Company Quick10K Filing
Quick10K
TD Ameritrade Holding
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$53.40 553 $29,550
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-07-22 Earnings, Officers, Exhibits
8-K 2019-05-15 Enter Agreement, Leave Agreement, Off-BS Arrangement, Officers, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-19 Shareholder Vote
8-K 2019-01-22 Earnings, Exhibits
8-K 2018-11-21 Officers
8-K 2018-10-30 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-10-22 Earnings, Exhibits
8-K 2018-07-23 Earnings, Exhibits
8-K 2018-05-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-04-23 Earnings, Exhibits
8-K 2018-02-23 Shareholder Vote
8-K 2018-02-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-22 Earnings, Exhibits
NRZ New Residential Investment 6,920
AXTA Axalta Coating Systems 6,090
INT World Fuel Services 1,990
OLBK Old Line Bancshares 437
PCMI PCM 354
CFMS Conformis 231
KODK Eastman Kodak 106
USCI United States Commodity Index Funds Trust 0
MOZO M101 0
PVA Penn Virginia 0
AMTD 2019-06-30
Part I - Financial Information
Item 1. - Financial Statements
Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. - Quantitative and Qualitative Disclosures About Market Risk
Item 4. - Controls and Procedures
Part II - Other Information
Item 1. - Legal Proceedings
Item 1A. - Risk Factors
Item 2. - Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
Item 6. - Exhibits
EX-15.1 amtd20190630ex151.htm
EX-31.1 amtd20190630ex311.htm
EX-31.2 amtd20190630ex312.htm
EX-32.1 amtd20190630ex321.htm

TD Ameritrade Holding Earnings 2019-06-30

AMTD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2019
OR
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from
 
 to
 
Commission file number: 1-35509
 
TD Ameritrade Holding Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
82-0543156
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
200 South 108th Avenue, Omaha, Nebraska, 68154
(Address of principal executive offices) (Zip Code)
(800) 669-3900
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock – $0.01 par value
 
AMTD
 
The Nasdaq Stock Market LLC
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
As of July 24, 2019, there were 548,523,530 outstanding shares of the registrant's common stock.
 

1

Table of Contents

TD AMERITRADE HOLDING CORPORATION
INDEX
 
 
 
Page No.
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 
 


2

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1. – Financial Statements
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of TD Ameritrade Holding Corporation
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of TD Ameritrade Holding Corporation and subsidiaries (the Company) as of June 30, 2019, the related condensed consolidated statements of income, comprehensive income and stockholders' equity for the three-month and nine-month periods ended June 30, 2019 and 2018, the condensed consolidated statements of cash flows for the nine-month periods ended June 30, 2019 and 2018, and the related notes (collectively referred to as the "condensed consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of September 30, 2018, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated November 16, 2018, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of September 30, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ ERNST & YOUNG LLP
New York, New York
August 1, 2019


3

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
June 30,
2019
 
September 30,
2018
 
 
(In millions)
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
2,953

 
$
2,690

Cash and investments segregated and on deposit for regulatory purposes
 
7,124

 
3,185

Receivable from brokers, dealers and clearing organizations
 
1,780

 
1,374

Receivable from clients, net
 
20,847

 
22,616

Receivable from affiliates
 
127

 
151

Other receivables, net
 
260

 
304

Securities owned, at fair value
 
318

 
156

Investments available-for-sale, at fair value
 
1,129

 
484

Property and equipment at cost, net
 
833

 
792

Goodwill
 
4,227

 
4,227

Acquired intangible assets, net
 
1,236

 
1,329

Other assets
 
285

 
212

Total assets
 
$
41,119

 
$
37,520

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Payable to brokers, dealers and clearing organizations
 
$
3,210

 
$
2,980

Payable to clients
 
24,588

 
22,884

Accounts payable and other liabilities
 
1,032

 
896

Payable to affiliates
 
3

 
45

Other borrowings
 

 
96

Long-term debt
 
3,574

 
2,439

Deferred income taxes
 
219

 
177

Total liabilities
 
32,626

 
29,517

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, 2019 – 550 million shares outstanding; September 30, 2018 – 563 million shares outstanding
 
7

 
7

Additional paid-in capital
 
3,355

 
3,379

Retained earnings
 
8,194

 
7,011

Treasury stock, common, at cost: June 30, 2019 – 120 million shares;
   September 30, 2018 – 107 million shares
 
(3,074
)
 
(2,371
)
Deferred compensation
 
4

 
4

Accumulated other comprehensive income (loss)
 
7

 
(27
)
Total stockholders' equity
 
8,493

 
8,003

Total liabilities and stockholders' equity
 
$
41,119

 
$
37,520

See notes to condensed consolidated financial statements.


4

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In millions, except per share amounts)
Revenues:
 
 
 
 
 
 
 
 
Transaction-based revenues:
 
 
 
 
 
 
 
 
Commissions and transaction fees
 
$
477

 
$
490

 
$
1,500

 
$
1,487

Asset-based revenues:
 
 
 
 
 
 
 
 
Bank deposit account fees
 
421

 
387

 
1,280

 
1,149

Net interest revenue
 
383

 
332

 
1,120

 
916

Investment product fees
 
151

 
140

 
431

 
414

Total asset-based revenues
 
955

 
859

 
2,831

 
2,479

Other revenues
 
59

 
33

 
126

 
88

Net revenues
 
1,491

 
1,382

 
4,457

 
4,054

Operating expenses:
 
 
 
 
 
 
 
 
Employee compensation and benefits
 
325

 
352

 
982

 
1,228

Clearing and execution costs
 
59

 
46

 
161

 
149

Communications
 
39

 
42

 
119

 
141

Occupancy and equipment costs
 
67

 
67

 
199

 
226

Depreciation and amortization
 
38

 
37

 
109

 
106

Amortization of acquired intangible assets
 
31

 
32

 
93

 
107

Professional services
 
71

 
70

 
218

 
230

Advertising
 
80

 
63

 
213

 
218

Other
 
61

 
42

 
142

 
286

Total operating expenses
 
771

 
751

 
2,236

 
2,691

Operating income
 
720

 
631

 
2,221

 
1,363

Other expense (income):
 
 
 
 
 
 
 
 
Interest on borrowings
 
37

 
28

 
107

 
72

Gain on business-related divestiture
 
(60
)
 

 
(60
)
 

Loss on sale of investments
 

 

 

 
11

Other
 

 

 
(14
)
 
2

Total other expense (income)
 
(23
)
 
28

 
33

 
85

Pre-tax income
 
743

 
603

 
2,188

 
1,278

Provision for income taxes
 
188

 
152

 
530

 
259

Net income
 
$
555

 
$
451

 
$
1,658

 
$
1,019

Earnings per share — basic
 
$
1.01

 
$
0.79

 
$
2.97

 
$
1.80

Earnings per share — diluted
 
$
1.00

 
$
0.79

 
$
2.96

 
$
1.79

Weighted average shares outstanding — basic
 
552

 
568

 
558

 
567

Weighted average shares outstanding — diluted
 
554

 
570

 
560

 
570

See notes to condensed consolidated financial statements.

5

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
Three Months Ended
June 30,
 
Nine Months Ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In millions)
Net income
 
$
555

 
$
451

 
$
1,658

 
$
1,019

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
Investments available-for-sale:
 
 
 
 
 
 
 
 
Unrealized gain (loss)
 
17

 
(2
)
 
42

 
(8
)
Reclassification adjustment for realized loss included in net income
 

 

 

 
11

Net change in investments available-for-sale
 
17

 
(2
)
 
42

 
3

Cash flow hedging instruments:
 
 
 
 
 
 
 
 
Reclassification adjustment for portion of realized loss amortized to net income
 
1

 
1

 
3

 
3

Total other comprehensive income (loss), before tax
 
18

 
(1
)
 
45

 
6

Income tax effect
 
(5
)
 

 
(11
)
 
(3
)
Total other comprehensive income (loss), net of tax
 
13

 
(1
)
 
34

 
3

Comprehensive income
 
$
568

 
$
450

 
$
1,692

 
$
1,022

See notes to condensed consolidated financial statements.


6

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
 
 
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

 
 
Three Months Ended June 30, 2018
 
 
Total Common
Shares Outstanding
 
Total Stockholders' Equity
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Stock
 
Deferred Compensation
 
Accumulated Other
Comprehensive Loss
 
 
(In Millions)
Balance, March 31, 2018
 
567

 
$
7,595

 
$
7

 
$
3,387

 
$
6,341

 
$
(2,120
)
 
$
1

 
$
(21
)
Net income
 

 
451

 

 

 
451

 

 

 

Other comprehensive loss, net of tax
 

 
(1
)
 

 

 

 

 

 
(1
)
Common stock dividends ($0.21 per share)
 

 
(119
)
 

 

 
(119
)
 

 

 

Repurchases of common stock for income tax withholding on stock-based compensation
 

 
(3
)
 

 

 

 
(3
)
 

 

Common stock issued for stock-based compensation, including tax effects
 
1

 

 

 
(5
)
 

 
5

 

 

Stock-based compensation
 

 
13

 

 
13

 

 

 

 

Balance, June 30, 2018
 
568

 
$
7,936

 
$
7

 
$
3,395

 
$
6,673

 
$
(2,118
)
 
$
1

 
$
(22
)
See notes to condensed consolidated financial statements.










7

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY – (Continued)
(Unaudited)
 
 
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
)
 

 

 

Repurchases 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 (Note 16)
 

 
28

 

 

 
28

 

 

 

Balance, June 30, 2019
 
550

 
$
8,493

 
$
7

 
$
3,355

 
$
8,194

 
$
(3,074
)
 
$
4

 
$
7

 
 
Nine Months Ended June 30, 2018
 
 
Total
Common Shares Outstanding
 
Total Stockholders' Equity
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Stock
 
Deferred Compensation
 
Accumulated Other
Comprehensive Loss
 
 
(In Millions)
Balance, September 30, 2017
 
567

 
$
7,247

 
$
7

 
$
3,369

 
$
6,011

 
$
(2,116
)
 
$
1

 
$
(25
)
Net income
 

 
1,019

 

 

 
1,019

 

 

 

Other comprehensive income, net of tax
 

 
3

 

 

 

 

 

 
3

Common stock dividends ($0.63 per share)
 

 
(357
)
 

 

 
(357
)
 

 

 

Repurchases of common stock for income tax withholding on stock-based compensation
 

 
(16
)
 

 

 

 
(16
)
 

 

Common stock issued for stock-based compensation, including tax effects
 
1

 

 

 
(14
)
 

 
14

 

 

Deferred compensation
 

 
1

 

 
1

 

 

 

 

Stock-based compensation
 

 
39

 

 
39

 

 

 

 

Balance, June 30, 2018
 
568

 
$
7,936

 
$
7

 
$
3,395

 
$
6,673

 
$
(2,118
)
 
$
1

 
$
(22
)
See notes to condensed consolidated financial statements.



8

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 
 
Nine Months Ended June 30,
 
 
2019
 
2018
 
 
(In millions)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
1,658

 
$
1,019

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation and amortization
 
109

 
106

Amortization of acquired intangible assets
 
93

 
107

Deferred income taxes
 
26

 
(38
)
Gain on business-related divestiture
 
(60
)
 

Loss on sale of investments
 

 
11

Stock-based compensation
 
32

 
39

Provision for doubtful accounts on client and other receivables
 
12

 
67

Other, net
 
15

 
10

Changes in operating assets and liabilities:
 
 
 
 
Investments segregated and on deposit for regulatory purposes
 
535

 
750

Receivable from brokers, dealers and clearing organizations
 
(406
)
 
(238
)
Receivable from clients, net
 
1,758

 
(5,224
)
Receivable from/payable to affiliates, net
 
(18
)
 
(98
)
Other receivables, net
 
43

 
(91
)
Securities owned, at fair value
 
(162
)
 
308

Other assets
 
(19
)
 
(28
)
Payable to brokers, dealers and clearing organizations
 
230

 
1,012

Payable to clients
 
1,704

 
(2,553
)
Accounts payable and other liabilities
 
223

 
(159
)
Net cash provided by (used in) operating activities
 
5,773

 
(5,000
)
Cash flows from investing activities:
 
 
 
 
Purchase of property and equipment
 
(151
)
 
(166
)
Proceeds from sale of property and equipment
 

 
12

Cash received from business-related divestiture
 
62

 

Cash paid in business acquisition
 

 
(4
)
Purchase of investments available-for-sale, at fair value
 
(899
)
 
(392
)
Proceeds from sale of investments available-for-sale, at fair value
 
299

 
643

Purchase of short-term investments
 
(1
)
 
(1
)
Proceeds from sale and maturity of short-term investments
 
1

 
66

Other, net
 
20

 

Net cash provided by (used in) investing activities
 
(669
)
 
158

Cash flows from financing activities:
 
 
 
 
Proceeds from issuance of long-term debt
 
999

 

Payment of debt issuance costs
 
(8
)
 
(3
)
Net payments on securities sold under agreements to repurchase
 
(96
)
 

Proceeds from senior revolving credit facilities
 
1,700

 
2,900

Principal payments on senior revolving credit facilities
 
(1,700
)
 
(2,900
)
Payment of cash dividends
 
(503
)
 
(357
)
Purchase of treasury stock
 
(673
)
 

Purchase of treasury stock for income tax withholding on stock-based compensation
 
(12
)
 
(16
)
Payment for future treasury stock purchases under accelerated stock repurchase agreement
 
(74
)
 

Other
 

 
2

Net cash used in financing activities
 
(367
)
 
(374
)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
 
4,737

 
(5,216
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
 
4,548

 
9,760

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
 
$
9,285

 
$
4,544

Supplemental cash flow information:
 
 
 
 
Interest paid
 
$
112

 
$
88

Income taxes paid
 
$
226

 
$
278

 
See notes to condensed consolidated financial statements.

9

Table of Contents

TD AMERITRADE HOLDING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three Month and Nine Month Periods Ended June 30, 2019 and 2018
(Unaudited)
1. Basis of Presentation
The condensed consolidated financial statements include the accounts of TD Ameritrade Holding Corporation (the "Parent") and its wholly-owned subsidiaries (collectively, the "Company"). Intercompany balances and transactions have been eliminated. On June 28, 2019, pursuant to an Asset Purchase Agreement, TD Ameritrade Trust Company ("TDATC"), an indirect wholly-owned subsidiary of the Company, sold its retirement plan custody and trust assets. The sale of the retirement plan custody and trust assets resulted in a $60 million gain, which is included in gain on business-related divestiture on the Condensed Consolidated Statements of Income.
These financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and, in the opinion of management, reflect all adjustments, which are all of a normal recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles ("GAAP"). These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report filed on Form 10-K for the fiscal year ended September 30, 2018.
Recently Adopted Accounting Pronouncements
ASU 2016-18 — On October 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2016-18, Restricted Cash, using a retrospective transition method to each period presented. This ASU amends the guidance in Accounting Standards Codification ("ASC") Topic 230, Statement of Cash Flows, and is intended to reduce the diversity in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments within this ASU require that the reconciliation of the beginning-of-period and end-of-period cash and cash equivalents amounts shown on the statement of cash flows include restricted cash and restricted cash equivalents. If restricted cash and restricted cash equivalents are presented separately from cash and cash equivalents on the balance sheet, an entity is required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. An entity is also required to disclose information regarding the nature of the restrictions. Under the retrospective transition method, the Company recorded a decrease of $5.1 billion in cash flows from operating activities for the nine months ended June 30, 2018 to reflect the reclassification of changes in restricted cash and restricted cash equivalents amounts from the operating section to the beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents amounts within the Condensed Consolidated Statements of Cash Flows. See Note 2 for additional information regarding restricted cash and restricted cash equivalents.
ASU 2016-16 — On October 1, 2018, the Company adopted ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. This ASU amends the guidance in ASC Topic 740, Income Taxes. The amendments in this ASU are intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when the asset is sold to a third party. The adoption of ASU 2016-16 did not have an impact on the Company's condensed consolidated financial statements.
ASU 2014-09 — On October 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, using a modified retrospective approach, which requires the standard be applied only to the most current period presented, with the cumulative effect of initially applying the standard recognized at the dat