Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

Shareholders' Equity

Preferred Stock:

The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of March 31, 2016:

	Issuance Date	Depositary Shares Issued	Ownership Interest per Depositary Share	Liquidation Preference Per Share		Liquidation Preference Per Depositary Share		Net Proceeds of Offering (in millions)		Redemption Date(1)
Preferred Stock:(2)
Series C	August 2012	20,000,000	1/4,000th	$	100,000	$	25	$	488	September 15, 2017
Series D	February 2014	30,000,000	1/4,000th	100,000		25		742		March 15, 2024
Series E	November 2014	30,000,000	1/4,000th	100,000		25		728		December 15, 2019
Series F	May 2015	750,000	1/100th	100,000		1,000		742		September 15, 2020

⁽¹⁾ On the redemption date, or any dividend declaration date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

⁽²⁾ The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends.

The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicted:

	Three Months Ended March 31,
	2016						2015
	Dividends Declared		Dividends Declared per Depositary Share		Total (in millions)(1)		Dividends Declared		Dividends Declared per Depositary Share		Total (in millions)
Preferred Stock:
Series C	$	1,313	$	0.33	$	7	$	1,313	$	0.33	$	6
Series D	1,475		0.37		11		1,475		0.37		11
Series E	1,500		0.38		11		1,833		0.46		14
Series F	2,625		26.25		20		—		—		—
Total					$	49					$	31

⁽¹⁾ Dividends were paid in March 2016.

In April 2016, we issued 20 million depositary shares, each representing 1/4,000th ownership interest in shares of State Street's fixed-to-floating rate non-cumulative perpetual preferred stock, Series G, without par value per share, with a liquidation preference of $100,000 per share (equivalent to $25 per depositary share), in a public offering.

Common Stock:

In March 2015 our Board approved a common stock purchase program authorizing the purchase of up to $1.8 billion of our common stock through June 30, 2016, (the 2015 Program). The table below presents the activity under the 2015 program during the three months ended March 31, 2016.

	Three Months Ended March 31, 2016
	Shares Purchased (in millions)	Average Cost per Share		Total Purchased (in millions)
2015 Program	5.6	$	57.88	$	325

The table below presents the dividends declared on common stock for the periods indicated:

	Three Months Ended March 31,
	Dividends Declared per Share		Total (in millions)		Dividends Declared per Share		Total (in millions)
	2016				2015
Common Stock	$	0.34	$	135	$	0.30	$	124

Accumulated Other Comprehensive Income (Loss):

The following table presents the after-tax components of AOCI as of the dates indicated:

(In millions)	March 31, 2016			December 31, 2015
Net unrealized gains on cash flow hedges	$	225		$	293
Net unrealized gains (losses) on available-for-sale securities portfolio	266			9
Net unrealized gains (losses) related to reclassified available-for-sale securities	(24		)	(28		)
Net unrealized gains (losses) on available-for-sale securities	242			(19		)
Net unrealized losses on available-for-sale securities designated in fair value hedges	(129		)	(109		)
Other-than-temporary impairment on available-for-sale securities related to factors other than credit	—			—
Net unrealized losses on hedges of net investments in non-U.S. subsidiaries	(14		)	(14		)
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit	(15		)	(16		)
Net unrealized losses on retirement plans	(185		)	(183		)
Foreign currency translation	(1,088		)	(1,394		)
Total	$	(964	)	$	(1,442	)

The following tables present changes in AOCI by component, net of related taxes, for the periods indicated:

	Three Months Ended March 31, 2016
(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
Balance as of December 31, 2015	$	293		$	(128	)	$	(14	)	$	(16	)	$	(183	)	$	(1,394	)	$	(1,442	)
Other comprehensive income (loss) before reclassifications	(68		)	238			—			1			(3		)	306			474
Amounts reclassified into (out of) earnings	—			3			—			—			1			—			4
Other comprehensive income (loss)	(68		)	241			—			1			(2		)	306			478
Balance as of March 31, 2016	$	225		$	113		$	(14	)	$	(15	)	$	(185	)	$	(1,088	)	$	(964	)

	Three Months Ended March 31, 2015
(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
Balance as of December 31, 2014	$	276	$	192	$	(14	)	$	(29	)	$	(272	)	$	(660	)	$	(507	)
Other comprehensive income (loss) before reclassifications	11		179		—			5			—			(699		)	(504		)
Amounts reclassified into (out of) earnings	1		—		—			(1		)	5			—			5
Other comprehensive income (loss)	12		179		—			4			5			(699		)	(499		)
Balance as of March 31, 2015	$	288	$	371	$	(14	)	$	(25	)	$	(267	)	$	(1,359	)	$	(1,006	)

The following table presents after-tax reclassifications into earnings for the periods indicated:

	Three Months Ended March 31,
	2016		2015
(In millions)	Amounts Reclassified into Earnings					Affected Line Item in Consolidated Statement of Income
Cash flow hedges:
Interest-rate contracts, net of related taxes of $0 and $0, respectively	$	—	$	1		Net interest revenue
Available-for-sale securities:
Net realized gains from sales of available-for-sale securities, net of related taxes of ($1) and $0, respectively	3		—			Net gains (losses) from sales of available-for-sale securities
Held-to-maturity securities:
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit	—		(1		)	Losses reclassified (from) to other comprehensive income
Retirement plans:
Amortization of actuarial losses, net of related taxes of ($2) and ($4), respectively	1		5			Compensation and employee benefits expenses
Total reclassifications out of AOCI	$	4	$	5