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: 2011 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Net Revenues | |||
| Asset management and administration fees | $ 1,928 | 1,822 | 1,875 |
| Interest revenue | 1,900 | 1,723 | 1,428 |
| Interest expense | (175) | (199) | (183) |
| Net interest revenue | 1,725 | 1,524 | 1,245 |
| Trading revenue | 927 | 830 | 996 |
| Other | 160 | 135 | 175 |
| Provision for loan losses | (18) | (27) | (38) |
| Net impairment losses on securities | (31) [1] | (36) | (60) |
| Total net revenues | 4,691 | 4,248 | 4,193 |
| Expenses Excluding Interest | |||
| Compensation and benefits | 1,732 | 1,573 | 1,544 |
| Professional services | 387 | 341 | 275 |
| Occupancy and equipment | 301 | 272 | 318 |
| Advertising and market development | 228 | 196 | 191 |
| Communications | 220 | 207 | 206 |
| Depreciation and amortization | 155 | 146 | 159 |
| Class action litigation and regulatory reserve | 7 | 320 | |
| Money market mutual fund charges | 132 | ||
| Other | 269 | 282 | 224 |
| Total expenses excluding interest | 3,299 [2] | 3,469 | 2,917 |
| Income before taxes on income | 1,392 | 779 | 1,276 |
| Taxes on income | (528) | (325) | (489) |
| Net Income | 864 | 454 | 787 |
| Weighted-Average Common Shares Outstanding - Diluted | 1,229 [3] | 1,194 | 1,160 |
| Earnings Per Share - Basic | 0.70 | 0.38 | 0.68 |
| Earnings Per Share - Diluted | 0.70 | 0.38 | 0.68 |
| [1] Net impairment losses on securities include total other-than-temporary impairment losses of $18 million, $41 million, and $278 million, net of $(13) million, $5 million, and $218 million recognized in other comprehensive income in 2011, 2010, and 2009, 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] Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS were 63 million, 52 million, and 53 million shares in 2011, 2010, and 2009, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
SCHWAB CHARLES CORP | |||
Ticker: SCHW Fiscal Year: 2011 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash Flows from Operating Activities | |||
| Net Income | $ 864 | 454 | 787 |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
| Provision for loan losses | 18 | 27 | 38 |
| Net impairment losses on securities | 31 [1] | 36 | 60 |
| Stock-based compensation | 99 | 87 | 75 |
| Depreciation and amortization | 155 | 146 | 159 |
| Provision (benefit) for deferred income taxes | 52 | (51) | 16 |
| Premium (discount) amortization, net, on securities available for sale and securities held to maturity | 136 | 35 | (18) |
| Other | 9 | (3) | (32) |
| Originations of loans held for sale | (1,574) | (2,015) | (2,746) |
| Proceeds from sales of loans held for sale | 1,703 | 1,943 | 2,695 |
| Net change in: | |||
| Cash and investments segregated and on deposit for regulatory purposes | (2,211) | (4,376) | (3,688) |
| Receivables from brokers, dealers, and clearing organizations | 220 | 148 | 202 |
| Receivables from brokerage clients | 341 | (2,612) | (1,503) |
| Other securities owned | (231) | 581 | (290) |
| Other assets | (15) | 133 | (253) |
| Payables to brokers, dealers, and clearing organizations | (357) | 283 | 56 |
| Payables to brokerage clients | 3,407 | 4,886 | 5,990 |
| Accrued expenses and other liabilities | (183) | 289 | (111) |
| Net cash provided by (used for) operating activities | 2,464 | (9) | 1,437 |
| Cash Flows from Investing Activities | |||
| Purchases of securities available for sale | (18,434) | (15,697) | (14,342) |
| Proceeds from sales of securities available for sale | 500 | 871 | 107 |
| Principal payments on securities available for sale | 7,978 | 13,261 | 7,063 |
| Purchases of securities held to maturity | (2,253) | (14,906) | (5,470) |
| Principal payments on securities held to maturity | 4,786 | 2,672 | 139 |
| Net increase in loans to banking clients | (1,125) | (1,443) | (1,411) |
| Purchase of equipment, office facilities, and property | (180) | (129) | (140) |
| Cash acquired in business acquisition, net of cash paid | 54 | (44) | |
| Other investing activities | 7 | 5 | (3) |
| Net cash used for investing activities | (8,667) | (15,410) | (14,057) |
| Cash Flows from Financing Activities | |||
| Net change in deposits from banking clients | 10,264 | 11,328 | 14,979 |
| Issuance of long-term debt | 701 | 747 | |
| Repayment of long-term debt | (116) | (205) | (80) |
| Net proceeds from common stock offering | 543 | ||
| Dividends paid | (295) | (288) | (279) |
| Proceeds from stock options exercised and other | 96 | 35 | 53 |
| Other financing activities | 2 | (5) | (1) |
| Net cash (used for) provided by financing activities | 9,951 | 12,109 | 15,419 |
| Increase (Decrease) in Cash and Cash Equivalents | 3,748 | (3,310) | 2,799 |
| Cash and Cash Equivalents at Beginning of Year | 4,931 | 8,241 | |
| Cash and Cash Equivalents at End of Year | 8,679 | 4,931 | 8,241 |
| Supplemental Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest | 168 | 178 | 173 |
| Income taxes | 517 | 327 | 446 |
| Non-cash investing activities: | |||
| Common stock issued and equity awards assumed for business acquisitions (See note "3 - Business Acquisitions") | 714 | 106 | |
| Securities purchased during the year but settled after year end | 58 | 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 $18 million, $41 million, and $278 million, net of $(13) million, $5 million, and $218 million recognized in other comprehensive income in 2011, 2010, and 2009, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
SCHWAB CHARLES CORP | ||
Ticker: SCHW Fiscal Year: 2011 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 24, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 8,679 | 4,931 |
| Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $17,899 and $12,697 at December 31, 2011 and 2010, respectively) | 26,034 | 22,749 |
| Receivables from brokers, dealers, and clearing organizations | 230 | 415 |
| Receivables from brokerage clients - net | 11,072 | 11,235 |
| Other securities owned - at fair value | 593 [1] | 337 |
| Securities available for sale | 33,965 | 23,993 |
| Securities held to maturity (fair value - $15,539 and $17,848 at December 31, 2011 and 2010, respectively) | 15,108 | 17,762 |
| Loans to banking clients - net | 9,812 | 8,725 |
| Loans held for sale | 70 | 185 |
| Equipment, office facilities, and property - net | 685 | 624 |
| Goodwill | 1,161 | 631 |
| Intangible assets - net | 326 | 54 |
| Other assets | 818 | 927 |
| Total assets | 108,553 | 92,568 |
| Liabilities and Stockholders' Equity | ||
| Deposits from banking clients | 60,854 | 50,590 |
| Payables to brokers, dealers, and clearing organizations | 1,098 | 1,389 |
| Payables to brokerage clients | 35,489 | 30,861 |
| Accrued expenses and other liabilities | 1,397 | 1,496 |
| Long-term debt | 2,001 | 2,006 |
| Total liabilities | 100,839 | 86,342 |
| 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; 1,487,543,446 shares and 1,428,604,522 shares issued at December 31, 2011 and 2010, respectively | 15 | 14 |
| Additional paid-in capital | 3,826 | 3,034 |
| Retained earnings | 7,978 | 7,409 |
| Treasury stock, at cost - 216,378,623 shares and 226,222,313 shares at December 31, 2011 and 2010, respectively | (4,113) | (4,247) |
| Accumulated other comprehensive income | 8 | 16 |
| Total stockholders' equity | 7,714 | 6,226 |
| Total liabilities and stockholders' equity | 108,553 | 92,568 |
| [1] Securities pledged were not material at December 31, 2011 or 2010. | ||
| External Links | |
| SCHWAB CHARLES CORP (SCHW) Fiscal Year 2011 | |
| 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 |