SCHWAB CHARLES CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
SCHW$93.03+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Consolidated Statements of Cash Flows (1) | |||
|---|---|---|---|
| (In Millions) | |||
| Year Ended December 31, | 2023 | 2022 | 2021 |
| Cash Flows from Operating Activities | |||
| Net income | $5,067 | $7,183 | $5,855 |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
| Share-based compensation | 320 | 366 | 254 |
| Depreciation and amortization | 804 | 652 | 549 |
| Amortization of acquired intangible assets | 534 | 596 | 615 |
| Provision (benefit) for deferred income taxes | (478) | (18) | 53 |
| Premium amortization, net, on available for sale and held to maturity securities | 830 | 1,375 | 2,346 |
| Other | 702 | 490 | 372 |
| Net change in: | |||
| Investments segregated and on deposit for regulatory purposes | 23,759 | (874) | (3,398) |
| Receivables from brokerage clients | (2,135) | 23,947 | (26,168) |
| Other assets | (2,020) | 99 | (1,152) |
| Payables to brokerage clients | (12,652) | (28,233) | 21,470 |
| Accrued expenses and other liabilities | 4,856 | (3,526) | 1,322 |
| Net cash provided by (used for) operating activities | 19,587 | 2,057 | 2,118 |
| Cash Flows from Investing Activities | |||
| Purchases of available for sale securities | (1,487) | (51,009) | (171,732) |
| Proceeds from sales of available for sale securities | 8,465 | 24,704 | 13,306 |
| Principal payments on available for sale securities | 36,508 | 49,944 | 94,912 |
| Principal payments on held to maturity securities | 15,461 | 15,712 | — |
| Net change in bank loans | 99 | (5,788) | (10,845) |
| Purchases of equipment, office facilities, and property | (700) | (971) | (916) |
| Purchases of FHLB stock | (1,869) | (518) | — |
| Proceeds from sales of FHLB stock | 1,344 | 19 | — |
| Purchases of Federal Reserve stock | (221) | (106) | (245) |
| Proceeds from sales of Federal Reserve stock | 98 | 197 | — |
| Other investing activities | (287) | (136) | (143) |
| Net cash provided by (used for) investing activities | 57,411 | 32,048 | (75,663) |
| Cash Flows from Financing Activities | |||
| Net change in bank deposits | (76,771) | (77,054) | 85,756 |
| Proceeds from FHLB borrowings | 49,200 | 12,504 | — |
| Repayments of FHLB borrowings | (35,200) | (104) | — |
| Proceeds from other short-term borrowings | 17,000 | 20,891 | 11,107 |
| Repayments of other short-term borrowings | (15,104) | (21,100) | (6,255) |
| Issuances of long-term debt | 6,097 | 2,971 | 7,036 |
| Repayments of long-term debt | (831) | (1,036) | (1,822) |
| Repurchases of common stock and nonvoting common stock | (2,842) | (3,395) | — |
| Issuance of preferred stock, net | — | 740 | 2,806 |
| Redemption and repurchase of preferred stock | (467) | (1,000) | (600) |
| Dividends paid | (2,276) | (2,110) | (1,822) |
| Proceeds from stock options exercised | 49 | 64 | 221 |
| Other financing activities | (100) | (94) | (104) |
| Net cash provided by (used for) financing activities | (61,245) | (68,723) | 96,323 |
| Increase (Decrease) in Cash and Cash Equivalents, including Amounts Restricted | 15,753 | (34,618) | 22,778 |
| Cash and Cash Equivalents, including Amounts Restricted at Beginning of Year | 58,720 | 93,338 | 70,560 |
| Cash and Cash Equivalents, including Amounts Restricted at End of Year | $74,473 | $58,720 | $93,338 |
Continued on following page.
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| Year Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Supplemental Cash Flow Information | |||
| Non-cash investing activity: | |||
| Securities transferred from available for sale to held to maturity, at fair value | $— | $188,555 | $— |
| Changes in accrued equipment, office facilities, and property purchases | $104 | $(19) | $125 |
| Non-cash financing activity: | |||
| Common stock repurchased during the period but settled after period end | $— | $40 | $— |
| Other Supplemental Cash Flow Information | |||
| Cash paid during the period for: | |||
| Interest | $5,623 | $1,355 | $501 |
| Income taxes | $1,620 | $2,130 | $2,053 |
| Amounts included in the measurement of lease liabilities | $255 | $228 | $212 |
| Leased assets obtained in exchange for new operating lease liabilities | $118 | $274 | $89 |
| Leased assets obtained in exchange for new finance lease liabilities | $48 | $4 | $109 |
| December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Reconciliation of cash, cash equivalents and amounts reported within the balance sheet (2) | |||
| Cash and cash equivalents | $43,337 | $40,195 | $62,975 |
| Restricted cash and cash equivalents amounts included in cash and investments segregated and on deposit for regulatory purposes | 31,136 | 18,525 | 30,363 |
| Total cash and cash equivalents, including amounts restricted shown in the statement of cash flows | $74,473 | $58,720 | $93,338 |
(2)For more information on the nature of restrictions on restricted cash and cash equivalents, see Note 23.
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