COVER PAGE
COVER PAGE - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-9700 | |
Entity Registrant Name | SCHWAB CHARLES CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3025021 | |
Entity Address, Address Line One | 3000 Schwab Way | |
Entity Address, City or Town | Westlake | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 76262 | |
City Area Code | 817 | |
Local Phone Number | 859-5000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000316709 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock – $.01 par value per share | |
Trading Symbol | SCHW | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1,807,052,639 | |
Series C Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th ownership interest in a share of 6.00% Non-Cumulative Preferred Stock, Series C | |
Trading Symbol | SCHW PrC | |
Security Exchange Name | NYSE | |
Series D Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D | |
Trading Symbol | SCHW PrD | |
Security Exchange Name | NYSE | |
Common Stock - Nonvoting [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 79,293,695 | |
Series J Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series J | |
Trading Symbol | SCHW PrJ | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net Revenues | |||
Interest revenue | $ 2,015 | $ 1,708 | |
Interest expense | (104) | (136) | |
Net interest revenue | 1,911 | 1,572 | |
Other | 221 | 30 | |
Total net revenues | 4,715 | 2,617 | |
Expenses Excluding Interest | |||
Compensation and benefits | 1,430 | 897 | |
Professional services | 226 | 182 | |
Occupancy and equipment | 237 | 142 | |
Advertising and market development | 116 | 67 | |
Communications | 147 | 75 | |
Depreciation and amortization | [1] | 129 | 90 |
Amortization of acquired intangible assets | [1] | 154 | 6 |
Regulatory fees and assessments | 78 | 34 | |
Other | 238 | 77 | |
Total expenses excluding interest | 2,755 | 1,570 | |
Income before taxes on income | 1,960 | 1,047 | |
Taxes on income | 476 | 252 | |
Net Income | [1] | 1,484 | 795 |
Preferred stock dividends and other | [2] | 96 | 38 |
Net Income Available to Common Stockholders | $ 1,388 | $ 757 | |
Weighted-Average Common Shares Outstanding: | |||
Basic (shares) | 1,882 | 1,287 | |
Diluted (shares) | 1,892 | 1,294 | |
Earnings Per Common Shares Outstanding | |||
Basic (USD per share) | [3] | $ 0.74 | $ 0.59 |
Diluted (USD per share) | [3] | $ 0.73 | $ 0.58 |
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) | 15 | 19 | |
Asset management and administration fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | [4] | $ 1,016 | $ 827 |
Trading revenue [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 1,216 | 188 | |
Bank Deposit Account Fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 351 | 0 | |
Fee Waivers [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | $ 78 | $ 0 | |
[1] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. | ||
[2] | Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. | ||
[3] | For the three months ended March 31, 2021, the Company had voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Note 16 for additional information. | ||
[4] | Includes fee waivers of $78 million for the first quarter of 2021. No fee waivers were recognized for the first quarter of 2020. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | [1] | $ 1,484 | $ 795 |
Change in net unrealized gain (loss) on available for sale securities: | |||
Net unrealized gain (loss) | (5,917) | 5,151 | |
Other reclassifications included in other revenue | (10) | 0 | |
Other comprehensive income (loss), before tax | (5,927) | 5,151 | |
Income tax effect | 1,411 | (1,244) | |
Other comprehensive income (loss), net of tax | (4,516) | 3,907 | |
Comprehensive Income (Loss) | $ (3,032) | $ 4,702 | |
[1] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ 48,182 | [1] | $ 40,348 |
Cash and investments segregated and on deposit for regulatory purposes (including resale agreements of $13,417 at March 31, 2021 and $14,904 at December 31, 2020) | 40,423 | 50,399 | |
Receivables from brokerage clients — net | 74,711 | 64,440 | |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 342,006 | 337,400 | |
Bank loans — net | 25,421 | 23,813 | |
Equipment, office facilities, and property — net | 3,054 | 2,883 | |
Goodwill | 11,952 | 11,952 | |
Acquired intangible assets — net | 9,838 | 9,991 | |
Other assets | 7,870 | 7,783 | |
Total assets | 563,457 | 549,009 | |
Liabilities and Stockholders’ Equity | |||
Bank deposits | 369,898 | 358,022 | |
Payables to brokerage clients | 101,339 | 104,201 | |
Accrued expenses and other liabilities | 16,428 | 17,094 | |
Short-term borrowings | 2,500 | 0 | |
Long-term debt | 17,698 | 13,632 | |
Total liabilities | 507,863 | 492,949 | |
Stockholders’ equity: | |||
Preferred stock — $.01 par value per share; aggregate liquidation preference of $10,700 and $7,850 at March 31, 2021 and December 31, 2020, respectively | 10,539 | 7,733 | |
Common stock | 20 | 20 | |
Additional paid-in capital | 26,629 | 26,515 | |
Retained earnings | 23,029 | 21,975 | |
Treasury stock, at cost — 188,940,415 shares at March 31, 2021 and 193,577,648 shares at December 31, 2020 | (5,502) | (5,578) | |
Accumulated other comprehensive income (loss) | 878 | 5,394 | |
Total stockholders’ equity | 55,594 | 56,060 | |
Total liabilities and stockholders’ equity | $ 563,457 | $ 549,009 | |
Common stock, shares issued (shares) | 1,994,895,180 | 1,994,895,180 | |
Common Stock - Nonvoting [Member] | |||
Stockholders’ equity: | |||
Common stock | $ 1 | $ 1 | |
Total stockholders’ equity | $ 1 | $ 1 | |
Common stock, shares issued (shares) | 79,293,695 | 79,293,695 | |
[1] | For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 17. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and investments segregated and on deposit for regulatory purposes, resale agreements | $ 13,417 | $ 14,904 |
Amortized cost | $ 340,836 | $ 330,248 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | $ 10,700 | $ 7,850 |
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) | 1,994,895,180 | 1,994,895,180 |
Treasury stock (shares) | 188,940,415 | 193,577,648 |
Common Stock - Nonvoting [Member] | ||
Common stock, shares authorized (shares) | 300,000,000 | 300,000,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (shares) | 79,293,695 | 79,293,695 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock - Nonvoting [Member] | 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, 2019 | $ 21,745 | $ 0 | $ 2,793 | $ 15 | $ 4,656 | $ 19,960 | $ (5,767) | $ 88 | |
Beginning balance (shares) at Dec. 31, 2019 | 0 | 1,488 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 795 | [1] | 795 | ||||||
Other comprehensive income (loss), net of tax | 3,907 | 3,907 | |||||||
Dividends declared on preferred stock | (34) | (34) | |||||||
Dividends declared on common stock | (233) | (233) | |||||||
Stock option exercises and other | 23 | (8) | 31 | ||||||
Share-based compensation | 56 | 56 | |||||||
Other | 11 | 10 | (1) | 2 | |||||
Ending balance (shares) at Mar. 31, 2020 | 0 | 1,488 | |||||||
Ending balance at Mar. 31, 2020 | 26,270 | $ 0 | 2,793 | $ 15 | 4,714 | 20,487 | (5,734) | 3,995 | |
Beginning balance at Dec. 31, 2019 | 21,745 | $ 0 | 2,793 | $ 15 | 4,656 | 19,960 | (5,767) | 88 | |
Beginning balance (shares) at Dec. 31, 2019 | 0 | 1,488 | |||||||
Ending balance (shares) at Dec. 31, 2020 | 79 | 1,995 | |||||||
Ending balance at Dec. 31, 2020 | 56,060 | $ 1 | 7,733 | $ 20 | 26,515 | 21,975 | (5,578) | 5,394 | |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 1,484 | [1] | $ 62 | 1,484 | |||||
Other comprehensive income (loss), net of tax | (4,516) | (4,516) | |||||||
Issuance of preferred stock, net | 2,806 | 2,806 | |||||||
Dividends declared on preferred stock | (90) | (90) | |||||||
Dividends declared on common stock | (340) | (340) | |||||||
Stock option exercises and other | 97 | 8 | 89 | ||||||
Share-based compensation | 98 | 98 | |||||||
Other | (5) | 8 | (13) | ||||||
Ending balance (shares) at Mar. 31, 2021 | 79 | 1,995 | |||||||
Ending balance at Mar. 31, 2021 | $ 55,594 | $ 1 | $ 10,539 | $ 20 | $ 26,629 | $ 23,029 | $ (5,502) | $ 878 | |
[1] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared on common stock (USD per share) | $ 0.18 | $ 0.18 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash Flows from Operating Activities | |||
Net income | [1] | $ 1,484 | $ 795 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Share-based compensation | [1] | 100 | 56 |
Depreciation and amortization | [1] | 129 | 90 |
Amortization of acquired intangible assets | [1] | 154 | 6 |
Provision (benefit) for deferred income taxes | [1] | (16) | 0 |
Premium amortization, net, on available for sale securities | [1] | 624 | 190 |
Other | [1] | 92 | 83 |
Net change in: | |||
Investments segregated and on deposit for regulatory purposes | [1] | 5,022 | (3,810) |
Receivables from brokerage clients | [1] | (10,290) | 2,763 |
Other assets | [1] | 109 | 187 |
Payables to brokerage clients | [1] | (2,862) | 10,031 |
Accrued expenses and other liabilities | [1] | 712 | (273) |
Net cash provided by (used for) operating activities | [1] | (4,742) | 10,118 |
Cash Flows from Investing Activities | |||
Purchases of available for sale securities | [1] | (41,658) | (27,769) |
Proceeds from sales of available for sale securities | [1] | 6,605 | 69 |
Principal payments on available for sale securities | [1] | 23,909 | 10,191 |
Net change in bank loans | [1] | (1,780) | (1,327) |
Purchases of equipment, office facilities, and property | [1] | (186) | (156) |
Purchases of Federal Reserve stock | [1] | (10) | (182) |
Other investing activities | [1] | (38) | (22) |
Net cash provided by (used for) investing activities | [1] | (13,158) | (19,196) |
Cash Flows from Financing Activities | |||
Net change in bank deposits | [1] | 11,876 | 57,383 |
Net change in short-term borrowings | [1] | 2,500 | 0 |
Issuance of long-term debt | [1] | 3,970 | 1,089 |
Net proceeds from preferred stock offerings | [1] | 2,806 | 0 |
Dividends paid | [1] | (445) | (281) |
Proceeds from stock options exercised | [1] | 97 | 23 |
Other financing activities | [1] | (25) | (6) |
Net cash provided by (used for) financing activities | [1] | 20,779 | 58,208 |
Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | [1] | 2,879 | 49,130 |
Cash and Cash Equivalents, including Amounts Restricted at Beginning of Period | [1] | 70,560 | 45,577 |
Cash and Cash Equivalents, including Amounts Restricted at End of Period | [1],[2] | 73,439 | 94,707 |
Non-cash investing activity: | |||
Securities transferred from held to maturity to available for sale, at fair value | [1] | 0 | 136,099 |
Securities purchased during the period but settled after period end | [1] | 0 | 2,634 |
Additions of equipment, office facilities, and property | [1] | 23 | 94 |
Cash paid during the period for: | |||
Interest | [1] | 123 | 169 |
Income taxes | [1] | 37 | 20 |
Amounts included in the measurement of operating lease liabilities | [1] | 70 | 37 |
Leased assets obtained in exchange for new operating lease liabilities | [1] | 9 | 64 |
Leased assets obtained in exchange for new finance lease liabilities | [1] | $ 108 | $ 0 |
[1] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. | ||
[2] | For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 17. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 | |
Reconciliation of cash, cash equivalents and amounts reported within the balance sheet | |||
Cash and cash equivalents | [1] | $ 48,182 | $ 68,458 |
Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | [1] | 25,257 | 26,249 |
Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | [1],[2] | $ 73,439 | $ 94,707 |
[1] | For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 17. | ||
[2] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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. Incorporated in 1986, CSC engages, through its subsidiaries, in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. Principal business subsidiaries of CSC include the following: • Charles Schwab & Co., Inc. (CS&Co), incorporated in 1971, a securities broker-dealer; • TD Ameritrade, Inc., an introducing securities broker-dealer; • TD Ameritrade Clearing, Inc. (TDAC), a securities broker-dealer that provides trade execution and clearing services to TD Ameritrade, Inc.; • Charles Schwab Bank, SSB (CSB), our principal banking entity; and • Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab’s proprietary mutual funds (Schwab Funds ® ) and for Schwab’s exchange-traded funds (Schwab ETFs ™ ). 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 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 2020 Form 10-K. Effective October 6, 2020, the Company completed its acquisition of TD Ameritrade Holding Corporation and its consolidated subsidiaries (collectively referred to as “TD Ameritrade” or “TDA”). TD Ameritrade provides securities brokerage services, including trade execution, clearing services, and margin lending, through its broker-dealer subsidiaries; and futures and foreign exchange trade execution services through its futures commission merchant (FCM) and forex dealer member (FDM) subsidiary. Our consolidated financial statements include the results of operations and financial condition of TD Ameritrade beginning on October 6, 2020. See Note 3 for additional information on our acquisition of TD Ameritrade. Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation. Beginning in the third quarter of 2020, amortization of acquired intangible assets was reclassified from depreciation and amortization and presented separately in the condensed consolidated statements of income. Prior period amounts have been reclassified to reflect these changes. Corresponding presentation changes have been made to the condensed consolidated statements of cash flows. The significant accounting policies are included in Note 2 in the 2020 Form 10-K. There have been no significant changes to these accounting policies during the first three months of 2021. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting StandardsThe Company did not adopt any material new accounting standards during the three months ended March 31, 2021. In addition, there are no new accounting standards not yet adopted that are material to the Company as of March 31, 2021. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions TD Ameritrade On October 6, 2020 Schwab completed its previously announced acquisition of TD Ameritrade for $21.8 billion in stock. As a result of the acquisition, TDA Holding became a wholly-owned subsidiary of CSC. In exchange for each share of TD Ameritrade common stock, TD Ameritrade stockholders received 1.0837 shares of CSC common stock, except for TD Bank and its affiliates which received a portion in nonvoting common stock. In connection with the transaction, Schwab issued approximately 586 million common shares to TD Ameritrade stockholders consisting of approximately 509 million shares of common stock and approximately 77 million shares of nonvoting common stock. Subsequently, TD Bank and its affiliates exchanged common stock for nonvoting common stock and held approximately 79 million shares of nonvoting common stock as of March 31, 2021. For further details on the new class of nonvoting common stock, see Note 19 in the 2020 Form 10-K. There have been no adjustments to the provisional purchase price and fair value estimates presented in Note 3 of the 2020 Form 10-K, and such amounts are now final with the exception of estimates related to certain acquired assets classified as other assets and certain assumed liabilities classified as accrued expenses and other liabilities within the Company’s condensed consolidated balance sheet. These estimates are considered provisional and are based on currently available information. The Company believes that the information available provides a reasonable basis for estimating the fair values of such assets acquired and liabilities assumed; however, these provisional estimates may be adjusted upon the availability of new information regarding facts and circumstances which existed at the acquisition date. The Company expects to finalize the valuation of these assets and liabilities as soon as practicable, but not later than one year from the acquisition date. Any adjustments to the initial estimates of the fair values of the acquired assets and assumed liabilities will be recorded as adjustments to the respective assets and liabilities, with the residual amounts allocated to goodwill. Pro Forma Financial Information (Unaudited) The following table presents unaudited pro forma financial information as if the TD Ameritrade acquisition had occurred on January 1, 2019. The unaudited pro forma results reflect after-tax adjustments for acquisition costs, amortization and depreciation of acquired intangible and tangible assets, the impact of the amended IDA agreement which reduced the service fee on client cash deposits held at the TD Depository Institutions to 15 basis points from the 25 basis points paid by TD Ameritrade under its previous IDA agreement, and other immaterial adjustments for the effects of purchase accounting. Pro forma net income for the three months ended March 31, 2020 excludes $14 million of after-tax acquisition costs incurred by Schwab and TD Ameritrade as these costs were included in pro forma net income for the year ended December 31, 2019. The unaudited pro forma results do not reflect potential revenue growth or cost savings that may be realized as a result of the acquisition. The unaudited pro forma financial information is presented for informational purposes only, and is not necessarily indicative of future operations or results had the TD Ameritrade acquisition been completed as of January 1, 2019. Three Months Ended 2020 Total net revenues $ 4,101 Net income 1,182 USAA-IMCO On May 26, 2020, the Company completed its acquisition of the assets of USAA-IMCO for $1.6 billion in cash. The Company finalized the valuation of the assets acquired and liabilities assumed in the acquisition in 2020. For details surrounding the Company’s purchase accounting for USAA-IMCO, see Note 3 of the 2020 Form 10-K. Pro Forma Financial Information (Unaudited) The following table presents unaudited pro forma financial information as if the USAA-IMCO acquisition had occurred on January 1, 2019. The unaudited pro forma results reflect after-tax adjustments for acquisition costs and amortization of acquired intangible assets, and do not reflect potential revenue growth or cost savings that may be realized as a result of the acquisition. Pro forma net income for the three months ended March 31, 2020 excludes $11 million of after-tax acquisition costs as these costs were included in pro forma net income for the year ended December 31, 2019. The unaudited pro forma financial information is presented for informational purposes only, and is not necessarily indicative of future operations or results had the USAA-IMCO acquisition been completed as of January 1, 2019. Three Months Ended 2020 Total net revenues $ 2,696 Net income 730 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregated Revenue Disaggregation of Schwab’s revenue by major source is as follows: Three Months Ended 2021 2020 Net interest revenue Interest revenue $ 2,015 $ 1,708 Interest expense (104) (136) Net interest revenue 1,911 1,572 Asset management and administration fees Mutual funds, ETFs, and CTFs 470 452 Advice solutions 468 312 Other 78 63 Asset management and administration fees 1,016 827 Trading revenue Commissions 614 113 Order flow revenue 591 55 Principal transactions 11 20 Trading revenue 1,216 188 Bank deposit account fees 351 — Other 221 30 Total net revenues $ 4,715 $ 2,617 For a summary of revenue provided by our reportable segments, see Note 18. The recognition of revenue is not impacted by the operating segment in which revenue is generated. Contract balances Receivables from contracts with customers within the scope of ASC 606, Revenue From Contracts With Customers (ASC 606) were $602 million at March 31, 2021 and $579 million at December 31, 2020 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 March 31, 2021 or December 31, 2020. Unsatisfied performance obligations |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS investment securities are as follows: March 31, 2021 Amortized Gross Gross Fair U.S. agency mortgage-backed securities $ 299,062 $ 4,719 $ 3,886 $ 299,895 Asset-backed securities (1) 18,409 133 59 18,483 Corporate debt securities (2) 12,776 254 122 12,908 U.S. Treasury securities (3) 6,069 18 9 6,078 U.S. state and municipal securities 1,577 88 9 1,656 Foreign government agency securities 1,409 1 1 1,409 Non-agency commercial mortgage-backed securities 1,211 40 — 1,251 Certificates of deposit 300 — — 300 Other 23 3 — 26 Total available for sale securities $ 340,836 $ 5,256 $ 4,086 $ 342,006 December 31, 2020 Amortized Gross Gross Fair U.S. agency mortgage-backed securities $ 283,911 $ 7,005 $ 563 $ 290,353 Asset-backed securities (1) 18,808 174 84 18,898 Corporate debt securities (2) 12,408 388 — 12,796 U.S. Treasury securities (3) 10,631 25 — 10,656 U.S. state and municipal securities 1,544 153 — 1,697 Foreign government agency securities 1,411 2 — 1,413 Non-agency commercial mortgage-backed securities 1,213 52 — 1,265 Certificates of deposit 300 — — 300 Other 22 — — 22 Total available for sale securities $ 330,248 $ 7,799 $ 647 $ 337,400 (1) Approximately 52% and 51% of asset-backed securities held as of March 31, 2021 and December 31, 2020, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 36% of the asset-backed securities held at both March 31, 2021 and December 31, 2020. (2) As of March 31, 2021 and December 31, 2020, approximately 43% and 46%, respectively of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (3) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $3.2 billion of AFS short-term U.S. Treasury securities as of March 31, 2021 (none as of December 31, 2020). These holdings have an aggregate market value equal to amortized cost. At March 31, 2021, our banking subsidiaries had pledged securities with a fair value of $43.8 billion as collateral to secure borrowing capacity on secured credit facilities with the Federal Home Loan Bank (FHLB) (see Note 9). Our banking subsidiaries also pledge investment securities as collateral to secure borrowing capacity at the Federal Reserve discount window, and had pledged securities with a fair value of $10.1 billion as collateral for this facility at March 31, 2021. The Company also pledges securities issued by federal agencies to secure certain trust deposits. The fair value of these pledged securities was $1.6 billion at March 31, 2021. Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, of AFS investment securities are as follows: Less than 12 months 12 months or longer Total March 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available for sale securities U.S. agency mortgage-backed securities $ 146,823 $ 3,877 $ 3,185 $ 9 $ 150,008 $ 3,886 Corporate debt securities 2,515 122 — — 2,515 122 Asset-backed securities 1,716 16 5,654 43 7,370 59 U.S. Treasury securities 370 9 — — 370 9 U.S. state and municipal securities 186 9 — — 186 9 Foreign government agency securities 856 1 — — 856 1 Total $ 152,466 $ 4,034 $ 8,839 $ 52 $ 161,305 $ 4,086 December 31, 2020 U.S. agency mortgage-backed securities $ 61,706 $ 551 $ 4,774 $ 12 $ 66,480 $ 563 Asset-backed securities 1,398 13 5,822 71 7,220 84 Total $ 63,104 $ 564 $ 10,596 $ 83 $ 73,700 $ 647 At March 31, 2021, substantially all rated securities in the investment portfolios were 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. For a description of management’s quarterly evaluation of AFS securities in unrealized loss positions see Item 8 – Note 2 in the 2020 Form 10-K. No amounts were recognized as credit loss expense and no securities were written down to fair value through earnings for the three months ended March 31, 2021 and the year ended December 31, 2020. None of the Company’s AFS securities held as of March 31, 2021 and December 31, 2020 had an allowance for credit losses. The Company had $616 million and $634 million of accrued interest receivable as of March 31, 2021 and December 31, 2020 for AFS securities. These amounts are excluded from the amortized cost basis and fair market value of AFS securities and included in other assets on the condensed consolidated balance sheets. There were no write-offs of accrued interest receivable on AFS securities during the three months ended March 31, 2021, or the year ended December 31, 2020. In the table below, mortgage-backed securities and other asset-backed securities have been allocated to maturity groupings based on final contractual maturities. As borrowers may have the right to call or prepay certain obligations underlying our investment securities, actual maturities may differ from the scheduled contractual maturities presented below. The maturities of AFS investment securities are as follows: March 31, 2021 Within After 1 year After 5 years After Total U.S. agency mortgage-backed securities $ 2,488 $ 21,287 $ 62,748 $ 213,372 $ 299,895 Asset-backed securities 24 6,208 3,347 8,904 18,483 Corporate debt securities 3,816 5,745 3,347 — 12,908 U.S. Treasury securities 5,394 336 348 — 6,078 U.S. state and municipal securities — 126 859 671 1,656 Foreign government agency securities 275 1,134 — — 1,409 Non-agency commercial mortgage-backed securities — — — 1,251 1,251 Certificates of deposit 300 — — — 300 Other — — — 26 26 Total fair value $ 12,297 $ 34,836 $ 70,649 $ 224,224 $ 342,006 Total amortized cost $ 12,245 $ 33,675 $ 70,100 $ 224,816 $ 340,836 Proceeds and gross realized gains and losses from sales of AFS investment securities are as follows: Three Months Ended 2021 2020 Proceeds $ 6,605 $ 69 Gross realized gains 20 — Gross realized losses 10 — |
Bank Loans and Related Allowanc
Bank Loans and Related Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Bank Loans and Related Allowance for Credit Losses | Bank Loans and Related Allowance for Credit Losses The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows: March 31, 2021 Current 30-59 days 60-89 days > 90 days past (3) Total past due Total Allowance Total Residential real estate: First Mortgages (1,2) $ 15,602 $ 29 $ — $ 55 $ 84 $ 15,686 $ 12 $ 15,674 HELOCs (1,2) 759 1 — 14 15 774 3 771 Total residential real estate 16,361 30 — 69 99 16,460 15 16,445 Pledged asset lines 8,793 2 2 — 4 8,797 — 8,797 Other 181 — — 1 1 182 3 179 Total bank loans $ 25,335 $ 32 $ 2 $ 70 $ 104 $ 25,439 $ 18 $ 25,421 December 31, 2020 Residential real estate: First Mortgages (1,2) $ 14,804 $ 27 $ 1 $ 72 $ 100 $ 14,904 $ 22 $ 14,882 HELOCs (1,2) 823 1 1 17 19 842 5 837 Total residential real estate 15,627 28 2 89 119 15,746 27 15,719 Pledged asset lines 7,901 10 5 — 15 7,916 — 7,916 Other 181 — — — — 181 3 178 Total bank loans $ 23,709 $ 38 $ 7 $ 89 $ 134 $ 23,843 $ 30 $ 23,813 (1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $72 million at March 31, 2021 and December 31, 2020. (2) At March 31, 2021 and December 31, 2020, 46% and 45%, 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 March 31, 2021 or December 31, 2020. At March 31, 2021, CSB had pledged the full balance of First Mortgages and HELOCs pursuant to a blanket lien status collateral arrangement to secure borrowing capacity on a secured credit facility with the FHLB (see Note 9). Changes in the allowance for credit losses on bank loans were as follows: March 31, 2021 March 31, 2020 Three Months Ended First Mortgages HELOCs Total residential real estate Other Total First Mortgages HELOCs Total residential real estate Other Total Balance at beginning of $ 22 $ 5 $ 27 $ 3 $ 30 $ 11 $ 4 $ 15 $ 3 $ 18 Adoption of ASU — — — — — 1 — 1 — 1 Charge-offs — — — — — — — — — — Recoveries — — — — — — — — — — Provision for credit (10) (2) (12) — (12) 9 — 9 1 10 Balance at end of period $ 12 $ 3 $ 15 $ 3 $ 18 $ 21 $ 4 $ 25 $ 4 $ 29 As discussed in Item 8 – Note 2 in our 2020 Form 10-K, PALs are subject to the collateral maintenance practical expedient under ASC 326. All PALs were fully collateralized by securities with fair values in excess of borrowings as of March 31, 2021 and December 31, 2020. Therefore, no allowance for credit losses for PALs as of those dates was required. The U.S. economic situation has improved since December 31, 2020, though the path of the U.S. economy continues to depend on the course of the COVID-19 virus. The decline in the number of new hospitalizations and deaths, coupled with a rapid ramp-up in vaccinations, have led to a less uncertain macroeconomic outlook. Management’s reasonable and supportable forecast period extends through 2025, with solid growth in home prices anticipated over the near term and unemployment expected to remain above 5% through mid-2022. This improved macroeconomic outlook, along with the continued strong credit quality metrics in Schwab’s bank loans portfolio, resulted in a lower modeled projection of loss rates compared to December 31, 2020. A summary of bank loan-related nonperforming assets and troubled debt restructurings is as follows: March 31, 2021 December 31, 2020 Nonaccrual loans (1) $ 70 $ 89 Other real estate owned (2) 1 1 Total nonperforming assets 71 90 Troubled debt restructurings — 1 Total nonperforming assets and troubled debt restructurings $ 71 $ 91 (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: • 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). 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: First Mortgages Amortized Cost Basis by Origination Year March 31, 2021 2021 2020 2019 2018 2017 pre-2017 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ — $ 1 $ — $ — $ — $ 1 $ 2 $ — $ — $ — 620 – 679 9 30 8 1 8 25 81 — 3 3 680 – 739 274 752 285 82 156 359 1,908 72 74 146 ≥740 2,264 6,714 1,979 352 690 1,696 13,695 353 272 625 Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Origination LTV ≤70% $ 2,215 $ 6,253 $ 1,782 $ 310 $ 647 $ 1,595 $ 12,802 $ 331 $ 247 $ 578 >70% – ≤90% 332 1,244 490 125 207 483 2,881 94 99 193 >90% – ≤100% — — — — — 3 3 — 3 3 Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Weighted Average <620 $ 4 $ 9 $ 2 $ — $ 2 $ 21 $ 38 $ 3 $ 9 $ 12 620 – 679 27 61 41 10 14 49 202 11 15 26 680 – 739 245 587 182 55 87 233 1,389 50 52 102 ≥740 2,271 6,840 2,047 370 751 1,778 14,057 361 273 634 Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Estimated Current LTV (1) ≤70% $ 2,217 $ 6,787 $ 2,158 $ 425 $ 840 $ 2,071 $ 14,498 $ 418 $ 341 $ 759 >70% – ≤90% 330 710 114 10 14 10 1,188 7 7 14 >90% – ≤100% — — — — — — — — 1 1 >100% — — — — — — — — — — Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Percent of Loans on 0.04 % 0.07 % 0.28 % 0.94 % 0.60 % 1.64 % 0.35 % 1.32 % 2.58 % 1.81 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. March 31, 2021 Balance Weighted Average Updated FICO Percent of Loans on Nonaccrual Status Pledged Asset Lines Weighted-Average LTV (1) =70% $ 8,797 770 — (1) Represents the LTV for the full line of credit (drawn and undrawn). First Mortgages Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 pre-2017 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ 1 $ — $ — $ — $ 2 $ 3 $ — $ — $ — 620 – 679 29 13 3 8 31 84 1 3 4 680 – 739 794 355 105 181 419 1,854 82 80 162 ≥740 7,150 2,452 449 858 2,054 12,963 380 296 676 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Origination LTV ≤70% $ 6,653 $ 2,211 $ 396 $ 793 $ 1,935 $ 11,988 $ 351 $ 269 $ 620 >70% – ≤90% 1,321 609 161 254 568 2,913 112 107 219 >90% – ≤100% — — — — 3 3 — 3 3 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Weighted Average <620 $ 5 $ 2 $ 1 $ 4 $ 19 $ 31 $ 3 $ 9 $ 12 620 – 679 67 34 16 21 60 198 12 20 32 680 – 739 784 252 66 121 281 1,504 58 55 113 ≥740 7,118 2,532 474 901 2,146 13,171 390 295 685 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Estimated Current LTV (1) ≤70% $ 6,999 $ 2,582 $ 533 $ 1,034 $ 2,490 $ 13,638 $ 452 $ 368 $ 820 >70% – ≤90% 975 238 24 13 16 1,266 11 9 20 >90% – ≤100% — — — — — — — 1 1 >100% — — — — — — — 1 1 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Percent of Loans on 0.09 % 0.38 % 1.02 % 0.87 % 1.57 % 0.48 % 1.37 % 2.80 % 2.02 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. December 31, 2020 Balance Weighted Average Updated FICO Percent of Loans on Nonaccrual Status Pledged Asset Lines Weighted-Average LTV (1) =70% $ 7,916 770 — (1) Represents the LTV for the full line of credit (drawn and undrawn). At March 31, 2021, First Mortgage loans of $13.2 billion had adjustable interest rates. Substantially all of these mortgages have initial fixed interest rates for three three At March 31, 2021 and December 31, 2020, Schwab had $46 million and $43 million, respectively, of accrued interest on bank loans, which is excluded from the amortized cost basis of bank loans and included in other assets on the condensed consolidated balance sheets. 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. The following table presents HELOCs converted to amortizing loans during each period presented: Three Months Ended March 31, 2021 2020 HELOCs converted to amortizing loans $ 9 $ 11 The following table presents when current outstanding HELOCs will convert to amortizing loans: March 31, 2021 Balance Converted to an amortizing loan by period end $ 349 Within 1 year 23 > 1 year – 3 years 81 > 3 years – 5 years 83 > 5 years 238 Total $ 774 At March 31, 2021, $602 million 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 March 31, 2021, the borrowers on approximately 51% of HELOC loan balances outstanding only paid the minimum amount due. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities As of March 31, 2021 and December 31, 2020, all of Schwab’s involvement with variable interest entities (VIEs) is through CSB’s Community Reinvestment Act (CRA)-related investments and most of those are related to LIHTC investments. As part of CSB’s community reinvestment initiatives, CSB invests in funds that make equity investments in multifamily affordable housing properties and receives tax credits and other tax benefits for these investments. 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: March 31, 2021 December 31, 2020 Aggregate Aggregate Maximum Aggregate Aggregate Maximum LIHTC investments (1) $ 691 $ 378 $ 691 $ 649 $ 344 $ 649 Other CRA investments (2) 134 — 152 118 — 152 Total $ 825 $ 378 $ 843 $ 767 $ 344 $ 801 (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 accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS 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. 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 2021 and 2024. During the three months ended March 31, 2021 and year ended |
Bank Deposits
Bank Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift [Abstract] | |
Bank Deposits | Bank Deposits Bank deposits consist of interest-bearing and non-interest-bearing deposits as follows: March 31, 2021 December 31, 2020 Interest-bearing deposits: Deposits swept from brokerage accounts $ 343,072 $ 332,513 Checking 18,796 17,785 Savings and other 7,010 6,739 Total interest-bearing deposits 368,878 357,037 Non-interest-bearing deposits 1,020 985 Total bank deposits $ 369,898 $ 358,022 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings CSC Senior Notes CSC’s Senior Notes are unsecured obligations. 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. TDA Senior Notes TDA’s Senior Notes are unsecured obligations. TDA Holding may redeem some or all of the TDA 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 TDA Senior Notes and quarterly for the floating-rate TDA Senior Notes. The following table lists long-term debt by instrument outstanding as of March 31, 2021 and December 31, 2020. Date of Issuance Principal Amount Outstanding March 31, 2021 December 31, 2020 CSC Fixed-rate Senior Notes: 3.250% due May 21, 2021 05/22/18 $ 600 $ 600 3.225% due September 1, 2022 08/29/12 256 256 2.650% due January 25, 2023 12/07/17 800 800 3.550% due February 1, 2024 10/31/18 500 500 0.750% due March 18, 2024 03/18/21 1,500 — 3.000% due March 10, 2025 03/10/15 375 375 4.200% due March 24, 2025 03/24/20 600 600 3.850% due May 21, 2025 05/22/18 750 750 3.450% due February 13, 2026 11/13/15 350 350 0.900% due March 11, 2026 12/11/20 1,250 1,250 3.200% due March 2, 2027 03/02/17 650 650 3.200% due January 25, 2028 12/07/17 700 700 2.000% due March 20, 2028 03/18/21 1,250 — 4.000% due February 1, 2029 10/31/18 600 600 3.250% due May 22, 2029 05/22/19 600 600 4.625% due March 22, 2030 03/24/20 500 500 1.650% due March 11, 2031 12/11/20 750 750 Floating-rate Senior Notes: Three-month LIBOR +0.32% due May 21, 2021 05/22/18 600 600 SOFR + 0.500% due March 18, 2024 03/18/21 1,250 — Total CSC Senior Notes 13,881 9,881 TDA Fixed-rate Senior Notes: 2.950% due April 1, 2022 03/09/15 750 750 3.750% due April 1, 2024 11/01/18 400 400 3.625% due April 1, 2025 10/22/14 500 500 3.300% due April 1, 2027 04/27/17 800 800 2.750% due October 1, 2029 08/16/19 500 500 Floating-rate TDA Senior Notes: Three-month LIBOR + 0.43% due November 1, 2021 11/01/18 600 600 Total TDA Senior Notes 3,550 3,550 Other financing 114 6 Unamortized premium — net 230 249 Debt issuance costs (77) (54) Total long-term debt $ 17,698 $ 13,632 Annual maturities on all long-term debt outstanding at March 31, 2021 are as follows: Maturities 2021 $ 1,821 2022 1,035 2023 829 2024 3,673 2025 2,237 Thereafter 7,950 Total maturities 17,545 Unamortized premium — net 230 Debt issuance costs (77) Total long-term debt $ 17,698 Short-term borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of our First Mortgages, HELOCs, and the fair value of certain of their investment securities that are pledged as collateral. As of March 31, 2021 and December 31, 2020, the collateral pledged provided a total borrowing capacity of $54.5 billion and $55.1 billion, respectively, of which no amounts were outstanding at the end of either period. 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 $29 million at March 31, 2021 and December 31, 2020, respectively. Additionally, our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the fair value of certain investment securities that are pledged as collateral. As of March 31, 2021 and December 31, 2020, the collateral pledged provided total borrowing capacity of $10.1 billion and $7.9 billion, respectively, of which no amounts were outstanding at the end of either period. CSC has the ability to issue commercial paper notes with maturities up to 270 days, and had $1.5 billion outstanding at March 31, 2021 and none at December 31, 2020. CSB and Charles Schwab Premier Bank (CSPB) are members of the Federal Reserve. As a condition of our Federal Reserve membership, we are required to hold Federal Reserve stock, which totaled $201 million and $191 million at March 31, 2021 and December 31, 2020, respectively. TD Ameritrade Lines of Credit and Revolving Credit Facilities TDAC maintains secured uncommitted lines of credit, under which TDAC borrows on either a demand or short-term basis and pledges client margin securities as collateral. There was $1.0 billion outstanding under the secured uncommitted lines of credit as of March 31, 2021. There were no borrowings outstanding under the secured uncommitted lines of credit as of December 31, 2020. See Note 12 for additional information. TDAC maintained two senior unsecured committed revolving credit facilities with an aggregate borrowing capacity of $1.5 billion, consisting of an $850 million senior revolving credit facility and a $600 million senior revolving credit facility. The $850 million facility matured on April 20, 2021 and was not renewed. The $600 million facility matures in April 2022. There were no borrowings outstanding under the TDAC senior revolving facilities as of March 31, 2021 and December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 $2.8 billion and $2.2 billion during the first quarters of 2021 and 2020, respectively. CSB purchased HELOCs with commitments of $99 million and $107 million during the first quarters of 2021 and 2020, respectively. The Company’s commitments to extend credit on bank lines of credit and to purchase First Mortgages are as follows: March 31, 2021 December 31, 2020 Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit $ 7,679 $ 8,141 Commitments to purchase First Mortgage loans 3,222 1,917 Total $ 10,901 $ 10,058 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 March 31, 2021, the aggregate face amount of these LOCs totaled $15 million. There were no funds drawn under any of these LOCs at March 31, 2021. 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. The Company 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. The Company’s liability under these arrangements is not quantifiable and may exceed the amounts 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. The TD Ameritrade broker-dealer and FCM/FDM subsidiaries’ operations include the execution, settlement, and financing of various client securities, options, futures and foreign exchange transactions. These activities may expose the Company to credit risk and losses in the event the clients are unable to fulfill their contractual obligations. TD Ameritrade is a member of and provides guarantees to securities clearing houses and exchanges under standard membership agreements. TD Ameritrade also engages third-party firms to clear clients’ futures and options on futures transactions and to facilitate clients’ foreign exchange trading, and has agreed to indemnify these firms for any loss that they may incur from the client transactions introduced to them by TD Ameritrade. The potential requirement for the Company to make payments under these arrangements is remote. Accordingly, no liability has been recognized for these guarantees. IDA agreement: The Company’s IDA agreement with the TD Depository Institutions became effective on October 6, 2020. The IDA agreement creates responsibilities of the Company and certain contingent obligations. Pursuant to the IDA agreement, cash held in eligible brokerage client accounts must be swept off-balance sheet to money market deposit accounts at the TD Depository Institutions. Schwab provides marketing, recordkeeping and support services to the TD Depository Institutions with respect to the money market deposit accounts for which Schwab receives an aggregate monthly fee, determined by reference to certain yields, less a service fee on client cash deposits held at the TD Depository Institutions, FDIC insurance assessments, and interest on deposits paid to clients. Though unlikely, in the event the sweep arrangement fee computation were to result in a negative amount in any given month, Schwab would be required to pay the TD Depository Institutions. Pursuant to the IDA agreement, Schwab will move uninsured IDA balances out of the IDA sweep program on June 30, 2021. The IDA agreement also provides that, starting July 1, 2021, Schwab will have the option to migrate up to $10 billion of IDA balances every 12 months to Schwab’s balance sheet, subject to certain limitations and adjustments. The Company’s ability to migrate these balances to its balance sheet is dependent upon multiple factors including having sufficient capital levels to sustain these incremental deposits and certain binding limitations specified in the IDA agreement, including the requirement that Schwab can only move IDA balances designated as floating-rate obligations. The amount of Schwab’s initial potential transfer will also be affected by the net growth or decline in the IDA balance from immediately prior to the October 6, 2020 effective date of the IDA agreement through June 30, 2021. In addition, Schwab also must maintain a minimum $50 billion IDA balance through June 2031, and at least 80% of the IDA balances must be designated as fixed-rate obligations through June 2026. The total ending IDA balance was $152.4 billion as of March 31, 2021, $154.1 billion as of December 31, 2020, and $144.6 billion as of October 5, 2020. If IDA balances were to decline below the required IDA balance minimum, Schwab could be required to direct additional sweep cash from its balance sheet to the IDA program. 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; and potential opportunities for settlement and the status of any settlement discussions. 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 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. 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 are vigorously contesting the lawsuit. Ford Order Routing Litigation : On September 15, 2014, TDA Holding, TD Ameritrade, Inc. and its former CEO, Frederick J. Tomczyk, were sued on behalf of a putative class of TD Ameritrade, Inc. clients alleging that defendants failed to seek best execution and made misrepresentations and omissions regarding its order routing practices. Plaintiffs seek unspecified damages and injunctive and other relief. On September 14, 2018, the District Court granted plaintiff’s motion for class certification, and defendants petitioned for an immediate appeal of the District Court’s class certification decision. On April 23, 2021, the U.S. Court of Appeals, 8th Circuit, issued a decision reversing the District Court’s certification on a class and remanding the case back to the District Court for further proceedings. Defendants are vigorously contesting the lawsuit, and the Company is unable to predict the outcome or any potential loss that could result. TD Ameritrade Acquisition Litigation : As disclosed previously, Schwab and TD Ameritrade have been responding to a lawsuit challenging the acquisition which was filed on May 12, 2020 in the Delaware Court of Chancery (Hawkes v. Bettino et al.) on behalf of a proposed class of TD Ameritrade’s stockholders, excluding, among others, TD Bank. The initial complaint named as defendants each member of the TD Ameritrade board of directors at the time the acquisition was approved, as well as TD Bank and Schwab. On June 11, 2020, plaintiff dismissed a claim that had sought to enjoin voting on or consummation of the |
Exit and Other Related Liabilit
Exit and Other Related Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Exit and Other Related Liabilities | Exit and Other Related Liabilities As a result of the significant growth seen in recent quarters across key client volume metrics, including the number of active brokerage accounts, DATs, and peak daily trades, the Company is expanding the scope of technology work related to the integration of TD Ameritrade. We anticipate greater technology build-out to support the expanded volumes of our combined client base. Based on our revised integration plans and expanded scope of technology work, the Company expects to complete client conversion within 30 to 36 months from the October 6, 2020 date of acquisition. To achieve our integration objectives, the Company expects to recognize significant additional acquisition and integration-related costs and capital expenditures throughout the integration process. Such acquisition and integration-related costs have included and are expected to continue to include professional fees, such as legal, advisory, and accounting fees, costs for technology enhancements, and compensation and benefits expenses for employees and contractors involved in the integration work. The Company’s acquisition and integration-related spending also includes exit and other related costs, such as severance and other employee termination benefits, retention costs, as well as costs related to facility closures, including accelerated depreciation or impairments of assets in those locations. Exit and other related costs are a component of the Company’s overall acquisition and integration-related spending, and support the Company’s ability to achieve integration objectives including expected synergies. Our estimates of the nature, amounts, and timing of recognition of acquisition and integration-related costs are subject to change based on a number of factors, including the expected duration and complexity of the integration process and the heightened uncertainty of the current economic environment. More specifically, factors that could cause variability in our expected acquisition and integration-related costs include the level of employee attrition, workforce redeployment from eliminated positions into open roles, changes in the levels of client activity, and increased real estate-related exit cost variability due to the effects of the COVID-19 pandemic. Inclusive of costs recognized through March 31, 2021, Schwab currently expects to incur total exit and other related costs for the integration of TD Ameritrade ranging from $650 million to $1 billion, consisting of employee compensation and benefits, facility exit costs, and certain other costs. During the three months ended March 31, 2021, the Company incurred pre-tax charges of $43 million for acquisition-related exit costs. The Company expects the remaining exit and other related costs will be incurred and charged to expense over the next 30 to 42 months; some costs are expected to be incurred after client conversion. In addition to ASC 420 Exit or Disposal Cost Obligations , certain of the costs associated with these activities are accounted for in accordance with ASC 360 Property, Plant and Equipment , ASC 712 Compensation – Nonretirement Post Employment Benefits , ASC 718 Compensation – Stock Compensation , and ASC 842 Leases . The following is a summary of the activity in the Company’s exit and other related liabilities for the three months ended March 31, 2021: Investor Services Advisor Services Total Balance at December 31, 2020 $ 86 $ 24 $ 110 Costs incurred and charged to expense (1) 22 6 28 Costs paid or otherwise settled (52) (15) (67) Balance at March 31, 2021 (2) $ 56 $ 15 $ 71 (1) Costs incurred for severance pay and other termination benefits, as well as retention costs, are included in employee compensation and benefits on the condensed consolidated statements of income. (2) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. The following table summarizes the exit and other related costs incurred for the three months ended March 31, 2021: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 22 $ — $ 22 $ 6 $ — $ 6 $ 28 Occupancy and equipment — 10 10 — 3 3 13 Professional services — 1 1 — — — 1 Other — 1 1 — — — 1 Total $ 22 $ 12 $ 34 $ 6 $ 3 $ 9 $ 43 (1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased and other properties. The following table summarizes the cumulative exit and other related costs incurred from October 6, 2020 through March 31, 2021: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 160 $ — $ 160 $ 44 $ — $ 44 $ 204 Occupancy and equipment — 16 16 — 4 4 20 Depreciation and amortization — 2 2 — 1 1 3 Professional services — 1 1 — — — 1 Other — 1 1 — — — 1 Total $ 160 $ 20 $ 180 $ 44 $ 5 $ 49 $ 229 (1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. |
Financial Instruments Subject t
Financial Instruments Subject to Off-Balance Sheet Credit Risk | 3 Months Ended |
Mar. 31, 2021 | |
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, we would be required to deposit cash and/or securities of an equal amount into our segregated reserve bank accounts in order to meet our segregated cash and investment requirement. Schwab’s resale agreements as of March 31, 2021 and December 31, 2020 were 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. In addition, most of our securities lending transactions are through a program with a clearing organization, which guarantees the return of cash to us. 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 $735 million and $852 million at March 31, 2021 and December 31, 2020, respectively. Our securities lending transactions are 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, securities lending, and other activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities. Gross Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Counterparty Collateral March 31, 2021 Assets Resale agreements (1) $ 13,417 $ — $ 13,417 $ — $ (13,417) (2) $ — Securities borrowed (3) 749 — 749 (631) (116) 2 Total $ 14,166 $ — $ 14,166 $ (631) $ (13,533) $ 2 Liabilities Securities loaned (4,5) $ 8,127 $ — $ 8,127 $ (631) $ (7,094) $ 402 Secured short-term borrowings (6) 1,000 — 1,000 — (1,000) — Total $ 9,127 $ — $ 9,127 $ (631) $ (8,094) $ 402 December 31, 2020 Assets Resale agreements (1) $ 14,904 $ — $ 14,904 $ — $ (14,904) (2) $ — Securities borrowed (3) 873 — 873 (673) (195) 5 Total $ 15,777 $ — $ 15,777 $ (673) $ (15,099) $ 5 Liabilities Securities loaned (4,5) $ 7,549 $ — $ 7,549 $ (673) $ (6,049) $ 827 Total $ 7,549 $ — $ 7,549 $ (673) $ (6,049) $ 827 (1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At March 31, 2021 and December 31, 2020, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $13.7 billion and $15.2 billion, respectively. (3) Included in other assets in the condensed consolidated balance sheets. (4) Included in accrued expenses and other liabilities 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 March 31, 2021 and December 31, 2020. (5) Securities loaned are predominantly comprised of equity securities held in client brokerage accounts with overnight and continuous remaining contractual maturities. (6) Included in short-term borrowings in the condensed consolidated balance sheets. See below for collateral pledged and Note 9 for additional information. 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, as well as the fair value of securities that we had pledged under such regulations and from securities borrowed transactions: March 31, 2021 December 31, 2020 Fair value of client securities available to be pledged $ 99,582 $ 84,006 Fair value of securities pledged for: Fulfillment of requirements with the Options Clearing Corporation (1) $ 16,438 $ 10,222 Fulfillment of client short sales 5,542 6,274 Securities lending to other broker-dealers 7,622 6,522 Collateral for short-term borrowings 1,356 — Total collateral pledged $ 30,958 $ 23,018 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 $92 million as of March 31, 2021 and $183 million as of December 31, 2020. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
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, AFS securities, and certain other assets. 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. Quoted prices for investments in exchange-traded securities represent end-of-day close prices published by exchanges. Quoted prices for money market funds and other mutual funds represent reported net asset values. 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 in active markets 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 three independent third-party pricing sources for assets recorded at fair value. Our primary independent pricing service provides prices for our fixed income investments such as commercial paper; certificates of deposit; U.S. government and agency securities; state and municipal securities; corporate debt securities; asset-backed securities; foreign government agency securities; and non-agency commercial mortgage-backed securities. Such prices are based on observable trades, broker/dealer quotes, 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 services 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 material differences in the amounts recorded. For a description of the fair value hierarchy and Schwab’s fair value methodologies, see Item 8 – Note 2 in the 2020 Form 10-K. The Company did not adjust prices received from the primary independent third-party pricing service at March 31, 2021 or December 31, 2020. 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: March 31, 2021 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 15,058 $ — $ — $ 15,058 U.S. Treasury securities — 3,181 — 3,181 Total cash equivalents 15,058 3,181 — 18,239 Investments segregated and on deposit for regulatory purposes: Certificates of deposit — 350 — 350 U.S. Government securities — 22,625 — 22,625 Total investments segregated and on deposit for regulatory purposes — 22,975 — 22,975 Available for sale securities: U.S. agency mortgage-backed securities — 299,895 — 299,895 Asset-backed securities — 18,483 — 18,483 Corporate debt securities — 12,908 — 12,908 U.S. Treasury securities — 6,078 — 6,078 U.S. state and municipal securities — 1,656 — 1,656 Foreign government agency securities — 1,409 — 1,409 Non-agency commercial mortgage-backed securities — 1,251 — 1,251 Certificates of deposit — 300 — 300 Other — 26 — 26 Total available for sale securities — 342,006 — 342,006 Other assets: Equity and bond mutual funds 104 — — 104 U.S. Government securities — 37 — 37 State and municipal debt obligations — 23 — 23 Equity, corporate debt, and other securities 9 17 — 26 Total other assets 113 77 — 190 Total $ 15,171 $ 368,239 $ — $ 383,410 December 31, 2020 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 11,159 $ — $ — $ 11,159 Total cash equivalents 11,159 — — 11,159 Investments segregated and on deposit for regulatory purposes: Certificates of deposit — 550 — 550 U.S. Government securities — 30,698 — 30,698 Total investments segregated and on deposit for regulatory purposes — 31,248 — 31,248 Available for sale securities: U.S. agency mortgage-backed securities — 290,353 — 290,353 Asset-backed securities — 18,898 — 18,898 Corporate debt securities — 12,796 — 12,796 U.S. Treasury securities — 10,656 — 10,656 U.S. state and municipal securities — 1,697 — 1,697 Foreign government agency securities — 1,413 — 1,413 Non-agency commercial mortgage-backed securities — 1,265 — 1,265 Certificates of deposit — 300 — 300 Other — 22 — 22 Total available for sale securities — 337,400 — 337,400 Other assets: Equity and bond mutual funds 361 — — 361 U.S. Government securities — 253 — 253 State and municipal debt obligations — 37 — 37 Equity, corporate debt, and other securities 7 29 — 36 Total other assets 368 319 — 687 Total $ 11,527 $ 368,967 $ — $ 380,494 Fair Value of Other Financial Instruments The following tables present the fair value hierarchy for other financial instruments: March 31, 2021 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 29,943 $ 29,943 $ — $ — $ 29,943 Cash and investments segregated and on deposit for 17,440 4,001 13,439 — 17,440 Receivables from brokerage clients — net 74,707 — 74,707 — 74,707 Bank loans — net: First Mortgages 15,674 — 15,845 — 15,845 HELOCs 771 — 789 — 789 Pledged asset lines 8,797 — 8,797 — 8,797 Other 179 — 179 — 179 Total bank loans — net 25,421 — 25,610 — 25,610 Other assets 3,063 — 3,063 — 3,063 Liabilities Bank deposits $ 369,898 $ — $ 369,898 $ — $ 369,898 Payables to brokerage clients 101,339 — 101,339 — 101,339 Accrued expenses and other liabilities 9,011 — 9,011 — 9,011 Short-term borrowings 2,500 — 2,500 — 2,500 Long-term debt 17,584 — 18,360 — 18,360 December 31, 2020 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 29,189 $ 29,189 $ — $ — $ 29,189 Cash and investments segregated and on deposit for 19,143 4,212 14,931 — 19,143 Receivables from brokerage clients — net 64,436 — 64,436 — 64,436 Bank loans — net: First Mortgages 14,882 — 15,305 — 15,305 HELOCs 837 — 838 — 838 Pledged asset lines 7,916 — 7,916 — 7,916 Other 178 — 178 — 178 Total bank loans — net 23,813 — 24,237 — 24,237 Other assets 2,883 — 2,883 — 2,883 Liabilities Bank deposits $ 358,022 $ — $ 358,022 $ — $ 358,022 Payables to brokerage clients 104,201 — 104,201 — 104,201 Accrued expenses and other liabilities 8,263 — 8,263 — 8,263 Long-term debt 13,626 — 14,829 — 14,829 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity On March 30, 2021, the Company issued and sold 24,000,000 depositary shares, each representing a 1/40th ownership interest in a share of 4.450% fixed-rate non-cumulative perpetual preferred stock, Series J, $0.01 par value, with a liquidation preference of $1,000 per share (equivalent of $25 per Depositary Share). The net proceeds of the offering were $584 million, after deducting the underwriting discount and offering expenses. On March 18, 2021, the Company issued and sold 2,250,000 depositary shares, each representing a 1/100th ownership interest in a share of 4.000% fixed-rate reset non-cumulative perpetual preferred stock, Series I, $0.01 par value per share, with a liquidation preference of $100,000 per share (equivalent of $1,000 per Depositary Share). The net proceeds of the offering were $2.2 billion, after deducting the underwriting discount and offering expenses. On January 30, 2019, CSC publicly announced that its Board of Directors authorized a share repurchase program to repurchase up to $4.0 billion of common stock. The share repurchase authorization does not have an expiration date. There were no repurchases of CSC’s common stock under this authorization during the three months ended March 31, 2021 and 2020. The Company’s preferred stock issued and outstanding is as follows: Liquidation Preference Per Share Dividend Rate in Effect at March 31, 2021 Earliest Redemption Date Date at Which Dividend Rate Resets or Becomes Floating Reset / Floating Rate Margin Over Reset / Floating Rate Shares Issued and Outstanding (in thousands) at Carrying Value at March 31, (1) December 31, 2020 (1) March 31, 2021 December 31, 2020 Issue Date Fixed-rate: Series C (2) 600 600 $ 1,000 $ 585 $ 585 08/03/15 6.000 % 12/01/20 N/A N/A N/A Series D 750 750 1,000 728 728 03/07/16 5.950 % 06/01/21 N/A N/A N/A Series J 600 — 1,000 584 — 03/30/21 4.450 % 06/01/26 N/A N/A N/A Fixed-to-floating-rate/Fixed-rate reset: Series A 400 400 1,000 397 397 01/26/12 7.000 % 02/01/22 02/01/22 3M LIBOR 4.820 % Series E 6 6 100,000 591 591 10/31/16 4.625 % 03/01/22 03/01/22 3M LIBOR 3.315 % Series F 5 5 100,000 492 492 10/31/17 5.000 % 12/01/27 12/01/27 3M LIBOR 2.575 % Series G 25 25 100,000 2,470 2,470 04/30/20 5.375 % 06/01/25 06/01/25 5-Year Treasury 4.971 % Series H 25 25 100,000 2,470 2,470 12/11/20 4.000 % 12/01/30 12/01/30 10-Year Treasury 3.079 % Series I (3) 23 — 100,000 2,222 — 03/18/21 4.000 % 06/01/26 06/01/26 5-Year Treasury 3.168 % Total preferred 2,434 1,811 $ 10,539 $ 7,733 (1) Represented by depositary shares, except for Series A. (2) On April 6, 2021, the Company announced it will redeem on June 1, 2021, all of the 600,000 outstanding shares of its 6.00% Non-Cumulative Perpetual Preferred Stock, Series C, and the corresponding 24,000,000 depositary shares, each representing a 1/40th interest in a share of the Series C Preferred Stock. The depositary shares will be redeemed at a redemption price of $25.00 per depositary share. (3) The Series I dividend rate resets on each five-year anniversary beginning on June 1, 2026 based on a five-year treasury rate, representing the average of the yields on actively traded U.S. treasury securities adjusted to constant maturity for five-year maturities. Series I is only redeemable on dividend payment dates on or after the first reset date. N/A Not applicable. Dividends declared on the Company’s preferred stock are as follows: Three Months Ended March 31, 2021 2020 Total Per Share Total Per Share Series A $ — $ — $ — $ — Series C 9.0 15.00 9.0 15.00 Series D 11.2 14.88 11.2 14.88 Series E 13.9 2,312.50 13.9 2,312.50 Series F — — — — Series G (1) 33.6 1,343.75 — — Series H (2) 22.2 888.89 — — Series I (3) — — — — Series J (4) — — — — Total $ 89.9 $ 34.1 (1) Series G Preferred Stock was issued on April 30, 2020. Dividends are paid quarterly, and the first dividend was paid on September 1, 2020. (2) Series H Preferred Stock was issued on December 11, 2020. Dividends are paid quarterly, and the first dividend was paid on March 1, 2021. (3) Series I Preferred Stock was issued on March 18, 2021. Dividends are paid quarterly beginning on June 1, 2021. (4) Series J Preferred Stock was issued on March 30, 2021. Dividends are paid quarterly beginning on June 1, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The components of other comprehensive income (loss) are as follows: 2021 2020 Three Months Ended March 31, Before Tax Net of Before Tax Net of Change in net unrealized gain (loss) on available for sale securities: Net unrealized gain (loss) $ (5,917) $ 1,409 $ (4,508) $ 5,151 $ (1,244) $ 3,907 Other reclassifications included in other revenue (10) 2 (8) — — — Other comprehensive income (loss) $ (5,927) $ 1,411 $ (4,516) $ 5,151 $ (1,244) $ 3,907 AOCI balances are as follows: Total AOCI Balance at December 31, 2019 $ 88 Available for sale securities: Net unrealized gain (loss), excluding transfers to available for sale from held to maturity 2,850 Net unrealized gain on securities transferred to available for sale from held to maturity (1) 1,057 Balance at March 31, 2020 $ 3,995 Balance at December 31, 2020 $ 5,394 Available for sale securities: Net unrealized gain (loss) (4,508) Other reclassifications included in other revenue (8) Balance at March 31, 2021 $ 878 (1) On January 1, 2020, the Company transferred all of its investment securities designated as HTM to the AFS category. The transfer resulted in a net of tax increase to AOCI of $1.1 billion. See Note 6 in the 2020 Form 10-K for additional discussion on the 2020 transfer of HTM securities to AFS. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share For the three months ended March 31, 2021, the Company had voting and nonvoting common stock outstanding. Since the rights of the voting and nonvoting common stock are identical, except with respect to voting, the net income of the Company has been allocated on a proportionate basis to the two classes. Diluted earnings per share is calculated using the treasury stock method for outstanding stock options and non-vested restricted stock units and the if-converted method for nonvoting common stock. For further details surrounding the EPS computation, see Note 25 in the 2020 Form 10-K. EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows: Three Months Ended March 31, 2021 2020 Common Stock Common Stock – Nonvoting (1) Common Stock Common Stock – Nonvoting (1) Basic earnings per share: Numerator Net income $ 1,422 $ 62 $ 795 N/A Preferred stock dividends and other (2) (92) (4) (38) N/A Net income available to common stockholders $ 1,330 $ 58 $ 757 N/A Denominator Weighted-average common shares outstanding — basic 1,803 79 1,287 N/A Basic earnings per share $ .74 $ .74 $ .59 N/A Diluted earnings per share: Numerator Net income available to common stockholders $ 1,330 $ 58 $ 757 N/A Reallocation of net income available to common stockholders as a result of 58 — N/A N/A Allocation of net income available to common stockholders: $ 1,388 $ 58 $ 757 N/A Denominator Weighted-average common shares outstanding — basic 1,803 79 1,287 N/A Conversion of nonvoting shares to voting shares 79 — N/A N/A Common stock equivalent shares related to stock incentive plans 10 — 7 N/A Weighted-average common shares outstanding — diluted (3) 1,892 79 1,294 N/A Diluted earnings per share $ .73 $ .73 $ .58 N/A (1) Nonvoting common stock was issued in conjunction with the October 6, 2020 acquisition of TD Ameritrade. As such, nonvoting common stock is not applicable for the basic and diluted EPS computations for the period ended March 31, 2020. (2) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (3) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 15 million and 19 million for the three months ended March 31, 2021 and 2020, respectively. N/A Not applicable. |
Regulatory Requirements
Regulatory Requirements | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift [Abstract] | |
Regulatory Requirements | Regulatory Requirements At March 31, 2021, CSC and CSB met all of their respective capital requirements. The regulatory capital and ratios for CSC (consolidated) and CSB are as follows: Actual Minimum to be Minimum Capital Requirement March 31, 2021 Amount Ratio Amount Ratio Amount Ratio (1) CSC Common Equity Tier 1 Risk-Based Capital $ 24,297 18.2 % N/A $ 5,993 4.5 % Tier 1 Risk-Based Capital 34,836 26.2 % N/A 7,990 6.0 % Total Risk-Based Capital 34,874 26.2 % N/A 10,653 8.0 % Tier 1 Leverage 34,836 6.4 % N/A 21,631 4.0 % Supplementary Leverage Ratio 34,836 6.4 % N/A 16,436 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 21,111 21.9 % $ 6,256 6.5 % $ 4,331 4.5 % Tier 1 Risk-Based Capital 21,111 21.9 % 7,700 8.0 % 5,775 6.0 % Total Risk-Based Capital 21,130 22.0 % 9,625 10.0 % 7,700 8.0 % Tier 1 Leverage 21,111 6.0 % 17,481 5.0 % 13,985 4.0 % Supplementary Leverage Ratio 21,111 5.9 % N/A N/A 10,671 3.0 % December 31, 2020 CSC Common Equity Tier 1 Risk-Based Capital $ 22,916 18.5 % N/A $ 5,575 4.5 % Tier 1 Risk-Based Capital 30,649 24.7 % N/A 7,433 6.0 % Total Risk-Based Capital 30,688 24.8 % N/A 9,910 8.0 % Tier 1 Leverage 30,649 6.3 % N/A 19,396 4.0 % Supplementary Leverage Ratio 30,649 6.2 % N/A 14,744 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 17,526 19.2 % $ 5,919 6.5 % $ 4,098 4.5 % Tier 1 Risk-Based Capital 17,526 19.2 % 7,285 8.0 % 5,464 6.0 % Total Risk-Based Capital 17,558 19.3 % 9,106 10.0 % 7,285 8.0 % Tier 1 Leverage 17,526 5.5 % 15,979 5.0 % 12,783 4.0 % Supplementary Leverage Ratio 17,526 5.4 % N/A N/A 9,763 3.0 % (1) Under the Basel III capital rule, CSC and CSB are also required to maintain a capital conservation buffer and a countercyclical capital buffer above the regulatory minimum risk-based capital ratios. The capital conservation buffer and countercyclical capital buffer were 2.5% and zero percent, respectively, for both periods presented. If either buffer falls below the minimum requirement, the Company would be subject to limits on capital distributions and discretionary bonus payments to executive officers. At March 31, 2021, the minimum capital requirement plus capital conservation buffer and countercyclical capital buffer for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital ratios were 7.0%, 8.5%, and 10.5%, respectively. N/A Not applicable. Based on its regulatory capital ratios at March 31, 2021, CSB is considered well capitalized (the highest category) under its respective regulatory capital rules. There are no conditions or events since March 31, 2021 that management believes have changed CSB’s capital category. At March 31, 2021, the balance sheets of CSPB and Charles Schwab Trust Bank (Trust Bank) consisted primarily of investment securities, and the entities held total assets of $33.1 billion and $12.3 billion, respectively. Based on their regulatory capital ratios, at March 31, 2021, CSPB and Trust Bank are considered well capitalized under their respective regulatory capital rules. Net capital and net capital requirements for CS&Co are as follows: March 31, 2021 December 31, 2020 CS&Co Net capital $ 3,413 $ 3,117 Minimum dollar requirement 1.000 1.000 2% of aggregate debit balances 706 616 Net capital in excess of required net capital $ 2,707 $ 2,501 TDAC Net capital $ 4,804 $ 4,040 Minimum dollar requirement 1.500 1.500 2% of aggregate debit balances 924 748 Net capital in excess of required net capital $ 3,880 $ 3,292 TD Ameritrade, Inc. Net capital $ 493 $ 350 Minimum dollar requirement 0.250 0.250 2% of aggregate debit balances — — Net capital in excess of required net capital $ 493 $ 350 Pursuant to the SEC’s Customer Protection Rule and other applicable regulations, Schwab had cash and investments segregated for the exclusive benefit of clients at March 31, 2021. The SEC’s 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 condensed consolidated statements of cash flows. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
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 attributed 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 table: Investor Services Advisor Services Total Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Net Revenues Net interest revenue $ 1,454 $ 1,128 $ 457 $ 444 $ 1,911 $ 1,572 Asset management and administration fees 742 600 274 227 1,016 827 Trading revenue 1,097 119 119 69 1,216 188 Bank deposit account fees 254 — 97 — 351 — Other 178 20 43 10 221 30 Total net revenues 3,725 1,867 990 750 4,715 2,617 Expenses Excluding Interest 2,109 1,154 646 416 2,755 1,570 Income before taxes on income $ 1,616 $ 713 $ 344 $ 334 $ 1,960 $ 1,047 |
New Accounting Standards (Polic
New Accounting Standards (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Basis of Presentation | These unaudited condensed consolidated financial statements have been prepared in conformity with 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 2020 Form 10-K. Effective October 6, 2020, the Company completed its acquisition of TD Ameritrade Holding Corporation and its consolidated subsidiaries (collectively referred to as “TD Ameritrade” or “TDA”). TD Ameritrade provides securities brokerage services, including trade execution, clearing services, and margin lending, through its broker-dealer subsidiaries; and futures and foreign exchange trade execution services through its futures commission merchant (FCM) and forex dealer member (FDM) subsidiary. Our consolidated financial statements include the results of operations and financial condition of TD Ameritrade beginning on October 6, 2020. See Note 3 for additional information on our acquisition of TD Ameritrade. |
Reclassifications | Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation. Beginning in the third quarter of 2020, amortization of acquired intangible assets was reclassified from depreciation and amortization and presented separately in the condensed consolidated statements of income. Prior period amounts have been reclassified to reflect these changes. Corresponding presentation changes have been made to the condensed consolidated statements of cash flows. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Information | The unaudited pro forma financial information is presented for informational purposes only, and is not necessarily indicative of future operations or results had the TD Ameritrade acquisition been completed as of January 1, 2019. Three Months Ended 2020 Total net revenues $ 4,101 Net income 1,182 information is presented for informational purposes only, and is not necessarily indicative of future operations or results had the USAA-IMCO acquisition been completed as of January 1, 2019. Three Months Ended 2020 Total net revenues $ 2,696 Net income 730 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Schwab's Revenue | Disaggregation of Schwab’s revenue by major source is as follows: Three Months Ended 2021 2020 Net interest revenue Interest revenue $ 2,015 $ 1,708 Interest expense (104) (136) Net interest revenue 1,911 1,572 Asset management and administration fees Mutual funds, ETFs, and CTFs 470 452 Advice solutions 468 312 Other 78 63 Asset management and administration fees 1,016 827 Trading revenue Commissions 614 113 Order flow revenue 591 55 Principal transactions 11 20 Trading revenue 1,216 188 Bank deposit account fees 351 — Other 221 30 Total net revenues $ 4,715 $ 2,617 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale | The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS investment securities are as follows: March 31, 2021 Amortized Gross Gross Fair U.S. agency mortgage-backed securities $ 299,062 $ 4,719 $ 3,886 $ 299,895 Asset-backed securities (1) 18,409 133 59 18,483 Corporate debt securities (2) 12,776 254 122 12,908 U.S. Treasury securities (3) 6,069 18 9 6,078 U.S. state and municipal securities 1,577 88 9 1,656 Foreign government agency securities 1,409 1 1 1,409 Non-agency commercial mortgage-backed securities 1,211 40 — 1,251 Certificates of deposit 300 — — 300 Other 23 3 — 26 Total available for sale securities $ 340,836 $ 5,256 $ 4,086 $ 342,006 December 31, 2020 Amortized Gross Gross Fair U.S. agency mortgage-backed securities $ 283,911 $ 7,005 $ 563 $ 290,353 Asset-backed securities (1) 18,808 174 84 18,898 Corporate debt securities (2) 12,408 388 — 12,796 U.S. Treasury securities (3) 10,631 25 — 10,656 U.S. state and municipal securities 1,544 153 — 1,697 Foreign government agency securities 1,411 2 — 1,413 Non-agency commercial mortgage-backed securities 1,213 52 — 1,265 Certificates of deposit 300 — — 300 Other 22 — — 22 Total available for sale securities $ 330,248 $ 7,799 $ 647 $ 337,400 (1) Approximately 52% and 51% of asset-backed securities held as of March 31, 2021 and December 31, 2020, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 36% of the asset-backed securities held at both March 31, 2021 and December 31, 2020. (2) As of March 31, 2021 and December 31, 2020, approximately 43% and 46%, respectively of the total AFS in corporate debt securities were issued by institutions in the financial services industry. (3) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $3.2 billion of AFS short-term U.S. Treasury securities as of March 31, 2021 (none as of December 31, 2020). These holdings have 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, of AFS investment securities are as follows: Less than 12 months 12 months or longer Total March 31, 2021 Fair Unrealized Fair Unrealized Fair Unrealized Available for sale securities U.S. agency mortgage-backed securities $ 146,823 $ 3,877 $ 3,185 $ 9 $ 150,008 $ 3,886 Corporate debt securities 2,515 122 — — 2,515 122 Asset-backed securities 1,716 16 5,654 43 7,370 59 U.S. Treasury securities 370 9 — — 370 9 U.S. state and municipal securities 186 9 — — 186 9 Foreign government agency securities 856 1 — — 856 1 Total $ 152,466 $ 4,034 $ 8,839 $ 52 $ 161,305 $ 4,086 |
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss | December 31, 2020 U.S. agency mortgage-backed securities $ 61,706 $ 551 $ 4,774 $ 12 $ 66,480 $ 563 Asset-backed securities 1,398 13 5,822 71 7,220 84 Total $ 63,104 $ 564 $ 10,596 $ 83 $ 73,700 $ 647 |
Maturities of Securities Available for Sale | The maturities of AFS investment securities are as follows: March 31, 2021 Within After 1 year After 5 years After Total U.S. agency mortgage-backed securities $ 2,488 $ 21,287 $ 62,748 $ 213,372 $ 299,895 Asset-backed securities 24 6,208 3,347 8,904 18,483 Corporate debt securities 3,816 5,745 3,347 — 12,908 U.S. Treasury securities 5,394 336 348 — 6,078 U.S. state and municipal securities — 126 859 671 1,656 Foreign government agency securities 275 1,134 — — 1,409 Non-agency commercial mortgage-backed securities — — — 1,251 1,251 Certificates of deposit 300 — — — 300 Other — — — 26 26 Total fair value $ 12,297 $ 34,836 $ 70,649 $ 224,224 $ 342,006 Total amortized cost $ 12,245 $ 33,675 $ 70,100 $ 224,816 $ 340,836 |
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 investment securities are as follows: Three Months Ended 2021 2020 Proceeds $ 6,605 $ 69 Gross realized gains 20 — Gross realized losses 10 — |
Bank Loans and Related Allowa_2
Bank Loans and Related Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Composition of Bank Loans and Delinquency Analysis by Loan Segment | The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows: March 31, 2021 Current 30-59 days 60-89 days > 90 days past (3) Total past due Total Allowance Total Residential real estate: First Mortgages (1,2) $ 15,602 $ 29 $ — $ 55 $ 84 $ 15,686 $ 12 $ 15,674 HELOCs (1,2) 759 1 — 14 15 774 3 771 Total residential real estate 16,361 30 — 69 99 16,460 15 16,445 Pledged asset lines 8,793 2 2 — 4 8,797 — 8,797 Other 181 — — 1 1 182 3 179 Total bank loans $ 25,335 $ 32 $ 2 $ 70 $ 104 $ 25,439 $ 18 $ 25,421 December 31, 2020 Residential real estate: First Mortgages (1,2) $ 14,804 $ 27 $ 1 $ 72 $ 100 $ 14,904 $ 22 $ 14,882 HELOCs (1,2) 823 1 1 17 19 842 5 837 Total residential real estate 15,627 28 2 89 119 15,746 27 15,719 Pledged asset lines 7,901 10 5 — 15 7,916 — 7,916 Other 181 — — — — 181 3 178 Total bank loans $ 23,709 $ 38 $ 7 $ 89 $ 134 $ 23,843 $ 30 $ 23,813 (1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $72 million at March 31, 2021 and December 31, 2020. (2) At March 31, 2021 and December 31, 2020, 46% and 45%, 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 March 31, 2021 or December 31, 2020. |
Changes in Allowance for Credit Losses on Bank Loans | Changes in the allowance for credit losses on bank loans were as follows: March 31, 2021 March 31, 2020 Three Months Ended First Mortgages HELOCs Total residential real estate Other Total First Mortgages HELOCs Total residential real estate Other Total Balance at beginning of $ 22 $ 5 $ 27 $ 3 $ 30 $ 11 $ 4 $ 15 $ 3 $ 18 Adoption of ASU — — — — — 1 — 1 — 1 Charge-offs — — — — — — — — — — Recoveries — — — — — — — — — — Provision for credit (10) (2) (12) — (12) 9 — 9 1 10 Balance at end of period $ 12 $ 3 $ 15 $ 3 $ 18 $ 21 $ 4 $ 25 $ 4 $ 29 |
Bank Loan-related Nonperforming Assets and Troubled Debt Restructurings | A summary of bank loan-related nonperforming assets and troubled debt restructurings is as follows: March 31, 2021 December 31, 2020 Nonaccrual loans (1) $ 70 $ 89 Other real estate owned (2) 1 1 Total nonperforming assets 71 90 Troubled debt restructurings — 1 Total nonperforming assets and troubled debt restructurings $ 71 $ 91 (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: First Mortgages Amortized Cost Basis by Origination Year March 31, 2021 2021 2020 2019 2018 2017 pre-2017 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ — $ 1 $ — $ — $ — $ 1 $ 2 $ — $ — $ — 620 – 679 9 30 8 1 8 25 81 — 3 3 680 – 739 274 752 285 82 156 359 1,908 72 74 146 ≥740 2,264 6,714 1,979 352 690 1,696 13,695 353 272 625 Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Origination LTV ≤70% $ 2,215 $ 6,253 $ 1,782 $ 310 $ 647 $ 1,595 $ 12,802 $ 331 $ 247 $ 578 >70% – ≤90% 332 1,244 490 125 207 483 2,881 94 99 193 >90% – ≤100% — — — — — 3 3 — 3 3 Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Weighted Average <620 $ 4 $ 9 $ 2 $ — $ 2 $ 21 $ 38 $ 3 $ 9 $ 12 620 – 679 27 61 41 10 14 49 202 11 15 26 680 – 739 245 587 182 55 87 233 1,389 50 52 102 ≥740 2,271 6,840 2,047 370 751 1,778 14,057 361 273 634 Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Estimated Current LTV (1) ≤70% $ 2,217 $ 6,787 $ 2,158 $ 425 $ 840 $ 2,071 $ 14,498 $ 418 $ 341 $ 759 >70% – ≤90% 330 710 114 10 14 10 1,188 7 7 14 >90% – ≤100% — — — — — — — — 1 1 >100% — — — — — — — — — — Total $ 2,547 $ 7,497 $ 2,272 $ 435 $ 854 $ 2,081 $ 15,686 $ 425 $ 349 $ 774 Percent of Loans on 0.04 % 0.07 % 0.28 % 0.94 % 0.60 % 1.64 % 0.35 % 1.32 % 2.58 % 1.81 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. March 31, 2021 Balance Weighted Average Updated FICO Percent of Loans on Nonaccrual Status Pledged Asset Lines Weighted-Average LTV (1) =70% $ 8,797 770 — (1) Represents the LTV for the full line of credit (drawn and undrawn). First Mortgages Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 pre-2017 Total First Mortgages Revolving HELOCs amortized cost basis HELOCs converted to term loans Total HELOCs Origination FICO <620 $ 1 $ — $ — $ — $ 2 $ 3 $ — $ — $ — 620 – 679 29 13 3 8 31 84 1 3 4 680 – 739 794 355 105 181 419 1,854 82 80 162 ≥740 7,150 2,452 449 858 2,054 12,963 380 296 676 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Origination LTV ≤70% $ 6,653 $ 2,211 $ 396 $ 793 $ 1,935 $ 11,988 $ 351 $ 269 $ 620 >70% – ≤90% 1,321 609 161 254 568 2,913 112 107 219 >90% – ≤100% — — — — 3 3 — 3 3 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Weighted Average <620 $ 5 $ 2 $ 1 $ 4 $ 19 $ 31 $ 3 $ 9 $ 12 620 – 679 67 34 16 21 60 198 12 20 32 680 – 739 784 252 66 121 281 1,504 58 55 113 ≥740 7,118 2,532 474 901 2,146 13,171 390 295 685 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Estimated Current LTV (1) ≤70% $ 6,999 $ 2,582 $ 533 $ 1,034 $ 2,490 $ 13,638 $ 452 $ 368 $ 820 >70% – ≤90% 975 238 24 13 16 1,266 11 9 20 >90% – ≤100% — — — — — — — 1 1 >100% — — — — — — — 1 1 Total $ 7,974 $ 2,820 $ 557 $ 1,047 $ 2,506 $ 14,904 $ 463 $ 379 $ 842 Percent of Loans on 0.09 % 0.38 % 1.02 % 0.87 % 1.57 % 0.48 % 1.37 % 2.80 % 2.02 % (1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs. December 31, 2020 Balance Weighted Average Updated FICO Percent of Loans on Nonaccrual Status Pledged Asset Lines Weighted-Average LTV (1) =70% $ 7,916 770 — (1) Represents the LTV for the full line of credit (drawn and undrawn). |
Converting to Amortizing Loans | The following table presents HELOCs converted to amortizing loans during each period presented: Three Months Ended March 31, 2021 2020 HELOCs converted to amortizing loans $ 9 $ 11 The following table presents when current outstanding HELOCs will convert to amortizing loans: March 31, 2021 Balance Converted to an amortizing loan by period end $ 349 Within 1 year 23 > 1 year – 3 years 81 > 3 years – 5 years 83 > 5 years 238 Total $ 774 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Aggregate Aggregate Maximum Aggregate Aggregate Maximum LIHTC investments (1) $ 691 $ 378 $ 691 $ 649 $ 344 $ 649 Other CRA investments (2) 134 — 152 118 — 152 Total $ 825 $ 378 $ 843 $ 767 $ 344 $ 801 (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 accounted for as loans at amortized cost, equity method investments, AFS securities, or using the adjusted cost method. Aggregate assets are included in AFS securities, bank loans – net, or other assets on the condensed consolidated balance sheets. |
Bank Deposits (Tables)
Bank Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Interest-bearing deposits: Deposits swept from brokerage accounts $ 343,072 $ 332,513 Checking 18,796 17,785 Savings and other 7,010 6,739 Total interest-bearing deposits 368,878 357,037 Non-interest-bearing deposits 1,020 985 Total bank deposits $ 369,898 $ 358,022 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt Including Unamortized Debt Discounts and Premiums | The following table lists long-term debt by instrument outstanding as of March 31, 2021 and December 31, 2020. Date of Issuance Principal Amount Outstanding March 31, 2021 December 31, 2020 CSC Fixed-rate Senior Notes: 3.250% due May 21, 2021 05/22/18 $ 600 $ 600 3.225% due September 1, 2022 08/29/12 256 256 2.650% due January 25, 2023 12/07/17 800 800 3.550% due February 1, 2024 10/31/18 500 500 0.750% due March 18, 2024 03/18/21 1,500 — 3.000% due March 10, 2025 03/10/15 375 375 4.200% due March 24, 2025 03/24/20 600 600 3.850% due May 21, 2025 05/22/18 750 750 3.450% due February 13, 2026 11/13/15 350 350 0.900% due March 11, 2026 12/11/20 1,250 1,250 3.200% due March 2, 2027 03/02/17 650 650 3.200% due January 25, 2028 12/07/17 700 700 2.000% due March 20, 2028 03/18/21 1,250 — 4.000% due February 1, 2029 10/31/18 600 600 3.250% due May 22, 2029 05/22/19 600 600 4.625% due March 22, 2030 03/24/20 500 500 1.650% due March 11, 2031 12/11/20 750 750 Floating-rate Senior Notes: Three-month LIBOR +0.32% due May 21, 2021 05/22/18 600 600 SOFR + 0.500% due March 18, 2024 03/18/21 1,250 — Total CSC Senior Notes 13,881 9,881 TDA Fixed-rate Senior Notes: 2.950% due April 1, 2022 03/09/15 750 750 3.750% due April 1, 2024 11/01/18 400 400 3.625% due April 1, 2025 10/22/14 500 500 3.300% due April 1, 2027 04/27/17 800 800 2.750% due October 1, 2029 08/16/19 500 500 Floating-rate TDA Senior Notes: Three-month LIBOR + 0.43% due November 1, 2021 11/01/18 600 600 Total TDA Senior Notes 3,550 3,550 Other financing 114 6 Unamortized premium — net 230 249 Debt issuance costs (77) (54) Total long-term debt $ 17,698 $ 13,632 |
Annual Maturities on Long-term Debt Outstanding | Annual maturities on all long-term debt outstanding at March 31, 2021 are as follows: Maturities 2021 $ 1,821 2022 1,035 2023 829 2024 3,673 2025 2,237 Thereafter 7,950 Total maturities 17,545 Unamortized premium — net 230 Debt issuance costs (77) Total long-term debt $ 17,698 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Commitments to extend credit related to unused HELOCs, PALs, and other lines of credit $ 7,679 $ 8,141 Commitments to purchase First Mortgage loans 3,222 1,917 Total $ 10,901 $ 10,058 |
Exit and Other Related Liabil_2
Exit and Other Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of the Activity in Exit Liabilities | The following is a summary of the activity in the Company’s exit and other related liabilities for the three months ended March 31, 2021: Investor Services Advisor Services Total Balance at December 31, 2020 $ 86 $ 24 $ 110 Costs incurred and charged to expense (1) 22 6 28 Costs paid or otherwise settled (52) (15) (67) Balance at March 31, 2021 (2) $ 56 $ 15 $ 71 (1) Costs incurred for severance pay and other termination benefits, as well as retention costs, are included in employee compensation and benefits on the condensed consolidated statements of income. (2) Included in accrued expenses and other liabilities on the condensed consolidated balance sheets. |
Summary of the Cumulative Amount of Acquisition-Related Exit Costs | The following table summarizes the exit and other related costs incurred for the three months ended March 31, 2021: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 22 $ — $ 22 $ 6 $ — $ 6 $ 28 Occupancy and equipment — 10 10 — 3 3 13 Professional services — 1 1 — — — 1 Other — 1 1 — — — 1 Total $ 22 $ 12 $ 34 $ 6 $ 3 $ 9 $ 43 (1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of right-of-use (ROU) assets, relate to the impact of abandoning leased and other properties. The following table summarizes the cumulative exit and other related costs incurred from October 6, 2020 through March 31, 2021: Investor Services Advisor Services Employee Compensation and Benefits Facility Exit Costs (1) Investor Services Total Employee Compensation and Benefits Facility Exit Costs (1) Advisor Services Total Total Compensation and benefits $ 160 $ — $ 160 $ 44 $ — $ 44 $ 204 Occupancy and equipment — 16 16 — 4 4 20 Depreciation and amortization — 2 2 — 1 1 3 Professional services — 1 1 — — — 1 Other — 1 1 — — — 1 Total $ 160 $ 20 $ 180 $ 44 $ 5 $ 49 $ 229 (1) Costs related to facility closures. These costs, which are primarily comprised of accelerated amortization of ROU assets and accelerated depreciation of fixed assets, relate to the impact of abandoning leased and other properties. |
Financial Instruments Subject_2
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Offsetting [Abstract] | |
Offsetting Assets and Liabilities | The following table presents information about our resale agreements, securities lending, and other activity depicting the potential effect of rights of setoff between these recognized assets and recognized liabilities. Gross Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Counterparty Collateral March 31, 2021 Assets Resale agreements (1) $ 13,417 $ — $ 13,417 $ — $ (13,417) (2) $ — Securities borrowed (3) 749 — 749 (631) (116) 2 Total $ 14,166 $ — $ 14,166 $ (631) $ (13,533) $ 2 Liabilities Securities loaned (4,5) $ 8,127 $ — $ 8,127 $ (631) $ (7,094) $ 402 Secured short-term borrowings (6) 1,000 — 1,000 — (1,000) — Total $ 9,127 $ — $ 9,127 $ (631) $ (8,094) $ 402 December 31, 2020 Assets Resale agreements (1) $ 14,904 $ — $ 14,904 $ — $ (14,904) (2) $ — Securities borrowed (3) 873 — 873 (673) (195) 5 Total $ 15,777 $ — $ 15,777 $ (673) $ (15,099) $ 5 Liabilities Securities loaned (4,5) $ 7,549 $ — $ 7,549 $ (673) $ (6,049) $ 827 Total $ 7,549 $ — $ 7,549 $ (673) $ (6,049) $ 827 (1) Included in cash and investments segregated and on deposit for regulatory purposes in the condensed consolidated balance sheets. (2) Actual collateral was greater than or equal to the value of the related assets. At March 31, 2021 and December 31, 2020, the fair value of collateral received in connection with resale agreements that are available to be repledged or sold was $13.7 billion and $15.2 billion, respectively. (3) Included in other assets in the condensed consolidated balance sheets. (4) Included in accrued expenses and other liabilities 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 March 31, 2021 and December 31, 2020. (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, as well as the fair value of securities that we had pledged under such regulations and from securities borrowed transactions: March 31, 2021 December 31, 2020 Fair value of client securities available to be pledged $ 99,582 $ 84,006 Fair value of securities pledged for: Fulfillment of requirements with the Options Clearing Corporation (1) $ 16,438 $ 10,222 Fulfillment of client short sales 5,542 6,274 Securities lending to other broker-dealers 7,622 6,522 Collateral for short-term borrowings 1,356 — Total collateral pledged $ 30,958 $ 23,018 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 $92 million as of March 31, 2021 and $183 million as of December 31, 2020. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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: March 31, 2021 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 15,058 $ — $ — $ 15,058 U.S. Treasury securities — 3,181 — 3,181 Total cash equivalents 15,058 3,181 — 18,239 Investments segregated and on deposit for regulatory purposes: Certificates of deposit — 350 — 350 U.S. Government securities — 22,625 — 22,625 Total investments segregated and on deposit for regulatory purposes — 22,975 — 22,975 Available for sale securities: U.S. agency mortgage-backed securities — 299,895 — 299,895 Asset-backed securities — 18,483 — 18,483 Corporate debt securities — 12,908 — 12,908 U.S. Treasury securities — 6,078 — 6,078 U.S. state and municipal securities — 1,656 — 1,656 Foreign government agency securities — 1,409 — 1,409 Non-agency commercial mortgage-backed securities — 1,251 — 1,251 Certificates of deposit — 300 — 300 Other — 26 — 26 Total available for sale securities — 342,006 — 342,006 Other assets: Equity and bond mutual funds 104 — — 104 U.S. Government securities — 37 — 37 State and municipal debt obligations — 23 — 23 Equity, corporate debt, and other securities 9 17 — 26 Total other assets 113 77 — 190 Total $ 15,171 $ 368,239 $ — $ 383,410 December 31, 2020 Level 1 Level 2 Level 3 Balance at Cash equivalents: Money market funds $ 11,159 $ — $ — $ 11,159 Total cash equivalents 11,159 — — 11,159 Investments segregated and on deposit for regulatory purposes: Certificates of deposit — 550 — 550 U.S. Government securities — 30,698 — 30,698 Total investments segregated and on deposit for regulatory purposes — 31,248 — 31,248 Available for sale securities: U.S. agency mortgage-backed securities — 290,353 — 290,353 Asset-backed securities — 18,898 — 18,898 Corporate debt securities — 12,796 — 12,796 U.S. Treasury securities — 10,656 — 10,656 U.S. state and municipal securities — 1,697 — 1,697 Foreign government agency securities — 1,413 — 1,413 Non-agency commercial mortgage-backed securities — 1,265 — 1,265 Certificates of deposit — 300 — 300 Other — 22 — 22 Total available for sale securities — 337,400 — 337,400 Other assets: Equity and bond mutual funds 361 — — 361 U.S. Government securities — 253 — 253 State and municipal debt obligations — 37 — 37 Equity, corporate debt, and other securities 7 29 — 36 Total other assets 368 319 — 687 Total $ 11,527 $ 368,967 $ — $ 380,494 |
Fair Value of Other Financial Instruments | The following tables present the fair value hierarchy for other financial instruments: March 31, 2021 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 29,943 $ 29,943 $ — $ — $ 29,943 Cash and investments segregated and on deposit for 17,440 4,001 13,439 — 17,440 Receivables from brokerage clients — net 74,707 — 74,707 — 74,707 Bank loans — net: First Mortgages 15,674 — 15,845 — 15,845 HELOCs 771 — 789 — 789 Pledged asset lines 8,797 — 8,797 — 8,797 Other 179 — 179 — 179 Total bank loans — net 25,421 — 25,610 — 25,610 Other assets 3,063 — 3,063 — 3,063 Liabilities Bank deposits $ 369,898 $ — $ 369,898 $ — $ 369,898 Payables to brokerage clients 101,339 — 101,339 — 101,339 Accrued expenses and other liabilities 9,011 — 9,011 — 9,011 Short-term borrowings 2,500 — 2,500 — 2,500 Long-term debt 17,584 — 18,360 — 18,360 December 31, 2020 Carrying Level 1 Level 2 Level 3 Balance at Assets Cash and cash equivalents $ 29,189 $ 29,189 $ — $ — $ 29,189 Cash and investments segregated and on deposit for 19,143 4,212 14,931 — 19,143 Receivables from brokerage clients — net 64,436 — 64,436 — 64,436 Bank loans — net: First Mortgages 14,882 — 15,305 — 15,305 HELOCs 837 — 838 — 838 Pledged asset lines 7,916 — 7,916 — 7,916 Other 178 — 178 — 178 Total bank loans — net 23,813 — 24,237 — 24,237 Other assets 2,883 — 2,883 — 2,883 Liabilities Bank deposits $ 358,022 $ — $ 358,022 $ — $ 358,022 Payables to brokerage clients 104,201 — 104,201 — 104,201 Accrued expenses and other liabilities 8,263 — 8,263 — 8,263 Long-term debt 13,626 — 14,829 — 14,829 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Preferred Stock Issued and Outstanding | The Company’s preferred stock issued and outstanding is as follows: Liquidation Preference Per Share Dividend Rate in Effect at March 31, 2021 Earliest Redemption Date Date at Which Dividend Rate Resets or Becomes Floating Reset / Floating Rate Margin Over Reset / Floating Rate Shares Issued and Outstanding (in thousands) at Carrying Value at March 31, (1) December 31, 2020 (1) March 31, 2021 December 31, 2020 Issue Date Fixed-rate: Series C (2) 600 600 $ 1,000 $ 585 $ 585 08/03/15 6.000 % 12/01/20 N/A N/A N/A Series D 750 750 1,000 728 728 03/07/16 5.950 % 06/01/21 N/A N/A N/A Series J 600 — 1,000 584 — 03/30/21 4.450 % 06/01/26 N/A N/A N/A Fixed-to-floating-rate/Fixed-rate reset: Series A 400 400 1,000 397 397 01/26/12 7.000 % 02/01/22 02/01/22 3M LIBOR 4.820 % Series E 6 6 100,000 591 591 10/31/16 4.625 % 03/01/22 03/01/22 3M LIBOR 3.315 % Series F 5 5 100,000 492 492 10/31/17 5.000 % 12/01/27 12/01/27 3M LIBOR 2.575 % Series G 25 25 100,000 2,470 2,470 04/30/20 5.375 % 06/01/25 06/01/25 5-Year Treasury 4.971 % Series H 25 25 100,000 2,470 2,470 12/11/20 4.000 % 12/01/30 12/01/30 10-Year Treasury 3.079 % Series I (3) 23 — 100,000 2,222 — 03/18/21 4.000 % 06/01/26 06/01/26 5-Year Treasury 3.168 % Total preferred 2,434 1,811 $ 10,539 $ 7,733 (1) Represented by depositary shares, except for Series A. (2) On April 6, 2021, the Company announced it will redeem on June 1, 2021, all of the 600,000 outstanding shares of its 6.00% Non-Cumulative Perpetual Preferred Stock, Series C, and the corresponding 24,000,000 depositary shares, each representing a 1/40th interest in a share of the Series C Preferred Stock. The depositary shares will be redeemed at a redemption price of $25.00 per depositary share. (3) The Series I dividend rate resets on each five-year anniversary beginning on June 1, 2026 based on a five-year treasury rate, representing the average of the yields on actively traded U.S. treasury securities adjusted to constant maturity for five-year maturities. Series I is only redeemable on dividend payment dates on or after the first reset date. N/A Not applicable. |
Dividends Declared | Dividends declared on the Company’s preferred stock are as follows: Three Months Ended March 31, 2021 2020 Total Per Share Total Per Share Series A $ — $ — $ — $ — Series C 9.0 15.00 9.0 15.00 Series D 11.2 14.88 11.2 14.88 Series E 13.9 2,312.50 13.9 2,312.50 Series F — — — — Series G (1) 33.6 1,343.75 — — Series H (2) 22.2 888.89 — — Series I (3) — — — — Series J (4) — — — — Total $ 89.9 $ 34.1 (1) Series G Preferred Stock was issued on April 30, 2020. Dividends are paid quarterly, and the first dividend was paid on September 1, 2020. (2) Series H Preferred Stock was issued on December 11, 2020. Dividends are paid quarterly, and the first dividend was paid on March 1, 2021. (3) Series I Preferred Stock was issued on March 18, 2021. Dividends are paid quarterly beginning on June 1, 2021. (4) Series J Preferred Stock was issued on March 30, 2021. Dividends are paid quarterly beginning on June 1, 2021. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss) are as follows: 2021 2020 Three Months Ended March 31, Before Tax Net of Before Tax Net of Change in net unrealized gain (loss) on available for sale securities: Net unrealized gain (loss) $ (5,917) $ 1,409 $ (4,508) $ 5,151 $ (1,244) $ 3,907 Other reclassifications included in other revenue (10) 2 (8) — — — Other comprehensive income (loss) $ (5,927) $ 1,411 $ (4,516) $ 5,151 $ (1,244) $ 3,907 |
Accumulated Other Comprehensive Income Balances | AOCI balances are as follows: Total AOCI Balance at December 31, 2019 $ 88 Available for sale securities: Net unrealized gain (loss), excluding transfers to available for sale from held to maturity 2,850 Net unrealized gain on securities transferred to available for sale from held to maturity (1) 1,057 Balance at March 31, 2020 $ 3,995 Balance at December 31, 2020 $ 5,394 Available for sale securities: Net unrealized gain (loss) (4,508) Other reclassifications included in other revenue (8) Balance at March 31, 2021 $ 878 (1) On January 1, 2020, the Company transferred all of its investment securities designated as HTM to the AFS category. The transfer resulted in a net of tax increase to AOCI of $1.1 billion. See Note 6 in the 2020 Form 10-K for additional discussion on the 2020 transfer of HTM securities to AFS. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EPS under Basic and Diluted Computations | EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows: Three Months Ended March 31, 2021 2020 Common Stock Common Stock – Nonvoting (1) Common Stock Common Stock – Nonvoting (1) Basic earnings per share: Numerator Net income $ 1,422 $ 62 $ 795 N/A Preferred stock dividends and other (2) (92) (4) (38) N/A Net income available to common stockholders $ 1,330 $ 58 $ 757 N/A Denominator Weighted-average common shares outstanding — basic 1,803 79 1,287 N/A Basic earnings per share $ .74 $ .74 $ .59 N/A Diluted earnings per share: Numerator Net income available to common stockholders $ 1,330 $ 58 $ 757 N/A Reallocation of net income available to common stockholders as a result of 58 — N/A N/A Allocation of net income available to common stockholders: $ 1,388 $ 58 $ 757 N/A Denominator Weighted-average common shares outstanding — basic 1,803 79 1,287 N/A Conversion of nonvoting shares to voting shares 79 — N/A N/A Common stock equivalent shares related to stock incentive plans 10 — 7 N/A Weighted-average common shares outstanding — diluted (3) 1,892 79 1,294 N/A Diluted earnings per share $ .73 $ .73 $ .58 N/A (1) Nonvoting common stock was issued in conjunction with the October 6, 2020 acquisition of TD Ameritrade. As such, nonvoting common stock is not applicable for the basic and diluted EPS computations for the period ended March 31, 2020. (2) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (3) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 15 million and 19 million for the three months ended March 31, 2021 and 2020, respectively. N/A Not applicable. |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift [Abstract] | |
Regulatory Capital and Ratios | The regulatory capital and ratios for CSC (consolidated) and CSB are as follows: Actual Minimum to be Minimum Capital Requirement March 31, 2021 Amount Ratio Amount Ratio Amount Ratio (1) CSC Common Equity Tier 1 Risk-Based Capital $ 24,297 18.2 % N/A $ 5,993 4.5 % Tier 1 Risk-Based Capital 34,836 26.2 % N/A 7,990 6.0 % Total Risk-Based Capital 34,874 26.2 % N/A 10,653 8.0 % Tier 1 Leverage 34,836 6.4 % N/A 21,631 4.0 % Supplementary Leverage Ratio 34,836 6.4 % N/A 16,436 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 21,111 21.9 % $ 6,256 6.5 % $ 4,331 4.5 % Tier 1 Risk-Based Capital 21,111 21.9 % 7,700 8.0 % 5,775 6.0 % Total Risk-Based Capital 21,130 22.0 % 9,625 10.0 % 7,700 8.0 % Tier 1 Leverage 21,111 6.0 % 17,481 5.0 % 13,985 4.0 % Supplementary Leverage Ratio 21,111 5.9 % N/A N/A 10,671 3.0 % December 31, 2020 CSC Common Equity Tier 1 Risk-Based Capital $ 22,916 18.5 % N/A $ 5,575 4.5 % Tier 1 Risk-Based Capital 30,649 24.7 % N/A 7,433 6.0 % Total Risk-Based Capital 30,688 24.8 % N/A 9,910 8.0 % Tier 1 Leverage 30,649 6.3 % N/A 19,396 4.0 % Supplementary Leverage Ratio 30,649 6.2 % N/A 14,744 3.0 % CSB Common Equity Tier 1 Risk-Based Capital $ 17,526 19.2 % $ 5,919 6.5 % $ 4,098 4.5 % Tier 1 Risk-Based Capital 17,526 19.2 % 7,285 8.0 % 5,464 6.0 % Total Risk-Based Capital 17,558 19.3 % 9,106 10.0 % 7,285 8.0 % Tier 1 Leverage 17,526 5.5 % 15,979 5.0 % 12,783 4.0 % Supplementary Leverage Ratio 17,526 5.4 % N/A N/A 9,763 3.0 % (1) Under the Basel III capital rule, CSC and CSB are also required to maintain a capital conservation buffer and a countercyclical capital buffer above the regulatory minimum risk-based capital ratios. The capital conservation buffer and countercyclical capital buffer were 2.5% and zero percent, respectively, for both periods presented. If either buffer falls below the minimum requirement, the Company would be subject to limits on capital distributions and discretionary bonus payments to executive officers. At March 31, 2021, the minimum capital requirement plus capital conservation buffer and countercyclical capital buffer for Common Equity Tier 1 Risk-Based Capital, Tier 1 Risk-Based Capital, and Total Risk-Based Capital ratios were 7.0%, 8.5%, and 10.5%, respectively. N/A Not applicable. |
Net Capital and Net Capital Requirements | Net capital and net capital requirements for CS&Co are as follows: March 31, 2021 December 31, 2020 CS&Co Net capital $ 3,413 $ 3,117 Minimum dollar requirement 1.000 1.000 2% of aggregate debit balances 706 616 Net capital in excess of required net capital $ 2,707 $ 2,501 TDAC Net capital $ 4,804 $ 4,040 Minimum dollar requirement 1.500 1.500 2% of aggregate debit balances 924 748 Net capital in excess of required net capital $ 3,880 $ 3,292 TD Ameritrade, Inc. Net capital $ 493 $ 350 Minimum dollar requirement 0.250 0.250 2% of aggregate debit balances — — Net capital in excess of required net capital $ 493 $ 350 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Information for Reportable Segments | Financial information for the segments is presented in the following table: Investor Services Advisor Services Total Three Months Ended March 31, 2021 2020 2021 2020 2021 2020 Net Revenues Net interest revenue $ 1,454 $ 1,128 $ 457 $ 444 $ 1,911 $ 1,572 Asset management and administration fees 742 600 274 227 1,016 827 Trading revenue 1,097 119 119 69 1,216 188 Bank deposit account fees 254 — 97 — 351 — Other 178 20 43 10 221 30 Total net revenues 3,725 1,867 990 750 4,715 2,617 Expenses Excluding Interest 2,109 1,154 646 416 2,755 1,570 Income before taxes on income $ 1,616 $ 713 $ 344 $ 334 $ 1,960 $ 1,047 |
Business Acquisitions (TD Ameri
Business Acquisitions (TD Ameritrade Narrative) (Details) - USD ($) $ in Millions | Oct. 06, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Oct. 05, 2020 |
Business Acquisition [Line Items] | ||||
Basis spread on variable rate | 0.15% | 0.25% | ||
TD Ameritrade [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 21,800 | |||
Conversion of shares (in shares) | 1.0837 | |||
Number of shares issued in acquisition (in shares) | 586,000,000 | |||
Pro Forma, acquisitions costs | $ 14 | |||
TD Ameritrade [Member] | Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of shares issued in acquisition (in shares) | 509,000,000 | |||
TD Ameritrade [Member] | Common Stock - Nonvoting [Member] | TD Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of shares issued in acquisition (in shares) | 77,000,000 | 79,000,000 |
Business Acquisitions (USAA-IMC
Business Acquisitions (USAA-IMCO Narrative) (Details) - USAA-IMCO [Member] - USD ($) $ in Millions | May 26, 2020 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||
Purchase price | $ 1,600 | |
After-tax acquisition and integration-related costs | $ 11 |
Business Acquisitions (Pro Form
Business Acquisitions (Pro Forma Information) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
TD Ameritrade [Member] | |
Business Acquisition [Line Items] | |
Total net revenues | $ 4,101 |
Net income | 1,182 |
USAA-IMCO [Member] | |
Business Acquisition [Line Items] | |
Total net revenues | 2,696 |
Net income | $ 730 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregated Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | |||
Interest revenue | $ 2,015 | $ 1,708 | |
Interest expense | (104) | (136) | |
Net interest revenue | 1,911 | 1,572 | |
Other | 221 | 30 | |
Total net revenues | 4,715 | 2,617 | |
Asset management and administration fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | [1] | 1,016 | 827 |
Asset Management and administration fees, Mutual funds, ETFs, and CTFs [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 470 | 452 | |
Asset Management and administration fees, Advice solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 468 | 312 | |
Asset Management and administration fees, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 78 | 63 | |
Trading revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,216 | 188 | |
Trading revenue, Commissions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 614 | 113 | |
Trading revenue, Order Flow Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 591 | 55 | |
Trading revenue, Principal Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 11 | 20 | |
Bank Deposit Account Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 351 | $ 0 | |
[1] | Includes fee waivers of $78 million for the first quarter of 2021. No fee waivers were recognized for the first quarter of 2020. |
Revenue Recognition (Capitalize
Revenue Recognition (Capitalized Contract Costs and Contract Balances) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers | $ 602 | $ 579 |
Investment Securities (Amortize
Investment Securities (Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale securities: | ||
Amortized Cost | $ 340,836,000,000 | $ 330,248,000,000 |
Gross Unrealized Gains | 5,256,000,000 | 7,799,000,000 |
Gross Unrealized Losses | 4,086,000,000 | 647,000,000 |
Fair Value | 342,006,000,000 | 337,400,000,000 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 299,062,000,000 | 283,911,000,000 |
Gross Unrealized Gains | 4,719,000,000 | 7,005,000,000 |
Gross Unrealized Losses | 3,886,000,000 | 563,000,000 |
Fair Value | 299,895,000,000 | 290,353,000,000 |
Asset-backed securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 18,409,000,000 | 18,808,000,000 |
Gross Unrealized Gains | 133,000,000 | 174,000,000 |
Gross Unrealized Losses | 59,000,000 | 84,000,000 |
Fair Value | 18,483,000,000 | 18,898,000,000 |
Corporate debt securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 12,776,000,000 | 12,408,000,000 |
Gross Unrealized Gains | 254,000,000 | 388,000,000 |
Gross Unrealized Losses | 122,000,000 | 0 |
Fair Value | 12,908,000,000 | 12,796,000,000 |
U.S. Treasury securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 6,069,000,000 | 10,631,000,000 |
Gross Unrealized Gains | 18,000,000 | 25,000,000 |
Gross Unrealized Losses | 9,000,000 | 0 |
Fair Value | 6,078,000,000 | 10,656,000,000 |
U.S. state and municipal securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 1,577,000,000 | 1,544,000,000 |
Gross Unrealized Gains | 88,000,000 | 153,000,000 |
Gross Unrealized Losses | 9,000,000 | 0 |
Fair Value | 1,656,000,000 | 1,697,000,000 |
Foreign government agency securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 1,409,000,000 | 1,411,000,000 |
Gross Unrealized Gains | 1,000,000 | 2,000,000 |
Gross Unrealized Losses | 1,000,000 | 0 |
Fair Value | 1,409,000,000 | 1,413,000,000 |
Non-agency commercial mortgage-backed securities [Member] | ||
Available for sale securities: | ||
Amortized Cost | 1,211,000,000 | 1,213,000,000 |
Gross Unrealized Gains | 40,000,000 | 52,000,000 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,251,000,000 | 1,265,000,000 |
Certificates of deposit [Member] | ||
Available for sale securities: | ||
Amortized Cost | 300,000,000 | 300,000,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 300,000,000 | 300,000,000 |
Other [Member] | ||
Available for sale securities: | ||
Amortized Cost | 23,000,000 | 22,000,000 |
Gross Unrealized Gains | 3,000,000 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 26,000,000 | $ 22,000,000 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Available for sale securities: | ||
Asset-backed securities percentage | 52.00% | 51.00% |
Collateralized Credit Card Securities [Member] | ||
Available for sale securities: | ||
Asset-backed securities percentage | 36.00% | 36.00% |
Corporate debt securities issued by financial services industry [Member] | ||
Available for sale securities: | ||
AFS securities percentage | 43.00% | 46.00% |
Commercial paper [Member] | ||
Available for sale securities: | ||
Available-for-sale securities, current | $ 3,200,000,000 | $ 0 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, written down to fair value | $ 0 | $ 0 |
Writedown to fair value | 0 | 0 |
Available-for-sale, allowance for credit loss | 0 | 0 |
Accrued interest for AFS securities | 616,000,000 | 634,000,000 |
Write-offs of accrued interest receivable on AFS securities | 0 | 0 |
Write-offs of accrued interest receivable on HTM securities | $ 0 | |
Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value of pledged securities | 1,600,000,000 | |
Federal Reserve Bank Advances [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value of pledged securities | 10,100,000,000 | |
Federal Home Loan Bank of San Francisco [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value of pledged securities | $ 43,800,000,000 |
Investment Securities (Availabl
Investment Securities (Available For Sale with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale securities: | ||
Less than 12 months Fair Value | $ 152,466 | $ 63,104 |
Less than 12 months Unrealized Losses | 4,034 | 564 |
12 months or longer Fair Value | 8,839 | 10,596 |
12 months or longer Unrealized Losses | 52 | 83 |
Total Fair Value | 161,305 | 73,700 |
Total Unrealized Losses | 4,086 | 647 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 146,823 | 61,706 |
Less than 12 months Unrealized Losses | 3,877 | 551 |
12 months or longer Fair Value | 3,185 | 4,774 |
12 months or longer Unrealized Losses | 9 | 12 |
Total Fair Value | 150,008 | 66,480 |
Total Unrealized Losses | 3,886 | 563 |
Corporate debt securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 2,515 | |
Less than 12 months Unrealized Losses | 122 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 2,515 | |
Total Unrealized Losses | 122 | |
Asset-backed securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 1,716 | 1,398 |
Less than 12 months Unrealized Losses | 16 | 13 |
12 months or longer Fair Value | 5,654 | 5,822 |
12 months or longer Unrealized Losses | 43 | 71 |
Total Fair Value | 7,370 | 7,220 |
Total Unrealized Losses | 59 | $ 84 |
U.S. Treasury securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 370 | |
Less than 12 months Unrealized Losses | 9 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 370 | |
Total Unrealized Losses | 9 | |
U.S. state and municipal securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 186 | |
Less than 12 months Unrealized Losses | 9 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 186 | |
Total Unrealized Losses | 9 | |
Foreign government agency securities [Member] | ||
Available for sale securities: | ||
Less than 12 months Fair Value | 856 | |
Less than 12 months Unrealized Losses | 1 | |
12 months or longer Fair Value | 0 | |
12 months or longer Unrealized Losses | 0 | |
Total Fair Value | 856 | |
Total Unrealized Losses | $ 1 |
Investment Securities (Maturiti
Investment Securities (Maturities of Securities Available for Sale) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale securities, fair value | ||
Within 1 year | $ 12,297 | |
After 1 year through 5 years | 34,836 | |
After 5 years through 10 years | 70,649 | |
After 10 years | 224,224 | |
Fair Value | 342,006 | $ 337,400 |
Available for sale securities, amortized cost | ||
Within 1 year | 12,245 | |
After 1 year through 5 years | 33,675 | |
After 5 years through 10 years | 70,100 | |
After 10 years | 224,816 | |
Amortized Cost | 340,836 | 330,248 |
U.S. agency mortgage-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 2,488 | |
After 1 year through 5 years | 21,287 | |
After 5 years through 10 years | 62,748 | |
After 10 years | 213,372 | |
Fair Value | 299,895 | 290,353 |
Available for sale securities, amortized cost | ||
Amortized Cost | 299,062 | 283,911 |
Asset-backed securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 24 | |
After 1 year through 5 years | 6,208 | |
After 5 years through 10 years | 3,347 | |
After 10 years | 8,904 | |
Fair Value | 18,483 | 18,898 |
Available for sale securities, amortized cost | ||
Amortized Cost | 18,409 | 18,808 |
Corporate debt securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 3,816 | |
After 1 year through 5 years | 5,745 | |
After 5 years through 10 years | 3,347 | |
After 10 years | 0 | |
Fair Value | 12,908 | 12,796 |
Available for sale securities, amortized cost | ||
Amortized Cost | 12,776 | 12,408 |
U.S. Treasury securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 5,394 | |
After 1 year through 5 years | 336 | |
After 5 years through 10 years | 348 | |
After 10 years | 0 | |
Fair Value | 6,078 | 10,656 |
Available for sale securities, amortized cost | ||
Amortized Cost | 6,069 | 10,631 |
U.S. state and municipal securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 126 | |
After 5 years through 10 years | 859 | |
After 10 years | 671 | |
Fair Value | 1,656 | 1,697 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,577 | 1,544 |
Foreign government agency securities [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 275 | |
After 1 year through 5 years | 1,134 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 1,409 | 1,413 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,409 | 1,411 |
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 | 1,251 | |
Fair Value | 1,251 | 1,265 |
Available for sale securities, amortized cost | ||
Amortized Cost | 1,211 | 1,213 |
Certificates of deposit [Member] | ||
Available for sale securities, fair value | ||
Within 1 year | 300 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 0 | |
After 10 years | 0 | |
Fair Value | 300 | 300 |
Available for sale securities, amortized cost | ||
Amortized Cost | 300 | 300 |
Other [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 | 26 | |
Fair Value | 26 | 22 |
Available for sale securities, amortized cost | ||
Amortized Cost | $ 23 | $ 22 |
Investment Securities (Proceeds
Investment Securities (Proceeds and Gross Realized Gains And Losses from Sales of Securities Available for Sale) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | [1] | $ 6,605 | $ 69 |
Gross realized gains | 20 | 0 | |
Gross realized losses | $ 10 | $ 0 | |
[1] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. |
Bank Loans and Related Allowa_3
Bank Loans and Related Allowance for Credit Losses (Composition of Bank Loans and Delinquency Analysis by Loan Segment) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | ||||
Current | $ 25,335,000,000 | $ 23,709,000,000 | ||
Past due and other nonaccrual loans | 104,000,000 | 134,000,000 | ||
Total loans | 25,439,000,000 | 23,843,000,000 | ||
Allowance for credit losses | 18,000,000 | 30,000,000 | $ 29,000,000 | $ 18,000,000 |
Total bank loans – net | 25,421,000,000 | 23,813,000,000 | ||
Loans 90 days past due and still accruing | 0 | 0 | ||
30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 32,000,000 | 38,000,000 | ||
60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 2,000,000 | 7,000,000 | ||
More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 70,000,000 | 89,000,000 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 16,361,000,000 | 15,627,000,000 | ||
Past due and other nonaccrual loans | 99,000,000 | 119,000,000 | ||
Total loans | 16,460,000,000 | 15,746,000,000 | ||
Allowance for credit losses | 15,000,000 | 27,000,000 | 25,000,000 | 15,000,000 |
Total bank loans – net | 16,445,000,000 | 15,719,000,000 | ||
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 30,000,000 | 28,000,000 | ||
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 0 | 2,000,000 | ||
Residential Real Estate [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 69,000,000 | 89,000,000 | ||
First Mortgage [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total loans | 15,686,000,000 | 14,904,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 15,602,000,000 | 14,804,000,000 | ||
Past due and other nonaccrual loans | 84,000,000 | 100,000,000 | ||
Total loans | 15,686,000,000 | 14,904,000,000 | ||
Allowance for credit losses | 12,000,000 | 22,000,000 | 21,000,000 | 11,000,000 |
Total bank loans – net | 15,674,000,000 | 14,882,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 29,000,000 | 27,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 0 | 1,000,000 | ||
First Mortgage [Member] | Residential Real Estate [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 55,000,000 | 72,000,000 | ||
HELOCs [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total loans | 774,000,000 | 842,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 759,000,000 | 823,000,000 | ||
Past due and other nonaccrual loans | 15,000,000 | 19,000,000 | ||
Total loans | 774,000,000 | 842,000,000 | ||
Allowance for credit losses | 3,000,000 | 5,000,000 | 4,000,000 | 4,000,000 |
Total bank loans – net | 771,000,000 | 837,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 1,000,000 | 1,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 0 | 1,000,000 | ||
HELOCs [Member] | Residential Real Estate [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 14,000,000 | 17,000,000 | ||
Pledged asset lines [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 8,793,000,000 | 7,901,000,000 | ||
Past due and other nonaccrual loans | 4,000,000 | 15,000,000 | ||
Total loans | 8,797,000,000 | 7,916,000,000 | ||
Allowance for credit losses | 0 | 0 | ||
Total bank loans – net | 8,797,000,000 | 7,916,000,000 | ||
Pledged asset lines [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 2,000,000 | 10,000,000 | ||
Pledged asset lines [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 2,000,000 | 5,000,000 | ||
Pledged asset lines [Member] | More Than 90 Days Past Due and Other Nonaccrual Loans [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 0 | 0 | ||
Other [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Current | 181,000,000 | 181,000,000 | ||
Past due and other nonaccrual loans | 1,000,000 | 0 | ||
Total loans | 182,000,000 | 181,000,000 | ||
Allowance for credit losses | 3,000,000 | 3,000,000 | $ 4,000,000 | $ 3,000,000 |
Total bank loans – net | 179,000,000 | 178,000,000 | ||
Other [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 0 | 0 | ||
Other [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, 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, Past Due [Line Items] | ||||
Past due and other nonaccrual loans | 1,000,000 | 0 | ||
First Mortgage and HELOC [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Unamortized premiums and discounts and direct origination costs | $ 72,000,000 | $ 72,000,000 | ||
First Mortgage and HELOC [Member] | Loans, Geographic Area [Member] | California [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Concentration risk percentage | 46.00% | 45.00% |
Bank Loans and Related Allowa_4
Bank Loans and Related Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest | $ 46 | $ 43 |
Total bank loans | 25,439 | 23,843 |
Adjustable Rate First Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Bank loans | $ 13,200 | |
Percent of loans with interest-only payments | 27.00% | |
Percent of interest only adjustable rate | 79.00% | |
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 | $ 774 | $ 842 |
Percent of loan balance outstanding, borrowers paid only minimum due | 51.00% | |
Home Equity Secured By Second Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total bank loans | $ 602 |
Bank Loans and Related Allowa_5
Bank Loans and Related Allowance for Credit Losses (Changes in Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 30 | $ 18 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (12) | 10 |
Balance at end of period | 18 | 29 |
Adoption of ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 1 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 27 | 15 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (12) | 9 |
Balance at end of period | 15 | 25 |
Residential Real Estate [Member] | Adoption of ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 1 |
First Mortgage [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 22 | 11 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (10) | 9 |
Balance at end of period | 12 | 21 |
First Mortgage [Member] | Residential Real Estate [Member] | Adoption of ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 1 |
HELOCs [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 5 | 4 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | (2) | 0 |
Balance at end of period | 3 | 4 |
HELOCs [Member] | Residential Real Estate [Member] | Adoption of ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 3 | 3 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for loan losses | 0 | 1 |
Balance at end of period | 3 | 4 |
Other [Member] | Adoption of ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ 0 |
Bank Loans and Related Allowa_6
Bank Loans and Related Allowance for Credit Losses (Nonperforming Assets and Troubled Debt Restructuring) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | $ 25,439 | $ 23,843 |
Troubled debt restructurings | 0 | 1 |
Total nonperforming assets and troubled debt restructurings | 71 | 91 |
Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | 71 | 90 |
Nonperforming Financial Instruments [Member] | Nonaccrual Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 70 | 89 |
Nonperforming Financial Instruments [Member] | Other Real Estate Owned [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total nonperforming assets | $ 1 | $ 1 |
Bank Loans and Related Allowa_7
Bank Loans and Related Allowance for Credit Losses (Credit Quality Indicators of Bank Loan Portfolio) (Details) $ in Millions | Mar. 31, 2021USD ($)credit_rating | Dec. 31, 2020USD ($)credit_rating |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 25,439 | $ 23,843 |
First Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,547 | |
2020 | 7,497 | 7,974 |
2019 | 2,272 | 2,820 |
2018 | 435 | 557 |
2017 | 854 | 1,047 |
pre-2017 | 2,081 | 2,506 |
Total loans | $ 15,686 | $ 14,904 |
Percent of Loans on Nonaccrual Status | ||
2021 | 0.04% | |
2020 | 0.07% | 0.09% |
2019 | 0.28% | 0.38% |
2018 | 0.94% | 1.02% |
2017 | 0.60% | 0.87% |
pre-2017 | 1.64% | 1.57% |
Percent of Loans on Nonaccrual Status | 0.35% | 0.48% |
First Mortgage [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 2,547 | |
2020 | 7,497 | $ 7,974 |
2019 | 2,272 | 2,820 |
2018 | 435 | 557 |
2017 | 854 | 1,047 |
pre-2017 | 2,081 | 2,506 |
Total loans | 15,686 | 14,904 |
First Mortgage [Member] | Origination Loan to Value Ratio 70% and Below [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,215 | |
2020 | 6,253 | 6,653 |
2019 | 1,782 | 2,211 |
2018 | 310 | 396 |
2017 | 647 | 793 |
pre-2017 | 1,595 | 1,935 |
Total loans | 12,802 | 11,988 |
First Mortgage [Member] | Origination Loan to Value Ratio Greater Than 70% Through 90% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 332 | |
2020 | 1,244 | 1,321 |
2019 | 490 | 609 |
2018 | 125 | 161 |
2017 | 207 | 254 |
pre-2017 | 483 | 568 |
Total loans | 2,881 | 2,913 |
First Mortgage [Member] | Origination Loan to Value Ratio Greater Than 90% Through 100% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
pre-2017 | 3 | 3 |
Total loans | 3 | 3 |
First Mortgage [Member] | Estimated Current Loan To Value Ratio 70% and Below [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,217 | |
2020 | 6,787 | 6,999 |
2019 | 2,158 | 2,582 |
2018 | 425 | 533 |
2017 | 840 | 1,034 |
pre-2017 | 2,071 | 2,490 |
Total loans | 14,498 | 13,638 |
First Mortgage [Member] | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 330 | |
2020 | 710 | 975 |
2019 | 114 | 238 |
2018 | 10 | 24 |
2017 | 14 | 13 |
pre-2017 | 10 | 16 |
Total loans | 1,188 | 1,266 |
First Mortgage [Member] | Estimated Current LTV Greater Than 90% Through 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
pre-2017 | 0 | 0 |
Total loans | 0 | 0 |
First Mortgage [Member] | Estimated Current LTV Greater Than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
pre-2017 | 0 | 0 |
Total loans | 0 | 0 |
First Mortgage [Member] | Origination FICO Score Below 620 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 1 | 1 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
pre-2017 | 1 | 2 |
Total loans | 2 | 3 |
First Mortgage [Member] | Origination FICO Score 620 Through 679 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 9 | |
2020 | 30 | 29 |
2019 | 8 | 13 |
2018 | 1 | 3 |
2017 | 8 | 8 |
pre-2017 | 25 | 31 |
Total loans | 81 | 84 |
First Mortgage [Member] | Origination FICO Score 680 Through 739 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 274 | |
2020 | 752 | 794 |
2019 | 285 | 355 |
2018 | 82 | 105 |
2017 | 156 | 181 |
pre-2017 | 359 | 419 |
Total loans | 1,908 | 1,854 |
First Mortgage [Member] | Origination FICO Score 740 and Above [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,264 | |
2020 | 6,714 | 7,150 |
2019 | 1,979 | 2,452 |
2018 | 352 | 449 |
2017 | 690 | 858 |
pre-2017 | 1,696 | 2,054 |
Total loans | 13,695 | 12,963 |
First Mortgage [Member] | Weighted Average Updated FICO Score Below 620 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4 | |
2020 | 9 | 5 |
2019 | 2 | 2 |
2018 | 0 | 1 |
2017 | 2 | 4 |
pre-2017 | 21 | 19 |
Total loans | 38 | 31 |
First Mortgage [Member] | Wighted Average Updated FICO Score 620 Through 679 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 27 | |
2020 | 61 | 67 |
2019 | 41 | 34 |
2018 | 10 | 16 |
2017 | 14 | 21 |
pre-2017 | 49 | 60 |
Total loans | 202 | 198 |
First Mortgage [Member] | Weighted Average Updated FICO Score 680 Through 739 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 245 | |
2020 | 587 | 784 |
2019 | 182 | 252 |
2018 | 55 | 66 |
2017 | 87 | 121 |
pre-2017 | 233 | 281 |
Total loans | 1,389 | 1,504 |
First Mortgage [Member] | Weighted Average Updated FICO Score 740 and Above [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,271 | |
2020 | 6,840 | 7,118 |
2019 | 2,047 | 2,532 |
2018 | 370 | 474 |
2017 | 751 | 901 |
pre-2017 | 1,778 | 2,146 |
Total loans | 14,057 | 13,171 |
HELOCs [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 425 | 463 |
HELOCs converted to term loans | 349 | 379 |
Total loans | $ 774 | $ 842 |
Percent of Loans on Nonaccrual Status | ||
Revolving HELOCs amortized cost basis | 1.32% | 1.37% |
HELOCs converted to term loans | 2.58% | 2.80% |
Percent of Loans on Nonaccrual Status | 1.81% | 2.02% |
HELOCs [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | $ 425 | $ 463 |
HELOCs converted to term loans | 349 | 379 |
Total loans | 774 | 842 |
HELOCs [Member] | Origination Loan to Value Ratio 70% and Below [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 331 | 351 |
HELOCs converted to term loans | 247 | 269 |
Total loans | 578 | 620 |
HELOCs [Member] | Origination Loan to Value Ratio Greater Than 70% Through 90% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 94 | 112 |
HELOCs converted to term loans | 99 | 107 |
Total loans | 193 | 219 |
HELOCs [Member] | Origination Loan to Value Ratio Greater Than 90% Through 100% [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 3 | 3 |
Total loans | 3 | 3 |
HELOCs [Member] | Estimated Current Loan To Value Ratio 70% and Below [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 418 | 452 |
HELOCs converted to term loans | 341 | 368 |
Total loans | 759 | 820 |
HELOCs [Member] | Estimated Current Loan To Value Ratio Greater Than 70% Through 90% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 7 | 11 |
HELOCs converted to term loans | 7 | 9 |
Total loans | 14 | 20 |
HELOCs [Member] | Estimated Current LTV Greater Than 90% Through 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 1 | 1 |
Total loans | 1 | 1 |
HELOCs [Member] | Estimated Current LTV Greater Than 100% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 0 | 1 |
Total loans | 0 | 1 |
HELOCs [Member] | Origination FICO Score Below 620 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 0 |
HELOCs converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
HELOCs [Member] | Origination FICO Score 620 Through 679 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 0 | 1 |
HELOCs converted to term loans | 3 | 3 |
Total loans | 3 | 4 |
HELOCs [Member] | Origination FICO Score 680 Through 739 [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 72 | 82 |
HELOCs converted to term loans | 74 | 80 |
Total loans | 146 | 162 |
HELOCs [Member] | Origination FICO Score 740 and Above [Member] | Financial Asset Originated [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 353 | 380 |
HELOCs converted to term loans | 272 | 296 |
Total loans | 625 | 676 |
HELOCs [Member] | Weighted Average Updated FICO Score Below 620 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 3 | 3 |
HELOCs converted to term loans | 9 | 9 |
Total loans | 12 | 12 |
HELOCs [Member] | Wighted Average Updated FICO Score 620 Through 679 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 11 | 12 |
HELOCs converted to term loans | 15 | 20 |
Total loans | 26 | 32 |
HELOCs [Member] | Weighted Average Updated FICO Score 680 Through 739 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 50 | 58 |
HELOCs converted to term loans | 52 | 55 |
Total loans | 102 | 113 |
HELOCs [Member] | Weighted Average Updated FICO Score 740 and Above [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving HELOCs amortized cost basis | 361 | 390 |
HELOCs converted to term loans | 273 | 295 |
Total loans | 634 | 685 |
Pledged Asset Lines [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 8,797 | 7,916 |
Pledged Asset Lines [Member] | Weighted Average Loan to Value Ratio =70% [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 8,797 | $ 7,916 |
Percent of Loans on Nonaccrual Status | ||
Percent of Loans on Nonaccrual Status | 0.00% | 0.00% |
Weighted Average Updated FICO | credit_rating | 770 | 770 |
Bank Loans and Related Allowa_8
Bank Loans and Related Allowance for Credit Losses (Convert to Amortizing Loans) (Details) - HELOCs [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
HELOCs converted to amortizing loans | $ 9 | $ 11 |
Converted to an amortizing loan by period end | 349 | |
Within 1 year | 23 | |
1 year – 3 years | 81 | |
3 years – 5 years | 83 | |
5 years | 238 | |
Total | $ 774 |
Variable Interest Entities (Agg
Variable Interest Entities (Aggregate Assets, Liabilities and Maximum Exposure to Loss) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 563,457 | $ 549,009 |
Liabilities | 507,863 | 492,949 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Total assets | 825 | 767 |
Liabilities | 378 | 344 |
Maximum exposure to loss | 843 | 801 |
Variable Interest Entity, Not Primary Beneficiary [Member] | LIHTC Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Total assets | 691 | 649 |
Liabilities | 378 | 344 |
Maximum exposure to loss | 691 | 649 |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other CRA Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Total assets | 134 | 118 |
Liabilities | 0 | 0 |
Maximum exposure to loss | $ 152 | $ 152 |
Bank Deposits (Details)
Bank Deposits (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Interest-bearing deposits: | ||
Deposits swept from brokerage accounts | $ 343,072 | $ 332,513 |
Checking | 18,796 | 17,785 |
Savings and other | 7,010 | 6,739 |
Total interest-bearing deposits | 368,878 | 357,037 |
Non-interest-bearing deposits | 1,020 | 985 |
Total bank deposits | $ 369,898 | $ 358,022 |
Borrowings (Long-term Debt Incl
Borrowings (Long-term Debt Including Unamortized Debt Discounts and Premiums) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Other financing | $ 114 | $ 6 |
Unamortized premium — net | 230 | 249 |
Debt issuance costs | (77) | (54) |
Long-term Debt | 17,698 | 13,632 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 13,881 | 9,881 |
Senior Notes [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 3,550 | 3,550 |
Senior Notes [Member] | Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.25% | |
Senior Notes | $ 600 | 600 |
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 2022 [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 2.95% | |
Senior Notes | $ 750 | 750 |
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 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.55% | |
Senior Notes | $ 500 | 500 |
Senior Notes [Member] | Senior Notes Due 2024 [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.75% | |
Senior Notes | $ 400 | 400 |
Senior Notes [Member] | Senior Notes Due March 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 0.75% | |
Senior Notes | $ 1,500 | 0 |
Senior Notes [Member] | Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.00% | |
Senior Notes | $ 375 | 375 |
Senior Notes [Member] | Senior Notes Due 2025 [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.625% | |
Senior Notes | $ 500 | 500 |
Senior Notes [Member] | Senior Notes Due March 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 4.20% | |
Senior Notes | $ 600 | 600 |
Senior Notes [Member] | Senior Notes Due May 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.85% | |
Senior Notes | $ 750 | 750 |
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 March 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 0.90% | |
Senior Notes | $ 1,250 | 1,250 |
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 2027 [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.30% | |
Senior Notes | $ 800 | 800 |
Senior Notes [Member] | Senior Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.20% | |
Senior Notes | $ 700 | 700 |
Senior Notes [Member] | Senior Notes Due March 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 2.00% | |
Senior Notes | $ 1,250 | 0 |
Senior Notes [Member] | Senior Notes Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 4.00% | |
Senior Notes | $ 600 | 600 |
Senior Notes [Member] | Senior Notes Due 2029 [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 2.75% | |
Senior Notes | $ 500 | 500 |
Senior Notes [Member] | Senior Notes Due May 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.25% | |
Senior Notes | $ 600 | 600 |
Senior Notes [Member] | Senior Notes Due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 4.625% | |
Senior Notes | $ 500 | 500 |
Senior Notes [Member] | Senior Notes Due 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 1.65% | |
Senior Notes | $ 750 | 750 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 600 | 600 |
Senior Notes [Member] | Floating Rate Senior Notes Due 2021 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 0.32% | |
Senior Notes [Member] | Floating Rate Senior Notes Due 2021 [Member] | LIBOR [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 0.43% | |
Senior Notes [Member] | Floating Rate Senior Notes Due March 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,250 | 0 |
Senior Notes [Member] | Floating Rate Senior Notes Due March 2024 [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread rate | 0.50% | |
Senior Notes [Member] | Various Rates Debt Due 2021 [Member] | TD Ameritrade [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 600 | $ 600 |
Borrowings (Annual Maturities o
Borrowings (Annual Maturities on Long-term Debt Outstanding) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 1,821 | |
2022 | 1,035 | |
2023 | 829 | |
2024 | 3,673 | |
2025 | 2,237 | |
Thereafter | 7,950 | |
Total maturities | 17,545 | |
Unamortized premium — net | 230 | |
Debt issuance costs | (77) | $ (54) |
Total long-term debt | $ 17,698 | $ 13,632 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($)loan_facility | Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Maturity term | 270 days | |
Commercial paper outstanding | $ 1,500,000,000 | $ 0 |
Federal Reserve Bank stock | 201,000,000 | 191,000,000 |
TD Ameritrade Clearing, Inc [Member] | ||
Line of Credit Facility [Line Items] | ||
Borrowings outstanding | 1,000,000,000 | 0 |
Unsecured Debt [Member] | TD Ameritrade Clearing, Inc [Member] | ||
Line of Credit Facility [Line Items] | ||
Amounts outstanding | 0 | 0 |
Total borrowing capacity | $ 1,500,000,000 | |
Number of credit facilities | loan_facility | 2 | |
Unsecured Debt [Member] | TD Ameritrade Clearing, Inc [Member] | Debt Due 2021 [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowing capacity | $ 850,000,000 | |
Unsecured Debt [Member] | TD Ameritrade Clearing, Inc [Member] | Debt Due 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Total borrowing capacity | 600,000,000 | |
Federal Home Loan Bank Advances [Member] | ||
Line of Credit Facility [Line Items] | ||
Amounts outstanding | 0 | 0 |
FHLB stock | 29,000,000 | 29,000,000 |
Total borrowing capacity | 10,100,000,000 | 7,900,000,000 |
Federal Home Loan Bank Advances [Member] | Secured Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, current borrowing capacity | 54,500,000,000 | 55,100,000,000 |
Amounts outstanding | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Commitments to Extend/Purchase) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commitments to purchase | $ 10,901 | $ 10,058 | |
First Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased during period | 2,800 | $ 2,200 | |
Commitments to purchase | 3,222 | 1,917 | |
HELOCs [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased during period | 99 | $ 107 | |
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 | $ 7,679 | $ 8,141 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 06, 2020 | Oct. 05, 2020 |
Loss Contingencies [Line Items] | ||||
Aggregate face amount of letter of credit agreements | $ 15,000,000 | |||
Reduction in deposit balance over 12 month period | $ 10,000,000,000 | |||
Floor amount | $ 50,000,000,000 | |||
Percentage of fixed rate investments | 80.00% | |||
Performance Guarantee [Member] | ||||
Loss Contingencies [Line Items] | ||||
Liability for guarantees | 0 | |||
Balance | 152,400,000,000 | $ 154,100,000,000 | $ 144,600,000,000 | |
Margin Requirements [Member] | ||||
Loss Contingencies [Line Items] | ||||
Funds drawn under LOC's | $ 0 |
Exit and Other Related Liabil_3
Exit and Other Related Liabilities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Oct. 06, 2020 | Mar. 31, 2021 | Mar. 31, 2021 |
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative amount of acquisition-related exit costs incurred | $ 43 | $ 229 | ||
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Client conversion period | 30 months | |||
Acquisition-related exit costs | $ 650 | |||
Period expected to be expensed | 30 months | |||
Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Client conversion period | 36 months | |||
Acquisition-related exit costs | $ 1,000 | |||
Period expected to be expensed | 42 months |
Exit and Other Related Liabil_4
Exit and Other Related Liabilities (Summary of the Activity in Exit Liabilities) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Restructuring Reserve | |
Balance at December 31, 2020 | $ 110 |
Costs incurred and charged to expense (1) | 28 |
Costs paid or otherwise settled | (67) |
Balance at March 31, 2021 (2) | 71 |
Investor Services [Member] | |
Restructuring Reserve | |
Balance at December 31, 2020 | 86 |
Costs incurred and charged to expense (1) | 22 |
Costs paid or otherwise settled | (52) |
Balance at March 31, 2021 (2) | 56 |
Advisor Services [Member] | |
Restructuring Reserve | |
Balance at December 31, 2020 | 24 |
Costs incurred and charged to expense (1) | 6 |
Costs paid or otherwise settled | (15) |
Balance at March 31, 2021 (2) | $ 15 |
Exit and Other Related Liabil_5
Exit and Other Related Liabilities (Summary of the Cumulative Acquisition-Related Exit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | $ 43 | $ 229 |
Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 28 | 204 |
Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 13 | 20 |
Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 3 | |
Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | 1 |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | 1 |
Investor Services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 34 | 180 |
Investor Services [Member] | Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 22 | 160 |
Investor Services [Member] | Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 10 | 16 |
Investor Services [Member] | Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 2 | |
Investor Services [Member] | Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | 1 |
Investor Services [Member] | Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | 1 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 22 | 160 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 22 | 160 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Investor Services [Member] | Employee Compensation and Benefits [Member] | Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Investor Services [Member] | Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 12 | 20 |
Investor Services [Member] | Facility Exit Costs [Member] | Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Investor Services [Member] | Facility Exit Costs [Member] | Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 10 | 16 |
Investor Services [Member] | Facility Exit Costs [Member] | Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 2 | |
Investor Services [Member] | Facility Exit Costs [Member] | Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | 1 |
Investor Services [Member] | Facility Exit Costs [Member] | Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | 1 |
Advisor Services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 9 | 49 |
Advisor Services [Member] | Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 6 | 44 |
Advisor Services [Member] | Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 3 | 4 |
Advisor Services [Member] | Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | |
Advisor Services [Member] | Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 6 | 44 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 6 | 44 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Employee Compensation and Benefits [Member] | Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 3 | 5 |
Advisor Services [Member] | Facility Exit Costs [Member] | Compensation and benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Facility Exit Costs [Member] | Occupancy and equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 3 | 4 |
Advisor Services [Member] | Facility Exit Costs [Member] | Depreciation and amortization [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 1 | |
Advisor Services [Member] | Facility Exit Costs [Member] | Professional services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | 0 | 0 |
Advisor Services [Member] | Facility Exit Costs [Member] | Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative amount of acquisition-related exit costs incurred | $ 0 | $ 0 |
Financial Instruments Subject_3
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
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 | $ 735 | $ 852 |
Financial Instruments Subject_4
Financial Instruments Subject to Off-Balance Sheet Credit Risk (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Resale agreements | ||
Gross Assets | $ 13,417 | $ 14,904 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 13,417 | 14,904 |
Counterparty Offsetting | 0 | 0 |
Collateral | (13,417) | (14,904) |
Net Amount | 0 | 0 |
Securities borrowed | ||
Gross Assets | 749 | 873 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 749 | 873 |
Counterparty Offsetting | (631) | (673) |
Collateral | (116) | (195) |
Net Amount | 2 | 5 |
Total Gross Assets | 14,166 | 15,777 |
Total Assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Total Assets, Net Amounts Presented in the Condensed Consolidated Balance Sheets | 14,166 | 15,777 |
Total Assets, Gross Amounts Not Offset in the Consolidated Balance Sheet, Counterparty Offsetting | (631) | (673) |
Total Assets, Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral | (13,533) | (15,099) |
Total Assets, Net Amount | 2 | 5 |
Securities loaned | ||
Gross Liabilities | 8,127 | 7,549 |
Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 8,127 | 7,549 |
Counterparty Offsetting | (631) | (673) |
Collateral | (7,094) | (6,049) |
Net Amount | 402 | 827 |
Secured short-term borrowings (6) | ||
Gross Liabilities | 1,000 | |
Net Amounts Presented in the Condensed Consolidated Balance Sheets | 1,000 | |
Counterparty Offsetting | 0 | |
Collateral | (1,000) | |
Net Amount | 0 | |
Total Gross Liabilities | 9,127 | 7,549 |
Total Liabilities, Net Amounts Presented in the Consolidated Balance Sheet | 9,127 | 7,549 |
Total Liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheet, Counterparty Offsetting | (631) | (673) |
Total Liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral | (8,094) | (6,049) |
Total Liabilities, Net Amount | 402 | 827 |
Offsetting Assets [Line Items] | ||
Fair value of client securities available to be pledged | 99,582 | 84,006 |
Resale And Repurchase Agreements [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value of client securities available to be pledged | $ 13,700 | $ 15,200 |
Financial Instruments Subject_5
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Securities Financing Transaction [Line Items] | ||
Fair value of client securities available to be pledged | $ 99,582 | $ 84,006 |
Total collateral pledged | 30,958 | 23,018 |
Fulfillment of Requirements with the Options Clearing Corporation [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 16,438 | 10,222 |
Fulfillment of Client Short Sales [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 5,542 | 6,274 |
Securities Lending to Other Broker-Dealers [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 7,622 | 6,522 |
Collateral For Short-Term Borrowings [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | 1,356 | 0 |
Fully Paid Client Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total collateral pledged | $ 92 | $ 183 |
Fair Values of Assets and Lia_3
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | $ 342,006 | $ 337,400 |
U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 6,078 | 10,656 |
Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 300 | 300 |
U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 299,895 | 290,353 |
Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 18,483 | 18,898 |
Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 12,908 | 12,796 |
U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,656 | 1,697 |
Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,409 | 1,413 |
Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,251 | 1,265 |
Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 26 | 22 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 18,239 | 11,159 |
Investments segregated and on deposit for regulatory purposes | 22,975 | 31,248 |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 342,006 | 337,400 |
Other assets | 190 | 687 |
Total | 383,410 | 380,494 |
Fair Value, Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,058 | 11,159 |
Fair Value, Recurring [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,181 | |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 6,078 | 10,656 |
Fair Value, Recurring [Member] | Certificates of deposit [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments segregated and on deposit for regulatory purposes | 350 | 550 |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 300 | 300 |
Fair Value, Recurring [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 | 22,625 | 30,698 |
Other assets | 37 | 253 |
Fair Value, Recurring [Member] | U.S. agency mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 299,895 | 290,353 |
Fair Value, Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 18,483 | 18,898 |
Fair Value, Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 12,908 | 12,796 |
Fair Value, Recurring [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,656 | 1,697 |
Fair Value, Recurring [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,409 | 1,413 |
Fair Value, Recurring [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,251 | 1,265 |
Fair Value, Recurring [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 26 | 22 |
Fair Value, Recurring [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 104 | 361 |
Fair Value, Recurring [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 23 | 37 |
Fair Value, Recurring [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 26 | 36 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,058 | 11,159 |
Investments segregated and on deposit for regulatory purposes | 0 | 0 |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Other assets | 113 | 368 |
Total | 15,171 | 11,527 |
Fair Value, Recurring [Member] | Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15,058 | 11,159 |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [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 | 0 |
Other assets | 0 | 0 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 104 | 361 |
Fair Value, Recurring [Member] | Level 1 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 9 | 7 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,181 | 0 |
Investments segregated and on deposit for regulatory purposes | 22,975 | 31,248 |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 342,006 | 337,400 |
Other assets | 77 | 319 |
Total | 368,239 | 368,967 |
Fair Value, Recurring [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, Recurring [Member] | Level 2 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,181 | |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 6,078 | 10,656 |
Fair Value, Recurring [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 | 350 | 550 |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 300 | 300 |
Fair Value, Recurring [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 | 22,625 | 30,698 |
Other assets | 37 | 253 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 299,895 | 290,353 |
Fair Value, Recurring [Member] | Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 18,483 | 18,898 |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 12,908 | 12,796 |
Fair Value, Recurring [Member] | Level 2 [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,656 | 1,697 |
Fair Value, Recurring [Member] | Level 2 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,409 | 1,413 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 1,251 | 1,265 |
Fair Value, Recurring [Member] | Level 2 [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 26 | 22 |
Fair Value, Recurring [Member] | Level 2 [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 23 | 37 |
Fair Value, Recurring [Member] | Level 2 [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 17 | 29 |
Fair Value, Recurring [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 |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Other assets | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring [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, Recurring [Member] | Level 3 [Member] | U.S. Treasury securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [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 | 0 |
Other assets | 0 | 0 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | U.S. state and municipal securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Foreign government agency securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [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 (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities (amortized cost of $340,836 at March 31, 2021 and $330,248 at December 31, 2020) | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Equity and bond mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | State and municipal debt obligations [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | Equity, corporate debt, and other securities [Member] | ||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 0 | $ 0 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities (Fair Value of Other Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Assets | ||
Cash and cash equivalents | $ 29,943 | $ 29,189 |
Cash and investments segregated and on deposit for regulatory purposes | 17,440 | 19,143 |
Receivables from brokerage clients — net | 74,707 | 64,436 |
Bank loans – net | 25,421 | 23,813 |
Other assets | 3,063 | 2,883 |
Liabilities | ||
Bank deposits | 369,898 | 358,022 |
Payables to brokerage clients | 101,339 | 104,201 |
Accrued expenses and other liabilities | 9,011 | 8,263 |
Short-term borrowings | 2,500 | |
Long-term debt | 17,584 | 13,626 |
Carrying Amount [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 15,674 | 14,882 |
Carrying Amount [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 771 | 837 |
Carrying Amount [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 8,797 | 7,916 |
Carrying Amount [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 179 | 178 |
Portion at Other than Fair Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 29,943 | 29,189 |
Cash and investments segregated and on deposit for regulatory purposes | 17,440 | 19,143 |
Receivables from brokerage clients — net | 74,707 | 64,436 |
Bank loans – net | 25,610 | 24,237 |
Other assets | 3,063 | 2,883 |
Liabilities | ||
Bank deposits | 369,898 | 358,022 |
Payables to brokerage clients | 101,339 | 104,201 |
Accrued expenses and other liabilities | 9,011 | 8,263 |
Short-term borrowings | 2,500 | |
Long-term debt | 18,360 | 14,829 |
Portion at Other than Fair Value Measurement [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 15,845 | 15,305 |
Portion at Other than Fair Value Measurement [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 789 | 838 |
Portion at Other than Fair Value Measurement [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 8,797 | 7,916 |
Portion at Other than Fair Value Measurement [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 179 | 178 |
Portion at Other than Fair Value Measurement [Member] | Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 29,943 | 29,189 |
Cash and investments segregated and on deposit for regulatory purposes | 4,001 | 4,212 |
Receivables from brokerage clients — net | 0 | 0 |
Bank loans – net | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 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 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Cash and investments segregated and on deposit for regulatory purposes | 13,439 | 14,931 |
Receivables from brokerage clients — net | 74,707 | 64,436 |
Bank loans – net | 25,610 | 24,237 |
Other assets | 3,063 | 2,883 |
Liabilities | ||
Bank deposits | 369,898 | 358,022 |
Payables to brokerage clients | 101,339 | 104,201 |
Accrued expenses and other liabilities | 9,011 | 8,263 |
Short-term borrowings | 2,500 | |
Long-term debt | 18,360 | 14,829 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | First Mortgage [Member] | ||
Assets | ||
Bank loans – net | 15,845 | 15,305 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | HELOCs [Member] | ||
Assets | ||
Bank loans – net | 789 | 838 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Pledged asset lines [Member] | ||
Assets | ||
Bank loans – net | 8,797 | 7,916 |
Portion at Other than Fair Value Measurement [Member] | Level 2 [Member] | Other [Member] | ||
Assets | ||
Bank loans – net | 179 | 178 |
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 brokerage clients — net | 0 | 0 |
Bank loans – net | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Bank deposits | 0 | 0 |
Payables to brokerage clients | 0 | 0 |
Accrued expenses and other liabilities | 0 | 0 |
Short-term borrowings | 0 | |
Long-term debt | 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 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Mar. 30, 2021 | Mar. 18, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 30, 2019 |
Class of Stock [Line Items] | ||||||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | ||||
Depositary Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of shares issued (in shares) | 24,000,000 | 2,250,000 | ||||
Ownership interest in shares | 2.50% | 1.00% | ||||
Liquidation preference per share (USD per share) | $ 25 | $ 1,000 | ||||
Series J Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Fixed rate | 4.45% | 4.45% | ||||
Preferred stock, par value (USD per share) | $ 0.01 | |||||
Liquidation preference per share (USD per share) | $ 1,000 | $ 1,000 | ||||
Proceeds from offering | $ 584,000,000 | |||||
Series I Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Fixed rate | 4.00% | 4.00% | ||||
Preferred stock, par value (USD per share) | $ 0.01 | |||||
Liquidation preference per share (USD per share) | $ 100,000 | $ 100,000 | ||||
Proceeds from offering | $ 2,200,000,000 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share repurchase, authorized amount | $ 4,000,000,000 | |||||
Shares repurchased (in shares) | 0 | 0 |
Stockholders' Equity (Preferred
Stockholders' Equity (Preferred Stock Issued and Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 06, 2021 | Mar. 30, 2021 | Mar. 18, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||
Shares issued (in shares) | 2,434,000 | 1,811,000 | |||
Shares outstanding (in shares) | 2,434,000 | 1,811,000 | |||
Carrying Value | $ 10,539 | $ 7,733 | |||
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 C Preferred Stock [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Shares outstanding (in shares) | 600,000 | ||||
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 J Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued (in shares) | 600,000 | 0 | |||
Shares outstanding (in shares) | 600,000 | 0 | |||
Liquidation preference per share (USD per share) | $ 1,000 | $ 1,000 | |||
Carrying Value | $ 584 | $ 0 | |||
Dividend Rate in Effect | 4.45% | 4.45% | |||
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% | ||||
Series G Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued (in shares) | 25,000 | 25,000 | |||
Shares outstanding (in shares) | 25,000 | 25,000 | |||
Liquidation preference per share (USD per share) | $ 100,000 | ||||
Carrying Value | $ 2,470 | $ 2,470 | |||
Dividend Rate in Effect | 5.375% | ||||
Series G Preferred Stock [Member] | Treasury Rate [Member] | |||||
Class of Stock [Line Items] | |||||
Floating Annual Rate | 4.971% | ||||
Dividend term | 5 years | ||||
Series H Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued (in shares) | 25,000 | 25,000 | |||
Shares outstanding (in shares) | 25,000 | 25,000 | |||
Liquidation preference per share (USD per share) | $ 100,000 | ||||
Carrying Value | $ 2,470 | $ 2,470 | |||
Dividend Rate in Effect | 4.00% | ||||
Series H Preferred Stock [Member] | Treasury Rate [Member] | |||||
Class of Stock [Line Items] | |||||
Floating Annual Rate | 3.079% | ||||
Dividend term | 10 years | ||||
Series I Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares issued (in shares) | 23,000 | 0 | |||
Shares outstanding (in shares) | 23,000 | 0 | |||
Liquidation preference per share (USD per share) | $ 100,000 | $ 100,000 | |||
Carrying Value | $ 2,222 | $ 0 | |||
Dividend Rate in Effect | 4.00% | 4.00% | |||
Dividend term | 5 years | ||||
Series I Preferred Stock [Member] | Treasury Rate [Member] | |||||
Class of Stock [Line Items] | |||||
Floating Annual Rate | 3.168% | ||||
Dividend term | 5 years | ||||
Maturity period | 5 years | ||||
Depositary Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Liquidation preference per share (USD per share) | $ 25 | $ 1,000 | |||
Number of shares issued (in shares) | 24,000,000 | 2,250,000 | |||
Ownership interest in shares | 2.50% | 1.00% | |||
Depositary Shares [Member] | Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Liquidation preference per share (USD per share) | $ 25 | ||||
Number of shares issued (in shares) | 24,000,000 | ||||
Ownership interest in shares | 2.50% |
Stockholders' Equity (Dividends
Stockholders' Equity (Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | ||
Dividends declared | $ 89.9 | $ 34.1 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0 | $ 0 |
Dividends declared, per share amount (USD per share) | $ 0 | $ 0 |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 9 | $ 9 |
Dividends declared, per share amount (USD per share) | $ 15 | $ 15 |
Series D Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 11.2 | $ 11.2 |
Dividends declared, per share amount (USD per share) | $ 14.88 | $ 14.88 |
Series E Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 13.9 | $ 13.9 |
Dividends declared, per share amount (USD per share) | $ 2,312.50 | $ 2,312.50 |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0 | $ 0 |
Dividends declared, per share amount (USD per share) | $ 0 | $ 0 |
Series G Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 33.6 | $ 0 |
Dividends declared, per share amount (USD per share) | $ 1,343.75 | $ 0 |
Series H Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 22.2 | $ 0 |
Dividends declared, per share amount (USD per share) | $ 888.89 | $ 0 |
Series I Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0 | $ 0 |
Dividends declared, per share amount (USD per share) | $ 0 | $ 0 |
Series J Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Dividends declared | $ 0 | $ 0 |
Dividends declared, per share amount (USD per share) | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other comprehensive income (loss) before tax | ||
Net unrealized gain (loss) | $ (5,917) | $ 5,151 |
Other reclassifications included in other revenue | (10) | 0 |
Other comprehensive income (loss), before tax | (5,927) | 5,151 |
Tax Effect | ||
Net unrealized gain (loss) | 1,409 | (1,244) |
Other reclassifications included in other revenue | 2 | 0 |
Other comprehensive income (loss) | 1,411 | (1,244) |
Net of Tax | ||
Net unrealized gain (loss) | (4,508) | 3,907 |
Other reclassifications included in other revenue | (8) | 0 |
Other comprehensive income (loss), net of tax | $ (4,516) | $ 3,907 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income Balances) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income | |||
Beginning Balance | $ 5,394 | $ 88 | $ 88 |
Other net changes | (4,516) | 3,907 | |
Ending Balance | 878 | 3,995 | 5,394 |
Net unrealized gain (loss), excluding transfers to available for sale from held to maturity [Member] | |||
Accumulated Other Comprehensive Income | |||
Other net changes | (4,508) | 2,850 | |
Net unrealized gain on securities transferred to available for sale from held to maturity [Member] | |||
Accumulated Other Comprehensive Income | |||
Other net changes | $ 1,057 | $ 1,100 | |
Other reclassifications included in other revenue [Member] | |||
Accumulated Other Comprehensive Income | |||
Other net changes | $ (8) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income | [1] | $ 1,484 | $ 795 |
Preferred stock dividends and other | [2] | (96) | (38) |
Net Income Available to Common Stockholders | $ 1,388 | $ 757 | |
Weighted Average Common Shares Outstanding - Basic (in shares) | 1,882,000 | 1,287,000 | |
Basic EPS (USD per share) | [3] | $ 0.74 | $ 0.59 |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 1,892,000 | 1,294,000 | |
Diluted EPS (USD per share) | [3] | $ 0.73 | $ 0.58 |
Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS (in shares) | 15,000 | 19,000 | |
Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income | $ 1,422 | $ 795 | |
Preferred stock dividends and other | (92) | (38) | |
Net Income Available to Common Stockholders | $ 1,330 | $ 757 | |
Weighted Average Common Shares Outstanding - Basic (in shares) | 1,803,000 | 1,287,000 | |
Basic EPS (USD per share) | $ 0.74 | $ 0.59 | |
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 58 | ||
Allocation of net income available to common stockholders: | $ 1,388 | $ 757 | |
Conversion of nonvoting shares to voting shares (in shares) | 79,000 | ||
Common stock equivalent shares related to stock incentive plans (shares) | 10,000 | 7,000 | |
Weighted Average Common Shares Outstanding - Diluted (in shares) | 1,892,000 | 1,294,000 | |
Diluted EPS (USD per share) | $ 0.73 | $ 0.58 | |
Common Stock - Nonvoting [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income | $ 62 | ||
Preferred stock dividends and other | (4) | ||
Net Income Available to Common Stockholders | $ 58 | ||
Weighted Average Common Shares Outstanding - Basic (in shares) | 79,000 | ||
Basic EPS (USD per share) | $ 0.74 | ||
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares | $ 0 | ||
Allocation of net income available to common stockholders: | $ 58 | ||
Conversion of nonvoting shares to voting shares (in shares) | 0 | ||
Common stock equivalent shares related to stock incentive plans (shares) | 0 | ||
Weighted Average Common Shares Outstanding - Diluted (in shares) | 79,000 | ||
Diluted EPS (USD per share) | $ 0.73 | ||
[1] | Certain prior year amounts have been reclassified to conform to the current year presentation. See Note 1 for additional information. | ||
[2] | Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. | ||
[3] | For the three months ended March 31, 2021, the Company had voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class. See Note 16 for additional information. |
Regulatory Requirements (Regula
Regulatory Requirements (Regulatory Capital and Ratios) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
CSC [Member] | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 24,297 | $ 22,916 |
Actual Ratio | 18.20% | 18.50% |
Minimum Capital Requirement Amount | $ 5,993 | $ 5,575 |
Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 34,836 | $ 30,649 |
Actual Ratio | 26.20% | 24.70% |
Minimum Capital Requirement Amount | $ 7,990 | $ 7,433 |
Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Total Risk-Based Capital | ||
Actual Amount | $ 34,874 | $ 30,688 |
Actual Ratio | 26.20% | 24.80% |
Minimum Capital Requirement Amount | $ 10,653 | $ 9,910 |
Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier 1 Leverage | ||
Actual Amount | $ 34,836 | $ 30,649 |
Actual Ratio | 6.40% | 6.30% |
Minimum Capital Requirement Amount | $ 21,631 | $ 19,396 |
Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Supplemental Leverage Ratio | ||
Actual Amount | $ 34,836 | $ 30,649 |
Actual Ratio | 6.40% | 6.20% |
Minimum Capital Requirement Amount | $ 16,436 | $ 14,744 |
Minimum Capital Requirement Ratio | 3.00% | 3.00% |
CSB [Member] | ||
Common Equity Tier 1 Risk-Based Capital | ||
Actual Amount | $ 21,111 | $ 17,526 |
Actual Ratio | 21.90% | 19.20% |
Minimum to be Well Capitalized Amount | $ 6,256 | $ 5,919 |
Minimum to be Well Capitalized Ratio | 6.50% | 6.50% |
Minimum Capital Requirement Amount | $ 4,331 | $ 4,098 |
Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Tier 1 Risk-Based Capital | ||
Actual Amount | $ 21,111 | $ 17,526 |
Actual Ratio | 21.90% | 19.20% |
Minimum to be Well Capitalized Amount | $ 7,700 | $ 7,285 |
Minimum to be Well Capitalized Ratio | 8.00% | 8.00% |
Minimum Capital Requirement Amount | $ 5,775 | $ 5,464 |
Minimum Capital Requirement Ratio | 6.00% | 6.00% |
Total Risk-Based Capital | ||
Actual Amount | $ 21,130 | $ 17,558 |
Actual Ratio | 22.00% | 19.30% |
Minimum to be Well Capitalized Amount | $ 9,625 | $ 9,106 |
Minimum to be Well Capitalized Ratio | 10.00% | 10.00% |
Minimum Capital Requirement Amount | $ 7,700 | $ 7,285 |
Minimum Capital Requirement Ratio | 8.00% | 8.00% |
Tier 1 Leverage | ||
Actual Amount | $ 21,111 | $ 17,526 |
Actual Ratio | 6.00% | 5.50% |
Minimum to be Well Capitalized Amount | $ 17,481 | $ 15,979 |
Minimum to be Well Capitalized Ratio | 5.00% | 5.00% |
Minimum Capital Requirement Amount | $ 13,985 | $ 12,783 |
Minimum Capital Requirement Ratio | 4.00% | 4.00% |
Supplemental Leverage Ratio | ||
Actual Amount | $ 21,111 | $ 17,526 |
Actual Ratio | 5.90% | 5.40% |
Minimum Capital Requirement Amount | $ 10,671 | $ 9,763 |
Minimum Capital Requirement Ratio | 3.00% | 3.00% |
Regulatory Requirements (Narrat
Regulatory Requirements (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 563,457 | $ 549,009 |
Charles Schwab Premier Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | 33,100 | |
Trust Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total assets | $ 12,300 |
Regulatory Requirements (Net Ca
Regulatory Requirements (Net Capital and Net Capital Requirements for CS&Co) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | $ 3,413,000 | $ 3,117,000 |
Minimum dollar requirement | 1,000 | 1,000 |
2% of aggregate debit balances | 706,000 | 616,000 |
Net capital in excess of required net capital | 2,707,000 | 2,501,000 |
TD Ameritrade Clearing, Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 4,804,000 | 4,040,000 |
Minimum dollar requirement | 1,500 | 1,500 |
2% of aggregate debit balances | 924,000 | 748,000 |
Net capital in excess of required net capital | 3,880,000 | 3,292,000 |
TD Ameritrade [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Net capital | 493,000 | 350,000 |
Minimum dollar requirement | 250 | 250 |
2% of aggregate debit balances | 0 | 0 |
Net capital in excess of required net capital | $ 493,000 | $ 350,000 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Financial
Segment Information (Financial Information for Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net Revenues | |||
Net interest revenue | $ 1,911 | $ 1,572 | |
Other | 221 | 30 | |
Total net revenues | 4,715 | 2,617 | |
Expenses Excluding Interest | 2,755 | 1,570 | |
Income before taxes on income | 1,960 | 1,047 | |
Asset management and administration fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | [1] | 1,016 | 827 |
Trading revenue [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 1,216 | 188 | |
Bank Deposit Account Fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 351 | 0 | |
Investor Services [Member] | |||
Net Revenues | |||
Net interest revenue | 1,454 | 1,128 | |
Other | 178 | 20 | |
Total net revenues | 3,725 | 1,867 | |
Expenses Excluding Interest | 2,109 | 1,154 | |
Income before taxes on income | 1,616 | 713 | |
Investor Services [Member] | Asset management and administration fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 742 | 600 | |
Investor Services [Member] | Trading revenue [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 1,097 | 119 | |
Investor Services [Member] | Bank Deposit Account Fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 254 | 0 | |
Advisor Services [Member] | |||
Net Revenues | |||
Net interest revenue | 457 | 444 | |
Other | 43 | 10 | |
Total net revenues | 990 | 750 | |
Expenses Excluding Interest | 646 | 416 | |
Income before taxes on income | 344 | 334 | |
Advisor Services [Member] | Asset management and administration fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 274 | 227 | |
Advisor Services [Member] | Trading revenue [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | 119 | 69 | |
Advisor Services [Member] | Bank Deposit Account Fees [Member] | |||
Net Revenues | |||
Revenues from contracts with customers | $ 97 | $ 0 | |
[1] | Includes fee waivers of $78 million for the first quarter of 2021. No fee waivers were recognized for the first quarter of 2020. |