Charles Schwab 2015 Annual Report Download - page 117
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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)
- 97 -
Financial information for the Company’s reportable segments is presented in the following table:
Investor Services (1) Advisor Services
(1) Unallocated Total
Year Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013
Net Revenues:
Asset management and
administration fees $ 1,837 $ 1,742 $ 1,593 $ 813 $ 791 $ 723 $ - $ - $ (1) $ 2,650 $ 2,533 $ 2,315
N
et interest revenue 2,133 2,028 1,755 392 244 225 - - - 2,525 2,272 1,980
Trading revenue 556 606 609 310 301 304 - - - 866 907 913
Other (2) 234 218 176 94 74 59 - 51 1 328 343 236
Provision for loan losses 11 4 1 - - - - - - 11 4 1
N
et impairment losses
on securities - (1) (9) - - (1) - - - - (1) (10)
Total net revenues 4,771 4,597 4,125 1,609 1,410 1,310 - 51 - 6,380 6,058 5,435
Expenses Excluding Interest (3) 3,090 2,937 2,858 1,011 938 872 - 68 - 4,101 3,943 3,730
Income before taxes on income $ 1,681 $ 1,660 $ 1,267 $ 598 $ 472 $ 438 $ - $ (17) $ - $ 2,279 $ 2,115 $ 1,705
Capital expenditures $ 195 $ 271 $ 188 $ 90 $ 134 $ 82 $ - $ - $ - $ 285 $ 405
$ 270
Depreciation and amortization $ 171 $ 154 $ 157 $ 53 $ 45 $ 45 $ - $ - $ - $ 224 $ 199 $ 202
(1) During 2015, the Corporate Brokerage Retirement Services business was transferred from the Investor Services segment to the Advisor Services segment. All prior period
amounts have been recast to conform with the current year presentation.
(2) Unallocated amount includes a net insurance settlement of $45 million in 2014.
(3) Unallocated amount includes a charge of $68 million for estimated future severance benefits resulting from changes in the Company’s geographic footprint in 2014.
25. The Charles Schwab Corporation – Parent Company Only Financial Statements
Condensed Statements of Income
Year Ended December 31, 2015 2014 2013
Interest revenue $ 12 $ 2 $ 4
Interest expense (86) (64) (65)
N
et interest expense (74) (62) (61)
Other 4 1 -
Expenses excluding interest (27) (24) (28)
Loss before income tax benefit and equity in net income of subsidiaries (97) (85) (89)
Income tax benefit 41 32 38
Loss before equity in net income of subsidiaries (56) (53) (51)
Equity in net income of subsidiaries:
Equity in undistributed net income of subsidiaries 1,287 1,157 830
Dividends from bank subsidiary - 45 163
Dividends from non-bank subsidiaries 216 172 129
Net Income 1,447 1,321 1,071
Preferred stock dividends and other (1) 83 60 61
Net Income Available to Common Stockholders $ 1,364 $ 1,261 $ 1,010
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock
units.