10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2010 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Net Revenues | |||
| Asset management and administration fees | $ 1,822 | 1,875 | 2,355 |
| Interest revenue | 1,723 | 1,428 | 1,908 |
| Interest expense | (199) | (183) | (226) |
| Net interest revenue | 1,524 | 1,245 | 1,682 |
| Trading revenue | 830 | 996 | 1,080 |
| Other | 135 | 175 | 94 |
| Provision for loan losses | (27) | (38) | (17) |
| Net impairment losses on securities | (36) [1] | (60) | (44) |
| Total net revenues | 4,248 | 4,193 | 5,150 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 1,573 | 1,544 | 1,667 |
| Professional services | 341 | 275 | 334 |
| Occupancy and equipment | 272 | 318 | 299 |
| Advertising and market development | 196 | 191 | 243 |
| Communications | 207 | 206 | 211 |
| Depreciation and amortization | 146 | 159 | 152 |
| Class action litigation and regulatory reserve | 320 | ||
| Money market mutual fund charges | 132 | ||
| Other | 282 | 224 | 216 |
| Total expenses excluding interest | 3,469 [2] | 2,917 | 3,122 |
| Income from continuing operations before taxes on income | 779 | 1,276 | 2,028 |
| Taxes on income | (325) | (489) | (798) |
| Income from continuing operations | 454 | 787 | 1,230 |
| Loss from discontinued operations, net of tax | (18) | ||
| Net Income | 454 | 787 | 1,212 |
| Weighted-Average Common Shares Outstanding - Diluted | 1,194 [3] | 1,160 | 1,157 |
| Earnings Per Share - Basic | |||
| Income from continuing operations | 0.38 | 0.68 | 1.07 |
| Loss from discontinued operations, net of tax | (0.01) | ||
| Net income | 0.38 | 0.68 | 1.06 |
| Earnings Per Share - Diluted | |||
| Income from continuing operations | 0.38 | 0.68 | 1.06 |
| Loss from discontinued operations, net of tax | (0.01) | ||
| Net income | 0.38 | 0.68 | 1.05 |
| [1] Net impairment losses on securities include total other-than-temporary impairment losses of $41 million, $278 million, and $44 million, net of $5 million, $218 million, and $0 million recognized in other comprehensive income in 2010, 2009, and 2008, respectively. | |||
| [2] Unallocated amount primarily includes class action litigation and regulatory reserves of $320 million and money market mutual fund charges of $132 million in 2010, and facilities and severance charges relating to the Company's cost reduction measures in 2009. | |||
| [3] Total antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS were 52 million, 53 million, and 33 million shares for the years ended December 31, 2010, 2009, and 2008, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2010 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash Flows from Operating Activities | |||
| Net income | $ 454 | 787 | 1,212 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | |||
| Loss from discontinued operations, net of tax | 18 | ||
| Provision for loan losses | 27 | 38 | 17 |
| Net impairment losses on securities | 36 [1] | 60 | 44 |
| Stock-based compensation | 87 | 75 | 69 |
| Excess tax benefits from stock-based compensation | (3) | (8) | (50) |
| Depreciation and amortization | 146 | 159 | 152 |
| (Benefit) provision for deferred income taxes | (51) | 16 | 97 |
| Other | 35 | (42) | 53 |
| Originations of loans held for sale | (2,015) | (2,746) | (1,526) |
| Proceeds from sales of loans held for sale | 1,943 | 2,695 | 1,522 |
| Net change in: | |||
| Cash and investments segregated and on deposit for regulatory purposes | (4,376) | (3,688) | (5,882) |
| Receivables from brokers, dealers, and clearing organizations | 148 | 202 | (32) |
| Receivables from brokerage clients | (2,612) | (1,503) | 5,171 |
| Other securities owned | 581 | (290) | 48 |
| Other assets | 133 | (253) | 51 |
| Payables to brokers, dealers, and clearing organizations | 283 | 56 | (822) |
| Payables to brokerage clients | 4,886 | 5,990 | (34) |
| Accrued expenses and other liabilities | 289 | (111) | (106) |
| Net cash (used for) provided by operating activities | (9) | 1,437 | 2 |
| Cash Flows from Investing Activities | |||
| Purchases of securities available for sale | (15,697) | (14,342) | (9,839) |
| Proceeds from sales of securities available for sale | 871 | 107 | 14 |
| Principal payments on securities available for sale | 13,261 | 7,063 | 2,003 |
| Purchases of securities held to maturity | (14,906) | (5,470) | (245) |
| Principal payments on securities held to maturity | 2,672 | 139 | 2 |
| Net increase in loans to banking clients | (1,443) | (1,411) | (2,642) |
| Purchase of equipment, office facilities, and property | (129) | (140) | (188) |
| Cash payments for business acquisitions, net of cash acquired | (44) | (5) | |
| Other investing activities | 5 | (3) | (1) |
| Net cash used for investing activities | (15,410) | (14,057) | (10,901) |
| Cash Flows from Financing Activities | |||
| Net change in deposits from banking clients | 11,328 | 14,979 | 10,019 |
| Issuance of long-term debt | 701 | 747 | |
| Repayment of long-term debt | (205) | (80) | (20) |
| Net proceeds from common stock offering | 543 | ||
| Excess tax benefits from stock-based compensation | 3 | 8 | 50 |
| Dividends paid | (288) | (279) | (253) |
| Purchase of treasury stock | (350) | ||
| Proceeds from stock options exercised and other | 35 | 53 | 131 |
| Other financing activities | (8) | (9) | |
| Net cash provided by (used for) financing activities | 12,109 | 15,419 | 9,577 |
| (Decrease) Increase in Cash and Cash Equivalents | (3,310) | 2,799 | (1,322) |
| Cash and Cash Equivalents at Beginning of Year | 8,241 | 5,442 | |
| Cash and Cash Equivalents at End of Year | 4,931 | 8,241 | 5,442 |
| Supplemental Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest | 178 | 173 | 232 |
| Income taxes (2008 amount includes discontinued operations) | 327 | 446 | 767 |
| Non-cash investing activities: | |||
| Issuance of common stock for business acquisition | 106 | ||
| Securities purchased during the year but settled after year end | 1,267 | ||
| Non-cash financing activity: | |||
| Transfer of trust related balances to deposits from banking clients | 442 | ||
| [1] Net impairment losses on securities include total other-than-temporary impairment losses of $41 million, $278 million, and $44 million, net of $5 million, $218 million, and $0 million recognized in other comprehensive income in 2010, 2009, and 2008, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2010 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Cash and cash equivalents | $ 4,931 | 8,241 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $12,697 and $8,346 at December 31, 2010 and 2009, respectively) | 22,749 | 18,373 |
| Receivables from brokers, dealers, and clearing organizations | 415 | 560 |
| Receivables from brokerage clients - net | 11,235 | 8,627 |
| Other securities owned - at fair value | 337 [1] | 916 |
| Securities available for sale | 23,993 | 22,120 |
| Securities held to maturity (fair value - $17,848 and $6,880 at December 31, 2010 and 2009, respectively) | 17,762 | 6,839 |
| Loans to banking clients - net | 8,725 | 7,348 |
| Loans held for sale | 185 | 104 |
| Equipment, office facilities, and property - net | 624 | 641 |
| Goodwill | 631 | 528 |
| Other assets | 981 | 1,134 |
| Total assets | 92,568 | 75,431 |
| Liabilities and Stockholders' Equity | ||
| Deposits from banking clients | 50,590 | 38,820 |
| Payables to brokers, dealers, and clearing organizations | 1,389 | 2,373 |
| Payables to brokerage clients | 30,861 | 26,246 |
| Accrued expenses and other liabilities | 1,496 | 1,407 |
| Long-term debt | 2,006 | 1,512 |
| Total liabilities | 86,342 | 70,358 |
| Stockholders' equity: | ||
| Preferred stock - 9,940,000 shares authorized; $.01 par value per share; none issued | ||
| Common stock - 3 billion shares authorized; $.01 par value per share; 1,428,604,522 shares and 1,392,091,544 shares issued at December 31, 2010 and 2009, respectively | 14 | 14 |
| Additional paid-in capital | 3,034 | 2,298 |
| Retained earnings | 7,409 | 7,243 |
| Treasury stock, at cost - 226,222,313 shares and 229,983,936 shares at December 31, 2010 and 2009, respectively | (4,247) | (4,291) |
| Accumulated other comprehensive income (loss) | 16 | (191) |
| Total stockholders' equity | 6,226 | 5,073 |
| Total liabilities and stockholders' equity | 92,568 | 75,431 |
| [1] Securities pledged were not material at December 31, 2010 or 2009. | ||
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2010 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |