2022 Q4 Form 10-Q Financial Statement

#000009375122000617 Filed on October 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.959B
YoY Change -1.04%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $399.0M
YoY Change -1.72%
% of Gross Profit
Depreciation & Amortization $419.0M $196.0M
YoY Change 16.71% -48.01%
% of Gross Profit
Operating Expenses $399.0M
YoY Change -1.72%
Operating Profit
YoY Change
Interest Expense $441.0M
YoY Change
% of Operating Profit
Other Income/Expense, Net $274.0M
YoY Change 23.98%
Pretax Income $889.0M $849.0M
YoY Change 21.78% -3.08%
Income Tax $156.0M $159.0M
% Of Pretax Income 17.55% 18.73%
Net Earnings $696.0M $690.0M
YoY Change -0.14% -3.36%
Net Earnings / Revenue 23.32%
Basic Earnings Per Share $1.82
Diluted Earnings Per Share $1.912M $1.853M
COMMON SHARES
Basic Shares Outstanding 366.9M shares 367.6M shares
Diluted Shares Outstanding 372.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.970B $2.748B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $2.315B $2.283B
YoY Change 2.39% 4.2%
Goodwill $7.495B $7.351B
YoY Change -1.65% -3.91%
Intangibles
YoY Change
Long-Term Investments $3.245B $3.250B
YoY Change 2.62% 3.5%
Other Assets $1.127B $1.083B
YoY Change 343.7% 452.55%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $301.5B $303.6B
YoY Change -4.19% -6.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $22.53B $21.33B
YoY Change 32.13% -4.32%
Deferred Revenue
YoY Change
Short-Term Debt $3.274B $4.359B
YoY Change 92.25% 267.54%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.53B $21.33B
YoY Change 32.13% -4.32%
LONG-TERM LIABILITIES
Long-Term Debt $15.00B $14.00B
YoY Change 11.29% 7.87%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $15.00B $14.00B
YoY Change 11.29% 7.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.53B $21.33B
Total Long-Term Liabilities $15.00B $14.00B
Total Liabilities $276.3B $277.9B
YoY Change -3.83% -6.05%
SHAREHOLDERS EQUITY
Retained Earnings $27.03B $26.55B
YoY Change 7.09% 7.13%
Common Stock $504.0M $504.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.34B $9.876B
YoY Change 13.26% -1.56%
Treasury Stock Shares 154.9M shares 135.9M shares
Shareholders Equity $25.19B $25.65B
YoY Change
Total Liabilities & Shareholders Equity $301.5B $303.6B
YoY Change -4.19% -6.06%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $696.0M $690.0M
YoY Change -0.14% -3.36%
Depreciation, Depletion And Amortization $419.0M $196.0M
YoY Change 16.71% -48.01%
Cash From Operating Activities $7.036B $4.467B
YoY Change 66.45% 1051.29%
INVESTING ACTIVITIES
Capital Expenditures $204.0M -$210.0M
YoY Change -180.0% 6.6%
Acquisitions
YoY Change
Other Investing Activities -$891.0M -$5.125B
YoY Change -38.08% -282.58%
Cash From Investing Activities -$1.095B -$5.335B
YoY Change -35.36% -304.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.719B 101.0M
YoY Change 34.52% -103.35%
NET CHANGE
Cash From Operating Activities 7.036B 4.467B
Cash From Investing Activities -1.095B -5.335B
Cash From Financing Activities -4.719B 101.0M
Net Change In Cash 1.222B -767.0M
YoY Change -225.33% 5800.0%
FREE CASH FLOW
Cash From Operating Activities $7.036B $4.467B
Capital Expenditures $204.0M -$210.0M
Free Cash Flow $6.832B $4.677B
YoY Change 52.43% 699.49%

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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends
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us-gaap Use Of Estimates
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<div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ.</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our consolidated statement of condition as of December 31, 2021 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements.</span></div>
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CY2022Q3 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
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CY2021Q4 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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stt Loans And Leases Receivable Number Of Loans And Leases Segments
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CY2021Q4 stt Prepayable Financial Asset Closed Portfolio Amortized Cost
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16343000000 usd
CY2022Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
8828000000 usd
CY2022Q3 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
7515000000 usd
CY2021Q4 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
DerivativeLiabilityCollateralRighttoReclaimSecuritiesandCashOffset
1282000000 usd
CY2021Q4 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
DerivativeLiabilityCollateralRighttoReclaimSecuritiesandCashOffset
1282000000 usd
CY2021Q4 stt Derivative Collateral Rightto Reclaim Securitiesand Cash
DerivativeCollateralRighttoReclaimSecuritiesandCash
989000000 usd
CY2021Q4 stt Derivative Collateral Rightto Reclaim Securitiesand Cash Netof Offset
DerivativeCollateralRighttoReclaimSecuritiesandCashNetofOffset
2271000000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
16126000000 usd
CY2021Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
10395000000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
5731000000 usd
CY2021Q4 stt Derivative Collateral Rightto Reclaim Securitiesand Cash
DerivativeCollateralRighttoReclaimSecuritiesandCash
989000000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
4742000000 usd
CY2021Q4 stt Reverse Repurchase Agreements And Securities Borrowing Fair Value Gross Liability
ReverseRepurchaseAgreementsAndSecuritiesBorrowingFairValueGrossLiability
82674000000 usd
CY2021Q4 stt Reverse Repurchase Agreements And Securities Borrowed Asset
ReverseRepurchaseAgreementsAndSecuritiesBorrowedAsset
77063000000 usd
CY2021Q4 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
5611000000 usd
CY2021Q4 stt Repurchase Agreements And Securities Loaned Collateral Right To Reclaim Cash
RepurchaseAgreementsAndSecuritiesLoanedCollateralRightToReclaimCash
4066000000 usd
CY2021Q4 stt Repurchase Agreements And Securities Loaned Amount Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLoanedAmountOffsetAgainstCollateral
1545000000 usd
CY2021Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
98800000000 usd
CY2021Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
87458000000 usd
CY2021Q4 stt Derivative Liability Securities Sold Under Agreements To Resell And Securities Loaned Not Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellAndSecuritiesLoanedNotOffsetAgainstCollateral
11342000000 usd
CY2021Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
5055000000 usd
CY2021Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
6287000000 usd
CY2022Q3 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
8020000000.00 usd
CY2022Q3 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
4250000000 usd
CY2021Q4 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
5610000000 usd
CY2021Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
1570000000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<div style="margin-top:3pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Legal and Regulatory Matters</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened. These matters, if resolved adversely against us or settled, may result in monetary awards or payments, fines and penalties or require changes in our business practices. The resolution or settlement of these matters is inherently difficult to predict. Based on our assessment of these pending matters, we do not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on our consolidated financial condition. However, an adverse outcome or development in certain of the matters described below could have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved, or an accrual is determined to be required, on our consolidated financial condition, or on our reputation. </span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We evaluate our needs for accruals of loss contingencies related to legal and regulatory proceedings on a case-by-case basis. When we have a liability that we deem probable, and we deem the amount of such liability can be reasonably estimated as of the date of our consolidated financial statements, we accrue our estimate of the amount of loss. We also consider a loss probable and establish an accrual when we make, or intend to make, an offer of settlement. Once established, an accrual is subject to subsequent adjustment as a result of additional information. The resolution of legal and regulatory proceedings and the amount of reasonably estimable loss (or range thereof) are inherently difficult to predict, especially in the early stages of proceedings. Even if a loss is probable, an amount (or range) of loss might not be reasonably estimated until the later stages of the proceeding due to many factors such as the presence of complex or novel legal theories, the discretion of governmental authorities in seeking sanctions or negotiating resolutions in civil and criminal matters, the pace and timing of discovery </span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and other assessments of facts and the procedural posture of the matter (collectively, "factors influencing reasonable estimates"). </span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2022, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$15 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, including potential fines by government agencies and civil litigation with respect to the matters specifically discussed below. To the extent that we have established accruals in our consolidated statement of condition for probable loss contingencies, such accruals may not be sufficient to cover our ultimate financial exposure associated with any settlements or judgments. Any such ultimate financial exposure, or proceedings to which we may become subject in the future, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. </span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2022, for those matters for which we have accrued probable loss contingencies (including the Invoicing Matter described below) and for other matters for which loss is reasonably possible (but not probable) in future periods, and for which we are able to estimate a range of reasonably possible loss, our estimate of the aggregate reasonably possible loss (in excess of any accrued amounts) ranges up to approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$50 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Our estimate with respect to the aggregate reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties, which may change quickly and significantly from time to time, particularly if and as we engage with applicable governmental agencies or plaintiffs in connection with a proceeding. Also, the matters underlying the reasonably possible loss will change from time to time. As a result, actual results may vary significantly from the current estimate.</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In certain pending matters, it is not currently feasible to reasonably estimate the amount or a range of reasonably possible loss, and such losses, which may be significant, are not included in the estimate of reasonably possible loss discussed above. This is due to, among other factors, the factors influencing reasonable estimates described above. An adverse outcome in one or more of the matters for which we have not estimated the amount or a range of reasonably possible loss, individually or in the aggregate, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. Given that our actual losses from any legal or regulatory proceeding for which we have provided an estimate of the reasonably possible loss could significantly exceed such estimate, and given that we cannot estimate reasonably possible loss for all legal and regulatory proceedings as to which we may be </span></div><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">subject now or in the future, no conclusion as to our ultimate exposure from current pending or potential legal or regulatory proceedings should be drawn from the current estimate of reasonably possible loss. </span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following discussion provides information with respect to significant legal, governmental and regulatory matters. </span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Invoicing Matter</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015, we determined that we had incorrectly invoiced clients for certain expenses. We have reimbursed most of our affected customers for those expenses, and we have implemented enhancements to our billing processes. In connection with our enhancements to our billing processes, we continue to review historical billing practices and may from time to time identify additional remediation. In 2017, we identified an additional area of incorrect expense billing associated with mailing services in our retirement services business. We currently expect the cumulative total of our payments to customers for these invoicing errors, including the error in the retirement services business, to be at least $350 million, all of which has been paid or is accrued. However, we may identify additional remediation costs.</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2017, a purported class action was commenced against us alleging that our invoicing practices violated duties owed to retirement plan customers under the Employee Retirement Income Security Act. We have agreed, subject to court approval, to resolve this matter and pay a cost that is within our established accruals for loss contingencies. In addition, we have received a purported class action demand letter alleging that our invoicing practices were unfair and deceptive under Massachusetts law. A class of customers, or particular customers, may assert that we have not paid to them all amounts incorrectly invoiced, and may seek double or treble damages under Massachusetts law. </span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We resolved potential criminal claims that arose from these matters by entering into a deferred prosecution agreement with the office of the United States Attorney for the District of Massachusetts and paying a $115 million penalty in May 2021. In June 2019, we reached an agreement with the SEC to settle its claims that we violated the recordkeeping provisions of Section 34(b) of the Investment Company Act of 1940 and caused violations of Section 31(a) of the Investment Company Act and Rules 31a-1(a) and 31a-1(b) thereunder in connection with our overcharges of customers which </span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"/><div style="display:inline-block;vertical-align:top;width:46.492%"><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">are registered investment companies. In reaching this settlement, we neither admitted nor denied the claims contained in the SEC’s order, and agreed to pay a civil monetary penalty of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$40 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Also in June 2019, we reached an agreement with the Massachusetts Attorney General’s office to resolve its claims related to this matter. In reaching this settlement, we neither admitted nor denied the claims in the order, and agreed to pay a civil monetary penalty of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$5.5 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The SEC and Massachusetts Attorney General’s office settlements both recognize that the payment of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$48.8 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in disgorgement and interest is satisfied by our direct reimbursements of our customers. We paid fines to resolve claims of the Securities Divisions of the Secretaries of the State of Massachusetts and New Hampshire. The costs associated with the settlements discussed above were within our related previously established accruals for loss contingencies.</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have not resolved certain claims that may be made by the U.S. Department of Labor. We do not know whether any such claims will be brought, and there can be no assurance that any settlement of any such claims will be reached on financial terms acceptable to us or at all. The aggregate amount of penalties that may potentially be imposed upon us in connection with the resolution of any such matters is not currently known. </span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Gomes, et al. v. State Street Corp.</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Eight participants in our Salary Savings Program filed a purported class action complaint in May 2021 on behalf of participants and beneficiaries who participated in the Program and invested in our proprietary investment fund options between May 2015 and the present. The complaint names the Plan Sponsor as well as the committees overseeing the Plan and their respective members as defendants, and alleges breach of fiduciary duty and violations of other duties owed to retirement plan participants under the Employee Retirement Income and Security Act. We and the other named defendants deny the alleged claims and are proceeding with a defense of the matter.</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Edmar Financial Company, LLC et al v. Currenex, Inc. et al</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2021, two former Currenex clients filed a putative civil class action lawsuit in the Southern District of New York alleging antitrust violations, fraud and a civil Racketeer Influenced and Corrupt Organization Act violation against Currenex, State Street and others.</span></div></div><div style="margin-top:3pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits totaled approximately $236 million and $252 million as of September 30, 2022 and December 31, 2021, respectively. </span></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">We are presently under audit by a number of tax authorities. The earliest tax year open to examination in jurisdictions where we have material operations is 2013. Management believes that we have sufficiently accrued liabilities as of September 30, 2022 for potential tax exposures.</span></div>
CY2022Q3 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
87577000000 usd
CY2021Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
75266000000 usd
CY2022Q3 us-gaap Securities Loaned Gross
SecuritiesLoanedGross
7128000000 usd
CY2021Q4 us-gaap Securities Loaned Gross
SecuritiesLoanedGross
7408000000 usd
CY2022Q3 us-gaap Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement
SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement
94705000000 usd
CY2021Q4 us-gaap Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement
SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement
82674000000 usd
CY2022Q3 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
31534000000 usd
CY2021Q4 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
33026000000 usd
CY2022Q3 stt Aggregate Fair Value Of Indemnified Securities On Loan
AggregateFairValueOfIndemnifiedSecuritiesOnLoan
339548000000 usd
CY2021Q4 stt Aggregate Fair Value Of Indemnified Securities On Loan
AggregateFairValueOfIndemnifiedSecuritiesOnLoan
385740000000 usd
CY2022Q3 stt Stand By Letters Of Credit
StandByLettersOfCredit
2162000000 usd
CY2021Q4 stt Stand By Letters Of Credit
StandByLettersOfCredit
3237000000 usd
CY2022Q3 stt Unfunded Commitments To Extend Credit Short Term
UnfundedCommitmentsToExtendCreditShortTerm
0.76
stt Unfunded Commitmentto Extend Credit Term
UnfundedCommitmenttoExtendCreditTerm
P1Y
CY2021Q4 stt Unfunded Commitments To Extend Credit Short Term
UnfundedCommitmentsToExtendCreditShortTerm
0.76
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated:</span></div><div style="margin-top:3pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:46.484%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.815%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.385%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.816%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(In millions)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">September 30, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Fair value of indemnified securities financing</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">339,548</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">385,740 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">355,848</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">404,121 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">59,787</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">61,560 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">64,515</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">67,014 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
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CY2021Q4 stt Aggregate Fair Value Of Indemnified Securities On Loan
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CY2022Q3 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Securities
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CY2021Q4 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Securities
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CY2022Q3 stt Collateralfor Indemnified Securities Investedin Indemnified Repurchase Agreements
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CY2022Q3 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Repurchase Agreements
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CY2022Q3 us-gaap Cash Collateral For Borrowed Securities
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CY2021Q4 us-gaap Cash Collateral For Borrowed Securities
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CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
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CY2022Q3 us-gaap Loss Contingency Estimate Of Possible Loss
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CY2021Q2 stt Participants Who Filed A Purported Class Action Complaint
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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us-gaap Dividends Preferred Stock Cash
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us-gaap Dividends Preferred Stock Cash
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CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q3 us-gaap Dividends Common Stock Cash
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CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q3 us-gaap Dividends Common Stock Cash
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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us-gaap Dividends Common Stock Cash
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us-gaap Dividends Common Stock Cash
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock Cash
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CY2022Q3 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
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CY2021Q3 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
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CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2022Q3 stt Net Unrealized Loss Related To Reclassified Securities
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CY2021Q3 stt Net Unrealized Loss Related To Reclassified Securities
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CY2022Q3 stt Net Unrealized Gains Losseson Availableforsale Securities
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CY2021Q3 stt Net Unrealized Gains Losseson Availableforsale Securities
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CY2022Q3 stt Net Unrealized Loss On Available For Sale Securities Designated In Fair Value Hedges
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CY2021Q3 stt Net Unrealized Loss On Available For Sale Securities Designated In Fair Value Hedges
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CY2022Q3 stt Net Unrealized Loss On Hedges Of Net Investments
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CY2021Q3 stt Net Unrealized Loss On Hedges Of Net Investments
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CY2022Q3 stt Expected Losses From Other Than Temporary Impairment On Held To Maturity Securities
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CY2021Q3 stt Expected Losses From Other Than Temporary Impairment On Held To Maturity Securities
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CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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112000000 usd
CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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166000000 usd
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2021Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
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CY2022Q3 stt Other Comprehensive Income Loss Defined Benefit Plan Actuarial Losses Before Reclassification Adjustment Tax
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CY2021Q3 stt Other Comprehensive Income Loss Defined Benefit Plan Actuarial Losses Before Reclassification Adjustment Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
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stt Other Comprehensive Income Loss Defined Benefit Plan Actuarial Losses Before Reclassification Adjustment Tax
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stt Other Comprehensive Income Loss Defined Benefit Plan Actuarial Losses Before Reclassification Adjustment Tax
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CY2022Q3 stt Tier One Common Risk Based Capital Requiredfor Capital Adequacyto Risk Weighted Assets
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CY2021Q4 stt Tier One Common Risk Based Capital Requiredfor Capital Adequacyto Risk Weighted Assets
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CY2022Q3 us-gaap Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
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CY2021Q4 us-gaap Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
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CY2022Q3 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
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CY2021Q4 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
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CY2022Q3 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
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CY2021Q4 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
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CY2022Q3 us-gaap Banking Regulation Capital Conservation Buffer Capital Conserved Minimum
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CY2022Q3 stt Banking Regulation Stress Capital Buffer
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CY2022Q3 us-gaap Banking Regulation Countercyclical Capital Buffer
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CY2022Q3 us-gaap Interest Income Deposits With Financial Institutions
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us-gaap Interest Income Deposits With Financial Institutions
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us-gaap Interest Income Deposits With Financial Institutions
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CY2022Q3 stt Interest Income Investment Securities Available For Sale
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176000000 usd
CY2021Q3 stt Interest Income Investment Securities Available For Sale
InterestIncomeInvestmentSecuritiesAvailableForSale
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stt Interest Income Investment Securities Available For Sale
InterestIncomeInvestmentSecuritiesAvailableForSale
452000000 usd
stt Interest Income Investment Securities Available For Sale
InterestIncomeInvestmentSecuritiesAvailableForSale
435000000 usd
CY2022Q3 stt Interest Income Investment Securities Held To Maturity
InterestIncomeInvestmentSecuritiesHeldToMaturity
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CY2021Q3 stt Interest Income Investment Securities Held To Maturity
InterestIncomeInvestmentSecuritiesHeldToMaturity
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stt Interest Income Investment Securities Held To Maturity
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stt Interest Income Investment Securities Held To Maturity
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501000000 usd
CY2022Q3 stt Interest Income Investment Securities Purchased Under Money Market Facility
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CY2021Q3 stt Interest Income Investment Securities Purchased Under Money Market Facility
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stt Interest Income Investment Securities Purchased Under Money Market Facility
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stt Interest Income Investment Securities Purchased Under Money Market Facility
InterestIncomeInvestmentSecuritiesPurchasedUnderMoneyMarketFacility
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CY2022Q3 stt Interest Income Investment Securities
InterestIncomeInvestmentSecurities
447000000 usd
CY2021Q3 stt Interest Income Investment Securities
InterestIncomeInvestmentSecurities
308000000 usd
stt Interest Income Investment Securities
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stt Interest Income Investment Securities
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940000000 usd
CY2022Q3 us-gaap Interest Income Securities Purchased Under Agreements To Resell
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CY2021Q3 us-gaap Interest Income Securities Purchased Under Agreements To Resell
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us-gaap Interest Income Securities Purchased Under Agreements To Resell
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us-gaap Interest Income Securities Purchased Under Agreements To Resell
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CY2022Q3 us-gaap Interest And Fee Income Loans And Leases
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CY2021Q3 us-gaap Interest And Fee Income Loans And Leases
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us-gaap Interest And Fee Income Loans And Leases
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us-gaap Interest And Fee Income Loans And Leases
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CY2022Q3 stt Interest Earning Assets Other
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CY2021Q3 stt Interest Earning Assets Other
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stt Interest Earning Assets Other
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stt Interest Earning Assets Other
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CY2022Q3 us-gaap Interest Income Operating
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us-gaap Interest Income Operating
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us-gaap Interest Expense Deposits
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us-gaap Interest Expense Deposits
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CY2021Q3 stt Interest Expense Investment Securities Purchased Under Money Market Facility
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stt Interest Expense Investment Securities Purchased Under Money Market Facility
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stt Interest Expense Investment Securities Purchased Under Money Market Facility
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us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
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us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
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CY2022Q3 us-gaap Interest Expense Short Term Borrowings
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CY2021Q3 us-gaap Interest Expense Short Term Borrowings
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us-gaap Interest Expense Short Term Borrowings
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us-gaap Interest Expense Short Term Borrowings
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CY2021Q3 us-gaap Interest Expense Long Term Debt
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us-gaap Interest Expense Long Term Debt
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us-gaap Interest Expense Long Term Debt
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CY2022Q3 stt Other Interest Earning Liabilities
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CY2021Q3 stt Other Interest Earning Liabilities
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stt Other Interest Earning Liabilities
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stt Other Interest Earning Liabilities
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CY2022Q3 us-gaap Interest Expense
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CY2021Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2022Q3 us-gaap Interest Income Expense Net
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CY2021Q3 us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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CY2022Q3 us-gaap Professional Fees
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us-gaap Professional Fees
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us-gaap Professional Fees
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CY2022Q3 us-gaap Marketing And Advertising Expense
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us-gaap Marketing And Advertising Expense
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us-gaap Marketing And Advertising Expense
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CY2022Q3 stt Securities Processing Expense
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CY2021Q3 stt Securities Processing Expense
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stt Securities Processing Expense
SecuritiesProcessingExpense
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stt Securities Processing Expense
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CY2022Q3 stt Regulatory Feesand Assessments
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CY2021Q3 stt Regulatory Feesand Assessments
RegulatoryFeesandAssessments
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stt Regulatory Feesand Assessments
RegulatoryFeesandAssessments
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stt Regulatory Feesand Assessments
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CY2022Q3 stt Bank Operations Expense
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CY2021Q3 stt Bank Operations Expense
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stt Bank Operations Expense
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stt Bank Operations Expense
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CY2022Q3 stt Donations Expense
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CY2021Q3 stt Donations Expense
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stt Donations Expense
DonationsExpense
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stt Donations Expense
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CY2022Q3 us-gaap Other General Expense
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CY2021Q3 us-gaap Other General Expense
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us-gaap Other General Expense
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us-gaap Other General Expense
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CY2022Q3 us-gaap Other Expenses
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CY2021Q3 us-gaap Other Expenses
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us-gaap Other Expenses
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us-gaap Other Expenses
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CY2021Q3 us-gaap Payments For Restructuring
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CY2021Q3 us-gaap Restructuring Reserve
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CY2021Q4 us-gaap Restructuring Reserve
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CY2022Q1 us-gaap Payments For Restructuring
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CY2022Q1 us-gaap Restructuring Reserve
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CY2022Q2 us-gaap Payments For Restructuring
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CY2022Q2 us-gaap Restructuring Reserve
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CY2022Q3 us-gaap Payments For Restructuring
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CY2022Q3 us-gaap Restructuring Reserve
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CY2022Q3 us-gaap Net Income Loss
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CY2021Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2022Q3 us-gaap Dividends Preferred Stock
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CY2021Q3 us-gaap Dividends Preferred Stock
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us-gaap Dividends Preferred Stock
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