Charles Schwab 2014 Annual Report Download - page 108

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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)
- 90 -
24. Business Acquisition
On December 14, 2012, the Company acquired ThomasPartners, Inc., a growth and dividend income-focused asset
management firm, for $85 million in cash. The Company recorded goodwill of $68 million and intangible assets of
$32 million. The intangible assets primarily relate to customer relationships and are being amortized over 11 years. The
goodwill was allocated to the Investor Services and Advisor Services segments in the amounts of $54 million and
$14 million, respectively.
25. Subsequent Events
The Company has evaluated the impact of events that have occurred subsequent to December 31, 2014, through the date the
consolidated financial statements were filed with the SEC. Based on this evaluation, other than as recorded or disclosed
within these consolidated financial statements and related notes, the Company has determined none of these events were
required to be recognized or disclosed.
26. The Charles Schwab Corporation – Parent Company Only Financial Statements
Condensed Statements of Income
Year Ended December 31, 2014 2013 2012
Interest revenue $ 2 $ 4 $ 6
Interest expense (64) (65) (97)
N
et interest revenue (62) (61) (91)
Other revenue – net 1 - (30)
Expenses excluding interest (24) (28) (23)
Loss before income tax benefit and equity in net income of subsidiaries (85) (89) (144)
Income tax benefit 32 38 58
Loss before equity in net income of subsidiaries (53) (51) (86)
Equity in net income of subsidiaries:
Equity in undistributed net income of subsidiaries 1,157 830 662
Dividends from bank subsidiary 45 163 50
Dividends from non-bank subsidiaries 172 129 302
Net Income 1,321 1,071 928
Preferred stock dividends 60 61 45
Net Income Available to Common Stockholders $ 1,261 $ 1,010 $ 883