State Street Corp: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Oct 27, 2023 and accepted by EDGAR at Oct 27, 2023, 11:36 ET.
Management's discussion and analysis
As filed, 1,857 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
In January 2023, our Board approved a share repurchase program authorizing the purchase of up to $4.5 billion of our common stock through December 31, 2023. We repurchased $1.00 billion of our common stock in the third quarter of 2023 under our 2023 share repurchase authorization.
The following table presents the activity under our common share repurchase program for each of the months in the quarter ended September 30, 2023.
(Dollars in millions except per share amounts; shares in thousands)
| Period: | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced program | Approximate dollar value of shares that may yet be purchased under publicly announced program |
|---|---|---|---|---|
| July 1 - July 31, 2023 | 5,866 | $71.24 | 5,866 | $1,782 |
| August 1 - August 31, 2023 | 7,977 | 72.96 | 7,977 | 1,200 |
| September 1 - September 30, 2023 | — | — | — | — |
| Total | 13,843 | $72.23 | 13,843 | $1,200 |
Stock purchases under our common share repurchase program may be made using various types of transactions, including open market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing and amount of any stock purchases and the type of transaction may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and our financial performance, investment opportunities, market conditions, the nature and timing of implementation of revisions to the Basel III framework and the amount of common stock issued as part of employee compensation programs. The common share repurchase program does not have specific price targets and may be suspended at any time.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $2.69bn | us-gaap:Revenues |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $8.90bn | us-gaap:Revenues |
| Interest expense | 3 months2023-07-01 to 2023-09-30 | $1.70bn | us-gaap:InterestExpense |
| Interest expense | 9 months2023-01-01 to 2023-09-30 | $4.51bn | us-gaap:InterestExpense |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $89.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $381.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $422.0m | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $1.73bn | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $1.25 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | $4.97 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $1.27 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | $5.03 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 317,329,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 332,011,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | −$3.49bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2023-01-01 to 2023-09-30 | $487.0m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 9 months2023-01-01 to 2023-09-30 | $719.0m | us-gaap:PaymentsOfDividends |
| Share repurchases | 9 months2023-01-01 to 2023-09-30 | $3.30bn | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Total assets | At period end2023-09-30 | $284.42bn | us-gaap:Assets |
| Total liabilities | At period end2023-09-30 | $260.79bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2023-09-30 | $23.62bn | us-gaap:StockholdersEquity |
Source: SEC EDGAR, the filing index for accession 0000093751-23-000694. Last ingested by Listed: Oct 26, 2026, 10:02 ET. Listed shows no prices and gives no investment advice.