Charles Schwab 2010 Annual Report Download - page 104

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THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Financial Statements
(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)
Condensed Statements of Cash Flows
-85 -
Year Ended December 31, 2010 2009 2008
Cash Flows from Operating Activities
Net income
$ 454
$ 787
$ 1,212
Ad
j
ustments to reconcile net income to net cash
p
rovided b
y
o
p
eratin
g
activities:
Loss from discontinued o
p
erations, net of tax
—
—
19
E
q
uit
y
in undistributed earnin
g
s of subsidiaries
(478)
(253)
(251)
Excess tax benefits from stoc
k
-based com
p
ensation
(3)
(8)
(5
0
)
Provision for deferred income taxes
3
2
0
48
Other
—
(27)
2
Net chan
g
e in:
Receivables from brokers, dealers, and clearin
g
or
g
anizations
11
23
(34)
Other securities owned
422
(404)
(17)
Other assets
4
0
(16)
(52)
Accrued ex
p
enses and other liabilities
(2)
(1)
(85)
Net cash
p
rovided b
y
o
p
eratin
g
activities
447
121
792
Cash Flows from Investing Activities
Due from (to) subsidiaries
–
net
63
279
(94)
Increase in investments in subsidiaries
(1,025)
(725)
(33
0
)
Purchase of e
q
ui
p
ment, office facilities, and
p
ro
p
ert
y
—
—
(2)
Cash
p
a
y
ments for business combinations and investments, net of cash received
4
—
—
Net cash used for investin
g
activities
(958)
(446)
(426)
Cash Flows from Financing Activities
Issuance of lon
g
-term debt
701
747
—
Re
p
a
y
ment of lon
g
-term debt
(20
0
)
(76)
(15)
Net
p
roceeds from common stock offerin
g
543
—
—
Excess tax benefits from stoc
k
-based com
p
ensation
3
8
5
0
Dividends
p
aid
(288)
(279)
(253)
Purchase of treasur
y
stoc
k
—
—
(35
0
)
Proceeds from stock o
p
tions exercised and other
35
53
131
Other financin
g
activities
(9)
(8)
(1)
Net cash
p
rovided b
y
(used for) financin
g
activities
785
445
(438)
Increase (Decrease) in Cash and Cash E
q
uivalents
274
12
0
(72)
Cash and Cash E
q
uivalents at Be
g
innin
g
of Year
875
755
827
Cash and Cash Equivalents at End of Year
$ 1,149
$ 875
$ 755