2023 Q2 Form 10-Q Financial Statement

#000009375123000554 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $3.110B $3.101B
YoY Change 5.32% 0.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $405.0M $414.0M
YoY Change 3.32% -2.13%
% of Gross Profit
Depreciation & Amortization $237.0M $231.0M
YoY Change -4.44% -21.16%
% of Gross Profit
Operating Expenses $405.0M $414.0M
YoY Change 3.32% -2.13%
Operating Profit
YoY Change
Interest Expense $1.541B $1.261B
YoY Change 1184.17% 10408.33%
% of Operating Profit
Other Income/Expense, Net $286.0M $270.0M
YoY Change 9.16% 11.11%
Pretax Income $916.0M $688.0M
YoY Change 9.7% -8.75%
Income Tax $153.0M $139.0M
% Of Pretax Income 16.7% 20.2%
Net Earnings $726.0M $525.0M
YoY Change -2.81% -13.08%
Net Earnings / Revenue 23.34% 16.93%
Basic Earnings Per Share $2.20 $1.54
Diluted Earnings Per Share $2.18 $1.52
COMMON SHARES
Basic Shares Outstanding 334.3M shares 344.5M shares
Diluted Shares Outstanding 333.5M shares 345.5M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.930B $3.698B
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 $2.928B $2.337B
YoY Change 30.71% 4.85%
Goodwill $7.544B $7.530B
YoY Change 1.06% -0.69%
Intangibles
YoY Change
Long-Term Investments $2.905B $3.025B
YoY Change -10.78% -6.52%
Other Assets $1.139B $989.0M
YoY Change 10.91% 27.61%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $294.6B $290.8B
YoY Change -1.89% -9.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $26.52B $22.43B
YoY Change 47.4% -16.52%
Deferred Revenue
YoY Change
Short-Term Debt $4.347B $3.703B
YoY Change 324.51% -13.78%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.86B $26.13B
YoY Change 71.57% -2.74%
LONG-TERM LIABILITIES
Long-Term Debt $17.18B $16.31B
YoY Change 26.96% 17.12%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $17.18B $16.31B
YoY Change 26.96% 17.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.86B $26.13B
Total Long-Term Liabilities $17.18B $16.31B
Total Liabilities $270.4B $266.1B
YoY Change -1.49% -10.15%
SHAREHOLDERS EQUITY
Retained Earnings $27.81B $27.34B
YoY Change 6.48% 6.75%
Common Stock $504.0M $504.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.56B $12.52B
YoY Change 36.95% 26.1%
Treasury Stock Shares
Shareholders Equity $24.20B $24.75B
YoY Change
Total Liabilities & Shareholders Equity $294.6B $290.8B
YoY Change -1.89% -9.78%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $726.0M $525.0M
YoY Change -2.81% -13.08%
Depreciation, Depletion And Amortization $237.0M $231.0M
YoY Change -4.44% -21.16%
Cash From Operating Activities -$852.0M -$2.862B
YoY Change -79.4% -162.41%
INVESTING ACTIVITIES
Capital Expenditures $170.0M $182.0M
YoY Change -193.41% 31.88%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $2.256B -$188.0M
YoY Change -87.3% 1609.09%
Cash From Investing Activities $2.086B $14.31B
YoY Change -88.14% -430.07%
FINANCING ACTIVITIES
Cash Dividend Paid $243.0M
YoY Change 6.11%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.002B -$11.72B
YoY Change -92.24% 1195.25%
NET CHANGE
Cash From Operating Activities -852.0M -$2.862B
Cash From Investing Activities 2.086B $14.31B
Cash From Financing Activities -1.002B -$11.72B
Net Change In Cash 232.0M -$272.0M
YoY Change -56.96% -58.47%
FREE CASH FLOW
Cash From Operating Activities -$852.0M -$2.862B
Capital Expenditures $170.0M $182.0M
Free Cash Flow -$1.022B -$3.044B
YoY Change -74.15% -168.44%

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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, 2022 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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CY2023Q1 us-gaap Goodwill
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CY2023Q1 us-gaap Derivative Assets
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CY2023Q1 us-gaap Equity Method Investments
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CY2023Q1 us-gaap Income Tax Receivable
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CY2023Q1 us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
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CY2023Q1 stt Derivative Asset Collateral Obligationto Return Securitiesand Cash Offset
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CY2023Q1 stt Reverse Repurchase Agreements And Securities Borrowed Collateral Obligation To Return Cash
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CY2023Q1 stt Reverse Repurchase Agreements And Securities Borrowed Amount Offset Against Collateral
ReverseRepurchaseAgreementsAndSecuritiesBorrowedAmountOffsetAgainstCollateral
834000000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
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228602000000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
201180000000 usd
CY2023Q1 stt Derivative Asset Reverse Repurchase Agreements And Securities Borrowed Not Offset Against Collateral
DerivativeAssetReverseRepurchaseAgreementsAndSecuritiesBorrowedNotOffsetAgainstCollateral
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CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
23114000000 usd
CY2023Q1 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAmountOffsetAgainstCollateral
4308000000 usd
CY2022Q4 stt Derivative Asset Collateral Obligationto Return Securitiesand Cash Offset
DerivativeAssetCollateralObligationtoReturnSecuritiesandCashOffset
3298000000 usd
CY2022Q4 stt Derivative Asset Collateral Obligationto Return Securitiesand Cash Offset
DerivativeAssetCollateralObligationtoReturnSecuritiesandCashOffset
3298000000 usd
CY2022Q4 stt Derivative Collateral Obligationto Return Securitiesand Cash
DerivativeCollateralObligationtoReturnSecuritiesandCash
1717000000 usd
CY2022Q4 stt Derivative Collateral Obligationto Return Securitiesand Cash Netof Offset
DerivativeCollateralObligationtoReturnSecuritiesandCashNetofOffset
5015000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
26186000000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
18522000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
7664000000 usd
CY2022Q4 stt Derivative Collateral Obligationto Return Securitiesand Cash
DerivativeCollateralObligationtoReturnSecuritiesandCash
1717000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
5947000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowing Fair Value Gross Asset
ReverseRepurchaseAgreementsAndSecuritiesBorrowingFairValueGrossAsset
125797000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowed Liability
ReverseRepurchaseAgreementsAndSecuritiesBorrowedLiability
104093000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowed Fair Value Amount Not Offset Against Collateral
ReverseRepurchaseAgreementsAndSecuritiesBorrowedFairValueAmountNotOffsetAgainstCollateral
21704000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowed Collateral Obligation To Return Cash
ReverseRepurchaseAgreementsAndSecuritiesBorrowedCollateralObligationToReturnCash
20960000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowed Amount Offset Against Collateral
ReverseRepurchaseAgreementsAndSecuritiesBorrowedAmountOffsetAgainstCollateral
744000000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedGross
151983000000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedLiability
122615000000 usd
CY2022Q4 stt Derivative Asset Reverse Repurchase Agreements And Securities Borrowed Not Offset Against Collateral
DerivativeAssetReverseRepurchaseAgreementsAndSecuritiesBorrowedNotOffsetAgainstCollateral
29368000000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedCollateralObligationToReturnCash
22677000000 usd
CY2022Q4 us-gaap Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral
DerivativeAssetSecuritiesPurchasedUnderAgreementsToResellSecuritiesBorrowedAmountOffsetAgainstCollateral
6691000000 usd
CY2023Q1 stt Reverse Repurchase Agreements And Securities Borrowed Fair Value Amount Not Offset Against Collateral
ReverseRepurchaseAgreementsAndSecuritiesBorrowedFairValueAmountNotOffsetAgainstCollateral
22760000000 usd
CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
1130000000 usd
CY2023Q1 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
21630000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowed Fair Value Amount Not Offset Against Collateral
ReverseRepurchaseAgreementsAndSecuritiesBorrowedFairValueAmountNotOffsetAgainstCollateral
21700000000 usd
CY2022Q4 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
5210000000 usd
CY2022Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
16490000000 usd
CY2023Q1 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
DerivativeLiabilityCollateralRighttoReclaimSecuritiesandCashOffset
1228000000 usd
CY2023Q1 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
DerivativeLiabilityCollateralRighttoReclaimSecuritiesandCashOffset
1228000000 usd
CY2023Q1 stt Derivative Collateral Rightto Reclaim Securitiesand Cash
DerivativeCollateralRighttoReclaimSecuritiesandCash
515000000 usd
CY2023Q1 stt Derivative Collateral Rightto Reclaim Securitiesand Cash Netof Offset
DerivativeCollateralRighttoReclaimSecuritiesandCashNetofOffset
1743000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
15610000000 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
10754000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
4856000000 usd
CY2023Q1 stt Derivative Collateral Rightto Reclaim Securitiesand Cash
DerivativeCollateralRighttoReclaimSecuritiesandCash
515000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
4341000000 usd
CY2023Q1 stt Reverse Repurchase Agreements And Securities Borrowing Fair Value Gross Liability
ReverseRepurchaseAgreementsAndSecuritiesBorrowingFairValueGrossLiability
203445000000 usd
CY2023Q1 stt Reverse Repurchase Agreements And Securities Borrowed Asset
ReverseRepurchaseAgreementsAndSecuritiesBorrowedAsset
189844000000 usd
CY2023Q1 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
13601000000 usd
CY2023Q1 stt Repurchase Agreements And Securities Loaned Collateral Right To Reclaim Cash
RepurchaseAgreementsAndSecuritiesLoanedCollateralRightToReclaimCash
12399000000 usd
CY2023Q1 stt Repurchase Agreements And Securities Loaned Amount Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLoanedAmountOffsetAgainstCollateral
1202000000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
219055000000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
200598000000 usd
CY2023Q1 stt Derivative Liability Securities Sold Under Agreements To Resell And Securities Loaned Not Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellAndSecuritiesLoanedNotOffsetAgainstCollateral
18457000000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
12914000000 usd
CY2023Q1 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
5543000000 usd
CY2022Q4 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
DerivativeLiabilityCollateralRighttoReclaimSecuritiesandCashOffset
2727000000 usd
CY2022Q4 stt Derivative Liability Collateral Rightto Reclaim Securitiesand Cash Offset
DerivativeLiabilityCollateralRighttoReclaimSecuritiesandCashOffset
2727000000 usd
CY2022Q4 stt Derivative Collateral Rightto Reclaim Securitiesand Cash
DerivativeCollateralRighttoReclaimSecuritiesandCash
908000000 usd
CY2022Q4 stt Derivative Collateral Rightto Reclaim Securitiesand Cash Netof Offset
DerivativeCollateralRighttoReclaimSecuritiesandCashNetofOffset
3635000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
25966000000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
17951000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
8015000000 usd
CY2022Q4 stt Derivative Collateral Rightto Reclaim Securitiesand Cash
DerivativeCollateralRighttoReclaimSecuritiesandCash
908000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
7107000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowing Fair Value Gross Liability
ReverseRepurchaseAgreementsAndSecuritiesBorrowingFairValueGrossLiability
111653000000 usd
CY2022Q4 stt Reverse Repurchase Agreements And Securities Borrowed Asset
ReverseRepurchaseAgreementsAndSecuritiesBorrowedAsset
104093000000 usd
CY2022Q4 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
7560000000 usd
CY2022Q4 stt Repurchase Agreements And Securities Loaned Collateral Right To Reclaim Cash
RepurchaseAgreementsAndSecuritiesLoanedCollateralRightToReclaimCash
6433000000 usd
CY2022Q4 stt Repurchase Agreements And Securities Loaned Amount Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLoanedAmountOffsetAgainstCollateral
1127000000 usd
CY2022Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Gross
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross
137619000000 usd
CY2022Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Asset
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset
122044000000 usd
CY2022Q4 stt Derivative Liability Securities Sold Under Agreements To Resell And Securities Loaned Not Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellAndSecuritiesLoanedNotOffsetAgainstCollateral
15575000000 usd
CY2022Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Collateral Right To Reclaim Cash
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash
7341000000 usd
CY2022Q4 us-gaap Derivative Liability Securities Sold Under Agreements To Resell Securities Loaned Amount Offset Against Collateral
DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral
8234000000 usd
CY2023Q1 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
13600000000 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
3690000000 usd
CY2022Q4 stt Repurchase Agreements And Securities Lending Fair Value Amount Not Offset Against Collateral
RepurchaseAgreementsAndSecuritiesLendingFairValueAmountNotOffsetAgainstCollateral
7560000000 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
1180000000 usd
CY2023Q1 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
190014000000 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
101801000000 usd
CY2023Q1 us-gaap Securities Loaned Gross
SecuritiesLoanedGross
13431000000 usd
CY2022Q4 us-gaap Securities Loaned Gross
SecuritiesLoanedGross
9852000000 usd
CY2023Q1 us-gaap Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement
SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement
203445000000 usd
CY2022Q4 us-gaap Securities Loaned And Securities Sold Under Agreement To Repurchase Gross Including Not Subject To Master Netting Arrangement
SecuritiesLoanedAndSecuritiesSoldUnderAgreementToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement
111653000000 usd
CY2023Q1 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
32990000000 usd
CY2022Q4 us-gaap Unused Commitments To Extend Credit
UnusedCommitmentsToExtendCredit
31208000000 usd
CY2023Q1 stt Aggregate Fair Value Of Indemnified Securities On Loan
AggregateFairValueOfIndemnifiedSecuritiesOnLoan
349966000000 usd
CY2022Q4 stt Aggregate Fair Value Of Indemnified Securities On Loan
AggregateFairValueOfIndemnifiedSecuritiesOnLoan
348924000000 usd
CY2023Q1 stt Stand By Letters Of Credit
StandByLettersOfCredit
1859000000 usd
CY2022Q4 stt Stand By Letters Of Credit
StandByLettersOfCredit
2125000000 usd
CY2023Q1 stt Unfunded Commitments To Extend Credit Short Term
UnfundedCommitmentsToExtendCreditShortTerm
0.76
CY2023Q1 stt Unfunded Commitmentto Extend Credit Term
UnfundedCommitmenttoExtendCreditTerm
P1Y
CY2022Q4 stt Unfunded Commitments To Extend Credit Short Term
UnfundedCommitmentsToExtendCreditShortTerm
0.77
CY2023Q1 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%">March 31, 2023</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, 2022</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%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">349,966</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">$</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%">348,924 </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%">364,016</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%">366,895 </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%">56,569</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%">54,114 </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%">60,935</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%">57,903 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
CY2023Q1 stt Aggregate Fair Value Of Indemnified Securities On Loan
AggregateFairValueOfIndemnifiedSecuritiesOnLoan
349966000000 usd
CY2022Q4 stt Aggregate Fair Value Of Indemnified Securities On Loan
AggregateFairValueOfIndemnifiedSecuritiesOnLoan
348924000000 usd
CY2023Q1 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Securities
AggregateFairValueOfCashAndSecuritiesHeldAsCollateralForIndemnifiedSecurities
364016000000 usd
CY2022Q4 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Securities
AggregateFairValueOfCashAndSecuritiesHeldAsCollateralForIndemnifiedSecurities
366895000000 usd
CY2023Q1 stt Collateralfor Indemnified Securities Investedin Indemnified Repurchase Agreements
CollateralforIndemnifiedSecuritiesInvestedinIndemnifiedRepurchaseAgreements
56569000000 usd
CY2022Q4 stt Collateralfor Indemnified Securities Investedin Indemnified Repurchase Agreements
CollateralforIndemnifiedSecuritiesInvestedinIndemnifiedRepurchaseAgreements
54114000000 usd
CY2023Q1 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Repurchase Agreements
AggregateFairValueOfCashAndSecuritiesHeldAsCollateralForIndemnifiedRepurchaseAgreements
60935000000 usd
CY2022Q4 stt Aggregate Fair Value Of Cash And Securities Held As Collateral For Indemnified Repurchase Agreements
AggregateFairValueOfCashAndSecuritiesHeldAsCollateralForIndemnifiedRepurchaseAgreements
57903000000 usd
CY2023Q1 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
21630000000 usd
CY2022Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
16490000000 usd
CY2023Q1 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 </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%">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 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 March 31, 2023, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $16 million, 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 March 31, 2023, 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) </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%">ranges up to approximately $55 million. 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 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><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;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 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 $40 million. 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 $5.5 million. The SEC and Massachusetts Attorney General’s office settlements both recognize that the payment of $48.8 million 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 and 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><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 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 $280 million and $285 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 for potential tax exposures.</span></div>
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