Fair Value (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred during 2012 or 2011.



	Fair-Value Measurements on a Recurring Basis
	as of December 31, 2012
(In millions)	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Impact of Netting⁽¹⁾			Total Net Carrying Value in Consolidated Statement of Condition
Assets:
Trading account assets:
U.S. government securities	$	20								$	20
Non-U.S. government securities	391									391
Other	71		$	155						226
Investment securities available for sale:
U.S. Treasury and federal agencies:
Direct obligations	3		838							841
Mortgage-backed securities	—		31,387		$	825				32,212
Asset-backed securities:
Student loans	—		15,833		588					16,421
Credit cards	—		9,919		67					9,986
Sub-prime	—		1,399		—					1,399
Other	—		683		3,994					4,677
Total asset-backed securities	—		27,834		4,649					32,483
Non-U.S. debt securities:
Mortgage-backed securities	—		10,850		555					11,405
Asset-backed securities	—		5,694		524					6,218
Government securities	—		3,199		—					3,199
Other	—		4,166		140					4,306
Total non-U.S. debt securities	—		23,909		1,219					25,128
State and political subdivisions	—		7,503		48					7,551
Collateralized mortgage obligations	—		4,837		117					4,954
Other U.S. debt securities	—		5,289		9					5,298
U.S. equity securities	—		1,092		—					1,092
Non-U.S. equity securities	—		123		—					123
Total investment securities available for sale	3		102,812		6,867					109,682
Other assets:
Derivative instruments:
Foreign exchange contracts	—		9,265		113
Interest-rate contracts	—		223		—
Total derivative instruments	—		9,488		113		$	(5,045	)	4,556
Other	66		2		—		—			68
Total assets carried at fair value	$	551	$	112,457	$	6,980	$	(5,045	)	$	114,943
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts			$	8,978	$	106
Interest-rate contracts			345		—
Other			—		9
Total derivative instruments			9,323		115		$	(4,071	)	$	5,367
Other	$	66	—		—		—			66
Total liabilities carried at fair value	$	66	$	9,323	$	115	$	(4,071	)	$	5,433

⁽¹⁾Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $1.41 billion and $479 million, respectively, for cash collateral received from and deposited with derivative counterparties. This netting cannot be disaggregated by type of derivative instrument.



	Fair-Value Measurements on a Recurring Basis
	as of December 31, 2011
(In millions)	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Impact of Netting⁽¹⁾			Total Net Carrying Value in Consolidated Statement of Condition
Assets:
Trading account assets:
U.S. government securities	$	20								$	20
Non-U.S. government securities	498									498
Other	51		$	138						189
Investment securities available for sale:
U.S. Treasury and federal agencies:
Direct obligations	1,727		1,109							2,836
Mortgage-backed securities	—		28,832		$	1,189				30,021
Asset-backed securities:
Student loans	—		15,685		860					16,545
Credit cards	—		10,396		91					10,487
Sub-prime	—		1,404		—					1,404
Other	—		667		2,798					3,465
Total asset-backed securities	—		28,152		3,749					31,901
Non-U.S. debt securities:
Mortgage-backed securities	—		9,418		1,457					10,875
Asset-backed securities	—		2,535		1,768					4,303
Government securities	—		1,671		—					1,671
Other	—		2,754		71					2,825
Total non-U.S. debt securities	—		16,378		3,296					19,674
State and political subdivisions	—		6,997		50					7,047
Collateralized mortgage obligations	—		3,753		227					3,980
Other U.S. debt securities	—		3,613		2					3,615
U.S. equity securities	—		640		—					640
Non-U.S. equity securities	1		117		—					118
Total investment securities available for sale	1,728		89,591		8,513					99,832
Other assets:
Derivatives instruments:
Foreign exchange contracts	—		12,045		168
Interest-rate contracts	—		1,795		10
Other	—		1		—
Total derivative instruments	—		13,841		178		$	(7,653	)	6,366
Other	110		—		—		—			110
Total assets carried at fair value	$	2,407	$	103,570	$	8,691	$	(7,653	)	$	107,015
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts			$	12,191	$	161
Interest-rate contracts			1,970		11
Other			1		9
Total derivative instruments			14,162		181		$	(7,653	)	$	6,690
Other	$	110	—		20		—			130
Total liabilities carried at fair value	$	110	$	14,162	$	201	$	(7,653	)	$	6,820

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]



	Fair-Value Measurements Using Significant Unobservable Inputs
	Year Ended December 31, 2011
	Fair Value as of December 31, 2010		Transfers into Level 3		Transfers out of Level 3			Total Realized and Unrealized Gains (Losses)						Purchases		Issuances	Sales			Settlements			Fair Value as of December 31, 2011		Change in Unrealized Gains (Losses) Related to Financial Instruments Held at December 31, 2011
(In millions)								Recorded in Revenue			Recorded in Other Comprehensive Income
Assets:
Investment securities available for sale:
U.S. Treasury and federal agencies:
Direct obligations					$	(40	)							$	40
Mortgage-backed securities	$	673			(936		)				$	1		1,540						$	(89	)	$	1,189
Asset-backed securities:
Student loans	1,234				(785		)	$	3		(21		)	421						8			860
Credit cards	43				(285		)	4			(2		)	301						30			91
Other	2,000		$	114	(245		)	31			6			1,073			$	(49	)	(132		)	2,798
Total asset-backed securities	3,277		114		(1,315		)	38			(17		)	1,795			(49		)	(94		)	3,749
Non-U.S. debt securities:
Mortgage-backed securities	396		—		(838		)	—			(9		)	1,920			—			(12		)	1,457
Asset-backed securities	740		—		(939		)	1			7			2,179			(3		)	(217		)	1,768
Government securities	1		—		—			—			—			—			—			(1		)	—
Other	8		—		—			—			—			65			—			(2		)	71
Total non-U.S. debt securities	1,145		—		(1,777		)	1			(2		)	4,164			(3		)	(232		)	3,296
State and political subdivisions	50		1		(3		)	—			—			2						—			50
Collateralized mortgage obligations	359		—		(519		)	522			(4		)	428			—			(559		)	227
Other U.S. debt securities	3		—		—			—			—			—			—			(1		)	2
Total investment securities available for sale	5,507		115		(4,590		)	561			(22		)	7,969			(52		)	(975		)	8,513
Other assets:
Derivative instruments:
Foreign exchange contracts	254		—		—			(134		)	—			236			—			(188		)	168		$	(68	)
Interest-rate contracts	—		—		—			10			—			7			(7		)	—			10		9
Total derivative instruments	254		—		—			(124		)	—			243			(7		)	(188		)	178		(59		)
Total assets carried at fair value	$	5,761	$	115	$	(4,590	)	$	437		$	(22	)	$	8,212	—	$	(59	)	$	(1,163	)	$	8,691	$	(59	)

The following tables present activity related to our level-3 financial assets and liabilities during the years ended December 31, 2012 and 2011, respectively. Transfers into and out of level 3 are reported as of the beginning of the period. During the years ended December 31, 2012 and 2011, transfers out of level 3 were substantially related to certain mortgage- and asset-backed securities and non-U.S. debt securities, for which fair value was measured using prices for which observable market information became available.



	Fair-Value Measurements Using Significant Unobservable Inputs
	Year Ended December 31, 2012
	Fair Value as of December 31, 2011		Transfers into Level 3		Transfers out of Level 3			Total Realized and Unrealized Gains (Losses)						Purchases		Issuances	Sales			Settlements			Fair Value as of December 31, 2012		Change in Unrealized Gains (Losses) Related to Financial Instruments Held at December 31, 2012
(in millions)								Recorded in Revenue			Recorded in Other Comprehensive Income
Assets:
Investment securities available for sale:
U.S. Treasury and federal agencies, mortgage-backed securities	$	1,189	$	50	$	(301	)				$	2								$	(115	)	$	825
Asset-backed securities:
Student loans	860		—		(341		)	$	2		15			$	100					(48		)	588
Credit cards	91		21		(136		)	6			(6		)	239			$	(62	)	(86		)	67
Other	2,798		12		(46		)	41			69			1,920			(12		)	(788		)	3,994
Total asset-backed securities	3,749		33		(523		)	49			78			2,259			(74		)	(922		)	4,649
Non-U.S. debt securities:
Mortgage-backed securities	1,457		—		(1,715		)				5			799			—			9			555
Asset-backed securities	1,768		—		(2,493		)	2			8			1,317			—			(78		)	524
Other	71		—		(469		)				(2		)	539			—			1			140
Total non-U.S. debt securities	3,296		—		(4,677		)	2			11			2,655			—			(68		)	1,219
State and political subdivisions	50		—		—			—			(1		)	—			—			(1		)	48
Collateralized mortgage obligations	227		45		(314		)	369			3			283			(45		)	(451		)	117
Other U.S. debt securities	2		9		—			—			—			—			—			(2		)	9
Total investment securities available for sale	8,513		137		(5,815		)	420			93			5,197			(119		)	(1,559		)	6,867
Other assets:
Derivative instruments:
Foreign exchange contracts	168		—		—			(85		)	—			137			—			(107		)	113		$	(24	)
Interest-rate contracts	10		—		—			(10		)	—			—			—			—			—		—
Total derivative instruments	178		—		—			(95		)	—			137			—			(107		)	113		(24		)
Total assets carried at fair value	$	8,691	$	137	$	(5,815	)	$	325		$	93		$	5,334	—	$	(119	)	$	(1,666	)	$	6,980	$	(24	)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]



	Fair-Value Measurements Using Significant Unobservable Inputs
	Year Ended December 31, 2011
	Fair Value as of December 31, 2010		Transfers into Level 3	Transfers out of Level 3	Total Realized and Unrealized Gains (Losses)				Purchases			Issuances		Sales			Settlements			Fair Value as of December 31, 2011		Change in Unrealized Gains (Losses) Related to Financial Instruments Held at December 31, 2011
(In millions)					Recorded in Revenue			Recorded in Other Comprehensive Income
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	260			$	(122	)					$	219				$	(196	)	$	161	$	(60	)
Interest-rate contracts	—				11				$	(7	)	14		$	(7	)	—			11		10
Other	9				—				—			—		—			—			9		—
Total derivative instruments	269				(111		)		(7		)	233		(7		)	(196		)	181		(50		)
Other	—				—				—			20		—			—			20
Total liabilities carried at fair value	$	269	—	—	$	(111	)	—	$	(7	)	$	253	$	(7	)	$	(196	)	$	201	$	(50	)



	Fair-Value Measurements Using Significant Unobservable Inputs
	Year Ended December 31, 2012
	Fair Value as of December 31, 2011		Transfers into Level 3	Transfers out of Level 3	Total Realized and Unrealized Gains (Losses)				Purchases	Issuances		Sales	Settlements			Fair Value as of December 31, 2012		Change in Unrealized Gains (Losses) Related to Financial Instruments Held at December 31, 2012
(In millions)					Recorded in Revenue			Recorded in Other Comprehensive Income
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	161			$	(93	)			$	133		$	(95	)	$	106	$	(27	)
Interest-rate contracts	11				(11		)			—			—			—		—
Other	9				—								—			9		—
Total derivative instruments	181				(104		)			133			(95		)	115		(27		)
Other	20				—					—			(20		)	—		—
Total liabilities carried at fair value	$	201	—	—	$	(104	)	—	—	$	133	—	$	(115	)	$	115	$	(27	)

Level 3 Total Realized And Unrealized Gains And Losses Recorded In Revenue

The following table presents total realized and unrealized gains and losses for the years ended indicated that were recorded in revenue for our level-3 financial assets and liabilities:



	Years Ended December 31,
(In millions)	Total Realized and Unrealized Gains (Losses) Recorded in Revenue							Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of December 31,
	2012		2011			2010		2012		2011			2010
Fee revenue:
Trading services	$	9	$	(13	)	$	17	$	3	$	(9	)	$	(5	)
Total fee revenue	9		(13		)	17		3		(9		)	(5		)
Net interest revenue	420		561			141		—		—			—
Total revenue	$	429	$	548		$	158	$	3	$	(9	)	$	(5	)

Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block]

The following table presents quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer.



	Quantitative Information about Level-3 Fair-Value Measurements
(Dollars in millions)	Fair Value as of December 31, 2012		Valuation Technique	Significant Unobservable Input	Weighted-Average
Significant unobservable inputs readily available to State Street:
Assets:
Asset-backed securities, student loans	$	12	Discounted cash flows	Credit spread	6.7%
Asset-backed securities, credit cards	67		Discounted cash flows	Credit spread	7.1%
Asset-backed securities, other	103		Discounted cash flows	Credit spread	1.5%
State and political subdivisions	48		Discounted cash flows	Credit spread	1.9%
Derivative instruments, foreign exchange contracts	113		Option model	Volatility	9.8%
Total	$	343

Liabilities:
Derivative instruments, foreign exchange contracts	$	106	Option model	Volatility	9.8%
Derivative instruments, other	9		Discounted cash flows	Participant redemptions	6.7%
Total	$	115

Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification [Table Text Block]

The following table presents information with respect to the composition of our level-3 financial assets and liabilities by availability of significant unobservable inputs as of December 31, 2012:



	Fair Value as of December 31, 2012
(In millions)	Significant Unobservable Inputs Readily Available to State Street⁽¹⁾		Significant Unobservable Inputs Not Developed by State Street and Not Readily Available⁽²⁾		Total Assets and Liabilities with Significant Unobservable Inputs
Assets:
Mortgage-backed securities	$	—	$	825	$	825
Asset-backed securities, student loans	12		576		588
Asset-backed securities, credit cards	67		—		67
Asset-backed securities, other	103		3,891		3,994
Non-U.S. debt securities, mortgage-backed securities	—		555		555
Non-U.S. debt securities, asset-backed securities	—		524		524
Non-U.S. debt securities, other	—		140		140
State and political subdivisions	48		—		48
Collateralized mortgage obligations	—		117		117
Other U.S.debt securities	—		9		9
Derivative instruments, foreign exchange contracts	113		—		113
Total	$	343	$	6,637	$	6,980

Liabilities:
Derivative instruments, foreign exchange contracts	$	106	—		$	106
Derivative instruments, other	9		—		9
Total	$	115	—		$	115

⁽¹⁾Information with respect to these model-priced financial assets and liabilities is provided in the preceding table.

⁽²⁾Fair value for these financial assets is measured using non-binding broker or dealer quotes.

Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy [Table Text Block]

The following table presents the reported amounts and estimated fair values of the financial instruments defined by GAAP, excluding financial assets and liabilities carried at fair value on a recurring basis, as they would be categorized within the fair-value hierarchy as of December 31, 2012.



					Fair-Value Hierarchy
(In millions)	Reported Amount		Fair Value		Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)
Financial Assets:
Cash and due from banks	$	2,590	$	2,590	$	2,590	$	—	$	—
Interest-bearing deposits with banks	50,763		50,763		—		50,763		—
Securities purchased under resale agreements	5,016		5,016		—		5,016		—
Investment securities held to maturity	11,379		11,661		—		11,661		—
Loans (excluding leases)	11,121		11,166		—		10,276		890
Financial Liabilities:
Deposits:
Noninterest-bearing	44,445		44,445		—		44,445		—
Interest-bearing - U.S.	19,201		19,201		—		19,201		—
Interest-bearing - non-U.S.	100,535		100,535		—		100,535		—
Securities sold under repurchase agreements	8,006		8,006		—		8,006		—
Federal funds purchased	399		399		—		399		—
Other short-term borrowings	4,502		4,502		—		4,502		—
Long-term debt	7,429		6,779		—		5,871		909

Schedule of Reported Amounts and Estimated Fair Values for Financial Instruments [Table Text Block]

The following table presents the reported amounts and estimated fair values of the financial instruments defined by GAAP, excluding the aforementioned short-duration financial instruments and financial assets and liabilities carried at fair value on a recurring basis, as of December 31, 2011:



(In millions)	Reported Amount		Fair Value
2011:
Financial Assets:
Investment securities held to maturity	$	9,321	$	9,362
Net loans (excluding leases)	8,777		8,752

Financial Liabilities:
Long-term debt	8,131		8,206

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details