Reporting Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Contribution of Northern Trust's Reporting Segments

The following tables reflect the earnings contribution and average assets of Northern Trust’s reporting segments for the years ended December 31, 2023, 2022, and 2021. Segment results are stated on an FTE basis which has no impact on net income. Financial measures stated on an FTE basis includes FTE adjustments of $57.5 million, $45.6 million, and $35.6 million for 2023, 2022, and 2021, respectively.

TABLE 128: ASSET SERVICING RESULTS OF OPERATIONS


	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions)	2023			2022			2021
Noninterest Income
Trust, Investment and Other Servicing Fees	$	2,461.9		$	2,496.3		$	2,487.3
Foreign Exchange Trading Income	213.0			281.0			279.0
Other Noninterest Income	263.4			250.7			261.2
Total Noninterest Income	2,938.3			3,028.0			3,027.5
Net Interest Income(1)	1,197.3			1,072.7			637.2
Revenue(1)	4,135.6			4,100.7			3,664.7
Provision for (Release of) Credit Losses	0.5			2.4			(33.8)
Noninterest Expense	3,273.2			3,092.7			2,863.0
Income before Income Taxes(1)	861.9			1,005.6			835.5
Provision for Income Taxes(1)	187.1			243.2			194.1
Net Income	$	674.8		$	762.4		$	641.4
Percentage of Consolidated Net Income	61		%	57		%	41		%
Average Assets	$	101,472.6		$	115,646.4		$	120,883.2

(1) Financial measures stated on an FTE basis.

TABLE 129: WEALTH MANAGEMENT RESULTS OF OPERATIONS


	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions)	2023			2022			2021
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,899.9		$	1,936.3		$	1,873.8
Foreign Exchange Trading Income (Loss)	(9.1)			7.6			13.6
Other Noninterest Income	150.8			137.7			188.2
Total Noninterest Income	2,041.6			2,081.6			2,075.6
Net Interest Income(1)	842.2			860.1			781.1
Revenue(1)	2,883.8			2,941.7			2,856.7
Provision for (Release of) Credit Losses	24.0			9.6			(47.7)
Noninterest Expense	1,882.3			1,815.5			1,651.1
Income before Income Taxes(1)	977.5			1,116.6			1,253.3
Provision for Income Taxes(1)	245.9			310.0			317.0
Net Income	$	731.6		$	806.6		$	936.3
Percentage of Consolidated Net Income	66		%	60		%	61		%
Average Assets	$	41,176.6		$	36,905.5		$	35,480.0

(1) Financial measures stated on an FTE basis.

TABLE 130: OTHER RESULTS OF OPERATIONS


	FOR THE YEAR ENDED DECEMBER 31,
($ In Millions)	2023			2022			2021
Noninterest Income (Loss)	$	(188.4)		$	(235.6)		$	(21.3)
Net Interest Income(1)	—			—			—
Revenue(1)	(188.4)			(235.6)			(21.3)
Noninterest Expense	128.7			74.7			21.8
Income (Loss) before Income Taxes(1)	(317.1)			(310.3)			(43.1)
Provision (Benefit) for Income Taxes(1)	(18.0)			(77.3)			(10.7)
Net Income (Loss)	$	(299.1)		$	(233.0)		$	(32.4)
Percentage of Consolidated Net Income (Loss)	(27)		%	(17)		%	(2)		%
Average Assets	$	—		$	—		$	—

(1) Financial measures stated on an FTE basis.

TABLE 131: CONSOLIDATED FINANCIAL INFORMATION


	FOR THE YEAR ENDED DECEMBER 31,
(In Millions)	2023		2022		2021
Noninterest Income
Trust, Investment and Other Servicing Fees	$	4,361.8	$	4,432.6	$	4,361.1
Foreign Exchange Trading Income	203.9		288.6		292.6
Other Noninterest Income	225.8		152.8		428.1
Total Noninterest Income	4,791.5		4,874.0		5,081.8
Net Interest Income	1,982.0		1,887.2		1,382.7
Revenue	6,773.5		6,761.2		6,464.5
Provision for (Release of) Credit Losses	24.5		12.0		(81.5)
Noninterest Expense	5,284.2		4,982.9		4,535.9
Income before Income Taxes	1,464.8		1,766.3		2,010.1
Provision for Income Taxes	357.5		430.3		464.8
Net Income	$	1,107.3	$	1,336.0	$	1,545.3
Average Assets	$	142,649.2	$	152,551.9	$	156,363.2

Distribution of Total Assets and Operating Performance

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

TABLE 132: DISTRIBUTION OF TOTAL ASSETS AND OPERATING PERFORMANCE


($ In Millions)	TOTAL ASSETS		% OF TOTAL		TOTAL REVENUE(1)		% OF TOTAL		INCOME BEFORE INCOME TAXES		% OF TOTAL		NET INCOME		% OF TOTAL
2023
Non-U.S.	$	39,661.5	26	%	$	2,156.1	32	%	$	473.7	32	%	$	354.0	32	%
U.S.	111,121.6		74	%	4,617.4		68	%	991.1		68	%	753.3		68	%
Total	$	150,783.1	100	%	$	6,773.5	100	%	$	1,464.8	100	%	$	1,107.3	100	%
2022
Non-U.S.	$	35,991.3	23	%	$	2,273.3	34	%	$	560.9	32	%	$	420.2	31	%
U.S.	119,045.4		77	%	4,487.9		66	%	1,205.4		68	%	915.8		69	%
Total	$	155,036.7	100	%	$	6,761.2	100	%	$	1,766.3	100	%	$	1,336.0	100	%
2021
Non-U.S.	$	38,555.3	21	%	$	2,017.5	31	%	$	569.4	28	%	$	426.7	28	%
U.S.	145,334.5		79	%	4,447.0		69	%	1,440.7		72	%	1,118.6		72	%
Total	$	183,889.8	100	%	$	6,464.5	100	%	$	2,010.1	100	%	$	1,545.3	100	%

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