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Name | Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corp. (The) Dep Shs Repstg 1/4000TH Perp Pfd Ser C | NYSE:BKPC | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
The Bank of New York Mellon Corporation 401(k) Savings Plan
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Page
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Report of Independent Registered Public Accounting Firm
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Statements of Net Assets Available for Plan Benefits
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Statements of Changes in Net Assets Available for Plan Benefits
|
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Notes to Financial Statements
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Supplemental Schedule:
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Schedule 1: Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
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Index to Exhibits
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Signatures
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December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
Assets:
|
|
|
||||
Investments held in Master Trust, at fair value
|
$
|
5,805,994,844
|
|
$
|
6,235,788,787
|
|
Fully benefit-responsive investment contracts held in Master Trust, at contract value
|
343,301,813
|
|
331,309,614
|
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||
Notes receivable from participants
|
87,902,354
|
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88,112,798
|
|
||
Employer contributions receivable
|
55,189,404
|
|
54,947,951
|
|
||
Cash
|
323,311
|
|
452,240
|
|
||
Pending investments sales and other receivables
|
3,511,873
|
|
3,096,476
|
|
||
Total assets
|
6,296,223,599
|
|
6,713,707,866
|
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||
|
|
|
||||
Liabilities:
|
|
|
||||
Pending investment purchases and other liabilities
|
10,179,562
|
|
11,104,926
|
|
||
Total liabilities
|
10,179,562
|
|
11,104,926
|
|
||
|
|
|
||||
Net assets available for plan benefits
|
$
|
6,286,044,037
|
|
$
|
6,702,602,940
|
|
|
Year ended December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
(Deductions) additions to net assets available for plan benefits:
|
|
|
||||
Net investment (loss) income from Master Trust:
|
|
|
||||
Net (depreciation) appreciation in fair value of investments
|
$
|
(424,271,993
|
)
|
$
|
905,219,301
|
|
Dividends
|
20,633,790
|
|
17,786,551
|
|
||
Interest
|
2,837
|
|
7,027
|
|
||
Total net investment (loss) income from Master Trust
|
(403,635,366
|
)
|
923,012,879
|
|
||
Securities lending income from Master Trust
|
140,269
|
|
—
|
|
||
Net investment (loss) income
|
(403,495,097
|
)
|
923,012,879
|
|
||
Contributions:
|
|
|
||||
Participant contributions
|
231,527,472
|
|
216,805,966
|
|
||
Employer contributions
|
166,473,073
|
|
162,212,279
|
|
||
Rollover contributions
|
33,094,999
|
|
32,127,665
|
|
||
Total contributions
|
431,095,544
|
|
411,145,910
|
|
||
Interest income on notes receivable from participants
|
4,149,531
|
|
3,490,286
|
|
||
Total additions
|
31,749,978
|
|
1,337,649,075
|
|
||
|
|
|
||||
Deductions from net assets available for plan benefits:
|
|
|
||||
Benefits paid to participants
|
445,488,435
|
|
358,043,799
|
|
||
Administrative expenses
|
2,820,446
|
|
2,645,810
|
|
||
Total deductions
|
448,308,881
|
|
360,689,609
|
|
||
Net (decrease) increase in net assets available for plan benefits
|
(416,558,903
|
)
|
976,959,466
|
|
||
|
|
|
||||
Net assets available for plan benefits:
|
|
|
||||
At beginning of year
|
6,702,602,940
|
|
5,725,643,474
|
|
||
At end of year
|
$
|
6,286,044,037
|
|
$
|
6,702,602,940
|
|
Notes to Financial Statements
|
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
3.
|
Investment Options
|
Notes to Financial Statements
(continued)
|
|
4.
|
Federal Income Taxes
|
Notes to Financial Statements
(continued)
|
|
|
December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
Assets:
|
|
|
||||
Investments, at fair value
|
$
|
11,304,064,001
|
|
$
|
12,288,860,476
|
|
Fully benefit-responsive investment contracts, at contract value
|
343,453,818
|
|
331,526,182
|
|
||
Notes receivable from participants
|
87,902,354
|
|
88,112,798
|
|
||
Cash
|
323,311
|
|
452,240
|
|
||
Pending investment sales and other receivables
|
82,486,929
|
|
90,794,770
|
|
||
Assets held as collateral under securities lending
|
392,504,954
|
|
398,288,677
|
|
||
Total assets
|
12,210,735,367
|
|
13,198,035,143
|
|
||
Liabilities:
|
|
|
||||
Pending investment purchases and other liabilities
|
23,096,475
|
|
30,774,450
|
|
||
Payable upon return of securities loaned
|
392,504,954
|
|
398,288,677
|
|
||
Total liabilities
|
415,601,429
|
|
429,063,127
|
|
||
|
|
|
||||
Net assets available for plan benefits
|
$
|
11,795,133,938
|
|
$
|
12,768,972,016
|
|
|
Year ended December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
(Deductions) additions to net assets available for plan benefits:
|
|
|
||||
Net investment (loss) income:
|
|
|
||||
Net (depreciation) appreciation in fair value of investments
|
$
|
(850,452,145
|
)
|
$
|
1,642,110,442
|
|
Dividends
|
68,210,886
|
|
66,904,843
|
|
||
Interest
|
68,080,307
|
|
57,036,483
|
|
||
Total net investment (loss) income
|
(714,160,952
|
)
|
1,766,051,768
|
|
||
Transfers in
|
432,880,669
|
|
413,533,222
|
|
||
Total (deductions) additions
|
(281,280,283
|
)
|
2,179,584,990
|
|
||
|
|
|
||||
Deductions from net assets available for plan benefits:
|
|
|
||||
Transfers out
|
692,557,795
|
|
594,818,452
|
|
||
Net (decrease) increase prior to transfer in from other plans
|
(973,838,078
|
)
|
1,584,766,538
|
|
||
|
|
|
||||
Transfer in from other plans
|
—
|
|
20,774,929
|
|
||
Net (decrease) increase in net assets available for plan benefits
|
(973,838,078
|
)
|
1,605,541,467
|
|
||
|
|
|
||||
Net assets available for plan benefits:
|
|
|
||||
At beginning of year
|
12,768,972,016
|
|
11,163,430,549
|
|
||
At end of year
|
$
|
11,795,133,938
|
|
$
|
12,768,972,016
|
|
Notes to Financial Statements
(continued)
|
|
Reconciliation of net assets available for plan benefits of the Master Trust
|
December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
Net assets available for plan benefits per the Master Trust financial statements
|
$
|
11,795,133,938
|
|
$
|
12,768,972,016
|
|
Add: Adjustment from contract value to fair value for fully benefit-responsive investment contracts
|
(6,641,891
|
)
|
(2,468,729
|
)
|
||
Net assets available for plan benefits per the Master Trust’s Form 5500
|
$
|
11,788,492,047
|
|
$
|
12,766,503,287
|
|
Reconciliation of change in net assets available for plan benefits of the Master Trust
|
Year ended December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
Net change in net assets available for plan benefits per the Master Trust financial statements
|
$
|
(973,838,078
|
)
|
$
|
1,605,541,467
|
|
Less: Adjustment from contract value to fair value for fully benefit-responsive investment contracts - prior year
|
(2,468,729
|
)
|
(1,869,491
|
)
|
||
Add: Adjustment from contract value to fair value for fully benefit-responsive investment contracts - current year
|
(6,641,891
|
)
|
(2,468,729
|
)
|
||
Net change in net assets available for plan benefits per the Master Trust’s Form 5500
|
$
|
(978,011,240
|
)
|
$
|
1,604,942,229
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||
|
|
Plan’s ownership percentage
|
|
|
|
Plan’s ownership percentage
|
|
||||
|
Fair value
(in dollars)
|
|
|
Fair value
(in dollars)
|
|
||||||
|
|
||||||||||
Common and preferred stock
|
$
|
2,506,695,851
|
|
24
|
%
|
|
$
|
3,056,925,899
|
|
23
|
%
|
Self-directed accounts
|
123,033,856
|
|
100
|
|
|
136,657,584
|
|
100
|
|
||
Mutual funds
|
114,339,811
|
|
—
|
|
|
163,393,716
|
|
—
|
|
||
Collective trust funds
|
5,085,282,025
|
|
73
|
|
|
5,541,866,488
|
|
71
|
|
||
Fixed income
|
1,801,712,574
|
|
—
|
|
|
1,608,604,576
|
|
—
|
|
||
Venture capital and partnership interests
|
29,802,090
|
|
—
|
|
|
40,886,430
|
|
—
|
|
||
Funds of funds
|
1,369,457,541
|
|
100
|
|
|
1,451,629,976
|
|
100
|
|
||
Hedge fund of funds
|
128,692,182
|
|
—
|
|
|
129,440,909
|
|
—
|
|
||
Interest-bearing cash
|
1,354,451
|
|
—
|
|
|
2,408,786
|
|
—
|
|
||
Derivative instruments
|
2,207,007
|
|
—
|
|
|
(520,584
|
)
|
—
|
|
||
Investment contracts with insurance companies
|
141,486,613
|
|
—
|
|
|
157,566,696
|
|
—
|
|
||
Total investments at fair value
|
$
|
11,304,064,001
|
|
51
|
%
|
|
$
|
12,288,860,476
|
|
51
|
%
|
Notes to Financial Statements
(continued)
|
|
GICs at contract value
|
December 31,
|
||||||
(in dollars)
|
2018
|
|
|
2017
|
|
||
Synthetic GICs
|
$
|
316,167,983
|
|
|
$
|
304,906,025
|
|
Traditional GICs
|
27,285,835
|
|
|
26,620,157
|
|
||
Total GICs at contract value
|
$
|
343,453,818
|
|
|
$
|
331,526,182
|
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
•
|
Hedge fund of funds:
The hedge fund of funds are valued at NAV, which is based on the fair value of the underlying investments held by the fund, less its liabilities. These funds are either valued on a daily or monthly basis.
|
•
|
Venture capital and partnership interests:
The fair value is based on the Master Trust’s ownership percentage of the fair value of the underlying investments as provided by the fund managers. These funds are typically valued on a quarterly basis.
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
Notes to Financial Statements
(continued)
|
|
8.
|
Fair Value of Master Trust and Plan Net Assets Available for Plan Benefits
|
Summary of Master Trust financial instruments
|
December 31, 2018
|
||||||||||||||
|
|
|
|
Estimated fair value
|
|
Carrying value
|
|
||||||||
(in dollars)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||
Assets:
|
|
|
|
|
|
||||||||||
Cash
|
$
|
323,311
|
|
$
|
—
|
|
$
|
—
|
|
$
|
323,311
|
|
$
|
323,311
|
|
Fully benefit-responsive investment contracts
|
—
|
|
336,811,927
|
|
—
|
|
336,811,927
|
|
343,453,818
|
|
|||||
Pending investment sales and other receivables
|
—
|
|
82,486,929
|
|
—
|
|
82,486,929
|
|
82,486,929
|
|
|||||
Assets held as collateral under securities lending
|
—
|
|
392,504,954
|
|
—
|
|
392,504,954
|
|
392,504,954
|
|
|||||
Total
|
$
|
323,311
|
|
$
|
811,803,810
|
|
$
|
—
|
|
$
|
812,127,121
|
|
$
|
818,769,012
|
|
Liabilities:
|
|
|
|
|
|
||||||||||
Pending investment purchases and other liabilities
|
$
|
—
|
|
$
|
23,096,475
|
|
$
|
—
|
|
$
|
23,096,475
|
|
$
|
23,096,475
|
|
Payable upon return of securities loaned
|
—
|
|
392,504,954
|
|
—
|
|
392,504,954
|
|
392,504,954
|
|
|||||
Total
|
$
|
—
|
|
$
|
415,601,429
|
|
$
|
—
|
|
$
|
415,601,429
|
|
$
|
415,601,429
|
|
Summary of Master Trust financial instruments
|
December 31, 2017
|
||||||||||||||
|
|
|
|
Estimated
fair value
|
|
Carrying value
|
|
||||||||
(in dollars)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||
Assets:
|
|
|
|
|
|
||||||||||
Cash
|
$
|
452,240
|
|
$
|
—
|
|
$
|
—
|
|
$
|
452,240
|
|
$
|
452,240
|
|
Fully benefit-responsive investment contracts
|
—
|
|
329,057,453
|
|
—
|
|
329,057,453
|
|
331,526,182
|
|
|||||
Pending investment sales and other receivables
|
—
|
|
90,794,770
|
|
—
|
|
90,794,770
|
|
90,794,770
|
|
|||||
Assets held as collateral under securities lending
|
—
|
|
398,288,677
|
|
—
|
|
398,288,677
|
|
398,288,677
|
|
|||||
Total
|
$
|
452,240
|
|
$
|
818,140,900
|
|
$
|
—
|
|
$
|
818,593,140
|
|
$
|
821,061,869
|
|
Liabilities:
|
|
|
|
|
|
||||||||||
Pending investment purchases and other liabilities
|
$
|
—
|
|
$
|
30,774,450
|
|
$
|
—
|
|
$
|
30,774,450
|
|
$
|
30,774,450
|
|
Payable upon return of securities loaned
|
—
|
|
398,288,677
|
|
—
|
|
398,288,677
|
|
398,288,677
|
|
|||||
Total
|
$
|
—
|
|
$
|
429,063,127
|
|
$
|
—
|
|
$
|
429,063,127
|
|
$
|
429,063,127
|
|
Summary of Plan financial instruments
|
December 31, 2018
|
||||||||||||||
|
|
|
|
Estimated fair value
|
|
Carrying value
|
|
||||||||
(in dollars)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||
Assets:
|
|
|
|
|
|
||||||||||
Cash
|
$
|
323,311
|
|
$
|
—
|
|
$
|
—
|
|
$
|
323,311
|
|
$
|
323,311
|
|
Fully benefit-responsive investment contracts held in Master Trust
|
—
|
|
336,662,579
|
|
—
|
|
336,662,579
|
|
343,301,813
|
|
|||||
Pending investment sales and other receivables
|
—
|
|
3,511,873
|
|
—
|
|
3,511,873
|
|
3,511,873
|
|
|||||
Employer contributions receivable
|
—
|
|
55,189,404
|
|
—
|
|
55,189,404
|
|
55,189,404
|
|
|||||
Total
|
$
|
323,311
|
|
$
|
395,363,856
|
|
$
|
—
|
|
$
|
395,687,167
|
|
$
|
402,326,401
|
|
Liabilities:
|
|
|
|
|
|
||||||||||
Pending investment purchases and other liabilities
|
$
|
—
|
|
$
|
10,179,562
|
|
$
|
—
|
|
$
|
10,179,562
|
|
$
|
10,179,562
|
|
Total
|
$
|
—
|
|
$
|
10,179,562
|
|
$
|
—
|
|
$
|
10,179,562
|
|
$
|
10,179,562
|
|
Notes to Financial Statements
(continued)
|
|
Summary of Plan financial instruments
|
December 31, 2017
|
||||||||||||||
|
|
|
|
Estimated
fair value
|
|
Carrying value
|
|
||||||||
(in dollars)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||
Assets:
|
|
|
|
|
|
||||||||||
Cash
|
$
|
452,240
|
|
$
|
—
|
|
$
|
—
|
|
$
|
452,240
|
|
$
|
452,240
|
|
Fully benefit-responsive investment contracts held in Master Trust
|
—
|
|
328,842,613
|
|
—
|
|
328,842,613
|
|
331,309,614
|
|
|||||
Pending investment sales and other receivables
|
—
|
|
3,096,476
|
|
—
|
|
3,096,476
|
|
3,096,476
|
|
|||||
Employer contributions receivable
|
—
|
|
54,947,951
|
|
—
|
|
54,947,951
|
|
54,947,951
|
|
|||||
Total
|
$
|
452,240
|
|
$
|
386,887,040
|
|
$
|
—
|
|
$
|
387,339,280
|
|
$
|
389,806,281
|
|
Liabilities:
|
|
|
|
|
|
||||||||||
Pending investment purchases and other liabilities
|
$
|
—
|
|
$
|
11,104,926
|
|
$
|
—
|
|
$
|
11,104,926
|
|
$
|
11,104,926
|
|
Total
|
$
|
—
|
|
$
|
11,104,926
|
|
$
|
—
|
|
$
|
11,104,926
|
|
$
|
11,104,926
|
|
Reconciliation of net assets available for plan benefits
|
December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
Net assets available for plan benefits per the financial statements
|
$
|
6,286,044,037
|
|
$
|
6,702,602,940
|
|
Less: Benefit claims payable
|
1,581,502
|
|
1,769,887
|
|
||
Add: Adjustment from contract value to fair value for fully benefit-responsive investment contracts
|
(6,639,234
|
)
|
(2,467,001
|
)
|
||
Net assets available for plan benefits per Form 5500
|
$
|
6,277,823,301
|
|
$
|
6,698,366,052
|
|
Notes to Financial Statements
(continued)
|
|
Reconciliation of benefits paid to participants
|
Year ended December 31,
|
|||||
(in dollars)
|
2018
|
|
2017
|
|
||
Benefits paid to participants per the financial statements
|
$
|
445,488,435
|
|
$
|
358,043,799
|
|
Less: Benefit claims payable – prior year
|
1,769,887
|
|
2,661,686
|
|
||
Add: Benefit claims payable – current year
|
1,581,502
|
|
1,769,887
|
|
||
Benefits paid to participants per Form 5500
|
$
|
445,300,050
|
|
$
|
357,152,000
|
|
10.
|
Party-in-Interest Transactions
|
11.
|
Risks and Uncertainties
|
|
Identity of issue, borrower,
lessor, or similar party
|
|
Description of investments and notes receivable
|
|
Cost
|
|
Current value
|
||
|
|
|
|
|
|
|
|
||
*
|
Master Trust
|
|
Common stock, self-directed accounts, collective trust funds and funds of funds
|
|
N/A
|
|
$
|
5,805,994,844
|
|
|
|
|
|
|
|
|
|
||
*
|
Master Trust
|
|
Fully benefit-responsive investment contracts, at contract value
|
|
N/A
|
|
343,301,813
|
|
|
|
|
|
|
|
|
|
|
||
*
|
Notes receivable from
participants
|
|
Notes receivable from participants at interest rates ranging from 3.25% to 10.00% due from less than 1 year to 10 years
|
|
-
|
|
87,902,354
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Total investments and notes receivable (held at end of year)
|
|
|
|
$
|
6,237,199,011
|
|
Exhibit No.
|
|
Description
|
|
Method of Filing
|
|
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
Filed herewith.
|
|
By:
|
/s/ Gregory Nehro
|
|
|
|
Gregory Nehro
|
|
|
|
Interim Head of Human Resources
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Kurtis R. Kurimsky
|
|
|
|
Kurtis R. Kurimsky
|
|
|
|
Corporate Controller
|
|
|
|
|
|
1 Year Bank of New York Mellon Corp. (The) Dep Shs Repstg 1/4000TH Perp Pfd Ser C Chart |
1 Month Bank of New York Mellon Corp. (The) Dep Shs Repstg 1/4000TH Perp Pfd Ser C Chart |
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