Charles Schwab 2015 Annual Report Download - page 78
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THE CHARLES SCHWAB CORPORATION
- 58 -
Consolidated Statements of Cash Flows
(In Millions)
Year Ended December 31, 2015 2014 2013
Cash Flows from Operating Activities
Net income $ 1,447 $ 1,321 $ 1,071
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Provision for loan losses (11) (4) (1)
Net impairment losses on securities - 1 10
Stock-based compensation 135 115 116
Depreciation and amortization 224 199 202
(Benefit) provision for deferred income taxes (7) (25) (21)
Premium amortization, net, on securities available for sale and securities held to maturity 162 125 162
Other (4) (7) 15
Net change in:
Cash and investments segregated and on deposit for regulatory purposes 1,183 2,772 4,916
Receivables from brokers, dealers, and clearing organizations (108) 44 (175)
Receivables from brokerage clients (1,652) (1,725) (496)
Other securities owned (17) 1 119
Other assets (98) (30) 17
Payables to brokers, dealers, and clearing organizations 808 393 318
Payables to brokerage clients (1,120) (1,028) (4,997)
Accrued expenses and other liabilities 304 196 400
Net cash provided by operating activities 1,246 2,348 1,656
Cash Flows from Investing Activities
Purchases of securities available for sale (21,351) (15,134) (22,942)
Proceeds from sales of securities available for sale 2,424 6,556 6,167
Principal payments on securities available for sale 7,340 5,843 10,772
Purchases of securities held to maturity (19,303) (6,920) (16,061)
Principal payments on securities held to maturity 3,540 2,687 3,895
Net increase in bank loans (980) (1,016) (1,634)
Purchase of equipment, office facilities, and property (266) (400) (249)
Other investing activities (27) (11) 2
Net cash used for investing activities (28,623) (8,395) (20,050)
Cash Flows from Financing Activities
Net change in bank deposits 26,687 9,843 13,595
Repayment of commercial paper - - (300)
Issuance of long-term debt 1,346 - 275
Repayment of long-term debt (357) (6) (6)
Net proceeds from preferred stock offering 581 - -
Dividends paid (387) (373) (368)
Proceeds from stock options exercised and other 90 189 258
Other financing activities 32 29 5
Net cash provided by financing activities 27,992 9,682 13,459
Increase (Decrease) in Cash and Cash Equivalents 615 3,635 (4,935)
Cash and Cash Equivalents at Beginning of Year 11,363 7,728 12,663
Cash and Cash Equivalents at End of Year $ 11,978 $ 11,363 $ 7,728
Supplemental Cash Flow Information
Cash paid during the year for:
Interest $ 121 $ 103 $ 99
Income taxes $ 810 $ 778 $ 624
Non-cash investing activity:
Securities purchased during the year but settled after year end $ - $ 143 $ 81
See Notes to Consolidated Financial Statements.