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Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financings and recorded at the amounts at which the securities were acquired or sold plus accrued interest. To minimize any potential credit risk associated with these transactions, the fair value of the securities purchased or sold is monitored, limits are set on exposure with counterparties, and the financial condition of counterparties is regularly assessed. It is Northern Trust’s policy to take possession, either directly or via third-party custodians, of securities purchased under agreements to resell. Securities sold under agreements to repurchase are either directly held by, or pledged to the counterparty until the repurchase.
During the third quarter of 2021, Northern Trust became a Government Securities Division (GSD) netting and sponsoring member in the Fixed Income Clearing Corporation (FICC) sponsored member program. FICC, a wholly-owned subsidiary of The Depository Trust & Clearing Corporation, is a central counterparty and provides netting and settlement for the U.S. Government securities marketplace. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when the Fixed Income Clearing Corporation (FICC) is the counterparty. Refer to Note 25, “Commitments and Contingent Liabilities.”
The following tables summarize information related to Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase.

TABLE 65: SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
($ In Millions)20222021
Balance at December 31$1,070.3 $686.4 
Average Balance During the Year1,071.2 1,067.4 
Average Interest Rate Earned During the Year9.68 %0.33 %
Maximum Month-End Balance During the Year$1,320.8 $1,819.1 
Note: Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when FICC is the counterparty. The table above includes the impact of balance sheet netting under master netting arrangements. Refer to Note 27, “Offsetting of Assets and Liabilities.”

TABLE 66: SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
($ In Millions)20222021
Balance at December 31$567.2 $531.9 
Average Balance During the Year433.6 232.0 
Average Interest Rate Paid During the Year20.94 %0.07 %
Maximum Month-End Balance During the Year$869.0 $892.6 
Note: Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when FICC is the counterparty. The table above includes the impact of balance sheet netting under master netting arrangements. Refer to Note 27, “Offsetting of Assets and Liabilities.”

TABLE 67: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS
REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS
December 31, 2022December 31, 2021
($ In Millions)OVERNIGHT AND CONTINUOUSUP TO 30 DAYSTOTALOVERNIGHT AND CONTINUOUSUP TO 30 DAYSTOTAL
U.S. Treasury and Agency Securities$567.2 $— $567.2 $32.4 $499.5 $531.9 
Total Borrowings567.2 — 567.2 32.4 499.5 531.9 
Net Amount of Recognized Liabilities for Repurchase Agreements in Note 27567.2 — 567.2 32.4 499.5 531.9