Reporting Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Earnings Contribution of Northern Trust's Reporting Segments

The following tables reflect the earnings contribution and average assets of Northern Trust’s reporting segments for the years ended December 31, 2022, 2021, and 2020. Segment results are stated on an FTE basis which has no impact on net income. Financial measures stated on an FTE basis includes FTE adjustments of $45.6 million, $35.6 million, and $34.4 million for 2022, 2021, and 2020, respectively.

TABLE 132: ASSET SERVICING RESULTS OF OPERATIONS

	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions)	2022			2021			2020
Noninterest Income
Trust, Investment and Other Servicing Fees	$	2,496.3		$	2,487.3		$	2,321.6
Foreign Exchange Trading Income	281.0			279.0			276.3
Other Noninterest Income	250.7			261.2			222.5
Total Noninterest Income	3,028.0			3,027.5			2,820.4
Net Interest Income(1)	1,072.7			637.2			665.5
Revenue(1)	4,100.7			3,664.7			3,485.9
Provision for Credit Losses	2.4			(33.8)			38.1
Noninterest Expense	3,092.7			2,863.0			2,752.7
Income before Income Taxes(1)	1,005.6			835.5			695.1
Provision for Income Taxes(1)	243.2			194.1			174.4
Net Income	$	762.4		$	641.4		$	520.7
Percentage of Consolidated Net Income	57		%	41		%	43		%
Average Assets	$	115,646.4		$	120,883.2		$	104,790.6

(1) Financial measures stated on an FTE basis.

TABLE 133: WEALTH MANAGEMENT RESULTS OF OPERATIONS

	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions)	2022			2021			2020
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,936.3		$	1,873.8		$	1,673.4
Foreign Exchange Trading Income	7.6			13.6			14.1
Other Noninterest Income	137.7			188.2			168.0
Total Noninterest Income	2,081.6			2,075.6			1,855.5
Net Interest Income(1)	860.1			781.1			812.1
Revenue(1)	2,941.7			2,856.7			2,667.6
Provision for Credit Losses	9.6			(47.7)			86.9
Noninterest Expense	1,815.5			1,651.1			1,559.7
Income before Income Taxes(1)	1,116.6			1,253.3			1,021.0
Provision for Income Taxes(1)	310.0			317.0			291.8
Net Income	$	806.6		$	936.3		$	729.2
Percentage of Consolidated Net Income	60		%	61		%	60		%
Average Assets	$	36,905.5		$	35,480.0		$	32,020.5

(1) Financial measures stated on an FTE basis.

TABLE 134: OTHER RESULTS OF OPERATIONS

	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions)	2022			2021			2020
Noninterest Income	$	(235.6)		$	(21.3)		$	(18.3)
Net Interest Income(1)	—			—			—
Revenue(1)	(235.6)			(21.3)			(18.3)
Noninterest Expense	74.7			21.8			35.8
Income (Loss) before Income Taxes(1)	(310.3)			(43.1)			(54.1)
Provision (Benefit) for Income Taxes(1)	(77.3)			(10.7)			(13.5)
Net Income	$	(233.0)		$	(32.4)		$	(40.6)
Percentage of Consolidated Net Income	(17)		%	(2)		%	(3)		%
Average Assets	$	—		$	—		$	—

(1) Financial measures stated on an FTE basis.

TABLE 135: CONSOLIDATED FINANCIAL INFORMATION

	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2022		2021		2020
Noninterest Income
Trust, Investment and Other Servicing Fees	$	4,432.6	$	4,361.1	$	3,995.0
Foreign Exchange Trading Income	288.6		292.6		290.4
Other Noninterest Income	152.8		428.1		372.2
Total Noninterest Income	4,874.0		5,081.8		4,657.6
Net Interest Income	1,887.2		1,382.7		1,443.2
Revenue	6,761.2		6,464.5		6,100.8
Provision for Credit Losses	12.0		(81.5)		125.0
Noninterest Expense	4,982.9		4,535.9		4,348.2
Income before Income Taxes	1,766.3		2,010.1		1,627.6
Provision for Income Taxes	430.3		464.8		418.3
Net Income	$	1,336.0	$	1,545.3	$	1,209.3
Average Assets	$	152,551.9	$	156,363.2	$	136,811.1

Distribution of Total Assets and Operating Performance

The following table summarizes Northern Trust’s performance based on the allocation process described above without regard to guarantors or the location of collateral.

TABLE 136: DISTRIBUTION OF TOTAL ASSETS AND OPERATING PERFORMANCE

(In Millions)	TOTAL ASSETS		% OF TOTAL		TOTAL REVENUE(1)		% OF TOTAL		INCOME BEFORE INCOME TAXES		% OF TOTAL		NET INCOME		% OF TOTAL
2022
Non-U.S.	$	35,991.3	23	%	$	2,273.3	34	%	$	560.9	32	%	$	420.2	31	%
U.S.	119,045.4		77	%	4,487.9		66	%	1,205.4		68	%	915.8		69	%
Total	$	155,036.7	100	%	$	6,761.2	100	%	$	1,766.3	100	%	$	1,336.0	100	%
2021
Non-U.S.	$	38,555.3	21	%	$	2,017.5	31	%	$	569.4	28	%	$	426.7	28	%
U.S.	145,334.5		79	%	4,447.0		69	%	1,440.7		72	%	1,118.6		72	%
Total	$	183,889.8	100	%	$	6,464.5	100	%	$	2,010.1	100	%	$	1,545.3	100	%
2020
Non-U.S.	$	38,393.8	23	%	$	1,737.6	28	%	$	404.0	25	%	$	302.6	25	%
U.S.	131,610.1		77	%	4,363.2		72	%	1,223.6		75	%	906.7		75	%
Total	$	170,003.9	100	%	$	6,100.8	100	%	$	1,627.6	100	%	$	1,209.3	100	%

(1) Total revenue is comprised of net interest income and noninterest income.