Reporting Segments (Tables)

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2024 and 2023.

TABLE 61: RESULTS OF REPORTING SEGMENTS

($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER(1)						RECONCILING ITEMS				TOTAL CONSOLIDATED
THREE MONTHS ENDED SEPTEMBER 30,	2024			2023			2024			2023			2024			2023			2024		2023		2024			2023
Noninterest Income
Trust, Investment and Other Servicing Fees	$	667.1		$	626.0		$	529.5		$	485.9		$	—		$	—		$	—	$	—	$	1,196.6		$	1,111.9
Foreign Exchange Trading Income (Loss)	59.5			54.3			(5.4)			(2.5)			—			—			—		—		54.1			51.8
Other Noninterest Income (Loss)	67.3			66.1			35.7			38.1			52.5			2.4			—		—		155.5			106.6
Total Noninterest Income (Loss)	793.9			746.4			559.8			521.5			52.5			2.4			—		—		1,406.2			1,270.3
Net Interest Income	321.4			281.2			248.0			188.2			—			—			(7.1)		(13.2)		562.3			456.2
Revenue	1,115.3			1,027.6			807.8			709.7			52.5			2.4			(7.1)		(13.2)		1,968.5			1,726.5
Provision for Credit Losses	(0.6)			3.1			12.4			10.9			(3.8)			—			—		—		8.0			14.0
Noninterest Expense	860.7			809.3			491.3			456.9			7.4			12.0			—		—		1,359.4			1,278.2
Income before Income Taxes	255.2			215.2			304.1			241.9			48.9			(9.6)			(7.1)		(13.2)		601.1			434.3
Provision for Income Taxes	57.1			54.3			75.1			67.7			11.1			(2.3)			(7.1)		(13.2)		136.2			106.5
Net Income	$	198.1		$	160.9		$	229.0		$	174.2		$	37.8		$	(7.3)		$	—	$	—	$	464.9		$	327.8
Percentage of Consolidated Net Income	43		%	49		%	49		%	53		%	8		%	(2)		%	N/A		N/A		100		%	100		%
Average Assets	$	108,108.0		$	108,656.7		$	38,734.9		$	31,544.9		$	—		$	—		N/A		N/A		$	146,842.9		$	140,201.6

(1) Includes the current quarter gain related to the sale of an equity investment.

(In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER(1)						RECONCILING ITEMS				TOTAL CONSOLIDATED
NINE MONTHS ENDED SEPTEMBER 30,	2024			2023			2024			2023			2024			2023			2024		2023		2024			2023
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,957.3		$	1,850.2		$	1,548.3		$	1,421.6		$	—		$	—		$	—	$	—	$	3,505.6		$	3,271.8
Foreign Exchange Trading Income (Loss)	181.6			161.2			(12.1)			(6.3)			—			—			—		—		169.5			154.9
Other Noninterest Income (Loss)	199.2			199.0			105.3			112.8			737.9			(9.2)			—		—		1,042.4			302.6
Total Noninterest Income (Loss)	2,338.1			2,210.4			1,641.5			1,528.1			737.9			(9.2)			—		—		4,717.5			3,729.3
Net Interest Income	900.5			902.6			734.1			635.8			—			—			(21.3)		(39.5)		1,613.3			1,498.9
Revenue	3,238.6			3,113.0			2,375.6			2,163.9			737.9			(9.2)			(21.3)		(39.5)		6,330.8			5,228.2
Provision for Credit Losses	(1.9)			(3.3)			15.7			16.8			(6.3)			—			—		—		7.5			13.5
Noninterest Expense	2,634.0			2,459.7			1,504.9			1,402.4			119.1			33.6			—		—		4,258.0			3,895.7
Income before Income Taxes	606.5			656.6			855.0			744.7			625.1			(42.8)			(21.3)		(39.5)		2,065.3			1,319.0
Provision for Income Taxes	146.1			167.4			223.0			207.5			141.8			(10.6)			(21.3)		(39.5)		489.6			324.8
Net Income	$	460.4		$	489.2		$	632.0		$	537.2		$	483.3		$	(32.2)		$	—	$	—	$	1,575.7		$	994.2
Percentage of Consolidated Net Income	29		%	49		%	40		%	54		%	31		%	(3)		%	N/A		N/A		100		%	100		%
Average Assets	$	108,025.6		$	110,380.4		$	38,629.2		$	34,311.2		$	—		$	—		N/A		N/A		$	146,654.8		$	144,691.6

(1) Includes the current quarter gain related to the sale of an equity investment. Includes the gain related to the net impact from the Visa transactions in the second quarter of 2024, 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.