Fair Value (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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 in the three months ended March 31, 2016 or the year ended December 31, 2015.

	Fair-Value Measurements on a Recurring Basis
	as of March 31, 2016
(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	$	51	$	—	$	—				$	51
Non-U.S. government securities	486		—		—					486
Other	4		332							336
Total trading account assets	541		332		—					873
AFS Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	5,848		494		—					6,342
Mortgage-backed securities	—		17,934		300					18,234
Asset-backed securities:
Student loans	—		6,631		186					6,817
Credit cards	—		1,368		—					1,368
Sub-prime	—		388		—					388
Other(2)	—		—		1,813					1,813
Total asset-backed securities	—		8,387		1,999					10,386
Non-U.S. debt securities:
Mortgage-backed securities	—		7,612		—					7,612
Asset-backed securities	—		2,577		127					2,704
Government securities	—		5,070		—					5,070
Other(3)	—		4,714		295					5,009
Total non-U.S. debt securities	—		19,973		422					20,395
State and political subdivisions	—		9,994		32					10,026
Collateralized mortgage obligations	—		2,856		82					2,938
Other U.S. debt securities	—		2,231		—					2,231
U.S. equity securities	—		40		—					40
Non-U.S. equity securities	—		3		—					3
U.S. money-market mutual funds	—		473		—					473
Non-U.S. money-market mutual funds	—		18		—					18
Total investment securities available for sale	5,848		62,403		2,835					71,086
Other assets:
Derivative instruments:
Foreign exchange contracts	—		16,300		—		$	(10,543	)	5,757
Interest-rate contracts	—		371		—		(316		)	55
Other derivative contracts	—		3		—		(2		)	1
Total derivative instruments	—		16,674		—		(10,861		)	5,813
Other	114		—		—		—			114
Total assets carried at fair value	$	6,503	$	79,409	$	2,835	$	(10,861	)	$	77,886
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
U.S. government securities	$	3	$	—	$	—	$	—		$	3
Non-U.S. government securities	94		—		—		—			94
Other	8		13		—		—			21
Derivative instruments:
Foreign exchange contracts	—		15,786		—		(8,508		)	7,278
Interest-rate contracts	—		206		—		(41		)	165
Other derivative contracts	—		144		—		(2		)	142
Total derivative instruments	—		16,136		—		(8,551		)	7,585
Other	114		—		—		—			114
Total liabilities carried at fair value	$	219	$	16,149	$	—	$	(8,551	)	$	7,817

⁽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 $3.17 billion and $856 million, respectively, for cash collateral received from and provided to derivative counterparties.

⁽²⁾ As of March 31, 2016, the fair value of other asset-backed securities was primarily composed of $1.81 billion of collateralized loan obligations.

⁽³⁾ As of March 31, 2016, the fair value of other non-U.S. debt securities was primarily composed of $3.38 billion of covered bonds and $741 million of corporate bonds.

	Fair-Value Measurements on a Recurring Basis
	as of December 31, 2015
(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	$	32	$	—	$	—				$	32
Non-U.S. government securities	479		—		—					479
Other	10		328		—					338
Total trading account assets	521		328		—					849
AFS Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	5,206		512		—					5,718
Mortgage-backed securities	—		18,165		—					18,165
Asset-backed securities:
Student loans	—		6,987		189					7,176
Credit cards	—		1,341		—					1,341
Sub-prime	—		419		—					419
Other(2)	—		—		1,764					1,764
Total asset-backed securities	—		8,747		1,953					10,700
Non-U.S. debt securities:
Mortgage-backed securities	—		7,071		—					7,071
Asset-backed securities	—		3,093		174					3,267
Government securities	—		4,355		—					4,355
Other(3)	—		4,579		255					4,834
Total non-U.S. debt securities	—		19,098		429					19,527
State and political subdivisions	—		9,713		33					9,746
Collateralized mortgage obligations	—		2,948		39					2,987
Other U.S. debt securities	—		2,614		10					2,624
U.S. equity securities	—		39		—					39
Non-U.S. equity securities	—		3		—					3
U.S. money-market mutual funds	—		542		—					542
Non-U.S. money-market mutual funds	—		19		—					19
Total investment securities available for sale	5,206		62,400		2,464					70,070
Other assets:
Derivatives instruments:
Foreign exchange contracts	—		11,311		5		$	(6,562	)	4,754
Interest-rate contracts	—		135		—		(115		)	20
Other derivative contracts	—		5		—		(2		)	3
Total derivative instruments	—		11,451		5		(6,679		)	4,777
Other	2		—		—		—			2
Total assets carried at fair value	$	5,729	$	74,179	$	2,469	$	(6,679	)	$	75,698
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
U.S. government securities	$	5	$	—	$	—	$	—		$	5
Non-U.S. government securities	76		—		—		—			76
Other	5		13		—		—			18
Derivative instruments:
Foreign exchange contracts	—		10,863		5		(6,995		)	3,873
Interest-rate contracts	—		182		—		(24		)	158
Other derivative contracts	—		103		—		(2		)	101
Total derivative instruments	—		11,148		5		(7,021		)	4,132
Other	2		—		—		—			2
Total liabilities carried at fair value	$	88	$	11,161	$	5	$	(7,021	)	$	4,233

⁽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 $776 million and $1.118 billion, respectively, for cash collateral received from and provided to derivative counterparties.

⁽²⁾ As of December 31, 2015, the fair value of other asset-backed securities was primarily composed of $1.76 billion of collateralized loan obligations.

⁽³⁾ As of December 31, 2015, the fair value of other non-U.S. debt securities was primarily composed of $3.18 billion of covered bonds and $613 million of corporate bonds.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present activity related to our level-3 financial assets and liabilities during the three months ended March 31, 2016 and 2015, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the three months ended March 31, 2016 and 2015, transfers out of level 3 were mainly related to certain mortgage- and asset-backed securities, including 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
	Three Months Ended March 31, 2016
	Fair Value  as of December 31, 2015		Total Realized and Unrealized Gains (Losses)					Purchases		Settlements			Transfers out of Level 3			Fair Value  as of March 31, 2016(1)		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of March 31, 2016
(In millions)			Recorded in Revenue		Recorded in Other Comprehensive Income
Assets:
AFS Investment securities:
U.S. Treasury and federal agencies, mortgage-backed securities	$	—	$	—	$	—		$	300	$	—		$	—		$	300
Asset-backed securities:
Student loans	189		—		(3		)	—		—			—			186
Other	1,764		7		(11		)	113		(60		)	—			1,813
Total asset-backed securities	1,953		7		(14		)	113		(60		)	—			1,999
Non-U.S. debt securities:
Asset-backed securities	174		—		—			53		(18		)	(82		)	127
Other	255		—		(2		)	29		13			—			295
Total non-U.S. debt securities	429		—		(2		)	82		(5		)	(82		)	422
State and political subdivisions	33		—		—			—		(1		)	—			33
Collateralized mortgage obligations	39		—		—			50		(7		)	—			82
Other U.S. debt securities	10		—		—			—		(10		)	—			—
Total investment securities available for sale	2,464		7		(16		)	545		(83		)	(82		)	2,835
Other assets:
Derivative instruments:
Derivative instruments, foreign exchange contracts	5		3		—			—		(8		)	—			—		$	—
Total derivative instruments	5		3		—			—		(8		)	—			—		—
Total assets carried at fair value	$	2,469	$	10	$	(16	)	$	545	$	(91	)	$	(82	)	$	2,835	$	—

	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended March 31, 2015
	Fair Value  as of December 31, 2014		Total Realized and Unrealized Gains (Losses)					Purchases		Settlements			Transfers out of Level 3			Fair Value  as of March 31, 2015(1)		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of March 31, 2015
(In millions)			Recorded in Revenue		Recorded in Other Comprehensive Income
Assets:
Asset-backed securities:
Student loans	$	259	$	—	$	1		$	—	$	(3	)	$	—		$	257
Other	3,780		12		(12		)	—		(147		)	—			3,633
Total asset-backed securities	4,039		12		(11		)	—		(150		)	—			3,890
Non-U.S. debt securities:
Mortgage-backed securities	—		—		—			43		—			—			43
Asset-backed securities	295		1		—			—		(68		)	—			228
Other	371		—		1			111		(41		)	—			442
Total non-U.S. debt securities	666		1		1			154		(109		)	—			713
State and political subdivisions	38		—		(1		)	—		—			—			37
Collateralized mortgage obligations	614		—		—			293		(36		)	(349		)	522
Other U.S. debt securities	9		—		—			—		—			—			9
Total investment securities available for sale	5,366		13		(11		)	447		(295		)	(349		)	5,171
Other assets:
Derivative instruments:
Derivative instruments, foreign exchange contracts	81		131		—			36		(63		)	—			185		$	107
Total derivative instruments	81		131		—			36		(63		)	—			185		107
Total assets carried at fair value	$	5,447	$	144	$	(11	)	$	483	$	(358	)	$	(349	)	$	5,356	$	107

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended March 31, 2016
	Fair Value  as of December 31, 2015		Total Realized and Unrealized (Gains) Losses		Settlements			Fair Value  as of March 31, 2016(2)		Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of March 31, 2016
(In millions)			Recorded in Revenue
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	5	$	5	$	(10	)	$	—	$	—
Total derivative instruments	5		5		(10		)	—		—
Total liabilities carried at fair value	$	5	$	5	$	(10	)	$	—	$	—

⁽¹⁾ There were no transfers of assets into level 3 during the three months ended March 31, 2016.

	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended March 31, 2015
	Fair Value  as of December 31, 2014		Total Realized and Unrealized (Gains) Losses		Issuances		Settlements			Fair Value  as of March 31, 2015 (2)		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of March 31, 2015
(In millions)			Recorded in Revenue
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	74	$	109	$	37	$	(48	)	$	172	$	93
Other	9		—		—		—			9		—
Total derivative instruments	83		109		37		(48		)	181		93
Total liabilities carried at fair value	$	83	$	109	$	37	$	(48	)	$	181	$	93

⁽¹⁾ There were no transfers of assets into level 3 during the three months ended March 31, 2015.

⁽²⁾ There were no transfers of liabilities into or out of level 3 during the three months ended March 31, 2015.

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

The following table presents total realized and unrealized gains and losses for our level-3 financial assets and liabilities and where they are presented in our consolidated statement of income for the periods indicated:

	Three Months Ended March 31,
	Total Realized and Unrealized Gains (Losses) Recorded in Revenue					Change in Unrealized Gains (Losses) Related to Financial instruments Held as of March 31,
(In millions)	2016			2015		2016		2015
Fee revenue:
Trading services	$	(2	)	$	22	$	—	$	14
Total fee revenue	(2		)	22		—		14
Net interest revenue	7			13		—		—
Total revenue	$	5		$	35	$	—	$	14

Fair Value Inputs, Assets, Quantitative Information

The following table presents quantitative information, as of the dates indicated, 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
	Fair Value						Weighted-Average
(Dollars in millions)	As of March 31, 2016		As of December 31, 2015		Valuation Technique	Significant Unobservable Input(1)	As of March 31, 2016		As of December 31, 2015
Significant unobservable inputs readily available to State Street:
Assets:
Asset-backed securities, other	$	24	$	28	Discounted cash flows	Credit spread	(0.2	)%	(0.1	)%
State and political subdivisions	32		33		Discounted cash flows	Credit spread	2.2		2.2
Derivative instruments, foreign exchange contracts	—		5		Option model	Volatility	—		9.3
Total	$	56	$	66
Liabilities:
Derivative instruments, foreign exchange contracts	$	—	$	5	Option model	Volatility	—		9.2
Total	$	—	$	5

⁽¹⁾ Significant changes in these unobservable inputs would result in significant changes in fair value measure.

Fair Value Inputs, Liabilities, Quantitative Information

The following table presents quantitative information, as of the dates indicated, 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
	Fair Value						Weighted-Average
(Dollars in millions)	As of March 31, 2016		As of December 31, 2015		Valuation Technique	Significant Unobservable Input(1)	As of March 31, 2016		As of December 31, 2015
Significant unobservable inputs readily available to State Street:
Assets:
Asset-backed securities, other	$	24	$	28	Discounted cash flows	Credit spread	(0.2	)%	(0.1	)%
State and political subdivisions	32		33		Discounted cash flows	Credit spread	2.2		2.2
Derivative instruments, foreign exchange contracts	—		5		Option model	Volatility	—		9.3
Total	$	56	$	66
Liabilities:
Derivative instruments, foreign exchange contracts	$	—	$	5	Option model	Volatility	—		9.2
Total	$	—	$	5

⁽¹⁾ Significant changes in these unobservable inputs would result in significant changes in fair value measure.

Schedule of Availability of Significant Unobservable Inputs by Balance Sheet Classification

⁽¹⁾ Significant changes in these unobservable inputs would result in significant changes in fair value measure.

The following tables present information with respect to the composition of our level-3 financial assets and liabilities, by availability of significant unobservable inputs, as of the dates indicated:

March 31, 2016	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
(In millions)
Assets:
U.S. Treasury and federal agencies, mortgage-backed securities	$	—	$	300	$	300
Asset-backed securities, student loans	—		186		186
Asset-backed securities, other	24		1,789		1,813
Non-U.S. debt securities, asset-backed securities	—		127		127
Non-U.S. debt securities, other	—		295		295
State and political subdivisions	32		—		32
Collateralized mortgage obligations	—		82		82
Total	$	56	$	2,779	$	2,835

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

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

December 31, 2015	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
(In millions)
Assets:
Asset-backed securities, student loans	$	—	$	189	$	189
Asset-backed securities, other	28		1,736		1,764
Non-U.S. debt securities, asset-backed securities	—		174		174
Non-U.S. debt securities, other	—		255		255
State and political subdivisions	33		—		33
Collateralized mortgage obligations	—		39		39
Other U.S. debt securities	—		10		10
Derivative instruments, foreign exchange contracts	5		—		5
Total	$	66	$	2,403	$	2,469
Liabilities:
Derivative instruments, foreign exchange contracts	$	5	$	—	$	5
Total	$	5	$	—	$	5

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

Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy

The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value on a recurring basis, as they would be categorized within the fair-value hierarchy, as of the dates indicated.

					Fair-Value Hierarchy
March 31, 2016	Reported Amount		Estimated 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)
(In millions)
Financial Assets:
Cash and due from banks	$	3,735	$	3,735	$	3,735	$	—	$	—
Interest-bearing deposits with banks	65,032		65,032		—		65,032		—
Securities purchased under resale agreements	3,722		3,722		—		3,722		—
Investment securities held to maturity	31,212		31,555		—		31,555		—
Net loans (excluding leases)	18,242		18,211		—		18,100		111
Financial Liabilities:
Deposits:
Noninterest-bearing	$	54,248	$	54,248	$	—	$	54,248	$	—
Interest-bearing - U.S.	31,159		31,159		—		31,159		—
Interest-bearing - non-U.S.	100,109		100,109		—		100,109		—
Securities sold under repurchase agreements	4,224		4,224		—		4,224		—
Federal funds purchased	23		23		—		23		—
Other short-term borrowings	1,683		1,683		—		1,683		—
Long-term debt	10,323		10,285		—		9,905		380

					Fair-Value Hierarchy
December 31, 2015	Reported Amount		Estimated 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)
(In millions)
Financial Assets:
Cash and due from banks	$	1,207	$	1,207	$	1,207	$	—	$	—
Interest-bearing deposits with banks	75,338		75,338		—		75,338		—
Securities purchased under resale agreements	3,404		3,404		—		3,404		—
Investment securities held to maturity	29,952		29,798		—		29,798		—
Net loans (excluding leases)(1)	17,838		17,792		—		17,667		125
Financial Liabilities:
Deposits:
Noninterest-bearing	$	65,800	$	65,800	$	—	$	65,800	$	—
Interest-bearing - U.S.	29,958		29,958		—		29,958		—
Interest-bearing - non-U.S.	95,869		95,869		—		95,869		—
Securities sold under repurchase agreements	4,499		4,499		—		4,499		—
Federal funds purchased	6		6		—		6		—
Other short-term borrowings	1,748		1,748		—		1,748		—
Long-term debt	11,497		11,604		—		11,215		389

⁽¹⁾ Includes $14 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of December 31, 2015 .