QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Zip Code) | ||||||||
(Address of principal executive offices) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
x | Accelerated filer | ¨ | |||||||||
Non-accelerated filer | ¨ | Smaller reporting company | |||||||||
Emerging growth company |
Page | |||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||||||||
CONDENSED INCOME STATEMENTS ($ In Millions) | 2024 | 2023 | % CHANGE(1) | 2024 | 2023 | % CHANGE(1) | ||||||||||||||
Noninterest Income | $ | 2,192.6 | $ | 1,245.6 | 76 | % | $ | 3,311.3 | $ | 2,459.0 | 35 | % | ||||||||
Net Interest Income | 522.9 | 511.5 | 2 | 1,051.0 | 1,042.7 | 1 | ||||||||||||||
Total Revenue | 2,715.5 | 1,757.1 | 55 | 4,362.3 | 3,501.7 | 25 | ||||||||||||||
Provision for Credit Losses | 8.0 | (15.5) | N/M | (0.5) | (0.5) | N/M | ||||||||||||||
Noninterest Expense | 1,533.9 | 1,331.9 | 15 | 2,898.6 | 2,617.5 | 11 | ||||||||||||||
Income before Income Taxes | 1,173.6 | 440.7 | 166 | 1,464.2 | 884.7 | 66 | ||||||||||||||
Provision for Income Taxes | 277.5 | 108.9 | 155 | 353.4 | 218.3 | 62 | ||||||||||||||
Net Income | $ | 896.1 | $ | 331.8 | 170 | % | $ | 1,110.8 | $ | 666.4 | 67 | % |
PER COMMON SHARE | ||||||||||||||||||||
Net Income — Basic | $ | 4.35 | $ | 1.56 | 179 | % | $ | 5.30 | $ | 3.07 | 72 | % | ||||||||
— Diluted | 4.34 | 1.56 | 179 | 5.28 | 3.07 | 72 | ||||||||||||||
Cash Dividends Declared Per Common Share | 0.75 | 0.75 | — | 1.50 | 1.50 | — | ||||||||||||||
Book Value — End of Period (EOP) | 58.38 | 51.94 | 12 | 58.38 | 51.94 | 12 | ||||||||||||||
Market Price — EOP | 83.98 | 74.14 | 13 | 83.98 | 74.14 | 13 |
SELECTED BALANCE SHEET DATA ($ In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | % CHANGE(1) | ||||||||
End of Period: | |||||||||||
Total Assets | $ | 156,797.1 | $ | 150,783.1 | 4 | % | |||||
Earning Assets | 144,445.3 | 140,369.6 | 3 | ||||||||
Deposits | 122,990.9 | 116,164.0 | 6 | ||||||||
Stockholders’ Equity | 12,655.8 | 11,897.9 | 6 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||||||||
2024 | 2023 | % CHANGE(1) | 2024 | 2023 | % CHANGE(1) | |||||||||||||||
Average Balances: | ||||||||||||||||||||
Total Assets | $ | 148,001.2 | $ | 145,899.6 | 1 | % | $ | 146,559.8 | $ | 146,973.8 | — | % | ||||||||
Earning Assets | 135,401.1 | 134,116.4 | 1 | 134,608.9 | 135,031.8 | — | ||||||||||||||
Deposits | 113,341.6 | 105,598.7 | 7 | 112,852.2 | 108,874.0 | 4 | ||||||||||||||
Stockholders’ Equity | 12,358.8 | 11,448.7 | 8 | 12,071.3 | 11,365.5 | 6 |
CLIENT ASSETS ($ In Billions) | JUNE 30, 2024 | DECEMBER 31, 2023 | % CHANGE(1) | ||||||||
Assets Under Custody/Administration(2) | $ | 16,567.4 | $ | 15,404.9 | 8 | % | |||||
Assets Under Custody | 13,041.4 | 11,916.5 | 9 | ||||||||
Assets Under Management | 1,526.7 | 1,434.5 | 6 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Financial Ratios: | ||||||||||||||
Return on Average Common Equity | 31.2 | % | 12.4 | % | 19.6 | % | 12.4 | % | ||||||
Return on Average Assets | 2.44 | 0.91 | 1.52 | 0.91 | ||||||||||
Dividend Payout Ratio | 17.3 | 48.1 | 28.4 | 48.9 | ||||||||||
Net Interest Margin(1) | 1.57 | 1.57 | 1.59 | 1.60 |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||||||||
STANDARDIZED APPROACH | ADVANCED APPROACH | STANDARDIZED APPROACH | ADVANCED APPROACH | WELL-CAPITALIZED RATIOS | MINIMUM CAPITAL RATIOS | |||||||||||||||
Capital Ratios: | ||||||||||||||||||||
Northern Trust Corporation | ||||||||||||||||||||
Common Equity Tier 1 Capital | 12.6 | % | 13.9 | % | 11.4 | % | 13.4 | % | N/A | 4.5 | % | |||||||||
Tier 1 Capital | 13.6 | 15.0 | 12.3 | 14.5 | 6.0 | 6.0 | ||||||||||||||
Total Capital | 15.5 | 16.9 | 14.2 | 16.5 | 10.0 | 8.0 | ||||||||||||||
Tier 1 Leverage | 8.0 | 8.0 | 8.1 | 8.1 | N/A | 4.0 | ||||||||||||||
Supplementary Leverage | N/A | 9.1 | N/A | 8.6 | N/A | 3.0 | ||||||||||||||
The Northern Trust Company | ||||||||||||||||||||
Common Equity Tier 1 Capital | 12.9 | % | 14.6 | % | 12.2 | % | 14.6 | % | 6.5 | % | 4.5 | % | ||||||||
Tier 1 Capital | 12.9 | 14.6 | 12.2 | 14.6 | 8.0 | 6.0 | ||||||||||||||
Total Capital | 14.6 | 16.1 | 13.8 | 16.3 | 10.0 | 8.0 | ||||||||||||||
Tier 1 Leverage | 7.6 | 7.6 | 8.0 | 8.0 | 5.0 | 4.0 | ||||||||||||||
Supplementary Leverage | N/A | 8.6 | N/A | 8.5 | 3.0 | 3.0 |
THREE MONTHS ENDED JUNE 30, | ||||||||||||||
($ In Millions) | 2024 | 2023 | CHANGE | |||||||||||
Asset Servicing Trust, Investment and Other Servicing Fees | ||||||||||||||
Custody and Fund Administration | $ | 445.9 | $ | 427.4 | $ | 18.5 | 4 | % | ||||||
Investment Management | 145.7 | 134.1 | 11.6 | 9 | ||||||||||
Securities Lending | 16.5 | 21.5 | (5.0) | (24) | ||||||||||
Other | 42.5 | 38.2 | 4.3 | 11 | ||||||||||
Total Asset Servicing Trust, Investment and Other Servicing Fees | $ | 650.6 | $ | 621.2 | $ | 29.4 | 5 | % | ||||||
Wealth Management Trust, Investment and Other Servicing Fees | ||||||||||||||
Central | $ | 180.7 | $ | 166.0 | $ | 14.7 | 9 | % | ||||||
East | 132.7 | 124.1 | 8.6 | 7 | ||||||||||
West | 103.3 | 93.7 | 9.6 | 10 | ||||||||||
Global Family Office | 98.8 | 91.3 | 7.5 | 8 | ||||||||||
Total Wealth Management Trust, Investment and Other Servicing Fees | $ | 515.5 | $ | 475.1 | $ | 40.4 | 8 | % | ||||||
Total Consolidated Trust, Investment and Other Servicing Fees | $ | 1,166.1 | $ | 1,096.3 | $ | 69.8 | 6 | % |
DAILY AVERAGES | PERIOD-END | |||||||||||||||||||
THREE MONTHS ENDED JUNE 30, | AS OF JUNE 30, | |||||||||||||||||||
2024 | 2023 | CHANGE | 2024 | 2023 | CHANGE | |||||||||||||||
S&P 500 | 5,247 | 4,205 | 25 | % | 5,460 | 4,450 | 23 | % | ||||||||||||
MSCI EAFE (U.S. dollars) | 2,325 | 2,121 | 10 | 2,315 | 2,132 | 9 | ||||||||||||||
MSCI EAFE (local currency) | 1,516 | 1,337 | 13 | 1,520 | 1,357 | 12 |
AS OF JUNE 30, | |||||||||||
2024 | 2023 | CHANGE | |||||||||
Barclays Capital U.S. Aggregate Bond Index | 2,147 | 2,092 | 3 | % | |||||||
Barclays Capital Global Aggregate Bond Index | 456 | 452 | 1 |
JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 | |||||||||||||
($ In Billions) | |||||||||||||||||
Asset Servicing | $ | 15,470.8 | $ | 15,385.4 | $ | 13,483.5 | 1 | % | 15 | % | |||||||
Wealth Management | 1,096.6 | 1,087.1 | 995.4 | 1 | 10 | ||||||||||||
Total Assets Under Custody / Administration | $ | 16,567.4 | $ | 16,472.5 | $ | 14,478.9 | 1 | % | 14 | % |
JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 | |||||||||||||
($ In Billions) | |||||||||||||||||
Asset Servicing | $ | 11,955.5 | $ | 11,723.1 | $ | 10,295.7 | 2 | % | 16 | % | |||||||
Wealth Management | 1,085.9 | 1,081.0 | 989.1 | — | 10 | ||||||||||||
Total Assets Under Custody | $ | 13,041.4 | $ | 12,804.1 | $ | 11,284.8 | 2 | % | 16 | % |
JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | |||||||||||||||||||||||||||
AS | WM | TOTAL | AS | WM | TOTAL | AS | WM | TOTAL | |||||||||||||||||||||
Equities | 48 | % | 62 | % | 49 | % | 47 | % | 61 | % | 48 | % | 46 | % | 60 | % | 47 | % | |||||||||||
Fixed Income Securities | 31 | 13 | 29 | 31 | 13 | 30 | 33 | 13 | 31 | ||||||||||||||||||||
Cash and Other Assets | 20 | 25 | 21 | 20 | 26 | 21 | 19 | 27 | 21 | ||||||||||||||||||||
Securities Lending Collateral | 1 | — | 1 | 2 | — | 1 | 2 | — | 1 |
($ In Billions) | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 | ||||||||||||
Equities | $ | 6,381.0 | $ | 6,172.5 | $ | 5,328.7 | 3 | % | 20 | % | |||||||
Fixed Income Securities | 3,801.2 | 3,804.2 | 3,524.7 | — | 8 | ||||||||||||
Cash and Other Assets | 2,698.5 | 2,664.2 | 2,262.6 | 1 | 19 | ||||||||||||
Securities Lending Collateral | 160.7 | 163.2 | 168.8 | (2) | (5) | ||||||||||||
Total Assets Under Custody | $ | 13,041.4 | $ | 12,804.1 | $ | 11,284.8 | 2 | % | 16 | % |
JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 | |||||||||||||
($ In Billions) | |||||||||||||||||
Asset Servicing | $ | 1,107.3 | $ | 1,080.1 | $ | 989.8 | 3 | % | 12 | % | |||||||
Wealth Management | 419.4 | 420.6 | 376.0 | — | 12 | ||||||||||||
Total Assets Under Management | $ | 1,526.7 | $ | 1,500.7 | $ | 1,365.8 | 2 | % | 12 | % |
JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | |||||||||||||||||||||||||||
AS | WM | TOTAL | AS | WM | TOTAL | AS | WM | TOTAL | |||||||||||||||||||||
Equities | 55 | % | 58 | % | 56 | % | 56 | % | 57 | % | 56 | % | 54 | % | 55 | % | 54 | % | |||||||||||
Fixed Income Securities | 11 | 20 | 14 | 11 | 21 | 14 | 11 | 21 | 14 | ||||||||||||||||||||
Cash and Other Assets | 19 | 22 | 19 | 18 | 22 | 19 | 18 | 24 | 20 | ||||||||||||||||||||
Securities Lending Collateral | 15 | — | 11 | 15 | — | 11 | 17 | — | 12 |
($ In Billions) | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | CHANGE Q2-24/Q1-24 | CHANGE Q2-24/Q2-23 | ||||||||||||
Equities | $ | 856.9 | $ | 841.1 | $ | 740.5 | 2 | % | 16 | % | |||||||
Fixed Income Securities | 211.6 | 203.5 | 188.7 | 4 | 12 | ||||||||||||
Cash and Other Assets | 297.5 | 292.9 | 267.8 | 2 | 11 | ||||||||||||
Securities Lending Collateral | 160.7 | 163.2 | 168.8 | (2) | (5) | ||||||||||||
Total Assets Under Management | $ | 1,526.7 | $ | 1,500.7 | $ | 1,365.8 | 2 | % | 12 | % |
THREE MONTHS ENDED | ||||||||||||||||||||
(In Billions) | JUNE 30, 2024 | MARCH 31, 2024 | DECEMBER 31, 2023 | SEPTEMBER 30, 2023 | JUNE 30, 2023 | |||||||||||||||
Beginning Balance of AUM | $ | 1,500.7 | $ | 1,434.5 | $ | 1,333.3 | $ | 1,365.8 | $ | 1,330.4 | ||||||||||
Inflows by Product | ||||||||||||||||||||
Equities | 49.6 | 38.3 | 59.9 | 49.5 | 44.8 | |||||||||||||||
Fixed Income | 21.8 | 15.3 | 17.3 | 15.0 | 11.2 | |||||||||||||||
Cash and Other Assets | 655.8 | 629.5 | 619.3 | 565.2 | 551.3 | |||||||||||||||
Securities Lending Collateral | 57.2 | 75.8 | 64.0 | 54.6 | 53.4 | |||||||||||||||
Total Inflows | 784.4 | 758.9 | 760.5 | 684.3 | 660.7 | |||||||||||||||
Outflows by Product | ||||||||||||||||||||
Equities | (53.5) | (47.7) | (56.0) | (54.6) | (54.7) | |||||||||||||||
Fixed Income | (18.2) | (14.6) | (17.9) | (12.4) | (10.2) | |||||||||||||||
Cash and Other Assets | (648.5) | (605.0) | (617.1) | (559.5) | (529.7) | |||||||||||||||
Securities Lending Collateral | (59.8) | (80.0) | (58.6) | (61.4) | (52.5) | |||||||||||||||
Total Outflows | (780.0) | (747.2) | (749.6) | (687.9) | (647.1) | |||||||||||||||
Net Inflows (Outflows) | 4.4 | 11.7 | 10.9 | (3.6) | 13.6 | |||||||||||||||
Market Performance, Currency & Other | ||||||||||||||||||||
Market Performance & Other | 22.3 | 58.8 | 12.6 | (24.1) | 27.7 | |||||||||||||||
Currency | (0.7) | (4.2) | 77.7 | (4.8) | (5.9) | |||||||||||||||
Total Market Performance, Currency & Other | 21.6 | 54.6 | 90.3 | (28.9) | 21.8 | |||||||||||||||
Ending Balance of AUM | $ | 1,526.7 | $ | 1,500.7 | $ | 1,434.5 | $ | 1,333.3 | $ | 1,365.8 |
THREE MONTHS ENDED JUNE 30, | ||||||||||||||
($ In Millions) | 2024 | 2023 | CHANGE | |||||||||||
Foreign Exchange Trading Income | $ | 58.4 | $ | 50.1 | $ | 8.3 | 17 | % | ||||||
Treasury Management Fees | 9.0 | 7.9 | 1.1 | 12 | ||||||||||
Security Commissions and Trading Income | 34.3 | 36.1 | (1.8) | (5) | ||||||||||
Other Operating Income | 924.7 | 55.2 | 869.5 | N/M | ||||||||||
Investment Security Gains (Losses), net | 0.1 | — | 0.1 | N/M | ||||||||||
Total Other Noninterest Income | $ | 1,026.5 | $ | 149.3 | $ | 877.2 | N/M |
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) | SECOND QUARTER | |||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
($ In Millions) | INTEREST | AVERAGE BALANCE | AVERAGE RATE(7) | INTEREST | AVERAGE BALANCE | AVERAGE RATE(7) | ||||||||||||||
Interest-Earning Assets | ||||||||||||||||||||
Federal Reserve and Other Central Bank Deposits | $ | 457.6 | $ | 35,924.1 | 5.12 | % | $ | 398.9 | $ | 34,380.4 | 4.65 | % | ||||||||
Interest-Bearing Due from and Deposits with Banks(1) | 31.4 | 4,999.7 | 2.53 | 32.1 | 4,573.4 | 2.82 | ||||||||||||||
Federal Funds Sold | — | 0.3 | 5.64 | 0.1 | 2.9 | 5.25 | ||||||||||||||
Securities Purchased under Agreements to Resell(2) | 863.5 | 731.9 | 474.48 | 284.3 | 1,238.6 | 92.09 | ||||||||||||||
Debt Securities | ||||||||||||||||||||
Available for Sale | 364.8 | 26,591.4 | 5.52 | 254.7 | 24,511.8 | 4.17 | ||||||||||||||
Held to Maturity | 113.4 | 23,373.8 | 1.95 | 112.5 | 25,053.3 | 1.80 | ||||||||||||||
Trading Account | — | — | — | — | 0.2 | 42.53 | ||||||||||||||
Total Debt Securities | 478.2 | 49,965.2 | 3.85 | 367.2 | 49,565.3 | 2.97 | ||||||||||||||
Loans(3) | 650.7 | 41,034.6 | 6.38 | 640.5 | 42,365.4 | 6.06 | ||||||||||||||
Other Interest-Earning Assets(4) | 32.0 | 2,745.3 | 4.68 | 25.0 | 1,990.4 | 5.04 | ||||||||||||||
Total Interest-Earning Assets | 2,513.4 | 135,401.1 | 7.47 | 1,748.1 | 134,116.4 | 5.23 | ||||||||||||||
Cash and Due from Banks and Other Central Bank Deposits(5) | — | 1,802.0 | — | — | 1,842.5 | — | ||||||||||||||
Other Noninterest-Earning Assets | — | 10,798.1 | — | — | 9,940.7 | — | ||||||||||||||
Total Assets | $ | — | $ | 148,001.2 | — | % | $ | — | $ | 145,899.6 | — | % | ||||||||
Average Source of Funds | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Savings, Money Market and Other | $ | 257.1 | $ | 27,554.9 | 3.75 | % | $ | 152.8 | $ | 22,961.2 | 2.67 | % | ||||||||
Savings Certificates and Other Time | 78.4 | 6,027.4 | 5.23 | 32.0 | 3,036.1 | 4.23 | ||||||||||||||
Non-U.S. Offices — Interest-Bearing | 562.8 | 63,216.3 | 3.58 | 448.7 | 62,046.3 | 2.90 | ||||||||||||||
Total Interest-Bearing Deposits | 898.3 | 96,798.6 | 3.73 | 633.5 | 88,043.6 | 2.89 | ||||||||||||||
Federal Funds Purchased | 38.7 | 3,010.7 | 5.16 | 87.6 | 7,070.0 | 4.97 | ||||||||||||||
Securities Sold under Agreements to Repurchase(2) | 851.5 | 574.6 | 596.00 | 273.4 | 467.8 | 234.39 | ||||||||||||||
Other Borrowings(6) | 95.3 | 7,053.5 | 5.43 | 156.5 | 12,132.6 | 5.17 | ||||||||||||||
Senior Notes | 44.1 | 2,728.7 | 6.50 | 42.1 | 2,761.1 | 6.14 | ||||||||||||||
Long-Term Debt | 55.7 | 4,071.1 | 5.50 | 30.4 | 2,069.7 | 5.89 | ||||||||||||||
Total Interest-Bearing Liabilities | 1,983.6 | 114,237.2 | 6.98 | 1,223.5 | 112,544.8 | 4.36 | ||||||||||||||
Interest Rate Spread | — | — | 0.49 | — | — | 0.87 | ||||||||||||||
Demand and Other Noninterest-Bearing Deposits | — | 16,543.0 | — | — | 17,555.1 | — | ||||||||||||||
Other Noninterest-Bearing Liabilities | — | 4,862.2 | — | — | 4,351.0 | — | ||||||||||||||
Stockholders’ Equity | — | 12,358.8 | — | — | 11,448.7 | — | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | — | $ | 148,001.2 | — | % | $ | — | $ | 145,899.6 | — | % | ||||||||
Net Interest Income/Margin (FTE Adjusted) | $ | 529.8 | $ | — | 1.57 | % | $ | 524.6 | $ | — | 1.57 | % | ||||||||
Net Interest Income/Margin (Unadjusted) | $ | 522.9 | $ | — | 1.55 | % | $ | 511.5 | $ | — | 1.53 | % |
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) | THREE MONTHS ENDED JUNE 30, 2024 VS. 2023 | ||||||||||
CHANGE DUE TO | |||||||||||
(In Millions) | AVERAGE BALANCE | AVERAGE RATE | NET (DECREASE) INCREASE | ||||||||
Increase (Decrease) in Net Interest Income (FTE) | |||||||||||
Federal Reserve and Other Central Bank Deposits | $ | 18.0 | $ | 40.7 | $ | 58.7 | |||||
Interest-Bearing Due from and Deposits with Banks | 2.8 | (3.5) | (0.7) | ||||||||
Federal Funds Sold | (0.1) | — | (0.1) | ||||||||
Securities Purchased under Agreements to Resell | (7.6) | 586.8 | 579.2 | ||||||||
Debt Securities | |||||||||||
Available for Sale | 22.9 | 87.2 | 110.1 | ||||||||
Held to Maturity | (7.9) | 8.8 | 0.9 | ||||||||
Total Debt Securities | 15.0 | 96.0 | 111.0 | ||||||||
Loans | (21.4) | 31.6 | 10.2 | ||||||||
Other Interest-Earning Assets | 8.9 | (1.9) | 7.0 | ||||||||
Total Interest Income | $ | 15.6 | $ | 749.7 | $ | 765.3 | |||||
Interest-Bearing Deposits | |||||||||||
Savings, Money Market and Other | $ | 34.5 | $ | 69.8 | $ | 104.3 | |||||
Savings Certificates and Other Time | 37.5 | 8.9 | 46.4 | ||||||||
Non-U.S. Offices - Interest-Bearing | 8.5 | 105.6 | 114.1 | ||||||||
Total Interest-Bearing Deposits | 80.5 | 184.3 | 264.8 | ||||||||
Federal Funds Purchased | (52.2) | 3.3 | (48.9) | ||||||||
Securities Sold under Agreements to Repurchase | 34.4 | 543.7 | 578.1 | ||||||||
Other Borrowings | (68.7) | 7.5 | (61.2) | ||||||||
Senior Notes | (0.5) | 2.5 | 2.0 | ||||||||
Long-Term Debt | 27.4 | (2.1) | 25.3 | ||||||||
Total Interest Expense | $ | 20.9 | $ | 739.2 | $ | 760.1 | |||||
Increase (Decrease) in Net Interest Income (FTE) | $ | (5.3) | $ | 10.5 | $ | 5.2 |
THREE MONTHS ENDED JUNE 30, | ||||||||||||||
($ In Millions) | 2024 | 2023 | CHANGE | |||||||||||
Compensation | $ | 665.2 | $ | 604.5 | $ | 60.7 | 10 | % | ||||||
Employee Benefits | 100.2 | 101.4 | (1.2) | (1) | ||||||||||
Outside Services | 260.9 | 230.9 | 30.0 | 13 | ||||||||||
Equipment and Software | 277.5 | 229.3 | 48.2 | 21 | ||||||||||
Occupancy | 54.8 | 53.8 | 1.0 | 2 | ||||||||||
Other Operating Expense | 175.3 | 112.0 | 63.3 | 57 | ||||||||||
Total Noninterest Expense | $ | 1,533.9 | $ | 1,331.9 | $ | 202.0 | 15 | % |
SIX MONTHS ENDED JUNE 30, | ||||||||||||||
($ In Millions) | 2024 | 2023 | CHANGE | |||||||||||
Asset Servicing Trust, Investment and Other Servicing Fees | ||||||||||||||
Custody and Fund Administration | $ | 882.6 | $ | 841.0 | $ | 41.6 | 5 | % | ||||||
Investment Management | 285.7 | 260.3 | 25.4 | 10 | ||||||||||
Securities Lending | 34.4 | 40.6 | (6.2) | (15) | ||||||||||
Other | 87.5 | 82.3 | 5.2 | 6 | ||||||||||
Total Asset Servicing Trust, Investment and Other Servicing Fees | $ | 1,290.2 | $ | 1,224.2 | $ | 66.0 | 5 | % | ||||||
Wealth Management Trust, Investment and Other Servicing Fees | ||||||||||||||
Central | $ | 359.0 | $ | 329.6 | $ | 29.4 | 9 | % | ||||||
East | 262.6 | 243.9 | 18.7 | 8 | ||||||||||
West | 203.2 | 184.9 | 18.3 | 10 | ||||||||||
Global Family Office | 194.0 | 177.3 | 16.7 | 9 | ||||||||||
Total Wealth Management Trust, Investment and Other Servicing Fees | $ | 1,018.8 | $ | 935.7 | $ | 83.1 | 9 | % | ||||||
Total Consolidated Trust, Investment and Other Servicing Fees | $ | 2,309.0 | $ | 2,159.9 | $ | 149.1 | 7 | % |
SIX MONTHS ENDED JUNE 30, | ||||||||||||||
($ In Millions) | 2024 | 2023 | CHANGE | |||||||||||
Foreign Exchange Trading Income | $ | 115.4 | $ | 103.1 | $ | 12.3 | 12 | % | ||||||
Treasury Management Fees | 18.3 | 16.3 | 2.0 | 12 | ||||||||||
Security Commissions and Trading Income | 72.2 | 70.8 | 1.4 | 2 | ||||||||||
Other Operating Income | 985.7 | 102.0 | 883.7 | N/M | ||||||||||
Investment Security Gains (Losses), net | (189.3) | 6.9 | (196.2) | N/M | ||||||||||
Total Other Noninterest Income | $ | 1,002.3 | $ | 299.1 | $ | 703.2 | N/M |
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) | SIX MONTHS ENDED JUNE 30, | |||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
($ In Millions) | INTEREST | AVERAGE BALANCE | AVERAGE RATE(7) | INTEREST | AVERAGE BALANCE | AVERAGE RATE(7) | ||||||||||||||
Interest-Earning Assets | ||||||||||||||||||||
Federal Reserve and Other Central Bank Deposits | $ | 917.3 | $ | 35,910.7 | 5.14 | % | $ | 775.9 | $ | 35,504.9 | 4.41 | % | ||||||||
Interest-Bearing Due from and Deposits with Banks(1) | 66.0 | 4,708.9 | 2.82 | 60.3 | 4,387.1 | 2.77 | ||||||||||||||
Federal Funds Sold | — | 0.4 | 5.64 | 0.3 | 11.2 | 4.85 | ||||||||||||||
Securities Purchased under Agreements to Resell(2) | 1,687.4 | 624.9 | 543.03 | 410.2 | 1,142.9 | 72.38 | ||||||||||||||
Debt Securities | ||||||||||||||||||||
Available for Sale | 688.0 | 25,320.5 | 5.46 | 489.4 | 24,769.8 | 3.98 | ||||||||||||||
Held to Maturity | 237.2 | 23,936.3 | 1.99 | 216.3 | 25,216.8 | 1.72 | ||||||||||||||
Trading Account | — | — | — | — | 0.7 | 12.45 | ||||||||||||||
Total Debt Securities | 925.2 | 49,256.8 | 3.78 | 705.7 | 49,987.3 | 2.85 | ||||||||||||||
Loans (3) | 1,306.5 | 41,310.7 | 6.36 | 1,220.0 | 42,163.5 | 5.83 | ||||||||||||||
Other Interest-Earning Assets(4) | 63.9 | 2,796.5 | 4.60 | 44.3 | 1,834.9 | 4.87 | ||||||||||||||
Total Interest-Earning Assets | 4,966.3 | 134,608.9 | 7.42 | 3,216.7 | 135,031.8 | 4.80 | ||||||||||||||
Cash and Due from Banks and Other Central Bank Deposits(5) | — | 1,800.8 | — | — | 1,819.3 | — | ||||||||||||||
Other Noninterest-Earning Assets | — | 10,150.1 | — | — | 10,122.7 | — | ||||||||||||||
Total Assets | $ | — | $ | 146,559.8 | — | % | $ | — | $ | 146,973.8 | — | % | ||||||||
Average Source of Funds | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Savings, Money Market and Other | $ | 510.3 | $ | 27,451.9 | 3.74 | % | $ | 310.8 | $ | 25,103.0 | 2.50 | % | ||||||||
Savings Certificates and Other Time | 137.2 | 5,290.9 | 5.21 | 53.6 | 2,700.0 | 4.00 | ||||||||||||||
Non-U.S. Offices — Interest-Bearing | 1,132.5 | 63,484.6 | 3.59 | 833.7 | 62,227.7 | 2.70 | ||||||||||||||
Total Interest-Bearing Deposits | 1,780.0 | 96,227.4 | 3.72 | 1,198.1 | 90,030.7 | 2.68 | ||||||||||||||
Federal Funds Purchased | 72.3 | 2,830.4 | 5.14 | 127.7 | 5,371.4 | 4.79 | ||||||||||||||
Securities Sold under Agreements to Repurchase(2) | 1,665.4 | 532.4 | 629.08 | 389.5 | 407.8 | 192.58 | ||||||||||||||
Other Borrowings(6) | 183.9 | 6,952.8 | 5.32 | 291.5 | 11,730.6 | 5.01 | ||||||||||||||
Senior Notes | 88.2 | 2,738.7 | 6.47 | 81.3 | 2,754.6 | 5.97 | ||||||||||||||
Long-Term Debt | 111.3 | 4,069.0 | 5.50 | 59.6 | 2,068.0 | 5.81 | ||||||||||||||
Total Interest-Related Funds | 3,901.1 | 113,350.7 | 6.92 | 2,147.7 | 112,363.1 | 3.85 | ||||||||||||||
Interest Rate Spread | — | — | 0.50 | — | — | 0.95 | ||||||||||||||
Demand and Other Noninterest-Bearing Deposits | — | 16,624.8 | — | — | 18,843.3 | — | ||||||||||||||
Other Noninterest-Bearing Liabilities | — | 4,513.0 | — | — | 4,401.9 | — | ||||||||||||||
Stockholders’ Equity | — | 12,071.3 | — | — | 11,365.5 | — | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | — | $ | 146,559.8 | — | % | $ | — | $ | 146,973.8 | — | % | ||||||||
Net Interest Income/Margin (FTE Adjusted) | $ | 1,065.2 | $ | — | 1.59 | % | $ | 1,069.0 | $ | — | 1.60 | % | ||||||||
Net Interest Income/Margin (Unadjusted) | $ | 1,051.0 | $ | — | 1.57 | % | $ | 1,042.7 | $ | — | 1.56 | % |
(INTEREST AND RATE ON A FULLY TAXABLE EQUIVALENT BASIS) | SIX MONTHS ENDED JUNE 30, 2024 vs. 2023 | ||||||||||
CHANGE DUE TO | |||||||||||
(In Millions) | AVERAGE BALANCE | AVERAGE RATE | NET (DECREASE) INCREASE | ||||||||
Increase (Decrease) in Net Interest Income (FTE) | |||||||||||
Federal Reserve and Other Central Bank Deposits | $ | 9.1 | $ | 132.3 | $ | 141.4 | |||||
Interest-Bearing Due from and Deposits with Banks | 4.6 | 1.1 | 5.7 | ||||||||
Federal Funds Sold | (0.3) | — | (0.3) | ||||||||
Securities Purchased under Agreements to Resell | (21.8) | 1,299.0 | 1,277.2 | ||||||||
Debt Securities | |||||||||||
Available For Sale | 11.2 | 187.4 | 198.6 | ||||||||
Held To Maturity | (11.5) | 32.4 | 20.9 | ||||||||
Total Debt Securities | (0.3) | 219.8 | 219.5 | ||||||||
Loans and Leases | (24.7) | 111.2 | 86.5 | ||||||||
Other Interest-Earning Assets | 22.2 | (2.6) | 19.6 | ||||||||
Total Interest Income | $ | (11.2) | $ | 1,760.8 | $ | 1,749.6 | |||||
Interest-Bearing Deposits | |||||||||||
Savings, Money Market and Other | $ | 31.7 | $ | 167.8 | $ | 199.5 | |||||
Savings Certificates and Other Time | 63.6 | 20.0 | 83.6 | ||||||||
Non-U.S. Offices - Interest-Bearing | 17.3 | 281.5 | 298.8 | ||||||||
Total Interest-Bearing Deposits | 112.6 | 469.3 | 581.9 | ||||||||
Federal Funds Purchased | (64.0) | 8.6 | (55.4) | ||||||||
Securities Sold under Agreements to Repurchase | 43.4 | 1,232.5 | 1,275.9 | ||||||||
Other Borrowings | (124.8) | 17.2 | (107.6) | ||||||||
Senior Notes | (0.5) | 7.4 | 6.9 | ||||||||
Long-Term Debt | 55.1 | (3.4) | 51.7 | ||||||||
Total Interest Expense | $ | 21.8 | $ | 1,731.6 | $ | 1,753.4 | |||||
(Decrease) Increase in Net Interest Income (FTE) | $ | (33.0) | $ | 29.2 | $ | (3.8) |
SIX MONTHS ENDED JUNE 30, | ||||||||||||||
($ In Millions) | 2024 | 2023 | CHANGE | |||||||||||
Compensation | $ | 1,292.3 | $ | 1,199.7 | $ | 92.6 | 8 | % | ||||||
Employee Benefits | 201.3 | 202.4 | (1.1) | (1) | ||||||||||
Outside Services | 490.2 | 441.7 | 48.5 | 11 | ||||||||||
Equipment and Software | 530.2 | 461.0 | 69.2 | 15 | ||||||||||
Occupancy | 108.9 | 115.1 | (6.2) | (5) | ||||||||||
Other Operating Expense | 275.7 | 197.6 | 78.1 | 40 | ||||||||||
Total Noninterest Expense | $ | 2,898.6 | $ | 2,617.5 | $ | 281.1 | 11 | % |
($ In Millions) | ASSET SERVICING | WEALTH MANAGEMENT | OTHER(1) | RECONCILING ITEMS | TOTAL CONSOLIDATED | |||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||||||
Trust, Investment and Other Servicing Fees | $ | 650.6 | $ | 621.2 | $ | 515.5 | $ | 475.1 | $ | — | $ | — | $ | — | $ | — | $ | 1,166.1 | $ | 1,096.3 | ||||||||||||
Foreign Exchange Trading Income (Loss) | 62.2 | 52.0 | (3.8) | (1.9) | — | — | — | — | 58.4 | 50.1 | ||||||||||||||||||||||
Other Noninterest Income (Loss) | 61.1 | 69.7 | 31.1 | 40.4 | 875.9 | (10.9) | — | — | 968.1 | 99.2 | ||||||||||||||||||||||
Total Noninterest Income (Loss) | 773.9 | 742.9 | 542.8 | 513.6 | 875.9 | (10.9) | — | — | 2,192.6 | 1,245.6 | ||||||||||||||||||||||
Net Interest Income | 285.3 | 309.3 | 244.5 | 215.3 | — | — | (6.9) | (13.1) | 522.9 | 511.5 | ||||||||||||||||||||||
Revenue | 1,059.2 | 1,052.2 | 787.3 | 728.9 | 875.9 | (10.9) | (6.9) | (13.1) | 2,715.5 | 1,757.1 | ||||||||||||||||||||||
Provision for Credit Losses | 4.5 | (3.5) | 5.0 | (12.0) | (1.5) | — | — | — | 8.0 | (15.5) | ||||||||||||||||||||||
Noninterest Expense | 920.6 | 849.4 | 521.9 | 476.3 | 91.4 | 6.2 | — | — | 1,533.9 | 1,331.9 | ||||||||||||||||||||||
Income before Income Taxes | 134.1 | 206.3 | 260.4 | 264.6 | 786.0 | (17.1) | (6.9) | (13.1) | 1,173.6 | 440.7 | ||||||||||||||||||||||
Provision for Income Taxes | 32.4 | 52.6 | 66.5 | 73.7 | 185.5 | (4.3) | (6.9) | (13.1) | 277.5 | 108.9 | ||||||||||||||||||||||
Net Income | $ | 101.7 | $ | 153.7 | $ | 193.9 | $ | 190.9 | $ | 600.5 | $ | (12.8) | $ | — | $ | — | $ | 896.1 | $ | 331.8 | ||||||||||||
Percentage of Consolidated Net Income | 11 | % | 46 | % | 22 | % | 58 | % | 67 | % | (4) | % | N/A | N/A | 100 | % | 100 | % | ||||||||||||||
Average Assets | $ | 108,728.3 | $ | 111,029.9 | $ | 39,272.9 | $ | 34,869.7 | $ | — | $ | — | N/A | N/A | $ | 148,001.2 | $ | 145,899.6 |
(In Millions) | ASSET SERVICING | WEALTH MANAGEMENT | OTHER(1) | RECONCILING ITEMS | TOTAL CONSOLIDATED | |||||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||||||
Trust, Investment and Other Servicing Fees | $ | 1,290.2 | $ | 1,224.2 | $ | 1,018.8 | $ | 935.7 | $ | — | $ | — | $ | — | $ | — | $ | 2,309.0 | $ | 2,159.9 | ||||||||||||
Foreign Exchange Trading Income (Loss) | 122.1 | 106.9 | (6.7) | (3.8) | — | — | — | — | 115.4 | 103.1 | ||||||||||||||||||||||
Other Noninterest Income (Loss) | 131.9 | 132.9 | 69.6 | 74.7 | 685.4 | (11.6) | — | — | 886.9 | 196.0 | ||||||||||||||||||||||
Total Noninterest Income (Loss) | 1,544.2 | 1,464.0 | 1,081.7 | 1,006.6 | 685.4 | (11.6) | — | — | 3,311.3 | 2,459.0 | ||||||||||||||||||||||
Net Interest Income | 579.1 | 621.4 | 486.1 | 447.6 | — | — | (14.2) | (26.3) | 1,051.0 | 1,042.7 | ||||||||||||||||||||||
Revenue | 2,123.3 | 2,085.4 | 1,567.8 | 1,454.2 | 685.4 | (11.6) | (14.2) | (26.3) | 4,362.3 | 3,501.7 | ||||||||||||||||||||||
Provision for Credit Losses | (1.3) | (6.4) | 3.3 | 5.9 | (2.5) | — | — | — | (0.5) | (0.5) | ||||||||||||||||||||||
Noninterest Expense | 1,773.3 | 1,650.4 | 1,013.6 | 945.5 | 111.7 | 21.6 | — | — | 2,898.6 | 2,617.5 | ||||||||||||||||||||||
Income before Income Taxes | 351.3 | 441.4 | 550.9 | 502.8 | 576.2 | (33.2) | (14.2) | (26.3) | 1,464.2 | 884.7 | ||||||||||||||||||||||
Provision for Income Taxes | 89.0 | 113.1 | 147.9 | 139.8 | 130.7 | (8.3) | (14.2) | (26.3) | 353.4 | 218.3 | ||||||||||||||||||||||
Net Income | $ | 262.3 | $ | 328.3 | $ | 403.0 | $ | 363.0 | $ | 445.5 | $ | (24.9) | $ | — | $ | — | $ | 1,110.8 | $ | 666.4 | ||||||||||||
Percentage of Consolidated Net Income | 24 | % | 49 | % | 36 | % | 55 | % | 40 | % | (4) | % | N/A | N/A | 100 | % | 100 | % | ||||||||||||||
Average Assets | $ | 107,850.4 | $ | 111,143.6 | $ | 38,709.4 | $ | 35,830.2 | $ | — | $ | — | N/A | N/A | $ | 146,559.8 | $ | 146,973.8 |
($ In Billions) | JUNE 30, 2024 | DECEMBER 31, 2023 | CHANGE | |||||||||||
Assets | ||||||||||||||
Federal Reserve and Other Central Bank Deposits | $ | 43.2 | $ | 34.3 | $ | 8.9 | 26 | % | ||||||
Interest-Bearing Due from and Deposits with Banks(1) | 5.6 | 5.3 | 0.3 | 6 | ||||||||||
Securities Purchased under Agreements to Resell | 0.9 | 0.8 | 0.1 | 10 | ||||||||||
Total Debt Securities | 49.7 | 49.3 | 0.4 | 1 | ||||||||||
Loans | 42.1 | 47.6 | (5.5) | (12) | ||||||||||
Other Interest-Earning Assets(2) | 2.9 | 3.1 | (0.2) | (3) | ||||||||||
Total Earning Assets | 144.4 | 140.4 | 4.0 | 3 | ||||||||||
Total Assets | 156.8 | 150.8 | 6.0 | 4 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Total Interest-Bearing Deposits | 102.1 | 93.3 | 8.8 | 9 | ||||||||||
Demand and Other Noninterest-Bearing Deposits | 20.9 | 22.8 | (1.9) | (8) | ||||||||||
Federal Funds Purchased | 2.4 | 3.0 | (0.6) | (21) | ||||||||||
Securities Sold under Agreements to Repurchase | 0.6 | 0.8 | (0.2) | (20) | ||||||||||
Other Borrowings(3) | 6.8 | 6.6 | 0.2 | 4 | ||||||||||
Total Stockholders’ Equity | 12.7 | 11.9 | 0.8 | 6 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||||||||||||||
($ In Billions) | 2024 | 2023 | CHANGE | 2024 | 2023 | CHANGE | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Federal Reserve and Other Central Bank Deposits | $ | 35.9 | $ | 34.4 | $ | 1.5 | 4 | % | $ | 35.9 | $ | 35.5 | $ | 0.4 | 1 | % | ||||||||||
Interest-Bearing Due from and Deposits with Banks(1) | 5.0 | 4.6 | 0.4 | 9 | 4.7 | 4.4 | 0.3 | 7 | ||||||||||||||||||
Securities Purchased under Agreements to Resell | 0.7 | 1.2 | (0.5) | (41) | 0.6 | 1.1 | (0.5) | (45) | ||||||||||||||||||
Total Debt Securities | 50.0 | 49.6 | 0.4 | 1 | 49.3 | 50.0 | (0.7) | (1) | ||||||||||||||||||
Loans | 41.0 | 42.4 | (1.4) | (3) | 41.3 | 42.2 | (0.9) | (2) | ||||||||||||||||||
Other Interest-Earning Assets(2) | 2.8 | 1.9 | 0.9 | 38 | 2.8 | 1.8 | 1.0 | 52 | ||||||||||||||||||
Total Earning Assets | 135.4 | 134.1 | 1.3 | 1 | 134.6 | 135.0 | (0.4) | — | ||||||||||||||||||
Total Assets | 148.0 | 145.9 | 2.1 | 1 | 146.6 | 147.0 | (0.4) | — | ||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||
Total Interest-Bearing Deposits | 96.8 | 88.0 | 8.8 | 10 | 96.2 | 90.0 | 6.2 | 7 | ||||||||||||||||||
Demand and Other Noninterest-Bearing Deposits | 16.5 | 17.6 | (1.1) | (6) | 16.6 | 18.8 | (2.2) | (12) | ||||||||||||||||||
Federal Funds Purchased | 3.0 | 7.1 | (4.1) | (57) | 2.8 | 5.4 | (2.6) | (47) | ||||||||||||||||||
Securities Sold under Agreements to Repurchase | 0.6 | 0.5 | 0.1 | 23 | 0.5 | 0.4 | 0.1 | 31 | ||||||||||||||||||
Other Borrowings(3) | 7.1 | 12.1 | (5.0) | (42) | 7.0 | 11.7 | (4.7) | (41) | ||||||||||||||||||
Total Stockholders’ Equity | 12.4 | 11.4 | 1.0 | 8 | 12.1 | 11.4 | 0.7 | 6 |
JUNE 30, 2024 | ||||||||||||||||||||
($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | ||||||||||||||
U.S. Government | $ | 6,089.9 | $ | — | $ | — | $ | — | $ | — | $ | 6,089.9 | ||||||||
Obligations of States and Political Subdivisions | 37.9 | 255.5 | — | — | — | 293.4 | ||||||||||||||
Government Sponsored Agency | 12,633.1 | — | — | — | — | 12,633.1 | ||||||||||||||
Non-U.S. Government | 311.2 | — | — | — | — | 311.2 | ||||||||||||||
Corporate Debt | 13.9 | 58.1 | 144.2 | — | 3.5 | 219.7 | ||||||||||||||
Covered Bonds | 278.7 | — | 21.2 | — | — | 299.9 | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 3,194.2 | 445.3 | 113.9 | — | — | 3,753.4 | ||||||||||||||
Other Asset-Backed | 2,570.8 | 30.0 | 25.0 | — | — | 2,625.8 | ||||||||||||||
Commercial Mortgage-Backed | 635.3 | — | — | — | — | 635.3 | ||||||||||||||
Total | $ | 25,765.0 | $ | 788.9 | $ | 304.3 | $ | — | $ | 3.5 | $ | 26,861.7 | ||||||||
Percent of Total | 96 | % | 3 | % | 1 | % | — | % | — | % | 100 | % |
DECEMBER 31, 2023 | ||||||||||||||||||||
($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | ||||||||||||||
U.S. Government | $ | 3,622.2 | $ | — | $ | — | $ | — | $ | — | $ | 3,622.2 | ||||||||
Obligations of States and Political Subdivisions | 38.1 | 257.7 | — | — | — | 295.8 | ||||||||||||||
Government Sponsored Agency | 11,553.0 | — | — | — | — | 11,553.0 | ||||||||||||||
Non-U.S. Government | 264.4 | — | — | — | — | 264.4 | ||||||||||||||
Corporate Debt | 24.7 | 87.0 | 157.4 | — | 10.4 | 279.5 | ||||||||||||||
Covered Bonds | 325.3 | — | 21.8 | — | — | 347.1 | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 2,353.5 | 334.0 | 212.4 | — | — | 2,899.9 | ||||||||||||||
Other Asset-Backed | 2,962.6 | — | — | — | — | 2,962.6 | ||||||||||||||
Commercial Mortgage-Backed | 865.3 | — | — | — | — | 865.3 | ||||||||||||||
Total | $ | 22,009.1 | $ | 678.7 | $ | 391.6 | $ | — | $ | 10.4 | $ | 23,089.8 | ||||||||
Percent of Total | 95 | % | 3 | % | 2 | % | — | % | — | % | 100 | % |
JUNE 30, 2024 | ||||||||||||||||||||
($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | ||||||||||||||
Obligations of States and Political Subdivisions | $ | 959.7 | $ | 1,598.0 | $ | — | $ | — | $ | 0.2 | $ | 2,557.9 | ||||||||
Government Sponsored Agency | 9,041.0 | — | — | — | 0.2 | 9,041.2 | ||||||||||||||
Non-U.S. Government | 798.6 | 706.2 | 675.8 | 322.7 | — | 2,503.3 | ||||||||||||||
Corporate Debt | — | 276.8 | 276.9 | — | — | 553.7 | ||||||||||||||
Covered Bonds | 2,023.5 | — | — | — | — | 2,023.5 | ||||||||||||||
Certificates of Deposit | 425.0 | — | — | — | — | 425.0 | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 3,763.9 | 1,151.2 | 29.3 | 1.1 | — | 4,945.5 | ||||||||||||||
Other Asset-Backed | 115.3 | — | — | — | 5.9 | 121.2 | ||||||||||||||
Commercial Mortgage-Backed | 37.6 | — | — | — | — | 37.6 | ||||||||||||||
Other | 52.1 | — | — | — | 537.6 | 589.7 | ||||||||||||||
Total | $ | 17,216.7 | $ | 3,732.2 | $ | 982.0 | $ | 323.8 | $ | 543.9 | $ | 22,798.6 | ||||||||
Percent of Total | 76 | % | 16 | % | 4 | % | 1 | % | 3 | % | 100 | % |
DECEMBER 31, 2023 | ||||||||||||||||||||
($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | ||||||||||||||
U.S. Government | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Obligations of States and Political Subdivisions | 954.7 | 1,609.0 | — | — | 0.2 | 2,563.9 | ||||||||||||||
Government Sponsored Agency | 9,355.3 | — | — | — | — | 9,355.3 | ||||||||||||||
Non-U.S. Government | 813.3 | 1,179.6 | 2,463.3 | 332.9 | — | 4,789.1 | ||||||||||||||
Corporate Debt | 2.1 | 302.6 | 341.4 | — | — | 646.1 | ||||||||||||||
Covered Bonds | 2,208.6 | — | — | — | — | 2,208.6 | ||||||||||||||
Certificates of Deposit | 545.9 | — | — | — | 39.2 | 585.1 | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 4,047.9 | 1,166.5 | 30.0 | 1.1 | — | 5,245.5 | ||||||||||||||
Other Asset-Backed | 214.2 | — | — | — | — | 214.2 | ||||||||||||||
Commercial Mortgage-Backed | 37.6 | — | — | — | — | 37.6 | ||||||||||||||
Other | 54.8 | — | — | — | 521.5 | 576.3 | ||||||||||||||
Total | $ | 18,234.4 | $ | 4,257.7 | $ | 2,834.7 | $ | 334.0 | $ | 560.9 | $ | 26,221.7 | ||||||||
Percent of Total | 70 | % | 16 | % | 11 | % | 1 | % | 2 | % | 100 | % |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||
($ In Millions) | AMOUNT | % OF NONACCRUAL LOANS TO TOTAL NONACCRUAL LOANS | AMOUNT | % OF NONACCRUAL LOANS TO TOTAL NONACCRUAL LOANS | ||||||||||
Nonaccrual Loans | ||||||||||||||
Commercial | ||||||||||||||
Commercial and Institutional | $ | 7.6 | 20 | % | $ | 16.3 | 26 | % | ||||||
Commercial Real Estate | 5.7 | 15 | — | — | ||||||||||
Total Commercial | $ | 13.3 | 35 | % | $ | 16.3 | 26 | % | ||||||
Personal | ||||||||||||||
Private Client | $ | 2.0 | 5 | % | $ | 20.3 | 32 | % | ||||||
Residential Real Estate | 23.2 | 60 | 27.0 | 42 | ||||||||||
Total Personal | $ | 25.2 | 65 | % | $ | 47.3 | 74 | % | ||||||
Total Nonaccrual Loans | 38.5 | 63.6 | ||||||||||||
Other Real Estate Owned | — | 1.5 | ||||||||||||
Total Nonaccrual Assets | $ | 38.5 | $ | 65.1 | ||||||||||
90 Day Past Due Loans Still Accruing | $ | 80.6 | $ | 20.1 | ||||||||||
Nonaccrual Loans to Total Loans | 0.09 | % | 0.13 | % | ||||||||||
Allowance for Credit Losses Assigned to Loans to Nonaccrual Loans | 4.4 | x | 2.8 | x |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||
($ In Millions) | ALLOWANCE AMOUNT | PERCENT OF LOANS TO TOTAL LOANS | ALLOWANCE AMOUNT | PERCENT OF LOANS TO TOTAL LOANS | ||||||||||
Evaluated on an Individual Basis | $ | 2.5 | — | % | $ | 13.4 | — | % | ||||||
Evaluated on a Collective Basis | ||||||||||||||
Commercial | ||||||||||||||
Commercial and Institutional | 59.0 | 26 | 57.2 | 24 | ||||||||||
Commercial Real Estate | 103.2 | 12 | 101.4 | 11 | ||||||||||
Non-U.S. | 1.3 | 6 | 1.6 | 6 | ||||||||||
Other | — | 5 | 0.1 | 13 | ||||||||||
Total Commercial | 163.5 | 49 | 160.3 | 54 | ||||||||||
Personal | ||||||||||||||
Private Client | 11.8 | 34 | 12.0 | 30 | ||||||||||
Residential Real Estate | 17.9 | 15 | 18.8 | 13 | ||||||||||
Non-U.S. | 1.3 | 1 | 1.1 | 1 | ||||||||||
Other | 0.2 | 1 | — | 2 | ||||||||||
Total Personal | 31.2 | 51 | 31.9 | 46 | ||||||||||
Total Allowance Evaluated on a Collective Basis | $ | 194.7 | $ | 192.2 | ||||||||||
Total Allowance for Credit Losses | $ | 197.2 | $ | 205.6 | ||||||||||
Allowance Assigned to | ||||||||||||||
Loans | $ | 167.7 | $ | 178.7 | ||||||||||
Undrawn Commitments and Standby Letters of Credit | 29.5 | 26.9 | ||||||||||||
Total Allowance for Credit Losses | $ | 197.2 | $ | 205.6 | ||||||||||
Allowance Assigned to Loans to Total Loans | 0.40 | % | 0.38 | % |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Commercial Mortgages | ||||||||
Apartment/ Multi-family | $ | 1,648.4 | $ | 1,633.9 | ||||
Office | 991.0 | 1,035.1 | ||||||
Industrial/ Warehouse | 737.3 | 687.1 | ||||||
Retail | 659.0 | 620.9 | ||||||
Other | 641.9 | 575.3 | ||||||
Total Commercial Mortgages | 4,677.6 | 4,552.3 | ||||||
Construction, Acquisition and Development Loans | 589.2 | 581.9 | ||||||
Total Commercial Real Estate Loans | $ | 5,266.8 | $ | 5,134.2 |
SIX MONTHS ENDED JUNE 30, | ||||||||||||||
(In Millions) | 2024 | 2023 | ||||||||||||
Net cash provided by (used in): | ||||||||||||||
Operating activities | $ | 1,537.7 | $ | (264.3) | ||||||||||
Investing activities | (3,842.9) | (431.4) | ||||||||||||
Financing activities | 4,298.2 | 1,071.7 | ||||||||||||
Effect of Foreign Currency Exchange Rates on Cash | (217.5) | (132.5) | ||||||||||||
Change in Cash and Due from Banks | $ | 1,775.5 | $ | 243.5 |
Capital Ratios — Northern Trust Corporation | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | |||||||||||||||||||||||
STANDARDIZED APPROACH | ADVANCED APPROACH | STANDARDIZED APPROACH | ADVANCED APPROACH | STANDARDIZED APPROACH | ADVANCED APPROACH | WELL-CAPITALIZED RATIOS | MINIMUM CAPITAL RATIOS | |||||||||||||||||||
Common Equity Tier 1 Capital | 12.6 | % | 13.9 | % | 11.4 | % | 13.5 | % | 11.3 | % | 13.0 | % | N/A | 4.5 | % | |||||||||||
Tier 1 Capital | 13.6 | 15.0 | 12.4 | 14.6 | 12.3 | 14.1 | 6.0 | 6.0 | ||||||||||||||||||
Total Capital | 15.5 | 16.9 | 14.2 | 16.5 | 14.4 | 16.3 | 10.0 | 8.0 | ||||||||||||||||||
Tier 1 Leverage | 8.0 | 8.0 | 7.8 | 7.8 | 7.4 | 7.4 | N/A | 4.0 | ||||||||||||||||||
Supplementary Leverage | N/A | 9.1 | N/A | 8.8 | N/A | 8.3 | N/A | 3.0 |
Capital Ratios — The Northern Trust Company | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | |||||||||||||||||||||||
STANDARDIZED APPROACH | ADVANCED APPROACH | STANDARDIZED APPROACH | ADVANCED APPROACH | STANDARDIZED APPROACH | ADVANCED APPROACH | WELL-CAPITALIZED RATIOS | MINIMUM CAPITAL RATIOS | |||||||||||||||||||
Common Equity Tier 1 Capital | 12.9 | % | 14.6 | % | 11.9 | % | 14.2 | % | 12.1 | % | 14.3 | % | 6.5 | % | 4.5 | % | ||||||||||
Tier 1 Capital | 12.9 | 14.6 | 11.9 | 14.2 | 12.1 | 14.3 | 8.0 | 6.0 | ||||||||||||||||||
Total Capital | 14.6 | 16.1 | 13.4 | 15.8 | 13.9 | 16.2 | 10.0 | 8.0 | ||||||||||||||||||
Tier 1 Leverage | 7.6 | 7.6 | 7.4 | 7.4 | 7.4 | 7.4 | 5.0 | 4.0 | ||||||||||||||||||
Supplementary Leverage | N/A | 8.6 | N/A | 8.5 | N/A | 8.2 | 3.0 | 3.0 |
INCREASE (DECREASE) ESTIMATED IMPACT ON NEXT TWELVE MONTHS OF NET INTEREST INCOME | ||||||||
(In Millions) | JUNE 30, 2024 | JUNE 30, 2023 | ||||||
Increase in Interest Rates Above Market Implied Forward Rates | ||||||||
100 Basis Points | $ | 22 | $ | (40) | ||||
200 Basis Points | 41 | (84) | ||||||
Decrease in Interest Rates Below Market Implied Forward Rates | ||||||||
100 Basis Points | $ | (41) | $ | 37 | ||||
200 Basis Points | (104) | $ | 58 |
INCREASE (DECREASE) ESTIMATED IMPACT ON MARKET VALUE OF EQUITY | ||||||||
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Increase in Interest Rates Above Market Implied Forward Rates | ||||||||
100 Basis Points | $ | (383) | $ | (360) | ||||
200 Basis Points | (850) | (817) | ||||||
Decrease in Interest Rates Below Market Implied Forward Rates | ||||||||
100 Basis Points | $ | 396 | $ | 430 | ||||
200 Basis Points | 596 | 725 |
(In Millions) | Combined Trading Book VaR | FX VaR (FX DRIVERS ONLY) | IR VaR (IR DRIVERS ONLY) | VOL VaR (VOLATILITY DRIVERS ONLY) | ||||||||||||||||||||||||||||||||||
THREE MONTHS ENDED | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | JUNE 30, 2024 | MARCH 31, 2024 | JUNE 30, 2023 | ||||||||||||||||||||||||||
High | $ | 1.6 | $ | 1.7 | $ | 0.7 | $ | 2.0 | $ | 2.0 | $ | 0.7 | $ | 0.3 | $ | 0.4 | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||||||||
Low | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | — | 0.1 | 0.1 | — | — | — | — | ||||||||||||||||||||||||||
Average | 0.6 | 0.7 | 0.2 | 0.5 | 0.6 | 0.2 | 0.1 | 0.2 | 0.1 | — | — | — | ||||||||||||||||||||||||||
Quarter-End | 0.8 | 0.3 | 0.3 | 0.8 | 0.2 | 0.4 | 0.1 | 0.2 | 0.2 | — | — | — |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
($ In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Net Interest Income | ||||||||||||||
Interest Income - GAAP | $ | 2,506.5 | $ | 1,735.0 | $ | 4,952.1 | $ | 3,190.4 | ||||||
Add: FTE Adjustment | 6.9 | 13.1 | 14.2 | 26.3 | ||||||||||
Interest Income (FTE) - Non-GAAP | $ | 2,513.4 | $ | 1,748.1 | $ | 4,966.3 | $ | 3,216.7 | ||||||
Net Interest Income - GAAP | $ | 522.9 | $ | 511.5 | $ | 1,051.0 | $ | 1,042.7 | ||||||
Add: FTE Adjustment | 6.9 | 13.1 | 14.2 | 26.3 | ||||||||||
Net Interest Income (FTE) - Non-GAAP | $ | 529.8 | $ | 524.6 | $ | 1,065.2 | $ | 1,069.0 | ||||||
Net Interest Margin - GAAP | 1.55 | % | 1.53 | % | 1.57 | % | 1.56 | % | ||||||
Net Interest Margin (FTE) - Non-GAAP | 1.57 | % | 1.57 | % | 1.59 | % | 1.60 | % | ||||||
Total Revenue | ||||||||||||||
Total Revenue - GAAP | $ | 2,715.5 | $ | 1,757.1 | $ | 4,362.3 | $ | 3,501.7 | ||||||
Add: FTE Adjustment | 6.9 | 13.1 | 14.2 | 26.3 | ||||||||||
Total Revenue (FTE) - Non-GAAP | $ | 2,722.4 | $ | 1,770.2 | $ | 4,376.5 | $ | 3,528.0 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | NORTHERN TRUST CORPORATION |
(In Millions Except Share Information) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
ASSETS | ||||||||
Cash and Due from Banks | $ | $ | ||||||
Federal Reserve and Other Central Bank Deposits | ||||||||
Interest-Bearing Deposits with Banks | ||||||||
Securities Purchased under Agreements to Resell | ||||||||
Debt Securities | ||||||||
Available for Sale (Amortized cost of $ | ||||||||
Held to Maturity (Fair value of $ | ||||||||
Total Debt Securities | ||||||||
Loans | ||||||||
Commercial | ||||||||
Personal | ||||||||
Total Loans (Net of unearned income of $ | ||||||||
Allowance for Credit Losses | ( | ( | ||||||
Buildings and Equipment | ||||||||
Client Security Settlement Receivables | ||||||||
Goodwill | ||||||||
Other Assets | ||||||||
Total Assets | $ | $ | ||||||
LIABILITIES | ||||||||
Deposits | ||||||||
Demand and Other Noninterest-Bearing | $ | $ | ||||||
Savings, Money Market and Other Interest-Bearing | ||||||||
Savings Certificates and Other Time | ||||||||
Non U.S. Offices — Noninterest-Bearing | ||||||||
— Interest-Bearing | ||||||||
Total Deposits | ||||||||
Federal Funds Purchased | ||||||||
Securities Sold Under Agreements to Repurchase | ||||||||
Other Borrowings | ||||||||
Senior Notes | ||||||||
Long-Term Debt | ||||||||
Other Liabilities | ||||||||
Total Liabilities | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred Stock, No Par Value; Authorized | ||||||||
Series D, authorized and outstanding shares of | ||||||||
Series E, authorized and outstanding shares of | ||||||||
Common Stock, $1.66 2/3 Par Value; Authorized | ||||||||
Outstanding shares of | ||||||||
Additional Paid-In Capital | ||||||||
Retained Earnings | ||||||||
Accumulated Other Comprehensive Loss | ( | ( | ||||||
Treasury Stock ( | ( | ( | ||||||
Total Stockholders’ Equity | ||||||||
Total Liabilities and Stockholders’ Equity |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | NORTHERN TRUST CORPORATION |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions Except Share Information) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Noninterest Income | ||||||||||||||
Trust, Investment and Other Servicing Fees | $ | $ | $ | $ | ||||||||||
Foreign Exchange Trading Income | ||||||||||||||
Treasury Management Fees | ||||||||||||||
Security Commissions and Trading Income | ||||||||||||||
Other Operating Income | ||||||||||||||
Investment Security Gains (Losses), net | ( | |||||||||||||
Total Noninterest Income | ||||||||||||||
Net Interest Income | ||||||||||||||
Interest Income | ||||||||||||||
Interest Expense | ||||||||||||||
Net Interest Income | ||||||||||||||
Provision for Credit Losses | ( | ( | ( | |||||||||||
Net Interest Income after Provision for Credit Losses | ||||||||||||||
Noninterest Expense | ||||||||||||||
Compensation | ||||||||||||||
Employee Benefits | ||||||||||||||
Outside Services | ||||||||||||||
Equipment and Software | ||||||||||||||
Occupancy | ||||||||||||||
Other Operating Expense | ||||||||||||||
Total Noninterest Expense | ||||||||||||||
Income before Income Taxes | ||||||||||||||
Provision for Income Taxes | ||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||
Preferred Stock Dividends | ||||||||||||||
Net Income Applicable to Common Stock | $ | $ | $ | $ | ||||||||||
Per Common Share | ||||||||||||||
Net Income – Basic | $ | $ | $ | $ | ||||||||||
– Diluted | ||||||||||||||
Average Number of Common Shares Outstanding | ||||||||||||||
– Basic | ||||||||||||||
– Diluted | ||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) | NORTHERN TRUST CORPORATION |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Net Income | $ | $ | $ | $ | ||||||||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | ||||||||||||||
Net Unrealized Gains (Losses) on Available for Sale Debt Securities | ( | |||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | ( | ( | ( | ( | ||||||||||
Net Foreign Currency Adjustments | ||||||||||||||
Net Pension and Other Postretirement Benefit Adjustments | ||||||||||||||
Other Comprehensive Income (Loss) | ( | |||||||||||||
Comprehensive Income (Loss) | $ | $ | $ | $ |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) | NORTHERN TRUST CORPORATION |
SIX MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||||||||
(In Millions Except Per Share Information) | PREFERRED STOCK | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURY STOCK | TOTAL | ||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
Net Income | — | — | — | — | — | ||||||||||||||||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | — | — | — | — | — | ||||||||||||||||||
Dividends Declared: | |||||||||||||||||||||||
Common Stock, $ | — | — | — | ( | — | — | ( | ||||||||||||||||
Preferred Stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Stock Awards and Options Exercised | — | — | ( | — | — | ||||||||||||||||||
Stock Purchased | — | — | — | — | — | ( | ( | ||||||||||||||||
Excise Tax on Share Repurchases | — | — | — | — | — | ( | ( | ||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
Net Income | — | — | — | — | — | ||||||||||||||||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | — | — | — | — | — | ||||||||||||||||||
Dividends Declared: | |||||||||||||||||||||||
Common Stock, $ | — | — | — | ( | — | — | ( | ||||||||||||||||
Preferred Stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Stock Awards and Options Exercised | — | — | — | — | |||||||||||||||||||
Stock Purchased | — | — | — | — | — | ( | ( | ||||||||||||||||
Excise Tax on Share Repurchases | — | — | — | — | — | ( | ( | ||||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
SIX MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||||||||
(In Millions Except Per Share Information) | PREFERRED STOCK | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURY STOCK | TOTAL | ||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
Net Income | — | — | — | — | — | ||||||||||||||||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | — | — | — | — | — | ||||||||||||||||||
Dividends Declared: | |||||||||||||||||||||||
Common Stock, $ | — | — | — | ( | — | — | ( | ||||||||||||||||
Preferred Stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Stock Awards and Options Exercised | — | — | ( | — | — | ||||||||||||||||||
Stock Purchased | — | — | — | — | — | ( | ( | ||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
Net Income | — | — | — | — | — | ||||||||||||||||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | $ | — | $ | — | $ | — | $ | — | $ | ( | $ | — | $ | ( | |||||||||
Dividends Declared: | |||||||||||||||||||||||
Common Stock, $ | — | — | — | ( | — | — | ( | ||||||||||||||||
Preferred Stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Stock Awards and Options Exercised | — | — | — | — | |||||||||||||||||||
Stock Purchased | — | — | — | — | — | ( | ( | ||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | NORTHERN TRUST CORPORATION |
SIX MONTHS ENDED JUNE 30, | ||||||||
(In Millions) | 2024 | 2023 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income | $ | $ | ||||||
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | ||||||||
Investment Security Losses/(Gains) | ( | |||||||
Amortization and Accretion of Securities and Unearned Income, net | ( | |||||||
Provision for Credit Losses | ( | ( | ||||||
Depreciation and Amortization | ||||||||
Pension Plan Contributions | ( | ( | ||||||
Change in Receivables | ( | |||||||
Change in Interest Payable | ||||||||
Change in Collateral With Derivative Counterparties, net | ( | ( | ||||||
Other Operating Activities, net | ( | |||||||
Net Cash Provided by / (Used in) Operating Activities | ( | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Change in Federal Funds Sold | ( | |||||||
Change in Securities Purchased under Agreements to Resell | ( | ( | ||||||
Change in Interest-Bearing Deposits with Banks | ||||||||
Net Change in Federal Reserve and Other Central Bank Deposits | ( | ( | ||||||
Purchases of Held to Maturity Debt Securities | ( | ( | ||||||
Proceeds from the Maturity and Redemption of Held to Maturity Debt Securities | ||||||||
Purchases of Available for Sale Debt Securities | ( | ( | ||||||
Proceeds from the Maturity and Sales of Available for Sale Debt Securities | ||||||||
Change in Loans | ( | |||||||
Purchases of Buildings and Equipment | ( | ( | ||||||
Purchases and Development of Computer Software | ( | ( | ||||||
Change in Client Security Settlement Receivables | ||||||||
Proceeds from the sale of Visa Shares | ||||||||
Other Investing Activities, net | ( | ( | ||||||
Net Cash (Used in) Investing Activities | ( | ( | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Change in Deposits | ( | |||||||
Change in Federal Funds Purchased | ( | |||||||
Change in Securities Sold under Agreements to Repurchase | ( | |||||||
Change in Short-Term Other Borrowings | ||||||||
Treasury Stock Purchased | ( | ( | ||||||
Net Proceeds from Stock Options | ||||||||
Cash Dividends Paid on Common Stock | ( | ( | ||||||
Cash Dividends Paid on Preferred Stock | ( | ( | ||||||
Other Financing Activities, net | ( | ( | ||||||
Net Cash Provided by Financing Activities | ||||||||
Effect of Foreign Currency Exchange Rates on Cash | ( | ( | ||||||
Change in Cash and Due from Banks | ||||||||
Cash and Due from Banks at Beginning of Period | ||||||||
Cash and Due from Banks at End of Period | $ | $ | ||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
Interest Paid | $ | $ | ||||||
Income Taxes Paid | ||||||||
Reclassification of certain cash collateral received from Other Operating Activities to Deposits (1) | ||||||||
JUNE 30, 2024 | |||||||||||||||||||||||
FINANCIAL INSTRUMENT | FAIR VALUE | VALUATION TECHNIQUE | UNOBSERVABLE INPUTS | INPUT VALUES | WEIGHTED-AVERAGE INPUT VALUES(1) | ||||||||||||||||||
Swaps Related to Sale of Certain Visa Class B Common Shares | $ | Discounted Cash Flow | Conversion Rate | ||||||||||||||||||||
Visa Class A Appreciation | |||||||||||||||||||||||
Expected Duration | - |
DECEMBER 31, 2023 | |||||||||||||||||||||||
FINANCIAL INSTRUMENT | FAIR VALUE | VALUATION TECHNIQUE | UNOBSERVABLE INPUTS | INPUT VALUES | WEIGHTED-AVERAGE INPUT VALUES(1) | ||||||||||||||||||
Swaps Related to Sale of Certain Visa Class B Common Shares | $ | Discounted Cash Flow | Conversion Rate | ||||||||||||||||||||
Visa Class A Appreciation | |||||||||||||||||||||||
Expected Duration | - |
JUNE 30, 2024 | |||||||||||||||||
(In Millions) | LEVEL 1 | LEVEL 2 | LEVEL 3 | NETTING | ASSETS/LIABILITIES AT FAIR VALUE | ||||||||||||
Debt Securities | |||||||||||||||||
Available for Sale | |||||||||||||||||
U.S. Government | $ | $ | $ | $ | — | $ | |||||||||||
Obligations of States and Political Subdivisions | — | ||||||||||||||||
Government Sponsored Agency | — | ||||||||||||||||
Non-U.S. Government | — | ||||||||||||||||
Corporate Debt | — | ||||||||||||||||
Covered Bonds | — | ||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | — | ||||||||||||||||
Other Asset-Backed | — | ||||||||||||||||
Commercial Mortgage-Backed | — | ||||||||||||||||
Total Available for Sale Debt Securities | — | ||||||||||||||||
Other Assets | |||||||||||||||||
Equity Securities(1) | — | ||||||||||||||||
Derivative Assets | |||||||||||||||||
Foreign Exchange Contracts | ( | ||||||||||||||||
Interest Rate Contracts | ( | ||||||||||||||||
Total Derivative Assets | ( | ||||||||||||||||
Other Liabilities | |||||||||||||||||
Derivative Liabilities | |||||||||||||||||
Foreign Exchange Contracts | ( | ||||||||||||||||
Interest Rate Contracts | ( | ||||||||||||||||
Other Financial Derivatives(2) | ( | ||||||||||||||||
Total Derivative Liabilities | $ | $ | $ | $ | ( | $ |
DECEMBER 31, 2023 | |||||||||||||||||
(In Millions) | LEVEL 1 | LEVEL 2 | LEVEL 3 | NETTING | ASSETS/LIABILITIES AT FAIR VALUE | ||||||||||||
Debt Securities | |||||||||||||||||
Available for Sale | |||||||||||||||||
U.S. Government | $ | $ | $ | $ | — | $ | |||||||||||
Obligations of States and Political Subdivisions | — | ||||||||||||||||
Government Sponsored Agency | — | ||||||||||||||||
Non-U.S. Government | — | ||||||||||||||||
Corporate Debt | — | ||||||||||||||||
Covered Bonds | — | ||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | — | ||||||||||||||||
Other Asset-Backed | — | ||||||||||||||||
Commercial Mortgage-Backed | — | ||||||||||||||||
Total Available for Sale Debt Securities | — | ||||||||||||||||
Other Assets | |||||||||||||||||
Money Market Investment | — | ||||||||||||||||
Derivative Assets | |||||||||||||||||
Foreign Exchange Contracts | ( | ||||||||||||||||
Interest Rate Contracts | ( | ||||||||||||||||
Total Derivative Assets | ( | ||||||||||||||||
Other Liabilities | |||||||||||||||||
Derivative Liabilities | |||||||||||||||||
Foreign Exchange Contracts | ( | ||||||||||||||||
Interest Rate Contracts | ( | ||||||||||||||||
Other Financial Derivatives(1) | ( | ||||||||||||||||
Total Derivative Liabilities | $ | $ | $ | $ | ( | $ |
(In Millions) | SWAPS RELATED TO SALE OF CERTAIN VISA CLASS B COMMON SHARES | |||||||
THREE MONTHS ENDED JUNE 30, | 2024 | 2023 | ||||||
Fair Value at April 1 | $ | $ | ||||||
Total (Gains) Losses: | ||||||||
Included in Earnings(1) | ||||||||
Purchases, Issues, Sales, and Settlements | ||||||||
Settlements | ( | ( | ||||||
Fair Value at June 30 | $ | $ |
SIX MONTHS ENDED JUNE 30, | 2024 | 2023 | ||||||
Fair Value at January 1 | $ | $ | ||||||
Total (Gains) Losses: | ||||||||
Purchases, Issues, Sales, and Settlements | ||||||||
Settlements | ( | ( | ||||||
Fair Value at June 30 | $ | $ |
JUNE 30, 2024 | |||||||||||||||||||||||
FINANCIAL INSTRUMENT | FAIR VALUE(1) | VALUATION TECHNIQUE | UNOBSERVABLE INPUTS | INPUT VALUES | WEIGHTED-AVERAGE INPUT VALUES | ||||||||||||||||||
Loans | $ | Market Approach | Discount factor applied to real estate collateral-dependent loans to reflect realizable value | % | - |
DECEMBER 31, 2023 | |||||||||||||||||||||||
FINANCIAL INSTRUMENT | FAIR VALUE(1) | VALUATION TECHNIQUE | UNOBSERVABLE INPUTS | INPUT VALUES | WEIGHTED-AVERAGE INPUT VALUES | ||||||||||||||||||
Loans | $ | Market Approach | Discount factor applied to real estate collateral-dependent loans to reflect realizable value | % | - | ||||||||||||||||||
JUNE 30, 2024 | |||||||||||||||||
ESTIMATED FAIR VALUE | |||||||||||||||||
(In Millions) | BOOK VALUE | TOTAL ESTIMATED FAIR VALUE | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and Due from Banks | $ | $ | $ | $ | $ | ||||||||||||
Federal Reserve and Other Central Bank Deposits | |||||||||||||||||
Interest-Bearing Deposits with Banks | |||||||||||||||||
Securities Purchased under Agreements to Resell | |||||||||||||||||
Debt Securities - Held to Maturity | |||||||||||||||||
Loans | |||||||||||||||||
Held for Investment | |||||||||||||||||
Other Assets | |||||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Deposits | |||||||||||||||||
Federal Funds Purchased | |||||||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||||||
Other Borrowings | |||||||||||||||||
Senior Notes | |||||||||||||||||
Long-Term Debt | |||||||||||||||||
Unfunded Commitments | |||||||||||||||||
Other Liabilities |
DECEMBER 31, 2023 | |||||||||||||||||
ESTIMATED FAIR VALUE | |||||||||||||||||
(In Millions) | BOOK VALUE | TOTAL ESTIMATED FAIR VALUE | LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and Due from Banks | $ | $ | $ | $ | $ | ||||||||||||
Federal Reserve and Other Central Bank Deposits | |||||||||||||||||
Interest-Bearing Deposits with Banks | |||||||||||||||||
Securities Purchased under Agreements to Resell | |||||||||||||||||
Debt Securities - Held to Maturity | |||||||||||||||||
Loans | |||||||||||||||||
Held for Investment | |||||||||||||||||
Other Assets | |||||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Deposits | |||||||||||||||||
Federal Funds Purchased | |||||||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||||||
Other Borrowings | |||||||||||||||||
Senior Notes | |||||||||||||||||
Long-Term Debt | |||||||||||||||||
Unfunded Commitments | |||||||||||||||||
Other Liabilities |
JUNE 30, 2024 | ||||||||||||||
(In Millions) | AMORTIZED COST | GROSS UNREALIZED GAINS | GROSS UNREALIZED LOSSES | FAIR VALUE | ||||||||||
U.S. Government | $ | $ | $ | $ | ||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||
Government Sponsored Agency | ||||||||||||||
Non-U.S. Government | ||||||||||||||
Corporate Debt | ||||||||||||||
Covered Bonds | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||
Other Asset-Backed | ||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||
Total | $ | $ | $ | $ |
DECEMBER 31, 2023 | ||||||||||||||
(In Millions) | AMORTIZED COST | GROSS UNREALIZED GAINS | GROSS UNREALIZED LOSSES | FAIR VALUE | ||||||||||
U.S. Government | $ | $ | $ | $ | ||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||
Government Sponsored Agency | ||||||||||||||
Non-U.S. Government | ||||||||||||||
Corporate Debt | ||||||||||||||
Covered Bonds | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||
Other Asset-Backed | ||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||
Total | $ | $ | $ | $ |
JUNE 30, 2024 | ONE YEAR OR LESS | ONE TO FIVE YEARS | FIVE TO TEN YEARS | OVER TEN YEARS | TOTAL | |||||||||||||||||||||||||||
(In Millions) | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | ||||||||||||||||||||||
U.S. Government | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||||||||||||||||||||
Government Sponsored Agency | ||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||
Corporate Debt | ||||||||||||||||||||||||||||||||
Covered Bonds | ||||||||||||||||||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||||||||||||||||||||
Other Asset-Backed | ||||||||||||||||||||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
JUNE 30, 2024 | LESS THAN 12 MONTHS | 12 MONTHS OR LONGER | TOTAL | |||||||||||||||||
(In Millions) | FAIR VALUE | UNREALIZED LOSSES | FAIR VALUE | UNREALIZED LOSSES | FAIR VALUE | UNREALIZED LOSSES | ||||||||||||||
U.S. Government | $ | $ | $ | $ | $ | $ | ||||||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||||||||
Government Sponsored Agency | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||
Corporate Debt | ||||||||||||||||||||
Covered Bonds | ||||||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||||||||
Other Asset-Backed | ||||||||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
DECEMBER 31, 2023 | LESS THAN 12 MONTHS | 12 MONTHS OR LONGER | TOTAL | |||||||||||||||||
(In Millions) | FAIR VALUE | UNREALIZED LOSSES | FAIR VALUE | UNREALIZED LOSSES | FAIR VALUE | UNREALIZED LOSSES | ||||||||||||||
U.S. Government | $ | $ | $ | $ | $ | $ | ||||||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||||||||
Government Sponsored Agency | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||
Corporate Debt | ||||||||||||||||||||
Covered Bonds | ||||||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||||||||
Other Asset-Backed | ||||||||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
JUNE 30, 2024 | ||||||||||||||
(In Millions) | AMORTIZED COST | GROSS UNREALIZED GAINS | GROSS UNREALIZED LOSSES | FAIR VALUE | ||||||||||
Obligations of States and Political Subdivisions | $ | $ | $ | $ | ||||||||||
Government Sponsored Agency | ||||||||||||||
Non-U.S. Government | ||||||||||||||
Corporate Debt | ||||||||||||||
Covered Bonds | ||||||||||||||
Certificates of Deposit | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||
Other Asset-Backed | ||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ | $ | $ |
DECEMBER 31, 2023 | ||||||||||||||
(In Millions) | AMORTIZED COST | GROSS UNREALIZED GAINS | GROSS UNREALIZED LOSSES | FAIR VALUE | ||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||
Government Sponsored Agency | ||||||||||||||
Non-U.S. Government | ||||||||||||||
Corporate Debt | ||||||||||||||
Covered Bonds | ||||||||||||||
Certificates of Deposit | ||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||
Other Asset-Backed | ||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||
Other | ||||||||||||||
Total | $ | $ | $ | $ |
JUNE 30, 2024 | ONE YEAR OR LESS | ONE TO FIVE YEARS | FIVE TO TEN YEARS | OVER TEN YEARS | TOTAL | |||||||||||||||||||||||||||
(In Millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Obligations of States and Political Subdivisions | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Government Sponsored Agency | ||||||||||||||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||||||||||||||
Corporate Debt | ||||||||||||||||||||||||||||||||
Covered Bonds | ||||||||||||||||||||||||||||||||
Certificates of Deposit | ||||||||||||||||||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||||||||||||||||||||
Other Asset-Backed | ||||||||||||||||||||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
JUNE 30, 2024 | ||||||||||||||||||||
($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | ||||||||||||||
Obligations of States and Political Subdivisions | $ | $ | $ | $ | $ | $ | ||||||||||||||
Government Sponsored Agency | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||
Corporate Debt | ||||||||||||||||||||
Covered Bonds | ||||||||||||||||||||
Certificates of Deposit | ||||||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||||||||
Other Asset-Backed | ||||||||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||
Percent of Total | % | % | % | % | % | % |
DECEMBER 31, 2023 | ||||||||||||||||||||
($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | ||||||||||||||
Obligations of States and Political Subdivisions | ||||||||||||||||||||
Government Sponsored Agency | ||||||||||||||||||||
Non-U.S. Government | ||||||||||||||||||||
Corporate Debt | ||||||||||||||||||||
Covered Bonds | ||||||||||||||||||||
Certificates of Deposit | ||||||||||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||||||||||||||||||
Other Asset-Backed | ||||||||||||||||||||
Commercial Mortgage-Backed | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||
Percent of Total | % | % | % | % | % | % |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Gross Realized Debt Securities Gains | $ | $ | $ | $ | ||||||||||
Gross Realized Debt Securities Losses | ( | ( | ||||||||||||
Investment Security Gains (Losses), net | $ | $ | $ | ( | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
U.S. Government | $ | $ | $ | ( | $ | |||||||||
Obligations of States and Political Subdivisions | ||||||||||||||
Government Sponsored Agency | ( | |||||||||||||
Corporate Debt | ( | |||||||||||||
Covered Bonds | ( | |||||||||||||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ( | |||||||||||||
Other Asset-Backed | ( | ( | ||||||||||||
Commercial Mortgage-Backed | ( | ( | ||||||||||||
Investment Security Gains (Losses), net | $ | $ | $ | ( | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Commercial | ||||||||
Commercial and Institutional(1) | $ | $ | ||||||
Commercial Real Estate | ||||||||
Non-U.S.(1) | ||||||||
Other | ||||||||
Total Commercial | ||||||||
Personal | ||||||||
Private Client | ||||||||
Residential Real Estate | ||||||||
Non-U.S. | ||||||||
Other | ||||||||
Total Personal | ||||||||
Total Loans | $ | $ |
June 30, 2024 | TERM LOANS | REVOLVING LOANS | REVOLVING LOANS CONVERTED TO TERM LOANS | ||||||||||||||||||||||||||
(In Millions) | 2024 | 2023 | 2022 | 2021 | 2020 | PRIOR | TOTAL | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial and Institutional | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Commercial and Institutional | |||||||||||||||||||||||||||||
C&I Gross Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
Commercial Real Estate Gross Charge-offs | ( | ( | |||||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Non-U.S. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
Total Other | |||||||||||||||||||||||||||||
Other Gross Charge-offs | |||||||||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||||||
Commercial Gross Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||
Personal | |||||||||||||||||||||||||||||
Private Client | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Private Client | |||||||||||||||||||||||||||||
Private Client Gross Charge-offs | ( | ( | |||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Residential Real Estate | |||||||||||||||||||||||||||||
Residential Real Estate Gross Charge-offs | ( | ( | |||||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Non-U.S. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
Total Other | |||||||||||||||||||||||||||||
Total Personal | |||||||||||||||||||||||||||||
Personal Gross Charge-offs | ( | ( | |||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Total Loans Gross Charge-offs | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | $ | $ | ( |
December 31, 2023 | TERM LOANS | REVOLVING LOANS | REVOLVING LOANS CONVERTED TO TERM LOANS | ||||||||||||||||||||||||||
(In Millions) | 2023 | 2022 | 2021 | 2020 | 2019 | PRIOR | TOTAL | ||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Commercial and Institutional | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Commercial and Institutional | |||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Commercial Real Estate | |||||||||||||||||||||||||||||
CRE Gross Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Non-U.S. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
Total Other | |||||||||||||||||||||||||||||
Other Gross Charge-offs | ( | ( | |||||||||||||||||||||||||||
Total Commercial | |||||||||||||||||||||||||||||
Commercial Gross Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||
Personal | |||||||||||||||||||||||||||||
Private Client | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Private Client | |||||||||||||||||||||||||||||
Residential Real Estate | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Residential Real Estate | |||||||||||||||||||||||||||||
RRE Gross Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||
Non-U.S. | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
6 to 9 Category | |||||||||||||||||||||||||||||
Total Non-U.S. | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Risk Rating: | |||||||||||||||||||||||||||||
1 to 3 Category | |||||||||||||||||||||||||||||
4 to 5 Category | |||||||||||||||||||||||||||||
Total Other | |||||||||||||||||||||||||||||
Total Personal | |||||||||||||||||||||||||||||
Personal Gross Charge-Offs | $ | ( | $ | $ | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Total Loans | |||||||||||||||||||||||||||||
Total Loans Gross Charge-Offs | $ | ( | $ | ( | $ | $ | $ | $ | ( | $ | $ | $ | ( |
ACCRUAL | NONACCRUAL WITH NO ALLOWANCE | |||||||||||||||||||||||||
(In Millions) | CURRENT | 30 – 59 DAYS PAST DUE | 60 – 89 DAYS PAST DUE | 90 DAYS OR MORE PAST DUE | TOTAL ACCRUAL | NONACCRUAL | TOTAL LOANS | |||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Commercial and Institutional | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Non-U.S. | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total Commercial | ||||||||||||||||||||||||||
Personal | ||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
Non-U.S. | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total Personal | ||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Other Real Estate Owned | $ | |||||||||||||||||||||||||
Total Nonaccrual Assets | $ |
ACCRUAL | NONACCRUAL WITH NO ALLOWANCE | |||||||||||||||||||||||||
(In Millions) | CURRENT | 30 – 59 DAYS PAST DUE | 60 – 89 DAYS PAST DUE | 90 DAYS OR MORE PAST DUE | TOTAL ACCRUAL | NONACCRUAL | TOTAL LOANS | |||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Commercial and Institutional | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Non-U.S. | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total Commercial | ||||||||||||||||||||||||||
Personal | ||||||||||||||||||||||||||
Private Client | ||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||
Non-U.S | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total Personal | ||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Other Real Estate Owned | $ | |||||||||||||||||||||||||
Total Nonaccrual Assets | $ |
THREE MONTHS ENDED JUNE 30, 2024 | SIX MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||||
($ In Millions) | LOAN MODIFICATION DETAIL | AMORTIZED COST BASIS | % OF TOTAL SEGMENT | AMORTIZED COST BASIS | % OF TOTAL SEGMENT | |||||||||||||||
Personal | ||||||||||||||||||||
Residential Real Estate | Extension of Term | $ | % | |||||||||||||||||
Private Client | Extension of Term | $ | % | |||||||||||||||||
Total Personal | $ | % | $ | % | ||||||||||||||||
Total Loans | $ | % | $ | % |
THREE MONTHS ENDED JUNE 30, 2023 | SIX MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||||
($ In Millions) | LOAN MODIFICATION DETAIL | AMORTIZED COST BASIS | % OF TOTAL SEGMENT | AMORTIZED COST BASIS | % OF TOTAL SEGMENT | |||||||||||||||
Commercial | ||||||||||||||||||||
Commercial Real Estate (1) | Combination of principal and/or interest deferral and extension of term | |||||||||||||||||||
Total Commercial | $ | % | $ | % | ||||||||||||||||
Personal | ||||||||||||||||||||
Residential Real Estate | Deferred Principal and Interest | $ | % | $ | % | |||||||||||||||
Private Client (1) | Extension of Term | |||||||||||||||||||
Total Personal | $ | % | $ | % | ||||||||||||||||
Total Loans | $ | % | $ | % |
THREE MONTHS ENDED JUNE 30, 2024 | SIX MONTHS ENDED JUNE 30, 2024 | ||||||||||
FINANCIAL EFFECT | FINANCIAL EFFECT | ||||||||||
TERM EXTENSION | |||||||||||
Personal | |||||||||||
Residential Real Estate | N/A | Northern Trust provided weighted average term extensions of | |||||||||
Private Client | N/A | Northern Trust provided weighted average term extensions of | |||||||||
THREE MONTHS ENDED JUNE 30, 2023 | SIX MONTHS ENDED JUNE 30, 2023 | ||||||||||
FINANCIAL EFFECT | FINANCIAL EFFECT | ||||||||||
PRINCIPAL AND INTEREST DEFERRAL | |||||||||||
Commercial | |||||||||||
Commercial Real Estate | Northern Trust provided a weighted average of | Northern Trust provided a weighted average of | |||||||||
Personal | |||||||||||
Residential Real Estate | Northern Trust provided payment deferrals to borrowers for immaterial principal and interest deferral amounts. | Northern Trust provided a weighted average of | |||||||||
TERM EXTENSION | |||||||||||
Commercial | |||||||||||
Commercial Real Estate | Northern Trust provided weighted average term extensions of | Northern Trust provided weighted average term extensions of | |||||||||
Personal | |||||||||||
Private Client | Northern Trust provided weighted average term extensions of | Northern Trust provided weighted average term extensions of | |||||||||
THREE MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||
(In Millions) | LOANS | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | HELD TO MATURITY DEBT SECURITIES | OTHER FINANCIAL ASSETS | TOTAL | ||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | ||||||||||||
Charge-Offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Net Recoveries (Charge-Offs) | |||||||||||||||||
Provision for Credit Losses(1) | ( | ( | |||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ |
SIX MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||
(In Millions) | LOANS AND LEASES | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | DEBT SECURITIES HELD TO MATURITY | OTHER FINANCIAL ASSETS | TOTAL | ||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | ||||||||||||
Charge-Offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Net Recoveries (Charge-Offs) | ( | ( | |||||||||||||||
Provision for Credit Losses(1) | ( | ( | |||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||
(In Millions) | LOANS AND LEASES | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | HELD TO MATURITY DEBT SECURITIES | OTHER FINANCIAL ASSETS | TOTAL | ||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | ||||||||||||
Charge-Offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Net Recoveries (Charge-Offs) | |||||||||||||||||
Provision for Credit Losses(1) | ( | ( | ( | ||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ |
SIX MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||
(In Millions) | LOANS AND LEASES | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | HELD TO MATURITY DEBT SECURITIES | OTHER FINANCIAL ASSETS | TOTAL | ||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | ||||||||||||
Charge-Offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Net Recoveries (Charge-Offs) | ( | ( | |||||||||||||||
Provision for Credit Losses(1) | ( | ( | |||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, 2024 | ||||||||||||||||||||
LOANS | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||||||||||||||||
(In Millions) | COMMERCIAL | PERSONAL | TOTAL | COMMERCIAL | PERSONAL | TOTAL | ||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | ||||||||||||||
Charge-Offs | ( | ( | ||||||||||||||||||
Recoveries | ||||||||||||||||||||
Net Recoveries (Charge-Offs) | ||||||||||||||||||||
Provision for Credit Losses | ( | |||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ |
SIX MONTHS ENDED JUNE 30, 2024 | ||||||||||||||||||||
LOANS | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||||||||||||||||
(In Millions) | COMMERCIAL | PERSONAL | TOTAL | COMMERCIAL | PERSONAL | TOTAL | ||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | ||||||||||||||
Charge-Offs | ( | ( | ( | |||||||||||||||||
Recoveries | ||||||||||||||||||||
Net Recoveries (Charge-Offs) | ( | ( | ||||||||||||||||||
Provision for (Release of) Credit Losses | ( | ( | ||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, 2023 | ||||||||||||||||||||
LOANS AND LEASES | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||||||||||||||||
(In Millions) | COMMERCIAL | PERSONAL | TOTAL | COMMERCIAL | PERSONAL | TOTAL | ||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | ||||||||||||||
Charge-Offs | ( | ( | ||||||||||||||||||
Recoveries | ||||||||||||||||||||
Net Recoveries (Charge-Offs) | ( | |||||||||||||||||||
Provision for Credit Losses | ( | ( | ( | ( | ( | ( | ||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ |
SIX MONTHS ENDED JUNE 30, 2023 | ||||||||||||||||||||
LOANS AND LEASES | UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||||||||||||||||
(In Millions) | COMMERCIAL | PERSONAL | TOTAL | COMMERCIAL | PERSONAL | TOTAL | ||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | ||||||||||||||
Charge-Offs | ( | ( | ( | |||||||||||||||||
Recoveries | ||||||||||||||||||||
Net Recoveries (Charge-Offs) | ( | ( | ||||||||||||||||||
Provision for (Release of) Credit Losses | ( | ( | ( | |||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||||||||
(In Millions) | COMMERCIAL | PERSONAL | TOTAL | COMMERCIAL | PERSONAL | TOTAL | ||||||||||||||
Loans | ||||||||||||||||||||
Evaluated on an Individual Basis | $ | $ | $ | $ | $ | $ | ||||||||||||||
Evaluated on a Collective Basis | ||||||||||||||||||||
Total Loans | ||||||||||||||||||||
Allowance for Credit Losses on Loans | ||||||||||||||||||||
Evaluated on an Individual Basis | ||||||||||||||||||||
Evaluated on a Collective Basis | ||||||||||||||||||||
Allowance Assigned to Loans | ||||||||||||||||||||
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | ||||||||||||||||||||
Evaluated on a Collective Basis | ||||||||||||||||||||
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | ||||||||||||||||||||
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit | $ | $ | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||||||||
(In Millions) | CORPORATE DEBT | NON-U.S. GOVERNMENT | SUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS | OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS(1) | COVERED BONDS | OTHER | TOTAL | ||||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Provision for Credit Losses | ( | ( | ( | ( | ( | ||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ |
SIX MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||||||||
(In Millions) | CORPORATE DEBT | NON-U.S. GOVERNMENT | SUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS | OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS(1) | COVERED BONDS | OTHER | TOTAL | ||||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Provision for (Release of) Credit Losses | ( | ( | ( | ( | ( | ||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||||||||
(In Millions) | CORPORATE DEBT | NON-U.S. GOVERNMENT | SUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS | OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS | COVERED BONDS | OTHER | TOTAL | ||||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Provision for Credit Losses | ( | ( | |||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ |
SIX MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||||||||
(In Millions) | CORPORATE DEBT | NON-U.S. GOVERNMENT | SUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS | OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS | COVERED BONDS | OTHER | TOTAL | ||||||||||||||||
Balance at Beginning of Period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Provision for (Release of) Credit Losses | ( | ( | ( | ||||||||||||||||||||
Balance at End of Period | $ | $ | $ | $ | $ | $ | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Loans | $ | $ | ||||||
Debt Securities | ||||||||
Held to Maturity | ||||||||
Available for Sale | ||||||||
Other Financial Assets | ||||||||
Total | $ | $ |
(In Billions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Debt Securities(1) | $ | $ | ||||||
Loans(2) | ||||||||
Total Pledged Assets | $ | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Collateral that may be repledged or sold | ||||||||
Reverse repurchase agreements(1)(2) | $ | $ | ||||||
Derivative contracts | ||||||||
Collateral that may not be repledged or sold | ||||||||
Reverse repurchase agreements | ||||||||
Total Collateral Accepted | $ | $ |
(In Millions) | ASSET SERVICING | WEALTH MANAGEMENT | TOTAL | ||||||||
Balance at December 31, 2023 | $ | $ | $ | ||||||||
Foreign Exchange Rates | ( | ( | ( | ||||||||
Balance at June 30, 2024 | $ | $ | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Gross Carrying Amount | $ | $ | ||||||
Less: Accumulated Amortization | ||||||||
Net Book Value | $ | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Gross Carrying Amount | $ | $ | ||||||
Less: Accumulated Amortization | ||||||||
Net Book Value | $ | $ |
($ In Millions) | ASSET SERVICING | WEALTH MANAGEMENT | OTHER(1) | RECONCILING ITEMS | TOTAL CONSOLIDATED | |||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||||||
Trust, Investment and Other Servicing Fees | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign Exchange Trading Income (Loss) | ( | ( | ||||||||||||||||||||||||||||||
Other Noninterest Income (Loss) | ( | |||||||||||||||||||||||||||||||
Total Noninterest Income (Loss) | ( | |||||||||||||||||||||||||||||||
Net Interest Income | ( | ( | ||||||||||||||||||||||||||||||
Revenue | ( | ( | ( | |||||||||||||||||||||||||||||
Provision for Credit Losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||||||||
Income before Income Taxes | ( | ( | ( | |||||||||||||||||||||||||||||
Provision for Income Taxes | ( | ( | ( | |||||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||
Percentage of Consolidated Net Income | % | % | % | % | % | ( | % | N/A | N/A | % | % | |||||||||||||||||||||
Average Assets | $ | $ | $ | $ | $ | $ | N/A | N/A | $ | $ |
(In Millions) | ASSET SERVICING | WEALTH MANAGEMENT | OTHER(1) | RECONCILING ITEMS | TOTAL CONSOLIDATED | |||||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||||||
Trust, Investment and Other Servicing Fees | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign Exchange Trading Income (Loss) | ( | ( | ||||||||||||||||||||||||||||||
Other Noninterest Income (Loss) | ( | |||||||||||||||||||||||||||||||
Total Noninterest Income (Loss) | ( | |||||||||||||||||||||||||||||||
Net Interest Income | ( | ( | ||||||||||||||||||||||||||||||
Revenue | ( | ( | ( | |||||||||||||||||||||||||||||
Provision for Credit Losses | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||||||||
Income before Income Taxes | ( | ( | ( | |||||||||||||||||||||||||||||
Provision for Income Taxes | ( | ( | ( | |||||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||
Percentage of Consolidated Net Income | % | % | % | % | % | ( | % | N/A | N/A | % | % | |||||||||||||||||||||
Average Assets | $ | $ | $ | $ | $ | $ | N/A | N/A | $ | $ |
THREE MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||
(In Millions) | NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES | NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES | NET FOREIGN CURRENCY ADJUSTMENT | NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS | TOTAL | ||||||||||||
Balance at March 31, 2024 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||
Net Change | ( | ||||||||||||||||
Balance at June 30, 2024 | $ | ( | $ | $ | $ | ( | $ | ( |
SIX MONTHS ENDED JUNE 30, 2024 | |||||||||||||||||
(In Millions) | NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES | NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES | NET FOREIGN CURRENCY ADJUSTMENT | NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS | TOTAL | ||||||||||||
Balance at December 31, 2023 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||
Net Change | ( | ||||||||||||||||
Balance at June 30, 2024 | $ | ( | $ | $ | $ | ( | $ | ( |
THREE MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||
(In Millions) | NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES | NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES | NET FOREIGN CURRENCY ADJUSTMENT | NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS | TOTAL | ||||||||||||
Balance at March 31, 2023 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||
Net Change | ( | ( | ( | ||||||||||||||
Balance at June 30, 2023 | $ | ( | $ | $ | $ | ( | $ | ( |
SIX MONTHS ENDED JUNE 30, 2023 | |||||||||||||||||
(In Millions) | NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES | NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES | NET FOREIGN CURRENCY ADJUSTMENT | NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS | TOTAL | ||||||||||||
Balance at December 31, 2022 | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||
Net Change | ( | ||||||||||||||||
Balance at June 30, 2023 | $ | ( | $ | $ | $ | ( | $ | ( |
THREE MONTHS ENDED JUNE 30, | 2024 | 2023 | ||||||||||||||||||
(In Millions) | PRE-TAX | TAX | AFTER TAX | PRE-TAX | TAX | AFTER TAX | ||||||||||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | ||||||||||||||||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Reclassification Adjustments for (Gains) Losses Included in Net Income: | ||||||||||||||||||||
Interest Income on Debt Securities(1) | ( | ( | ||||||||||||||||||
Net (Gains) Losses on Debt Securities(2) | ( | |||||||||||||||||||
Net Change | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges | ||||||||||||||||||||
Foreign Exchange Contracts | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income(3) | ( | ( | ( | ( | ||||||||||||||||
Net Change | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||
Foreign Currency Adjustments | ||||||||||||||||||||
Foreign Currency Translation Adjustments | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ||||||||||
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses) | ( | ( | ( | ( | ||||||||||||||||
Net Investment Hedge Gains (Losses) | ( | ( | ||||||||||||||||||
Net Change | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Pension and Other Postretirement Benefit Adjustments | ||||||||||||||||||||
Net Actuarial Gains (Losses) | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income(4) | ||||||||||||||||||||
Amortization of Net Actuarial Loss | ( | ( | ||||||||||||||||||
Net Change | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Total Net Change | $ | $ | ( | $ | $ | ( | $ | $ | ( |
SIX MONTHS ENDED JUNE 30, | 2024 | 2023 | ||||||||||||||||||
(In Millions) | PRE-TAX | TAX | AFTER TAX | PRE-TAX | TAX | AFTER TAX | ||||||||||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | ||||||||||||||||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Reclassification Adjustments for (Gains) Losses Included in Net Income: | ||||||||||||||||||||
Interest Income on Debt Securities(1) | ( | ( | ||||||||||||||||||
Net (Gains) Losses on Debt Securities(2) | ( | ( | ( | |||||||||||||||||
Net Change | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges | ||||||||||||||||||||
Foreign Exchange Contracts | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income(3) | ( | ( | ( | ( | ||||||||||||||||
Net Change | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||
Foreign Currency Adjustments | ||||||||||||||||||||
Foreign Currency Translation Adjustments | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses) | ( | ( | ( | ( | ||||||||||||||||
Net Investment Hedge Gains (Losses) | ( | ( | ( | |||||||||||||||||
Net Change | $ | $ | ( | $ | $ | $ | $ | |||||||||||||
Pension and Other Postretirement Benefit Adjustments | ||||||||||||||||||||
Net Actuarial Gains (Losses) | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income(4) | ||||||||||||||||||||
Amortization of Net Actuarial Loss | ( | ( | ||||||||||||||||||
Net Change | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Total Net Change | $ | $ | ( | $ | $ | $ | ( | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
($ In Millions Except Per Common Share Information) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Basic Net Income Per Common Share | ||||||||||||||
Average Number of Common Shares Outstanding | ||||||||||||||
Net Income | $ | $ | $ | $ | ||||||||||
Less: Dividends on Preferred Stock | ||||||||||||||
Net Income Applicable to Common Stock | ||||||||||||||
Less: Earnings Allocated to Participating Securities | ||||||||||||||
Earnings Allocated to Common Shares Outstanding | ||||||||||||||
Basic Net Income Per Common Share | $ | $ | $ | $ | ||||||||||
Diluted Net Income Per Common Share | ||||||||||||||
Average Number of Common Shares Outstanding | ||||||||||||||
Plus: Dilutive Effect of Share-based Compensation | ||||||||||||||
Average Common and Potential Common Shares | ||||||||||||||
Earnings Allocated to Common and Potential Common Shares | $ | $ | $ | $ | ||||||||||
Diluted Net Income Per Common Share |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Noninterest Income | ||||||||||||||
Trust, Investment and Other Servicing Fees | ||||||||||||||
Custody and Fund Administration | $ | $ | $ | $ | ||||||||||
Investment Management and Advisory | ||||||||||||||
Securities Lending | ||||||||||||||
Other | ||||||||||||||
Total Trust, Investment and Other Servicing Fees | $ | $ | $ | $ | ||||||||||
Other Noninterest Income | ||||||||||||||
Foreign Exchange Trading Income | $ | $ | $ | $ | ||||||||||
Treasury Management Fees | ||||||||||||||
Security Commissions and Trading Income | ||||||||||||||
Other Operating Income | ||||||||||||||
Investment Security Gains (Losses), net | ( | |||||||||||||
Total Other Noninterest Income | $ | $ | $ | $ | ||||||||||
Total Noninterest Income | $ | $ | $ | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Trust Fees Receivable, net(1) | $ | $ | ||||||
Other | ||||||||
Total Client Receivables | $ | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Interest Income | ||||||||||||||
Federal Reserve and Other Central Bank Deposits | $ | $ | $ | $ | ||||||||||
Interest-Bearing Due from and Deposits with Banks(1) | ||||||||||||||
Federal Funds Sold | ||||||||||||||
Securities Purchased under Agreements to Resell | ||||||||||||||
Securities — Taxable | ||||||||||||||
— Nontaxable(2) | ||||||||||||||
Loans | ||||||||||||||
Other Interest-Earning Assets(3) | ||||||||||||||
Total Interest Income | $ | $ | $ | $ | ||||||||||
Interest Expense | ||||||||||||||
Deposits | $ | $ | $ | $ | ||||||||||
Federal Funds Purchased | ||||||||||||||
Securities Sold Under Agreements to Repurchase | ||||||||||||||
Other Borrowings | ||||||||||||||
Senior Notes | ||||||||||||||
Long-Term Debt | ||||||||||||||
Total Interest Expense | $ | $ | $ | $ | ||||||||||
Net Interest Income | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Loan Service Fees | $ | $ | $ | $ | ||||||||||
Banking Service Fees | ||||||||||||||
Bank Owned Life Insurance | ||||||||||||||
Other Income(1) | ||||||||||||||
Total Other Operating Income | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Business Promotion | $ | $ | $ | $ | ||||||||||
Staff Related | ||||||||||||||
FDIC Insurance Premiums(1) | ||||||||||||||
Charitable Contributions(2) | ||||||||||||||
Other Expenses | ||||||||||||||
Total Other Operating Expense | $ | $ | $ | $ |
U.S. QUALIFIED PLAN | THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Service Cost | $ | $ | $ | $ | ||||||||||
Interest Cost | ||||||||||||||
Expected Return on Plan Assets | ( | ( | ( | ( | ||||||||||
Amortization | ||||||||||||||
Net Actuarial Loss | ||||||||||||||
Net Periodic Pension Expense | $ | $ | $ | $ | ||||||||||
NON-U.S. PENSION PLANS | THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Service Cost | $ | $ | $ | $ | ||||||||||
Interest Cost | ||||||||||||||
Expected Return on Plan Assets | ( | ( | ( | ( | ||||||||||
Amortization | ||||||||||||||
Net Actuarial (Gain) | ( | ( | ||||||||||||
Net Periodic Pension (Benefit) | $ | $ | ( | $ | $ | ( | ||||||||
U.S. NON-QUALIFIED PLAN | THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Service Cost | $ | $ | $ | $ | ||||||||||
Interest Cost | ||||||||||||||
Amortization | ||||||||||||||
Net Actuarial Loss | ||||||||||||||
Net Periodic Pension Expense | $ | $ | $ | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Restricted Stock Unit Awards | $ | $ | $ | $ | ||||||||||
Performance Stock Units | ||||||||||||||
Total Share-Based Compensation Expense | ||||||||||||||
Tax Benefits Recognized | $ | $ | $ | $ |
(In Millions) | JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
Investment Carrying Amount | ||||||||
Affordable Housing | $ | $ | ||||||
New Markets | ||||||||
Total Investment Carrying Amount(1) | $ | $ | ||||||
Unfunded Commitments | ||||||||
Affordable Housing | $ | $ | ||||||
New Markets | ||||||||
Total Unfunded Commitments(2) | $ | $ |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||
(In Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||
Income Tax Credits and Other Income Tax Benefits | ||||||||||||||
Affordable Housing | $ | $ | $ | $ | ||||||||||
New Markets | ||||||||||||||
Total Income Tax Credits and Other Income Tax Benefits | $ | $ | $ | $ | ||||||||||
Amortization Expense | ||||||||||||||
Affordable Housing | $ | $ | $ | $ | ||||||||||
New Markets | ||||||||||||||
Total Amortization Expense | $ | $ | $ | $ |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||||||||
(In Millions) | ONE YEAR AND LESS | OVER ONE YEAR | TOTAL | ONE YEAR AND LESS | OVER ONE YEAR | TOTAL | ||||||||||||||
Undrawn Commitments(1) | $ | $ | $ | $ | $ | $ | ||||||||||||||
Standby Letters of Credit and Financial Guarantees(2)(3) | ||||||||||||||||||||
Commercial Letters of Credit | ||||||||||||||||||||
Securities Lent with Indemnification | ||||||||||||||||||||
Unsettled Reverse Repurchase Agreements | ||||||||||||||||||||
Total Off-Balance Sheet Financial Instruments | $ | $ | $ | $ | $ | $ |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||||||||
NOTIONAL VALUE | FAIR VALUE | NOTIONAL VALUE | FAIR VALUE | |||||||||||||||||
(In Millions) | ASSET(1) | LIABILITY(2) | ASSET(1) | LIABILITY(2) | ||||||||||||||||
Derivatives Designated as Hedging under GAAP | ||||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Fair Value Hedges | $ | $ | $ | $ | $ | $ | ||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||
Net Investment Hedges | ||||||||||||||||||||
Total Derivatives Designated as Hedging under GAAP | $ | $ | $ | $ | $ | $ | ||||||||||||||
Derivatives Not Designated as Hedging under GAAP | ||||||||||||||||||||
Non-Designated Risk Management Derivatives | ||||||||||||||||||||
Foreign Exchange Contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||
Other Financial Derivatives(3) | ||||||||||||||||||||
Total Non-Designated Risk Management Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
Client-Related and Trading Derivatives | ||||||||||||||||||||
Foreign Exchange Contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Total Client-Related and Trading Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total Derivatives Not Designated as Hedging under GAAP | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total Gross Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
Less: Netting(4) | ||||||||||||||||||||
Total Derivative Financial Instruments | $ | $ | $ | $ |
(In Millions) | INTEREST INCOME | INTEREST EXPENSE | OTHER OPERATING INCOME | |||||||||||||||||
THREE MONTHS ENDED JUNE 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
Total amounts on the consolidated statements of income | $ | $ | $ | $ | $ | $ | ||||||||||||||
Gains (Losses) on fair value hedges recognized on | ||||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Recognized on derivatives | ( | |||||||||||||||||||
Recognized on hedged items | ( | ( | ( | |||||||||||||||||
Amounts related to interest settlements on derivatives | ( | ( | ||||||||||||||||||
Total gains (losses) recognized on fair value hedges | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
Gains (Losses) on cash flow hedges recognized on | ||||||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Net gains (losses) reclassified from AOCI to net income | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total gains (losses) reclassified from AOCI to net income on cash flow hedges | $ | $ | $ | $ | $ | $ |
(In Millions) | INTEREST INCOME | INTEREST EXPENSE | OTHER OPERATING INCOME | |||||||||||||||||
SIX MONTHS ENDED JUNE 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
Total amounts on the consolidated statements of income | $ | $ | $ | $ | $ | $ | ||||||||||||||
Gains (Losses) on fair value hedges recognized on | ||||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Recognized on derivatives | ( | ( | ( | |||||||||||||||||
Recognized on hedged items | ( | |||||||||||||||||||
Amounts related to interest settlements on derivatives | ( | ( | ||||||||||||||||||
Total gains (losses) recognized on fair value hedges | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
Gains (Losses) on cash flow hedges recognized on | ||||||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Net gains (losses) reclassified from AOCI to net income | $ | $ | $ | $ | $ | $ | ||||||||||||||
Total gains (losses) reclassified from AOCI to net income on cash flow hedges | $ | $ | $ | $ | $ | $ |
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||||||||
(In Millions) | CARRYING VALUE OF THE HEDGED ITEMS | CUMULATIVE HEDGE ACCOUNTING BASIS ADJUSTMENT(1)(3) | CARRYING VALUE OF THE HEDGED ITEMS | CUMULATIVE HEDGE ACCOUNTING BASIS ADJUSTMENT(2)(3) | ||||||||||
Available for Sale Debt Securities(4) | $ | $ | ( | $ | $ | |||||||||
Senior Notes and Long-Term Subordinated Debt | ( | ( |
(In Millions) | DERIVATIVE GAINS (LOSSES) LOCATION RECOGNIZED IN INCOME | AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | |||||||||||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-designated risk management derivatives | |||||||||||||||||
Foreign Exchange Contracts | $ | $ | $ | ( | $ | ||||||||||||
Other Financial Derivatives(1) | ( | ( | ( | ( | |||||||||||||
Gains (Losses) from non-designated risk management derivatives | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||
Client-related and trading derivatives | |||||||||||||||||
Foreign Exchange Contracts | $ | $ | $ | $ | |||||||||||||
Interest Rate Contracts | |||||||||||||||||
Gains from client-related and trading derivatives | $ | $ | $ | $ | |||||||||||||
Total gains from derivatives not designated as hedging under GAAP | $ | $ | $ | $ |
REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS | ||||||||
JUNE 30, 2024 | DECEMBER 31, 2023 | |||||||
(In Millions) | OVERNIGHT AND CONTINUOUS | |||||||
U.S. Treasury and Agency Securities | $ | $ | ||||||
Total Borrowings | ||||||||
Net Amount of Recognized Liabilities for Repurchase Agreements in Note 23 | ||||||||
JUNE 30, 2024 | |||||||||||||||||
(In Millions) | GROSS RECOGNIZED ASSETS | GROSS AMOUNTS OFFSET IN THE BALANCE SHEET(3) | NET AMOUNTS PRESENTED IN THE BALANCE SHEET | GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET(4) | NET AMOUNT(5) | ||||||||||||
Derivative Assets(1) | |||||||||||||||||
Foreign Exchange Contracts Over the Counter (OTC) | $ | $ | $ | $ | $ | ||||||||||||
Interest Rate Swaps OTC | |||||||||||||||||
Interest Rate Swaps Exchange Cleared | |||||||||||||||||
Total Derivatives Subject to a Master Netting Arrangement | |||||||||||||||||
Total Derivatives Not Subject to a Master Netting Arrangement | — | — | |||||||||||||||
Total Derivatives | |||||||||||||||||
Securities Purchased under Agreements to Resell(2) | $ | $ | $ | $ | $ |
DECEMBER 31, 2023 | |||||||||||||||||
(In Millions) | GROSS RECOGNIZED ASSETS | GROSS AMOUNTS OFFSET IN THE BALANCE SHEET(3) | NET AMOUNTS PRESENTED IN THE BALANCE SHEET | GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET(4) | NET AMOUNT(5) | ||||||||||||
Derivative Assets(1) | |||||||||||||||||
Foreign Exchange Contracts OTC | $ | $ | $ | $ | $ | ||||||||||||
Interest Rate Swaps OTC | |||||||||||||||||
Interest Rate Swaps Exchange Cleared | |||||||||||||||||
Total Derivatives Subject to a Master Netting Arrangement | |||||||||||||||||
Total Derivatives Not Subject to a Master Netting Arrangement | — | — | |||||||||||||||
Total Derivatives | |||||||||||||||||
Securities Purchased under Agreements to Resell(2) | $ | $ | $ | $ | $ |
JUNE 30, 2024 | |||||||||||||||||
(In Millions) | GROSS RECOGNIZED LIABILITIES | GROSS AMOUNTS OFFSET IN THE BALANCE SHEET(3) | NET AMOUNTS PRESENTED IN THE BALANCE SHEET | GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET(4) | NET AMOUNT(5) | ||||||||||||
Derivative Liabilities(1) | |||||||||||||||||
Foreign Exchange Contracts OTC | $ | $ | $ | $ | $ | ||||||||||||
Interest Rate Swaps OTC | |||||||||||||||||
Interest Rate Swaps Exchange Cleared | |||||||||||||||||
Other Financial Derivatives | |||||||||||||||||
Total Derivatives Subject to a Master Netting Arrangement | |||||||||||||||||
Total Derivatives Not Subject to a Master Netting Arrangement | — | — | |||||||||||||||
Total Derivatives | |||||||||||||||||
Securities Sold under Agreements to Repurchase(2) | $ | $ | $ | $ | $ |
DECEMBER 31, 2023 | |||||||||||||||||
(In Millions) | GROSS RECOGNIZED LIABILITIES | GROSS AMOUNTS OFFSET IN THE BALANCE SHEET(3) | NET AMOUNTS PRESENTED IN THE BALANCE SHEET | GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET(4) | NET AMOUNT(5) | ||||||||||||
Derivative Liabilities(1) | |||||||||||||||||
Foreign Exchange Contracts OTC | $ | $ | $ | $ | $ | ||||||||||||
Interest Rate Swaps OTC | |||||||||||||||||
Interest Rate Swaps Exchange Cleared | |||||||||||||||||
Other Financial Derivatives | |||||||||||||||||
Total Derivatives Subject to a Master Netting Arrangement | |||||||||||||||||
Total Derivatives Not Subject to a Master Netting Arrangement | — | — | |||||||||||||||
Total Derivatives | |||||||||||||||||
Securities Sold under Agreements to Repurchase(2) | $ | $ | $ | $ | $ |
PERIOD | TOTAL NUMBER OF SHARES PURCHASED | AVERAGE PRICE PAID PER SHARE | TOTAL NUMBER OF SHARES PURCHASED AS PART OF A PUBLICLY ANNOUNCED PLAN | MAXIMUM NUMBER OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLAN | ||||||||||
April 1 - 30, 2024 | 479,482 | $ | 83.46 | 479,482 | 19,260,407 | |||||||||
May 1 - 31, 2024 | 1,301,612 | 84.51 | 1,301,612 | 17,958,795 | ||||||||||
June 1 - 30, 2024 | 1,210,728 | 82.58 | 1,210,728 | 16,748,067 | ||||||||||
Total (Second Quarter) | 2,991,822 | $ | 83.56 | 2,991,822 | 16,748,067 |
Exhibit Number | Description | ||||
4.1 | Certain instruments defining the rights of the holders of long-term debt of the Corporation and certain of its subsidiaries, none of which authorize a total amount of indebtedness in excess of 10% of the total assets of the Corporation and its subsidiaries on a consolidated basis, have not been filed as exhibits. The Corporation hereby agrees to furnish a copy of any of these agreements to the SEC upon request. | ||||
101 | Includes the following financial and related information from Northern Trust’s Quarterly Report on Form 10-Q as of and for the quarter ended June 30, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income, (4) the Consolidated Statements of Changes in Stockholders’ Equity, (5) the Consolidated Statements of Cash Flows, and (6) Notes to Consolidated Financial Statements. | ||||
104 | The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL. |
NORTHERN TRUST CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: | August,1, 2024 | By: | /s/ Jason J. Tyler | ||||||||
Jason J. Tyler Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | |||||||||||
Date: | August,1, 2024 | By: | /s/ John P. Landers | ||||||||
John P. Landers Senior Vice President and Controller (Principal Accounting Officer) | |||||||||||
/s/ Michael G. O'Grady | ||||||||
Date: | August,1, 2024 | Michael G. O’Grady | ||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ Jason J. Tyler | ||||||||
Date: | August,1, 2024 | Jason J. Tyler | ||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ Michael G. O'Grady | ||
Michael G. O’Grady | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: August,1, 2024 |
/s/ Jason J. Tyler | ||
Jason J. Tyler | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
Date: August,1, 2024 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Available-for-sale securities, amortized cost | $ 27,127.3 | $ 23,659.0 |
Held to maturity, fair value | 20,942.1 | 24,473.0 |
Unearned income | $ 6.4 | $ 5.9 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 1.6667 | $ 1.6667 |
Common stock, authorized (in shares) | 560,000,000 | 560,000,000 |
Common stock, outstanding (in shares) | 201,637,855 | 205,126,224 |
Treasury stock, (in shares) | 43,533,669 | 40,045,300 |
Series D Preferred Stock | ||
Preferred stock, outstanding (in shares) | 5,000 | 5,000 |
Series E Preferred Stock | ||
Preferred stock, outstanding (in shares) | 16,000 | 16,000 |
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Noninterest Income | ||||
Trust, Investment and Other Servicing Fees | $ 1,166.1 | $ 1,096.3 | $ 2,309.0 | $ 2,159.9 |
Foreign Exchange Trading Income | 58.4 | 50.1 | 115.4 | 103.1 |
Treasury Management Fees | 9.0 | 7.9 | 18.3 | 16.3 |
Security Commissions and Trading Income | 34.3 | 36.1 | 72.2 | 70.8 |
Other Operating Income | 924.7 | 55.2 | 985.7 | 102.0 |
Investment Security Gains (Losses), net | 0.1 | 0.0 | (189.3) | 6.9 |
Total Noninterest Income | 2,192.6 | 1,245.6 | 3,311.3 | 2,459.0 |
Net Interest Income | ||||
Interest Income | 2,506.5 | 1,735.0 | 4,952.1 | 3,190.4 |
Interest Expense | 1,983.6 | 1,223.5 | 3,901.1 | 2,147.7 |
Net Interest Income | 522.9 | 511.5 | 1,051.0 | 1,042.7 |
Provision for Credit Losses | 8.0 | (15.5) | (0.5) | (0.5) |
Net Interest Income after Provision for Credit Losses | 514.9 | 527.0 | 1,051.5 | 1,043.2 |
Noninterest Expense | ||||
Compensation | 665.2 | 604.5 | 1,292.3 | 1,199.7 |
Employee Benefits | 100.2 | 101.4 | 201.3 | 202.4 |
Outside Services | 260.9 | 230.9 | 490.2 | 441.7 |
Equipment and Software | 277.5 | 229.3 | 530.2 | 461.0 |
Occupancy | 54.8 | 53.8 | 108.9 | 115.1 |
Other Operating Expense | 175.3 | 112.0 | 275.7 | 197.6 |
Total Noninterest Expense | 1,533.9 | 1,331.9 | 2,898.6 | 2,617.5 |
Income before Income Taxes | 1,173.6 | 440.7 | 1,464.2 | 884.7 |
Provision for Income Taxes | 277.5 | 108.9 | 353.4 | 218.3 |
Net Income | 896.1 | 331.8 | 1,110.8 | 666.4 |
Preferred Stock Dividends | 4.7 | 4.7 | 20.9 | 20.9 |
Net Income Applicable to Common Stock | $ 891.4 | $ 327.1 | $ 1,089.9 | $ 645.5 |
Per Common Share | ||||
Net Income — Basic (in dollars per share) | $ 4.35 | $ 1.56 | $ 5.30 | $ 3.07 |
Net Income - Diluted (in dollars per share) | $ 4.34 | $ 1.56 | $ 5.28 | $ 3.07 |
Average Number of Common Shares Outstanding | ||||
Basic (in shares) | 203,306,236 | 207,638,671 | 203,967,516 | 207,911,242 |
Diluted (in shares) | 203,738,670 | 207,816,015 | 204,436,757 | 208,270,677 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 896.1 | $ 331.8 | $ 1,110.8 | $ 666.4 |
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | ||||
Net Unrealized Gains (Losses) on Available for Sale Debt Securities | 43.4 | (42.0) | 256.8 | 138.2 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | (0.1) | (0.6) | (0.8) | (0.7) |
Net Foreign Currency Adjustments | 7.0 | 1.9 | 11.6 | 24.6 |
Net Pension and Other Postretirement Benefit Adjustments | 2.3 | 1.0 | 5.3 | 1.2 |
Net Change | 52.6 | (39.7) | 272.9 | 163.3 |
Comprehensive Income (Loss) | $ 948.7 | $ 292.1 | $ 1,383.7 | $ 829.7 |
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
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Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
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Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends (in usd per share) | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 |
Basis of Presentation |
6 Months Ended |
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Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Northern Trust Corporation (Corporation) and its wholly-owned subsidiary, The Northern Trust Company (Bank), and various other wholly-owned subsidiaries of the Corporation and Bank. Throughout the notes to the consolidated financial statements, the term “Northern Trust” refers to the Corporation and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements, as of and for the periods ended June 30, 2024 and 2023, have not been audited by the Corporation’s independent registered public accounting firm. In the opinion of management, all accounting entries and adjustments, including normal recurring accruals, necessary for a fair presentation of the financial position and the results of operations for the interim periods have been made. The accounting and financial reporting policies of Northern Trust conform to U.S. generally accepted accounting principles (GAAP) and reporting practices prescribed for the banking industry. For a description of Northern Trust’s significant accounting policies, refer to Note 1—Summary of Significant Accounting Policies included under Item 8. Financial Statements and Supplementary Data in the Annual Report on Form 10-K for the year ended December 31, 2023.
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On January 1, 2024, Northern Trust adopted Accounting Standards Update (ASU) No. 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method—a consensus of the Emerging Issues Task Force” (ASU 2023-02). The amendments in ASU 2023-02 allow entities to elect the proportional amortization method to account for tax equity investments if certain conditions are met regardless of the tax credit program from which the income tax credits are received. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). In addition, ASU 2023-02 requires specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits for which the entity has elected to apply the proportional amortization method in accordance with Subtopic 323-740. Upon adoption of ASU 2023-02, there was no significant impact to Northern Trust’s consolidated balance sheets or consolidated statements of income. Please refer to Note 19—Variable Interest Entities for further information. On January 1, 2024, Northern Trust adopted ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (ASU 2022-03). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, ASU 2022-03 introduces new disclosure requirements to provide investors with information about contractual sale restrictions including the nature and remaining duration of these restrictions. Upon adoption of ASU 2022-03, there was no impact to Northern Trust’s consolidated balance sheets or consolidated statements of income.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair Value Hierarchy. The following describes the hierarchy of valuation inputs (Levels 1, 2, and 3) used to measure fair value and the primary valuation methodologies used by Northern Trust for financial instruments measured at fair value on a recurring basis. Observable inputs reflect market data obtained from sources independent of the reporting entity; unobservable inputs reflect the entity’s own assumptions about how market participants would value an asset or liability based on the best information available. GAAP requires an entity measuring fair value to maximize the use of observable inputs and minimize the use of unobservable inputs and establishes a fair value hierarchy of inputs. Financial instruments are categorized within the hierarchy based on the lowest level input that is significant to their valuation. No transfers into or out of Level 3 occurred during the six months ended June 30, 2024 or the year ended December 31, 2023. Level 1 — Quoted, active market prices for identical assets or liabilities. Northern Trust’s Level 1 assets are comprised primarily of available for sale (AFS) investments in U.S. Treasury securities. Level 2 — Observable inputs other than Level 1 prices, such as quoted active market prices for similar assets or liabilities, quoted prices for identical or similar assets in inactive markets, and model-derived valuations in which all significant inputs are observable in active markets. Northern Trust’s Level 2 assets include AFS debt securities, the fair values of which are determined predominantly by external pricing vendors. Prices received from vendors are compared to other vendor and third-party prices. If a security price obtained from a pricing vendor is determined to exceed predetermined tolerance levels that are assigned based on an asset type’s characteristics, the exception is researched and, if the price is not able to be validated, an alternate pricing vendor is utilized, consistent with Northern Trust’s pricing source hierarchy. As of June 30, 2024, Northern Trust’s AFS debt securities portfolio included 934 Level 2 debt securities with an aggregate market value of $20.8 billion. Substantially all were valued by external pricing vendors. As of December 31, 2023, Northern Trust’s AFS debt securities portfolio included 929 Level 2 debt securities with an aggregate market value of $19.5 billion. All 929 debt securities were valued by external pricing vendors. Level 2 assets and liabilities also include derivative contracts which are valued internally using widely accepted income-based models that incorporate inputs readily observable in actively quoted markets and reflect the contractual terms of the contracts. Observable inputs include foreign exchange rates and interest rates for foreign exchange contracts; interest rates for interest rate swap contracts and forward contracts; and interest rates and volatility inputs for interest rate option contracts. Northern Trust evaluates the impact of counterparty credit risk and its own credit risk on the valuation of its derivative instruments. Factors considered include the likelihood of default by Northern Trust and its counterparties, the remaining maturities of the instruments, net exposures after giving effect to master netting arrangements or similar agreements, available collateral, and other credit enhancements in determining the appropriate fair value of derivative instruments. The resulting valuation adjustments have not been considered material. During the second quarter of 2024, Visa Inc. (Visa) commenced an offer to exchange (Exchange Offer) outstanding shares of its Class B common stock (Visa Class B common shares). Northern Trust participated in Visa’s Exchange Offer and as a result, received certain newly issued Visa Class C common shares. Visa Class C common shares are also categorized as Level 2 assets which are valued using quoted active market prices for similar securities (Visa Class A common stock). See “Visa Class B Common Shares and Makewhole Agreement” under Note 20—Commitments and Contingent Liabilities for further information. Level 3 — Valuation techniques in which one or more significant inputs are unobservable in the marketplace. Northern Trust’s Level 3 liabilities consist of swaps that Northern Trust entered into with the purchaser of 1.1 million and 1.0 million shares of Visa Class B common shares previously held by Northern Trust and sold in June 2016 and 2015, respectively. Pursuant to the swaps, Northern Trust retains the risks associated with the ultimate conversion of the Visa Class B common shares into shares of Visa Class A common stock (Visa Class A common shares), such that the counterparty will be compensated for any dilutive adjustments to the conversion ratio and Northern Trust will be compensated for any anti-dilutive adjustments to the ratio. The swaps also require periodic payments from Northern Trust to the counterparty calculated by reference to the market price of Visa Class A common shares and a fixed rate of interest. The fair value of the swaps is determined using a discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are Northern Trust’s own assumptions about estimated changes in the conversion rate of the Visa Class B common shares into Visa Class A common shares, the date on which such conversion is expected to occur and the estimated growth rate of the Visa Class A common share price. See “Visa Class B Common Shares and Makewhole Agreement” under Note 20—Commitments and Contingent Liabilities for further information. Northern Trust believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. The following table presents the fair values of Northern Trust’s Level 3 liabilities as of June 30, 2024 and December 31, 2023, as well as the valuation techniques, significant unobservable inputs, and quantitative information used to develop significant unobservable inputs for such liabilities as of such dates. TABLE 35: LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
The following table presents assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, segregated by fair value hierarchy level. TABLE 36: RECURRING BASIS HIERARCHY LEVELING
Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of June 30, 2024, derivative assets and liabilities shown above also include reductions of $586.3 million and $348.9 million, respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) Equity securities consists of a money market investment and Visa Class C common shares with a fair value of $95.0 million and $286.8 million, respectively, as of June 30, 2024. (2) Consists of swaps related to the sale of certain Visa Class B common shares.
Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of December 31, 2023, derivative assets and liabilities shown above also include reductions of $2,093.8 million and $1,172.5 million, respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) Consists of swaps related to the sale of certain Visa Class B common shares. The following table presents the changes in Level 3 liabilities for the three and six months ended June 30, 2024 and 2023. TABLE 37: CHANGES IN LEVEL 3 LIABILITIES
Carrying values of assets and liabilities that are not measured at fair value on a recurring basis may be adjusted to fair value in periods subsequent to their initial recognition, for example, to record an impairment of an asset. GAAP requires entities to separately disclose these subsequent fair value measurements and to classify them under the fair value hierarchy. Assets measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023, all of which were categorized as Level 3 under the fair value hierarchy, were comprised of nonaccrual loans whose values were based on real estate and other available collateral, and of other real estate owned (OREO) properties. Fair values of real estate loan collateral were estimated using a market approach typically supported by third-party valuations and property-specific fees and taxes. The fair values of real estate loan collateral were subject to adjustments to reflect management’s judgment as to realizable value and consisted of a range of discount factors from 0% to 15.0% with a weighted average based on fair values of 14.0%, and a range of discount factors from 0% to 20.0% with a weighted average of 2.0%, as of June 30, 2024 and December 31, 2023, respectively. Other loan collateral, which typically consists of accounts receivable, inventory and equipment, is valued using a market approach adjusted for asset-specific characteristics and in limited instances third-party valuations are used. OREO assets are carried at the lower of cost or fair value less estimated costs to sell, with fair value typically based on third-party appraisals. Collateral-dependent nonaccrual loans that have been adjusted to fair value totaled $6.0 million and $43.3 million at June 30, 2024 and December 31, 2023, respectively. The following table presents the fair values of Northern Trust’s Level 3 assets that were measured at fair value on a nonrecurring basis as of June 30, 2024 and December 31, 2023, as well as the valuation technique, significant unobservable inputs and quantitative information used to develop the significant unobservable inputs for such assets as of such dates. TABLE 38: LEVEL 3 NONRECURRING BASIS SIGNIFICANT UNOBSERVABLE INPUTS
(1) Includes real estate collateral-dependent loans and other collateral-dependent loans.
(1) Includes real estate collateral-dependent loans and other collateral-dependent loans. The following tables present the book value and estimated fair value, including the fair value hierarchy level, of Northern Trust’s financial instruments that are not measured at fair value on the consolidated balance sheets as of June 30, 2024 and December 31, 2023. The following tables exclude those items measured at fair value on a recurring basis. TABLE 39: FAIR VALUE OF FINANCIAL INSTRUMENTS
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities Available for Sale Debt Securities. The following tables provide the amortized cost and fair values as of June 30, 2024 and December 31, 2023, and remaining maturities of AFS debt securities as of June 30, 2024. TABLE 40: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES
TABLE 41: REMAINING MATURITY OF AVAILABLE FOR SALE DEBT SECURITIES
Available for Sale Debt Securities with Unrealized Losses. The following table provides information regarding AFS debt securities with no credit losses reported that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2024 and December 31, 2023. TABLE 42: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED
Note: Two corporate debt AFS securities with a fair value of $81.8 million and unrealized losses of $4.7 million have been excluded from the table above as these AFS securities have a $0.6 million allowance for credit losses reported as of June 30, 2024. Refer to the discussion further below and Note 6—Allowance for Credit Losses for further information.
Note: Three corporate debt AFS securities with a fair value of $98.4 million and unrealized losses of $5.9 million and one sub-sovereign, supranational and non-U.S. agency bonds AFS security with a fair value of $71.0 million and unrealized loss of $8.2 million have been excluded from the table above as these AFS securities have a $1.2 million allowance for credit losses reported as of December 31, 2023. Refer to the discussion further below and Note 6—Allowance for Credit Losses for further information. As of June 30, 2024, 777 AFS debt securities with a combined fair value of $13.7 billion were in an unrealized loss position without an allowance for credit losses, with their unrealized losses totaling $298.2 million. As of June 30, 2024, unrealized losses related to AFS debt securities of $132.4 million, $60.3 million, and $26.3 million related to government-sponsored agency securities, sub-sovereign, supranational and non-U.S. agency bonds and other asset-backed, respectively, which are primarily attributable to higher average market interest rates as compared to the respective purchase dates of the securities. As of December 31, 2023, 898 AFS debt securities with a combined fair value of $19.4 billion were in an unrealized loss position without an allowance for credit losses, with their unrealized losses totaling $568.3 million. As of December 31, 2023, unrealized losses related to AFS debt securities of $200.3 million, $105.8 million, and $100.0 million related to government-sponsored agency, sub-sovereign, supranational and non-U.S. agency bonds, and other asset-backed, respectively, which are primarily attributable to lower yields and tighter spreads. AFS debt securities impairment reviews are conducted quarterly to identify and evaluate securities that have indications of possible credit losses. A determination as to whether a security’s decline in market value is related to credit impairment takes into consideration numerous factors and the relative significance of any single factor can vary by security. Factors Northern Trust considers in determining whether impairment is credit-related include, but are not limited to, the severity of the impairment; the cause of the impairment; the financial condition and near-term prospects of the issuer; activity in the market of the issuer, which may indicate adverse credit conditions; Northern Trust’s intent regarding the sale of the security as of the balance sheet date; and the likelihood that Northern Trust will not be required to sell the security for a period of time sufficient to allow for the recovery of the security’s amortized cost basis. For each security meeting the requirements of Northern Trust’s internal screening process, an extensive review is conducted to determine if a credit loss has occurred. In January 2024, the Corporation sold certain AFS debt securities that were in an unrealized loss position. The $189.3 million loss is recognized in Investment Security Gains (Losses), net on the consolidated statements of income for the six months ended June 30, 2024. In November 2023, the Corporation sold certain AFS debt securities that were in an unrealized loss position. The $176.4 million loss is recognized in Investment Security Gains (Losses), net on the consolidated statements of income for the period ended December 31, 2023. There was a $0.1 million provision for credit losses and a $0.6 million release of credit reserves for AFS securities for the three and six months ended June 30, 2024, respectively. There was a $0.5 million release of credit reserves and no provision for credit losses for AFS securities for the three and six months ended June 30, 2023. There was a $0.6 million allowance for credit losses for AFS securities as of June 30, 2024 which was related to corporate debt securities and $1.2 million allowance for credit losses for AFS securities as of December 31, 2023, which was related to corporate debt securities and non-U.S. agency bonds. The process for identifying credit losses for AFS securities is based on the best estimate of cash flows to be collected from the security, discounted using the security’s effective interest rate. If the present value of the expected cash flows is found to be less than the current amortized cost of the security, an allowance for credit losses is generally recorded equal to the difference between the two amounts, limited to the amount the amortized cost basis exceeds the fair value of the security. For additional information, please refer to Note 6— Allowance for Credit Losses. Held to Maturity Debt Securities. Held to maturity (HTM) debt securities consist of securities that management intends to, and Northern Trust has the ability to, hold until maturity. The following tables provide the amortized cost and fair values as of June 30, 2024 and December 31, 2023, and remaining maturities of HTM debt securities as of June 30, 2024. TABLE 43: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF HELD TO MATURITY DEBT SECURITIES
As of June 30, 2024, the $22.8 billion HTM debt securities portfolio had unrealized losses of $1.1 billion and $263.8 million related to government-sponsored agency and sub-sovereign, supranational and non-U.S. agency bonds, respectively, which are primarily attributable to higher average market interest rates as compared to the respective purchase dates of the securities. As of December 31, 2023, the $26.2 billion HTM debt securities portfolio had unrealized losses of $1.0 billion and $294.9 million related to government-sponsored agency and sub-sovereign, supranational and non-U.S. agency bonds, respectively, which are primarily attributable to lower yields and tighter spreads. TABLE 44: REMAINING MATURITY OF HELD TO MATURITY DEBT SECURITIES
Credit Quality Indicators. The following table provides the amortized cost of HTM debt securities by credit rating. TABLE 45: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING
Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. Northern Trust maintains a high quality debt securities portfolio, with 96% and 97% of the HTM portfolio at June 30, 2024 and December 31, 2023, respectively, comprised of securities rated A or higher. The remaining HTM debt securities portfolio was comprised of 1% rated BBB at both June 30, 2024 and December 31, 2023 and 3% and 2% which were not rated by Moody’s, S&P Global, or Fitch Ratings at June 30, 2024 and December 31, 2023, respectively. Securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security. Investment Security Gains and Losses. Proceeds of $31.2 million from the sale of certain other asset-backed debt securities resulted in an investment security gain of $0.1 million for the three months ended June 30, 2024. There were no sales of debt securities and no net investment security gains (losses) for the three months ended June 30, 2023. Proceeds of $2.0 billion from the sale of debt securities resulted in investment security loss of $189.3 million for the six months ended June 30, 2024. Proceeds of $2.1 billion from the sale of debt securities resulted in investment security gains of $6.9 million for the six months ended June 30, 2023. TABLE 46: INVESTMENT SECURITY GAINS AND LOSSES
TABLE 47: INVESTMENT SECURITY GAINS AND LOSSES BY SECURITY TYPE
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans Amounts outstanding for Loans, by segment and class, are shown in the following table. TABLE 48: LOANS
(1) Commercial and institutional and commercial-non-U.S. combined include $4.3 billion and $4.5 billion of private equity capital call finance loans at June 30, 2024 and December 31, 2023, respectively. Residential real estate loans consist of traditional first lien mortgages and equity credit lines that generally require a loan-to-collateral value of no more than 65% to 80% at inception. Northern Trust’s equity credit line products generally have draw periods of up to 10 years and a balloon payment of any outstanding balance is due at maturity. Payments are interest-only with variable interest rates. Northern Trust does not offer equity credit lines that include an option to convert the outstanding balance to an amortizing payment loan. As of June 30, 2024 and December 31, 2023, equity credit lines totaled $227.1 million and $228.7 million, respectively, and equity credit lines for which first liens were held by Northern Trust represented 98% and 96% of the total equity credit lines as of June 30, 2024 and December 31, 2023, respectively. Included within the commercial-other, commercial-non-U.S., and personal-other classes are short-duration advances primarily related to the processing of custodied client investments, totaling $3.7 billion and $8.4 billion at June 30, 2024 and December 31, 2023, respectively. Demand deposit overdrafts reclassified as loan balances, primarily in personal-other, totaled $5.2 million and $12.1 million at June 30, 2024 and December 31, 2023, respectively. Loans classified as held for sale are recorded at the lower of cost or fair value. There were no loans classified as held for sale at June 30, 2024 or December 31, 2023. There were no loans sold for the three and six months ended June 30, 2024 and June 30, 2023. Credit Quality Indicators. Credit quality indicators are statistics, measurements or other metrics that provide information regarding the relative credit risk of loans. Northern Trust uses a variety of credit quality indicators to assess the credit risk of loans at the segment, class, and individual credit exposure levels. As part of its credit process, Northern Trust utilizes an internal borrower risk rating system to support identification, approval, and monitoring of credit risk. Borrower risk ratings are used in credit underwriting and management reporting. Risk ratings are used for ranking the credit risk of borrowers and their probability of their default. Each borrower is rated using one of a number of ratings models, which consider both quantitative and qualitative factors. The ratings models vary among classes of loans in order to capture the unique risk characteristics inherent within each particular type of credit exposure. Provided below are the more significant performance indicator attributes considered within Northern Trust’s borrower rating models, by loan class. •Commercial and Institutional: leverage, profit margin, liquidity, asset size and capital levels; •Commercial Real Estate: debt service coverage, loan-to-value ratio, leasing status and guarantor support; •Commercial-Other: leverage, profit margin, liquidity, asset size and capital levels; •Non-U.S.: leverage, profit margin, liquidity, return on assets and capital levels; •Residential Real Estate: payment history, credit bureau scores and loan-to-value ratio; •Private Client: cash-flow-to-debt and net worth ratios, leverage and liquidity; and •Personal-Other: cash-flow-to-debt and net worth ratios. While the criteria vary by model, the objective is for the borrower ratings to be consistent in both the measurement and ranking of risk. Each model is calibrated to a master rating scale to support this consistency. Ratings for borrowers not in default range from “1” for the strongest credits to “7” for the weakest non-defaulted credits. Ratings of “8” or “9” are used for defaulted borrowers. Borrower risk ratings are monitored and are revised when events or circumstances indicate a change is required. Risk ratings are generally validated at least annually. Loan segment and class balances as of June 30, 2024 and December 31, 2023 are provided in the following table, segregated by borrower ratings into “1 to 3,” “4 to 5” and “6 to 9” (watch list and nonaccrual status) categories by year of origination at amortized cost basis. Loans that are held for investment are reported at the principal amount outstanding, net of unearned income. TABLE 49: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR
Past Due Status. Past due status is based on the length of time from the contractual due date a principal or interest payment has been past due. For disclosure purposes, loans that are 29 days past due or less are reported as current. The following table provides balances and delinquency status of accrual and nonaccrual loans by segment and class, as well as the other real estate owned and nonaccrual asset balances, as of June 30, 2024 and December 31, 2023. TABLE 50: DELINQUENCY STATUS
Interest income that would have been recorded for nonaccrual loans in accordance with their original terms was $0.5 million and $1.2 for the three and six months ended June 30, 2024, respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 2023, respectively. Northern Trust may obtain physical possession of real estate via foreclosure on an in-substance repossession. As of June 30, 2024 and December 31, 2023, Northern Trust held foreclosed real estate properties with an immaterial carrying value as a result of obtaining physical possession. In addition, as of June 30, 2024 and December 31, 2023, Northern Trust had loans with a carrying value of $4.8 million and $3.5 million, respectively, for which formal foreclosure proceedings were in process. Loan Modifications to Borrowers Experiencing Financial Difficulty For borrowers experiencing financial difficulties, Northern Trust may provide payment relief by modifying the terms of the original loan. Loan modifications to borrowers experiencing financial difficulty involve primarily extensions of term, deferrals of principal and interest, interest rate concessions, and other modifications or a combination thereof. Northern Trust considers payment deferrals of less than 90 days as insignificant, absent any material modifications to other loan terms. The following table shows the amortized cost basis of loan modifications provided to financially distressed borrowers that impacted the respective cash flows of the underlying loans as of June 30, 2024 and June 30, 2023, disaggregated by relevant class of financing receivable and type of modification provided. TABLE 51: LOAN MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
(1) Loan modifications were immaterial for the three months ended June 30, 2024.
(1) During the three months ended June 30, 2023, Northern Trust provided $32.5 million of combination of principal and/or interest deferral and term extensions for the commercial real estate portfolio and $0.2 million of term extensions for the private client portfolio for which the respective loans had no amortized cost basis as of the end of the period. The $32.5 million loan has been fully repaid as of June 30, 2023. The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty. TABLE 52: FINANCIAL EFFECT OF MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
The effectiveness of Northern Trust’s modification efforts is measured by the loans’ respective past due status under the modified terms as of the end of the period. Of the loans that were modified in the last 12 months, and were not performing in accordance with their modified terms and considered past due for purposes of these disclosures as of June 30, 2024, there were no loan modifications 30-89 days past due and $8.8 million 90 days and greater past due. None of the modified loans were considered past-due for purposes of these disclosures as of June 30, 2023. As of the three and six months ended June 30, 2024, Northern Trust charged-off $0.3 million and $8.5 million, respectively, related to modifications to borrowers experiencing financial difficulty that had been modified in the last 12 months. As of the three and six months ended June 30, 2023, Northern Trust charged off $0.7 million related to modifications to borrowers experiencing financial difficulty that had been modified in the last 12 months. There were no undrawn loan commitments or standby letters of credit issued to financially distressed borrowers for which Northern Trust has modified the payment terms of the loans as of June 30, 2024 and December 31, 2023, respectively. The expected credit loss for nonaccrual loans including loan modifications to borrowers experiencing financial difficulty is measured based on either the expected future cash flows, the value of collateral, or other factors that may impact the borrower’s ability to pay. If the discounted cash flow method is utilized, the credit loss is measured based upon the present value of expected future cash flows, discounted at the effective interest rate based on the post-modification contractual rate. If a loan’s contractual interest rate varies based on subsequent changes in an independent factor, such as an index or rate, the loan’s effective interest rate is calculated based on the factor as it changes over the life of the loan. Northern Trust elected not to project changes in the factor for purposes of estimating expected future cash flows. Further, Northern Trust elected not to adjust the effective interest rate for prepayments. If the loan is collateral dependent, the expected loss is measured based on the fair value of the collateral at the reporting date. If the loan valuation is less than the recorded value of the loan, either an allowance is established or a charge-off is recorded for the difference. The nature and extent of further deterioration in credit quality, including a subsequent default, is considered in the determination of an appropriate level of allowance for credit losses for all loan modifications to borrowers experiencing financial difficulty.
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Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses Allowance and Provision for Credit Losses. The allowance for credit losses—which represents management’s best estimate of lifetime expected credit losses related to various portfolios subject to credit risk, off-balance-sheet credit exposures, and specific borrower relationships—is determined by management through a disciplined credit review process. Northern Trust measures expected credit losses of financial assets with similar risk characteristics on a collective basis. A financial asset is measured individually if it does not share similar risk characteristics with other financial assets and the related allowance is determined through an individual evaluation. Management’s estimates utilized in establishing an appropriate level of allowance for credit losses are not dependent on any single assumption. In determining an appropriate allowance level, management evaluates numerous variables and takes into consideration past events, current conditions, and reasonable and supportable forecasts. The results of the credit reserve estimation methodology are reviewed quarterly by Northern Trust’s Credit Loss Reserve Committee, which receives input from Financial Risk Management, Treasury, Corporate Finance, the Economic Research Department, and each of Northern Trust’s reporting business units. The Credit Loss Reserve Committee determines the probability weights applied to each forecast approved by Northern Trust’s Macroeconomic Scenario Development Committee, and also reviews and approves qualitative adjustments to the collective allowance in line with Northern Trust’s qualitative adjustment framework. The Provision for Credit Losses on the consolidated statements of income represents the change in the Allowance for Credit Losses on the consolidated balance sheets after accounting for net charge-offs or recoveries and is the charge to current period earnings. It represents the amount needed to maintain the Allowance for Credit Losses on the consolidated balance sheets at an appropriate level to absorb lifetime expected credit losses related to financial assets in scope. Actual losses may vary from current estimates and the amount of the Provision for Credit Losses may be either greater or less than actual net charge-offs. The following table provides information regarding changes in the total allowance for credit losses during the three and six months ended June 30, 2024 and 2023. TABLE 53: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES
(1) The table excludes a negative provision for credit losses of $0.6 million for the six months ended June 30, 2024 for AFS debt securities. See further detail in Note 4—Securities.
(1) The table excludes a negative provision for credit losses of $0.5 million for the three months ended June 30, 2023 for AFS debt securities. See further detail in Note 4—Securities.
(1) There was no provision for credit losses for the six months ended June 30, 2023 for AFS debt securities. See further detail in Note 4—Securities. Excluding the impact of the provision for AFS debt securities, there was a Provision for Credit Losses of $7.9 million in the current quarter, as compared to a negative provision of $15.0 million in the prior-year quarter. The provision resulted from an increase in collective reserves. The increase in collective reserves was primarily in the Commercial and Institutional (C&I) portfolio, driven by modest deterioration in credit quality, and, the Commercial Real Estate (CRE) portfolio, driven by expectations for weaker CRE prices. The reserve evaluated on a collective basis relates to pooled financial assets sharing similar risk characteristics. There were net recoveries of $0.1 million during the three months ended June 30, 2024, while there were no net recoveries for the three months ended June 30, 2023. For further detail, please see the Allowance for the Loan Portfolio and the Allowance for Held to Maturity Debt Securities Portfolio sections below. Excluding the impact of the negative provision for AFS debt securities, there was a Provision for Credit Losses of $0.1 million for the six months ended June 30, 2024, as compared to a negative provision of $0.5 million in the prior-year period. The provision was primarily due to an increase in the collective reserves, driven by the C&I and CRE portfolios, partially offset by a decrease in individual reserves, driven by one C&I loan charge-off. There were net charge-offs of $10.3 million during the six months ended June 30, 2024, as compared to net charge-offs of $2.9 million during the six months ended June 30, 2023. For further detail, please see the Allowance for the Loan and Lease Portfolio and the Allowance for Held to Maturity Debt Securities Portfolio sections below. The portion of the allowance assigned to loans, HTM debt securities, and other financial assets is presented as a contra asset in Allowance for Credit Losses on the consolidated balance sheets. The portion of the allowance assigned to undrawn loan commitments and standby letters of credit is reported in Other Liabilities on the consolidated balance sheets. For credit exposure and the associated allowance related to fee receivables, please refer to Note 13—Revenue from Contracts with Clients. For information related to the allowance for AFS debt securities, please refer to Note 4—Securities. For all other financial assets recognized at amortized cost, which includes Cash and Due from Banks, Other Central Bank Deposits, Interest Bearing Deposits with Banks, and Other Assets, please refer to the Allowance for Other Financial Assets section within this footnote. Forecasting and Reversion. Estimating expected lifetime credit losses requires the consideration of the effect of future economic conditions. Northern Trust employs multiple scenarios over a reasonable and supportable period (currently two years) to project future conditions. Key variables determined to be relevant for projecting credit losses on the portfolios in scope include macroeconomic factors, such as corporate profits, unemployment, disposable income, and real estate price indices, as well as financial market factors such as market volatility and credit spreads. For periods beyond the reasonable and supportable period, Northern Trust reverts to its own historical loss experiences on a straight-line basis over four quarters. The primary forecast in the current quarter reflects an outlook of steady growth, despite modest deterioration within the Commercial Real Estate industry, with inflation and labor markets stabilizing and interest rates falling. Recognizing the uncertainty in the primary forecast, an alternative scenario is also considered, which reflects a recession that incorporates the experiences of a wider set of historical economic cycles. Contractual Term. Northern Trust estimates expected credit losses over the contractual term of the financial assets adjusted for prepayments, unless prepayments are not relevant to specific portfolios or sub-portfolios. Extension and renewal options are typically not considered since it is not Northern Trust’s practice to enter into arrangements where the borrower has the unconditional option to renew, or a conditional extension option whereby the conditions are beyond Northern Trust’s control. Allowance for the Loan Portfolio. The following table provides information regarding changes in the total allowance for credit losses related to loans, including undrawn loan commitments and standby letters of credit, by segment during the three and six months ended June 30, 2024 and 2023. TABLE 54: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO LOANS
Allowance Related to Credit Exposure Evaluated on a Collective Basis. Expected credit losses are measured on a collective basis as long as the financial assets included in the respective pool share similar risk characteristics. If financial assets are deemed to not share similar risk characteristics, an individual assessment is warranted. The allowance estimation methodology for the collective assessment is based on data representative of the Corporation’s financial asset portfolio from a historical observation period that includes both expansionary and recessionary periods. The estimation methodology and the related qualitative adjustment framework segregate the loan portfolio into homogeneous segments based on similar risk characteristics or risk monitoring methods. Northern Trust utilizes a quantitative probability of default/loss given default approach for the calculation of its credit allowance on a collective basis. For each of the different parameters, specific credit models or qualitative estimation methodologies for the individual loan segments were developed. For each segment, the probability of default and the loss given default are applied to the exposure at default for each projected quarter to determine the quantitative component of the allowance. The quantitative allowance is then reviewed within the qualitative adjustment framework, through which management applies judgment by assessing internal risk factors, potential limitations in the quantitative methodology, and environmental factors that are not fully contemplated in the forecast to compute an adjustment to the quantitative allowance for each segment and class of the loan portfolio. Allowance Related to Credit Exposure Evaluated on an Individual Basis. The individual allowance is determined through individual evaluation of loans and lending-related commitments that have defaulted, generally those with borrower ratings of 8 and 9, that are based on expected future cash flows, the value of collateral, and other factors that may impact the borrower’s ability to pay. For defaulted loans for which the amount of allowance, if any, is determined based on the value of the underlying real estate collateral, third-party appraisals are typically obtained and utilized by management. These appraisals are generally less than twelve months old and are subject to adjustments to reflect management’s judgment as to the realizable value of the collateral. The following table provides information regarding the recorded investments in loans and the allowance for credit losses for loans and undrawn loan commitments and standby letters of credit by segment as of June 30, 2024 and December 31, 2023. TABLE 55: RECORDED INVESTMENTS IN LOANS
Northern Trust analyzes its exposure to credit losses from both on-balance-sheet and off-balance-sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for undrawn loan commitments and standby letters of credit, the exposure at default includes an estimated drawdown of unused credit based on credit utilization factors, resulting in a proportionate amount of expected credit losses. Allowance for Held to Maturity Debt Securities Portfolio. The following table provides information regarding changes in the total allowance for credit losses for HTM debt securities during the three and six months ended June 30, 2024 and 2023. TABLE 56: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO HELD TO MATURITY DEBT SECURITIES
(1) The allowance for Obligations of States and Political Subdivisions is related to (non pre-refunded) municipal securities that do not fall under Northern Trust’s zero-loss assumption.
(1) The allowance for Obligations of States and Political Subdivisions is related to (non pre-refunded) municipal securities that do not fall under Northern Trust’s zero-loss assumption.
HTM debt securities classified as U.S. government, government sponsored agency, and certain securities classified as obligations of states and political subdivisions are considered to be guarantees of the U.S. government or an agency of the U.S. government and, therefore, an allowance for credit losses is not estimated for such investments as the expected probability of non-payment of the amortized cost basis is zero. HTM debt securities classified as “other asset-backed securities” represent pools of underlying receivables from which the cash flows are used to pay the bonds that vary in seniority. Utilizing a qualitative estimation approach, the allowance for other asset-backed securities is assessed by evaluating underlying pool performance based on delinquency rates and available credit support. HTM debt securities classified as “other” relate to investments purchased by Northern Trust to fulfill its obligations under the Community Reinvestment Act (CRA). Northern Trust fulfills its obligations under the CRA by making qualified investments for purposes of supporting institutions and programs that benefit low-to-moderate income communities within Northern Trust’s market area. The allowance for CRA investments is assessed using a qualitative estimation approach primarily based on internal historical performance experience and default history of the underlying CRA portfolios to determine a quantitative component of the allowance. The allowance estimation methodology for all other HTM debt securities is developed using a combination of external and internal data. The estimation methodology groups securities with shared characteristics for which the probability of default and the loss given default are applied to the total exposure at default to determine a quantitative component of the allowance. Allowance for Other Financial Assets. The allowance for Other Financial Assets consists of the allowance for Due from Banks, Other Central Bank Deposits, Interest Bearing Deposits with Banks, and Other Assets. The Other Assets category includes other miscellaneous credit exposures reported in Other Assets on the consolidated balance sheets. The allowance estimation methodology for Other Financial Assets primarily utilizes a similar approach as the one used for the HTM debt securities portfolio. It consists of a combination of externally and internally developed loss data, adjusted for the appropriate contractual term. Northern Trust’s portfolio of Other Financial Assets is composed mostly of institutions within the “1 to 2” internal borrower rating category and is expected to exhibit minimal to modest likelihood of loss. The Allowance for Credit Losses related to Other Financial Assets was $0.9 million as of June 30, 2024 and December 31, 2023. Accrued Interest. Accrued interest balances are reported within Other Assets on the consolidated balance sheets. Northern Trust elected not to measure an allowance for credit losses for accrued interest receivables related to its loan and securities portfolio as its policy is to write-off uncollectible accrued interest receivable balances in a timely manner. Accrued interest is written off by reversing interest income during the period the financial asset is moved from an accrual to a nonaccrual status. The following table provides the amount of accrued interest excluded from the amortized cost basis of the following portfolios. TABLE 57: ACCRUED INTEREST
The amount of accrued interest reversed through interest income for loans was immaterial for the three and six months ended June 30, 2024 and 2023, and there was no accrued interest reversed through interest income related to any other financial assets for the three and six months ended June 30, 2024 and 2023.
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Pledged Assets, Accepted Collateral and Restricted Assets |
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Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pledged Assets, Accepted Collateral and Restricted Assets | Pledged Assets, Accepted Collateral and Restricted Assets Pledged Assets. For our liquidity management strategy, we may pledge loans and/or securities to various financial market utilities to allow for client payment, clearing and settlement processing as part of our custody services. We may pledge loans or securities to Central Banks, Federal Home Loan Bank (FHLB) of Chicago and third parties for various purposes, for example: securing public and trust deposits, repurchase agreements, borrowings and derivative contracts. As of June 30, 2024 and December 31, 2023, respectively, $1.0 billion and $1.1 billion of collateral we pledge, related to loans and/or securities, is eligible to be repledged or sold by the secured party. The following table presents the carrying value of Northern Trust's pledged assets by type. TABLE 58: TYPE OF PLEDGED ASSETS
(1) Debt securities are comprised of held to maturity and available for sale securities. (2) Loans pledged at the FHLB of Chicago and the Federal Reserve Bank of Chicago. Accepted Collateral. Northern Trust accepts financial assets as collateral that it may, in some instances, be permitted to repledge or sell. The collateral is generally obtained under certain reverse repurchase agreements and derivative contracts. The following table presents the fair value of securities accepted as collateral. TABLE 59: ACCEPTED COLLATERAL
(1) The fair value of securities collateral that was repledged or sold totaled $69.8 billion and $62.0 billion at June 30, 2024 and December 31, 2023, respectively. (2) This includes collateral accepted as related to the sponsored member program. Refer to Note 20—Commitments and Contingent Liabilities for further information. Restricted Assets. Certain cash may be restricted in terms of usage or withdrawal. As a result of the continuing military conflict involving Ukraine and the Russian Federation and related sanctions and legal restrictions in place, cash balances denominated in Russian rubles received for the benefit of certain clients in our Asset Servicing business are subject to distribution restrictions. As of June 30, 2024 and December 31, 2023, these balances totaled $942.9 million and $722.2 million, respectively, and are reported in Cash and Due from Banks on the consolidated balance sheets. At June 30, 2024 and December 31, 2023, Northern Trust held cash of $539.0 million and $575.2 million, respectively, to meet non-U.S. reserve requirements. As a result of the economic environment arising from the COVID-19 pandemic, the Federal Reserve reduced the U.S. reserve requirement to zero percent on March 26, 2020. There were no average deposits required to meet Federal Reserve Bank reserve requirements for the three and six months ended June 30, 2024 and 2023, respectively.
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Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill. Changes by reporting segment in the carrying amount of Goodwill for the six months ended June 30, 2024, including the effect of foreign exchange rates on non-U.S. dollar denominated balances, were as follows. TABLE 60: GOODWILL
Other Intangible Assets Subject to Amortization. The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of June 30, 2024 and December 31, 2023 were as follows. TABLE 61: OTHER INTANGIBLE ASSETS
Other intangible assets consist primarily of the value of acquired client relationships and are included within Other Assets on the consolidated balance sheets. Amortization expense related to other intangible assets totaled $2.4 million and $4.7 million for the three and six months ended June 30, 2024 and also for the three and six months ended June 30, 2023, respectively. Amortization for the remainder of 2024 and for the years 2025, 2026, 2027, and 2028 is estimated to be $4.5 million, $8.6 million, $8.2 million, $8.0 million, and $7.4 million, respectively. Capitalized Software. The gross carrying amount and accumulated amortization of capitalized software as of June 30, 2024 and December 31, 2023 were as follows. TABLE 62: CAPITALIZED SOFTWARE
Capitalized software, which is included in Other Assets on the consolidated balance sheets, consists primarily of purchased software, software licenses, and allowable internal costs, including compensation relating to software developed for internal use. Fees paid for the use of software licenses that are not hosted by Northern Trust are expensed as incurred. Amortization expense, which is included in Equipment and Software on the consolidated statements of income, totaled $150.6 million and $291.0 million for the three and six months ended June 30, 2024, respectively, and $122.8 million and $244.1 million for the three and six months ended June 30, 2023, respectively.
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Reporting Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reporting Segments | Reporting Segments Northern Trust is organized around its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing a funds transfer pricing (FTP) methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on an instrument level. Additionally, segment information is presented on an FTE basis as management believes an FTE presentation provides a clearer indication of net interest income. The adjustment to an FTE basis has no impact on Net Income. Revenues, expenses and average assets are allocated to Asset Servicing and Wealth Management, with the exception of non-recurring activities such as certain corporate transactions and costs incurred associated with acquisitions, divestitures, litigation, restructuring, and tax adjustments not directly attributable to a specific reporting segment, which are reported within the Other segment. Effective January 2024, Northern Trust implemented certain enhancements to its FTP methodology, impacting the allocation of Net Interest Income to the Asset Servicing and Wealth Management segments. As a result, the approximate impact on the Asset Servicing and Wealth Management segments was a $32 million decrease and a $32 million increase in Net Interest Income, respectively, for the three months ended June 30, 2024. The approximate impact on the Asset Servicing and Wealth Management segments was a $63 million decrease and a $63 million increase in Net Interest Income, respectively, for the six months ended June 30, 2024. Prior-period segment results have not been revised to reflect this methodology change. Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a prospective basis. The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three- and six-month periods ended June 30, 2024 and 2023. TABLE 63: RESULTS OF REPORTING SEGMENTS
(1) Includes the gain related to the net impact from the Visa transactions in the current quarter, refer to Note 20—Commitments and Contingent Liabilities for further information.
(1) Includes the gain related to the net impact from the Visa transactions in the current quarter, refer to Note 20—Commitments and Contingent Liabilities for further information. Note: Segment results are stated on an FTE basis. The FTE adjustments are eliminated in the reconciling items column with the Corporation’s total consolidated financial results stated on a GAAP basis. The adjustment to an FTE basis has no impact on Net Income.
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Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred Stock. The Corporation is authorized to issue 10 million shares of preferred stock without par value. The Board of Directors is authorized to fix the particular designations, preferences and relative, participating, optional and other special rights and qualifications, limitations or restrictions for each series of preferred stock issued. As of June 30, 2024, 5,000 shares of Series D Non-Cumulative Perpetual Preferred Stock (Series D Preferred Stock) and 16,000 shares of Series E Non-Cumulative Perpetual Preferred Stock (Series E Preferred Stock) were outstanding. Series D Preferred Stock. As of June 30, 2024, the Corporation had issued and outstanding 500,000 depositary shares, each representing a 1/100th ownership interest in a share of Series D Preferred Stock, issued in August 2016. Equity related to Series D Preferred Stock as of both June 30, 2024 and December 31, 2023 was $493.5 million. Shares of the Series D Preferred Stock have no par value and a liquidation preference of $100,000 (equivalent to $1,000 per depositary share). Dividends on the Series D Preferred Stock, which are not mandatory, accrue and are payable on the liquidation preference amount, on a non-cumulative basis, at a rate per annum equal to (i) 4.60% from the original issue date of the Series D Preferred Stock to but excluding October 1, 2026; and (ii) a floating rate equal to the three-month CME Term Secured Overnight Finance Rate (SOFR), as administered by CME Group Benchmark Administration, Ltd., plus a statutory spread adjustment of 0.26161% (as set forth in the final rule to implement the LIBOR Act) plus 3.202% from and including October 1, 2026. Fixed rate dividends are payable in arrears on the first day of April and October of each year, through and including October 1, 2026, and floating rate dividends will be payable in arrears on the first day of January, April, July and October of each year, commencing on January 1, 2027. Series E Preferred Stock. As of June 30, 2024, the Corporation had issued and outstanding 16 million depositary shares, each representing 1/1,000th ownership interest in a share of Series E Preferred Stock, issued in November 2019. Equity related to Series E Preferred Stock as of June 30, 2024 and December 31, 2023 was $391.4 million. Shares of the Series E Preferred Stock have no par value and a liquidation preference of $25,000 (equivalent to $25 per depositary share). Dividends on the Series E Preferred Stock, which are not mandatory, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the first day of January, April, July and October of each year, at a rate per annum equal to 4.70%. On April 16, 2024, the Corporation declared a cash dividend of $293.75 per share of Series E Preferred Stock payable on July 1, 2024, to stockholders of record as of June 15, 2024. Common Stock. The Corporation’s current stock repurchase authorization to repurchase up to 25 million shares was approved by the Board of Directors in October 2021. Shares are repurchased by the Corporation to, among other things, manage the Corporation’s capital levels. Repurchased shares are used for general purposes, including the issuance of shares under stock option and other incentive plans. The repurchase authorization approved by the Board of Directors has no expiration date. For the three and six months ended June 30, 2024, the Corporation repurchased 3,001,216 and 4,648,742 shares of common stock, respectively, at a total cost of $250.8 million ($83.57 average price per share) and $382.8 million ($82.35 average price per share), respectively, including 9,394 and 383,017 shares, withheld to satisfy tax withholding obligations related to share-based compensation, respectively. For the three and six months ended June 30, 2023, the Corporation repurchased 1,361,828 and 2,412,055 shares of common stock, respectively, at a total cost of $99.3 million ($72.91 average price per share) and $200.2 million ($82.98 average price per share), respectively, including 14,596 and 341,407 shares withheld to satisfy tax withholding obligations related to share-based compensation, respectively.
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at June 30, 2024 and 2023, and changes during the three and six months then ended. TABLE 64: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
TABLE 65: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(1) The before-tax reclassification adjustment is related to the unrealized gains (losses) amortization on AFS debt securities that were transferred to HTM debt securities during the second quarter of 2021 and third quarter of 2022. (2) The net gains (losses) on AFS debt securities before-tax reclassification adjustment is recorded in Investment Security Gains (Losses), net on the consolidated statements of income. (3) See Note 21—Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges. (4) The pension and other postretirement benefit before-tax reclassification adjustment is recorded in Employee Benefits expense on the consolidated statements of income.
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Net Income Per Common Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share | Net Income Per Common Share The computations of net income per common share are presented in the following table. TABLE 66: NET INCOME PER COMMON SHARE
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Revenue from Contracts with Clients |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Clients | Revenue from Contracts with Clients Trust, Investment, and Other Servicing Fees. Custody and Fund Administration income is comprised of revenues received from our core asset servicing business for providing custody, fund administration, and middle-office-related services, primarily to Asset Servicing clients. Investment Management and Advisory income contains revenue received from providing asset management and related services to Wealth Management and Asset Servicing clients and to Northern Trust sponsored funds. Securities Lending income represents revenues generated from securities lending arrangements that Northern Trust enters into as agent, mainly with Asset Servicing clients. Other income largely consists of revenues received from providing employee benefit, investment risk and analytic and other services to Asset Servicing and Wealth Management clients. Other Noninterest Income. Treasury Management income represents revenues received from providing cash and liquidity management services to Asset Servicing and Wealth Management clients. The portion of Security Commissions and Trading Income that relates to revenue from contracts with clients is primarily comprised of commissions earned from providing securities brokerage services to Wealth Management and Asset Servicing clients. The portion of Other Operating Income that relates to revenue from contracts with clients is mainly comprised of service fees for banking-related services provided to Wealth Management and Asset Servicing clients. Performance Obligations. Clients are typically charged monthly or quarterly in arrears based on the fee arrangement agreed to with each client; payment terms will vary depending on the client and services offered. Substantially all revenues generated from contracts with clients for asset servicing, asset management, securities lending, treasury management and banking-related services are recognized on an accrual basis, over the period in which services are provided. The nature of Northern Trust’s performance obligations is to provide a series of distinct services in which the customer simultaneously receives and consumes the benefits of the promised services as they are performed. Fee arrangements are mainly comprised of variable amounts based on market value of client assets managed and serviced, transaction volumes, number of accounts, and securities lending volume and spreads. Revenue is recognized using the output method in an amount that reflects the consideration to which Northern Trust expects to be entitled in exchange for providing each month or quarter of service. For contracts with multiple performance obligations, revenue is allocated to each performance obligation based on the price agreed to with the client, representing its relative standalone selling price. Security brokerage revenue is primarily represented by securities commissions received in exchange for providing trade execution related services. Control is transferred at a point in time, on the trade date of the transaction, and fees are typically variable based on transaction volumes and security types. Northern Trust’s contracts with its clients are typically open-ended arrangements and are therefore considered to have an original duration of less than one year. Northern Trust has elected the practical expedient to not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. The following table presents revenues disaggregated by major revenue source. TABLE 67: REVENUE DISAGGREGATION
On the consolidated statements of income, Trust, Investment and Other Servicing Fees and Treasury Management Fees represent revenue from contracts with clients. For the three months ended June 30, 2024, revenue from contracts with clients also includes $31.0 million of the $34.3 million total Security Commissions and Trading Income and $10.0 million of the $924.7 million total Other Operating Income. For the six months ended June 30, 2024, revenue from contracts with clients also includes $64.7 million of the $72.2 million total Security Commissions and Trading Income and $19.3 million of the $985.7 million total Other Operating Income For the three months ended June 30, 2023, revenue from contracts with clients also includes $29.0 million of the $36.1 million total Security Commissions and Trading Income and $10.2 million of the $55.2 million total Other Operating Income. For the six months ended June 30, 2023, revenue from contracts with clients also includes $58.9 million of the $70.8 million total Security Commissions and Trading Income and $19.3 million of the $102.0 million total Other Operating Income. Receivables Balances. The table below represents receivables balances from contracts with clients, which are included in Other Assets on the consolidated balance sheets, at June 30, 2024 and December 31, 2023. TABLE 68: CLIENT RECEIVABLES
(1) Trust Fees Receivable is net of a $13.9 million and $15.9 million fee receivable allowance as of June 30, 2024 and December 31, 2023, respectively.
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Net Interest Income |
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Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | Net Interest Income The components of Net Interest Income were as follows. TABLE 69: NET INTEREST INCOME
(1) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets. (2) Non-taxable Securities represent securities that are exempt from U.S. federal income taxes. (3) Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets.
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Other Operating Income |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Income | Other Operating Income The components of Other Operating Income were as follows. TABLE 70: OTHER OPERATING INCOME
(1) Other Income includes the $607.0 realized gain related to the sale of certain Visa Class C common shares, $286.8 of unrealized mark-to-market gains on certain Visa Class C common shares, and the mark-to-market gain or loss on derivative swap activity primarily related to the sale of certain Visa Class B common shares. Refer to Note 20—Commitments and Contingent Liabilities for further information. Other Operating ExpenseThe components of Other Operating Expense were as follows. TABLE 71: OTHER OPERATING EXPENSE
(1) FDIC Insurance Premiums include an additional FDIC Special Assessment of $2.3 million for the three months ended June 30, 2024 and $14.7 million for the the six months ended June 30, 2024. Refer to Note 20—Commitments and Contingent Liabilities for further information. (2) Charitable Contributions include a $70.0 million charitable commitment to the Northern Trust Foundation for the three and six months ended June 30, 2024.
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Other Operating Expense |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Operating Expense | Other Operating Income The components of Other Operating Income were as follows. TABLE 70: OTHER OPERATING INCOME
(1) Other Income includes the $607.0 realized gain related to the sale of certain Visa Class C common shares, $286.8 of unrealized mark-to-market gains on certain Visa Class C common shares, and the mark-to-market gain or loss on derivative swap activity primarily related to the sale of certain Visa Class B common shares. Refer to Note 20—Commitments and Contingent Liabilities for further information. Other Operating ExpenseThe components of Other Operating Expense were as follows. TABLE 71: OTHER OPERATING EXPENSE
(1) FDIC Insurance Premiums include an additional FDIC Special Assessment of $2.3 million for the three months ended June 30, 2024 and $14.7 million for the the six months ended June 30, 2024. Refer to Note 20—Commitments and Contingent Liabilities for further information. (2) Charitable Contributions include a $70.0 million charitable commitment to the Northern Trust Foundation for the three and six months ended June 30, 2024.
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Pension |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension | Pension The following table sets forth the net periodic pension expense for Northern Trust’s U.S. Qualified Plan, Non-U.S. Pension Plans, and U.S. Non-Qualified Plan for the three and six months ended June 30, 2024 and 2023. TABLE 72: NET PERIODIC PENSION EXPENSE (BENEFIT)
The components of net periodic pension expense are recorded in Employee Benefits expense on the consolidated statements of income. There were $200.0 million of contributions to the U.S. Qualified Plan during the six months ended June 30, 2024. There were no contributions to the U.S. Qualified Plan during the six months ended June 30, 2023. There were $8.0 million and $16.5 million of contributions to the U.S. Non-Qualified Plan during the six months ended June 30, 2024 and 2023, respectively.
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Share-Based Compensation Plans |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Plans | Share-Based Compensation Plans The Northern Trust Corporation 2017 Long-Term Incentive Plan provides for the grant of non-qualified and incentive stock options; tandem and free-standing stock appreciation rights; stock awards in the form of restricted stock, restricted stock units and other stock awards; and performance awards. Restricted stock unit and performance stock unit grants continue to vest in accordance with the original terms of the award if the applicable employee retires after satisfying applicable age and service requirements. Total compensation expense for share-based payment arrangements and the associated tax impacts were as follows for the three and six months ended June 30, 2024 and 2023. TABLE 73: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED PAYMENT ARRANGEMENTS
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Variable Interest Entities |
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Variable Interest Entities | Variable Interest Entities Northern Trust is involved with various entities in the normal course of business that are deemed to be variable interest entities (VIEs). VIEs are defined within GAAP as entities which either (1) lack sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support, (2) have equity investors that lack attributes typical of an equity investor, such as the ability to make significant decisions through voting rights affecting the entity’s operations, or the obligation to absorb expected losses or the right to receive residual returns of the entity, or (3) are structured with voting rights that are disproportionate to the equity investor’s obligation to absorb losses or right to receive returns, and substantially all of the activities are conducted on behalf of the holder of the equity investment at risk with disproportionately few voting rights. Investors that finance a VIE through debt or equity interests are variable interest holders in the entity and the variable interest holder, if any, that has both the power to direct the activities that most significantly impact the entity’s economic performance and, through its variable interest, the obligation to absorb losses or the right to receive returns that could potentially be significant to the entity is deemed to be the VIE’s primary beneficiary and is required to consolidate the VIE. Tax credit structures. Northern Trust holds tax-advantaged investments in unconsolidated entities that own and operate affordable housing and projects through the new markets tax credit program. These entities, which are limited partnerships and similar entities, are primarily VIEs and are designed to generate a return primarily through the realization of tax credits and other tax benefits, such as tax deductions from operating losses of the investments. Northern Trust invests as a limited partner/investor member and lacks both the power to direct the entities’ most significant activities and the obligation to absorb losses or right to receive benefits that could potentially be significant to the entities. Northern Trust is not required to consolidate these entities as it does not have a controlling financial interest and thus is not the primary beneficiary. Northern Trust’s maximum exposure to loss as a result of its involvement with these entities is limited to the carrying amounts of its investments, including any undrawn commitments. Northern Trust’s funding requirements are limited to its invested capital and undrawn commitments for future equity contributions. Northern Trust has no exposure to loss from liquidity arrangements and no obligation to purchase assets of these entities. Northern Trust’s investments in these unconsolidated entities and related unfunded commitments are reported in Other Assets and Other Liabilities, respectively, on the consolidated balance sheets. TABLE 74: SUMMARY OF UNCONSOLIDATED TAX CREDIT STRUCTURES
(1) As of June 30, 2024 and December 31, 2023, $823.1 million and $857.0 million are VIEs, respectively. (2) As of June 30, 2024 and December 31, 2023, $157.5 million and $172.0 million relate to undrawn commitments on VIEs, respectively. Upon adoption of ASU 2023-02 on January 1, 2024, Northern Trust elected to account for qualifying new markets tax credit investments under the proportional amortization method. Prior to the adoption of ASU 2023-02, Northern Trust accounted for qualifying affordable housing investments under the proportional amortization method and continues to do so subsequent to the adoption of ASU 2023-02. Under the proportional amortization method, the carrying amount of the investment is amortized in proportion to the income tax credits and other income tax benefits received in the current period as compared to the total income tax credits and income tax benefits expected to be received over the life of the investment. Income tax credits and other income tax benefits and amortization expense associated with unconsolidated tax credit structures are primarily reported in the Provision for Income Tax on the consolidated statement of income. Northern Trust adopted ASU 2023-02 on a modified retrospective basis. As a result, amortization expense related to new markets tax credit investments is reported in the Provision for Income Tax beginning January 1, 2024. Prior to January 1, 2024, amortization expense related to new markets tax credit investments was previously reported in Other Operating Expense. Refer to Note 2—Recent Accounting Pronouncements for additional information. TABLE 75: INCOME TAX CREDITS AND OTHER TAX BENEFITS AND AMORTIZATION EXPENSE ASSOCIATED WITH TAX CREDIT STRUCTURES
Investment funds. Northern Trust acts as asset manager for various funds in which clients of Northern Trust are investors. As an asset manager of funds, Northern Trust earns a competitively priced fee that is based on assets managed and varies with each fund’s investment objective. Based on its analysis, Northern Trust has determined that it is not the primary beneficiary of these VIEs under GAAP. Some of the funds for which Northern Trust acts as asset manager comply or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds and, therefore, the funds are exempt from the consolidation requirements in ASC 810-10. Northern Trust does not have any contractual obligations to provide financial support to the funds. Any potential future support of the funds will be at the discretion of Northern Trust after an evaluation of the specific facts and circumstances. Periodically, Northern Trust makes seed capital investments to certain funds. As of June 30, 2024 and December 31, 2023, Northern Trust had no seed capital investments and no unfunded commitments related to seed capital investments.
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Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Off-Balance Sheet Financial Instruments, Guarantees and Other Commitments. Northern Trust, in the normal course of business, enters into various types of commitments and issues letters of credit to meet the liquidity and credit enhancement needs of its clients. The contractual amounts of these instruments represent the maximum potential credit exposure should the instrument be fully drawn upon and the client default. To control the credit risk associated with entering into commitments and issuing letters of credit, Northern Trust subjects such activities to the same credit quality and monitoring controls as its lending activities. Northern Trust does not believe the total contractual amount of these instruments to be representative of its future credit exposure or funding requirements. The following table provides details of Northern Trust's off-balance sheet financial instruments as of June 30, 2024 and December 31, 2023. TABLE 76: SUMMARY OF OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
(1) These amounts exclude $288.4 million and $222.2 million of commitments participated to others at June 30, 2024 and December 31, 2023, respectively. (2) These amounts include $99.1 million and $39.1 million of standby letters of credit secured by cash deposits or participated to others as of June 30, 2024 and December 31, 2023, respectively. (3) These amounts include a $100.1 billion and $84.6 billion guarantee to the Fixed Income Clearing Corporation (FICC) under the sponsored member program, without taking into consideration the related collateral, as of June 30, 2024 and December 31, 2023, respectively. Northern Trust became a sponsored member during the third quarter of 2021. Undrawn Commitments generally have fixed expiration dates or other termination clauses. Since a significant portion of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future loans or liquidity requirements. Standby Letters of Credit obligate Northern Trust to meet certain financial obligations of its clients, if, under the contractual terms of the agreement, the clients are unable to do so. These instruments are primarily issued to support public and private financial commitments, including commercial paper, bond financing, initial margin requirements on futures exchanges and similar transactions. Northern Trust is obligated to meet the entire financial obligation of these agreements and in certain cases is able to recover the amounts paid through recourse against collateral received or other participants. Since the vast majority of the standby letters of credit are never drawn, the total standby letters of credit amount does not necessarily represent future loans or liquidity requirements. Financial Guarantees are issued by Northern Trust to guarantee the performance of a client to a third party under certain arrangements. Commercial Letters of Credit are instruments issued by Northern Trust on behalf of its clients that authorize a third party (the beneficiary) to draw drafts up to a stipulated amount under the specified terms and conditions of the agreement and other similar instruments. Commercial letters of credit are issued primarily to facilitate international trade. Securities Lent with Indemnification involves Northern Trust lending securities owned by clients to borrowers who are reviewed and approved by the Northern Trust Capital Markets Credit Committee, as part of its securities custody activities and at the direction of its clients. In connection with these activities, Northern Trust has issued indemnifications to certain clients against certain losses that are a direct result of a borrower’s failure to return securities when due, should the value of such securities exceed the value of the collateral required to be posted. Borrowers are required to collateralize fully securities received with cash or marketable securities. As securities are loaned, collateral is maintained at a minimum of 100% of the fair value of the securities plus accrued interest. The collateral is revalued on a daily basis. The amount of securities loaned as of June 30, 2024 and December 31, 2023 subject to indemnification was $135.5 billion and $140.5 billion, respectively. Because of the credit quality of the borrowers and the requirement to fully collateralize securities borrowed, management believes that the exposure to credit loss from this activity is not significant and no liability was recorded as of June 30, 2024 or December 31, 2023, related to these indemnifications. Unsettled Repurchase and Reverse Repurchase Agreements. Northern Trust enters into repurchase agreements and reverse repurchase agreements which may settle at a future date. In repurchase agreements, Northern Trust receives cash from and provides securities as collateral to a counterparty. In reverse repurchase agreements, Northern Trust advances cash to and receives securities as collateral from a counterparty. These transactions are recorded on the consolidated balance sheets on the settlement date. As of June 30, 2024 and December 31, 2023, there were $20.6 billion and $27.7 billion unsettled reverse repurchase agreements, respectively, and no unsettled repurchase agreements. Sponsored Member Program. Northern Trust is an approved Government Securities Division (GSD) netting and sponsoring member in the FICC sponsored member program, through which Northern Trust submits eligible repurchase and reverse repurchase transactions in U.S. government securities between Northern Trust and its sponsored member clients for novation and clearing. Northern Trust may sponsor clients to clear their eligible repurchase transactions with the FICC. As a sponsoring member, Northern Trust guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC GSD’s rules. To mitigate Northern Trust’s credit exposure under this guarantee, Northern Trust obtains a security interest in its sponsored member clients’ collateral. See Note 23—Offsetting of Assets and Liabilities for additional information on Northern Trust’s repurchase and reverse repurchase agreements. Clearing and Settlement Organizations. The Bank is a participating member of various cash, securities and foreign exchange clearing and settlement organizations. It participates in these organizations on behalf of its clients and on its own behalf as a result of its own activities. A wide variety of cash and securities transactions are settled through these organizations, including those involving U.S. Treasuries, obligations of states and political subdivisions, asset-backed securities, commercial paper, dollar placements, and securities issued by the Government National Mortgage Association. Certain of these industry clearing and settlement exchanges require their members to guarantee their obligations and liabilities and/or to provide liquidity support in the event other members do not honor their obligations as stipulated in each clearing organization’s membership agreement. Exposure related to these agreements varies, primarily as a result of fluctuations in the volume of transactions cleared through the organizations. At June 30, 2024 and December 31, 2023, Northern Trust has not recorded any material liabilities under these arrangements as Northern Trust believes the likelihood that a clearing or settlement exchange (of which Northern Trust is a member) would become insolvent is remote. Controls related to these clearing transactions are closely monitored by management to protect the assets of Northern Trust and its clients. FDIC Special Assessment. In November 2023, the Federal Deposit Insurance Corporation (FDIC) issued a final rule to implement a special assessment to recoup losses to the deposit insurance fund associated with bank failures in the first half of 2023. In conjunction with the special assessment, $84.6 million was recognized as an accrued liability and related expense in the fourth quarter of 2023. During the first half of 2024, the FDIC published revised estimated losses as well as estimated recoveries from the related bank failures. As of June 30, 2024, Northern Trust estimates its liability related to the special assessment to be $99.3 million. As a result, Northern Trust estimated an additional cost of $2.3 million and $14.7 million for the three and six months ended June 30, 2024, respectively, recorded to Other Operating Expense. Legal Proceedings. In the normal course of business, the Corporation and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions, and are subject to regulatory examinations, information-gathering requests, investigations, and proceedings, both formal and informal. In certain legal actions, claims for substantial monetary damages are asserted. In regulatory matters, claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought. Based on current knowledge, after consultation with legal counsel and after taking into account current accruals, management does not believe that losses, fines or penalties, if any, arising from pending litigation or threatened legal actions or regulatory matters either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage will have a material adverse effect on the consolidated financial position or liquidity of the Corporation, although such matters could have a material adverse effect on the Corporation’s operating results for a particular period. Under GAAP, (i) an event is “probable” if the “future event or events are likely to occur”; (ii) an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely”; and (iii) an event is “remote” if “the chance of the future event or events occurring is slight.” The outcome of litigation and regulatory matters is inherently difficult to predict and/or the range of loss often cannot be reasonably estimated, particularly for matters that (i) will be decided by a jury, (ii) are in early stages, (iii) involve uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iv) are subject to appeals or motions, (v) involve significant factual issues to be resolved, including with respect to the amount of damages, (vi) do not specify the amount of damages sought or (vii) seek very large damages based on novel and complex damage and liability legal theories. Accordingly, the Corporation cannot reasonably estimate the eventual outcome of these pending matters, the timing of their ultimate resolution or what the eventual loss, fines or penalties, if any, related to each pending matter will be. In accordance with applicable accounting guidance, the Corporation records accruals for litigation and regulatory matters when those matters present loss contingencies that are both probable and reasonably estimable. When loss contingencies are not both probable and reasonably estimable, the Corporation does not record accruals. No material accruals have been recorded for pending litigation or threatened legal actions or regulatory matters. For a limited number of matters for which a loss is reasonably possible in future periods, whether in excess of an accrued liability or where there is no accrued liability, the Corporation is able to estimate a range of possible loss. As of June 30, 2024, the Corporation has estimated the range of reasonably possible loss for these matters to be from zero to approximately $20 million in the aggregate. The Corporation’s estimate with respect to the aggregate range of reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. In certain other pending matters, there may be a range of reasonably possible loss (including reasonably possible loss in excess of amounts accrued) that cannot be reasonably estimated for the reasons described above. Such matters are not included in the estimated range of reasonably possible loss discussed above. In 2015, Northern Trust Fiduciary Services (Guernsey) Limited (NTFS), an indirect subsidiary of the Corporation, was charged by a French investigating magistrate judge with complicity in estate tax fraud in connection with the administration of two trusts for which it serves as trustee. Charges also were brought against a number of other persons and entities related to this matter. In 2017, a French court found no estate tax fraud had occurred and NTFS and all other persons and entities charged were acquitted. The Public Prosecutor’s Office of France appealed the court decision and in June 2018 a French appellate court issued its opinion on the matter, acquitting all persons and entities charged, including NTFS. In January 2021, the Cour de Cassation, the highest court in France, reversed the June 2018 appellate court ruling, requiring a re-trial at the appellate court level. This re-trial concluded in October 2023. On March 5, 2024 the appellate court rendered a judgment against all defendants, including NTFS. NTFS was ordered to pay a fine of €187,500 in conjunction with the judgment. In addition, the court ordered that certain of those convicted in relation to tax fraud or aiding and abetting tax fraud, including NTFS, are jointly and severally liable for any allegedly unpaid estate taxes owing, plus penalties and interest. NTFS provided no tax advice and was not involved in the preparation or filing of the challenged estate tax filings in this case. Further, NTFS believes it acted in accordance with all applicable laws and fully complied with its fiduciary duties. Accordingly, NTFS filed an appeal of the judgment on March 5, 2024. Under applicable law, upon the filing by NTFS of its appeal, the judgment, as well as its effects (including the fine and joint and several liability) will be stayed pending the outcome of the appeal. Visa Class B Common Shares and Makewhole Agreement. Northern Trust, as a member of Visa U.S.A. Inc. (Visa U.S.A.) and in connection with the 2007 restructuring of Visa U.S.A. and its affiliates and the 2008 initial public offering of Visa Inc. (Visa), received certain Visa Class B common shares. The Visa Class B common shares are subject to certain transfer restrictions until the final resolution of certain litigation related to interchange fees involving Visa (the covered litigation), at which time the shares are convertible into Visa Class A common shares based on a conversion rate dependent upon the ultimate cost of resolving the covered litigation. Since 2018, Visa has deposited an additional $2.8 billion into an escrow account previously established with respect to the covered litigation. As a result of the additional contributions to the escrow account, the rate at which Visa Class B common shares will convert into Visa Class A common shares was reduced to 1.5875 as of June 30, 2024. In September 2018, Visa reached a proposed class settlement agreement covering damage claims but not injunctive relief claims regarding the covered litigation. In December 2019, the district court granted final approval for the proposed class settlement agreement. In March 2023, the Second Circuit Court of Appeals affirmed the district court’s approval of the class settlement agreement. Certain merchants have opted out of the class settlement and are pursuing claims separately. The ultimate resolution of the covered litigation, the timing for removal of the selling restrictions on the Visa Class B common shares and the rate at which such shares will ultimately convert into Visa Class A common shares are uncertain. On April 8, 2024, Visa commenced an offer to exchange outstanding shares of its Class B common stock (Exchange Offer). Under the Exchange Offer, Visa Class B common shareholders had the option to tender some or all of their Class B common shares and in return receive shares of a newly issued series of Visa Class B common shares with a value equal to half the value of the tendered shares and Visa Class C common shares with value equal to the other half of the tendered shares. The newly issued series of Visa Class B common shares are subject to the same transfer and convertibility restrictions as the previously outstanding Visa Class B common shares. The Visa Class C common shares will automatically be converted at the then applicable conversion rate into shares of Visa Class A common stock if transferred to a person other than a Visa member or an affiliate of a Visa member. One third of the Visa Class C common shares received are transferable within the first 45 days following the accepted exchange, up to two-thirds are transferable within the first 90 days, and all such shares are transferable after 90 days. After the initial exchange offer, Visa can, at its discretion, conduct up to three successive potential exchange offers, in each case, if more than 12 months have passed since the previous exchange offer and after a further 50% reduction of interchange fees at issue in the unresolved claims for damages in the covered litigation. Northern Trust tendered all 4.1 million of its Visa Class B shares. On May 3, 2024, the Exchange Offer expired and Northern Trust received 2.1 million Visa Class B-2 shares and 819.5 thousand Visa Class C shares. Northern Trust holds the Visa Class B-2 shares received in the Exchange Offer at their carryover basis of zero as of June 30, 2024. Based upon the June 30, 2024, closing price of $262.47 for a Visa Class A common share, the estimated value of Northern Trust’s Visa Class B-2 shares was approximately $860.4 million at the current conversion rate of Visa Class B to Visa Class A common shares. The estimated value does not represent fair value given the shares’ limited transferability. Northern Trust sold 546.3 thousand Visa Class C shares as of June 30, 2024 and recorded a realized gain of $607.0 million on the sales through Other Operating Income. The remaining Visa Class C shares are recorded at their fair value of $286.8 million in Other Assets on the consolidated balance sheets with changes in fair value recorded in Other Operating Income on the consolidated statement of income. In conjunction with Northern Trust’s participation in the Exchange Offer, Northern Trust was required to enter into the Makewhole Agreement whereby if all the Visa Class B-2 share value is exhausted via additional escrow contributions, the Visa Class B-2 shareholders have to step in and make whole what the original Visa Class B common shares would have been obligated to cover absent the Exchange Offer. At June 30, 2024, Northern Trust has not recorded a material liability under this agreement as Northern Trust believes the likelihood that a payment under the Makewhole Agreement will have to be made is remote.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Northern Trust is a party to various derivative financial instruments that are used in the normal course of business to meet the needs of its clients, as part of its trading activity for its own account and as part of its risk management activities. These instruments may include foreign exchange contracts, interest rate contracts, total return swap contracts, and swaps related to the sale of certain Visa Class B common shares. Foreign exchange contracts are agreements to exchange specific amounts of currencies at a future date, at a specified rate of exchange. Foreign exchange contracts are entered into primarily to meet the foreign exchange needs of clients. Foreign exchange contracts are also used for trading and risk management purposes. For risk management purposes, Northern Trust uses foreign exchange contracts to reduce its exposure to changes in foreign exchange rates relating to certain forecasted non-functional-currency-denominated revenue and expenditure transactions, foreign-currency-denominated assets and liabilities, including debt securities, and net investments in non-U.S. affiliates. Interest rate contracts include swap and option contracts. Interest rate swap contracts involve the exchange of fixed and floating rate interest payment obligations without the exchange of the underlying principal amounts. Northern Trust enters into interest rate swap contracts with its clients and also may utilize such contracts to reduce or eliminate the exposure to changes in the cash flows or fair value of hedged assets or liabilities due to changes in interest rates. Interest rate option contracts may include caps, floors, collars and swaptions, and provide for the transfer or reduction of interest rate risk, typically in exchange for a fee. Northern Trust enters into option contracts primarily as a seller of interest rate protection to clients. Northern Trust receives a fee at the outset of the agreement for the assumption of the risk of an unfavorable change in interest rates. This assumed interest rate risk is then mitigated by entering into an offsetting position with an outside counterparty. Northern Trust may also purchase or enter into option contracts for risk management purposes including to reduce the exposure to changes in the cash flows of hedged assets due to changes in interest rates. The following table shows the notional and fair values of all derivative financial instruments as of June 30, 2024 and December 31, 2023. TABLE 77: NOTIONAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS
(1) Derivative assets are reported in Other Assets on the consolidated balance sheets. (2) Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. (3) Includes swaps related to sales of certain Visa Class B common shares. (4) See further detail in Note 23—Offsetting of Assets and Liabilities. Notional amounts of derivative financial instruments do not represent credit risk and are not recorded in the consolidated balance sheets. They are used merely to express the volume of this activity. Northern Trust’s credit-related risk of loss is limited to the positive fair value of the derivative instrument, net of any collateral received, which is significantly less than the notional amount. All derivative financial instruments, whether designated as hedges or not, are recorded on the consolidated balance sheets at fair value within Other Assets or Other Liabilities. Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. Hedging Derivative Instruments Designated under GAAP. Northern Trust uses derivative instruments to hedge its exposure to foreign currency, interest rate, and equity price. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value, cash flow or net investment hedges. Other derivatives that are entered into for risk management purposes as economic hedges are not formally designated as hedges and changes in fair value are recognized currently in Other Operating Income within the consolidated statements of income (see below section “Derivative Instruments Not Designated as Hedging under GAAP”). In order to qualify for hedge accounting, a formal assessment is performed on a calendar-quarter basis to verify that derivatives used in designated hedging transactions continue to be highly effective in offsetting the changes in fair value or cash flows of the hedged item. If a derivative ceases to be highly effective, matures, is sold or is terminated, or if a hedged forecasted transaction is no longer probable of occurring, hedge accounting is terminated and the derivative is treated as if it were a trading instrument. Fair Value Hedges. Derivatives are designated as fair value hedges to limit Northern Trust’s exposure to changes in the fair value of assets and liabilities due to movements in interest rates. Northern Trust may enter into interest rate swaps to hedge changes in fair value of AFS debt securities and long-term subordinated debt and senior notes. Northern Trust applied the “shortcut” method of accounting, available under GAAP, which assumes there is perfect effectiveness in a hedge, for all of its fair value hedges during the three- and six-month periods ended June 30, 2024 and 2023. Changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in earnings within the same income statement line item. Cash Flow Hedges. Derivatives are also designated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movements in interest or foreign exchange rates. Northern Trust may enter into foreign exchange contracts to hedge changes in cash flows due to movements in foreign exchange rates of forecasted foreign-currency-denominated transactions and foreign-currency-denominated debt securities. Northern Trust may also enter into interest rate contracts to hedge changes in cash flows due to movements in interest rates of AFS debt securities. The change in fair value of cash flow hedging derivative instruments are recorded in AOCI and reclassified to earnings when the hedged forecasted transaction impacts earnings within the same income statement line item. There were no material gains or losses reclassified into earnings during the three- and six-month periods ended June 30, 2024 and 2023, as a result of the discontinuance of forecasted transactions that were no longer probable of occurring. The following tables provide fair value and cash flow hedge derivative gains and losses recognized in income during the three- and six- month periods ended June 30, 2024 and 2023. TABLE 78: LOCATION AND AMOUNT OF FAIR VALUE AND CASH FLOW HEDGE DERIVATIVE GAINS AND LOSSES RECORDED IN INCOME
The following table provides the impact of fair value hedge accounting on the carrying value of the designated hedged items as of June 30, 2024 and December 31, 2023. TABLE 79: HEDGED ITEMS IN FAIR VALUE HEDGES
(1) The cumulative hedge accounting basis adjustment includes $2.1 million related to discontinued hedging relationships of AFS debt securities and $21.7 million related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of June 30, 2024. (2) The cumulative hedge accounting basis adjustment includes $2.2 million related to discontinued hedging relationships of AFS debt securities and $29.6 million related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of December 31, 2023. (3) Positive (negative) amounts related to AFS securities represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to Senior Notes and Long-Term Subordinated Debt represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. (4) Carrying value represents amortized cost. Net Investment Hedges. Certain foreign exchange contracts are designated as net investment hedges to minimize Northern Trust’s exposure to variability in the foreign currency translation of net investments in non-U.S. branches and subsidiaries. Net investment hedge gains of $18.0 million and losses of $30.6 million were recognized in AOCI related to foreign exchange contracts for the three months ended June 30, 2024 and 2023, respectively. Net investment hedge gains of $99.3 million and losses of $63.1 million were recognized in AOCI related to foreign exchange contracts for the six months ended June 30, 2024 and 2023, respectively. Derivative Instruments Not Designated as Hedging under GAAP. Northern Trust’s derivative instruments that are not designated as hedging under GAAP include derivatives for purposes of client-related and trading activities, as well as other risk management purposes. These activities consist principally of providing foreign exchange services to clients in connection with Northern Trust’s global custody business. However, in the normal course of business, Northern Trust also engages in trading of currencies for its own account. Non-designated risk management derivatives may include foreign exchange contracts entered into to manage the foreign currency risk of non-U.S.-dollar-denominated assets and liabilities, the net investment in certain non-U.S. affiliates, commercial loans and forecasted foreign-currency-denominated transactions. Swaps related to sales of certain Visa Class B common shares were entered into pursuant to which Northern Trust retains the risks associated with the ultimate conversion of the Visa Class B common shares into Visa Class A common shares. Total return swaps are entered into to manage the equity price risk associated with certain investments. Changes in the fair value of derivative instruments not designated as hedges under GAAP are recognized currently in income. The following table provides the location and amount of gains and losses recorded in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 for derivative instruments not designated as hedges under GAAP. TABLE 80: LOCATION AND AMOUNT OF GAINS AND LOSSES RECORDED IN INCOME FOR DERIVATIVES NOT DESIGNATED AS HEDGING UNDER GAAP
(1) Includes swaps related to the sale of certain Visa Class B common shares.
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Securities Sold Under Agreements to Repurchase |
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Other Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financings and recorded at the amounts at which the securities were sold plus accrued interest. To minimize any potential credit risk associated with these transactions, the fair value of the securities sold is monitored, limits are set on exposure with counterparties, and the financial condition of counterparties is regularly assessed. Securities sold under agreements to repurchase are either directly held by, or pledged to the counterparty until the repurchase. Northern Trust nets securities sold under repurchase agreements against those purchased under resale agreements when there is a legally enforceable master netting arrangement and the other conditions to net are met. The following table provides information regarding repurchase agreements that are accounted for as secured borrowings as of June 30, 2024 and December 31, 2023. TABLE 81: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS
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Offsetting of Assets and Liabilities |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting of Assets and Liabilities | Offsetting of Assets and Liabilities 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 June 30, 2024 and December 31, 2023. TABLE 82: OFFSETTING OF DERIVATIVE ASSETS AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
(1)Derivative assets are reported in Other Assets on the consolidated balance sheets. Other Assets (excluding derivative assets) totaled $11.1 billion and $10.3 billion as of June 30, 2024 and December 31, 2023, respectively. (2)Offsetting of Securities Purchased under Agreements to Resell primarily relates to our involvement in the FICC. (3)Including cash collateral received from counterparties. (4)Including financial assets accepted as collateral which are received from counterparties. (5)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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023. TABLE 83: OFFSETTING OF DERIVATIVE LIABILITIES AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
(1)Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. Other Liabilities (excluding derivative liabilities) totaled $3.5 billion and $4.0 billion as of June 30, 2024 and December 31, 2023, respectively. (2)Offsetting of Securities Sold under Agreements to Repurchase primarily relates to our involvement in the FICC. (3)Including cash collateral deposited with counterparties. (4)Including financial assets accepted as collateral which are deposited with counterparties. (5)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 June 30, 2024 and December 31, 2023. All of Northern Trust’s securities sold under agreements to repurchase (repurchase agreements) and securities purchased under agreements to resell (reverse repurchase agreements) involve the transfer of financial assets in exchange for cash subject to a right and obligation to repurchase those assets for an agreed upon amount. In the event of a repurchase failure, the cash or financial assets are available for offset. All of Northern Trust’s repurchase agreements and reverse repurchase agreements are subject to a master netting arrangement, which sets forth the rights and obligations for repurchase and offset. Under the master netting arrangement, Northern Trust is entitled to offset receivables from and collateral placed with a single counterparty against obligations owed to that counterparty. In addition, collateral held by Northern Trust can be offset against receivables from that counterparty. Northern Trust has elected to net securities sold under repurchase agreements against those purchased under resale agreements when the GAAP requirements to net are met. Derivative asset and liability positions with a single counterparty can be offset against each other in cases where legally enforceable master netting arrangements or similar agreements exist. Derivative assets and liabilities can be further offset by cash collateral received from, and deposited with, the transacting counterparty. The basis for this view is that, upon termination of transactions subject to a master netting arrangement or similar agreement, the individual derivative receivables do not represent resources to which general creditors have rights and individual derivative payables do not represent claims that are equivalent to the claims of general creditors. Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. Credit risk associated with derivative instruments relates to the failure of the counterparty and the failure of Northern Trust to pay based on the contractual terms of the agreement, and is generally limited to the unrealized fair value gains and losses on these instruments, net of any collateral received or deposited. The amount of credit risk will increase or decrease during the lives of the instruments as interest rates, foreign exchange rates, or equity prices fluctuate. Northern Trust’s risk is controlled by limiting such activity to an approved list of counterparties and by subjecting such activity to the same credit and quality controls as are followed in lending and investment activities. Credit support annexes and other similar agreements are currently in place with a number of Northern Trust’s counterparties which mitigate the aforementioned credit risk associated with derivative activity conducted with those counterparties by requiring that significant net unrealized fair value gains be supported by collateral placed with Northern Trust. Additional cash collateral received from and deposited with derivative counterparties totaling $53.3 million and $17.5 million, respectively, as of June 30, 2024, and $373.1 million and $21.3 million, respectively, as of December 31, 2023, was not offset against derivative assets and liabilities in the consolidated balance sheets as the amounts exceeded the net derivative positions with those counterparties. Certain master netting arrangements Northern Trust enters into with derivative counterparties contain credit-risk-related contingent features in which the counterparty has the option to declare Northern Trust in default and accelerate cash settlement of net derivative liabilities with the counterparty in the event Northern Trust’s credit rating falls below specified levels. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position was $471.6 million and $1.2 billion at June 30, 2024 and December 31, 2023, respectively. Cash collateral amounts deposited with derivative counterparties on those dates included $284.6 million and $1.1 billion, respectively, posted against these liabilities, resulting in a net maximum amount of termination payments that could have been required at June 30, 2024 and December 31, 2023, of $187.0 million and $52.2 million, respectively. Accelerated settlement of these liabilities would not have a material effect on the consolidated financial position or liquidity of Northern Trust.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
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Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Pay vs Performance Disclosure | ||||||
Net Income | $ 896.1 | $ 214.7 | $ 331.8 | $ 334.6 | $ 1,110.8 | $ 666.4 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronouncements (Policies) |
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Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Basis of Presentation | The consolidated financial statements include the accounts of Northern Trust Corporation (Corporation) and its wholly-owned subsidiary, The Northern Trust Company (Bank), and various other wholly-owned subsidiaries of the Corporation and Bank. Throughout the notes to the consolidated financial statements, the term “Northern Trust” refers to the Corporation and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements, as of and for the periods ended June 30, 2024 and 2023, have not been audited by the Corporation’s independent registered public accounting firm. In the opinion of management, all accounting entries and adjustments, including normal recurring accruals, necessary for a fair presentation of the financial position and the results of operations for the interim periods have been made. The accounting and financial reporting policies of Northern Trust conform to U.S. generally accepted accounting principles (GAAP) and reporting practices prescribed for the banking industry. |
Recent Accounting Pronouncements | On January 1, 2024, Northern Trust adopted Accounting Standards Update (ASU) No. 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method—a consensus of the Emerging Issues Task Force” (ASU 2023-02). The amendments in ASU 2023-02 allow entities to elect the proportional amortization method to account for tax equity investments if certain conditions are met regardless of the tax credit program from which the income tax credits are received. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). In addition, ASU 2023-02 requires specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits for which the entity has elected to apply the proportional amortization method in accordance with Subtopic 323-740. Upon adoption of ASU 2023-02, there was no significant impact to Northern Trust’s consolidated balance sheets or consolidated statements of income. Please refer to Note 19—Variable Interest Entities for further information. On January 1, 2024, Northern Trust adopted ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (ASU 2022-03). The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, ASU 2022-03 introduces new disclosure requirements to provide investors with information about contractual sale restrictions including the nature and remaining duration of these restrictions. Upon adoption of ASU 2022-03, there was no impact to Northern Trust’s consolidated balance sheets or consolidated statements of income.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the fair values of Northern Trust’s Level 3 liabilities as of June 30, 2024 and December 31, 2023, as well as the valuation techniques, significant unobservable inputs, and quantitative information used to develop significant unobservable inputs for such liabilities as of such dates. TABLE 35: LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
The following table presents the fair values of Northern Trust’s Level 3 assets that were measured at fair value on a nonrecurring basis as of June 30, 2024 and December 31, 2023, as well as the valuation technique, significant unobservable inputs and quantitative information used to develop the significant unobservable inputs for such assets as of such dates. TABLE 38: LEVEL 3 NONRECURRING BASIS SIGNIFICANT UNOBSERVABLE INPUTS
(1) Includes real estate collateral-dependent loans and other collateral-dependent loans.
(1) Includes real estate collateral-dependent loans and other collateral-dependent loans.
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Recurring Basis Hierarchy Leveling | The following table presents assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, segregated by fair value hierarchy level. TABLE 36: RECURRING BASIS HIERARCHY LEVELING
Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of June 30, 2024, derivative assets and liabilities shown above also include reductions of $586.3 million and $348.9 million, respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) Equity securities consists of a money market investment and Visa Class C common shares with a fair value of $95.0 million and $286.8 million, respectively, as of June 30, 2024. (2) Consists of swaps related to the sale of certain Visa Class B common shares.
Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of December 31, 2023, derivative assets and liabilities shown above also include reductions of $2,093.8 million and $1,172.5 million, respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) Consists of swaps related to the sale of certain Visa Class B common shares.
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Changes in Level 3 Liabilities | The following table presents the changes in Level 3 liabilities for the three and six months ended June 30, 2024 and 2023. TABLE 37: CHANGES IN LEVEL 3 LIABILITIES
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Fair Value of Financial Instruments | The following tables present the book value and estimated fair value, including the fair value hierarchy level, of Northern Trust’s financial instruments that are not measured at fair value on the consolidated balance sheets as of June 30, 2024 and December 31, 2023. The following tables exclude those items measured at fair value on a recurring basis. TABLE 39: FAIR VALUE OF FINANCIAL INSTRUMENTS
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Securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale | The following tables provide the amortized cost and fair values as of June 30, 2024 and December 31, 2023, and remaining maturities of AFS debt securities as of June 30, 2024. TABLE 40: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES
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Remaining Maturity of Securities Available for Sale and Held to Maturity | TABLE 41: REMAINING MATURITY OF AVAILABLE FOR SALE DEBT SECURITIES
TABLE 44: REMAINING MATURITY OF HELD TO MATURITY DEBT SECURITIES
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table provides information regarding AFS debt securities with no credit losses reported that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2024 and December 31, 2023. TABLE 42: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED
Note: Two corporate debt AFS securities with a fair value of $81.8 million and unrealized losses of $4.7 million have been excluded from the table above as these AFS securities have a $0.6 million allowance for credit losses reported as of June 30, 2024. Refer to the discussion further below and Note 6—Allowance for Credit Losses for further information.
Note: Three corporate debt AFS securities with a fair value of $98.4 million and unrealized losses of $5.9 million and one sub-sovereign, supranational and non-U.S. agency bonds AFS security with a fair value of $71.0 million and unrealized loss of $8.2 million have been excluded from the table above as these AFS securities have a $1.2 million allowance for credit losses reported as of December 31, 2023. Refer to the discussion further below and Note 6—Allowance for Credit Losses for further information.
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Debt Securities, Held-to-maturity | The following tables provide the amortized cost and fair values as of June 30, 2024 and December 31, 2023, and remaining maturities of HTM debt securities as of June 30, 2024. TABLE 43: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF HELD TO MATURITY DEBT SECURITIES
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Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table provides the amortized cost of HTM debt securities by credit rating. TABLE 45: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING
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Investment Security Gains and Losses | TABLE 46: INVESTMENT SECURITY GAINS AND LOSSES
TABLE 47: INVESTMENT SECURITY GAINS AND LOSSES BY SECURITY TYPE
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Amounts outstanding for Loans, by segment and class, are shown in the following table. TABLE 48: LOANS
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Borrower Ratings | Loan segment and class balances as of June 30, 2024 and December 31, 2023 are provided in the following table, segregated by borrower ratings into “1 to 3,” “4 to 5” and “6 to 9” (watch list and nonaccrual status) categories by year of origination at amortized cost basis. Loans that are held for investment are reported at the principal amount outstanding, net of unearned income. TABLE 49: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR
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Delinquency Status | The following table provides balances and delinquency status of accrual and nonaccrual loans by segment and class, as well as the other real estate owned and nonaccrual asset balances, as of June 30, 2024 and December 31, 2023. TABLE 50: DELINQUENCY STATUS
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Financing Receivable, Troubled Debt Restructuring | The following table shows the amortized cost basis of loan modifications provided to financially distressed borrowers that impacted the respective cash flows of the underlying loans as of June 30, 2024 and June 30, 2023, disaggregated by relevant class of financing receivable and type of modification provided. TABLE 51: LOAN MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
(1) Loan modifications were immaterial for the three months ended June 30, 2024.
(1) During the three months ended June 30, 2023, Northern Trust provided $32.5 million of combination of principal and/or interest deferral and term extensions for the commercial real estate portfolio and $0.2 million of term extensions for the private client portfolio for which the respective loans had no amortized cost basis as of the end of the period. The $32.5 million loan has been fully repaid as of June 30, 2023. The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty. TABLE 52: FINANCIAL EFFECT OF MODIFICATIONS MADE TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
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Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Loss | The following table provides information regarding changes in the total allowance for credit losses during the three and six months ended June 30, 2024 and 2023. TABLE 53: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES
(1) The table excludes a negative provision for credit losses of $0.6 million for the six months ended June 30, 2024 for AFS debt securities. See further detail in Note 4—Securities.
(1) The table excludes a negative provision for credit losses of $0.5 million for the three months ended June 30, 2023 for AFS debt securities. See further detail in Note 4—Securities.
(1) There was no provision for credit losses for the six months ended June 30, 2023 for AFS debt securities. See further detail in Note 4—Securities. The following table provides information regarding changes in the total allowance for credit losses related to loans, including undrawn loan commitments and standby letters of credit, by segment during the three and six months ended June 30, 2024 and 2023.TABLE 54: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO LOANS
The following table provides information regarding the recorded investments in loans and the allowance for credit losses for loans and undrawn loan commitments and standby letters of credit by segment as of June 30, 2024 and December 31, 2023. TABLE 55: RECORDED INVESTMENTS IN LOANS
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Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table provides information regarding changes in the total allowance for credit losses for HTM debt securities during the three and six months ended June 30, 2024 and 2023. TABLE 56: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO HELD TO MATURITY DEBT SECURITIES
(1) The allowance for Obligations of States and Political Subdivisions is related to (non pre-refunded) municipal securities that do not fall under Northern Trust’s zero-loss assumption.
(1) The allowance for Obligations of States and Political Subdivisions is related to (non pre-refunded) municipal securities that do not fall under Northern Trust’s zero-loss assumption.
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Schedule of Accrued Liabilities | The following table provides the amount of accrued interest excluded from the amortized cost basis of the following portfolios. TABLE 57: ACCRUED INTEREST
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Pledged Assets, Accepted Collateral and Restricted Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents the carrying value of Northern Trust's pledged assets by type. TABLE 58: TYPE OF PLEDGED ASSETS
(1) Debt securities are comprised of held to maturity and available for sale securities. (2) Loans pledged at the FHLB of Chicago and the Federal Reserve Bank of Chicago.
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Schedule of Customer Securities for which Entity has Right to Sell or Repledge | The following table presents the fair value of securities accepted as collateral. TABLE 59: ACCEPTED COLLATERAL
(1) The fair value of securities collateral that was repledged or sold totaled $69.8 billion and $62.0 billion at June 30, 2024 and December 31, 2023, respectively. (2) This includes collateral accepted as related to the sponsored member program. Refer to Note 20—Commitments and Contingent Liabilities for further information.
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Goodwill and Other Intangibles (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill by Reporting Segment | Changes by reporting segment in the carrying amount of Goodwill for the six months ended June 30, 2024, including the effect of foreign exchange rates on non-U.S. dollar denominated balances, were as follows. TABLE 60: GOODWILL
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Other Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of June 30, 2024 and December 31, 2023 were as follows. TABLE 61: OTHER INTANGIBLE ASSETS
TABLE 62: CAPITALIZED SOFTWARE
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Reporting Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results of Reporting Segments | The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three- and six-month periods ended June 30, 2024 and 2023. TABLE 63: RESULTS OF REPORTING SEGMENTS
(1) Includes the gain related to the net impact from the Visa transactions in the current quarter, refer to Note 20—Commitments and Contingent Liabilities for further information.
(1) Includes the gain related to the net impact from the Visa transactions in the current quarter, refer to Note 20—Commitments and Contingent Liabilities for further information. Note: Segment results are stated on an FTE basis. The FTE adjustments are eliminated in the reconciling items column with the Corporation’s total consolidated financial results stated on a GAAP basis. The adjustment to an FTE basis has no impact on Net Income.
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables summarize the components of Accumulated Other Comprehensive Income (Loss) (AOCI) at June 30, 2024 and 2023, and changes during the three and six months then ended. TABLE 64: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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Details of Changes in Accumulated Other Comprehensive Income (Loss) | TABLE 65: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(1) The before-tax reclassification adjustment is related to the unrealized gains (losses) amortization on AFS debt securities that were transferred to HTM debt securities during the second quarter of 2021 and third quarter of 2022. (2) The net gains (losses) on AFS debt securities before-tax reclassification adjustment is recorded in Investment Security Gains (Losses), net on the consolidated statements of income. (3) See Note 21—Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges. (4) The pension and other postretirement benefit before-tax reclassification adjustment is recorded in Employee Benefits expense on the consolidated statements of income.
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Net Income Per Common Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Common Share | The computations of net income per common share are presented in the following table. TABLE 66: NET INCOME PER COMMON SHARE
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Revenue from Contracts with Clients (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Disaggregation | The following table presents revenues disaggregated by major revenue source. TABLE 67: REVENUE DISAGGREGATION
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Contract Balances | The table below represents receivables balances from contracts with clients, which are included in Other Assets on the consolidated balance sheets, at June 30, 2024 and December 31, 2023. TABLE 68: CLIENT RECEIVABLES
(1) Trust Fees Receivable is net of a $13.9 million and $15.9 million fee receivable allowance as of June 30, 2024 and December 31, 2023, respectively.
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Net Interest Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Interest Income | The components of Net Interest Income were as follows. TABLE 69: NET INTEREST INCOME
(1) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets. (2) Non-taxable Securities represent securities that are exempt from U.S. federal income taxes. (3) Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets.
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Other Operating Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Operating Income | The components of Other Operating Income were as follows. TABLE 70: OTHER OPERATING INCOME
(1) Other Income includes the $607.0 realized gain related to the sale of certain Visa Class C common shares, $286.8 of unrealized mark-to-market gains on certain Visa Class C common shares, and the mark-to-market gain or loss on derivative swap activity primarily related to the sale of certain Visa Class B common shares. Refer to Note 20—Commitments and Contingent Liabilities for further information.
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Other Operating Expense (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of other operating expenses | The components of Other Operating Expense were as follows. TABLE 71: OTHER OPERATING EXPENSE
(1) FDIC Insurance Premiums include an additional FDIC Special Assessment of $2.3 million for the three months ended June 30, 2024 and $14.7 million for the the six months ended June 30, 2024. Refer to Note 20—Commitments and Contingent Liabilities for further information. (2) Charitable Contributions include a $70.0 million charitable commitment to the Northern Trust Foundation for the three and six months ended June 30, 2024.
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Pension (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension Expense (Benefit) | The following table sets forth the net periodic pension expense for Northern Trust’s U.S. Qualified Plan, Non-U.S. Pension Plans, and U.S. Non-Qualified Plan for the three and six months ended June 30, 2024 and 2023. TABLE 72: NET PERIODIC PENSION EXPENSE (BENEFIT)
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Share-Based Compensation Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Compensation Expense for Share-Based Payment Arrangements | Total compensation expense for share-based payment arrangements and the associated tax impacts were as follows for the three and six months ended June 30, 2024 and 2023. TABLE 73: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED PAYMENT ARRANGEMENTS
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Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities |
(1) As of June 30, 2024 and December 31, 2023, $823.1 million and $857.0 million are VIEs, respectively. (2) As of June 30, 2024 and December 31, 2023, $157.5 million and $172.0 million relate to undrawn commitments on VIEs, respectively.
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Schedule of Income Tax Credits and Other Tax Benefits and Amortization Expense |
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Commitments and Contingent Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Off-balance Sheet Risks | The following table provides details of Northern Trust's off-balance sheet financial instruments as of June 30, 2024 and December 31, 2023. TABLE 76: SUMMARY OF OFF-BALANCE SHEET FINANCIAL INSTRUMENTS
(1) These amounts exclude $288.4 million and $222.2 million of commitments participated to others at June 30, 2024 and December 31, 2023, respectively. (2) These amounts include $99.1 million and $39.1 million of standby letters of credit secured by cash deposits or participated to others as of June 30, 2024 and December 31, 2023, respectively. (3) These amounts include a $100.1 billion and $84.6 billion guarantee to the Fixed Income Clearing Corporation (FICC) under the sponsored member program, without taking into consideration the related collateral, as of June 30, 2024 and December 31, 2023, respectively. Northern Trust became a sponsored member during the third quarter of 2021.
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Derivative Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional and Fair Value Amounts of Client-related and Trading Derivative Financial Instruments | The following table shows the notional and fair values of all derivative financial instruments as of June 30, 2024 and December 31, 2023. TABLE 77: NOTIONAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS
(1) Derivative assets are reported in Other Assets on the consolidated balance sheets. (2) Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. (3) Includes swaps related to sales of certain Visa Class B common shares. (4) See further detail in Note 23—Offsetting of Assets and Liabilities.
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Cash Flow Hedge Derivative Gains and Losses Recognized in AOCI and Reclassified to Income | The following tables provide fair value and cash flow hedge derivative gains and losses recognized in income during the three- and six- month periods ended June 30, 2024 and 2023. TABLE 78: LOCATION AND AMOUNT OF FAIR VALUE AND CASH FLOW HEDGE DERIVATIVE GAINS AND LOSSES RECORDED IN INCOME
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Location and Amount of Fair Value Hedge Derivative Gains and Losses Recorded in Income | The following table provides the impact of fair value hedge accounting on the carrying value of the designated hedged items as of June 30, 2024 and December 31, 2023. TABLE 79: HEDGED ITEMS IN FAIR VALUE HEDGES
(1) The cumulative hedge accounting basis adjustment includes $2.1 million related to discontinued hedging relationships of AFS debt securities and $21.7 million related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of June 30, 2024. (2) The cumulative hedge accounting basis adjustment includes $2.2 million related to discontinued hedging relationships of AFS debt securities and $29.6 million related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of December 31, 2023. (3) Positive (negative) amounts related to AFS securities represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to Senior Notes and Long-Term Subordinated Debt represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. (4) Carrying value represents amortized cost.
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Location and Amount of Gains and Losses Recorded in Income for Non-Designated Risk Management Derivative Instruments | The following table provides the location and amount of gains and losses recorded in the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 for derivative instruments not designated as hedges under GAAP. TABLE 80: LOCATION AND AMOUNT OF GAINS AND LOSSES RECORDED IN INCOME FOR DERIVATIVES NOT DESIGNATED AS HEDGING UNDER GAAP
(1) Includes swaps related to the sale of certain Visa Class B common shares.
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Securities Sold Under Agreements to Repurchase (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Other Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements Accounted for as Secured Borrowings | The following table provides information regarding repurchase agreements that are accounted for as secured borrowings as of June 30, 2024 and December 31, 2023. TABLE 81: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS
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Offsetting of Assets and Liabilities (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2024 and December 31, 2023. TABLE 82: OFFSETTING OF DERIVATIVE ASSETS AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
(1)Derivative assets are reported in Other Assets on the consolidated balance sheets. Other Assets (excluding derivative assets) totaled $11.1 billion and $10.3 billion as of June 30, 2024 and December 31, 2023, respectively. (2)Offsetting of Securities Purchased under Agreements to Resell primarily relates to our involvement in the FICC. (3)Including cash collateral received from counterparties. (4)Including financial assets accepted as collateral which are received from counterparties. (5)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 June 30, 2024 and December 31, 2023.
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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 June 30, 2024 and December 31, 2023. TABLE 83: OFFSETTING OF DERIVATIVE LIABILITIES AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
(1)Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. Other Liabilities (excluding derivative liabilities) totaled $3.5 billion and $4.0 billion as of June 30, 2024 and December 31, 2023, respectively. (2)Offsetting of Securities Sold under Agreements to Repurchase primarily relates to our involvement in the FICC. (3)Including cash collateral deposited with counterparties. (4)Including financial assets accepted as collateral which are deposited with counterparties. (5)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 June 30, 2024 and December 31, 2023.
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Fair Value Measurements (Narrative) (Details) shares in Millions, $ in Millions |
Jun. 30, 2024
USD ($)
security
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Dec. 31, 2023
USD ($)
security
|
Jun. 30, 2016
shares
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Jun. 30, 2015
shares
|
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for Sale | $ 26,861.7 | $ 23,089.8 | ||
Visa Class B | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Shares issued (in shares) | shares | 1.1 | 1.0 | ||
LEVEL 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of available for sale securities portfolio | security | 934 | 929 | ||
Available for Sale | $ 20,800.0 | $ 19,500.0 | ||
LEVEL 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate | Lower Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, measurement input | 0 | 0 | ||
LEVEL 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate | Upper Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, measurement input | 0.150 | 0.200 | ||
LEVEL 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate | WEIGHTED-AVERAGE INPUT VALUES | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, measurement input | 0.140 | 0.020 | ||
LEVEL 3 | Fair Value, Measurements, Nonrecurring | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | $ 6.0 |
Fair Value Measurements (Level 3 Significant Unobservable Inputs) (Details) $ in Millions |
Jun. 30, 2024
USD ($)
month
|
Dec. 31, 2023
USD ($)
month
|
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ | $ 1,000.3 | $ 1,444.4 |
Swap | Fair Value, Measurements, Recurring | LEVEL 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ | $ 30.6 | $ 25.4 |
Swap | Conversion Rate | Fair Value, Measurements, Recurring | LEVEL 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 1.59 | 1.59 |
Swap | Visa Class A Appreciation | Fair Value, Measurements, Recurring | LEVEL 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 0.0932 | 0.1049 |
Swap | Expected Duration | Fair Value, Measurements, Recurring | LEVEL 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 29.5 | 13 |
Swap | Expected Duration | Fair Value, Measurements, Recurring | LEVEL 3 | Lower Limit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 16 | 9 |
Swap | Expected Duration | Fair Value, Measurements, Recurring | LEVEL 3 | Upper Limit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, measurement input | 38.5 | 27 |
Fair Value Measurements (Recurring Basis Hierarchy Leveling) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | $ 26,861.7 | $ 23,089.8 |
Derivative Assets | 1,833.8 | 3,568.2 |
NETTING | (1,119.0) | (3,126.7) |
Derivative Assets | 714.8 | 441.5 |
Derivative Liabilities | 1,881.8 | 3,649.8 |
NETTING | (881.5) | (2,205.4) |
Derivative Liabilities | 1,000.3 | 1,444.4 |
Cross Product Collateral Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (586.3) | (2,093.8) |
NETTING | (348.9) | (1,172.5) |
U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 6,089.9 | 3,622.2 |
Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 293.4 | 295.8 |
Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 12,633.1 | 11,553.0 |
Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 311.2 | 264.4 |
Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 219.7 | 279.5 |
Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 299.9 | 347.1 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 3,753.4 | 2,899.9 |
Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 2,625.8 | 2,962.6 |
Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 635.3 | 865.3 |
LEVEL 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 20,800.0 | 19,500.0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 26,861.7 | 23,089.8 |
Fair Value, Measurements, Recurring | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 6,089.9 | 3,622.2 |
Fair Value, Measurements, Recurring | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 293.4 | 295.8 |
Fair Value, Measurements, Recurring | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 12,633.1 | 11,553.0 |
Fair Value, Measurements, Recurring | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 311.2 | 264.4 |
Fair Value, Measurements, Recurring | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 219.7 | 279.5 |
Fair Value, Measurements, Recurring | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 299.9 | 347.1 |
Fair Value, Measurements, Recurring | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 3,753.4 | 2,899.9 |
Fair Value, Measurements, Recurring | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 2,625.8 | 2,962.6 |
Fair Value, Measurements, Recurring | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 635.3 | 865.3 |
Fair Value, Measurements, Recurring | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Equity Securities | 381.8 | |
Money Market Investment | 95.0 | |
NETTING | (1,119.0) | (3,126.7) |
Derivative Assets | 714.8 | 441.5 |
Fair Value, Measurements, Recurring | Other Assets | Money market investment | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Equity Securities | 95.0 | |
Fair Value, Measurements, Recurring | Other Assets | Visa Class C shares | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Equity Securities | 286.8 | |
Fair Value, Measurements, Recurring | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (943.2) | (2,937.2) |
Derivative Assets | 481.1 | 329.5 |
Fair Value, Measurements, Recurring | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (175.8) | (189.5) |
Derivative Assets | 233.7 | 112.0 |
Fair Value, Measurements, Recurring | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (881.5) | (2,205.4) |
Derivative Liabilities | 1,000.3 | 1,444.4 |
Fair Value, Measurements, Recurring | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (850.0) | (2,175.7) |
Derivative Liabilities | 528.5 | 1,079.5 |
Fair Value, Measurements, Recurring | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (2.3) | (6.0) |
Derivative Liabilities | 470.4 | 363.2 |
Fair Value, Measurements, Recurring | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (29.2) | (23.7) |
Derivative Liabilities | 1.4 | 1.7 |
Fair Value, Measurements, Recurring | LEVEL 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 6,089.9 | 3,622.2 |
Fair Value, Measurements, Recurring | LEVEL 1 | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 6,089.9 | 3,622.2 |
Fair Value, Measurements, Recurring | LEVEL 1 | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Equity Securities | 95.0 | |
Money Market Investment | 95.0 | |
Derivative Assets | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 20,771.8 | 19,467.6 |
Fair Value, Measurements, Recurring | LEVEL 2 | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 2 | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 293.4 | 295.8 |
Fair Value, Measurements, Recurring | LEVEL 2 | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 12,633.1 | 11,553.0 |
Fair Value, Measurements, Recurring | LEVEL 2 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 311.2 | 264.4 |
Fair Value, Measurements, Recurring | LEVEL 2 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 219.7 | 279.5 |
Fair Value, Measurements, Recurring | LEVEL 2 | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 299.9 | 347.1 |
Fair Value, Measurements, Recurring | LEVEL 2 | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 3,753.4 | 2,899.9 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 2,625.8 | 2,962.6 |
Fair Value, Measurements, Recurring | LEVEL 2 | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 635.3 | 865.3 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Equity Securities | 286.8 | |
Money Market Investment | 0.0 | |
Derivative Assets | 1,833.8 | 3,568.2 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 1,424.3 | 3,266.7 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 409.5 | 301.5 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 1,851.2 | 3,624.4 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 1,378.5 | 3,255.2 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 472.7 | 369.2 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Equity Securities | 0.0 | |
Money Market Investment | 0.0 | |
Derivative Assets | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 30.6 | 25.4 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | $ 30.6 | $ 25.4 |
Fair Value Measurements (Changes in Level 3 Liabilities) (Details) - SWAPS RELATED TO SALE OF CERTAIN VISA CLASS B COMMON SHARES - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value liabilities beginning balance | $ 21.1 | $ 34.6 | $ 25.4 | $ 34.8 |
Total (Gains) Losses: | ||||
Included in Earnings | 15.4 | 10.9 | 16.6 | 18.5 |
Purchases, Issues, Sales, and Settlements | ||||
Settlements | (5.9) | (9.1) | (11.4) | (16.9) |
Fair value liabilities ending balance | $ 30.6 | $ 36.4 | $ 30.6 | $ 36.4 |
Fair Value Measurements (Nonrecurring Basis Significant Unobservable Inputs) (Details) - Fair Value, Measurements, Nonrecurring - LEVEL 3 $ in Millions |
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
---|---|---|
Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FAIR VALUE | $ 6.0 | |
Measurement Input, Discount Rate | Lower Limit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0 | 0 |
Measurement Input, Discount Rate | Upper Limit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.150 | 0.200 |
Measurement Input, Discount Rate | WEIGHTED-AVERAGE INPUT VALUES | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, measurement input | 0.140 | 0.020 |
Loans | Measurement Input, Discount Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FAIR VALUE | $ 6.0 | $ 43.3 |
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
FINANCIAL ASSETS | ||
Cash and Due from Banks | $ 6,567,000,000 | $ 4,791,500,000 |
Federal Reserve and Other Central Bank Deposits | 43,207,200,000 | 34,326,200,000 |
Interest-Bearing Deposits with Banks | 1,380,900,000 | 1,939,000,000 |
Securities Purchased under Agreements to Resell | 859,600,000 | 784,700,000 |
Debt Securities - Held to Maturity | 20,942,100,000 | 24,473,000,000 |
FINANCIAL LIABILITIES | ||
Deposits | 122,990,900,000 | 116,164,000,000 |
Federal Funds Purchased | 2,406,400,000 | 3,045,400,000 |
Securities Sold Under Agreements to Repurchase | 629,200,000 | 784,700,000 |
Other Borrowings | 6,823,700,000 | 6,567,800,000 |
Senior Notes | 2,744,000,000 | 2,773,200,000 |
Unfunded Commitments | 0 | 0 |
BOOK VALUE | ||
FINANCIAL ASSETS | ||
Cash and Due from Banks | 6,567,000,000 | 4,791,500,000 |
Federal Reserve and Other Central Bank Deposits | 43,207,200,000 | 34,326,200,000 |
Interest-Bearing Deposits with Banks | 1,380,900,000 | 1,939,000,000 |
Securities Purchased under Agreements to Resell | 859,600,000 | 784,700,000 |
Debt Securities - Held to Maturity | 22,798,600,000 | 26,221,700,000 |
Loans | ||
Held for Investment | 41,967,500,000 | 47,438,300,000 |
Other Assets | 1,482,000,000 | 1,476,600,000 |
FINANCIAL LIABILITIES | ||
Deposits | 122,990,900,000 | 116,164,000,000 |
Federal Funds Purchased | 2,406,400,000 | 3,045,400,000 |
Securities Sold Under Agreements to Repurchase | 629,200,000 | 784,700,000 |
Other Borrowings | 6,823,700,000 | 6,567,800,000 |
Senior Notes | 2,744,000,000 | 2,773,200,000 |
Long-Term Debt | 4,073,000,000 | 4,065,000,000 |
Unfunded Commitments | 162,900,000 | 178,800,000 |
Other Liabilities | 45,200,000 | 74,900,000 |
TOTAL ESTIMATED FAIR VALUE | ||
FINANCIAL ASSETS | ||
Cash and Due from Banks | 6,567,000,000 | 4,791,500,000 |
Federal Reserve and Other Central Bank Deposits | 43,207,200,000 | 34,326,200,000 |
Interest-Bearing Deposits with Banks | 1,380,900,000 | 1,939,000,000 |
Securities Purchased under Agreements to Resell | 859,600,000 | 784,700,000 |
Debt Securities - Held to Maturity | 20,942,100,000 | 24,473,000,000 |
Loans | ||
Held for Investment | 41,936,900,000 | 47,598,300,000 |
Other Assets | 1,471,400,000 | 1,458,000,000 |
FINANCIAL LIABILITIES | ||
Deposits | 123,057,800,000 | 116,207,600,000 |
Federal Funds Purchased | 2,406,400,000 | 3,045,400,000 |
Securities Sold Under Agreements to Repurchase | 629,200,000 | 784,700,000 |
Other Borrowings | 6,842,800,000 | 6,607,400,000 |
Senior Notes | 2,766,500,000 | 2,798,100,000 |
Long-Term Debt | 4,133,400,000 | 4,186,800,000 |
Unfunded Commitments | 162,900,000 | 178,800,000 |
Other Liabilities | 45,200,000 | 74,900,000 |
TOTAL ESTIMATED FAIR VALUE | LEVEL 1 | ||
FINANCIAL ASSETS | ||
Cash and Due from Banks | 6,567,000,000 | 4,791,500,000 |
Federal Reserve and Other Central Bank Deposits | 0 | 0 |
Interest-Bearing Deposits with Banks | 0 | 0 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Debt Securities - Held to Maturity | 0 | 0 |
Loans | ||
Held for Investment | 0 | 0 |
Other Assets | 88,900,000 | 86,100,000 |
FINANCIAL LIABILITIES | ||
Deposits | 0 | 0 |
Federal Funds Purchased | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Other Borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Long-Term Debt | 0 | 0 |
Unfunded Commitments | 0 | 0 |
Other Liabilities | 0 | 0 |
TOTAL ESTIMATED FAIR VALUE | LEVEL 2 | ||
FINANCIAL ASSETS | ||
Cash and Due from Banks | 0 | 0 |
Federal Reserve and Other Central Bank Deposits | 43,207,200,000 | 34,326,200,000 |
Interest-Bearing Deposits with Banks | 1,380,900,000 | 1,939,000,000 |
Securities Purchased under Agreements to Resell | 859,600,000 | 784,700,000 |
Debt Securities - Held to Maturity | 20,942,100,000 | 24,473,000,000 |
Loans | ||
Held for Investment | 0 | 0 |
Other Assets | 1,382,500,000 | 1,371,900,000 |
FINANCIAL LIABILITIES | ||
Deposits | 123,057,800,000 | 116,207,600,000 |
Federal Funds Purchased | 2,406,400,000 | 3,045,400,000 |
Securities Sold Under Agreements to Repurchase | 629,200,000 | 784,700,000 |
Other Borrowings | 6,842,800,000 | 6,607,400,000 |
Senior Notes | 2,766,500,000 | 2,798,100,000 |
Long-Term Debt | 4,133,400,000 | 4,186,800,000 |
Unfunded Commitments | 162,900,000 | 178,800,000 |
Other Liabilities | 0 | 0 |
TOTAL ESTIMATED FAIR VALUE | LEVEL 3 | ||
FINANCIAL ASSETS | ||
Cash and Due from Banks | 0 | 0 |
Federal Reserve and Other Central Bank Deposits | 0 | 0 |
Interest-Bearing Deposits with Banks | 0 | 0 |
Securities Purchased under Agreements to Resell | 0 | 0 |
Debt Securities - Held to Maturity | 0 | 0 |
Loans | ||
Held for Investment | 41,936,900,000 | 47,598,300,000 |
Other Assets | 0 | 0 |
FINANCIAL LIABILITIES | ||
Deposits | 0 | 0 |
Federal Funds Purchased | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Other Borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Long-Term Debt | 0 | 0 |
Unfunded Commitments | 0 | 0 |
Other Liabilities | $ 45,200,000 | $ 74,900,000 |
Securities (Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | $ 27,127.3 | $ 23,659.0 |
GROSS UNREALIZED GAINS | 37.3 | 13.2 |
GROSS UNREALIZED LOSSES | 302.9 | 582.4 |
FAIR VALUE | 26,861.7 | 23,089.8 |
U.S. Government | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 6,102.1 | 3,681.5 |
GROSS UNREALIZED GAINS | 6.3 | 2.2 |
GROSS UNREALIZED LOSSES | 18.5 | 61.5 |
FAIR VALUE | 6,089.9 | 3,622.2 |
Obligations of States and Political Subdivisions | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 308.7 | 315.8 |
GROSS UNREALIZED GAINS | 0.0 | 0.0 |
GROSS UNREALIZED LOSSES | 15.3 | 20.0 |
FAIR VALUE | 293.4 | 295.8 |
Government Sponsored Agency | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 12,743.9 | 11,744.3 |
GROSS UNREALIZED GAINS | 21.6 | 9.0 |
GROSS UNREALIZED LOSSES | 132.4 | 200.3 |
FAIR VALUE | 12,633.1 | 11,553.0 |
Non-U.S. Government | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 329.3 | 284.8 |
GROSS UNREALIZED GAINS | 0.1 | 0.0 |
GROSS UNREALIZED LOSSES | 18.2 | 20.4 |
FAIR VALUE | 311.2 | 264.4 |
Corporate Debt | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 225.6 | 287.5 |
GROSS UNREALIZED GAINS | 0.1 | 0.1 |
GROSS UNREALIZED LOSSES | 6.0 | 8.1 |
FAIR VALUE | 219.7 | 279.5 |
Covered Bonds | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 304.7 | 356.8 |
GROSS UNREALIZED GAINS | 0.6 | 0.0 |
GROSS UNREALIZED LOSSES | 5.4 | 9.7 |
FAIR VALUE | 299.9 | 347.1 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 3,810.5 | 3,013.8 |
GROSS UNREALIZED GAINS | 3.2 | 0.1 |
GROSS UNREALIZED LOSSES | 60.3 | 114.0 |
FAIR VALUE | 3,753.4 | 2,899.9 |
Other Asset-Backed | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 2,646.8 | 3,061.0 |
GROSS UNREALIZED GAINS | 5.3 | 1.6 |
GROSS UNREALIZED LOSSES | 26.3 | 100.0 |
FAIR VALUE | 2,625.8 | 2,962.6 |
Commercial Mortgage-Backed | ||
Summary of Investment Holdings [Line Items] | ||
AMORTIZED COST | 655.7 | 913.5 |
GROSS UNREALIZED GAINS | 0.1 | 0.2 |
GROSS UNREALIZED LOSSES | 20.5 | 48.4 |
FAIR VALUE | $ 635.3 | $ 865.3 |
Securities (Remaining Maturity of Securities Available for Sale and Held to Maturity) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | $ 3,796.9 | |
ONE TO FIVE YEARS | 16,736.5 | |
FIVE TO TEN YEARS | 5,676.6 | |
OVER TEN YEARS | 917.3 | |
AMORTIZED COST | 27,127.3 | $ 23,659.0 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 3,768.4 | |
ONE TO FIVE YEARS | 16,571.9 | |
FIVE TO TEN YEARS | 5,627.3 | |
OVER TEN YEARS | 894.1 | |
FAIR VALUE | 26,861.7 | 23,089.8 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 5,049.6 | |
ONE TO FIVE YEARS | 11,267.4 | |
FIVE TO TEN YEARS | 4,280.4 | |
OVER TEN YEARS | 2,201.2 | |
Amortized Cost | 22,798.6 | 26,221.7 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 4,913.6 | |
ONE TO FIVE YEARS | 10,402.9 | |
FIVE TO TEN YEARS | 3,832.3 | |
OVER TEN YEARS | 1,793.3 | |
Fair Value | 20,942.1 | 24,473.0 |
U.S. Government | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 448.2 | |
ONE TO FIVE YEARS | 3,315.3 | |
FIVE TO TEN YEARS | 2,338.6 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 6,102.1 | 3,681.5 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 444.3 | |
ONE TO FIVE YEARS | 3,304.3 | |
FIVE TO TEN YEARS | 2,341.3 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 6,089.9 | 3,622.2 |
Obligations of States and Political Subdivisions | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 0.0 | |
ONE TO FIVE YEARS | 175.3 | |
FIVE TO TEN YEARS | 133.4 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 308.7 | 315.8 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 0.0 | |
ONE TO FIVE YEARS | 167.4 | |
FIVE TO TEN YEARS | 126.0 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 293.4 | 295.8 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 60.1 | |
ONE TO FIVE YEARS | 1,280.1 | |
FIVE TO TEN YEARS | 974.6 | |
OVER TEN YEARS | 243.1 | |
Amortized Cost | 2,557.9 | 2,563.9 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 59.5 | |
ONE TO FIVE YEARS | 1,241.7 | |
FIVE TO TEN YEARS | 929.7 | |
OVER TEN YEARS | 228.3 | |
Fair Value | 2,459.2 | 2,492.0 |
Government Sponsored Agency | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 2,681.3 | |
ONE TO FIVE YEARS | 6,828.4 | |
FIVE TO TEN YEARS | 2,521.5 | |
OVER TEN YEARS | 712.7 | |
AMORTIZED COST | 12,743.9 | 11,744.3 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 2,665.6 | |
ONE TO FIVE YEARS | 6,783.5 | |
FIVE TO TEN YEARS | 2,494.8 | |
OVER TEN YEARS | 689.2 | |
FAIR VALUE | 12,633.1 | 11,553.0 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 919.0 | |
ONE TO FIVE YEARS | 3,394.9 | |
FIVE TO TEN YEARS | 2,956.1 | |
OVER TEN YEARS | 1,771.2 | |
Amortized Cost | 9,041.2 | 9,355.3 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 821.5 | |
ONE TO FIVE YEARS | 3,004.0 | |
FIVE TO TEN YEARS | 2,590.2 | |
OVER TEN YEARS | 1,504.5 | |
Fair Value | 7,920.2 | 8,345.2 |
Non-U.S. Government | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 66.2 | |
ONE TO FIVE YEARS | 263.1 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 329.3 | 284.8 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 65.3 | |
ONE TO FIVE YEARS | 245.9 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 311.2 | 264.4 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 1,436.5 | |
ONE TO FIVE YEARS | 1,034.1 | |
FIVE TO TEN YEARS | 32.7 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 2,503.3 | 4,789.1 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 1,431.1 | |
ONE TO FIVE YEARS | 956.7 | |
FIVE TO TEN YEARS | 28.3 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 2,416.1 | 4,698.6 |
Corporate Debt | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 129.9 | |
ONE TO FIVE YEARS | 95.7 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 225.6 | 287.5 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 129.0 | |
ONE TO FIVE YEARS | 90.7 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 219.7 | 279.5 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 279.6 | |
ONE TO FIVE YEARS | 259.0 | |
FIVE TO TEN YEARS | 15.1 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 553.7 | 646.1 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 274.3 | |
ONE TO FIVE YEARS | 245.8 | |
FIVE TO TEN YEARS | 12.7 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 532.8 | 617.9 |
Covered Bonds | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 67.6 | |
ONE TO FIVE YEARS | 237.1 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 304.7 | 356.8 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 67.5 | |
ONE TO FIVE YEARS | 232.4 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 299.9 | 347.1 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 605.6 | |
ONE TO FIVE YEARS | 1,203.0 | |
FIVE TO TEN YEARS | 214.9 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 2,023.5 | 2,208.6 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 600.4 | |
ONE TO FIVE YEARS | 1,132.7 | |
FIVE TO TEN YEARS | 194.3 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 1,927.4 | 2,100.6 |
Certificates of Deposit | ||
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 425.0 | |
ONE TO FIVE YEARS | 0.0 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 425.0 | 585.1 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 424.8 | |
ONE TO FIVE YEARS | 0.0 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 424.8 | 584.4 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 168.9 | |
ONE TO FIVE YEARS | 3,343.5 | |
FIVE TO TEN YEARS | 298.1 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 3,810.5 | 3,013.8 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 166.8 | |
ONE TO FIVE YEARS | 3,300.7 | |
FIVE TO TEN YEARS | 285.9 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 3,753.4 | 2,899.9 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 1,241.4 | |
ONE TO FIVE YEARS | 3,698.5 | |
FIVE TO TEN YEARS | 5.6 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 4,945.5 | 5,245.5 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 1,222.0 | |
ONE TO FIVE YEARS | 3,456.3 | |
FIVE TO TEN YEARS | 4.4 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 4,682.7 | 4,953.8 |
Other Asset-Backed | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 212.1 | |
ONE TO FIVE YEARS | 1,879.7 | |
FIVE TO TEN YEARS | 350.4 | |
OVER TEN YEARS | 204.6 | |
AMORTIZED COST | 2,646.8 | 3,061.0 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 207.9 | |
ONE TO FIVE YEARS | 1,861.3 | |
FIVE TO TEN YEARS | 351.7 | |
OVER TEN YEARS | 204.9 | |
FAIR VALUE | 2,625.8 | 2,962.6 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 10.9 | |
ONE TO FIVE YEARS | 64.0 | |
FIVE TO TEN YEARS | 46.3 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 121.2 | 214.2 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 10.8 | |
ONE TO FIVE YEARS | 64.4 | |
FIVE TO TEN YEARS | 46.5 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 121.7 | 214.4 |
Commercial Mortgage-Backed | ||
Available for Sale - Amortized Cost | ||
ONE YEAR OR LESS | 22.7 | |
ONE TO FIVE YEARS | 598.4 | |
FIVE TO TEN YEARS | 34.6 | |
OVER TEN YEARS | 0.0 | |
AMORTIZED COST | 655.7 | 913.5 |
Available for Sale - Fair Value | ||
ONE YEAR OR LESS | 22.0 | |
ONE TO FIVE YEARS | 585.7 | |
FIVE TO TEN YEARS | 27.6 | |
OVER TEN YEARS | 0.0 | |
FAIR VALUE | 635.3 | 865.3 |
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 0.0 | |
ONE TO FIVE YEARS | 37.6 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
Amortized Cost | 37.6 | 37.6 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 0.0 | |
ONE TO FIVE YEARS | 36.9 | |
FIVE TO TEN YEARS | 0.0 | |
OVER TEN YEARS | 0.0 | |
Fair Value | 36.9 | 36.8 |
Other | ||
Held to Maturity - Amortized Cost | ||
ONE YEAR OR LESS | 71.5 | |
ONE TO FIVE YEARS | 296.2 | |
FIVE TO TEN YEARS | 35.1 | |
OVER TEN YEARS | 186.9 | |
Amortized Cost | 589.7 | 576.3 |
Held to Maturity - Fair Value | ||
ONE YEAR OR LESS | 69.2 | |
ONE TO FIVE YEARS | 264.4 | |
FIVE TO TEN YEARS | 26.2 | |
OVER TEN YEARS | 60.5 | |
Fair Value | $ 420.3 | $ 429.3 |
Securities (Securities with Unrealized Losses) (Details) $ in Millions |
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
security
|
---|---|---|
FAIR VALUE | ||
LESS THAN 12 MONTHS | $ 3,254.9 | $ 503.0 |
12 MONTHS OR LONGER | 10,434.0 | 18,932.3 |
TOTAL | 13,688.9 | 19,435.3 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 6.1 | 24.1 |
12 MONTHS OR LONGER | 292.1 | 544.2 |
TOTAL | 298.2 | 568.3 |
U.S. Government | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 792.1 | 0.0 |
12 MONTHS OR LONGER | 719.9 | 3,364.7 |
TOTAL | 1,512.0 | 3,364.7 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.2 | 0.0 |
12 MONTHS OR LONGER | 18.3 | 61.5 |
TOTAL | 18.5 | 61.5 |
Obligations of States and Political Subdivisions | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 0.0 | 87.8 |
12 MONTHS OR LONGER | 293.4 | 208.0 |
TOTAL | 293.4 | 295.8 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.0 | 5.9 |
12 MONTHS OR LONGER | 15.3 | 14.1 |
TOTAL | 15.3 | 20.0 |
Government Sponsored Agency | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 1,259.6 | 331.0 |
12 MONTHS OR LONGER | 6,901.0 | 9,486.6 |
TOTAL | 8,160.6 | 9,817.6 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 2.4 | 11.5 |
12 MONTHS OR LONGER | 130.0 | 188.8 |
TOTAL | 132.4 | 200.3 |
Non-U.S. Government | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 0.0 | 0.0 |
12 MONTHS OR LONGER | 256.6 | 264.5 |
TOTAL | 256.6 | 264.5 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.0 | 0.0 |
12 MONTHS OR LONGER | 18.2 | 20.4 |
TOTAL | 18.2 | 20.4 |
Corporate Debt | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 2.6 | 4.4 |
12 MONTHS OR LONGER | 83.6 | 143.0 |
TOTAL | 86.2 | 147.4 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.0 | 0.1 |
12 MONTHS OR LONGER | 1.3 | 2.1 |
TOTAL | 1.3 | $ 2.2 |
Number of debt securities, available-for-sale | security | 3 | |
Debt securities, available-for-sale, continuous unrealized loss position with credit loss | 81.8 | $ 98.4 |
Debt securities, available-for-sale, continuous unrealized loss position, accumulated loss, with credit loss | 4.7 | 5.9 |
Net amount of recognized liabilities for repurchase agreements | 0.6 | 1.2 |
Covered Bonds | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 0.0 | 0.0 |
12 MONTHS OR LONGER | 168.1 | 213.2 |
TOTAL | 168.1 | 213.2 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.0 | 0.0 |
12 MONTHS OR LONGER | 5.4 | 9.7 |
TOTAL | 5.4 | 9.7 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 1,137.1 | 0.0 |
12 MONTHS OR LONGER | 876.6 | 2,477.0 |
TOTAL | 2,013.7 | 2,477.0 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 3.2 | 0.0 |
12 MONTHS OR LONGER | 57.1 | 105.8 |
TOTAL | 60.3 | $ 105.8 |
Number of debt securities, available-for-sale | security | 1 | |
Debt securities, available-for-sale, continuous unrealized loss position with credit loss | $ 71.0 | |
Debt securities, available-for-sale, continuous unrealized loss position, accumulated loss, with credit loss | 8.2 | |
Other Asset-Backed | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 62.5 | 19.8 |
12 MONTHS OR LONGER | 538.8 | 1,998.7 |
TOTAL | 601.3 | 2,018.5 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.3 | 2.0 |
12 MONTHS OR LONGER | 26.0 | 98.0 |
TOTAL | 26.3 | 100.0 |
Commercial Mortgage-Backed | ||
FAIR VALUE | ||
LESS THAN 12 MONTHS | 1.0 | 60.0 |
12 MONTHS OR LONGER | 596.0 | 776.6 |
TOTAL | 597.0 | 836.6 |
UNREALIZED LOSSES | ||
LESS THAN 12 MONTHS | 0.0 | 4.6 |
12 MONTHS OR LONGER | 20.5 | 43.8 |
TOTAL | $ 20.5 | $ 48.4 |
Securities (Narrative) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
security
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
security
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
security
|
|
Debt and Equity Securities, FV-NI [Line Items] | |||||
Number of securities in an unrealized loss position | security | 777 | 777 | 898 | ||
Total fair value | $ 13,688.9 | $ 13,688.9 | $ 19,435.3 | ||
Debt securities, unrealized losses | 298.2 | 298.2 | 568.3 | ||
Investment security gains (losses) | 0.1 | $ 0.0 | (189.3) | $ 6.9 | (176.4) |
Provision for (release of) credit losses | 7.9 | (15.0) | 0.1 | (0.5) | |
Held to maturity securities | 22,798.6 | 22,798.6 | 26,221.7 | ||
Debt securities, held-to-maturity, accumulated unrecognized loss | $ 1,860.8 | $ 1,860.8 | $ 1,755.6 | ||
Percentage of debt securities, held-to-maturity, portfolio | 1 | 1 | 1 | ||
Proceeds from sale of investment securities | 0.0 | $ 2,000.0 | 2,100.0 | ||
Moodys And Standard Poors A Or Higher Rating | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Percentage of debt securities, held-to-maturity, portfolio | 0.96 | 0.96 | 0.97 | ||
BBB | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | $ 323.8 | $ 323.8 | $ 334.0 | ||
Percentage of debt securities, held-to-maturity, portfolio | 0.01 | 0.01 | 0.01 | ||
NOT RATED | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | $ 543.9 | $ 543.9 | $ 560.9 | ||
Percentage of debt securities, held-to-maturity, portfolio | 0.03 | 0.03 | 0.02 | ||
Government Sponsored Agency | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total fair value | $ 8,160.6 | $ 8,160.6 | $ 9,817.6 | ||
Debt securities, unrealized losses | 132.4 | 132.4 | 200.3 | ||
Held to maturity securities | 9,041.2 | 9,041.2 | 9,355.3 | ||
Debt securities, held-to-maturity, accumulated unrecognized loss | 1,123.0 | 1,123.0 | 1,012.4 | ||
Government Sponsored Agency | BBB | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 0.0 | 0.0 | 0.0 | ||
Government Sponsored Agency | NOT RATED | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 0.2 | 0.2 | 0.0 | ||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total fair value | 2,013.7 | 2,013.7 | 2,477.0 | ||
Debt securities, unrealized losses | 60.3 | 60.3 | 105.8 | ||
Held to maturity securities | 4,945.5 | 4,945.5 | 5,245.5 | ||
Debt securities, held-to-maturity, accumulated unrecognized loss | 263.8 | 263.8 | 294.9 | ||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | BBB | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 1.1 | 1.1 | 1.1 | ||
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | NOT RATED | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 0.0 | 0.0 | 0.0 | ||
Other Asset-Backed | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total fair value | 601.3 | 601.3 | 2,018.5 | ||
Debt securities, unrealized losses | 26.3 | 26.3 | 100.0 | ||
Investment security gains (losses) | 0.1 | ||||
Held to maturity securities | 121.2 | 121.2 | 214.2 | ||
Debt securities, held-to-maturity, accumulated unrecognized loss | 0.2 | 0.2 | 0.2 | ||
Proceeds from sale of investment securities | 31.2 | ||||
Other Asset-Backed | BBB | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 0.0 | 0.0 | 0.0 | ||
Other Asset-Backed | NOT RATED | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 5.9 | 5.9 | 0.0 | ||
Corporate Debt | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Total fair value | 86.2 | 86.2 | 147.4 | ||
Debt securities, unrealized losses | 1.3 | 1.3 | 2.2 | ||
Provision for (release of) credit losses | 0.1 | $ (0.5) | (0.6) | $ 0.0 | |
Net amount of recognized liabilities for repurchase agreements | 0.6 | 0.6 | 1.2 | ||
Held to maturity securities | 553.7 | 553.7 | 646.1 | ||
Debt securities, held-to-maturity, accumulated unrecognized loss | 20.9 | 20.9 | 28.2 | ||
Corporate Debt | BBB | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | 0.0 | 0.0 | 0.0 | ||
Corporate Debt | NOT RATED | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Held to maturity securities | $ 0.0 | $ 0.0 | $ 0.0 |
Securities (Reconciliation of Amortized Cost to Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 22,798.6 | $ 26,221.7 |
GROSS UNREALIZED GAINS | 4.3 | 6.9 |
GROSS UNREALIZED LOSSES | 1,860.8 | 1,755.6 |
FAIR VALUE | 20,942.1 | 24,473.0 |
Obligations of States and Political Subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,557.9 | 2,563.9 |
GROSS UNREALIZED GAINS | 0.0 | 0.5 |
GROSS UNREALIZED LOSSES | 98.7 | 72.4 |
FAIR VALUE | 2,459.2 | 2,492.0 |
Government Sponsored Agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 9,041.2 | 9,355.3 |
GROSS UNREALIZED GAINS | 2.0 | 2.3 |
GROSS UNREALIZED LOSSES | 1,123.0 | 1,012.4 |
FAIR VALUE | 7,920.2 | 8,345.2 |
Non-U.S. Government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,503.3 | 4,789.1 |
GROSS UNREALIZED GAINS | 0.1 | 0.2 |
GROSS UNREALIZED LOSSES | 87.3 | 90.7 |
FAIR VALUE | 2,416.1 | 4,698.6 |
Corporate Debt | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 553.7 | 646.1 |
GROSS UNREALIZED GAINS | 0.0 | 0.0 |
GROSS UNREALIZED LOSSES | 20.9 | 28.2 |
FAIR VALUE | 532.8 | 617.9 |
Covered Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,023.5 | 2,208.6 |
GROSS UNREALIZED GAINS | 0.5 | 0.3 |
GROSS UNREALIZED LOSSES | 96.6 | 108.3 |
FAIR VALUE | 1,927.4 | 2,100.6 |
Certificates of Deposit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 425.0 | 585.1 |
GROSS UNREALIZED GAINS | 0.0 | 0.0 |
GROSS UNREALIZED LOSSES | 0.2 | 0.7 |
FAIR VALUE | 424.8 | 584.4 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 4,945.5 | 5,245.5 |
GROSS UNREALIZED GAINS | 1.0 | 3.2 |
GROSS UNREALIZED LOSSES | 263.8 | 294.9 |
FAIR VALUE | 4,682.7 | 4,953.8 |
Other Asset-Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 121.2 | 214.2 |
GROSS UNREALIZED GAINS | 0.7 | 0.4 |
GROSS UNREALIZED LOSSES | 0.2 | 0.2 |
FAIR VALUE | 121.7 | 214.4 |
Commercial Mortgage-Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 37.6 | 37.6 |
GROSS UNREALIZED GAINS | 0.0 | 0.0 |
GROSS UNREALIZED LOSSES | 0.7 | 0.8 |
FAIR VALUE | 36.9 | 36.8 |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 589.7 | 576.3 |
GROSS UNREALIZED GAINS | 0.0 | 0.0 |
GROSS UNREALIZED LOSSES | 169.4 | 147.0 |
FAIR VALUE | $ 420.3 | $ 429.3 |
Securities (Credit Quality Indicators) (Details) $ in Millions |
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 22,798.6 | $ 26,221.7 |
Percent of Total | 1 | 1 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 17,216.7 | $ 18,234.4 |
Percent of Total | 0.76 | 0.70 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 3,732.2 | $ 4,257.7 |
Percent of Total | 0.16 | 0.16 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 982.0 | $ 2,834.7 |
Percent of Total | 0.04 | 0.11 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 323.8 | $ 334.0 |
Percent of Total | 0.01 | 0.01 |
NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 543.9 | $ 560.9 |
Percent of Total | 0.03 | 0.02 |
Obligations of States and Political Subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 2,557.9 | $ 2,563.9 |
Obligations of States and Political Subdivisions | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 959.7 | 954.7 |
Obligations of States and Political Subdivisions | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 1,598.0 | 1,609.0 |
Obligations of States and Political Subdivisions | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Obligations of States and Political Subdivisions | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Obligations of States and Political Subdivisions | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.2 | 0.2 |
Government Sponsored Agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 9,041.2 | 9,355.3 |
Government Sponsored Agency | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 9,041.0 | 9,355.3 |
Government Sponsored Agency | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Government Sponsored Agency | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Government Sponsored Agency | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Government Sponsored Agency | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.2 | 0.0 |
Non-U.S. Government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 2,503.3 | 4,789.1 |
Non-U.S. Government | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 798.6 | 813.3 |
Non-U.S. Government | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 706.2 | 1,179.6 |
Non-U.S. Government | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 675.8 | 2,463.3 |
Non-U.S. Government | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 322.7 | 332.9 |
Non-U.S. Government | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Corporate Debt | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 553.7 | 646.1 |
Corporate Debt | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 2.1 |
Corporate Debt | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 276.8 | 302.6 |
Corporate Debt | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 276.9 | 341.4 |
Corporate Debt | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Corporate Debt | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Covered Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 2,023.5 | 2,208.6 |
Covered Bonds | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 2,023.5 | 2,208.6 |
Covered Bonds | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Covered Bonds | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Covered Bonds | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Covered Bonds | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Certificates of Deposit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 425.0 | 585.1 |
Certificates of Deposit | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 425.0 | 545.9 |
Certificates of Deposit | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Certificates of Deposit | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Certificates of Deposit | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Certificates of Deposit | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 39.2 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 4,945.5 | 5,245.5 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 3,763.9 | 4,047.9 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 1,151.2 | 1,166.5 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 29.3 | 30.0 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 1.1 | 1.1 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other Asset-Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 121.2 | 214.2 |
Other Asset-Backed | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 115.3 | 214.2 |
Other Asset-Backed | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other Asset-Backed | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other Asset-Backed | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other Asset-Backed | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 5.9 | 0.0 |
Commercial Mortgage-Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 37.6 | 37.6 |
Commercial Mortgage-Backed | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 37.6 | 37.6 |
Commercial Mortgage-Backed | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Commercial Mortgage-Backed | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Commercial Mortgage-Backed | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Commercial Mortgage-Backed | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 589.7 | 576.3 |
Other | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 52.1 | 54.8 |
Other | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other | BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | 0.0 | 0.0 |
Other | NOT RATED | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity | $ 537.6 | $ 521.5 |
Securities (Investment Security Gains and Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Gross Realized Debt Securities Gains | $ 0.1 | $ 0.0 | $ 185.2 | $ 213.0 |
Gross Realized Debt Securities Losses | 0.0 | 0.0 | (374.5) | (206.1) |
Investment Security Gains (Losses), net | $ 0.1 | $ 0.0 | $ (189.3) | $ 6.9 |
Securities (Investment Security Gains and Losses by Security Type) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | $ 0.1 | $ 0.0 | $ (189.3) | $ 6.9 |
U.S. Government | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.0 | 0.0 | (34.8) | 0.0 |
Obligations of States and Political Subdivisions | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.0 | 0.0 | 0.0 | 9.8 |
Government Sponsored Agency | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.0 | 0.0 | (23.0) | 0.0 |
Corporate Debt | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.0 | 0.0 | 0.0 | (1.2) |
Covered Bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.0 | 0.0 | (4.2) | 0.0 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.0 | 0.0 | (48.2) | 0.0 |
Other Asset-Backed | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | 0.1 | 0.0 | (56.5) | (0.8) |
Commercial Mortgage-Backed | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Investment Security Gains (Losses), net | $ 0.0 | $ 0.0 | $ (22.6) | $ (0.9) |
Loans (Loans) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 42,135.2 | $ 47,617.0 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 20,834.0 | 25,412.8 |
Commercial | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 10,812.1 | 11,555.3 |
Commercial | Commercial and Institutional | Private Equity Funds | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 4,300.0 | 4,500.0 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 5,266.8 | 5,134.2 |
Commercial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 2,464.0 | 2,778.5 |
Commercial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 2,291.1 | 5,944.8 |
Personal | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 21,301.2 | 22,204.2 |
Personal | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 14,416.5 | 14,360.0 |
Personal | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 6,209.0 | 6,327.1 |
Personal | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | 437.8 | 428.8 |
Personal | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 237.9 | $ 1,088.3 |
Loans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | $ 42,135.2 | $ 42,135.2 | $ 47,617.0 | ||
Other U.S. loans and non-U.S. loans, short duration advances | 3,700.0 | 3,700.0 | 8,400.0 | ||
Demand deposits | 5.2 | 5.2 | 12.1 | ||
Financing receivable, nonaccrual, interest income | 0.5 | $ 0.7 | 1.2 | $ 1.4 | |
Loans in process of foreclosure | 4.8 | 4.8 | 3.5 | ||
Modified loans, charged off | 0.3 | $ 0.7 | 8.5 | $ 0.7 | |
Mortgages | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, held-for-sale, not part of disposal group, after valuation allowance | 0.0 | 0.0 | 0.0 | ||
30-89 days past due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 0.0 | 0.0 | |||
90 days or greater past due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months | 8.8 | 8.8 | |||
Personal | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | $ 21,301.2 | $ 21,301.2 | 22,204.2 | ||
Personal | Residential Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Collateral required on Residential real estate loan, lower limit | 65.00% | 65.00% | |||
Collateral required on Residential real estate loan, upper limit | 80.00% | 80.00% | |||
Loans and leases | $ 6,209.0 | $ 6,209.0 | 6,327.1 | ||
Personal | Home Equity Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Draw period for credit line products | 10 years | ||||
Loans and leases | 227.1 | $ 227.1 | $ 228.7 | ||
Percentage of total equity credit lines | 98.00% | 96.00% | |||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and leases | $ 20,834.0 | $ 20,834.0 | $ 25,412.8 |
Loans (Credit Quality Indicator At Amortized Cost By Origination Year) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | $ 5,000.0 | $ 5,000.0 | $ 13,006.4 | ||
2023/2022 | 4,428.1 | 4,428.1 | 4,823.9 | ||
2022/2021 | 4,334.1 | 4,334.1 | 4,177.6 | ||
2021/2020 | 3,697.9 | 3,697.9 | 1,765.4 | ||
2020/2019 | 1,555.7 | 1,555.7 | 1,208.7 | ||
PRIOR | 3,205.1 | 3,205.1 | 2,681.5 | ||
REVOLVING LOANS | 19,188.0 | 19,188.0 | 19,233.5 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 726.3 | 726.3 | 720.0 | ||
TOTAL LOANS | 42,135.2 | 42,135.2 | 47,617.0 | ||
2024/2023, Charge-offs | 0.0 | (2.1) | |||
2023/2022, Charge-offs | (7.3) | (4.4) | |||
2022/2021, Charge-offs | (3.7) | 0.0 | |||
2021/2020, Charge-offs | 0.0 | 0.0 | |||
2020/2019, Charge-offs | 0.0 | 0.0 | |||
Prior, Charge-offs | (0.4) | (1.0) | |||
REVOLVING LOANS, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | 0.0 | |||
Charge-Offs | (0.3) | $ (0.8) | (11.4) | $ (4.8) | (7.5) |
Commercial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 4,342.7 | 4,342.7 | 10,601.2 | ||
2023/2022 | 3,186.6 | 3,186.6 | 3,008.8 | ||
2022/2021 | 2,683.8 | 2,683.8 | 2,212.4 | ||
2021/2020 | 1,987.9 | 1,987.9 | 536.3 | ||
2020/2019 | 390.6 | 390.6 | 590.8 | ||
PRIOR | 1,067.5 | 1,067.5 | 899.0 | ||
REVOLVING LOANS | 7,080.1 | 7,080.1 | 7,467.6 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 94.8 | 94.8 | 96.7 | ||
TOTAL LOANS | 20,834.0 | 20,834.0 | 25,412.8 | ||
2024/2023, Charge-offs | 0.0 | (1.3) | |||
2023/2022, Charge-offs | (7.3) | (4.4) | |||
2022/2021, Charge-offs | (3.7) | 0.0 | |||
2021/2020, Charge-offs | 0.0 | 0.0 | |||
2020/2019, Charge-offs | 0.0 | 0.0 | |||
Prior, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | 0.0 | |||
Charge-Offs | 0.0 | 0.0 | (11.0) | (4.0) | (5.7) |
Commercial | Commercial and Institutional | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 530.4 | 530.4 | 1,259.1 | ||
2023/2022 | 1,105.5 | 1,105.5 | 1,395.0 | ||
2022/2021 | 1,162.1 | 1,162.1 | 1,458.6 | ||
2021/2020 | 1,284.3 | 1,284.3 | 228.8 | ||
2020/2019 | 177.4 | 177.4 | 257.8 | ||
PRIOR | 563.5 | 563.5 | 590.3 | ||
REVOLVING LOANS | 5,899.4 | 5,899.4 | 6,276.9 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 89.5 | 89.5 | 88.8 | ||
TOTAL LOANS | 10,812.1 | 10,812.1 | 11,555.3 | ||
2024/2023, Charge-offs | 0.0 | ||||
2023/2022, Charge-offs | (7.3) | ||||
2022/2021, Charge-offs | (1.3) | ||||
2021/2020, Charge-offs | 0.0 | ||||
2020/2019, Charge-offs | 0.0 | ||||
Prior, Charge-offs | 0.0 | ||||
REVOLVING LOANS, Charge-offs | 0.0 | ||||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | ||||
Charge-Offs | (8.6) | ||||
Commercial | Commercial and Institutional | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 336.4 | 336.4 | 443.9 | ||
2023/2022 | 392.7 | 392.7 | 534.1 | ||
2022/2021 | 434.9 | 434.9 | 668.3 | ||
2021/2020 | 639.8 | 639.8 | 78.1 | ||
2020/2019 | 66.7 | 66.7 | 137.2 | ||
PRIOR | 390.9 | 390.9 | 409.9 | ||
REVOLVING LOANS | 4,313.7 | 4,313.7 | 4,909.8 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 15.0 | ||
TOTAL LOANS | 6,575.1 | 6,575.1 | 7,196.3 | ||
Commercial | Commercial and Institutional | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 181.3 | 181.3 | 801.4 | ||
2023/2022 | 645.8 | 645.8 | 790.9 | ||
2022/2021 | 618.1 | 618.1 | 729.5 | ||
2021/2020 | 545.9 | 545.9 | 138.7 | ||
2020/2019 | 110.7 | 110.7 | 120.5 | ||
PRIOR | 170.9 | 170.9 | 178.7 | ||
REVOLVING LOANS | 1,545.5 | 1,545.5 | 1,332.4 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 87.7 | 87.7 | 72.0 | ||
TOTAL LOANS | 3,905.9 | 3,905.9 | 4,164.1 | ||
Commercial | Commercial and Institutional | 6 to 9 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 12.7 | 12.7 | 13.8 | ||
2023/2022 | 67.0 | 67.0 | 70.0 | ||
2022/2021 | 109.1 | 109.1 | 60.8 | ||
2021/2020 | 98.6 | 98.6 | 12.0 | ||
2020/2019 | 0.0 | 0.0 | 0.1 | ||
PRIOR | 1.7 | 1.7 | 1.7 | ||
REVOLVING LOANS | 40.2 | 40.2 | 34.7 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 1.8 | 1.8 | 1.8 | ||
TOTAL LOANS | 331.1 | 331.1 | 194.9 | ||
Commercial | Commercial Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 259.3 | 259.3 | 1,933.2 | ||
2023/2022 | 2,019.9 | 2,019.9 | 1,598.7 | ||
2022/2021 | 1,506.9 | 1,506.9 | 710.6 | ||
2021/2020 | 672.6 | 672.6 | 242.3 | ||
2020/2019 | 213.2 | 213.2 | 298.8 | ||
PRIOR | 343.7 | 343.7 | 155.4 | ||
REVOLVING LOANS | 245.9 | 245.9 | 187.3 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 5.3 | 5.3 | 7.9 | ||
TOTAL LOANS | 5,266.8 | 5,266.8 | 5,134.2 | ||
2024/2023, Charge-offs | 0.0 | (0.7) | |||
2023/2022, Charge-offs | 0.0 | (4.4) | |||
2022/2021, Charge-offs | (2.4) | 0.0 | |||
2021/2020, Charge-offs | 0.0 | 0.0 | |||
2020/2019, Charge-offs | 0.0 | 0.0 | |||
Prior, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | 0.0 | |||
Charge-Offs | (2.4) | (5.1) | |||
Commercial | Commercial Real Estate | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 48.7 | 48.7 | 403.6 | ||
2023/2022 | 453.4 | 453.4 | 389.9 | ||
2022/2021 | 318.3 | 318.3 | 159.1 | ||
2021/2020 | 195.1 | 195.1 | 23.9 | ||
2020/2019 | 25.7 | 25.7 | 37.8 | ||
PRIOR | 37.2 | 37.2 | 44.8 | ||
REVOLVING LOANS | 68.8 | 68.8 | 51.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 1,147.2 | 1,147.2 | 1,110.1 | ||
Commercial | Commercial Real Estate | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 197.9 | 197.9 | 1,513.5 | ||
2023/2022 | 1,550.5 | 1,550.5 | 1,208.8 | ||
2022/2021 | 1,153.5 | 1,153.5 | 521.0 | ||
2021/2020 | 460.3 | 460.3 | 218.4 | ||
2020/2019 | 183.1 | 183.1 | 252.8 | ||
PRIOR | 300.3 | 300.3 | 96.0 | ||
REVOLVING LOANS | 177.1 | 177.1 | 136.3 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 5.3 | 5.3 | 7.9 | ||
TOTAL LOANS | 4,028.0 | 4,028.0 | 3,954.7 | ||
Commercial | Commercial Real Estate | 6 to 9 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 12.7 | 12.7 | 16.1 | ||
2023/2022 | 16.0 | 16.0 | 0.0 | ||
2022/2021 | 35.1 | 35.1 | 30.5 | ||
2021/2020 | 17.2 | 17.2 | 0.0 | ||
2020/2019 | 4.4 | 4.4 | 8.2 | ||
PRIOR | 6.2 | 6.2 | 14.6 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 91.6 | 91.6 | 69.4 | ||
Commercial | Non-U.S. | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 1,261.9 | 1,261.9 | 1,464.1 | ||
2023/2022 | 61.2 | 61.2 | 15.1 | ||
2022/2021 | 14.8 | 14.8 | 43.2 | ||
2021/2020 | 31.0 | 31.0 | 65.2 | ||
2020/2019 | 0.0 | 0.0 | 34.2 | ||
PRIOR | 160.3 | 160.3 | 153.3 | ||
REVOLVING LOANS | 934.8 | 934.8 | 1,003.4 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 2,464.0 | 2,464.0 | 2,778.5 | ||
Commercial | Non-U.S. | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 770.7 | 770.7 | 487.9 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 43.2 | ||
2021/2020 | 31.0 | 31.0 | 65.2 | ||
2020/2019 | 0.0 | 0.0 | 34.2 | ||
PRIOR | 30.3 | 30.3 | 3.3 | ||
REVOLVING LOANS | 783.1 | 783.1 | 760.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 1,615.1 | 1,615.1 | 1,393.8 | ||
Commercial | Non-U.S. | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 490.6 | 490.6 | 974.7 | ||
2023/2022 | 61.2 | 61.2 | 0.8 | ||
2022/2021 | 0.8 | 0.8 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 130.0 | 130.0 | 150.0 | ||
REVOLVING LOANS | 151.7 | 151.7 | 243.4 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 834.3 | 834.3 | 1,368.9 | ||
Commercial | Non-U.S. | 6 to 9 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 0.6 | 0.6 | 1.5 | ||
2023/2022 | 0.0 | 0.0 | 14.3 | ||
2022/2021 | 14.0 | 14.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 14.6 | 14.6 | 15.8 | ||
Commercial | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 2,291.1 | 2,291.1 | 5,944.8 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 2,291.1 | 2,291.1 | 5,944.8 | ||
2024/2023, Charge-offs | 0.0 | (0.6) | |||
2023/2022, Charge-offs | 0.0 | 0.0 | |||
2022/2021, Charge-offs | 0.0 | 0.0 | |||
2021/2020, Charge-offs | 0.0 | 0.0 | |||
2020/2019, Charge-offs | 0.0 | 0.0 | |||
Prior, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | 0.0 | |||
Charge-Offs | 0.0 | (0.6) | |||
Commercial | Other | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 1,052.1 | 1,052.1 | 4,313.2 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 1,052.1 | 1,052.1 | 4,313.2 | ||
Commercial | Other | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 1,239.0 | 1,239.0 | 1,631.6 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 1,239.0 | 1,239.0 | 1,631.6 | ||
Personal | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 657.3 | 657.3 | 2,405.2 | ||
2023/2022 | 1,241.5 | 1,241.5 | 1,815.1 | ||
2022/2021 | 1,650.3 | 1,650.3 | 1,965.2 | ||
2021/2020 | 1,710.0 | 1,710.0 | 1,229.1 | ||
2020/2019 | 1,165.1 | 1,165.1 | 617.9 | ||
PRIOR | 2,137.6 | 2,137.6 | 1,782.5 | ||
REVOLVING LOANS | 12,107.9 | 12,107.9 | 11,765.9 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 631.5 | 631.5 | 623.3 | ||
TOTAL LOANS | 21,301.2 | 21,301.2 | 22,204.2 | ||
2024/2023, Charge-offs | 0.0 | (0.8) | |||
2023/2022, Charge-offs | 0.0 | 0.0 | |||
2022/2021, Charge-offs | 0.0 | 0.0 | |||
2021/2020, Charge-offs | 0.0 | 0.0 | |||
2020/2019, Charge-offs | 0.0 | 0.0 | |||
Prior, Charge-offs | (0.4) | (1.0) | |||
REVOLVING LOANS, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | 0.0 | |||
Charge-Offs | (0.3) | $ (0.8) | (0.4) | $ (0.8) | (1.8) |
Personal | Private Client | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 200.3 | 200.3 | 818.4 | ||
2023/2022 | 765.3 | 765.3 | 629.3 | ||
2022/2021 | 495.8 | 495.8 | 707.4 | ||
2021/2020 | 533.8 | 533.8 | 168.4 | ||
2020/2019 | 142.4 | 142.4 | 167.5 | ||
PRIOR | 238.0 | 238.0 | 197.7 | ||
REVOLVING LOANS | 11,418.9 | 11,418.9 | 11,055.4 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 622.0 | 622.0 | 615.9 | ||
TOTAL LOANS | 14,416.5 | 14,416.5 | 14,360.0 | ||
2024/2023, Charge-offs | 0.0 | ||||
2023/2022, Charge-offs | 0.0 | ||||
2022/2021, Charge-offs | 0.0 | ||||
2021/2020, Charge-offs | 0.0 | ||||
2020/2019, Charge-offs | 0.0 | ||||
Prior, Charge-offs | (0.3) | ||||
REVOLVING LOANS, Charge-offs | 0.0 | ||||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | ||||
Charge-Offs | (0.3) | ||||
Personal | Private Client | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 130.8 | 130.8 | 504.7 | ||
2023/2022 | 418.8 | 418.8 | 140.8 | ||
2022/2021 | 95.6 | 95.6 | 52.3 | ||
2021/2020 | 19.6 | 19.6 | 67.5 | ||
2020/2019 | 13.9 | 13.9 | 8.7 | ||
PRIOR | 57.3 | 57.3 | 134.7 | ||
REVOLVING LOANS | 5,169.4 | 5,169.4 | 5,320.9 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 167.6 | 167.6 | 168.1 | ||
TOTAL LOANS | 6,073.0 | 6,073.0 | 6,397.7 | ||
Personal | Private Client | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 69.5 | 69.5 | 290.1 | ||
2023/2022 | 330.1 | 330.1 | 488.2 | ||
2022/2021 | 400.2 | 400.2 | 655.1 | ||
2021/2020 | 514.2 | 514.2 | 100.9 | ||
2020/2019 | 128.5 | 128.5 | 158.8 | ||
PRIOR | 180.7 | 180.7 | 44.7 | ||
REVOLVING LOANS | 6,238.0 | 6,238.0 | 5,721.5 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 454.4 | 454.4 | 447.8 | ||
TOTAL LOANS | 8,315.6 | 8,315.6 | 7,907.1 | ||
Personal | Private Client | 6 to 9 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 0.0 | 0.0 | 23.6 | ||
2023/2022 | 16.4 | 16.4 | 0.3 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 18.3 | ||
REVOLVING LOANS | 11.5 | 11.5 | 13.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 27.9 | 27.9 | 55.2 | ||
Personal | Residential Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 192.8 | 192.8 | 470.3 | ||
2023/2022 | 456.8 | 456.8 | 1,169.8 | ||
2022/2021 | 1,139.0 | 1,139.0 | 1,218.0 | ||
2021/2020 | 1,137.0 | 1,137.0 | 1,060.7 | ||
2020/2019 | 1,022.7 | 1,022.7 | 434.0 | ||
PRIOR | 1,872.3 | 1,872.3 | 1,571.3 | ||
REVOLVING LOANS | 386.3 | 386.3 | 403.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 2.1 | 2.1 | 0.0 | ||
TOTAL LOANS | 6,209.0 | 6,209.0 | 6,327.1 | ||
2024/2023, Charge-offs | 0.0 | (0.8) | |||
2023/2022, Charge-offs | 0.0 | 0.0 | |||
2022/2021, Charge-offs | 0.0 | 0.0 | |||
2021/2020, Charge-offs | 0.0 | 0.0 | |||
2020/2019, Charge-offs | 0.0 | 0.0 | |||
Prior, Charge-offs | (0.1) | (1.0) | |||
REVOLVING LOANS, Charge-offs | 0.0 | 0.0 | |||
REVOLVING LOANS CONVERTED TO TERM LOANS, Charge-offs | 0.0 | 0.0 | |||
Charge-Offs | (0.1) | (1.8) | |||
Personal | Residential Real Estate | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 103.5 | 103.5 | 278.7 | ||
2023/2022 | 244.7 | 244.7 | 464.0 | ||
2022/2021 | 463.2 | 463.2 | 500.6 | ||
2021/2020 | 413.6 | 413.6 | 373.3 | ||
2020/2019 | 286.6 | 286.6 | 142.4 | ||
PRIOR | 854.3 | 854.3 | 722.4 | ||
REVOLVING LOANS | 191.4 | 191.4 | 219.8 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 2,557.3 | 2,557.3 | 2,701.2 | ||
Personal | Residential Real Estate | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 89.3 | 89.3 | 191.6 | ||
2023/2022 | 212.1 | 212.1 | 694.9 | ||
2022/2021 | 668.5 | 668.5 | 717.4 | ||
2021/2020 | 723.4 | 723.4 | 686.7 | ||
2020/2019 | 735.5 | 735.5 | 290.0 | ||
PRIOR | 975.4 | 975.4 | 805.3 | ||
REVOLVING LOANS | 179.0 | 179.0 | 170.3 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 2.1 | 2.1 | 0.0 | ||
TOTAL LOANS | 3,585.3 | 3,585.3 | 3,556.2 | ||
Personal | Residential Real Estate | 6 to 9 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 0.0 | 0.0 | 0.0 | ||
2023/2022 | 0.0 | 0.0 | 10.9 | ||
2022/2021 | 7.3 | 7.3 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.7 | ||
2020/2019 | 0.6 | 0.6 | 1.6 | ||
PRIOR | 42.6 | 42.6 | 43.6 | ||
REVOLVING LOANS | 15.9 | 15.9 | 12.9 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 66.4 | 66.4 | 69.7 | ||
Personal | Non-U.S. | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 26.3 | 26.3 | 28.2 | ||
2023/2022 | 19.4 | 19.4 | 16.0 | ||
2022/2021 | 15.5 | 15.5 | 39.8 | ||
2021/2020 | 39.2 | 39.2 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 16.4 | ||
PRIOR | 27.3 | 27.3 | 13.5 | ||
REVOLVING LOANS | 302.7 | 302.7 | 307.5 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 7.4 | 7.4 | 7.4 | ||
TOTAL LOANS | 437.8 | 437.8 | 428.8 | ||
Personal | Non-U.S. | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 1.3 | 1.3 | 15.5 | ||
2023/2022 | 1.2 | 1.2 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.6 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 6.2 | 6.2 | 4.6 | ||
REVOLVING LOANS | 101.2 | 101.2 | 71.4 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 109.9 | 109.9 | 92.1 | ||
Personal | Non-U.S. | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 17.1 | 17.1 | 12.7 | ||
2023/2022 | 18.2 | 18.2 | 16.0 | ||
2022/2021 | 15.5 | 15.5 | 39.2 | ||
2021/2020 | 39.2 | 39.2 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 16.4 | ||
PRIOR | 21.1 | 21.1 | 8.9 | ||
REVOLVING LOANS | 201.5 | 201.5 | 236.1 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 7.4 | 7.4 | 7.4 | ||
TOTAL LOANS | 320.0 | 320.0 | 336.7 | ||
Personal | Non-U.S. | 6 to 9 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 7.9 | 7.9 | 0.0 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 7.9 | 7.9 | 0.0 | ||
Personal | Other | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 237.9 | 237.9 | 1,088.3 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 237.9 | 237.9 | 1,088.3 | ||
Personal | Other | 1 to 3 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 168.8 | 168.8 | 461.7 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | 168.8 | 168.8 | 461.7 | ||
Personal | Other | 4 to 5 Category | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024/2023 | 69.1 | 69.1 | 626.6 | ||
2023/2022 | 0.0 | 0.0 | 0.0 | ||
2022/2021 | 0.0 | 0.0 | 0.0 | ||
2021/2020 | 0.0 | 0.0 | 0.0 | ||
2020/2019 | 0.0 | 0.0 | 0.0 | ||
PRIOR | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS | 0.0 | 0.0 | 0.0 | ||
REVOLVING LOANS CONVERTED TO TERM LOANS | 0.0 | 0.0 | 0.0 | ||
TOTAL LOANS | $ 69.1 | $ 69.1 | $ 626.6 |
Loans (Delinquency Status) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | $ 42,096.7 | $ 47,553.4 |
NONACCRUAL | 38.5 | 63.6 |
TOTAL LOANS | 42,135.2 | 47,617.0 |
NONACCRUAL WITH NO ALLOWANCE | 30.8 | 49.4 |
Other Real Estate Owned | 0.0 | 1.5 |
Total Nonaccrual Assets | 38.5 | 65.1 |
CURRENT | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 41,750.8 | 47,261.1 |
30 – 59 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 229.2 | 239.5 |
60 – 89 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 36.1 | 32.7 |
90 DAYS OR MORE PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 80.6 | 20.1 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 20,820.7 | 25,396.5 |
NONACCRUAL | 13.3 | 16.3 |
TOTAL LOANS | 20,834.0 | 25,412.8 |
NONACCRUAL WITH NO ALLOWANCE | 7.6 | 4.1 |
Commercial | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 10,804.5 | 11,539.0 |
NONACCRUAL | 7.6 | 16.3 |
TOTAL LOANS | 10,812.1 | 11,555.3 |
NONACCRUAL WITH NO ALLOWANCE | 7.6 | 4.1 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 5,261.1 | 5,134.2 |
NONACCRUAL | 5.7 | 0.0 |
TOTAL LOANS | 5,266.8 | 5,134.2 |
NONACCRUAL WITH NO ALLOWANCE | 0.0 | 0.0 |
Commercial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 2,464.0 | 2,778.5 |
NONACCRUAL | 0.0 | 0.0 |
TOTAL LOANS | 2,464.0 | 2,778.5 |
NONACCRUAL WITH NO ALLOWANCE | 0.0 | 0.0 |
Commercial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 2,291.1 | 5,944.8 |
NONACCRUAL | 0.0 | 0.0 |
TOTAL LOANS | 2,291.1 | 5,944.8 |
NONACCRUAL WITH NO ALLOWANCE | 0.0 | 0.0 |
Commercial | CURRENT | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 20,715.6 | 25,221.6 |
Commercial | CURRENT | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 10,721.6 | 11,374.6 |
Commercial | CURRENT | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 5,244.3 | 5,123.7 |
Commercial | CURRENT | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 2,458.6 | 2,778.5 |
Commercial | CURRENT | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 2,291.1 | 5,944.8 |
Commercial | 30 – 59 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 41.1 | 168.1 |
Commercial | 30 – 59 DAYS PAST DUE | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 19.3 | 163.7 |
Commercial | 30 – 59 DAYS PAST DUE | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 16.8 | 4.4 |
Commercial | 30 – 59 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 5.0 | 0.0 |
Commercial | 30 – 59 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Commercial | 60 – 89 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 9.4 | 6.8 |
Commercial | 60 – 89 DAYS PAST DUE | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 9.4 | 0.7 |
Commercial | 60 – 89 DAYS PAST DUE | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 6.1 |
Commercial | 60 – 89 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Commercial | 60 – 89 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Commercial | 90 DAYS OR MORE PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 54.6 | 0.0 |
Commercial | 90 DAYS OR MORE PAST DUE | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 54.2 | 0.0 |
Commercial | 90 DAYS OR MORE PAST DUE | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Commercial | 90 DAYS OR MORE PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.4 | 0.0 |
Commercial | 90 DAYS OR MORE PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Personal | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 21,276.0 | 22,156.9 |
NONACCRUAL | 25.2 | 47.3 |
TOTAL LOANS | 21,301.2 | 22,204.2 |
NONACCRUAL WITH NO ALLOWANCE | 23.2 | 45.3 |
Personal | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 14,414.5 | 14,339.7 |
NONACCRUAL | 2.0 | 20.3 |
TOTAL LOANS | 14,416.5 | 14,360.0 |
NONACCRUAL WITH NO ALLOWANCE | 0.0 | 18.3 |
Personal | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 6,185.8 | 6,300.1 |
NONACCRUAL | 23.2 | 27.0 |
TOTAL LOANS | 6,209.0 | 6,327.1 |
NONACCRUAL WITH NO ALLOWANCE | 23.2 | 27.0 |
Personal | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 437.8 | 428.8 |
NONACCRUAL | 0.0 | 0.0 |
TOTAL LOANS | 437.8 | 428.8 |
NONACCRUAL WITH NO ALLOWANCE | 0.0 | 0.0 |
Personal | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 237.9 | 1,088.3 |
NONACCRUAL | 0.0 | 0.0 |
TOTAL LOANS | 237.9 | 1,088.3 |
NONACCRUAL WITH NO ALLOWANCE | 0.0 | 0.0 |
Personal | CURRENT | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 21,035.2 | 22,039.5 |
Personal | CURRENT | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 14,220.5 | 14,240.0 |
Personal | CURRENT | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 6,160.1 | 6,283.0 |
Personal | CURRENT | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 416.7 | 428.2 |
Personal | CURRENT | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 237.9 | 1,088.3 |
Personal | 30 – 59 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 188.1 | 71.4 |
Personal | 30 – 59 DAYS PAST DUE | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 144.7 | 63.9 |
Personal | 30 – 59 DAYS PAST DUE | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 22.3 | 7.5 |
Personal | 30 – 59 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 21.1 | 0.0 |
Personal | 30 – 59 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Personal | 60 – 89 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 26.7 | 25.9 |
Personal | 60 – 89 DAYS PAST DUE | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 23.4 | 24.8 |
Personal | 60 – 89 DAYS PAST DUE | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 3.3 | 0.5 |
Personal | 60 – 89 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.6 |
Personal | 60 – 89 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Personal | 90 DAYS OR MORE PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 26.0 | 20.1 |
Personal | 90 DAYS OR MORE PAST DUE | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 25.9 | 11.0 |
Personal | 90 DAYS OR MORE PAST DUE | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.1 | 9.1 |
Personal | 90 DAYS OR MORE PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | 0.0 | 0.0 |
Personal | 90 DAYS OR MORE PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
TOTAL ACCRUAL | $ 0.0 | $ 0.0 |
Loans (Loan Modifications Made To Borrowers Experiencing Financial Difficulty) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.0 | $ 0.2 | $ 0.3 | $ 3.1 |
% OF TOTAL SEGMENT | 0.00% | 0.00% | 0.00% | 0.05% |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.0 | $ 0.0 | ||
% OF TOTAL SEGMENT | 0.00% | 0.00% | ||
Commercial | Combination of principal and/or interest deferral and extension of term | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.0 | $ 0.0 | ||
% OF TOTAL SEGMENT | 0.00% | 0.00% | ||
Loans, modified in period, no amortized cost | $ 32.5 | |||
Loans, modified and repaid in period | $ 32.5 | |||
Commercial | Deferred Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable, modified, weighted average term increase from modification | 6 months | 6 months | ||
Financing receivable, modified, deferred principal and interest | $ 32.5 | $ 32.5 | ||
Commercial | Extension of Term | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing receivable, modified, weighted average term increase from modification | 6 months | 6 months | ||
Personal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.0 | $ 0.2 | $ 0.3 | $ 3.1 |
% OF TOTAL SEGMENT | 0.00% | 0.00% | 0.00% | 0.05% |
Personal | Residential Real Estate | Deferred Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.2 | $ 3.1 | ||
% OF TOTAL SEGMENT | 0.00% | 0.05% | ||
Financing receivable, modified, weighted average term increase from modification | 9 months | |||
Personal | Residential Real Estate | Extension of Term | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.0 | $ 0.1 | ||
% OF TOTAL SEGMENT | 0.00% | 0.00% | ||
Financing receivable, modified, weighted average term increase from modification | 14 months | |||
Personal | Private Client | Extension of Term | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
AMORTIZED COST BASIS | $ 0.0 | $ 0.0 | $ 0.2 | $ 0.0 |
% OF TOTAL SEGMENT | 0.00% | 0.00% | 0.00% | 0.00% |
Financing receivable, modified, weighted average term increase from modification | 60 months | 22 months | 60 months | |
Loans, modified in period, no amortized cost | $ 0.2 |
Allowance for Credit Losses (Changes in Allowance for Credit Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
LOANS | |||||
Balance at Beginning of Period | $ 162.4 | $ 159.9 | $ 178.7 | $ 144.3 | $ 144.3 |
Charge-Offs | (0.3) | (0.8) | (11.4) | (4.8) | (7.5) |
Recoveries | 0.4 | 0.8 | 1.1 | 1.9 | |
Net Recoveries (Charge-Offs) | 0.1 | 0.0 | (10.3) | (2.9) | |
Provision for Credit Losses | 5.2 | (7.4) | (0.7) | 11.1 | |
Balance at End of Period | 167.7 | 152.5 | 167.7 | 152.5 | 178.7 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||
Balance at Beginning of Period | 25.2 | 34.3 | 26.9 | 38.5 | 38.5 |
Charge-Offs | 0.0 | 0.0 | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | 0.0 | 0.0 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.0 | 0.0 | 0.0 | |
Provision for Credit Losses | 4.3 | (8.3) | 2.6 | (12.5) | |
Balance at End of Period | 29.5 | 26.0 | 29.5 | 26.0 | 26.9 |
HELD TO MATURITY DEBT SECURITIES | |||||
Balance at Beginning of Period | 12.4 | 16.0 | 12.7 | 16.0 | 16.0 |
Charge-Offs | 0.0 | 0.0 | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | 0.0 | 0.0 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.0 | 0.0 | 0.0 | |
Provision for Credit Losses | (1.5) | 0.7 | (1.8) | 0.7 | |
Balance at End of Period | 10.9 | 16.7 | 10.9 | 16.7 | 12.7 |
OTHER FINANCIAL ASSETS | |||||
Balance at Beginning of Period | 1.0 | 1.0 | 0.9 | 0.8 | 0.8 |
Charge-Offs | 0.0 | 0.0 | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | 0.0 | 0.0 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.0 | 0.0 | 0.0 | |
Provision for Credit Losses | (0.1) | 0.0 | 0.0 | 0.2 | |
Balance at End of Period | 0.9 | 1.0 | 0.9 | 1.0 | 0.9 |
TOTAL | |||||
Balance at Beginning of Period | 201.0 | 211.2 | 219.2 | 199.6 | 199.6 |
Charge-Offs | (0.3) | (0.8) | (11.4) | (4.8) | |
Recoveries | 0.4 | 0.8 | 1.1 | 1.9 | |
Net Recoveries (Charge-Offs) | 0.1 | 0.0 | (10.3) | (2.9) | |
Provision for credit losses | 7.9 | (15.0) | 0.1 | (0.5) | |
Balance at End of Period | 209.0 | 196.2 | 209.0 | 196.2 | 219.2 |
Corporate Debt | |||||
HELD TO MATURITY DEBT SECURITIES | |||||
Balance at Beginning of Period | 0.8 | 1.9 | 0.9 | 1.9 | 1.9 |
Provision for Credit Losses | (0.3) | (0.5) | (0.4) | (0.5) | |
Balance at End of Period | 0.5 | 1.4 | 0.5 | 1.4 | $ 0.9 |
TOTAL | |||||
Provision for credit losses | $ 0.1 | $ (0.5) | $ (0.6) | $ 0.0 |
Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Receivables [Abstract] | ||||||||
Provision for (release of) credit losses | $ 7.9 | $ (15.0) | $ 0.1 | $ (0.5) | ||||
Net charge-offs (recoveries) | (0.1) | 0.0 | $ 10.3 | 2.9 | ||||
Time period used for projecting future conditions to estimate credit losses | 2 years | |||||||
Other financial assets, allowance for credit loss | $ 0.9 | $ 1.0 | $ 0.9 | $ 1.0 | $ 1.0 | $ 0.9 | $ 1.0 | $ 0.8 |
Allowance for Credit Losses (Changes in Allowance for Credit Losses Related to Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
LOANS | |||||
Balance at Beginning of Period | $ 162.4 | $ 159.9 | $ 178.7 | $ 144.3 | $ 144.3 |
Charge-Offs | (0.3) | (0.8) | (11.4) | (4.8) | (7.5) |
Recoveries | 0.4 | 0.8 | 1.1 | 1.9 | |
Net Recoveries (Charge-Offs) | 0.1 | 0.0 | (10.3) | (2.9) | |
Provision for Credit Losses | 5.2 | (7.4) | (0.7) | 11.1 | |
Balance at End of Period | 167.7 | 152.5 | 167.7 | 152.5 | 178.7 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||
Balance at Beginning of Period | 25.2 | 34.3 | 26.9 | 38.5 | 38.5 |
Charge-Offs | 0.0 | 0.0 | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | 0.0 | 0.0 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.0 | 0.0 | 0.0 | |
Provision for Credit Losses | 4.3 | (8.3) | 2.6 | (12.5) | |
Balance at End of Period | 29.5 | 26.0 | 29.5 | 26.0 | 26.9 |
COMMERCIAL | |||||
LOANS | |||||
Balance at Beginning of Period | 131.7 | 130.8 | 146.8 | 116.2 | 116.2 |
Charge-Offs | 0.0 | 0.0 | (11.0) | (4.0) | (5.7) |
Recoveries | 0.0 | 0.1 | 0.0 | 0.1 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.1 | (11.0) | (3.9) | |
Provision for Credit Losses | 5.2 | (6.9) | 1.1 | 11.7 | |
Balance at End of Period | 136.9 | 124.0 | 136.9 | 124.0 | 146.8 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||
Balance at Beginning of Period | 22.5 | 31.3 | 24.9 | 36.3 | 36.3 |
Charge-Offs | 0.0 | 0.0 | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | 0.0 | 0.0 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.0 | 0.0 | 0.0 | |
Provision for Credit Losses | 4.7 | (8.0) | 2.3 | (13.0) | |
Balance at End of Period | 27.2 | 23.3 | 27.2 | 23.3 | 24.9 |
PERSONAL | |||||
LOANS | |||||
Balance at Beginning of Period | 30.7 | 29.1 | 31.9 | 28.1 | 28.1 |
Charge-Offs | (0.3) | (0.8) | (0.4) | (0.8) | (1.8) |
Recoveries | 0.4 | 0.7 | 1.1 | 1.8 | |
Net Recoveries (Charge-Offs) | 0.1 | (0.1) | 0.7 | 1.0 | |
Provision for Credit Losses | 0.0 | (0.5) | (1.8) | (0.6) | |
Balance at End of Period | 30.8 | 28.5 | 30.8 | 28.5 | 31.9 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | |||||
Balance at Beginning of Period | 2.7 | 3.0 | 2.0 | 2.2 | 2.2 |
Charge-Offs | 0.0 | 0.0 | 0.0 | 0.0 | |
Recoveries | 0.0 | 0.0 | 0.0 | 0.0 | |
Net Recoveries (Charge-Offs) | 0.0 | 0.0 | 0.0 | 0.0 | |
Provision for Credit Losses | (0.4) | (0.3) | 0.3 | 0.5 | |
Balance at End of Period | $ 2.3 | $ 2.7 | $ 2.3 | $ 2.7 | $ 2.0 |
Allowance for Credit Losses (Recorded Investments in Loans) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|---|---|
Loans | ||||||
Evaluated on an Individual Basis | $ 45.3 | $ 96.3 | ||||
Evaluated on a Collective Basis | 42,089.9 | 47,520.7 | ||||
TOTAL LOANS | 42,135.2 | 47,617.0 | ||||
Allowance for Credit Losses on Loans | ||||||
Evaluated on an Individual Basis | 2.5 | 13.4 | ||||
Evaluated on a Collective Basis | 165.2 | 165.3 | ||||
Allowance Assigned to Loans | 167.7 | $ 162.4 | 178.7 | $ 152.5 | $ 159.9 | $ 144.3 |
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | ||||||
Evaluated on a Collective Basis | 29.5 | 26.9 | ||||
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | 29.5 | 25.2 | 26.9 | 26.0 | 34.3 | 38.5 |
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit | 197.2 | 205.6 | ||||
COMMERCIAL | ||||||
Loans | ||||||
Evaluated on an Individual Basis | 14.5 | 33.7 | ||||
Evaluated on a Collective Basis | 20,819.5 | 25,379.1 | ||||
TOTAL LOANS | 20,834.0 | 25,412.8 | ||||
Allowance for Credit Losses on Loans | ||||||
Evaluated on an Individual Basis | 0.5 | 11.4 | ||||
Evaluated on a Collective Basis | 136.4 | 135.4 | ||||
Allowance Assigned to Loans | 136.9 | 131.7 | 146.8 | 124.0 | 130.8 | 116.2 |
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | ||||||
Evaluated on a Collective Basis | 27.2 | 24.9 | ||||
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | 27.2 | 22.5 | 24.9 | 23.3 | 31.3 | 36.3 |
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit | 164.1 | 171.7 | ||||
PERSONAL | ||||||
Loans | ||||||
Evaluated on an Individual Basis | 30.8 | 62.6 | ||||
Evaluated on a Collective Basis | 21,270.4 | 22,141.6 | ||||
TOTAL LOANS | 21,301.2 | 22,204.2 | ||||
Allowance for Credit Losses on Loans | ||||||
Evaluated on an Individual Basis | 2.0 | 2.0 | ||||
Evaluated on a Collective Basis | 28.8 | 29.9 | ||||
Allowance Assigned to Loans | 30.8 | 30.7 | 31.9 | 28.5 | 29.1 | 28.1 |
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | ||||||
Evaluated on a Collective Basis | 2.3 | 2.0 | ||||
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | 2.3 | $ 2.7 | 2.0 | $ 2.7 | $ 3.0 | $ 2.2 |
Total Allowance Assigned to Loans and Undrawn Loan Commitments and Standby Letters of Credit | $ 33.1 | $ 33.9 |
Allowance for Credit Losses (Changes in The Allowance for Credit Losses Related to Debt Securities Held to Maturity) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | $ 12.4 | $ 16.0 | $ 12.7 | $ 16.0 |
Provision for Credit Losses | (1.5) | 0.7 | (1.8) | 0.7 |
Balance at End of Period | 10.9 | 16.7 | 10.9 | 16.7 |
CORPORATE DEBT | ||||
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | 0.8 | 1.9 | 0.9 | 1.9 |
Provision for Credit Losses | (0.3) | (0.5) | (0.4) | (0.5) |
Balance at End of Period | 0.5 | 1.4 | 0.5 | 1.4 |
NON-U.S. GOVERNMENT | ||||
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | 3.5 | 3.9 | 3.5 | 3.6 |
Provision for Credit Losses | (0.9) | 1.5 | (0.9) | 1.8 |
Balance at End of Period | 2.6 | 5.4 | 2.6 | 5.4 |
SUB-SOVEREIGN, SUPRANATIONAL, AND NON-U.S. AGENCY BONDS | ||||
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | 2.1 | 4.1 | 2.2 | 4.0 |
Provision for Credit Losses | (0.4) | (0.7) | (0.5) | (0.6) |
Balance at End of Period | 1.7 | 3.4 | 1.7 | 3.4 |
OBLIGATIONS OF STATES AND POICITAL SUBDIVISIONS | ||||
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | 1.1 | 1.3 | 1.2 | 1.5 |
Provision for Credit Losses | (0.1) | 0.0 | (0.2) | (0.2) |
Balance at End of Period | 1.0 | 1.3 | 1.0 | 1.3 |
COVERED BONDS | ||||
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | 0.1 | 0.1 | 0.1 | 0.1 |
Provision for Credit Losses | 0.0 | 0.0 | 0.0 | 0.0 |
Balance at End of Period | 0.1 | 0.1 | 0.1 | 0.1 |
OTHER | ||||
HELD TO MATURITY DEBT SECURITIES | ||||
Balance at Beginning of Period | 4.8 | 4.7 | 4.8 | 4.9 |
Provision for Credit Losses | 0.2 | 0.4 | 0.2 | 0.2 |
Balance at End of Period | $ 5.0 | $ 5.1 | $ 5.0 | $ 5.1 |
Allowance for Credit Losses (Accrued Interest) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Receivables [Abstract] | ||
Loans | $ 252.2 | $ 241.7 |
Debt Securities | ||
Held to Maturity | 74.6 | 72.0 |
Available for Sale | 170.9 | 129.2 |
Other Financial Assets | 82.4 | 86.0 |
Total | $ 580.1 | $ 528.9 |
Pledged Assets, Accepted Collateral and Restricted Assets (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Cash, held in foreign currency | $ 942,900,000 | $ 942,900,000 | $ 722,200,000 | ||
Restricted cash | 539,000,000 | 539,000,000 | 575,200,000 | ||
Average deposits maintained to meet Federal Reserve Bank reserve requirements | 0 | $ 0 | 0 | $ 0 | |
Debt Securities And Loans | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Collateral that may be repledged or sold | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,100,000,000 |
Pledged Assets, Accepted Collateral and Restricted Assets (Type of Pledged Assets) (Details) - Collateral that may be repledged or sold - USD ($) $ in Billions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total Pledged Assets | $ 41.3 | $ 43.3 |
Debt Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total Pledged Assets | 30.8 | 33.0 |
Loans | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total Pledged Assets | $ 10.5 | $ 10.3 |
Pledged Assets, Accepted Collateral and Restricted Assets (Accepted Collateral) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total Collateral Accepted | $ 70,684.5 | $ 62,780.0 |
Fair value of securities received as collateral that have been resold or repledged | 69,800.0 | 62,000.0 |
Reverse repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Collateral that may be repledged or sold | 70,680.5 | 62,767.8 |
Reverse repurchase agreements | 0.0 | 0.0 |
Derivative contracts | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Collateral that may be repledged or sold | $ 4.0 | $ 12.2 |
Goodwill and Other Intangibles (Goodwill by Reporting Segment) (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 702.3 |
Foreign Exchange Rates | (4.9) |
Goodwill, Ending Balance | 697.4 |
ASSET SERVICING | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 621.9 |
Foreign Exchange Rates | (4.8) |
Goodwill, Ending Balance | 617.1 |
WEALTH MANAGEMENT | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 80.4 |
Foreign Exchange Rates | (0.1) |
Goodwill, Ending Balance | $ 80.3 |
Goodwill and Other Intangibles (Other Intangible Assets and Capitalized Software) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Other Intangible Assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 130.4 | $ 135.0 |
Less: Accumulated Amortization | 66.0 | 63.4 |
Net Book Value | 64.4 | 71.6 |
Computer Software | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,068.3 | 3,781.7 |
Less: Accumulated Amortization | 2,043.7 | 1,754.2 |
Net Book Value | $ 2,024.6 | $ 2,027.5 |
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Other Intangible Assets | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Other intangible assets amortization | $ 2.4 | $ 2.4 | $ 4.7 | $ 4.7 |
Estimated future amortization expense for 2024 | 4.5 | 4.5 | ||
Estimated future amortization expense for 2025 | 8.6 | 8.6 | ||
Estimated future amortization expense for 2026 | 8.2 | 8.2 | ||
Estimated future amortization expense for 2027 | 8.0 | 8.0 | ||
Estimated future amortization expense for 2028 | 7.4 | 7.4 | ||
Computer Software | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Other intangible assets amortization | $ 150.6 | $ 122.8 | $ 291.0 | $ 244.1 |
Reporting Segments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Segment Reporting Information [Line Items] | ||||
Net Interest Income | $ 522.9 | $ 511.5 | $ 1,051.0 | $ 1,042.7 |
Scenario, Adjustment | Asset Servicing segment | ||||
Segment Reporting Information [Line Items] | ||||
Net Interest Income | (32.0) | (63.0) | ||
Scenario, Adjustment | Wealth Management segment | ||||
Segment Reporting Information [Line Items] | ||||
Net Interest Income | $ 32.0 | $ 63.0 |
Reporting Segments (Results of Reporting Segments) (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
segment
|
Jun. 30, 2023
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||||
Number of reporting segments | segment | 2 | |||||
Noninterest Income | ||||||
Trust, Investment and Other Servicing Fees | $ 1,166.1 | $ 1,096.3 | $ 2,309.0 | $ 2,159.9 | ||
Foreign Exchange Trading Income | 58.4 | 50.1 | 115.4 | 103.1 | ||
Other Noninterest Income (Loss) | 968.1 | 99.2 | 886.9 | 196.0 | ||
Total Noninterest Income | 2,192.6 | 1,245.6 | 3,311.3 | 2,459.0 | ||
Net Interest Income | 522.9 | 511.5 | 1,051.0 | 1,042.7 | ||
Revenue | 2,715.5 | 1,757.1 | 4,362.3 | 3,501.7 | ||
Provision for Credit Losses | 8.0 | (15.5) | (0.5) | (0.5) | ||
Noninterest Expense | 1,533.9 | 1,331.9 | 2,898.6 | 2,617.5 | ||
Income before Income Taxes | 1,173.6 | 440.7 | 1,464.2 | 884.7 | ||
Provision for Income Taxes | 277.5 | 108.9 | 353.4 | 218.3 | ||
Net Income | $ 896.1 | $ 214.7 | $ 331.8 | $ 334.6 | $ 1,110.8 | $ 666.4 |
Percentage of Consolidated Net Income | 100.00% | 100.00% | 100.00% | 100.00% | ||
Average Assets | $ 148,001.2 | $ 145,899.6 | $ 146,559.8 | $ 146,973.8 | ||
OTHER | ||||||
Noninterest Income | ||||||
Trust, Investment and Other Servicing Fees | 0.0 | 0.0 | 0.0 | 0.0 | ||
Foreign Exchange Trading Income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other Noninterest Income (Loss) | 875.9 | (10.9) | 685.4 | (11.6) | ||
Total Noninterest Income | 875.9 | (10.9) | 685.4 | (11.6) | ||
Net Interest Income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Revenue | 875.9 | (10.9) | 685.4 | (11.6) | ||
Provision for Credit Losses | (1.5) | 0.0 | (2.5) | 0.0 | ||
Noninterest Expense | 91.4 | 6.2 | 111.7 | 21.6 | ||
Income before Income Taxes | 786.0 | (17.1) | 576.2 | (33.2) | ||
Provision for Income Taxes | 185.5 | (4.3) | 130.7 | (8.3) | ||
Net Income | $ 600.5 | $ (12.8) | $ 445.5 | $ (24.9) | ||
Percentage of Consolidated Net Income | 67.00% | (4.00%) | 40.00% | (4.00%) | ||
Average Assets | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | ||
RECONCILING ITEMS | ||||||
Noninterest Income | ||||||
Trust, Investment and Other Servicing Fees | 0.0 | 0.0 | 0.0 | 0.0 | ||
Foreign Exchange Trading Income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Other Noninterest Income (Loss) | 0.0 | 0.0 | 0.0 | 0.0 | ||
Total Noninterest Income | 0.0 | 0.0 | 0.0 | 0.0 | ||
Net Interest Income | (6.9) | (13.1) | (14.2) | (26.3) | ||
Revenue | (6.9) | (13.1) | (14.2) | (26.3) | ||
Provision for Credit Losses | 0.0 | 0.0 | 0.0 | 0.0 | ||
Noninterest Expense | 0.0 | 0.0 | 0.0 | 0.0 | ||
Income before Income Taxes | (6.9) | (13.1) | (14.2) | (26.3) | ||
Provision for Income Taxes | (6.9) | (13.1) | (14.2) | (26.3) | ||
Net Income | 0.0 | 0.0 | 0.0 | 0.0 | ||
ASSET SERVICING | Operating Segments | ||||||
Noninterest Income | ||||||
Trust, Investment and Other Servicing Fees | 650.6 | 621.2 | 1,290.2 | 1,224.2 | ||
Foreign Exchange Trading Income | 62.2 | 52.0 | 122.1 | 106.9 | ||
Other Noninterest Income (Loss) | 61.1 | 69.7 | 131.9 | 132.9 | ||
Total Noninterest Income | 773.9 | 742.9 | 1,544.2 | 1,464.0 | ||
Net Interest Income | 285.3 | 309.3 | 579.1 | 621.4 | ||
Revenue | 1,059.2 | 1,052.2 | 2,123.3 | 2,085.4 | ||
Provision for Credit Losses | 4.5 | (3.5) | (1.3) | (6.4) | ||
Noninterest Expense | 920.6 | 849.4 | 1,773.3 | 1,650.4 | ||
Income before Income Taxes | 134.1 | 206.3 | 351.3 | 441.4 | ||
Provision for Income Taxes | 32.4 | 52.6 | 89.0 | 113.1 | ||
Net Income | $ 101.7 | $ 153.7 | $ 262.3 | $ 328.3 | ||
Percentage of Consolidated Net Income | 11.00% | 46.00% | 24.00% | 49.00% | ||
Average Assets | $ 108,728.3 | $ 111,029.9 | $ 107,850.4 | $ 111,143.6 | ||
WEALTH MANAGEMENT | Operating Segments | ||||||
Noninterest Income | ||||||
Trust, Investment and Other Servicing Fees | 515.5 | 475.1 | 1,018.8 | 935.7 | ||
Foreign Exchange Trading Income | (3.8) | (1.9) | (6.7) | (3.8) | ||
Other Noninterest Income (Loss) | 31.1 | 40.4 | 69.6 | 74.7 | ||
Total Noninterest Income | 542.8 | 513.6 | 1,081.7 | 1,006.6 | ||
Net Interest Income | 244.5 | 215.3 | 486.1 | 447.6 | ||
Revenue | 787.3 | 728.9 | 1,567.8 | 1,454.2 | ||
Provision for Credit Losses | 5.0 | (12.0) | 3.3 | 5.9 | ||
Noninterest Expense | 521.9 | 476.3 | 1,013.6 | 945.5 | ||
Income before Income Taxes | 260.4 | 264.6 | 550.9 | 502.8 | ||
Provision for Income Taxes | 66.5 | 73.7 | 147.9 | 139.8 | ||
Net Income | $ 193.9 | $ 190.9 | $ 403.0 | $ 363.0 | ||
Percentage of Consolidated Net Income | 22.00% | 58.00% | 36.00% | 55.00% | ||
Average Assets | $ 39,272.9 | $ 34,869.7 | $ 38,709.4 | $ 35,830.2 |
Stockholders' Equity (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 16, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Oct. 31, 2021 |
|
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Stockholders' equity | $ 12,655,800,000 | $ 12,101,800,000 | $ 11,635,700,000 | $ 11,587,800,000 | $ 12,655,800,000 | $ 11,635,700,000 | $ 11,897,900,000 | $ 11,259,500,000 | ||
Common stock dividends (in usd per share) | $ 0.75 | $ 0.75 | $ 0.75 | $ 0.75 | ||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 25,000,000 | |||||||||
Stock repurchase, shares (in shares) | 3,001,216 | 1,361,828 | 4,648,742 | 2,412,055 | ||||||
Stock repurchase, aggregate cost | $ 250,800,000 | $ 132,000,000.0 | $ 99,300,000 | $ 100,900,000 | $ 382,800,000 | $ 200,200,000 | ||||
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) | 9,394 | 14,596 | 383,017 | 341,407 | ||||||
Average price paid per share for common stock repurchased (in usd per share) | $ 83.57 | $ 72.91 | $ 82.35 | $ 82.98 | ||||||
Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stockholders' equity | $ 884,900,000 | $ 884,900,000 | $ 884,900,000 | $ 884,900,000 | $ 884,900,000 | $ 884,900,000 | $ 884,900,000 | $ 884,900,000 | ||
Series D Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, outstanding (in shares) | 5,000 | 5,000 | 5,000 | |||||||
Preferred stock, without par value (in dollars per share) | $ 0 | $ 0 | ||||||||
Preferred stock, liquidation preference | $ 100,000 | $ 100,000 | ||||||||
Depository shares, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | ||||||||
Preferred stock, annual dividend rate | 4.60% | |||||||||
Preferred stock, dividend payment rate, variable rate | 3.202% | |||||||||
Series D Preferred Stock | Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stockholders' equity | $ 493,500,000 | $ 493,500,000 | $ 493,500,000 | |||||||
Series E Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, outstanding (in shares) | 16,000 | 16,000 | 16,000 | |||||||
Percentage of ownership interest per each depository shares | 0.10% | 0.10% | ||||||||
Preferred stock, without par value (in dollars per share) | $ 0 | $ 0 | ||||||||
Preferred stock, liquidation preference | $ 25,000 | $ 25,000 | ||||||||
Depository shares, liquidation preference per share (in dollars per share) | $ 25 | $ 25 | ||||||||
Preferred stock, annual dividend rate | 4.70% | |||||||||
Common stock dividends (in usd per share) | $ 293.75 | |||||||||
Series E Preferred Stock | Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stockholders' equity | $ 391,400,000 | $ 391,400,000 | $ 391,400,000 | |||||||
Series D Preferred Stock, Depositary Shares | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, outstanding (in shares) | 500,000 | 500,000 | ||||||||
Preferred stock, shares issued (in shares) | 500,000 | 500,000 | ||||||||
Percentage of ownership interest per each depository shares | 1.00% | 1.00% | ||||||||
Series E Preferred Stock Depositary Shares | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, outstanding (in shares) | 16,000,000 | 16,000,000 | ||||||||
Preferred stock, shares issued (in shares) | 16,000,000 | 16,000,000 |
Accumulated Other Comprehensive Income (Loss) (Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 12,101.8 | $ 11,897.9 | $ 11,587.8 | $ 11,259.5 | $ 11,897.9 | $ 11,259.5 |
Net Change | 52.6 | 220.3 | (39.7) | 203.0 | 272.9 | 163.3 |
Ending balance | 12,655.8 | 12,101.8 | 11,635.7 | 11,587.8 | 12,655.8 | 11,635.7 |
TOTAL | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (917.6) | (1,137.9) | (1,366.2) | (1,569.2) | (1,137.9) | (1,569.2) |
Net Change | 52.6 | 220.3 | (39.7) | 203.0 | ||
Ending balance | (865.0) | (917.6) | (1,405.9) | (1,366.2) | (865.0) | (1,405.9) |
NET UNREALIZED GAINS (LOSSES) ON AVAILABLE FOR SALE DEBT SECURITIES | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (710.5) | (923.9) | (1,187.4) | (1,367.6) | (923.9) | (1,367.6) |
Net Change | 43.4 | (42.0) | 256.8 | 138.2 | ||
Ending balance | (667.1) | (710.5) | (1,229.4) | (1,187.4) | (667.1) | (1,229.4) |
NET UNREALIZED GAINS (LOSSES) ON CASH FLOW HEDGES | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 0.1 | 0.8 | 1.1 | 1.2 | 0.8 | 1.2 |
Net Change | (0.1) | (0.6) | (0.8) | (0.7) | ||
Ending balance | 0.0 | 0.1 | 0.5 | 1.1 | 0.0 | 0.5 |
NET FOREIGN CURRENCY ADJUSTMENT | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 208.2 | 203.6 | 187.3 | 164.6 | 203.6 | 164.6 |
Net Change | 7.0 | 1.9 | 11.6 | 24.6 | ||
Ending balance | 215.2 | 208.2 | 189.2 | 187.3 | 215.2 | 189.2 |
NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (415.4) | (418.4) | (367.2) | (367.4) | (418.4) | (367.4) |
Net Change | 2.3 | 1.0 | 5.3 | 1.2 | ||
Ending balance | $ (413.1) | $ (415.4) | $ (366.2) | $ (367.2) | $ (413.1) | $ (366.2) |
Accumulated Other Comprehensive Income (Loss) (Details of Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
PRE-TAX | ||||||
Net Change | $ 76.0 | $ (63.2) | $ 388.5 | $ 195.8 | ||
TAX | ||||||
Net Change | (23.4) | 23.5 | (115.6) | (32.5) | ||
AFTER TAX | ||||||
Net Change | 52.6 | $ 220.3 | (39.7) | $ 203.0 | 272.9 | 163.3 |
Unrealized Gains (Losses) on Available for Sale Debt Securities | ||||||
PRE-TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | 40.0 | (88.7) | 113.2 | 140.6 | ||
Net Change | 67.1 | (58.3) | 354.1 | 186.0 | ||
TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | (17.1) | 23.9 | (36.5) | (36.4) | ||
Net Change | (23.7) | 16.3 | (97.3) | (47.8) | ||
AFTER TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | 22.9 | (64.8) | 76.7 | 104.2 | ||
Net Change | 43.4 | (42.0) | 256.8 | 138.2 | ||
Interest Income on Debt Securities | ||||||
PRE-TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 27.2 | 30.4 | 51.6 | 52.3 | ||
TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (6.7) | (7.6) | (12.9) | (13.1) | ||
AFTER TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 20.5 | 22.8 | 38.7 | 39.2 | ||
Net Losses on Debt Securities | ||||||
PRE-TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (0.1) | 0.0 | 189.3 | (6.9) | ||
TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0.1 | 0.0 | (47.9) | 1.7 | ||
AFTER TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0.0 | 0.0 | 141.4 | (5.2) | ||
Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
PRE-TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (1.0) | (2.2) | (6.5) | (2.8) | ||
Net Change | (0.1) | (0.8) | (1.1) | (0.9) | ||
TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0.2 | 0.6 | 1.6 | 0.7 | ||
Net Change | 0.0 | 0.2 | 0.3 | 0.2 | ||
AFTER TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (0.8) | (1.6) | (4.9) | (2.1) | ||
Net Change | (0.1) | (0.6) | (0.8) | (0.7) | ||
Foreign Currency Adjustments | ||||||
PRE-TAX | ||||||
Net Change | 5.9 | (5.5) | 28.1 | 8.8 | ||
TAX | ||||||
Net Change | 1.1 | 7.4 | (16.5) | 15.8 | ||
AFTER TAX | ||||||
Net Change | 7.0 | 1.9 | 11.6 | 24.6 | ||
Foreign Currency Translation Adjustments | ||||||
PRE-TAX | ||||||
Net Change | (11.9) | 26.7 | (70.4) | 73.5 | ||
TAX | ||||||
Net Change | (1.7) | (0.7) | 1.2 | (0.5) | ||
AFTER TAX | ||||||
Net Change | (13.6) | 26.0 | (69.2) | 73.0 | ||
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses) | ||||||
PRE-TAX | ||||||
Net Change | (0.2) | (1.6) | (0.8) | (1.6) | ||
TAX | ||||||
Net Change | 0.1 | 0.4 | 0.2 | 0.4 | ||
AFTER TAX | ||||||
Net Change | (0.1) | (1.2) | (0.6) | (1.2) | ||
Net Investment Hedge Gains (Losses) | ||||||
PRE-TAX | ||||||
Net Change | 18.0 | (30.6) | 99.3 | (63.1) | ||
TAX | ||||||
Net Change | 2.7 | 7.7 | (17.9) | 15.9 | ||
AFTER TAX | ||||||
Net Change | 20.7 | (22.9) | 81.4 | (47.2) | ||
Pension and Other Postretirement Benefit Adjustments | ||||||
PRE-TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | (0.1) | (0.2) | 1.0 | (1.3) | ||
Net Change | 3.1 | 1.4 | 7.4 | 1.9 | ||
TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | 0.0 | 0.0 | (0.5) | 0.1 | ||
Net Change | (0.8) | (0.4) | (2.1) | (0.7) | ||
AFTER TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | (0.1) | (0.2) | 0.5 | (1.2) | ||
Net Change | 2.3 | 1.0 | 5.3 | 1.2 | ||
Amortization of Net Actuarial Loss | ||||||
PRE-TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 3.2 | 1.6 | 6.4 | 3.2 | ||
TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (0.8) | (0.4) | (1.6) | (0.8) | ||
AFTER TAX | ||||||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 2.4 | 1.2 | 4.8 | 2.4 | ||
Foreign Exchange Contracts | Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
PRE-TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | 0.9 | 1.4 | 5.4 | 1.9 | ||
TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | (0.2) | (0.4) | (1.3) | (0.5) | ||
AFTER TAX | ||||||
Unrealized Gains (Losses) on Available for Sale Debt Securities | $ 0.7 | $ 1.0 | $ 4.1 | $ 1.4 |
Net Income Per Common Share (Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Basic Net Income Per Common Share | ||||||
Average Number of Common Shares Outstanding (in shares) | 203,306,236 | 207,638,671 | 203,967,516 | 207,911,242 | ||
Net Income | $ 896.1 | $ 214.7 | $ 331.8 | $ 334.6 | $ 1,110.8 | $ 666.4 |
Less: Dividends on Preferred Stock | 4.7 | 4.7 | 20.9 | 20.9 | ||
Net Income Applicable to Common Stock | 891.4 | 327.1 | 1,089.9 | 645.5 | ||
Less: Earnings Allocated to Participating Securities | 7.1 | 3.4 | 9.5 | 6.6 | ||
Earnings Allocated to Common Shares Outstanding | $ 884.3 | $ 323.7 | $ 1,080.4 | $ 638.9 | ||
Basic Net Income Per Common Share (in dollars per share) | $ 4.35 | $ 1.56 | $ 5.30 | $ 3.07 | ||
Diluted Net Income Per Common Share | ||||||
Average Number of Common Shares Outstanding (in shares) | 203,306,236 | 207,638,671 | 203,967,516 | 207,911,242 | ||
Plus: Dilutive Effect of Share-based Compensation (in shares) | 432,434 | 177,344 | 469,241 | 359,435 | ||
Average Common and Potential Common Shares (in shares) | 203,738,670 | 207,816,015 | 204,436,757 | 208,270,677 | ||
Earnings Allocated to Common and Potential Common Shares | $ 884.3 | $ 323.6 | $ 1,080.4 | $ 638.8 | ||
Diluted Net Income Per Common Share (in dollars per share) | $ 4.34 | $ 1.56 | $ 5.28 | $ 3.07 | ||
Common stock equivalents not included in the computation of diluted earnings per share because their inclusion would have been antidilutive (in shares) | 0 | 0 | 100,000 | 100,000 |
Revenue from Contracts with Clients (Revenue Disaggregation) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with client | $ 1,166.1 | $ 1,096.3 | $ 2,309.0 | $ 2,159.9 | |
Foreign Exchange Trading Income | 58.4 | 50.1 | 115.4 | 103.1 | |
Treasury Management Fees | 9.0 | 7.9 | 18.3 | 16.3 | |
Security Commissions and Trading Income | 34.3 | 36.1 | 72.2 | 70.8 | |
Other Operating Income | 924.7 | 55.2 | 985.7 | 102.0 | |
Investment Security Gains (Losses), net | 0.1 | 0.0 | (189.3) | 6.9 | $ (176.4) |
Total Other Noninterest Income | 1,026.5 | 149.3 | 1,002.3 | 299.1 | |
Total Noninterest Income | 2,192.6 | 1,245.6 | 3,311.3 | 2,459.0 | |
Custody and Fund Administration | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with client | 477.2 | 458.1 | 944.6 | 899.7 | |
Investment Management and Advisory | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with client | 609.6 | 558.8 | 1,203.5 | 1,099.3 | |
Securities Lending | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with client | 16.9 | 21.5 | 35.5 | 40.6 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with client | $ 62.4 | $ 57.9 | $ 125.4 | $ 120.3 |
Revenue from Contracts with Clients (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Disaggregation of Revenue [Line Items] | ||||
Trust, investment and other servicing fees | $ 1,166.1 | $ 1,096.3 | $ 2,309.0 | $ 2,159.9 |
Security commissions and trading income | 34.3 | 36.1 | 72.2 | 70.8 |
Other operating income | 924.7 | 55.2 | 985.7 | 102.0 |
Securities Commissions and Trading Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Trust, investment and other servicing fees | 31.0 | 29.0 | 64.7 | 58.9 |
Other Operating Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Trust, investment and other servicing fees | $ 10.0 | $ 10.2 | $ 19.3 | $ 19.3 |
Revenue from Contracts with Clients (Contract Receivables) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Total Client Receivables | $ 1,015.0 | $ 928.4 |
Trust Fees Receivable, net | ||
Disaggregation of Revenue [Line Items] | ||
Total Client Receivables | 955.6 | 863.5 |
Contract with customer, asset, allowance for credit loss | 13.9 | 15.9 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total Client Receivables | $ 59.4 | $ 64.9 |
Net Interest Income (Net Interest Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Interest Income | ||||
Federal Reserve and Other Central Bank Deposits | $ 457.6 | $ 398.9 | $ 917.3 | $ 775.9 |
Interest-Bearing Due from and Deposits with Banks | 31.4 | 32.1 | 66.0 | 60.3 |
Federal Funds Sold | 0.0 | 0.1 | 0.0 | 0.3 |
Securities Purchased under Agreements to Resell | 863.5 | 284.3 | 1,687.4 | 410.2 |
Securities — Taxable | 477.4 | 366.3 | 922.7 | 704.1 |
Securities - Non-Taxable | 0.3 | 0.4 | 0.6 | 0.7 |
Loans | 648.3 | 639.2 | 1,301.9 | 1,217.4 |
Other Interest-Earning Assets | 28.0 | 13.7 | 56.2 | 21.5 |
Total Interest Income | 2,506.5 | 1,735.0 | 4,952.1 | 3,190.4 |
Interest Expense | ||||
Deposits | 898.3 | 633.5 | 1,780.0 | 1,198.1 |
Federal Funds Purchased | 38.7 | 87.6 | 72.3 | 127.7 |
Securities Sold Under Agreements to Repurchase | 851.5 | 273.4 | 1,665.4 | 389.5 |
Other Borrowings | 95.3 | 156.5 | 183.9 | 291.5 |
Senior Notes | 44.1 | 42.1 | 88.2 | 81.3 |
Long-Term Debt | 55.7 | 30.4 | 111.3 | 59.6 |
Total Interest Expense | 1,983.6 | 1,223.5 | 3,901.1 | 2,147.7 |
Net Interest Income | $ 522.9 | $ 511.5 | $ 1,051.0 | $ 1,042.7 |
Other Operating Income - (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Components of Other Operating Income [Line Items] | |||||
Other operating income | $ 924.7 | $ 55.2 | $ 985.7 | $ 102.0 | |
Visa Class C shares | |||||
Components of Other Operating Income [Line Items] | |||||
Realized gains | $ 607.0 | 607.0 | |||
Unrealized gains | $ 286.8 | 286.8 | |||
Loan Service Fees | |||||
Components of Other Operating Income [Line Items] | |||||
Other operating income | 13.7 | 21.4 | 29.4 | 40.1 | |
Banking Service Fees | |||||
Components of Other Operating Income [Line Items] | |||||
Other operating income | 13.3 | 13.6 | 26.6 | 25.8 | |
Bank Owned Life Insurance | |||||
Components of Other Operating Income [Line Items] | |||||
Other operating income | 21.4 | 17.0 | 42.0 | 33.7 | |
Other Income | |||||
Components of Other Operating Income [Line Items] | |||||
Other operating income | $ 876.3 | $ 3.2 | $ 887.7 | $ 2.4 |
Other Operating Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Other Income and Expenses [Abstract] | ||||
Business Promotion | $ 20.8 | $ 21.1 | $ 37.5 | $ 37.3 |
Staff Related | 8.2 | 8.9 | 22.4 | 16.7 |
FDIC Insurance Premiums | 9.8 | 6.6 | 28.5 | 12.8 |
Charitable Contributions | 74.0 | 4.3 | 76.0 | 7.5 |
Other Expenses | 62.5 | 71.1 | 111.3 | 123.3 |
Total Other Operating Expense | 175.3 | 112.0 | 275.7 | 197.6 |
FDIC, special assessment | 2.3 | 14.7 | ||
Other Operating Expense [Line Items] | ||||
Charitable Contributions | 74.0 | $ 4.3 | 76.0 | $ 7.5 |
Northern Trust Foundation | ||||
Other Income and Expenses [Abstract] | ||||
Charitable Contributions | 70.0 | 70.0 | ||
Other Operating Expense [Line Items] | ||||
Charitable Contributions | $ 70.0 | $ 70.0 |
Pension ((Benefit)) (Details) - Pension Plan - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Non-U.S. Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Service Cost | $ 0.5 | $ 0.4 | $ 1.0 | $ 0.7 |
Interest Cost | 1.1 | 1.2 | 2.2 | 2.4 |
Expected Return on Plan Assets | (1.6) | (1.6) | (3.2) | (3.1) |
Amortization | ||||
Actuarial Loss (Gain) | 0.0 | (0.1) | 0.0 | (0.2) |
Total Pension (Benefit) Expense | 0.0 | (0.1) | 0.0 | (0.2) |
Qualified Plan | U.S. Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Service Cost | 13.4 | 11.5 | 26.8 | 23.0 |
Interest Cost | 13.9 | 13.5 | 27.8 | 27.0 |
Expected Return on Plan Assets | (28.9) | (25.3) | (57.8) | (50.6) |
Amortization | ||||
Actuarial Loss (Gain) | 1.9 | 0.4 | 3.8 | 0.8 |
Total Pension (Benefit) Expense | 0.3 | 0.1 | 0.6 | 0.2 |
Contribution to pension plan | 200.0 | 0.0 | ||
Non-Qualified Plan | U.S. Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | ||||
Service Cost | 1.2 | 1.2 | 2.4 | 2.4 |
Interest Cost | 1.2 | 1.3 | 2.4 | 2.6 |
Amortization | ||||
Actuarial Loss (Gain) | 1.3 | 1.3 | 2.6 | 2.6 |
Total Pension (Benefit) Expense | $ 3.7 | $ 3.8 | 7.4 | 7.6 |
Contribution to pension plan | $ 8.0 | $ 16.5 |
Share-Based Compensation Plans (Compensation Expense for Share-Based Arrangements and Tax Impacts) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Share-Based Compensation Expense | $ 17.0 | $ 17.4 | $ 83.4 | $ 81.8 |
Tax Benefits Recognized | 4.1 | 4.3 | 20.4 | 20.5 |
Restricted Stock Unit Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Share-Based Compensation Expense | 15.5 | 15.5 | 64.9 | 65.8 |
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total Share-Based Compensation Expense | $ 1.5 | $ 1.9 | $ 18.5 | $ 16.0 |
Variable Interest Entities (Summary) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Assets | $ 156,797.1 | $ 150,783.1 |
Liabilities | 144,141.3 | 138,885.2 |
Other Assets | ||
Variable Interest Entity [Line Items] | ||
Investment Carrying Amount | 852.6 | 889.1 |
Other Assets | Affordable Housing | ||
Variable Interest Entity [Line Items] | ||
Investment Carrying Amount | 593.9 | 622.8 |
Other Assets | New Markets | ||
Variable Interest Entity [Line Items] | ||
Investment Carrying Amount | 258.7 | 266.3 |
Other Liabilities | ||
Variable Interest Entity [Line Items] | ||
Unfunded Commitments | 162.9 | 178.8 |
Other Liabilities | Affordable Housing | ||
Variable Interest Entity [Line Items] | ||
Unfunded Commitments | 162.9 | 178.8 |
Other Liabilities | New Markets | ||
Variable Interest Entity [Line Items] | ||
Unfunded Commitments | 0.0 | 0.0 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 823.1 | 857.0 |
Liabilities | $ 157.5 | $ 172.0 |
Variable Interest Entities (Income Tax Credits and Other Tax Benefits and Amortization Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Variable Interest Entity [Line Items] | ||||
Income Tax Credits and Other Income Tax Benefits | $ 26.8 | $ 28.3 | $ 53.5 | $ 56.7 |
Amortization Expense | 23.8 | 24.5 | 47.7 | 49.0 |
Affordable Housing | ||||
Variable Interest Entity [Line Items] | ||||
Income Tax Credits and Other Income Tax Benefits | 21.8 | 22.4 | 43.5 | 44.8 |
Amortization Expense | 19.3 | 19.8 | 38.8 | 39.6 |
New Markets | ||||
Variable Interest Entity [Line Items] | ||||
Income Tax Credits and Other Income Tax Benefits | 5.0 | 5.9 | 10.0 | 11.9 |
Amortization Expense | $ 4.5 | $ 4.7 | $ 8.9 | $ 9.4 |
Variable Interest Entities (Narrative) (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Contractual obligation to provide financial support | $ 0 | |
Unfunded commitments | $ 0 | $ 0 |
Commitments and Contingent Liabilities (Summary of Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Loss Contingencies [Line Items] | ||
ONE YEAR AND LESS | $ 265,117.5 | $ 265,837.5 |
OVER ONE YEAR | 23,015.9 | 19,549.9 |
TOTAL | 288,133.4 | 285,387.4 |
Undrawn Commitments | ||
Loss Contingencies [Line Items] | ||
Commitments, participated to others | 288.4 | 222.2 |
Securities Lent with Indemnification | ||
Loss Contingencies [Line Items] | ||
ONE YEAR AND LESS | 135,526.6 | 140,539.1 |
OVER ONE YEAR | 0.0 | 0.0 |
TOTAL | 135,526.6 | 140,539.1 |
Secured by Cash Deposits or Participated to Others | Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
TOTAL | 99.1 | 39.1 |
Standby Letter of Credit and Financial Guarantee | ||
Loss Contingencies [Line Items] | ||
Guarantor obligations, current carrying value | 100,100.0 | 84,600.0 |
Undrawn Commitments | ||
Loss Contingencies [Line Items] | ||
ONE YEAR AND LESS | 7,481.8 | 11,849.5 |
OVER ONE YEAR | 22,691.9 | 18,909.6 |
TOTAL | 30,173.7 | 30,759.1 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
ONE YEAR AND LESS | 101,508.9 | 85,752.0 |
OVER ONE YEAR | 323.9 | 639.0 |
TOTAL | 101,832.8 | 86,391.0 |
Commercial Letters of Credit | ||
Loss Contingencies [Line Items] | ||
ONE YEAR AND LESS | 29.3 | 29.2 |
OVER ONE YEAR | 0.1 | 1.3 |
TOTAL | 29.4 | 30.5 |
Reverse repurchase agreements | ||
Loss Contingencies [Line Items] | ||
ONE YEAR AND LESS | 20,570.9 | 27,667.7 |
OVER ONE YEAR | 0.0 | 0.0 |
TOTAL | $ 20,570.9 | $ 27,667.7 |
Commitments and Contingent Liabilities (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
May 03, 2024
shares
|
Apr. 08, 2024
exchange_offer
shares
|
Mar. 05, 2024
EUR (€)
|
Sep. 13, 2023 |
Jun. 30, 2024
USD ($)
$ / shares
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
$ / shares
|
Dec. 31, 2015
trust
|
|
Loss Contingencies [Line Items] | |||||||||
Minimum securities lending related collateral percentage | 100.00% | 100.00% | 100.00% | ||||||
Commitments and letters of credit | $ 288,133,400,000 | $ 288,133,400,000 | $ 285,387,400,000 | $ 288,133,400,000 | |||||
Resell agreements, period end amounts excluding effects of agreements reported net by counterparty | 20,600,000,000 | 20,600,000,000 | 27,700,000,000 | 20,600,000,000 | |||||
Repurchase agreement counterparty, amount at risk | 0 | 0 | 0 | 0 | |||||
FDIC, special assessment | 2,300,000 | 14,700,000 | |||||||
Loss contingency accrual | $ 0 | $ 0 | 0 | ||||||
Escrow deposit | $ 2,800,000,000 | ||||||||
Common stock, convertible, conversion price | 1.5875 | 1.5875 | 1.5875 | ||||||
Indemnification Agreement | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit loss liability | $ 0 | $ 0 | 0 | $ 0 | |||||
FDIC Special Assessment | |||||||||
Loss Contingencies [Line Items] | |||||||||
FDIC, special assessment | $ 84,600,000 | ||||||||
Loss contingency accrual | 99,300,000 | 99,300,000 | 99,300,000 | ||||||
Additional cost | 2,300,000 | 14,700,000 | |||||||
Northern Trust Fiduciary Services (Guernsey) Limited | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation settlement, amount awarded to other party | € | € 187,500 | ||||||||
Visa Class A Common Stock | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, number of exchange offers | exchange_offer | 3 | ||||||||
Exchange offer program, length of time between exchanges | 12 months | ||||||||
Exchange offer program, claim reduction percentage | 50.00% | ||||||||
Visa Class A Common Stock | Period One | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, exchange ratio | 0.3333 | ||||||||
Exchange offer program, conversion period | 45 days | ||||||||
Visa Class A Common Stock | Period Two | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, exchange ratio | 0.6666 | ||||||||
Exchange offer program, conversion period | 90 days | ||||||||
Visa Class A Common Stock | Period Three | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, conversion period | 90 days | ||||||||
Visa Class B | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, shares tendered (in shares) | shares | 4,100,000 | ||||||||
Carryover basis | $ 0 | 0 | 0 | ||||||
Conversion of stock, amount converted | $ 860,400,000 | ||||||||
Visa Class B-2 Shares | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, shares received upon expiration (in shares) | shares | 2,100,000 | ||||||||
Visa Class C shares | |||||||||
Loss Contingencies [Line Items] | |||||||||
Exchange offer program, shares received upon expiration (in shares) | shares | 819,500 | ||||||||
Number of shares sold (in shares) | shares | 546,300 | ||||||||
Realized gain recorded | $ 607,000,000 | 607,000,000.0 | |||||||
Unrealized gain recorded at fair value in Other Assets | $ 286,800,000 | $ 286,800,000 | |||||||
Visa Class B Convertible Into Visa Class A | Visa | |||||||||
Loss Contingencies [Line Items] | |||||||||
Share price (in USD) | $ / shares | $ 262.47 | $ 262.47 | $ 262.47 | ||||||
Northern Trust Fiduciary Services (Guernsey) Limited | Subsidiaries | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of administrated trusts serving as trustee on | trust | 2 | ||||||||
Lower Limit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Possible loss in future periods in excess of accrual | $ 0 | $ 0 | $ 0 | ||||||
Upper Limit | |||||||||
Loss Contingencies [Line Items] | |||||||||
Possible loss in future periods in excess of accrual | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 |
Derivative Financial Instruments (Notional and Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
NOTIONAL VALUE | $ 362,936.2 | $ 340,383.3 |
FAIR VALUE, ASSET | 1,498.4 | 3,307.8 |
Total Gross Derivatives, asset | 1,833.8 | 3,568.2 |
Less: Netting | 1,119.0 | 3,126.7 |
Derivative Assets | 714.8 | 441.5 |
FAIR VALUE, LIABILITY | 1,618.1 | 2,806.3 |
Derivative Liabilities | 1,881.8 | 3,649.8 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 881.5 | 2,205.4 |
Derivative Liabilities | 1,000.3 | 1,444.4 |
Derivatives Designated as Hedging under GAAP | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 13,985.0 | 12,573.7 |
FAIR VALUE, ASSET | 244.1 | 123.0 |
FAIR VALUE, LIABILITY | 163.4 | 145.1 |
Fair Value Hedges | Derivatives Designated as Hedging under GAAP | Interest Rate Contracts | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 9,706.9 | 7,042.7 |
FAIR VALUE, ASSET | 199.0 | 94.7 |
FAIR VALUE, LIABILITY | 156.8 | 71.0 |
Fair Value Hedges | Derivatives Not Designated as Hedging under GAAP | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 348,951.2 | 327,809.6 |
FAIR VALUE, ASSET | 1,589.7 | 3,445.2 |
FAIR VALUE, LIABILITY | 1,718.4 | 3,504.7 |
Fair Value Hedges | Non-Designated Risk Management Derivatives | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 583.6 | 888.6 |
FAIR VALUE, ASSET | 0.0 | 0.0 |
FAIR VALUE, LIABILITY | 30.6 | 25.5 |
Fair Value Hedges | Non-Designated Risk Management Derivatives | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 1.7 | 20.7 |
FAIR VALUE, ASSET | 0.0 | 0.0 |
FAIR VALUE, LIABILITY | 0.0 | 0.1 |
Fair Value Hedges | Non-Designated Risk Management Derivatives | Other Financial Derivatives | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 581.9 | 867.9 |
FAIR VALUE, ASSET | 0.0 | 0.0 |
FAIR VALUE, LIABILITY | 30.6 | 25.4 |
Fair Value Hedges | Client-Related and Trading Derivatives | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 348,367.6 | 326,921.0 |
FAIR VALUE, ASSET | 1,589.7 | 3,445.2 |
FAIR VALUE, LIABILITY | 1,687.8 | 3,479.2 |
Fair Value Hedges | Client-Related and Trading Derivatives | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 332,750.4 | 313,336.9 |
FAIR VALUE, ASSET | 1,379.2 | 3,238.4 |
FAIR VALUE, LIABILITY | 1,371.9 | 3,181.0 |
Fair Value Hedges | Client-Related and Trading Derivatives | Interest Rate Contracts | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 15,617.2 | 13,584.1 |
FAIR VALUE, ASSET | 210.5 | 206.8 |
FAIR VALUE, LIABILITY | 315.9 | 298.2 |
Cash Flow Hedges | Derivatives Designated as Hedging under GAAP | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 0.0 | 1,453.6 |
FAIR VALUE, ASSET | 0.0 | 15.0 |
FAIR VALUE, LIABILITY | 0.0 | 42.2 |
Net Investment Hedges | Derivatives Designated as Hedging under GAAP | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
NOTIONAL VALUE | 4,278.1 | 4,077.4 |
FAIR VALUE, ASSET | 45.1 | 13.3 |
FAIR VALUE, LIABILITY | $ 6.6 | $ 31.9 |
Derivative Financial Instruments (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Gains or losses reclassified into earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Net investment gains (losses) recognized in AOCI | $ 18,000,000.0 | $ (30,600,000) | $ 99,300,000 | $ (63,100,000) |
Derivative Financial Instruments (Location and Amount of Fair Value And Cash Flow Hedge Derivative Gains And Losses Recorded In Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income | $ 2,506.5 | $ 1,735.0 | $ 4,952.1 | $ 3,190.4 |
Interest Expense | 1,983.6 | 1,223.5 | 3,901.1 | 2,147.7 |
Other Operating Income | 924.7 | 55.2 | 985.7 | 102.0 |
INTEREST INCOME | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized on fair value hedges | 28.3 | 11.3 | 50.6 | 23.6 |
Gains (Losses) on cash flow hedges recognized on | 1.0 | 1.2 | 6.5 | 1.2 |
INTEREST EXPENSE | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized on fair value hedges | (19.9) | (22.6) | (39.8) | (41.0) |
Gains (Losses) on cash flow hedges recognized on | 0.0 | 0.0 | 0.0 | 0.0 |
OTHER OPERATING INCOME | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) recognized on fair value hedges | 0.0 | 0.0 | 0.0 | 0.0 |
Gains (Losses) on cash flow hedges recognized on | 0.0 | 1.0 | 0.0 | 1.6 |
Interest Rate Contracts | INTEREST INCOME | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 34.5 | 5.0 | 157.5 | (13.5) |
Recognized on hedged items | (34.5) | (5.0) | (157.5) | 13.5 |
Amounts related to interest settlements on derivatives | 28.3 | 11.3 | 50.6 | 23.6 |
Interest Rate Contracts | INTEREST EXPENSE | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 0.1 | (49.8) | (30.0) | (0.7) |
Recognized on hedged items | (0.1) | 49.8 | 30.0 | 0.7 |
Amounts related to interest settlements on derivatives | (19.9) | (22.6) | (39.8) | (41.0) |
Interest Rate Contracts | OTHER OPERATING INCOME | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized on derivatives | 0.0 | 0.0 | 0.0 | 0.0 |
Recognized on hedged items | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts related to interest settlements on derivatives | 0.0 | 0.0 | 0.0 | 0.0 |
Foreign Exchange Contracts | INTEREST INCOME | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on cash flow hedges recognized on | 1.0 | 1.2 | 6.5 | 1.2 |
Foreign Exchange Contracts | INTEREST EXPENSE | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on cash flow hedges recognized on | 0.0 | 0.0 | 0.0 | 0.0 |
Foreign Exchange Contracts | OTHER OPERATING INCOME | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on cash flow hedges recognized on | $ 0.0 | $ 1.0 | $ 0.0 | $ 1.6 |
Derivative Financial Instruments (Hedged Items In Fair Value Hedges) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of the hedged items, available for sale debt securities | $ 7,528.1 | $ 5,048.8 |
Cumulative hedge accounting basis adjustment, available for sale debt securities | (79.9) | 77.5 |
Carrying value of the hedged items, senior notes and long-term subordinated debt | 2,474.0 | 2,495.9 |
Cumulative hedge accounting basis adjustment, senior notes and long-term subordinated debt | (270.9) | (248.7) |
Hedged asset fair value hedge discontinued cumulative increase decrease | 2.1 | 2.2 |
Hedged liability fair value hedge discontinued cumulative increase decrease | $ 21.7 | $ 29.6 |
Derivative Financial Instruments (Location and Amount of Gains and Losses Recorded in Income for Derivatives Not Designated As Hedging Under GAAP) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Derivatives Not Designated as Hedging under GAAP | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 43.7 | $ 43.4 | $ 100.5 | $ 90.8 |
Non-Designated Risk Management Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | (15.4) | (11.1) | (16.8) | (19.2) |
Non-Designated Risk Management Derivatives | Foreign Exchange Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 0.0 | $ 0.8 | $ (0.2) | $ 1.5 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income | Other Operating Income | Other Operating Income | Other Operating Income |
Non-Designated Risk Management Derivatives | Other Financial Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ (15.4) | $ (11.9) | $ (16.6) | $ (20.7) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Income | Other Operating Income | Other Operating Income | Other Operating Income |
Client-Related and Trading Derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 59.1 | $ 54.5 | $ 117.3 | $ 110.0 |
Client-Related and Trading Derivatives | Foreign Exchange Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 58.4 | $ 50.1 | $ 115.4 | $ 103.1 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign Exchange Trading Income | Foreign Exchange Trading Income | Foreign Exchange Trading Income | Foreign Exchange Trading Income |
Client-Related and Trading Derivatives | Interest Rate Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 0.7 | $ 4.4 | $ 1.9 | $ 6.9 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Security Commissions and Trading Income | Security Commissions and Trading Income | Security Commissions and Trading Income | Security Commissions and Trading Income |
Securities Sold Under Agreements to Repurchase (Repurchase Agreements Accounted for as Secured Borrowings) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold Under Agreements to Repurchase | $ 629.2 | $ 784.7 |
OVERNIGHT AND CONTINUOUS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Borrowings | 629.2 | 784.7 |
OVERNIGHT AND CONTINUOUS | U.S. Treasury and Agency Securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Borrowings | $ 629.2 | $ 784.7 |
Offsetting of Assets and Liabilities (Offsetting of Derivative Assets and Securities Purchased Under Agreements to Resell) (Detail) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | $ 1,498.4 | $ 3,307.8 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 1,119.0 | 3,126.7 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 379.4 | 181.1 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 4.0 | 12.2 |
NET AMOUNT | 375.4 | 168.9 |
Total Derivatives Not Subject to a Master Netting Arrangement | ||
Total Derivatives Not Subject to a Master Netting Arrangement | 335.4 | 260.4 |
Total Derivatives | ||
GROSS RECOGNIZED ASSETS | 1,833.8 | 3,568.2 |
Derivative Assets | 714.8 | 441.5 |
NET AMOUNT | 710.8 | 429.3 |
Securities Purchased under Agreements to Resell | ||
GROSS RECOGNIZED ASSETS | 71,070.3 | 62,860.2 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 70,210.7 | 62,075.5 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 859.6 | 784.7 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 859.6 | 784.7 |
NET AMOUNT | 0.0 | 0.0 |
Other assets excluding derivatives and non financial instruments | 11,100.0 | 10,300.0 |
Foreign Exchange Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 1,088.9 | 3,006.3 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 943.2 | 2,937.2 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 145.7 | 69.1 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 4.0 | 12.2 |
NET AMOUNT | 141.7 | 56.9 |
Interest Rate Swap Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 392.2 | 301.4 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 175.8 | 189.5 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 216.4 | 111.9 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | 216.4 | 111.9 |
Interest Rate Swap Contracts | Interest Rate Swaps Exchange Cleared | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 17.3 | 0.1 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 17.3 | 0.1 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | $ 17.3 | $ 0.1 |
Offsetting of Assets and Liabilities (Offsetting of Derivative Liabilities and Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | $ 1,618.1 | $ 2,806.3 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 881.5 | 2,205.4 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 736.6 | 600.9 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | 736.6 | 600.9 |
Total Derivatives Not Subject to a Master Netting Arrangement | ||
Total Derivatives Not Subject to a Master Netting Arrangement | 263.7 | 843.5 |
Offsetting Derivative Liabilities [Abstract] | ||
GROSS RECOGNIZED LIABILITIES | 1,881.8 | 3,649.8 |
Derivative Liabilities | 1,000.3 | 1,444.4 |
NET AMOUNT | 1,000.3 | 1,444.4 |
Securities Sold under Agreements to Repurchase | ||
GROSS RECOGNIZED LIABILITIES | 70,839.9 | 62,860.2 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 70,210.7 | 62,075.5 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 629.2 | 784.7 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 629.2 | 784.7 |
NET AMOUNT | 0.0 | 0.0 |
Other liabilities | 3,500.0 | 4,000.0 |
Foreign Exchange Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 1,114.8 | 2,411.7 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 850.0 | 2,175.7 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 264.8 | 236.0 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | 264.8 | 236.0 |
Interest Rate Swap Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 468.6 | 368.3 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 2.3 | 6.0 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 466.3 | 362.3 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | 466.3 | 362.3 |
Interest Rate Swap Contracts | Interest Rate Swaps Exchange Cleared | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 4.1 | 0.9 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 4.1 | 0.9 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | 4.1 | 0.9 |
Other Financial Derivatives | Other Financial Derivatives | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 30.6 | 25.4 |
GROSS AMOUNTS OFFSET IN THE BALANCE SHEET | 29.2 | 23.7 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 1.4 | 1.7 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0.0 | 0.0 |
NET AMOUNT | $ 1.4 | $ 1.7 |
Offsetting of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Offsetting Assets and Liabilities [Line Items] | ||
Collateral received | $ 4.0 | $ 12.2 |
Gross amounts not offset in the balance sheet | 0.0 | 0.0 |
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position | 471.6 | 1,200.0 |
Collateral deposited with derivative counterparties for derivatives instruments with credit-risk-related contingent features that are in a liability position | 284.6 | 1,100.0 |
Net maximum amount of termination payments that could have been required | 187.0 | 52.2 |
Net Investment Hedges | ||
Offsetting Assets and Liabilities [Line Items] | ||
Collateral received | 53.3 | |
Gross amounts not offset in the balance sheet | $ 17.5 | |
Cash collateral received from derivative counterparties and not offset against derivative assets | 373.1 | |
Cash collateral deposited with derivative counterparties not offset against derivative liabilities | $ 21.3 |
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