v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 310 $ (109)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income taxes 8 (3)
Depreciation and amortization 6 5
Employee stock plan compensation 12 13
Unrealized losses on other investments, net 4 (11)
Bad debt expense   139
Change in operating assets and liabilities:    
Cash and securities - segregated for regulatory purposes (2,199) (1,307)
Increase decrease in securities borrowed (87) 735
Securities purchased under agreements to resell (610) 219
Financial instruments owned, at fair value (260) 461
Receivables from customers 1,828 (525)
Other receivables (22) 99
Other assets (3) 10
Increase decrease in securities loaned (493) (94)
Financial instruments sold but not yet purchased, at fair value 353 (322)
Payable to customers 1,306 429
Other payables (31) 41
Net cash provided by (used in) operating activities 122 (220)
Cash flows from investing activities:    
Purchases of other investments (6) (14)
Distributions received and proceeds from sales of other investments 36 16
Purchase of property and equipment (7) (6)
Net cash (used in) provided by investing activities 23 (4)
Cash flows from financing activities:    
Short-term borrowings, net 4 (4)
Dividends paid to stockholders (7) (6)
Distributions to noncontrolling interests (35) (35)
Net cash used in financing activities (38) (45)
Effect of exchange rate changes on cash and cash equivalents 39 (10)
Net increase (decrease) in cash and cash equivalents 146 (279)
Cash and cash equivalents at beginning of period 1,601 1,269
Cash and cash equivalents at end of period 1,747 990
Supplemental disclosures of cash flow information:    
Cash paid for interest 18 18
Cash paid for taxes $ 5 $ 10