Offsetting of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting of Derivative Assets and Securities Purchased Under Agreements to Resell

The following table provides information regarding the offsetting of derivative assets and securities purchased under agreements to resell within the consolidated balance sheets as of September 30, 2020 and December 31, 2019.

TABLE 79: OFFSETTING OF DERIVATIVE ASSETS AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL


	SEPTEMBER 30, 2020
(In Millions)	GROSS RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE BALANCE SHEET⁽²⁾		NET AMOUNTS PRESENTED IN THE BALANCE SHEET		GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET		NET AMOUNT⁽⁴⁾
Derivative Assets⁽¹⁾
Foreign Exchange Contracts Over the Counter (OTC)	$	1,764.3	$	1,405.7	$	358.6	$	29.7	$	328.9
Interest Rate Swaps OTC	333.7		2.6		331.1		—		331.1

Total Derivatives Subject to a Master Netting Arrangement	2,098.0		1,408.3		689.7		29.7		660.0
Total Derivatives Not Subject to a Master Netting Arrangement	515.2		—		515.2		0.9		514.3
Total Derivatives	2,613.2		1,408.3		1,204.9		30.6		1,174.3
Securities Purchased under Agreements to Resell⁽³⁾	$	1,533.4	$	—	$	1,533.4	$	1,533.4	$	—


	DECEMBER 31, 2019
(In Millions)	GROSS RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE BALANCE SHEET⁽²⁾		NET AMOUNTS PRESENTED IN THE BALANCE SHEET		GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET		NET AMOUNT⁽⁴⁾
Derivative Assets⁽¹⁾
Foreign Exchange Contracts OTC	$	2,691.1	$	2,334.1	$	357.0	$	16.5	$	340.5
Interest Rate Swaps OTC	151.9		3.9		148.0		—		148.0
Interest Rate Swaps Exchange Cleared	1.0		—		1.0		—		1.0
Total Derivatives Subject to a Master Netting Arrangement	2,844.0		2,338.0		506.0		16.5		489.5
Total Derivatives Not Subject to a Master Netting Arrangement	543.7		—		543.7		0.3		543.4
Total Derivatives	3,387.7		2,338.0		1,049.7		16.8		1,032.9
Securities Purchased under Agreements to Resell⁽³⁾	$	707.8	$	—	$	707.8	$	707.8	$	—

⁽¹⁾Derivative assets are reported in Other Assets on the consolidated balance sheets. Other Assets (excluding derivative assets) totaled $7.3 billion and $7.4 billion as of September 30, 2020 and December 31, 2019, respectively.

⁽²⁾Including cash collateral received from counterparties.

⁽³⁾Securities purchased under agreements to resell are reported in Federal Funds Sold and Securities Purchased under Agreements to Resell on the consolidated balance sheets. There were no Federal Funds Sold as of September 30, 2020 and $5.0 million of Federal Funds Sold as of December 31, 2019.

⁽⁴⁾Northern Trust did not possess any cash collateral that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of September 30, 2020 and December 31, 2019.

Offsetting of Derivative Liabilities and Securities Sold Under Agreements to Repurchase

The following table provides information regarding the offsetting of derivative liabilities and securities sold under agreements to repurchase within the consolidated balance sheets as of September 30, 2020 and December 31, 2019.

TABLE 80: OFFSETTING OF DERIVATIVE LIABILITIES AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE


	SEPTEMBER 30, 2020
(In Millions)	GROSS RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE BALANCE SHEET⁽²⁾		NET AMOUNTS PRESENTED IN THE BALANCE SHEET		GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET		NET AMOUNT⁽³⁾
Derivative Liabilities⁽¹⁾
Foreign Exchange Contracts OTC	$	1,969.2	$	1,493.6	$	475.6	$	—	$	475.6
Interest Rate Swaps OTC	142.3		109.7		32.6		—		32.6

Other Financial Derivatives	32.3		—		32.3		—		32.3
Total Derivatives Subject to a Master Netting Arrangement	2,143.8		1,603.3		540.5		—		540.5
Total Derivatives Not Subject to a Master Netting Arrangement	357.0		—		357.0		—		357.0
Total Derivatives	2,500.8		1,603.3		897.5		—		897.5
Securities Sold under Agreements to Repurchase	$	269.8	$	—	$	269.8	$	269.8	$	—


	DECEMBER 31, 2019
(In Millions)	GROSS RECOGNIZED LIABILITIES		GROSS AMOUNTS OFFSET IN THE BALANCE SHEET⁽²⁾		NET AMOUNTS PRESENTED IN THE BALANCE SHEET		GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET		NET AMOUNT⁽³⁾
Derivative Liabilities⁽¹⁾
Foreign Exchange Contracts OTC	$	2,181.6	$	1,548.6	$	633.0	$	0.1	$	632.9
Interest Rate Swaps OTC	96.7		57.3		39.4		—		39.4
Interest Rate Swaps Exchange Cleared	0.7		—		0.7		—		0.7
Other Financial Derivatives	33.4		12.5		20.9		—		20.9
Total Derivatives Subject to a Master Netting Arrangement	2,312.4		1,618.4		694.0		0.1		693.9
Total Derivatives Not Subject to a Master Netting Arrangement	1,000.6		—		1,000.6		—		1,000.6
Total Derivatives	3,313.0		1,618.4		1,694.6		0.1		1,694.5
Securities Sold under Agreements to Repurchase	$	489.7	$	—	$	489.7	$	489.7	$	—

⁽¹⁾Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. Other Liabilities (excluding derivative liabilities) totaled $3.6 billion and $3.1 billion as of September 30, 2020 and December 31, 2019, respectively.

⁽²⁾Including cash collateral deposited with counterparties.

⁽³⁾Northern Trust did not place any cash collateral with counterparties that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of September 30, 2020 and December 31, 2019.