 3,893 | $ 1,189 |
Number of available for sale securities in unrealized loss positions | security | 413 | 251 |
Number of held to maturity securities in unrealized loss positions | security | 1,800 | 938 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | $ 10,119 | $ 5,696 |
Less than 12 months Unrealized Losses | 68 | 21 |
12 months or longer Fair Value | 1,988 | 2,548 |
12 months or longer Unrealized Losses | 34 | 18 |
Total Fair Value | 12,107 | 8,244 |
Total Unrealized Losses | 102 | 39 |
Held to maturity securities: | ||
Less than 12 months Fair Value | 59,643 | 42,102 |
Less than 12 months Unrealized Losses | 1,247 | 310 |
12 months or longer Fair Value | 40,279 | 24,753 |
12 months or longer Unrealized Losses | 2,236 | 724 |
Total Fair Value | 99,922 | 66,855 |
Total Unrealized Losses | 3,483 | 1,034 |
U.S. Treasury securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 7,770 | 4,625 |
Less than 12 months Unrealized Losses | 72 | 11 |
12 months or longer Fair Value | 4,374 | 4,875 |
12 months or longer Unrealized Losses | 97 | 72 |
Total Fair Value | 12,144 | 9,500 |
Total Unrealized Losses | 169 | 83 |
Held to maturity securities: | ||
Less than 12 months Fair Value | 0 | 220 |
Less than 12 months Unrealized Losses | 0 | 3 |
12 months or longer Fair Value | 212 | 0 |
12 months or longer Unrealized Losses | 11 | 0 |
Total Fair Value | 212 | 220 |
Total Unrealized Losses | 11 | 3 |
Asset-backed securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 1,841 | 904 |
Less than 12 months Unrealized Losses | 4 | 3 |
12 months or longer Fair Value | 601 | 424 |
12 months or longer Unrealized Losses | 6 | 3 |
Total Fair Value | 2,442 | 1,328 |
Total Unrealized Losses | 10 | 6 |
Held to maturity securities: | ||
Less than 12 months Fair Value | 2,115 | 1,124 |
Less than 12 months Unrealized Losses | 12 | 2 |
12 months or longer Fair Value | 39 | 72 |
12 months or longer Unrealized Losses | 0 | 0 |
Total Fair Value | 2,154 | 1,196 |
Total Unrealized Losses | 12 | 2 |
Corporate debt securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 3,030 | 736 |
Less than 12 months Unrealized Losses | 8 | 1 |
12 months or longer Fair Value | 229 | 120 |
12 months or longer Unrealized Losses | 1 | 0 |
Total Fair Value | 3,259 | 856 |
Total Unrealized Losses | 9 | 1 |
Held to maturity securities: | ||
Less than 12 months Fair Value | 2,862 | 1,078 |
Less than 12 months Unrealized Losses | 52 | 5 |
12 months or longer Fair Value | 77 | 0 |
12 months or longer Unrealized Losses | 3 | 0 |
Total Fair Value | 2,939 | 1,078 |
Total Unrealized Losses | 55 | 5 |
Certificates of deposit [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 799 | |
Less than 12 months Unrealized Losses | 1 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 799 | |
Total Unrealized Losses | 1 | |
U.S. agency notes [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 566 | 99 |
Less than 12 months Unrealized Losses | 2 | 0 |
12 months or longer Fair Value | 1,116 | 1,807 |
12 months or longer Unrealized Losses | 4 | 8 |
Total Fair Value | 1,682 | 1,906 |
Total Unrealized Losses | 6 | 8 |
Foreign government agency securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 0 | 50 |
Less than 12 months Unrealized Losses | 0 | 1 |
12 months or longer Fair Value | 48 | 0 |
12 months or longer Unrealized Losses | 2 | 0 |
Total Fair Value | 48 | 50 |
Total Unrealized Losses | 2 | 1 |
Held to maturity securities: | ||
Less than 12 months Fair Value | 0 | 49 |
Less than 12 months Unrealized Losses | 0 | 1 |
12 months or longer Fair Value | 48 | 0 |
12 months or longer Unrealized Losses | 2 | 0 |
Total Fair Value | 48 | 49 |
Total Unrealized Losses | 2 | 1 |
U.S. state and municipal securities [Member] | ||
Held to maturity securities: | ||
Less than 12 months Fair Value | 471 | |
Less than 12 months Unrealized Losses | 5 | |
12 months or longer Fair Value | 14 | |
12 months or longer Unrealized Losses | 2 | |
Total Fair Value | 485 | |
Total Unrealized Losses | 7 | |
Non-agency commercial mortgage-backed securities [Member] | ||
Held to maturity securities: | ||
Less than 12 months Fair Value | 651 | 607 |
Less than 12 months Unrealized Losses | 15 | 5 |
12 months or longer Fair Value | 279 | 0 |
12 months or longer Unrealized Losses | 10 | 0 |
Total Fair Value | 930 | 607 |
Total Unrealized Losses | $ 25 | $ 5 |
Investment Securities (Maturities of Securities Available for Sale and Held to Maturity) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Available for sale securities, fair value | ||
Within 1 year | $ 10,734 | |
After 1 year through 5 years | 24,504 | |
After 5 years through 10 years | 12,321 | |
After 10 years | 9,999 | |
Fair Value | 57,558 | $ 49,995 |
Available for sale securities, amortized cost | ||
Within 1 year | 10,762 | |
After 1 year through 5 years | 24,632 | |
After 5 years through 10 years | 12,368 | |
After 10 years | 10,014 | |
Amortized Cost | 57,776 | 50,029 |
Held to maturity securities, fair value | ||
Within 1 year | 626 | |
After 1 year through 5 years | 20,192 | |
After 5 years through 10 years | 42,367 | |
After 10 years | 72,336 | |
Fair Value | 135,521 | 120,373 |
Held to maturity securities, amortized cost | ||
Within 1 year | 628 | |
After 1 year through 5 years | 20,540 | |
After 5 years through 10 years | 43,339 | |
After 10 years | 74,445 | |
Amortized Cost | 138,952 | 120,926 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 169 | |
After 1 year through 5 years | 3,669 | |
After 5 years through 10 years | 10,571 | |
After 10 years | 9,546 | |
Fair Value | 23,955 | 20,929 |
Available for sale securities, amortized cost | ||
Amortized Cost | 24,010 | 20,915 |
Held to maturity securities, fair value | ||
Within 1 year | 383 | |
After 1 year through 5 years | 14,370 | |
After 5 years through 10 years | 31,785 | |
After 10 years | 63,458 | |
Fair Value | 109,996 | 100,453 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 113,453 | 101,197 |
U.S. Treasury securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 5,999 | |
After 1 year through 5 years | 6,244 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 12,243 | 9,500 |
Available for sale securities, amortized cost | ||
Amortized Cost | 12,412 | 9,583 |
Held to maturity securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 212 | |
After 10 years | 0 | |
Fair Value | 212 | 220 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 223 | 223 |
Asset-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 250 | |
After 1 year through 5 years | 6,968 | |
After 5 years through 10 years | 1,750 | |
After 10 years | 419 | |
Fair Value | 9,387 | 9,047 |
Available for sale securities, amortized cost | ||
Amortized Cost | 9,378 | 9,019 |
Held to maturity securities, fair value | ||
Within 1 year | 5 | |
After 1 year through 5 years | 1,611 | |
After 5 years through 10 years | 9,373 | |
After 10 years | 7,085 | |
Fair Value | 18,074 | 13,062 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 17,964 | 12,937 |
Corporate debt securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 1,621 | |
After 1 year through 5 years | 5,301 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 6,922 | 6,169 |
Available for sale securities, amortized cost | ||
Amortized Cost | 6,921 | 6,154 |
Held to maturity securities, fair value | ||
Within 1 year | 238 | |
After 1 year through 5 years | 3,550 | |
After 5 years through 10 years | 743 | |
After 10 years | 0 | |
Fair Value | 4,531 | 4,086 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 4,578 | 4,078 |
Certificates of deposit [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 866 | |
After 1 year through 5 years | 1,903 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 2,769 | 2,041 |
Available for sale securities, amortized cost | ||
Amortized Cost | 2,765 | 2,040 |
Held to maturity securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 201 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 201 | 200 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 200 | 200 |
U.S. agency notes [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 1,311 | |
After 1 year through 5 years | 371 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 1,682 | 1,906 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,688 | 1,914 |
U.S. state and municipal securities [Member] | ||
Held to maturity securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 59 | |
After 5 years through 10 years | 254 | |
After 10 years | 1,016 | |
Fair Value | 1,329 | 1,304 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 1,330 | 1,247 |
Commercial paper [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 518 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 518 | 313 |
Available for sale securities, amortized cost | ||
Amortized Cost | 518 | 313 |
Foreign government agency securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 48 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 48 | 50 |
Available for sale securities, amortized cost | ||
Amortized Cost | 50 | 51 |
Held to maturity securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 48 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 48 | 49 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 50 | 50 |
Non-agency commercial mortgage-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 34 | |
Fair Value | 34 | 40 |
Available for sale securities, amortized cost | ||
Amortized Cost | 34 | 40 |
Held to maturity securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 353 | |
After 5 years through 10 years | 0 | |
After 10 years | 772 | |
Fair Value | 1,125 | 999 |
Held to maturity securities, amortized cost | ||
Amortized Cost | 1,149 | $ 994 |
Other [Member] | ||
Held to maturity securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 5 | |
Fair Value | 5 | |
Held to maturity securities, amortized cost | ||
Amortized Cost | $ 5 |
Investment Securities (Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 0 | $ 288 | $ 115 | $ 5,773 |
Gross realized gains | $ 0 | $ 0 | $ 0 | $ 7 |
Bank Loans and Related Allowance for Loan Losses (Composition of Bank Loans and Delinquency Analysis by Loan Segment) (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | $ 16,534,000,000 | $ 16,448,000,000 | ||||
Past due and other nonaccrual loans | 56,000,000 | 56,000,000 | ||||
Total loans | 16,590,000,000 | 16,504,000,000 | ||||
Allowance for loan losses | 26,000,000 | 26,000,000 | $ 26,000,000 | $ 26,000,000 | $ 26,000,000 | $ 26,000,000 |
Total bank loans – net | 16,564,000,000 | 16,478,000,000 | ||||
Loans 90 days past due and still accruing | 0 | 0 | ||||
30-59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 29,000,000 | 18,000,000 | ||||
60-89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 4,000,000 | 9,000,000 | ||||
More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 23,000,000 | 29,000,000 | ||||
First Mortgage [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | 10,217,000,000 | 9,983,000,000 | ||||
Past due and other nonaccrual loans | 39,000,000 | 33,000,000 | ||||
Total loans | 10,256,000,000 | 10,016,000,000 | ||||
Allowance for loan losses | 17,000,000 | 16,000,000 | 17,000,000 | 16,000,000 | 17,000,000 | 17,000,000 |
Total bank loans – net | 10,239,000,000 | 10,000,000,000 | ||||
First Mortgage [Member] | 30-59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 24,000,000 | 14,000,000 | ||||
First Mortgage [Member] | 60-89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 2,000,000 | 2,000,000 | ||||
First Mortgage [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 13,000,000 | 17,000,000 | ||||
HELOCs [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | 1,589,000,000 | 1,928,000,000 | ||||
Past due and other nonaccrual loans | 13,000,000 | 15,000,000 | ||||
Total loans | 1,602,000,000 | 1,943,000,000 | ||||
Allowance for loan losses | 7,000,000 | 8,000,000 | 7,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
Total bank loans – net | 1,595,000,000 | 1,935,000,000 | ||||
HELOCs [Member] | 30-59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 2,000,000 | 0 | ||||
HELOCs [Member] | 60-89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 1,000,000 | 3,000,000 | ||||
HELOCs [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 10,000,000 | 12,000,000 | ||||
Pledged asset lines [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | 4,552,000,000 | 4,361,000,000 | ||||
Past due and other nonaccrual loans | 4,000,000 | 8,000,000 | ||||
Total loans | 4,556,000,000 | 4,369,000,000 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total bank loans – net | 4,556,000,000 | 4,369,000,000 | ||||
Pledged asset lines [Member] | 30-59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 3,000,000 | 4,000,000 | ||||
Pledged asset lines [Member] | 60-89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 1,000,000 | 4,000,000 | ||||
Pledged asset lines [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 0 | 0 | ||||
Other [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Current | 176,000,000 | 176,000,000 | ||||
Past due and other nonaccrual loans | 0 | 0 | ||||
Total loans | 176,000,000 | 176,000,000 | ||||
Allowance for loan losses | 2,000,000 | 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,000,000 | $ 1,000,000 |
Total bank loans – net | 174,000,000 | 174,000,000 | ||||
Other [Member] | 30-59 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 0 | 0 | ||||
Other [Member] | 60-89 Days Past Due [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 0 | 0 | ||||
Other [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Past due and other nonaccrual loans | 0 | 0 | ||||
First Mortgage and HELOC [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Unamortized premiums and discounts and direct origination costs | $ 73,000,000 | $ 77,000,000 | ||||
First Mortgage and HELOC [Member] | Loans, Geographic Area [Member] | California [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Concentration risk percentage | 47.00% | 48.00% |
Bank Loans and Related Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total bank loans | $ 16,590 | $ 16,504 |
First Mortgage and HELOC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans pledged as collateral | 11,100 | |
Adjustable Rate First Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Bank loans | $ 9,300 | |
Percent of loans with interest-only payments | 31.00% | |
Percent of interest only adjustable rate | 64.00% | |
Adjustable Rate First Mortgage [Member] | Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 3 years | |
Interest-only reset period | 3 years | |
Adjustable Rate First Mortgage [Member] | Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fixed rate interest rate period | 10 years | |
HELOCs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan term | 30 years | |
Initial draw period | 10 years | |
Converting to amortizing loans period | 20 years | |
Total bank loans | $ 1,602 | $ 1,943 |
Percent of loan balance outstanding, borrowers paid only minimum due | 54.00% | |
Home Equity Secured By Second Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total bank loans | $ 1,300 |
Bank Loans and Related Allowance for Loan Losses (Changes in Allowance for Loan Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 26 | $ 26 | $ 26 | $ 26 |
Charge-offs | 0 | (1) | (1) | (3) |
Recoveries | 1 | 1 | 2 | 3 |
Provision for loan losses | (1) | 0 | (1) | 0 |
Balance at end of period | 26 | 26 | 26 | 26 |
First Mortgage [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 17 | 17 | 16 | 17 |
Charge-offs | 0 | (1) | 0 | (2) |
Recoveries | 0 | 0 | 0 | 1 |
Provision for loan losses | 0 | 0 | 1 | 0 |
Balance at end of period | 17 | 16 | 17 | 16 |
HELOCs [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 7 | 8 | 8 | 8 |
Charge-offs | 0 | 0 | 0 | (1) |
Recoveries | 1 | 0 | 2 | 1 |
Provision for loan losses | (1) | 0 | (3) | 0 |
Balance at end of period | 7 | 8 | 7 | 8 |
Other [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 2 | 1 | 2 | 1 |
Charge-offs | 0 | 0 | (1) | 0 |
Recoveries | 0 | 1 | 0 | 1 |
Provision for loan losses | 0 | 0 | 1 | 0 |
Balance at end of period | $ 2 | $ 2 | $ 2 | $ 2 |
Bank Loans and Related Allowance for Loan Losses (Impaired Assets) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings | $ 4 | $ 11 |
Total impaired assets | 30 | 42 |
Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | 26 | 31 |
Nonperforming Financial Instruments [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | 23 | 28 |
Nonperforming Financial Instruments [Member] | Other Real Estate Owned [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | $ 3 | $ 3 |
Bank Loans and Related Allowance for Loan Losses (Credit Quality Indicators of Bank Loan Portfolio) (Details) $ in Millions |
Sep. 30, 2018
USD ($)
credit_rating
|
Dec. 31, 2017
USD ($)
credit_rating
|
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 16,590 | $ 16,504 |
First Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 10,256 | $ 10,016 |
Weighted Average Updated FICO | credit_rating | 776 | 775 |
Percent of Loans on Nonaccrual Status | 0.07% | 0.14% |
First Mortgage [Member] | Origination FICO Score Below 620 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 5 | $ 6 |
First Mortgage [Member] | Origination FICO Score 620 Through 679 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 83 | 89 |
First Mortgage [Member] | Origination FICO Score 680 Through 739 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 1,595 | 1,569 |
First Mortgage [Member] | Origination FICO Score 740 and Above [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 8,573 | 8,352 |
First Mortgage [Member] | Year of origination Pre 2014 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 2,144 | 2,804 |
First Mortgage [Member] | Year of origination 2014 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 436 | 530 |
First Mortgage [Member] | Year of origination 2015 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 1,087 | 1,218 |
First Mortgage [Member] | Year of origination 2016 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 2,662 | 2,886 |
First Mortgage [Member] | Year of origination 2017 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 2,420 | 2,578 |
First Mortgage [Member] | Year of origination 2018 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 1,507 | |
First Mortgage [Member] | Estimated Current LTV 70% and Below [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 9,383 | $ 9,046 |
Weighted Average Updated FICO | credit_rating | 777 | 775 |
Percent of Loans on Nonaccrual Status | 0.05% | 0.09% |
First Mortgage [Member] | Estimated Current LTV Greater Than 70% through 90% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 868 | $ 961 |
Weighted Average Updated FICO | credit_rating | 771 | 769 |
Percent of Loans on Nonaccrual Status | 0.24% | 0.46% |
First Mortgage [Member] | Estimated Current LTV Greater Than 90% through 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 4 | $ 5 |
Weighted Average Updated FICO | credit_rating | 713 | 714 |
Percent of Loans on Nonaccrual Status | 8.70% | 10.49% |
First Mortgage [Member] | Estimated Current LTV Greater Than 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 1 | $ 4 |
Weighted Average Updated FICO | credit_rating | 742 | 713 |
Percent of Loans on Nonaccrual Status | 0.00% | 6.23% |
First Mortgage [Member] | Origination Loan to Value Ratio 70% and Below [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 7,737 | $ 7,569 |
First Mortgage [Member] | Origination Loan to Value Ratio Greater Than 70% Through 90% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 2,514 | 2,441 |
First Mortgage [Member] | Origination Loan to Value Ratio Greater Than 90% Through 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 5 | 6 |
HELOCs [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 1,602 | $ 1,943 |
Weighted Average Updated FICO | credit_rating | 770 | 770 |
Utilization Rate | 31.00% | 33.00% |
Percent of Loans on Nonaccrual Status | 0.24% | 0.27% |
HELOCs [Member] | Origination FICO Score Below 620 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 0 | $ 1 |
HELOCs [Member] | Origination FICO Score 620 Through 679 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 8 | 10 |
HELOCs [Member] | Origination FICO Score 680 Through 739 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 305 | 365 |
HELOCs [Member] | Origination FICO Score 740 and Above [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 1,289 | 1,567 |
HELOCs [Member] | Year of origination Pre 2014 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 1,156 | 1,496 |
HELOCs [Member] | Year of origination 2014 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 93 | 116 |
HELOCs [Member] | Year of origination 2015 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 110 | 128 |
HELOCs [Member] | Year of origination 2016 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 96 | 111 |
HELOCs [Member] | Year of origination 2017 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 101 | 92 |
HELOCs [Member] | Year of origination 2018 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 46 | |
HELOCs [Member] | Estimated Current LTV 70% and Below [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 1,509 | $ 1,773 |
Weighted Average Updated FICO | credit_rating | 771 | 772 |
Utilization Rate | 31.00% | 32.00% |
Percent of Loans on Nonaccrual Status | 0.18% | 0.18% |
HELOCs [Member] | Estimated Current LTV Greater Than 70% through 90% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 84 | $ 148 |
Weighted Average Updated FICO | credit_rating | 752 | 755 |
Utilization Rate | 47.00% | 47.00% |
Percent of Loans on Nonaccrual Status | 0.90% | 0.84% |
HELOCs [Member] | Estimated Current LTV Greater Than 90% through 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 5 | $ 14 |
Weighted Average Updated FICO | credit_rating | 746 | 742 |
Utilization Rate | 77.00% | 64.00% |
Percent of Loans on Nonaccrual Status | 0.90% | 2.85% |
HELOCs [Member] | Estimated Current LTV Greater Than 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 4 | $ 8 |
Weighted Average Updated FICO | credit_rating | 704 | 718 |
Utilization Rate | 81.00% | 72.00% |
Percent of Loans on Nonaccrual Status | 5.28% | 4.91% |
HELOCs [Member] | Origination Loan to Value Ratio 70% and Below [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 1,127 | $ 1,360 |
HELOCs [Member] | Origination Loan to Value Ratio Greater Than 70% Through 90% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 468 | 574 |
HELOCs [Member] | Origination Loan to Value Ratio Greater Than 90% Through 100% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 7 | 9 |
Pledged asset lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | 4,556 | 4,369 |
Pledged asset lines [Member] | Weighted Average Loan to Value Ratio =70% [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Balance | $ 4,556 | $ 4,369 |
Weighted Average Updated FICO | credit_rating | 766 | 765 |
Utilization Rate | 36.00% | 41.00% |
Percent of Loans on Nonaccrual Status | 0.00% | 0.00% |
Bank Loans and Related Allowance for Loan Losses (Convert to Amortizing Loans) (Details) - HELOCs [Member] $ in Millions |
Sep. 30, 2018
USD ($)
|
---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Converted to an amortizing loan by period end | $ 640 |
Within 1 year | 186 |
1 year – 3 years | 133 |
3 years – 5 years | 163 |
5 years | 480 |
Total | $ 1,602 |
Variable Interest Entities (Aggregate Assets, Liabilities and Maximum Exposure to Loss) (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Aggregate assets | $ 415 | $ 373 |
Aggregate liabilities | 204 | 203 |
Maximum exposure to loss | 463 | 429 |
LIHTC Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 347 | 304 |
Aggregate liabilities | 204 | 203 |
Maximum exposure to loss | 347 | 304 |
Other CRA Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Aggregate assets | 68 | 69 |
Aggregate liabilities | 0 | 0 |
Maximum exposure to loss | $ 116 | $ 125 |
Variable Interest Entities (Narrative) (Details) - LIHTC Investments [Member] |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Minimum [Member] | |
Variable Interest Entity [Line Items] | |
Commitment, expected payment date | 2018 |
Maximum [Member] | |
Variable Interest Entity [Line Items] | |
Commitment, expected payment date | 2021 |
Bank Deposits (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Interest-bearing deposits: | ||
Deposits swept from brokerage accounts | $ 194,337 | $ 148,212 |
Checking | 12,230 | 13,388 |
Savings and other | 6,153 | 7,264 |
Total interest-bearing deposits | 212,720 | 168,864 |
Non-interest-bearing deposits | 688 | 792 |
Total bank deposits | $ 213,408 | $ 169,656 |
Borrowings (Long-term Debt Including Unamortized Debt Discounts and Premiums) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Senior Notes | $ 5,781 | $ 4,731 |
Unamortized discount — net | (13) | (14) |
Debt issuance costs | (33) | (25) |
Total long-term debt | $ 5,790 | 4,753 |
Lease term | 20 years | |
Senior Notes [Member] | Senior Notes Due March 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 1.50% | |
Senior Notes | $ 0 | 625 |
Senior Notes [Member] | Senior Notes Due July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 2.20% | |
Senior Notes | $ 0 | 275 |
Senior Notes [Member] | Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 4.45% | |
Senior Notes | $ 700 | 700 |
Senior Notes [Member] | Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.25% | |
Senior Notes | $ 600 | 0 |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.225% | |
Senior Notes | $ 256 | 256 |
Senior Notes [Member] | Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 2.65% | |
Senior Notes | $ 800 | 800 |
Senior Notes [Member] | Senior Notes Due March 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.00% | |
Senior Notes | $ 375 | 375 |
Senior Notes [Member] | Senior Notes Due May 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.85% | |
Senior Notes | $ 750 | 0 |
Senior Notes [Member] | Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.45% | |
Senior Notes | $ 350 | 350 |
Senior Notes [Member] | Senior Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.20% | |
Senior Notes | $ 650 | 650 |
Senior Notes [Member] | Senior Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.20% | |
Senior Notes | $ 700 | 700 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 600 | 0 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2021 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 0.32% | |
Finance lease obligation [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 5.45% | |
Finance lease obligation | $ 55 | $ 61 |
Borrowings (Annual Maturities on Long-term Debt Outstanding) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
2018 | $ 2 | |
2019 | 8 | |
2020 | 709 | |
2021 | 1,209 | |
2022 | 266 | |
Thereafter | 3,642 | |
Total maturities | 5,836 | |
Unamortized discount, net | (13) | $ (14) |
Debt issuance costs | (33) | (25) |
Total long-term debt | $ 5,790 | $ 4,753 |
Borrowings (Narrative) (Details) - Federal Home Loan Bank Advances [Member] - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Line of Credit Facility [Line Items] | ||
FHLB stock | $ 32,000,000 | $ 405,000,000 |
Secured Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings on line of credit | 30,000,000,000 | 15,000,000,000 |
Line of credit facility, current borrowing capacity | $ 0 | $ 32,300,000,000 |
Commitments and Contingencies (Commitments to Extend/Purchase) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commitments to purchase | $ 11,383 | $ 10,368 | |||
First Mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchased during period | $ 491 | $ 696 | 1,600 | $ 2,000 | |
Commitments to purchase | 355 | 308 | |||
HELOCs [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchased during period | 104 | $ 115 | 311 | $ 344 | |
Home Equity Loans and Lines of Credit Pledged Asset Lines and Other Lines of Credit [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit | $ 11,028 | $ 11,028 | $ 10,060 |
Commitments and Contingencies (Details) - USD ($) |
Sep. 30, 2018 |
Aug. 28, 2008 |
---|---|---|
Loss Contingencies [Line Items] | ||
Aggregate face amount of letter of credit agreements | $ 225,000,000 | |
Performance Guarantee [Member] | ||
Loss Contingencies [Line Items] | ||
Liability for guarantees | 0 | |
Margin Requirements [Member] | ||
Loss Contingencies [Line Items] | ||
Funds drawn under LOC's | $ 0 | |
Bond Market Fund Litigation [Member] | CMOs and Mortgage-backed Securities [Member] | ||
Loss Contingencies [Line Items] | ||
Alleged minimum percentage of fund assets invested in CMOs and mortgage-backed securities without obtaining shareholder vote, more than | 25.00% |
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Securities Financing Transaction, Fair Value [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair value of borrowed securities from other broker-dealers to fulfill short sales by clients | $ 338 | $ 215 |
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Resale agreements | ||
Gross Assets | $ 4,424 | $ 6,596 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 4,424 | 6,596 |
Counterparty Offsetting | 0 | 0 |
Collateral | (4,424) | (6,596) |
Net Amount | 0 | 0 |
Securities borrowed | ||
Gross Assets | 346 | 222 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 346 | 222 |
Counterparty Offsetting | (316) | (199) |
Collateral | (30) | (22) |
Net Amount | 0 | 1 |
Total Gross Assets | 4,770 | 6,818 |
Total Assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Total Assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 4,770 | 6,818 |
Total Assets, Gross Amounts Not Offset in the Consolidated Balance Sheet, Counterparty Offsetting | (316) | (199) |
Total Assets, Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral | (4,454) | (6,618) |
Total Assets, Net Amount | 0 | 1 |
Securities loaned | ||
Gross Liabilities | 1,062 | 966 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 1,062 | 966 |
Counterparty Offsetting | (316) | (199) |
Collateral | (652) | (670) |
Net Amount | 94 | 97 |
Total Gross Liabilities | 1,062 | 966 |
Total Liabilities, Net Amounts Presented in the Consolidated Balance Sheet | 1,062 | 966 |
Total Liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheet, Counterparty Offsetting | (316) | (199) |
Total Liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral | (652) | (670) |
Total Liabilities, Net Amount | 94 | 97 |
Offsetting Assets [Line Items] | ||
Fair value of client securities available to be pledged | $ 28,806 | $ 25,905 |
Resale And Repurchase Agreements [Member] | ||
Offsetting Assets [Line Items] | ||
Percentage of collateral to related assets | 102.00% | 102.00% |
Fair value of client securities available to be pledged | $ 4,500 | $ 6,700 |
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Summary of the Fair Value of Client Securities Available to Utilize as Collateral and Amounts Pledged) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Securities Financing Transaction [Line Items] | ||
Fair value of client securities available to be pledged | $ 28,806 | $ 25,905 |
Total collateral pledged | 5,831 | 5,075 |
Fulfillment of Requirements with the Options Clearing Corporation [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 3,036 | 2,280 |
Fulfillment of Client Short Sales [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 1,923 | 2,011 |
Securities Lending to Other Broker-Dealers [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 872 | 784 |
Fully Paid Client Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | $ 88 | $ 78 |
Fair Values of Assets and Liabilities (Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | $ 500 | $ 539 |
Available for sale securities | 57,558 | 49,995 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,540 | 2,727 |
Investments segregated and on deposit for regulatory purposes | 1,950 | 5,856 |
Other securities owned | 500 | 539 |
Available for sale securities | 57,558 | 49,995 |
Total | 62,548 | 59,117 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 552 | 2,727 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,988 | |
Available for sale securities | 518 | 313 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 1,950 | 2,198 |
Available for sale securities | 2,769 | 2,041 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 3,658 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 394 | 318 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Schwab Funds money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 21 | 135 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 44 | 52 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Equity, U.S. Government and corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 41 | 34 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 23,955 | 20,929 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 12,243 | 9,500 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 9,387 | 9,047 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 6,922 | 6,169 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | U.S. agency notes [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,682 | 1,906 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 48 | 50 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 34 | 40 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 552 | 2,727 |
Investments segregated and on deposit for regulatory purposes | 0 | 0 |
Other securities owned | 418 | 455 |
Available for sale securities | 0 | 0 |
Total | 970 | 3,182 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 552 | 2,727 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 394 | 318 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Schwab Funds money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 21 | 135 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Equity, U.S. Government and corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 3 | 2 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | U.S. agency notes [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,988 | 0 |
Investments segregated and on deposit for regulatory purposes | 1,950 | 5,856 |
Other securities owned | 82 | 84 |
Available for sale securities | 57,558 | 49,995 |
Total | 61,578 | 55,935 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,988 | |
Available for sale securities | 518 | 313 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 1,950 | 2,198 |
Available for sale securities | 2,769 | 2,041 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 3,658 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Schwab Funds money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 44 | 52 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Equity, U.S. Government and corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 38 | 32 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 23,955 | 20,929 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 12,243 | 9,500 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 9,387 | 9,047 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 6,922 | 6,169 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | U.S. agency notes [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,682 | 1,906 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 48 | 50 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 34 | 40 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments segregated and on deposit for regulatory purposes | 0 | 0 |
Other securities owned | 0 | 0 |
Available for sale securities | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Commercial paper [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 0 | 0 |
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | U.S. Government securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Schwab Funds money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Equity, U.S. Government and corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other securities owned | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | U.S. agency notes [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 0 | $ 0 |
Fair Values of Assets and Liabilities (Fair Value of Other Financial Instruments) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets | ||
Held to maturity securities | $ 135,521 | $ 120,373 |
Carrying Amount [Member] | ||
Assets | ||
Cash and cash equivalents | 19,290 | 11,490 |
Cash and investments segregated and on deposit for regulatory purposes | 6,526 | 9,277 |
Receivables from brokers, dealers, and clearing organizations | 798 | 649 |
Receivables from brokerage clients — net | 22,402 | 20,568 |
Held to maturity securities | 138,952 | 120,926 |
Bank loans – net | 16,564 | 16,478 |
Other assets | 463 | 781 |
Total | 204,995 | 180,169 |
Liabilities | ||
Bank deposits | 213,408 | 169,656 |
Payables to brokers, dealers, and clearing organizations | 1,522 | 1,287 |
Payables to brokerage clients | 27,851 | 31,243 |
Accrued expenses and other liabilities | 1,177 | 1,463 |
Short-term borrowings | 15,000 | |
Long-term debt | 5,790 | 4,753 |
Total | 249,748 | 223,402 |
Carrying Amount [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 10,239 | 10,000 |
Carrying Amount [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 1,595 | 1,935 |
Carrying Amount [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 4,556 | 4,369 |
Carrying Amount [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 174 | 174 |
Carrying Amount [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 113,453 | 101,197 |
Carrying Amount [Member] | Asset-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 17,964 | 12,937 |
Carrying Amount [Member] | Corporate debt securities [Member] | ||
Assets | ||
Held to maturity securities | 4,578 | 4,078 |
Carrying Amount [Member] | U.S. state and municipal securities [Member] | ||
Assets | ||
Held to maturity securities | 1,330 | 1,247 |
Carrying Amount [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 1,149 | 994 |
Carrying Amount [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Held to maturity securities | 223 | 223 |
Carrying Amount [Member] | Certificates of deposit [Member] | ||
Assets | ||
Held to maturity securities | 200 | 200 |
Carrying Amount [Member] | Foreign government agency securities [Member] | ||
Assets | ||
Held to maturity securities | 50 | 50 |
Carrying Amount [Member] | Other [Member] | ||
Assets | ||
Held to maturity securities | 5 | |
Portion at Other than Fair Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 19,290 | 11,490 |
Cash and investments segregated and on deposit for regulatory purposes | 6,526 | 9,277 |
Receivables from brokers, dealers, and clearing organizations | 798 | 649 |
Receivables from brokerage clients — net | 22,402 | 20,568 |
Held to maturity securities | 135,521 | 120,373 |
Bank loans – net | 16,357 | 16,485 |
Other assets | 463 | 781 |
Total | 201,357 | 179,623 |
Liabilities | ||
Bank deposits | 213,408 | 169,656 |
Payables to brokers, dealers, and clearing organizations | 1,522 | 1,287 |
Payables to brokerage clients | 27,851 | 31,243 |
Accrued expenses and other liabilities | 1,177 | 1,463 |
Short-term borrowings | 15,000 | |
Long-term debt | 5,687 | 4,811 |
Total | 249,645 | 223,460 |
Portion at Other than Fair Value Measurement [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 9,963 | 9,917 |
Portion at Other than Fair Value Measurement [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 1,664 | 2,025 |
Portion at Other than Fair Value Measurement [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 4,556 | 4,369 |
Portion at Other than Fair Value Measurement [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 174 | 174 |
Portion at Other than Fair Value Measurement [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 109,996 | 100,453 |
Portion at Other than Fair Value Measurement [Member] | Asset-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 18,074 | 13,062 |
Portion at Other than Fair Value Measurement [Member] | Corporate debt securities [Member] | ||
Assets | ||
Held to maturity securities | 4,531 | 4,086 |
Portion at Other than Fair Value Measurement [Member] | U.S. state and municipal securities [Member] | ||
Assets | ||
Held to maturity securities | 1,329 | 1,304 |
Portion at Other than Fair Value Measurement [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 1,125 | 999 |
Portion at Other than Fair Value Measurement [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Held to maturity securities | 212 | 220 |
Portion at Other than Fair Value Measurement [Member] | Certificates of deposit [Member] | ||
Assets | ||
Held to maturity securities | 201 | 200 |
Portion at Other than Fair Value Measurement [Member] | Foreign government agency securities [Member] | ||
Assets | ||
Held to maturity securities | 48 | 49 |
Portion at Other than Fair Value Measurement [Member] | Other [Member] | ||
Assets | ||
Held to maturity securities | 5 | |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 0 | 0 |
Receivables from brokers, dealers, and clearing organizations | 0 | 0 |
Receivables from brokerage clients — net | 0 | 0 |
Held to maturity securities | 0 | 0 |
Bank loans – net | 0 | 0 |
Other assets | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokers, dealers, and clearing organizations | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 0 | 0 |
Total | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Asset-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Corporate debt securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | U.S. state and municipal securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Certificates of deposit [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Foreign government agency securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | Other [Member] | ||
Assets | ||
Held to maturity securities | 0 | |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 19,290 | 11,490 |
Cash and investments segregated and on deposit for regulatory purposes | 6,526 | 9,277 |
Receivables from brokers, dealers, and clearing organizations | 798 | 649 |
Receivables from brokerage clients — net | 22,402 | 20,568 |
Held to maturity securities | 135,521 | 120,373 |
Bank loans – net | 16,357 | 16,485 |
Other assets | 463 | 781 |
Total | 201,357 | 179,623 |
Liabilities | ||
Bank deposits | 213,408 | 169,656 |
Payables to brokers, dealers, and clearing organizations | 1,522 | 1,287 |
Payables to brokerage clients | 27,851 | 31,243 |
Accrued expenses and other liabilities | 1,177 | 1,463 |
Short-term borrowings | 15,000 | |
Long-term debt | 5,687 | 4,811 |
Total | 249,645 | 223,460 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 9,963 | 9,917 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 1,664 | 2,025 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 4,556 | 4,369 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 174 | 174 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 109,996 | 100,453 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Asset-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 18,074 | 13,062 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Assets | ||
Held to maturity securities | 4,531 | 4,086 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | U.S. state and municipal securities [Member] | ||
Assets | ||
Held to maturity securities | 1,329 | 1,304 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 1,125 | 999 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Held to maturity securities | 212 | 220 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Certificates of deposit [Member] | ||
Assets | ||
Held to maturity securities | 201 | 200 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Foreign government agency securities [Member] | ||
Assets | ||
Held to maturity securities | 48 | 49 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Other [Member] | ||
Assets | ||
Held to maturity securities | 5 | |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 0 | 0 |
Receivables from brokers, dealers, and clearing organizations | 0 | 0 |
Receivables from brokerage clients — net | 0 | 0 |
Held to maturity securities | 0 | 0 |
Bank loans – net | 0 | 0 |
Other assets | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokers, dealers, and clearing organizations | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 0 | 0 |
Total | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | U.S. agency mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Asset-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Corporate debt securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | U.S. state and municipal securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Certificates of deposit [Member] | ||
Assets | ||
Held to maturity securities | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Foreign government agency securities [Member] | ||
Assets | ||
Held to maturity securities | 0 | $ 0 |
Portion at Other than Fair Value Measurement [Member] | Level 3 [Member] | Other [Member] | ||
Assets | ||
Held to maturity securities | $ 0 |
Stockholders' Equity (Preferred Stock Issued and Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Class of Stock [Line Items] | ||
Shares issued (in shares) | 1,761,000 | 1,761,000 |
Shares outstanding (in shares) | 1,761,000 | 1,761,000 |
Carrying Value | $ 2,793 | $ 2,793 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 600,000 | 600,000 |
Shares outstanding (in shares) | 600,000 | 600,000 |
Liquidation preference per share (USD per share) | $ 1,000 | |
Carrying Value | $ 585 | $ 585 |
Dividend Rate in Effect | 6.00% | |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 750,000 | 750,000 |
Shares outstanding (in shares) | 750,000 | 750,000 |
Liquidation preference per share (USD per share) | $ 1,000 | |
Carrying Value | $ 728 | $ 728 |
Dividend Rate in Effect | 5.95% | |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 400,000 | 400,000 |
Shares outstanding (in shares) | 400,000 | 400,000 |
Liquidation preference per share (USD per share) | $ 1,000 | |
Carrying Value | $ 397 | $ 397 |
Dividend Rate in Effect | 7.00% | |
Series A Preferred Stock [Member] | LIBOR [Member] | ||
Class of Stock [Line Items] | ||
Floating Annual Rate | 4.82% | |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 6,000 | 6,000 |
Shares outstanding (in shares) | 6,000 | 6,000 |
Liquidation preference per share (USD per share) | $ 100,000 | |
Carrying Value | $ 591 | $ 591 |
Dividend Rate in Effect | 4.625% | |
Series E Preferred Stock [Member] | LIBOR [Member] | ||
Class of Stock [Line Items] | ||
Floating Annual Rate | 3.315% | |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares issued (in shares) | 5,000 | 5,000 |
Shares outstanding (in shares) | 5,000 | 5,000 |
Liquidation preference per share (USD per share) | $ 100,000 | |
Carrying Value | $ 492 | $ 492 |
Dividend Rate in Effect | 5.00% | |
Series F Preferred Stock [Member] | LIBOR [Member] | ||
Class of Stock [Line Items] | ||
Floating Annual Rate | 2.575% |
Accumulated Other Comprehensive Income (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Other comprehensive income (loss) before tax | ||||
Net unrealized gain (loss) | $ (43) | $ 0 | $ (184) | $ 81 |
Reclassification of net unrealized loss on securities transferred to held to maturity | 0 | 0 | 0 | 227 |
Other reclassifications included in other revenue | 0 | 0 | 0 | (7) |
Change in net unrealized gain (loss) on held to maturity securities: | ||||
Reclassification of net unrealized loss on securities transferred from available for sale | 0 | 0 | 0 | (227) |
Amortization of amounts previously recorded upon transfer from available for sale | 8 | 10 | 26 | 21 |
Other | 0 | 0 | 0 | (3) |
Other comprehensive income (loss), before tax | (35) | 10 | (158) | 92 |
Tax Effect | ||||
Net unrealized gain (loss) | 11 | 0 | 45 | (30) |
Reclassification of net unrealized loss on securities transferred to held to maturity | 0 | (85) | ||
Other reclassifications included in other revenue | 0 | 3 | ||
Change in net unrealized gain (loss) on held to maturity securities: | ||||
Reclassification of net unrealized loss on securities transferred from available for sale (1) | 0 | 85 | ||
Amortization of amounts previously recorded upon transfer from available for sale | (2) | (4) | (6) | (9) |
Other | 0 | 1 | ||
Other comprehensive income (loss) | 9 | (4) | 39 | (35) |
Net of Tax | ||||
Net unrealized gain (loss) | (32) | 0 | (139) | 51 |
Reclassification of net unrealized loss on securities transferred to held to maturity | 0 | 142 | ||
Other reclassifications included in other revenue | 0 | (4) | ||
Change in net unrealized gain (loss) on held to maturity securities: | ||||
Reclassification of net unrealized loss on securities transferred from available for sale | 0 | (142) | ||
Amortization of amounts previously recorded upon transfer from available for sale | 6 | 6 | 20 | 12 |
Other | 0 | (2) | ||
Other comprehensive income (loss), net of tax | $ (26) | $ 6 | $ (119) | $ 57 |
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Balances) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Accumulated Other Comprehensive Income | ||||
Beginning Balance | $ (152) | $ (163) | ||
Other net changes | $ (26) | $ 6 | (119) | 57 |
Ending Balance | $ (304) | $ (106) | (304) | (106) |
Net unrealized gain (loss) on available for sale securities [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | (139) | 51 | ||
Reclassification of net unrealized loss on securities transferred to held to maturity [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | 142 | |||
Other reclassifications in other revenue, available for sale securities [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | (4) | |||
Reclassification of net unrealized loss on securities transferred from available for sale [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | (142) | |||
Amortization of amounts previously recorded upon transfer to held to maturity from available for sale [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | 20 | 12 | ||
Other [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | $ (2) | |||
Adoption of accounting standards [Member] | ASU 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income | ||||
Other net changes | $ (33) |
Taxes on Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Jan. 01, 2018 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Effective tax rate | 24.30% | 34.60% | 23.30% | 34.90% | ||
One-time non-cash charge to taxes on income | $ 46 | |||||
ASU 2018-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained earnings | $ 33 |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net income | $ 923 | $ 618 | $ 2,572 | $ 1,757 | [1] | |||||||
Preferred stock dividends and other | [2] | (38) | (43) | (128) | (127) | |||||||
Net Income Available to Common Stockholders | $ 885 | $ 575 | $ 2,444 | $ 1,630 | ||||||||
Weighted-average common shares outstanding — basic (shares) | 1,351 | 1,339 | 1,349 | 1,338 | ||||||||
Common stock equivalent shares related to stock incentive plans (shares) | 13 | 14 | 14 | 14 | ||||||||
Weighted-average common shares outstanding — diluted (shares) | [3] | 1,364 | 1,353 | 1,363 | 1,352 | |||||||
Basic EPS (USD per share) | $ 0.66 | $ 0.43 | $ 1.81 | $ 1.22 | ||||||||
Diluted EPS (USD per share) | $ 0.65 | $ 0.42 | $ 1.79 | $ 1.21 | ||||||||
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) | 11 | 9 | 12 | 10 | ||||||||
|
Regulatory Requirements (Regulatory Capital and Ratios) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
CSC [Member] | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 17,025 | $ 14,630 |
Actual Ratio | 19.60% | 19.30% |
Minimum Capital Requirement Amount | $ 3,907 | $ 3,414 |
Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 19,818 | $ 17,423 |
Actual Ratio | 22.80% | 23.00% |
Minimum Capital Requirement Amount | $ 5,210 | $ 4,552 |
Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Total Risk-Based Capital | ||
Actual Amount | $ 19,846 | $ 17,452 |
Actual Ratio | 22.90% | 23.00% |
Minimum Capital Requirement Amount | $ 6,946 | $ 6,069 |
Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier 1 Leverage | ||
Actual Amount | $ 19,818 | $ 17,423 |
Actual Ratio | 7.50% | 7.60% |
Minimum Capital Requirement Amount | $ 10,622 | $ 9,218 |
Minimum Capital Requirement Ratio | 4.00% | 4.00% |
CSB [Member] | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 15,164 | $ 13,355 |
Actual Ratio | 20.20% | 20.10% |
Minimum to be Well Capitalized Amount | $ 4,890 | $ 4,324 |
Minimum to be Well Capitalized Ratio | 6.50% | 6.50% |
Minimum Capital Requirement Amount | $ 3,385 | $ 2,993 |
Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 15,164 | $ 13,355 |
Actual Ratio | 20.20% | 20.10% |
Minimum to be Well Capitalized Amount | $ 6,018 | $ 5,321 |
Minimum to be Well Capitalized Ratio | 8.00% | 8.00% |
Minimum Capital Requirement Amount | $ 4,513 | $ 3,991 |
Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Total Risk-Based Capital | ||
Actual Amount | $ 15,191 | $ 13,382 |
Actual Ratio | 20.20% | 20.10% |
Minimum to be Well Capitalized Amount | $ 7,522 | $ 6,652 |
Minimum to be Well Capitalized Ratio | 10.00% | 10.00% |
Minimum Capital Requirement Amount | $ 6,018 | $ 5,321 |
Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier 1 Leverage | ||
Actual Amount | $ 15,164 | $ 13,355 |
Actual Ratio | 7.10% | 7.10% |
Minimum to be Well Capitalized Amount | $ 10,668 | $ 9,462 |
Minimum to be Well Capitalized Ratio | 5.00% | 5.00% |
Minimum Capital Requirement Amount | $ 8,534 | $ 7,569 |
Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Regulatory Requirements (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 272,102 | $ 243,274 |
CSSB [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 13,100 |
Regulatory Requirements (Net Capital and Net Capital Requirements) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Banking and Thrift [Abstract] | ||
Net Capital | $ 2,280,000 | $ 2,118,000 |
Minimum net capital required | 250 | 250 |
2% of aggregate debit balances | 476,000 | 435,000 |
Net Capital in excess of required net capital | $ 1,804,000 | $ 1,683,000 |
Segment Information (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Financial Information for Reportable Segments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Net Revenues | ||||
Net interest revenue | $ 1,527 | $ 1,082 | $ 4,197 | $ 3,135 |
Asset management and administration fees | 809 | 861 | 2,474 | 2,529 |
Trading revenue | 176 | 151 | 557 | 500 |
Other | 67 | 71 | 235 | 212 |
Total net revenues | 2,579 | 2,165 | 7,463 | 6,376 |
Expenses Excluding Interest | 1,360 | 1,220 | 4,111 | 3,679 |
Income before taxes on income | 1,219 | 945 | 3,352 | 2,697 |
Investor Services [Member] | ||||
Net Revenues | ||||
Net interest revenue | 1,138 | 818 | 3,158 | 2,366 |
Asset management and administration fees | 565 | 595 | 1,727 | 1,743 |
Trading revenue | 112 | 94 | 354 | 311 |
Other | 53 | 54 | 182 | 159 |
Total net revenues | 1,868 | 1,561 | 5,421 | 4,579 |
Expenses Excluding Interest | 1,015 | 918 | 3,069 | 2,762 |
Income before taxes on income | 853 | 643 | 2,352 | 1,817 |
Advisor Services [Member] | ||||
Net Revenues | ||||
Net interest revenue | 389 | 264 | 1,039 | 769 |
Asset management and administration fees | 244 | 266 | 747 | 786 |
Trading revenue | 64 | 57 | 203 | 189 |
Other | 14 | 17 | 53 | 53 |
Total net revenues | 711 | 604 | 2,042 | 1,797 |
Expenses Excluding Interest | 345 | 302 | 1,042 | 917 |
Income before taxes on income | $ 366 | $ 302 | $ 1,000 | $ 880 |
Subsequent Events (Details) - USD ($) |
Oct. 31, 2018 |
Oct. 25, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Subsequent Event [Line Items] | ||||
Debt issued | $ 5,781,000,000 | $ 4,731,000,000 | ||
Senior Notes [Member] | Senior Notes Due 2024 [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt issued | $ 500,000,000 | |||
Fixed interest rate | 3.55% | |||
Senior Notes [Member] | Senior Notes Due 2029 [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt issued | $ 600,000,000 | |||
Fixed interest rate | 4.00% | |||
Common Stock [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share repurchase, authorized amount | $ 1,000,000,000.0 |
X2$T!XSB
M"5(!(,H"\Z2PSROI\X;[O)*N2]KQ2((H$29R0!D110M :9<$XK["/J](*K-<
M&8$^$X\G@,IX53F NK.8.,)*2KDL< I5./U0,OTP//U0(!W(>.X,(,U/03F
MDI0'?P!E)I ^*YQ\*)E\&)Y\*)D-9$IS51)RE')5$NI25S%;((])>(BZ13T/
M;4* &UL?5-A;]L@$/TKB!]0
M$I*M:61;:CI-F[1)4:=MGXE]ME&!\P#'W;\?8-?S6FM?@#ONO7MW'-F ]LFU
M )X\:V5<3EOONR-CKFQ!"W>#'9AP4Z/5P@?3-LQU%D250%HQOMF\9UI(0XLL
M^ 40@K^$7-478/0A#F-&+[ ;&8$\^IS"+X6XL3_H_-U^G8UPVVD;Y?T
M9+\NL%L5V$6!W3\EWGTH<05S2#X$88N>:C!UG"9+"NS;.,D+[SRP]_$1V5_X
M..V/PM2RM>2"SK]L['^%Z,"GDMSX$6K\!YL-!94+Q[T_FW',1L-A-_T@-G_C
M_ U02P,$% @ )HEG36]T
&UL;51A;]L@$/TKB!]0;!)O561;:EI5F[1)4:>MGXE]ME'!
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MJ, ^".S_:9'>M!C#[.)%LFB1+"*PORD2PV0W1P*![.2 %38'OX\,Q>JXK)OP^\%->U#_Y[QTMQ/"G3
M$6Q6#3OR'US];)ZE;@5#E7U1\;HM1.U)?EC[G^#^B1)#L(A?!;^VHV?/6-D*
M\6H:7_=KGQA%O.0[94HP?;OP1UZ6II+6\:
+TYL-R :08E-KQ='4/\3J]IBP(R^#R)$
K,S^V93[6>U>;J87Y*O]UKW#0;%WQOSWIS]/>MOY;&J?O0??E]?
MS/,^([,UJ[8/47:_WLRUV6[[2%T>_XY!YZ=K]@W/__Z(?C?'