Reporting Segments (Tables)

6 Months Ended

Jun. 30, 2024

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

($ 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

(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.

(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

(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.