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Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financings and recorded at the amounts at which the securities were acquired or sold plus accrued interest. To minimize any potential credit risk associated with these transactions, the fair value of the securities purchased or sold is monitored, limits are set on exposure with counterparties, and the financial condition of counterparties is regularly assessed. It is Northern Trust’s policy to take possession, either directly or via third-party custodians, of securities purchased under agreements to resell. Securities sold under agreements to repurchase are either directly held by, or pledged to the counterparty until the repurchase. 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 tables summarize information related to Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase.

TABLE 120: SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL
($ In Millions)20232022
Balance at December 31$784.7 $1,070.3 
Average Balance During the Year950.9 1,071.2 
Average Interest Rate Earned During the Year166.71 %9.68 %
Maximum Month-End Balance During the Year$1,326.2 $1,320.8 
Note: The table above includes the impact of balance sheet netting of approximately $29.1 billion and $3.6 billion in 2023 and 2022, respectively.

TABLE 121: SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
($ In Millions)20232022
Balance at December 31$784.7 $567.2 
Average Balance During the Year401.5 433.6 
Average Interest Rate Paid During the Year383.84 %20.94 %
Maximum Month-End Balance During the Year$988.1 $869.0 
Note: The table above includes the impact of balance sheet netting of approximately $29.1 billion and $3.6 billion in 2023 and 2022, respectively.

TABLE 122: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS
REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS
OVERNIGHT AND CONTINUOUS
(In Millions)December 31, 2023December 31, 2022
U.S. Treasury and Agency Securities$784.7 $567.2 
Total Borrowings784.7 567.2 
Net Amount of Recognized Liabilities for Repurchase Agreements in Note 27784.7 567.2