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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Long-term Debt, Unclassified [Abstract]  
Schedule of Long-term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20202019
Parent Company And Non-Banking Subsidiary Issuances
August 18, 2015August 18, 20253.55 %Senior notes
2/18; 8/18(1)
$1,413 $1,331 
August 18, 2015August 18, 20202.55 %Senior notes2/18; 8/18— 1,191 
November 19, 2013November 20, 20233.7 %Senior notes
5/20; 11/20(1)
1,070 1,037 
December 15, 2014December 16, 20243.3 %Senior notes
6/16; 12/16(1)
1,075 1,022 
May 15, 2013
May 15, 2023(2)
3.1 %Subordinated notes
5/15; 11/15(1)
1,039 1,006 
November 1, 2019November 1, 20252.354 %Fixed-to-floating rate senior notes5/1; 11/11,047 991 
January 24, 2020January 24, 20302.400 %Senior notes1/24, 7/24821 — 
March 30, 2020March 30, 20232.825 %Fixed-to-floating rate senior notes3/30, 9/30748 — 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes3/30, 9/30498 — 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30497 — 
May 15, 2017May 15, 20232.653 %Fixed-to-floating rate senior notes
5/15; 11/15(1)
766 753 
March 7, 2011March 7, 20214.375 %Senior notes
3/7; 9/7(1)
752 748 
May 19, 2016May 19, 20211.95 %Senior notes
5/19; 11/19(1)
753 744 
May 19, 2016May 19, 20262.65 %Senior notes
5/19; 11/19(1)
796 741 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
594 546 
December 3, 2018December 3, 20243.776 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
538 522 
August 18, 2015August 18, 2020Floating-rateSenior notes2/18; 5/18; 8/18; 11/18— 500 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15499 499 
November 1, 2019
November 1, 2034(2)
3.031 %Fixed-to-floating rate senior subordinated notes5/1; 11/1546 492 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures2/15; 5/15; 8/15; 11/15100 100 
June 21, 1996
June 15, 2026(3)
7.35 %Senior notes6/15; 12/15150 150 
Parent Company
Long-term finance leases103 136 
Total long-term debt$13,805 $12,509 
(1) We have entered into interest rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2020 and 2019, the carrying value of long-term debt associated with these fair value hedges was $691 million and$157 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(2) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(3) We may not redeem notes prior to their maturity.
In the fourth quarter of 2019, we completed a cash tender offer for approximately $297 million of our $800 million aggregate principal amount of outstanding floating rate junior subordinated debentures due 2047, resulting in a gain of approximately $44 million. Additionally, in the fourth quarter of 2019, we completed a redemption for approximately $50 million of our $150 million aggregate principal amount of outstanding floating rate junior subordinated debentures due 2028.
Termination of Replacement Capital Covenant
Prior to November 20, 2019, we were subject to a replacement capital covenant dated April 30, 2007 (the Original RCC), as amended by the amendment to replacement capital covenant dated May 13, 2016 (the RCC Amendment and, together with the Original RCC, the Replacement Capital Covenant). Pursuant to the terms of the Replacement Capital Covenant, neither us nor any of our subsidiaries, including State Street Bank, was permitted to repay, redeem or purchase any of the outstanding floating rate junior subordinated debentures due 2047 prior to June 1, 2047 unless certain conditions had been satisfied, except to the extent that (i) we obtained the prior approval of the Federal Reserve, if such approval was then required, and (ii) we had received proceeds, up to specified percentages of the aggregate principal amount repaid or the applicable redemption or purchase price, from the sale or issuance of qualifying securities with characteristics that are the same as, or more equity-like than, the applicable characteristics of the floating rate junior subordinated debentures due 2047 during the 180 days prior to the date of that repayment, redemption or purchase (which period was to be shortened under certain specified circumstances). The Replacement Capital Covenant was a covenant for the benefit of persons buying, holding or selling specified series of our unsecured long-term indebtedness or our depository institution subsidiaries (the Covered Debt). The original Covered Debt under the Replacement Capital Covenant were the outstanding floating rate junior subordinated debentures due 2028.
The Replacement Capital Covenant was terminated automatically without further action on November 20, 2019, following the settlement of the partial redemption of approximately $50 million aggregate principal amount of floating rate junior subordinated debentures due 2028 and the redesignation of our 2.650% Senior Notes due 2026 as Covered Debt for the purposes of the Replacement Capital Covenant, and purchases of the floating rate junior subordinated debentures due 2047 are permissible without issuing qualifying securities under the Replacement Capital Covenant.