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Northern Trust Corporation (Corporation only)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Northern Trust Corporation (Corporation only) Northern Trust Corporation (Corporation only)
Condensed financial information is presented in the following tables. Investments in wholly-owned subsidiaries are carried on the equity method of accounting.
TABLE 134: CONDENSED BALANCE SHEETS
DECEMBER 31,
(In Millions)20232022
ASSETS
Cash on Deposit with Subsidiary Bank$795.5 $601.4 
Advances to Wholly-Owned Subsidiaries – Banks3,760.0 4,010.0 
Investments in Wholly-Owned Subsidiaries – Banks11,591.4 10,897.1 
                                – Nonbank209.7 194.7 
Other Assets1,233.1 1,226.3 
Total Assets$17,589.7 $16,929.5 
LIABILITIES
Senior Notes$2,773.2 $2,724.2 
Long-Term Debt2,065.0 2,066.2 
Other Liabilities853.6 879.6 
Total Liabilities5,691.8 5,670.0 
STOCKHOLDERS’ EQUITY
Preferred Stock884.9 884.9 
Common Stock408.6 408.6 
Additional Paid-in Capital1,009.6 983.5 
Retained Earnings14,233.8 13,798.5 
Accumulated Other Comprehensive Income (Loss)(1,137.9)(1,569.2)
Treasury Stock(3,501.1)(3,246.8)
Total Stockholders’ Equity11,897.9 11,259.5 
Total Liabilities and Stockholders’ Equity$17,589.7 $16,929.5 
TABLE 135: CONDENSED STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31,
(In Millions)202320222021
OPERATING INCOME
Dividends – Bank Subsidiaries$850.0 $— $751.1 
                 – Nonbank Subsidiaries— — 8.3 
Intercompany Interest and Other Charges260.2 112.8 20.1 
Interest and Other Income12.2 (5.7)32.3 
Total Operating Income1,122.4 107.1 811.8 
OPERATING EXPENSES
Interest Expense279.5 132.3 71.3 
Other Operating Expenses32.3 11.9 36.7 
Total Operating Expenses311.8 144.2 108.0 
Income (Loss) before Income Taxes and Equity in Undistributed Net Income of Subsidiaries810.6 (37.1)703.8 
Benefit for Income Taxes12.4 16.9 25.7 
Income (Loss) before Equity in Undistributed Net Income of Subsidiaries823.0 (20.2)729.5 
Equity in Undistributed Net Income of Subsidiaries – Banks269.4 1,338.5 803.3 
                                         – Nonbank14.9 17.7 12.5 
Net Income$1,107.3 $1,336.0 $1,545.3 
Preferred Stock Dividends41.8 41.8 41.8 
Net Income Applicable to Common Stock$1,065.5 $1,294.2 $1,503.5 
TABLE 136: CONDENSED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31,
(In Millions)202320222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$1,107.3 $1,336.0 $1,545.3 
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities
Equity in Undistributed Net Income of Subsidiaries(284.3)(1,356.2)(815.8)
Change in Prepaid Expenses1.7 (3.8)0.1 
Change in Accrued Income Taxes(10.2)36.6 2.2 
Other Operating Activities, net138.1 (608.2)236.6 
Net Cash Provided by (Used in) Operating Activities952.6 (595.6)968.4 
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in and Advances to Subsidiaries, net250.0 (1,200.1)(140.0)
Other Investing Activities, net— (0.1)5.1 
Net Cash Provided by (Used in) Investing Activities250.0 (1,200.2)(134.9)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Senior Notes— 1,988.8 — 
Repayments of Senior Notes— (500.0)(500.0)
Repayment of Floating Rate Capital Debt— — (278.8)
Treasury Stock Purchased(347.5)(35.4)(267.6)
Net Proceeds from Stock Options2.3 3.9 53.8 
Cash Dividends Paid on Common Stock(621.5)(750.2)(583.3)
Cash Dividends Paid on Preferred Stock(41.8)(46.5)(41.8)
Other Financing Activities, net— 4.9 (0.1)
Net Cash (Used in) Provided by Financing Activities(1,008.5)665.5 (1,617.8)
Net Change in Cash on Deposit with Subsidiary Bank194.1 (1,130.3)(784.3)
Cash on Deposit with Subsidiary Bank at Beginning of Year601.4 1,731.7 2,516.0 
Cash on Deposit with Subsidiary Bank at End of Year$795.5 $601.4 $1,731.7