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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TD Ameritrade Holding Corporation | NASDAQ:AMTD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.97 | 39.94 | 39.97 | 0 | 01:00:00 |
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☒
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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for the transition period from
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to
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Delaware
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82-0543156
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(State or other jurisdiction of
incorporation or organization)
|
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(I.R.S. Employer
Identification No.)
|
|
Title of each class
|
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Trading Symbol(s)
|
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Name of each exchange on which registered
|
Common stock – $0.01 par value
|
|
AMTD
|
|
The Nasdaq Stock Market LLC
|
Nasdaq Global Select Market
|
Large accelerated filer
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☒
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Accelerated filer
|
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☐
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Non-accelerated filer
|
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☐
|
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page No.
|
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|
|
|
|
|
|
Item 1.
|
|
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||
|
||
|
||
|
||
|
||
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||
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||
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Item 2.
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||
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Item 3.
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||
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Item 4.
|
||
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|
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Item 1.
|
||
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|
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Item 1A.
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||
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Item 2.
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||
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Item 6.
|
||
|
|
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
|
|
(In millions)
|
||||||
ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2,577
|
|
|
$
|
2,852
|
|
Cash and investments segregated and on deposit for regulatory purposes
|
|
18,316
|
|
|
8,684
|
|
||
Receivable from brokers, dealers and clearing organizations
|
|
1,732
|
|
|
2,439
|
|
||
Receivable from clients, net
|
|
22,100
|
|
|
20,618
|
|
||
Receivable from affiliates
|
|
105
|
|
|
112
|
|
||
Other receivables, net
|
|
374
|
|
|
305
|
|
||
Securities owned, at fair value
|
|
426
|
|
|
532
|
|
||
Investments available-for-sale, at fair value
|
|
1,798
|
|
|
1,668
|
|
||
Property and equipment at cost, net
|
|
894
|
|
|
837
|
|
||
Goodwill
|
|
4,227
|
|
|
4,227
|
|
||
Acquired intangible assets, net
|
|
1,114
|
|
|
1,204
|
|
||
Other assets
|
|
731
|
|
|
308
|
|
||
Total assets
|
|
$
|
54,394
|
|
|
$
|
43,786
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Payable to brokers, dealers and clearing organizations
|
|
$
|
3,415
|
|
|
$
|
3,308
|
|
Payable to clients
|
|
35,882
|
|
|
27,067
|
|
||
Accounts payable and other liabilities
|
|
1,505
|
|
|
884
|
|
||
Payable to affiliates
|
|
5
|
|
|
5
|
|
||
Long-term debt
|
|
3,736
|
|
|
3,594
|
|
||
Deferred income taxes
|
|
283
|
|
|
228
|
|
||
Total liabilities
|
|
44,826
|
|
|
35,086
|
|
||
Stockholders' equity:
|
|
|
|
|
||||
Preferred stock, $0.01 par value; 100 million shares authorized, none issued
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; one billion shares authorized; 670 million shares issued; June 30, 2020 – 541 million shares outstanding; September 30, 2019 – 544 million shares outstanding
|
|
7
|
|
|
7
|
|
||
Additional paid-in capital
|
|
3,478
|
|
|
3,452
|
|
||
Retained earnings
|
|
9,469
|
|
|
8,580
|
|
||
Treasury stock, common, at cost: June 30, 2020 – 129 million shares;
September 30, 2019 – 126 million shares
|
|
(3,530
|
)
|
|
(3,380
|
)
|
||
Accumulated other comprehensive income
|
|
144
|
|
|
41
|
|
||
Total stockholders' equity
|
|
9,568
|
|
|
8,700
|
|
||
Total liabilities and stockholders' equity
|
|
$
|
54,394
|
|
|
$
|
43,786
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
(In millions, except per share amounts)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Asset-based revenues:
|
|
|
|
|
|
|
|
|
||||||||
Bank deposit account fees
|
|
$
|
391
|
|
|
$
|
421
|
|
|
$
|
1,289
|
|
|
$
|
1,280
|
|
Net interest revenue
|
|
303
|
|
|
383
|
|
|
994
|
|
|
1,120
|
|
||||
Investment product fees
|
|
128
|
|
|
151
|
|
|
418
|
|
|
431
|
|
||||
Total asset-based revenues
|
|
822
|
|
|
955
|
|
|
2,701
|
|
|
2,831
|
|
||||
Transaction-based revenues:
|
|
|
|
|
|
|
|
|
||||||||
Transaction fees and commissions
|
|
652
|
|
|
477
|
|
|
1,438
|
|
|
1,500
|
|
||||
Other revenues
|
|
112
|
|
|
59
|
|
|
219
|
|
|
126
|
|
||||
Net revenues
|
|
1,586
|
|
|
1,491
|
|
|
4,358
|
|
|
4,457
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits
|
|
366
|
|
|
325
|
|
|
1,073
|
|
|
982
|
|
||||
Clearing and execution costs
|
|
88
|
|
|
59
|
|
|
212
|
|
|
161
|
|
||||
Communications
|
|
38
|
|
|
39
|
|
|
114
|
|
|
119
|
|
||||
Occupancy and equipment costs
|
|
64
|
|
|
67
|
|
|
195
|
|
|
199
|
|
||||
Depreciation and amortization
|
|
43
|
|
|
38
|
|
|
127
|
|
|
109
|
|
||||
Amortization of acquired intangible assets
|
|
29
|
|
|
31
|
|
|
90
|
|
|
93
|
|
||||
Professional services
|
|
86
|
|
|
71
|
|
|
253
|
|
|
218
|
|
||||
Advertising
|
|
59
|
|
|
80
|
|
|
227
|
|
|
213
|
|
||||
Other
|
|
35
|
|
|
61
|
|
|
137
|
|
|
142
|
|
||||
Total operating expenses
|
|
808
|
|
|
771
|
|
|
2,428
|
|
|
2,236
|
|
||||
Operating income
|
|
778
|
|
|
720
|
|
|
1,930
|
|
|
2,221
|
|
||||
Other expense (income):
|
|
|
|
|
|
|
|
|
||||||||
Interest on borrowings
|
|
25
|
|
|
37
|
|
|
88
|
|
|
107
|
|
||||
Gain on business-related divestiture
|
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
(60
|
)
|
||||
Other income, net
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(14
|
)
|
||||
Total other expense (income), net
|
|
25
|
|
|
(23
|
)
|
|
87
|
|
|
33
|
|
||||
Pre-tax income
|
|
753
|
|
|
743
|
|
|
1,843
|
|
|
2,188
|
|
||||
Provision for income taxes
|
|
184
|
|
|
188
|
|
|
450
|
|
|
530
|
|
||||
Net income
|
|
$
|
569
|
|
|
$
|
555
|
|
|
$
|
1,393
|
|
|
$
|
1,658
|
|
Earnings per share — basic
|
|
$
|
1.05
|
|
|
$
|
1.01
|
|
|
$
|
2.57
|
|
|
$
|
2.97
|
|
Earnings per share — diluted
|
|
$
|
1.05
|
|
|
$
|
1.00
|
|
|
$
|
2.57
|
|
|
$
|
2.96
|
|
Weighted average shares outstanding — basic
|
|
541
|
|
|
552
|
|
|
541
|
|
|
558
|
|
||||
Weighted average shares outstanding — diluted
|
|
543
|
|
|
554
|
|
|
543
|
|
|
560
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
|
|
(In millions)
|
||||||||||||||
Net income
|
|
$
|
569
|
|
|
$
|
555
|
|
|
$
|
1,393
|
|
|
$
|
1,658
|
|
Other comprehensive income, before tax:
|
|
|
|
|
|
|
|
|
||||||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain
|
|
3
|
|
|
17
|
|
|
132
|
|
|
42
|
|
||||
Cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for portion of realized loss amortized to net income
|
|
2
|
|
|
1
|
|
|
4
|
|
|
3
|
|
||||
Total other comprehensive income, before tax
|
|
5
|
|
|
18
|
|
|
136
|
|
|
45
|
|
||||
Income tax effect
|
|
(2
|
)
|
|
(5
|
)
|
|
(33
|
)
|
|
(11
|
)
|
||||
Total other comprehensive income, net of tax
|
|
3
|
|
|
13
|
|
|
103
|
|
|
34
|
|
||||
Comprehensive income
|
|
$
|
572
|
|
|
$
|
568
|
|
|
$
|
1,496
|
|
|
$
|
1,692
|
|
|
|
Three Months Ended June 30, 2020
|
|||||||||||||||||||||||||
|
|
Total Common
Shares Outstanding
|
|
Total Stockholders' Equity
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Treasury Stock
|
|
Accumulated Other
Comprehensive Income
|
|||||||||||||
|
|
(In Millions)
|
|||||||||||||||||||||||||
Balance, March 31, 2020
|
|
541
|
|
|
$
|
9,153
|
|
|
$
|
7
|
|
|
$
|
3,467
|
|
|
$
|
9,068
|
|
|
$
|
(3,530
|
)
|
|
$
|
141
|
|
Net income
|
|
—
|
|
|
569
|
|
|
—
|
|
|
—
|
|
|
569
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Common stock dividends ($0.31 per share)
|
|
—
|
|
|
(168
|
)
|
|
—
|
|
|
—
|
|
|
(168
|
)
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance, June 30, 2020
|
|
541
|
|
|
$
|
9,568
|
|
|
$
|
7
|
|
|
$
|
3,478
|
|
|
$
|
9,469
|
|
|
$
|
(3,530
|
)
|
|
$
|
144
|
|
|
|
Three Months Ended June 30, 2019
|
|||||||||||||||||||||||||||||
|
|
Total Common
Shares Outstanding
|
|
Total Stockholders' Equity
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Treasury Stock
|
|
Deferred Compensation
|
|
Accumulated Other
Comprehensive Income (Loss)
|
|||||||||||||||
|
|
(In Millions)
|
|||||||||||||||||||||||||||||
Balance, March 31, 2019
|
|
554
|
|
|
$
|
8,323
|
|
|
$
|
7
|
|
|
$
|
3,345
|
|
|
$
|
7,805
|
|
|
$
|
(2,832
|
)
|
|
$
|
4
|
|
|
$
|
(6
|
)
|
Net income
|
|
—
|
|
|
555
|
|
|
—
|
|
|
—
|
|
|
555
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||||
Common stock dividends ($0.30 per share)
|
|
—
|
|
|
(166
|
)
|
|
—
|
|
|
—
|
|
|
(166
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchases of common stock
|
|
(4
|
)
|
|
(242
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(242
|
)
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Balance, June 30, 2019
|
|
550
|
|
|
$
|
8,493
|
|
|
$
|
7
|
|
|
$
|
3,355
|
|
|
$
|
8,194
|
|
|
$
|
(3,074
|
)
|
|
$
|
4
|
|
|
$
|
7
|
|
|
|
Nine Months Ended June 30, 2020
|
|||||||||||||||||||||||||
|
|
Total
Common
Shares
Outstanding
|
|
Total Stockholders' Equity
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Treasury Stock
|
|
Accumulated Other Comprehensive Income
|
|||||||||||||
|
|
(In Millions)
|
|||||||||||||||||||||||||
Balance, September 30, 2019
|
|
544
|
|
|
$
|
8,700
|
|
|
$
|
7
|
|
|
$
|
3,452
|
|
|
$
|
8,580
|
|
|
$
|
(3,380
|
)
|
|
$
|
41
|
|
Net income
|
|
—
|
|
|
1,393
|
|
|
—
|
|
|
—
|
|
|
1,393
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
103
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
||||||
Common stock dividends ($0.93 per share)
|
|
—
|
|
|
(503
|
)
|
|
—
|
|
|
—
|
|
|
(503
|
)
|
|
—
|
|
|
—
|
|
||||||
Repurchases of common stock
|
|
(4
|
)
|
|
(143
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(143
|
)
|
|
—
|
|
||||||
Repurchases of common stock for income tax withholding on stock-based compensation
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
||||||
Common stock issued for stock-based compensation, including tax effects
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
14
|
|
|
—
|
|
||||||
Stock-based compensation
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adoption of Accounting Standards Update 2016-02 (Note 1)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||
Balance, June 30, 2020
|
|
541
|
|
|
$
|
9,568
|
|
|
$
|
7
|
|
|
$
|
3,478
|
|
|
$
|
9,469
|
|
|
$
|
(3,530
|
)
|
|
$
|
144
|
|
|
|
Nine Months Ended June 30, 2019
|
|||||||||||||||||||||||||||||
|
|
Total
Common Shares Outstanding
|
|
Total Stockholders' Equity
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Treasury Stock
|
|
Deferred Compensation
|
|
Accumulated Other
Comprehensive Income (Loss)
|
|||||||||||||||
|
|
(In Millions)
|
|||||||||||||||||||||||||||||
Balance, September 30, 2018
|
|
563
|
|
|
$
|
8,003
|
|
|
$
|
7
|
|
|
$
|
3,379
|
|
|
$
|
7,011
|
|
|
$
|
(2,371
|
)
|
|
$
|
4
|
|
|
$
|
(27
|
)
|
Net income
|
|
—
|
|
|
1,658
|
|
|
—
|
|
|
—
|
|
|
1,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|||||||
Common stock dividends ($0.90 per share)
|
|
—
|
|
|
(503
|
)
|
|
—
|
|
|
—
|
|
|
(503
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchase of common stock
|
|
(14
|
)
|
|
(673
|
)
|
|
—
|
|
|
31
|
|
|
—
|
|
|
(704
|
)
|
|
—
|
|
|
—
|
|
|||||||
Future treasury stock purchases under accelerated stock repurchase agreement
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Repurchases of common stock for income tax withholding on stock-based compensation
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|||||||
Common stock issued for stock-based compensation, including tax effects
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Adoption of Accounting Standards Update 2014-09
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Balance, June 30, 2019
|
|
550
|
|
|
$
|
8,493
|
|
|
$
|
7
|
|
|
$
|
3,355
|
|
|
$
|
8,194
|
|
|
$
|
(3,074
|
)
|
|
$
|
4
|
|
|
$
|
7
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
|
|
(In millions)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
1,393
|
|
|
$
|
1,658
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
127
|
|
|
109
|
|
||
Amortization of acquired intangible assets
|
|
90
|
|
|
93
|
|
||
Non-cash lease expense
|
|
46
|
|
|
—
|
|
||
Deferred income taxes
|
|
24
|
|
|
26
|
|
||
Gain on business-related divestiture
|
|
—
|
|
|
(60
|
)
|
||
Stock-based compensation
|
|
40
|
|
|
32
|
|
||
Provision for doubtful accounts on client and other receivables
|
|
34
|
|
|
12
|
|
||
Other, net
|
|
20
|
|
|
15
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Investments segregated and on deposit for regulatory purposes
|
|
(5,572
|
)
|
|
535
|
|
||
Receivable from brokers, dealers and clearing organizations
|
|
707
|
|
|
(406
|
)
|
||
Receivable from clients, net
|
|
(1,516
|
)
|
|
1,758
|
|
||
Receivable from/payable to affiliates, net
|
|
7
|
|
|
(18
|
)
|
||
Other receivables, net
|
|
(69
|
)
|
|
43
|
|
||
Securities owned, at fair value
|
|
106
|
|
|
(162
|
)
|
||
Other assets
|
|
26
|
|
|
(19
|
)
|
||
Payable to brokers, dealers and clearing organizations
|
|
107
|
|
|
230
|
|
||
Payable to clients
|
|
8,815
|
|
|
1,704
|
|
||
Accounts payable and other liabilities
|
|
256
|
|
|
223
|
|
||
Net cash provided by operating activities
|
|
4,641
|
|
|
5,773
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchase of property and equipment
|
|
(187
|
)
|
|
(151
|
)
|
||
Cash received from business-related divestiture
|
|
—
|
|
|
62
|
|
||
Purchase of investments available-for-sale, at fair value
|
|
—
|
|
|
(899
|
)
|
||
Proceeds from sale of investments available-for-sale, at fair value
|
|
—
|
|
|
299
|
|
||
Other, net
|
|
(1
|
)
|
|
20
|
|
||
Net cash used in investing activities
|
|
(188
|
)
|
|
(669
|
)
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
|
|
(In millions)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
|
$
|
—
|
|
|
$
|
999
|
|
Payment of debt issuance costs
|
|
(1
|
)
|
|
(8
|
)
|
||
Net payments on securities sold under agreements to repurchase
|
|
—
|
|
|
(96
|
)
|
||
Proceeds from senior revolving credit facilities
|
|
1,350
|
|
|
1,700
|
|
||
Principal payments on senior revolving credit facilities
|
|
(1,350
|
)
|
|
(1,700
|
)
|
||
Payment of cash dividends
|
|
(503
|
)
|
|
(503
|
)
|
||
Purchase of treasury stock
|
|
(143
|
)
|
|
(673
|
)
|
||
Purchase of treasury stock for income tax withholding on stock-based compensation
|
|
(21
|
)
|
|
(12
|
)
|
||
Payment for future treasury stock purchases under accelerated stock repurchase agreement
|
|
—
|
|
|
(74
|
)
|
||
Net cash used in financing activities
|
|
(668
|
)
|
|
(367
|
)
|
||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents
|
|
3,785
|
|
|
4,737
|
|
||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
|
|
10,193
|
|
|
4,548
|
|
||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
|
|
$
|
13,978
|
|
|
$
|
9,285
|
|
Supplemental cash flow information:
|
|
|
|
|
||||
Interest paid
|
|
$
|
101
|
|
|
$
|
112
|
|
Income taxes paid
|
|
$
|
164
|
|
|
$
|
226
|
|
|
|
Balance at September 30, 2019
|
|
Adjustments from Adoption of
ASU 2016-02
|
|
Balance at
October 1, 2019
|
|||||||
Assets:
|
|
|
|
|
|
|
|||||||
Other assets
|
|
$
|
308
|
|
|
$
|
341
|
|
(1
|
)
|
$
|
649
|
|
Liabilities:
|
|
|
|
|
|
|
|||||||
Accounts payable and other liabilities
|
|
884
|
|
|
342
|
|
(2
|
)
|
1,226
|
|
|||
Stockholders' Equity:
|
|
|
|
|
|
|
|||||||
Retained earnings
|
|
8,580
|
|
|
(1
|
)
|
(3
|
)
|
8,579
|
|
|
(3)
|
Represents the impact of a lease obligation which had no future benefit upon the adoption of the lease standard.
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
Broker-dealer subsidiaries
|
|
$
|
1,685
|
|
|
$
|
2,260
|
|
Corporate
|
|
685
|
|
|
366
|
|
||
Futures commission merchant and forex dealer member subsidiary
|
|
152
|
|
|
94
|
|
||
Investment advisory subsidiaries
|
|
35
|
|
|
8
|
|
||
Trust company subsidiary
|
|
20
|
|
|
124
|
|
||
Total cash and cash equivalents
|
|
$
|
2,577
|
|
|
$
|
2,852
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
Cash and cash equivalents
|
|
$
|
2,577
|
|
|
$
|
2,852
|
|
Restricted cash and restricted cash equivalents included in cash and investments segregated and on deposit for regulatory purposes
|
|
11,401
|
|
|
7,341
|
|
||
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in the Condensed Consolidated Statements of Cash Flows
|
|
$
|
13,978
|
|
|
$
|
10,193
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
U.S. government debt securities
|
|
$
|
9,157
|
|
|
$
|
4,369
|
|
Cash in demand deposit accounts
|
|
5,793
|
|
|
2,304
|
|
||
U.S. government agency mortgage-backed securities
|
|
3,107
|
|
|
1,318
|
|
||
Cash on deposit with futures commission merchants
|
|
259
|
|
|
168
|
|
||
Reverse repurchase agreements (collateralized by U.S. government debt securities)
|
|
—
|
|
|
500
|
|
||
U.S. government debt securities on deposit with futures commission merchant
|
|
—
|
|
|
25
|
|
||
Total
|
|
$
|
18,316
|
|
|
$
|
8,684
|
|
June 30, 2020
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
1,589
|
|
|
$
|
209
|
|
|
$
|
—
|
|
|
$
|
1,798
|
|
September 30, 2019
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
1,591
|
|
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
1,668
|
|
|
|
Amortized Cost
|
|
Fair Value
|
||||
Available-for-sale U.S. Treasury securities:
|
|
|
|
|
||||
Due within one to five years
|
|
$
|
584
|
|
|
$
|
645
|
|
Due within five to ten years
|
|
617
|
|
|
694
|
|
||
Due after ten years
|
|
388
|
|
|
459
|
|
||
Total available-for-sale U.S. Treasury securities
|
|
$
|
1,589
|
|
|
$
|
1,798
|
|
|
|
June 30, 2020
|
||
Balance Sheet Information:
|
|
|
||
Assets:
|
|
|
||
Other assets:
|
|
|
||
Operating lease right-of-use assets, net
|
|
$
|
316
|
|
Liabilities:
|
|
|
||
Accounts payable and other liabilities:
|
|
|
||
Operating lease liabilities
|
|
$
|
352
|
|
Supplemental Information:
|
|
|
||
Weighted-average remaining lease term (years)
|
|
8.1
|
|
|
Weighted-average discount rate
|
|
2.54
|
%
|
|
|
Nine Months Ended June 30, 2020
|
||
Supplemental Cash Flow Information:
|
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
$
|
50
|
|
Lease liabilities arising from obtaining right-of-use assets
|
|
$
|
24
|
|
Description
|
|
Condensed Consolidated
Statements of Income Classification
|
|
Three Months Ended June 30, 2020
|
|
Nine Months Ended June 30, 2020
|
||||
Operating lease costs, net (1)
|
|
Occupancy and equipment costs
|
|
$
|
21
|
|
|
$
|
58
|
|
|
(1)
|
Includes short-term lease costs and is net of sublease income. The short-term lease costs and sublease income are not material for the periods presented. Operating lease costs and sublease income include transactions with related parties, which are not material for the periods presented.
|
Fiscal Year
|
|
Operating Leases
|
||
2020 Remaining
|
|
$
|
2
|
|
2021
|
|
51
|
|
|
2022
|
|
56
|
|
|
2023
|
|
49
|
|
|
2024
|
|
46
|
|
|
Thereafter (to 2033)
|
|
193
|
|
|
Total lease payments
|
|
397
|
|
|
Amount representing interest
|
|
(45
|
)
|
|
Present value of lease liabilities
|
|
$
|
352
|
|
Fiscal Year
|
|
Minimum Lease Payments
|
|
Sublease Income
|
|
Net Lease Commitments
|
||||||
2020
|
|
$
|
72
|
|
|
$
|
(2
|
)
|
|
$
|
70
|
|
2021
|
|
64
|
|
|
(1
|
)
|
|
63
|
|
|||
2022
|
|
55
|
|
|
—
|
|
|
55
|
|
|||
2023
|
|
49
|
|
|
—
|
|
|
49
|
|
|||
2024
|
|
45
|
|
|
—
|
|
|
45
|
|
|||
Thereafter (to 2033)
|
|
191
|
|
|
—
|
|
|
191
|
|
|||
Total
|
|
$
|
476
|
|
|
$
|
(3
|
)
|
|
$
|
473
|
|
June 30, 2020
|
|
Face
Value
|
|
Unamortized Discounts and Debt Issuance Costs
|
|
Fair Value
Adjustment (1)
|
|
Net Carrying
Value
|
||||||||
Senior Notes:
|
|
|
|
|
|
|
|
|
||||||||
Variable-rate Notes due 2021
|
|
$
|
600
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
598
|
|
2.950% Notes due 2022
|
|
750
|
|
|
(2
|
)
|
|
22
|
|
|
770
|
|
||||
3.750% Notes due 2024
|
|
400
|
|
|
(3
|
)
|
|
—
|
|
|
397
|
|
||||
3.625% Notes due 2025
|
|
500
|
|
|
(2
|
)
|
|
50
|
|
|
548
|
|
||||
3.300% Notes due 2027
|
|
800
|
|
|
(7
|
)
|
|
94
|
|
|
887
|
|
||||
2.750% Notes due 2029
|
|
500
|
|
|
(5
|
)
|
|
41
|
|
|
536
|
|
||||
Total long-term debt
|
|
$
|
3,550
|
|
|
$
|
(21
|
)
|
|
$
|
207
|
|
|
$
|
3,736
|
|
September 30, 2019
|
|
Face
Value
|
|
Unamortized Discounts and Debt Issuance Costs
|
|
Fair Value
Adjustment (1)
|
|
Net Carrying
Value
|
||||||||
Senior Notes:
|
|
|
|
|
|
|
|
|
||||||||
Variable-rate Notes due 2021
|
|
$
|
600
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
598
|
|
2.950% Notes due 2022
|
|
750
|
|
|
(3
|
)
|
|
6
|
|
|
753
|
|
||||
3.750% Notes due 2024
|
|
400
|
|
|
(3
|
)
|
|
—
|
|
|
397
|
|
||||
3.625% Notes due 2025
|
|
500
|
|
|
(3
|
)
|
|
25
|
|
|
522
|
|
||||
3.300% Notes due 2027
|
|
800
|
|
|
(8
|
)
|
|
40
|
|
|
832
|
|
||||
2.750% Notes due 2029
|
|
500
|
|
|
(5
|
)
|
|
(3
|
)
|
|
492
|
|
||||
Total long-term debt
|
|
$
|
3,550
|
|
|
$
|
(24
|
)
|
|
$
|
68
|
|
|
$
|
3,594
|
|
|
(1)
|
Fair value adjustments relate to changes in the fair value of the debt while in a fair value hedging relationship. See "Fair Value Hedging" below.
|
Description
|
|
Date Issued
|
|
Maturity Date
|
|
Aggregate Principal
|
|
Interest Rate
|
2021 Notes
|
|
October 30, 2018
|
|
November 1, 2021
|
|
$600
|
|
Variable
|
2022 Notes
|
|
March 4, 2015
|
|
April 1, 2022
|
|
$750
|
|
2.950%
|
2024 Notes
|
|
October 30, 2018
|
|
April 1, 2024
|
|
$400
|
|
3.750%
|
2025 Notes
|
|
October 17, 2014
|
|
April 1, 2025
|
|
$500
|
|
3.625%
|
2027 Notes
|
|
April 27, 2017
|
|
April 1, 2027
|
|
$800
|
|
3.300%
|
2029 Notes
|
|
August 13, 2019
|
|
October 1, 2029
|
|
$500
|
|
2.750%
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Gain (loss) on fair value of interest rate swaps
|
|
$
|
14
|
|
|
$
|
53
|
|
|
$
|
139
|
|
|
$
|
139
|
|
Gain (loss) on fair value of hedged fixed-rate debt
|
|
(14
|
)
|
|
(53
|
)
|
|
(139
|
)
|
|
(139
|
)
|
||||
Net gain (loss) recorded in interest on borrowings
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
Pay-variable interest rate swaps designated as fair value hedges:
|
|
|
|
|
||||
Other assets
|
|
$
|
207
|
|
|
$
|
71
|
|
Accounts payable and other liabilities
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
TD Ameritrade Futures & Forex LLC
|
||||||||||||
Date
|
|
Adjusted Net
Capital
|
|
Required Adjusted Net Capital
($20 Million Plus 5% of All Foreign Exchange Liabilities Owed to Forex Clients in Excess of $10 Million)
|
|
Adjusted Net
Capital
in Excess of
Required
Adjusted Net
Capital
|
||||||
June 30, 2020
|
|
$
|
175
|
|
|
$
|
23
|
|
|
$
|
152
|
|
September 30, 2019
|
|
$
|
140
|
|
|
$
|
23
|
|
|
$
|
117
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
Client margin securities
|
|
$
|
30.7
|
|
|
$
|
28.6
|
|
Stock borrowings
|
|
0.9
|
|
|
1.9
|
|
||
Total collateral available
|
|
$
|
31.6
|
|
|
$
|
30.5
|
|
|
|
|
|
|
||||
Collateral loaned
|
|
$
|
3.3
|
|
|
$
|
3.2
|
|
Collateral repledged
|
|
6.5
|
|
|
4.6
|
|
||
Total collateral loaned or repledged
|
|
$
|
9.8
|
|
|
$
|
7.8
|
|
•
|
Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. This category includes active exchange-traded funds, money market mutual funds, mutual funds and equity securities.
|
•
|
Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices in markets that are not active, quoted prices for similar assets and liabilities in active and inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means. This category includes most debt securities, U.S. government agency mortgage-backed securities, which consist of Ginnie Mae Conventional Residential Mortgages and Ginnie Mae Home Equity Conversion Mortgages, and other interest-sensitive financial instruments.
|
•
|
Level 3 — Unobservable inputs for the asset or liability, where there is little, if any, observable market activity or data for the asset or liability.
|
|
|
June 30, 2020
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market mutual funds
|
|
$
|
2,078
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,078
|
|
Investments segregated and on deposit for regulatory purposes:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government debt securities
|
|
—
|
|
|
9,157
|
|
|
—
|
|
|
9,157
|
|
||||
U.S. government agency mortgage-backed securities
|
|
—
|
|
|
3,107
|
|
|
—
|
|
|
3,107
|
|
||||
Subtotal - Investments segregated and on deposit for regulatory purposes
|
|
—
|
|
|
12,264
|
|
|
—
|
|
|
12,264
|
|
||||
Securities owned:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government debt securities
|
|
—
|
|
|
411
|
|
|
—
|
|
|
411
|
|
||||
Equity securities
|
|
10
|
|
|
1
|
|
|
—
|
|
|
11
|
|
||||
Other
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Subtotal - Securities owned
|
|
10
|
|
|
416
|
|
|
—
|
|
|
426
|
|
||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government debt securities
|
|
—
|
|
|
1,798
|
|
|
—
|
|
|
1,798
|
|
||||
Other assets:
|
|
|
|
|
|
|
|
|
||||||||
Pay-variable interest rate swaps(1)
|
|
—
|
|
|
207
|
|
|
—
|
|
|
207
|
|
||||
Other
|
|
2
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||
Subtotal - Other assets
|
|
2
|
|
|
208
|
|
|
—
|
|
|
210
|
|
||||
Total assets at fair value
|
|
$
|
2,090
|
|
|
$
|
14,686
|
|
|
$
|
—
|
|
|
$
|
16,776
|
|
|
(1)
|
See "Fair Value Hedging" in Note 7 for details.
|
|
|
September 30, 2019
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Fair Value
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market mutual funds
|
|
$
|
2,486
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,486
|
|
Investments segregated and on deposit for regulatory purposes:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government debt securities
|
|
—
|
|
|
4,394
|
|
|
—
|
|
|
4,394
|
|
||||
U.S. government agency mortgage-backed securities
|
|
—
|
|
|
1,318
|
|
|
—
|
|
|
1,318
|
|
||||
Subtotal - Investments segregated and on deposit for regulatory purposes
|
|
—
|
|
|
5,712
|
|
|
—
|
|
|
5,712
|
|
||||
Securities owned:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government debt securities
|
|
—
|
|
|
524
|
|
|
—
|
|
|
524
|
|
||||
Other
|
|
2
|
|
|
6
|
|
|
—
|
|
|
8
|
|
||||
Subtotal - Securities owned
|
|
2
|
|
|
530
|
|
|
—
|
|
|
532
|
|
||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government debt securities
|
|
—
|
|
|
1,668
|
|
|
—
|
|
|
1,668
|
|
||||
Other assets:
|
|
|
|
|
|
|
|
|
||||||||
Pay-variable interest rate swaps(1)
|
|
—
|
|
|
71
|
|
|
—
|
|
|
71
|
|
||||
U.S. government debt securities
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Subtotal - Other assets
|
|
—
|
|
|
72
|
|
|
—
|
|
|
72
|
|
||||
Total assets at fair value
|
|
$
|
2,488
|
|
|
$
|
7,982
|
|
|
$
|
—
|
|
|
$
|
10,470
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable and other liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Pay-variable interest rate swaps(1)
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
(1)
|
See "Fair Value Hedging" in Note 7 for details.
|
|
|
June 30, 2020
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the
Condensed Consolidated
Balance Sheet
|
|
|
||||||||||||||
|
|
Gross Amounts
of Recognized
Assets and
Liabilities
|
|
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheet
|
|
Net Amounts
Presented in
the Condensed
Consolidated
Balance Sheet
|
|
Financial
Instruments(4)
|
|
Collateral
Received or
Pledged
(Including
Cash)(5)
|
|
Net
Amount(6)
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Receivable from brokers, dealers
and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits paid for
securities borrowed(1)
|
|
$
|
871
|
|
|
$
|
—
|
|
|
$
|
871
|
|
|
$
|
(60
|
)
|
|
$
|
(805
|
)
|
|
$
|
6
|
|
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pay-variable interest rate swaps
|
|
207
|
|
|
—
|
|
|
207
|
|
|
(207
|
)
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
1,078
|
|
|
$
|
—
|
|
|
$
|
1,078
|
|
|
$
|
(267
|
)
|
|
$
|
(805
|
)
|
|
$
|
6
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payable to brokers, dealers
and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits received for
securities loaned(2)(3)
|
|
$
|
3,279
|
|
|
$
|
—
|
|
|
$
|
3,279
|
|
|
$
|
(60
|
)
|
|
$
|
(2,795
|
)
|
|
$
|
424
|
|
|
|
September 30, 2019
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
Gross Amounts Not Offset in the
Condensed Consolidated
Balance Sheet
|
|
|
||||||||||||||
|
|
Gross Amounts
of Recognized
Assets and
Liabilities
|
|
Gross Amounts
Offset in the
Condensed
Consolidated
Balance Sheet
|
|
Net Amounts
Presented in
the Condensed
Consolidated
Balance Sheet
|
|
Financial
Instruments(4)
|
|
Collateral
Received or
Pledged
(Including
Cash)(5)
|
|
Net
Amount(6)
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments segregated and on
deposit for regulatory purposes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reverse repurchase agreements
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
(500
|
)
|
|
$
|
—
|
|
Receivable from brokers, dealers
and clearing organizations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits paid for
securities borrowed(1)
|
|
1,864
|
|
|
—
|
|
|
1,864
|
|
|
(38
|
)
|
|
(1,795
|
)
|
|
31
|
|
||||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pay-variable interest rate swaps
|
|
71
|
|
|
—
|
|
|
71
|
|
|
(71
|
)
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
2,435
|
|
|
$
|
—
|
|
|
$
|
2,435
|
|
|
$
|
(109
|
)
|
|
$
|
(2,295
|
)
|
|
$
|
31
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payable to brokers, dealers
and clearing organizations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits received for
securities loaned(2)(3)
|
|
$
|
3,189
|
|
|
$
|
—
|
|
|
$
|
3,189
|
|
|
$
|
(38
|
)
|
|
$
|
(2,821
|
)
|
|
$
|
330
|
|
Accounts payable and other liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pay-variable interest rate swaps
|
|
3
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
3,192
|
|
|
$
|
—
|
|
|
$
|
3,192
|
|
|
$
|
(41
|
)
|
|
$
|
(2,821
|
)
|
|
$
|
330
|
|
|
(1)
|
Included in the gross amounts of deposits paid for securities borrowed is $491 million and $723 million as of June 30, 2020 and September 30, 2019, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of cash to the Company. See "General Contingencies" in Note 9 for a discussion of the potential risks associated with securities borrowing transactions and how the Company mitigates those risks.
|
(2)
|
Included in the gross amounts of deposits received for securities loaned is $2.32 billion and $2.48 billion as of June 30, 2020 and September 30, 2019, respectively, transacted through a risk-sharing program with the OCC, which guarantees the return of securities to the Company. See "General Contingencies" in Note 9 for a discussion of the potential risks associated with securities lending transactions and how the Company mitigates those risks.
|
(3)
|
Substantially all of the Company's securities lending transactions have a continuous contractual term and, upon notice by either party, may be terminated within two business days. The following table summarizes the Company's gross liability for securities lending transactions by the class of securities loaned (dollars in millions):
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
Deposits received for securities loaned:
|
|
|
|
|
||||
Equity securities
|
|
$
|
2,720
|
|
|
$
|
2,629
|
|
Exchange-traded funds
|
|
378
|
|
|
285
|
|
||
Real estate investment trusts
|
|
98
|
|
|
181
|
|
||
Closed-end funds
|
|
76
|
|
|
86
|
|
||
Other
|
|
7
|
|
|
8
|
|
||
Total
|
|
$
|
3,279
|
|
|
$
|
3,189
|
|
(4)
|
Amounts represent recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff.
|
(5)
|
Represents the fair value of collateral the Company had received or pledged under enforceable master agreements, limited for table presentation purposes to the net amount of the recognized assets due from or liabilities due to each counterparty. At June 30, 2020 and September 30, 2019, the Company had received total collateral with a fair value of $1.07 billion and $2.43 billion, respectively, and pledged total collateral with a fair value of $2.84 billion and $2.86 billion, respectively.
|
(6)
|
Represents the amount for which, in the case of net recognized assets, the Company had not received collateral, and in the case of net recognized liabilities, the Company had not pledged collateral.
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
|
2020
|
|
2019
|
||||||||||||||||||||
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||||||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
17
|
|
|
$
|
(4
|
)
|
|
$
|
13
|
|
Cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment for portion of realized loss amortized to net income(1)
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
||||||
Other comprehensive income
|
|
$
|
5
|
|
|
$
|
(2
|
)
|
|
$
|
3
|
|
|
$
|
18
|
|
|
$
|
(5
|
)
|
|
$
|
13
|
|
|
|
Nine Months Ended June 30,
|
||||||||||||||||||||||
|
|
2020
|
|
2019
|
||||||||||||||||||||
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||||||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain
|
|
$
|
132
|
|
|
$
|
(32
|
)
|
|
$
|
100
|
|
|
$
|
42
|
|
|
$
|
(10
|
)
|
|
$
|
32
|
|
Cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment for portion of realized loss amortized to net income(1)
|
|
4
|
|
|
(1
|
)
|
|
3
|
|
|
3
|
|
|
(1
|
)
|
|
2
|
|
||||||
Other comprehensive income
|
|
$
|
136
|
|
|
$
|
(33
|
)
|
|
$
|
103
|
|
|
$
|
45
|
|
|
$
|
(11
|
)
|
|
$
|
34
|
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Investments available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
|
$
|
156
|
|
|
$
|
12
|
|
|
$
|
58
|
|
|
$
|
(7
|
)
|
Other comprehensive income before reclassifications
|
|
2
|
|
|
13
|
|
|
100
|
|
|
32
|
|
||||
Ending balance
|
|
$
|
158
|
|
|
$
|
25
|
|
|
$
|
158
|
|
|
$
|
25
|
|
Cash flow hedging instruments:
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
|
$
|
(15
|
)
|
|
$
|
(18
|
)
|
|
$
|
(17
|
)
|
|
$
|
(20
|
)
|
Amounts reclassified from accumulated other comprehensive loss
|
|
1
|
|
|
—
|
|
|
3
|
|
|
2
|
|
||||
Ending balance
|
|
$
|
(14
|
)
|
|
$
|
(18
|
)
|
|
$
|
(14
|
)
|
|
$
|
(18
|
)
|
Total accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
|
$
|
141
|
|
|
$
|
(6
|
)
|
|
$
|
41
|
|
|
$
|
(27
|
)
|
Current period change
|
|
3
|
|
|
13
|
|
|
103
|
|
|
34
|
|
||||
Ending balance
|
|
$
|
144
|
|
|
$
|
7
|
|
|
$
|
144
|
|
|
$
|
7
|
|
|
|
Three Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
Revenues:
|
|
|
|
|
||||
Asset-based revenues:
|
|
|
|
|
||||
Bank deposit account fees
|
|
$
|
391
|
|
|
$
|
421
|
|
Net interest revenue
|
|
303
|
|
|
383
|
|
||
Investment product fees
|
|
128
|
|
|
151
|
|
||
Total asset-based revenues
|
|
822
|
|
|
955
|
|
||
Transaction-based revenues:
|
|
|
|
|
||||
Order routing revenue
|
|
340
|
|
|
117
|
|
||
Commissions (1)
|
|
261
|
|
|
320
|
|
||
Other
|
|
51
|
|
|
40
|
|
||
Total transaction-based revenues
|
|
652
|
|
|
477
|
|
||
Other revenues
|
|
112
|
|
|
59
|
|
||
Net revenues
|
|
$
|
1,586
|
|
|
$
|
1,491
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
Revenues:
|
|
|
|
|
||||
Asset-based revenues:
|
|
|
|
|
||||
Bank deposit account fees
|
|
$
|
1,289
|
|
|
$
|
1,280
|
|
Net interest revenue
|
|
994
|
|
|
1,120
|
|
||
Investment product fees
|
|
418
|
|
|
431
|
|
||
Total asset-based revenues
|
|
2,701
|
|
|
2,831
|
|
||
Transaction-based revenues:
|
|
|
|
|
||||
Order routing revenue
|
|
695
|
|
|
365
|
|
||
Commissions(1)
|
|
599
|
|
|
1,010
|
|
||
Other
|
|
144
|
|
|
125
|
|
||
Total transaction-based revenues
|
|
1,438
|
|
|
1,500
|
|
||
Other revenues
|
|
219
|
|
|
126
|
|
||
Net revenues
|
|
$
|
4,358
|
|
|
$
|
4,457
|
|
|
|
|
Three Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
Investment product fees:
|
|
|
|
|
||||
Mutual fund service fees
|
|
$
|
71
|
|
|
$
|
73
|
|
Investment program fees
|
|
56
|
|
|
70
|
|
||
Other
|
|
1
|
|
|
8
|
|
||
Total investment product fees
|
|
$
|
128
|
|
|
$
|
151
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2020
|
|
2019
|
||||
Investment product fees:
|
|
|
|
|
||||
Mutual funds service fees
|
|
$
|
230
|
|
|
$
|
208
|
|
Investment program fees
|
|
184
|
|
|
199
|
|
||
Other
|
|
4
|
|
|
24
|
|
||
Total investment product fees
|
|
$
|
418
|
|
|
$
|
431
|
|
|
|
Contract Balances
|
||||||||||||||
|
|
Receivable from Clients
|
|
Receivable from Affiliates
|
|
Other Receivables
|
|
Total Receivables from
Contracts with Clients
|
||||||||
Opening balance, September 30, 2019
|
|
$
|
25
|
|
|
$
|
7
|
|
|
$
|
125
|
|
|
$
|
157
|
|
Closing balance, June 30, 2020
|
|
8
|
|
|
9
|
|
|
216
|
|
|
233
|
|
||||
Increase (decrease)
|
|
$
|
(17
|
)
|
|
$
|
2
|
|
|
$
|
91
|
|
|
$
|
76
|
|
|
|
|
|
Revenues from TD and its Affiliates
|
||||||||||||||
|
|
Condensed Consolidated
Statement of Income Classification
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
Description
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Insured Deposit Account Agreement
|
|
Bank deposit account fees
|
|
$
|
365
|
|
|
$
|
392
|
|
|
$
|
1,208
|
|
|
$
|
1,193
|
|
Order Routing Agreement
|
|
Other revenues
|
|
13
|
|
|
6
|
|
|
29
|
|
|
17
|
|
||||
Other
|
|
Various
|
|
3
|
|
|
2
|
|
|
9
|
|
|
19
|
|
||||
Total revenues
|
|
$
|
381
|
|
|
$
|
400
|
|
|
$
|
1,246
|
|
|
$
|
1,229
|
|
|
|
|
|
Expenses to TD and its Affiliates
|
||||||||||||||
|
|
Condensed Consolidated
Statement of Income Classification
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
Description
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||
Order Routing Agreement
|
|
Other expense
|
|
$
|
11
|
|
|
$
|
4
|
|
|
$
|
23
|
|
|
$
|
13
|
|
Other
|
|
Various
|
|
2
|
|
|
3
|
|
|
6
|
|
|
6
|
|
||||
Total expenses
|
|
$
|
13
|
|
|
$
|
7
|
|
|
$
|
29
|
|
|
$
|
19
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
Assets:
|
|
|
|
|
||||
Receivable from brokers, dealers and clearing organizations
|
|
$
|
342
|
|
|
$
|
—
|
|
Receivable from affiliates
|
|
105
|
|
|
112
|
|
||
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Payable to brokers, dealers and clearing organizations
|
|
$
|
33
|
|
|
$
|
44
|
|
Payable to affiliates
|
|
5
|
|
|
5
|
|
||
Accounts payable and other liabilities
|
|
2
|
|
|
2
|
|
|
|
Three months ended June 30,
|
|
Nine months ended June 30,
|
||||||||||||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||||
|
|
$
|
|
% of Net Revenues
|
|
$
|
|
% of Net Revenues
|
|
$
|
|
% of Net Revenues
|
|
$
|
|
% of Net Revenues
|
||||||||||||
Net income (GAAP)
|
|
$
|
569
|
|
|
35.9
|
%
|
|
$
|
555
|
|
|
37.2
|
%
|
|
$
|
1,393
|
|
|
32.0
|
%
|
|
$
|
1,658
|
|
|
37.2
|
%
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and amortization
|
|
43
|
|
|
2.7
|
%
|
|
38
|
|
|
2.5
|
%
|
|
127
|
|
|
2.9
|
%
|
|
109
|
|
|
2.4
|
%
|
||||
Amortization of acquired intangible assets
|
|
29
|
|
|
1.8
|
%
|
|
31
|
|
|
2.1
|
%
|
|
90
|
|
|
2.1
|
%
|
|
93
|
|
|
2.1
|
%
|
||||
Interest on borrowings
|
|
25
|
|
|
1.6
|
%
|
|
37
|
|
|
2.5
|
%
|
|
88
|
|
|
2.0
|
%
|
|
107
|
|
|
2.4
|
%
|
||||
Provision for income taxes
|
|
184
|
|
|
11.6
|
%
|
|
188
|
|
|
12.6
|
%
|
|
450
|
|
|
10.3
|
%
|
|
530
|
|
|
11.9
|
%
|
||||
EBITDA (non-GAAP)
|
|
$
|
850
|
|
|
53.6
|
%
|
|
$
|
849
|
|
|
56.9
|
%
|
|
$
|
2,148
|
|
|
49.3
|
%
|
|
$
|
2,497
|
|
|
56.0
|
%
|
|
|
Three months ended
June 30, |
|
Increase/
(Decrease)
|
|
Nine months ended
June 30, |
|
Increase/
(Decrease)
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||||
Average bank deposit account balances
|
|
$
|
152,448
|
|
|
$
|
110,333
|
|
|
$
|
42,115
|
|
|
$
|
131,492
|
|
|
$
|
113,135
|
|
|
$
|
18,357
|
|
Average interest-earning assets
|
|
45,427
|
|
|
32,605
|
|
|
12,822
|
|
|
39,354
|
|
|
31,217
|
|
|
8,137
|
|
||||||
Average spread-based balances
|
|
$
|
197,875
|
|
|
$
|
142,938
|
|
|
$
|
54,937
|
|
|
$
|
170,846
|
|
|
$
|
144,352
|
|
|
$
|
26,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Bank deposit account fee revenue
|
|
$
|
391
|
|
|
$
|
421
|
|
|
$
|
(30
|
)
|
|
$
|
1,289
|
|
|
$
|
1,280
|
|
|
$
|
9
|
|
Net interest revenue
|
|
303
|
|
|
383
|
|
|
(80
|
)
|
|
994
|
|
|
1,120
|
|
|
(126
|
)
|
||||||
Spread-based revenue
|
|
$
|
694
|
|
|
$
|
804
|
|
|
$
|
(110
|
)
|
|
$
|
2,283
|
|
|
$
|
2,400
|
|
|
$
|
(117
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avg. annualized yield—bank deposit account fees
|
|
1.01
|
%
|
|
1.51
|
%
|
|
(0.50
|
)%
|
|
1.29
|
%
|
|
1.49
|
%
|
|
(0.20
|
)%
|
||||||
Avg. annualized yield— interest-earning assets
|
|
2.65
|
%
|
|
4.65
|
%
|
|
(2.00
|
)%
|
|
3.32
|
%
|
|
4.73
|
%
|
|
(1.41
|
)%
|
||||||
Net interest margin (NIM)
|
|
1.39
|
%
|
|
2.23
|
%
|
|
(0.84
|
)%
|
|
1.76
|
%
|
|
2.19
|
%
|
|
(0.43
|
)%
|
|
|
Interest Revenue (Expense)
|
|
Increase/
(Decrease)
|
|
Interest Revenue (Expense)
|
|
Increase/
(Decrease)
|
||||||||||||||||
|
|
Three months ended
June 30, |
|
|
Nine months ended
June 30, |
|
||||||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||||
Segregated cash
|
|
$
|
12
|
|
|
$
|
34
|
|
|
$
|
(22
|
)
|
|
$
|
80
|
|
|
$
|
82
|
|
|
$
|
(2
|
)
|
Client margin balances
|
|
179
|
|
|
271
|
|
|
(92
|
)
|
|
623
|
|
|
816
|
|
|
(193
|
)
|
||||||
Securities lending/borrowing, net
|
|
100
|
|
|
54
|
|
|
46
|
|
|
243
|
|
|
158
|
|
|
85
|
|
||||||
Other cash and interest-earning investments
|
|
13
|
|
|
26
|
|
|
(13
|
)
|
|
56
|
|
|
71
|
|
|
(15
|
)
|
||||||
Client credit balances
|
|
(1
|
)
|
|
(2
|
)
|
|
1
|
|
|
(8
|
)
|
|
(7
|
)
|
|
(1
|
)
|
||||||
Net interest revenue
|
|
$
|
303
|
|
|
$
|
383
|
|
|
$
|
(80
|
)
|
|
$
|
994
|
|
|
$
|
1,120
|
|
|
$
|
(126
|
)
|
|
|
Average Balance
|
|
%
Change |
|
Average Balance
|
|
%
Change
|
||||||||||||||
|
|
Three months ended
June 30, |
|
|
Nine months ended
June 30, |
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||
Segregated cash
|
|
$
|
19,209
|
|
|
$
|
5,728
|
|
|
235
|
%
|
|
$
|
12,337
|
|
|
$
|
4,800
|
|
|
157
|
%
|
Client margin balances
|
|
18,335
|
|
|
20,639
|
|
|
(11
|
)%
|
|
19,711
|
|
|
20,749
|
|
|
(5
|
)%
|
||||
Securities borrowing
|
|
931
|
|
|
1,249
|
|
|
(25
|
)%
|
|
1,129
|
|
|
924
|
|
|
22
|
%
|
||||
Other cash and interest-earning investments
|
|
6,952
|
|
|
4,989
|
|
|
39
|
%
|
|
6,177
|
|
|
4,744
|
|
|
30
|
%
|
||||
Interest-earning assets
|
|
$
|
45,427
|
|
|
$
|
32,605
|
|
|
39
|
%
|
|
$
|
39,354
|
|
|
$
|
31,217
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Client credit balances
|
|
$
|
30,979
|
|
|
$
|
18,979
|
|
|
63
|
%
|
|
$
|
25,195
|
|
|
$
|
19,167
|
|
|
31
|
%
|
Securities lending
|
|
2,291
|
|
|
3,015
|
|
|
(24
|
)%
|
|
2,487
|
|
|
2,669
|
|
|
(7
|
)%
|
||||
Interest-bearing liabilities
|
|
$
|
33,270
|
|
|
$
|
21,994
|
|
|
51
|
%
|
|
$
|
27,682
|
|
|
$
|
21,836
|
|
|
27
|
%
|
|
|
Three months ended
June 30, |
|
Increase / (Decrease)
|
|
Nine months ended
June 30, |
|
Increase / (Decrease)
|
||||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||||
Average fee-based investment balances
|
|
$
|
164,800
|
|
|
$
|
290,607
|
|
|
$
|
(125,807
|
)
|
|
$
|
173,711
|
|
|
$
|
275,945
|
|
|
$
|
(102,234
|
)
|
Average annualized yield—investment product fees
|
|
0.31
|
%
|
|
0.21
|
%
|
|
0.10
|
%
|
|
0.32
|
%
|
|
0.21
|
%
|
|
0.11
|
%
|
||||||
Investment product fee revenue
|
|
$
|
128
|
|
|
$
|
151
|
|
|
$
|
(23
|
)
|
|
$
|
418
|
|
|
$
|
431
|
|
|
$
|
(13
|
)
|
|
|
Three months ended
June 30, |
|
%
Change |
|
Nine months ended
June 30, |
|
%
Change
|
||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||
Total trades (in millions)
|
|
213.95
|
|
|
51.95
|
|
|
312
|
%
|
|
409.04
|
|
|
161.96
|
|
|
153
|
%
|
||||
Average client trades per day
|
|
3,395,970
|
|
|
824,600
|
|
|
312
|
%
|
|
2,175,729
|
|
|
870,744
|
|
|
150
|
%
|
||||
Trading days
|
|
63.0
|
|
|
63.0
|
|
|
0
|
%
|
|
188.0
|
|
|
186.0
|
|
|
1
|
%
|
||||
Average commissions per trade
|
|
$
|
1.46
|
|
|
$
|
6.92
|
|
|
(79
|
)%
|
|
$
|
1.82
|
|
|
$
|
7.01
|
|
|
(74
|
)%
|
Order routing revenue (in millions)
|
|
$
|
340
|
|
|
$
|
117
|
|
|
191
|
%
|
|
$
|
695
|
|
|
$
|
365
|
|
|
90
|
%
|
|
|
Three months ended
June 30, |
|
%
Change |
|
Nine months ended
June 30, |
|
%
Change
|
||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||
Funded accounts (beginning of period)
|
|
12,671,000
|
|
|
11,763,000
|
|
|
8
|
%
|
|
11,971,000
|
|
|
11,514,000
|
|
|
4
|
%
|
||||
Funded accounts (end of period)
|
|
13,292,000
|
|
|
11,876,000
|
|
|
12
|
%
|
|
13,292,000
|
|
|
11,876,000
|
|
|
12
|
%
|
||||
Percentage change during period
|
|
5
|
%
|
|
1
|
%
|
|
|
|
11
|
%
|
|
3
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Client assets (beginning of period, in billions)
|
|
$
|
1,231.8
|
|
|
$
|
1,297.1
|
|
|
(5
|
)%
|
|
$
|
1,327.7
|
|
|
$
|
1,297.5
|
|
|
2
|
%
|
Client assets (end of period, in billions)
|
|
$
|
1,461.0
|
|
|
$
|
1,306.6
|
|
|
12
|
%
|
|
$
|
1,461.0
|
|
|
$
|
1,306.6
|
|
|
12
|
%
|
Percentage change during period
|
|
19
|
%
|
|
1
|
%
|
|
|
|
10
|
%
|
|
1
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new assets (in billions)
|
|
$
|
32.8
|
|
|
$
|
19.5
|
|
|
68
|
%
|
|
$
|
106.9
|
|
|
$
|
71.0
|
|
|
51
|
%
|
Net new assets annualized growth rate
|
|
11
|
%
|
|
6
|
%
|
|
|
|
11
|
%
|
|
7
|
%
|
|
|
|
|
Three months ended
June 30, |
|
%
Change |
|
Nine months ended June 30,
|
|
%
Change
|
||||||||||||||
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset-based revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank deposit account fees
|
|
$
|
391
|
|
|
$
|
421
|
|
|
(7
|
)%
|
|
$
|
1,289
|
|
|
$
|
1,280
|
|
|
1
|
%
|
Net interest revenue
|
|
303
|
|
|
383
|
|
|
(21
|
)%
|
|
994
|
|
|
1,120
|
|
|
(11
|
)%
|
||||
Investment product fees
|
|
128
|
|
|
151
|
|
|
(15
|
)%
|
|
418
|
|
|
431
|
|
|
(3
|
)%
|
||||
Total asset-based revenues
|
|
822
|
|
|
955
|
|
|
(14
|
)%
|
|
2,701
|
|
|
2,831
|
|
|
(5
|
)%
|
||||
Transaction-based revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Transaction fees and commissions
|
|
652
|
|
|
477
|
|
|
37
|
%
|
|
1,438
|
|
|
1,500
|
|
|
(4
|
)%
|
||||
Other revenues
|
|
112
|
|
|
59
|
|
|
90
|
%
|
|
219
|
|
|
126
|
|
|
74
|
%
|
||||
Net revenues
|
|
1,586
|
|
|
1,491
|
|
|
6
|
%
|
|
4,358
|
|
|
4,457
|
|
|
(2
|
)%
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation and benefits
|
|
366
|
|
|
325
|
|
|
13
|
%
|
|
1,073
|
|
|
982
|
|
|
9
|
%
|
||||
Clearing and execution costs
|
|
88
|
|
|
59
|
|
|
49
|
%
|
|
212
|
|
|
161
|
|
|
32
|
%
|
||||
Communications
|
|
38
|
|
|
39
|
|
|
(3
|
)%
|
|
114
|
|
|
119
|
|
|
(4
|
)%
|
||||
Occupancy and equipment costs
|
|
64
|
|
|
67
|
|
|
(4
|
)%
|
|
195
|
|
|
199
|
|
|
(2
|
)%
|
||||
Depreciation and amortization
|
|
43
|
|
|
38
|
|
|
13
|
%
|
|
127
|
|
|
109
|
|
|
17
|
%
|
||||
Amortization of acquired intangible assets
|
|
29
|
|
|
31
|
|
|
(6
|
)%
|
|
90
|
|
|
93
|
|
|
(3
|
)%
|
||||
Professional services
|
|
86
|
|
|
71
|
|
|
21
|
%
|
|
253
|
|
|
218
|
|
|
16
|
%
|
||||
Advertising
|
|
59
|
|
|
80
|
|
|
(26
|
)%
|
|
227
|
|
|
213
|
|
|
7
|
%
|
||||
Other
|
|
35
|
|
|
61
|
|
|
(43
|
)%
|
|
137
|
|
|
142
|
|
|
(4
|
)%
|
||||
Total operating expenses
|
|
808
|
|
|
771
|
|
|
5
|
%
|
|
2,428
|
|
|
2,236
|
|
|
9
|
%
|
||||
Operating income
|
|
778
|
|
|
720
|
|
|
8
|
%
|
|
1,930
|
|
|
2,221
|
|
|
(13
|
)%
|
||||
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on borrowings
|
|
25
|
|
|
37
|
|
|
(32
|
)%
|
|
88
|
|
|
107
|
|
|
(18
|
)%
|
||||
Gain on business-related divestiture
|
|
—
|
|
|
(60
|
)
|
|
(100
|
)%
|
|
—
|
|
|
(60
|
)
|
|
(100
|
)%
|
||||
Other income, net
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
(1
|
)
|
|
(14
|
)
|
|
(93
|
)%
|
||||
Total other expense (income), net
|
|
25
|
|
|
(23
|
)
|
|
N/A
|
|
|
87
|
|
|
33
|
|
|
164
|
%
|
||||
Pre-tax income
|
|
753
|
|
|
743
|
|
|
1
|
%
|
|
1,843
|
|
|
2,188
|
|
|
(16
|
)%
|
||||
Provision for income taxes
|
|
184
|
|
|
188
|
|
|
(2
|
)%
|
|
450
|
|
|
530
|
|
|
(15
|
)%
|
||||
Net income
|
|
$
|
569
|
|
|
$
|
555
|
|
|
3
|
%
|
|
$
|
1,393
|
|
|
$
|
1,658
|
|
|
(16
|
)%
|
Other information:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Effective income tax rate
|
|
24.4
|
%
|
|
25.3
|
%
|
|
|
|
24.4
|
%
|
|
24.2
|
%
|
|
|
||||||
Average debt outstanding
|
|
$
|
4,316
|
|
|
$
|
3,584
|
|
|
20
|
%
|
|
$
|
3,906
|
|
|
$
|
3,471
|
|
|
13
|
%
|
Effective interest rate incurred on borrowings
|
|
2.26
|
%
|
|
4.08
|
%
|
|
|
|
2.95
|
%
|
|
4.07
|
%
|
|
|
|
|
Net Capital
|
|
Early Warning
Threshold
|
|
Net Capital in
Excess of
Early Warning
Threshold
|
||||||
TD Ameritrade Clearing, Inc.
|
|
$
|
3,383
|
|
|
$
|
1,281
|
|
|
$
|
2,102
|
|
TD Ameritrade, Inc.
|
|
$
|
355
|
|
|
$
|
0.3
|
|
|
$
|
354
|
|
|
|
Adjusted Net Capital
|
|
Early Warning
Threshold
|
|
Adjusted Net
Capital in
Excess of
Early Warning
Threshold
|
||||||
TD Ameritrade Futures & Forex LLC
|
|
$
|
175
|
|
|
$
|
25
|
|
|
$
|
150
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
TD Ameritrade Clearing, Inc.
|
|
$
|
991
|
|
|
$
|
703
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
TD Ameritrade Clearing, Inc.
|
|
$
|
35.6
|
|
|
$
|
26.8
|
|
|
|
June 30,
2020 |
|
September 30,
2019 |
||||
TD Ameritrade Clearing, Inc.
|
|
$
|
18.0
|
|
|
$
|
8.4
|
|
|
|
June 30,
|
|
Sept. 30,
|
|
|
||||||
|
|
2020
|
|
2019
|
|
Change
|
||||||
Cash and cash equivalents (GAAP)
|
|
$
|
2,577
|
|
|
$
|
2,852
|
|
|
$
|
(275
|
)
|
Less: Non-corporate cash and cash equivalents
|
|
(1,857
|
)
|
|
(2,478
|
)
|
|
621
|
|
|||
Corporate cash and cash equivalents
|
|
720
|
|
|
374
|
|
|
346
|
|
|||
Corporate investments
|
|
1,798
|
|
|
1,668
|
|
|
130
|
|
|||
Excess regulatory net capital over management targets
|
|
1,053
|
|
|
859
|
|
|
194
|
|
|||
Liquid assets (non-GAAP)
|
|
$
|
3,571
|
|
|
$
|
2,901
|
|
|
$
|
670
|
|
Liquid assets as of September 30, 2019
|
|
$
|
2,901
|
|
Plus: EBITDA(1)
|
|
2,148
|
|
|
Net change in cash collateral received from interest rate swap counterparties
|
|
128
|
|
|
Less: Payment of cash dividends
|
|
(503
|
)
|
|
Other changes in working capital and regulatory net capital
|
|
(487
|
)
|
|
Purchase of property and equipment
|
|
(187
|
)
|
|
Income taxes paid
|
|
(164
|
)
|
|
Purchase of treasury stock
|
|
(143
|
)
|
|
Interest paid
|
|
(101
|
)
|
|
Purchase of treasury stock for income tax withholding on stock-based compensation
|
|
(21
|
)
|
|
Liquid assets as of June 30, 2020
|
|
$
|
3,571
|
|
|
(1)
|
See "Financial Performance Metrics" earlier in this section for a description of EBITDA.
|
Description
|
|
Date Issued
|
|
Maturity Date
|
|
Aggregate Principal
|
|
Interest Rate
|
2021 Notes
|
|
October 30, 2018
|
|
November 1, 2021
|
|
$600
|
|
Variable
|
2022 Notes
|
|
March 4, 2015
|
|
April 1, 2022
|
|
$750
|
|
2.950%
|
2024 Notes
|
|
October 30, 2018
|
|
April 1, 2024
|
|
$400
|
|
3.750%
|
2025 Notes
|
|
October 17, 2014
|
|
April 1, 2025
|
|
$500
|
|
3.625%
|
2027 Notes
|
|
April 27, 2017
|
|
April 1, 2027
|
|
$800
|
|
3.300%
|
2029 Notes
|
|
August 13, 2019
|
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October 1, 2029
|
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$500
|
|
2.750%
|
Borrower Subsidiary
|
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Committed Facility
|
|
Uncommitted Facility(1)
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Termination Date
|
TD Ameritrade Clearing, Inc.
|
|
$1,500
|
|
$300
|
|
March 1, 2022
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TD Ameritrade, Inc.
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N/A
|
|
$300
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|
March 1, 2022
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TD Ameritrade Futures & Forex LLC
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$45
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N/A
|
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August 11, 2021
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(1)
|
The Parent is permitted, but under no obligation, to make loans under uncommitted facilities.
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•
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speculation in the investment community or the press about, or actual changes in, our competitive position, organizational structure, executive team, operations, financial condition, financial reporting and results, effectiveness of cost reduction initiatives, or strategic transactions;
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•
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the announcement of new products, services, acquisitions, or dispositions by us or our competitors;
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•
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the pricing structure for products and services offered to customers by us or our competitors;
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•
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our exposure to changes in U.S. monetary policy and its effect on global financial markets and prevailing interest rates;
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•
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sales of a substantial number of shares of our common stock by (i) TD or (ii) J. Joe Ricketts, our founder, and certain members of his family and trusts held for their benefit, who currently have registration rights covering approximately 234 million shares and 52 million shares, respectively, of our common stock; and
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•
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increases or decreases in revenue or earnings, changes in earnings estimates by the investment community, changes in the interest rate environment or in market expectations regarding the interest rate environment and variations between estimated financial results and actual financial results.
|
•
|
Schwab's ability to successfully combine the businesses of Schwab and the Company; and
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•
|
whether the combined business will perform as expected.
|
•
|
combining certain of the companies' operations and corporate functions;
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•
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integrating the companies' technologies;
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•
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integrating and unifying the product offerings and services available to customers;
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•
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identifying and eliminating redundant and underperforming functions and assets;
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•
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harmonizing the companies' operating practices, employee development and compensation programs, internal controls and other policies, procedures and processes;
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•
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maintaining existing agreements with commercial counterparties and avoiding delays in entering into new agreements with prospective commercial counterparties;
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•
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addressing possible differences in business backgrounds, corporate cultures and management philosophies;
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•
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consolidating the companies' administrative and information technology infrastructure; and
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•
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coordinating distribution and marketing efforts.
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•
|
we may experience negative reactions from the financial markets, including negative impacts on its stock price;
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•
|
we may experience negative reactions from its customers, regulators and employees;
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•
|
we will be required to pay certain costs relating to the Merger, whether or not the Merger is completed;
|
•
|
the Merger Agreement places certain restrictions on the conduct of our business prior to completion of the Merger. Such restrictions, the waiver of which is subject to the consent of Schwab (in certain cases, not to be unreasonably withheld, conditioned or delayed), may prevent us from making certain acquisitions, taking certain other specified actions or otherwise pursuing business opportunities during the pendency of the Merger; and
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•
|
matters relating to the Merger (including integration planning) will require substantial commitments of time and resources by our management, which would otherwise have been devoted to day-to-day operations and other opportunities that may have been beneficial to us as an independent company.
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2.1^
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101.SCH
|
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XBRL Taxonomy Extension Schema
|
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101.CAL
|
|
XBRL Taxonomy Extension Calculation
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101.LAB
|
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XBRL Taxonomy Extension Label
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101.PRE
|
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XBRL Taxonomy Extension Presentation
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101.DEF
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XBRL Taxonomy Extension Definition
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^
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The schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the Securities and Exchange Commission a copy of such schedules and exhibits, or any section thereof, upon request.
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TD Ameritrade Holding Corporation
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(Registrant)
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By:
|
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/s/ STEPHEN J. BOYLE
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Stephen J. Boyle
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Interim President and Chief Executive Officer
|
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|
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(Principal Executive Officer)
|
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By:
|
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/s/ JON C. PETERSON
|
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Jon C. Peterson
|
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|
|
Interim Chief Financial Officer
|
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(Principal Financial and Accounting Officer)
|
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