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Shareholders' Equity
 12 Months Ended
Dec. 31, 2013
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Preferred Stock:
In 2013, we declared aggregate dividends on our non-cumulative perpetual preferred stock, Series C (represented by depositary shares, each representing a 1/4,000th ownership interest in a share of State Street's non-cumulative perpetual preferred stock, Series C) of $5,250 per share, or approximately $1.31 per depositary share, totaling approximately $26 million. In 2012, dividends declared on our perpetual preferred stock, Series C, totaled approximately $8 million. In 2012, we declared dividends on our non-cumulative perpetual preferred stock, Series A, totaling approximately $21 million. We redeemed our Series A perpetual preferred stock in 2012.
Dividends on shares of our Series C preferred stock are not mandatory and are not cumulative. If declared, dividends will be payable on the liquidation preference of $100,000 per share quarterly in arrears on March 15, June 15, September 15 or December 15 of each year at an annual rate of 5.25%. If we issue additional shares of our Series C preferred stock after the original issue date, dividend rights with respect to such shares will commence from the original issue date of such additional shares. Dividends on our Series C preferred stock will not be declared to the extent that such declaration would cause us to fail to comply with applicable laws and regulations, including federal regulatory capital guidelines.
On September 15, 2017, or any dividend payment date thereafter, the Series C preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series C preferred stock and corresponding depositary shares may be redeemed at our option, in whole or in part, prior to September 15, 2017, upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation with respect to the Series C preferred stock, at a redemption price equal to $100,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
Common Stock:
In March 2013, our Board of Directors approved a program authorizing the purchase by us of up to $2.10 billion of our common stock through March 31, 2014. In connection with this and a prior Board-approved program, we undertook the following activities in 2013:
•
From April 1, 2013 through December 31, 2013, we purchased approximately 24.7 million shares of our common stock under this program at an average per-share and aggregate cost of $68.05 and $1.68 billion, respectively. As of December 31, 2013, approximately $420 million remained available for purchases of our common stock under the March 2013 program.
•
From January 1, 2013 through March 31, 2013, we purchased approximately 6.5 million shares of our common stock at an average cost of $54.95 per share and an aggregate cost of approximately $360 million, under a previous Board-approved program which ended on March 31, 2013.
•
In 2013, in the aggregate under both programs, we purchased approximately 31.2 million shares of our common stock at an average per-share cost of $65.30 and an aggregate cost of approximately $2.04 billion.
Shares acquired in connection with our common stock purchase programs which remained unissued as of December 31, 2013 were recorded as treasury stock in our consolidated statement of condition as of December 31, 2013.
In 2013, we declared aggregate common stock dividends of $1.04 per share, totaling approximately $463 million, compared to aggregate common stock dividends of $0.96 per share, totaling approximately $456 million, declared in 2012.
Our common shares may be acquired for certain deferred compensation plans, held by an external trustee, that are not part of our common stock purchase program. As of December 31, 2013 and 2012, approximately 375,000 shares and 387,000 shares, respectively, had been purchased and were held in trust, and were recorded as treasury stock in our consolidated statement of condition as of those dates.
Accumulated Other Comprehensive Income (Loss):
The following table presents the after-tax components of AOCI as of December 31:
(In millions)
2013
 
2012
 
2011
Net unrealized gains (losses) on cash flow hedges
$
161

 
$
69

 
$
(5
)
Net unrealized gains (losses) on available-for-sale securities portfolio
(56
)
 
815

 
110

Net unrealized losses related to reclassified available-for-sale securities
(72
)
 
(110
)
 
(189
)
Net unrealized gains (losses) on available-for-sale securities
(128
)
 
705

 
(79
)
Net unrealized losses on available-for-sale securities designated in fair value hedges
(97
)
 
(183
)
 
(210
)
Other-than-temporary impairment on available-for-sale securities related to factors other than credit
4

 
(3
)
 
(17
)
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries
(14
)
 
(14
)
 
(14
)
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit
(47
)
 
(65
)
 
(86
)
Net unrealized losses on retirement plans
(203
)
 
(283
)
 
(248
)
Foreign currency translation
229

 
134

 
—

Total
$
(95
)
 
$
360

 
$
(659
)

In the year ended December 31, 2013, we realized net gains of $14 million, or $9 million net of related taxes as presented in the table above, from sales of available-for-sale securities. Unrealized pre-tax gains of $25 million were included in AOCI as of December 31, 2012, net of deferred taxes of $10 million, related to these sales. In the year ended December 31, 2012, we realized net gains of $55 million from sales of available-for-sale securities. Unrealized pre-tax gains of $67 million were included in AOCI as of December 31, 2011, net of deferred taxes of $27 million, related to these sales. In the year ended December 31, 2011, we realized net gains of $140 million from sales of available-for-sale securities. Unrealized pre-tax gains of $76 million were included in other comprehensive income as of December 31, 2010, net of deferred taxes of $30 million, related to these sales.


The following table presents changes in AOCI by component, net of related taxes, for the year ended December 31:
 
Year Ended December 31, 2013
(In millions)
Net Unrealized Gains (Losses) on Cash Flow Hedges
 
Net Unrealized Gains (Losses) on Available-for-Sale Securities
 
Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries
 
Other-Than-Temporary Impairment on Held-to-Maturity Securities
 
Net Unrealized Losses on Retirement Plans
 
Foreign Currency Translation
 
Total
Beginning balance
$
69

 
$
519

 
$
(14
)
 
$
(65
)
 
$
(283
)
 
$
134

 
$
360

Other comprehensive income (loss) before reclassifications
89

 
(735
)
 
—

 
15

 
60

 
96

 
(475
)
Amounts reclassified out of AOCI
3

 
(5
)
 
—

 
3

 
20

 
(1
)
 
20

Other comprehensive income (loss)
92

 
(740
)
 
—

 
18

 
80

 
95

 
(455
)
Ending balance
$
161

 
$
(221
)
 
$
(14
)
 
$
(47
)
 
$
(203
)
 
$
229

 
$
(95
)


The following table presents reclassifications out of AOCI for the year ended December 31, 2013:
 
Amount Reclassified out of AOCI
 
Affected Line Item in Consolidated Statement of Income
(In millions)
 
 
 
Cash flow hedges:
 
 
 
Interest-rate contracts, net of related tax benefit of $2
$
3

 
Net interest revenue
Available-for-sale securities:
 
 
 
Net realized gains from sales of available-for-sale securities, net of related taxes of ($5)
(9
)
 
Net gains (losses) from sales of available-for-sale securities
Other-than-temporary impairment on available-for-sale securities related to factors other than credit, net of related tax benefit of $2
4

 
Losses reclassified (from) to other comprehensive income
Held-to-maturity securities:
 
 
 
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit, net of related tax benefit of $3
3

 
Losses reclassified (from) to other comprehensive income
Retirement plans:
 
 
 
Amortization of actuarial losses, net of related tax benefit of $13
20

 
Compensation and employee benefits expense
Foreign currency translation:
 
 
 
Sales of non-U.S. entities, net of related taxes of ($1)
(1
)
 
Processing fees and other revenue
Total reclassifications out of AOCI
$
20