Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2023

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 the FICC is the counterparty. Refer to Note 20—Commitments and Contingent Liabilities.

The following table provides information regarding repurchase agreements that are accounted for as secured borrowings as of March 31, 2023 and December 31, 2022

TABLE 75: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS

	REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS
	MARCH 31, 2023		DECEMBER 31, 2022
($ In Millions)	OVERNIGHT AND CONTINUOUS
U.S. Treasury and Agency Securities	$	362.9	$	567.2
Total Borrowings	362.9		567.2
Net Amount of Recognized Liabilities for Repurchase Agreements in Note 23	362.9		567.2