Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2020shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2020 |
Document Transition Report | false |
Entity File Number | 001-36609 |
Entity Registrant Name | NORTHERN TRUST CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-2723087 |
Entity Address, Address Line One | 50 South LaSalle Street |
Entity Address, Postal Zip Code | 60603 |
Entity Address, City or Town | Chicago, |
Entity Address, State or Province | IL |
City Area Code | 312 |
Local Phone Number | 630-6000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 208,052,036 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000073124 |
Current Fiscal Year End Date | --12-31 |
COMMON STOCK | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, $1.66 2/3 Par Value |
Trading Symbol | NTRS |
Security Exchange Name | NASDAQ |
Depositary Shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | Depositary Shares, each representing 1/1,000th interest in a share of Series E Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | NTRSO |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and Due from Banks | $ 5,833.2 | $ 4,459.2 |
Federal Reserve and Other Central Bank Deposits | 44,661.5 | 33,886 |
Interest-Bearing Deposits with Banks | 5,358.9 | 4,877.1 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 998.2 | 712.8 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 39,441.7 | 38,876.3 |
Held to Maturity (Fair value of $12,533.0 and $12,249.3) | 12,635.7 | 12,284.5 |
Trading Account | 1.2 | 0.3 |
Total Debt Securities | 52,078.6 | 51,161.1 |
Loans and Leases | ||
Total Loans and Leases | 37,837.7 | 31,409.6 |
Allowance for Credit Losses | (157.8) | (104.5) |
Buildings and Equipment | 490.2 | 483.3 |
Client Security Settlement Receivables | 2,116.9 | 845.7 |
Goodwill | 689.3 | 696.8 |
Other Assets | 11,802.5 | 8,401.3 |
Total Assets | 161,709.2 | 136,828.4 |
Deposits | ||
Demand and Other Noninterest-Bearing | 20,098 | 14,114.7 |
Savings, Money Market and Other Interest-Bearing | 27,241 | 21,441.5 |
Savings Certificates and Other Time | 918.7 | 986.7 |
Non U.S. Offices — Noninterest-Bearing | 13,454.4 | 12,177.4 |
Non U.S. Offices — Interest-Bearing | 69,779.1 | 60,400.3 |
Total Deposits | 131,491.2 | 109,120.6 |
Federal Funds Purchased | 4,370.6 | 552.9 |
Securities Sold Under Agreements to Repurchase | 34.1 | 489.7 |
Other Borrowings | 5,955.9 | 6,744.8 |
Senior Notes | 2,668.5 | 2,573 |
Long-Term Debt | 1,196 | 1,148.1 |
Floating Rate Capital Debt | 277.7 | 277.7 |
Other Liabilities | 4,835.5 | 4,830.6 |
Total Liabilities | 150,829.5 | 125,737.4 |
STOCKHOLDERS' EQUITY | ||
Common Stock | 408.6 | 408.6 |
Additional Paid-In Capital | 938.3 | 1,013.1 |
Retained Earnings | 11,828.1 | 11,656.7 |
Accumulated Other Comprehensive Income (Loss) | 45 | (194.7) |
Treasury Stock (37,119,488 and 35,462,478 shares, at cost) | (3,225.2) | (3,066.1) |
Total Stockholders’ Equity | 10,879.7 | 11,091 |
Total Liabilities and Stockholders’ Equity | 161,709.2 | 136,828.4 |
Series C Preferred Stock | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | 0 | 388.5 |
Series D Preferred Stock | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | 493.5 | |
Total Stockholders’ Equity | 493.5 | 493.5 |
Series E Preferred Stock | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock | 391.4 | 391.4 |
Total Stockholders’ Equity | 391.4 | |
Commercial | ||
Loans and Leases | ||
Total Loans and Leases | 19,736.8 | 14,001.3 |
Personal | ||
Loans and Leases | ||
Total Loans and Leases | $ 18,100.9 | $ 17,408.3 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Amortized Cost | $ 39,025.3 | $ 38,722.2 |
Held to maturity, fair value | 12,533 | 12,249.3 |
Total loans and leases, unearned income | $ 13.9 | $ 14.1 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 1.6667 | $ 1.6667 |
Common stock, authorized (in shares) | 560,000,000 | 560,000,000 |
Common stock, outstanding (in shares) | 208,052,036 | 209,709,046 |
Treasury stock (in shares) | 37,119,488 | 35,462,478 |
Series C Preferred Stock | ||
Preferred stock, outstanding (in shares) | 0 | 16,000 |
Series D Preferred Stock | ||
Preferred stock, outstanding (in shares) | 5,000 | 5,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Noninterest Income | ||
Trust, Investment and Other Servicing Fees | $ 1,003.6 | $ 928.9 |
Foreign Exchange Trading Income | 88.9 | 66.2 |
Treasury Management Fees | 11 | 11.7 |
Security Commissions and Trading Income | 41.7 | 23.3 |
Other Operating Income | 34.4 | 29 |
Investment Security Gains (Losses), net (Note) | 0 | (0.2) |
Total Noninterest Income | 1,179.6 | 1,058.9 |
Net Interest Income | ||
Interest Income | 529.2 | 662.8 |
Interest Expense | 121.1 | 240.8 |
Net Interest Income | 408.1 | 422 |
Provision for Credit Losses | 61 | 0 |
Net Interest Income after Provision for Credit Losses | 347.1 | 422 |
Noninterest Expense | ||
Compensation | 499.8 | 482 |
Employee Benefits | 97.9 | 85.7 |
Outside Services | 192.8 | 188.4 |
Equipment and Software | 162.2 | 148.3 |
Occupancy | 51.1 | 51.6 |
Other Operating Expense | 61.8 | 72.7 |
Total Noninterest Expense | 1,065.6 | 1,028.7 |
Income before Income Taxes | 461.1 | 452.2 |
Provision for Income Taxes | 100.5 | 105.1 |
Net Income | 360.6 | 347.1 |
Preferred Stock Dividends | 30.5 | 17.3 |
Net Income Applicable to Common Stock | $ 330.1 | $ 329.8 |
Per Common Share | ||
Net Income — Basic (in dollars per share) | $ 1.56 | $ 1.49 |
Net Income — Diluted (in dollars per share) | $ 1.55 | $ 1.48 |
Average Number of Common Shares Outstanding | ||
Average Number of Common Shares Outstanding — Basic (in shares) | 208,881,131 | 218,236,802 |
Average Number of Common Shares Outstanding — Diluted (in shares) | 209,816,822 | 219,270,215 |
Changes in other-than-temporary-impairment (OTTI) losses prior to the adoption of ASU 2016-13 | $ 0 | $ 0 |
Other Security Gains (Losses), net | 0 | (0.2) |
Investment Security Gains (Losses), net (Note) | $ 0 | $ (0.2) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 360.6 | $ 347.1 |
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | ||
Net Unrealized Gains (Losses) on Debt Securities Available for Sale | 199.7 | 85.6 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | 7.3 | (4.3) |
Net Foreign Currency Adjustments | 25.7 | 14.8 |
Net Pension and Other Postretirement Benefit Adjustments | 7 | 12.3 |
Other Comprehensive Income (Loss) | 239.7 | 108.4 |
Comprehensive Income | $ 600.3 | $ 455.5 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | PREFERRED STOCK | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURY STOCK |
Beginning balance at Dec. 31, 2018 | $ 10,508.3 | $ 882 | $ 408.6 | $ 1,068.5 | $ 10,776.8 | $ (453.7) | $ (2,173.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 347.1 | 347.1 | |||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | 108.4 | 108.4 | |||||
Dividends Declared: | |||||||
Common Stock | (133.7) | (133.7) | |||||
Preferred Stock | (17.3) | (17.3) | |||||
Stock Options and Awards | 126 | 126 | |||||
Stock Purchased | (257.4) | (257.4) | |||||
Treasury Stock Transactions — Stock Options and Awards | (120.5) | (120.5) | |||||
Stock Options and Awards — Amortization | 55.3 | 55.3 | |||||
Ending balance at Mar. 31, 2019 | 10,616.2 | 882 | 408.6 | 1,003.3 | 10,972.9 | (345.3) | (2,305.3) |
Beginning balance at Dec. 31, 2019 | 11,091 | 1,273.4 | 408.6 | 1,013.1 | 11,656.7 | (194.7) | (3,066.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 360.6 | 360.6 | |||||
Other Comprehensive Income (Loss) (Net of Tax and Reclassifications) | 239.7 | 239.7 | |||||
Dividends Declared: | |||||||
Common Stock | (148.6) | (148.6) | |||||
Preferred Stock | (19) | (19) | |||||
Redemption of Preferred Stock, Series C | (400) | (388.5) | (11.5) | ||||
Stock Options and Awards | 137.7 | 137.7 | |||||
Stock Purchased | (296.8) | (296.8) | |||||
Treasury Stock Transactions — Stock Options and Awards | (129) | (129) | |||||
Stock Options and Awards — Amortization | 54.2 | 54.2 | |||||
Ending balance at Mar. 31, 2020 | $ 10,879.7 | $ 884.9 | $ 408.6 | $ 938.3 | $ 11,828.1 | $ 45 | $ (3,225.2) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (in usd per share) | $ 0.70 | $ 0.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 360.6 | $ 347.1 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
Investment Security Losses, net | 0 | 0.2 |
Amortization and Accretion of Securities and Unearned Income, net | 22.4 | 20 |
Provision for Credit Losses | 61 | 0 |
Provision for Credit Losses | 45.6 | 0.7 |
Depreciation on Buildings and Equipment | 28.1 | 24.9 |
Amortization of Computer Software | 91.6 | 84.8 |
Amortization of Intangibles | 4.1 | 4.2 |
Pension Plan Contributions | (10.6) | (3) |
Change in Receivables | (122.7) | (105.3) |
Change in Interest Payable | (5.7) | (3.6) |
Change in Collateral With Derivative Counterparties, net | (3,570.2) | 292.7 |
Other Operating Activities, net | 456.1 | (368.3) |
Net Cash (Used in) Provided by Operating Activities | (2,685.3) | 293.7 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net Change in Federal Funds Sold and Securities Purchased under Agreements to Resell | (362.2) | 620.5 |
Change in Interest-Bearing Deposits with Banks | (757.6) | 400.6 |
Net Change in Federal Reserve and Other Central Bank Deposits | (11,204.7) | 6,738.8 |
Purchases of Debt Securities – Held to Maturity | (7,076) | (3,724.4) |
Proceeds from Maturity and Redemption of Debt Securities – Held to Maturity | 6,287.3 | 5,948.6 |
Purchases of Debt Securities – Available for Sale | (2,857.6) | (1,834.1) |
Proceeds from Sale, Maturity and Redemption of Debt Securities – Available for Sale | 2,430.7 | 1,714.3 |
Change in Loans and Leases | (6,432.9) | 1,875.1 |
Purchases of Buildings and Equipment | (37.6) | (9.1) |
Purchases and Development of Computer Software | (94.8) | (81.9) |
Change in Client Security Settlement Receivables | (1,241.9) | (419.7) |
Other Investing Activities, net | (153) | 378.9 |
Net Cash (Used in) Provided by Investing Activities | (21,500.3) | 11,607.6 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in Deposits | 23,956.5 | (8,838.2) |
Change in Federal Funds Purchased | 3,817.7 | (1,942.4) |
Change in Securities Sold under Agreements to Repurchase | (455.6) | (128.5) |
Change in Short-Term Other Borrowings | (778) | (158.7) |
Redemption of Preferred Stock - Series C | (400) | 0 |
Treasury Stock Purchased | (296.8) | (257.4) |
Net Proceeds from Stock Options | 8.8 | 5.5 |
Cash Dividends Paid on Common Stock | (147.1) | (120.8) |
Cash Dividends Paid on Preferred Stock | (5.8) | (5.9) |
Other Financing Activities, net | 8.3 | 0 |
Net Cash Provided by (Used in) Financing Activities | 25,708 | (11,446.4) |
Effect of Foreign Currency Exchange Rates on Cash | (148.4) | 37.6 |
Change in Cash and Due from Banks | 1,374 | 492.5 |
Cash and Due from Banks at Beginning of Year | 4,459.2 | 4,581.6 |
Cash and Due from Banks at End of Year | 5,833.2 | 5,074.1 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest Paid | 126.7 | 244.2 |
Income Taxes Paid | 72.6 | 27.2 |
Transfers from Loans to OREO | $ (0.2) | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Northern Trust Corporation (Corporation) and its wholly-owned subsidiary, The Northern Trust Company (Bank), and various other wholly-owned subsidiaries of the Corporation and Bank. Throughout the notes to the consolidated financial statements, the term “Northern Trust” refers to the Corporation and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements, as of and for the periods ended March 31, 2020 and 2019 , have not been audited by the Corporation’s independent registered public accounting firm. In the opinion of management, all accounting entries and adjustments, including normal recurring accruals, necessary for a fair presentation of the financial position and the results of operations for the interim periods have been made. The accounting and financial reporting policies of Northern Trust conform to U.S. generally accepted accounting principles (GAAP) and reporting practices prescribed for the banking industry. The consolidated statements of income include results of acquired subsidiaries from the dates of acquisition. Certain prior-period balances have been reclassified to conform with the current year’s presentation. For a description of Northern Trust’s significant accounting policies, refer to Note 1 — Summary of Significant Accounting Policies included under Item 8. Financial Statements and Supplementary Data in the Annual Report on Form 10-K for the year ended December 31, 2019 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On January 1, 2020, Northern Trust adopted Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). ASU 2016-13 significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. The main provisions of ASU 2016-13 include (1) replacing the “incurred loss” approach under current GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for available for sale debt securities rather than reduce the carrying amount of the investments, as is required by the other-than-temporary-impairment model under legacy GAAP, and (3) a simplified accounting model for purchased credit-impaired debt securities and loans. Upon adoption of ASU 2016-13, Northern Trust recorded a $13.7 million increase in the allowance for credit losses with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million , net of income taxes, on January 1, 2020. Northern Trust did not restate comparative periods for the effects of applying ASU 2016-13. There was no significant impact to Northern Trust’s consolidated results of operations. Please refer to Note 7 — Allowance for Credit Losses for further information. On January 1, 2020, Northern Trust adopted ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (ASU 2017-04). ASU 2017-04 amends the subsequent measurement of goodwill whereby Step 2 from the goodwill impairment test is eliminated. As a result, the goodwill impairment test is performed by comparing the fair value of a reporting unit to its carrying value and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Upon adoption of ASU 2017-04, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. On January 1, 2020, Northern Trust adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (ASU 2018-13). The primary objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements. Upon adoption of ASU 2018-13, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. On January 1, 2020, Northern Trust adopted ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Upon adoption of ASU 2018-15, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. On January 1, 2020, Northern Trust adopted ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities” (ASU 2018-17). ASU 2018-17 requires that indirect interests held through related parties in common control arrangements should be considered on a proportional basis (rather than as the equivalent of a direct interest in its entirety) for determining whether fees paid to decision makers and service providers are variable interests. Upon adoption of ASU 2018-17, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Hierarchy. The following describes the hierarchy of valuation inputs (Levels 1, 2, and 3) used to measure fair value and the primary valuation methodologies used by Northern Trust for financial instruments measured at fair value on a recurring basis. Observable inputs reflect market data obtained from sources independent of the reporting entity; unobservable inputs reflect the entity’s own assumptions about how market participants would value an asset or liability based on the best information available. GAAP requires an entity measuring fair value to maximize the use of observable inputs and minimize the use of unobservable inputs and establishes a fair value hierarchy of inputs. Financial instruments are categorized within the hierarchy based on the lowest level input that is significant to their valuation. No transfers into or out of Level 3 occurred during the three months ended March 31, 2020 or the twelve months ended December 31, 2019 . Level 1 — Quoted, active market prices for identical assets or liabilities. Northern Trust’s Level 1 assets are comprised of available for sale investments in U.S. treasury securities. Level 2 — Observable inputs other than Level 1 prices, such as quoted active market prices for similar assets or liabilities, quoted prices for identical or similar assets in inactive markets, and model-derived valuations in which all significant inputs are observable in active markets. Northern Trust’s Level 2 assets include available for sale and trading account debt securities, the fair values of which are determined predominantly by external pricing vendors. Prices received from vendors are compared to other vendor and third-party prices. If a security price obtained from a pricing vendor is determined to exceed pre-determined tolerance levels that are assigned based on an asset type’s characteristics, the exception is researched and, if the price is not able to be validated, an alternate pricing vendor is utilized, consistent with Northern Trust’s pricing source hierarchy. As of March 31, 2020 , Northern Trust’s available for sale debt securities portfolio included 1,771 Level 2 debt securities with an aggregate market value of $34.9 billion . All 1,771 debt securities were valued by external pricing vendors. As of December 31, 2019 , Northern Trust’s available for sale debt securities portfolio included 1,704 Level 2 debt securities with an aggregate market value of $34.3 billion . All 1,704 debt securities were valued by external pricing vendors. Trading account debt securities, which totaled $1.2 million and $0.3 million as of March 31, 2020 and December 31, 2019 , respectively, were all valued using external pricing vendors. Level 2 assets and liabilities also include derivative contracts which are valued internally using widely accepted income-based models that incorporate inputs readily observable in actively quoted markets and reflect the contractual terms of the contracts. Observable inputs include foreign exchange rates and interest rates for foreign exchange contracts; credit spreads, default probabilities, and recovery rates for credit default swap contracts; interest rates for interest rate swap contracts and forward contracts; and interest rates and volatility inputs for interest rate option contracts. Northern Trust evaluates the impact of counterparty credit risk and its own credit risk on the valuation of its derivative instruments. Factors considered include the likelihood of default by Northern Trust and its counterparties, the remaining maturities of the instruments, net exposures after giving effect to master netting arrangements or similar agreements, available collateral, and other credit enhancements in determining the appropriate fair value of derivative instruments. The resulting valuation adjustments have not been considered material. Level 3 — Valuation techniques in which one or more significant inputs are unobservable in the marketplace. Northern Trust’s Level 3 liabilities consist of swaps that Northern Trust entered into with the purchaser of 1.1 million and 1.0 million shares of Visa Inc. Class B common stock (Visa Class B common shares) previously held by Northern Trust and sold in June 2016 and 2015, respectively. Pursuant to the swaps, Northern Trust retains the risks associated with the ultimate conversion of the Visa Class B common shares into shares of Visa Inc. Class A common stock (Visa Class A common shares), such that the counterparty will be compensated for any dilutive adjustments to the conversion ratio and Northern Trust will be compensated for any anti-dilutive adjustments to the ratio. The swaps also require periodic payments from Northern Trust to the counterparty calculated by reference to the market price of Visa Class A common shares and a fixed rate of interest. The fair value of the swaps is determined using a discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are Northern Trust’s own assumptions about estimated changes in the conversion rate of the Visa Class B common shares into Visa Class A common shares, the date on which such conversion is expected to occur and the estimated growth rate of the Visa Class A common share price. See “Visa Class B Common Shares” under Note 20 — Contingent Liabilities for further information. Northern Trust believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. The following table presents the fair values of Northern Trust’s Level 3 liabilities as of March 31, 2020 and December 31, 2019 , as well as the valuation techniques, significant unobservable inputs, and quantitative information used to develop significant unobservable inputs for such liabilities as of such dates. TABLE 27: LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS MARCH 31, 2020 FINANCIAL INSTRUMENT FAIR VALUE VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES (1) Swaps Related to Sale of Certain Visa Class B Common Shares $26.5 million Discounted Cash Flow Conversion Rate 1.62x 1.62x Visa Class A Appreciation 9.93% 9.93% Expected Duration 12 - 33 months 20 months (1) Weighted average of expected duration based on scenario probability. DECEMBER 31, 2019 FINANCIAL INSTRUMENT FAIR VALUE VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES (1) Swaps Related to Sale of Certain Visa Class B Common Shares $33.4 million Discounted Cash Flow Conversion Rate 1.62x 1.62x Visa Class A Appreciation 8.54% 8.54% Expected Duration 12 - 36 months 22 months (1) Weighted average of expected duration based on scenario probability. The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 , segregated by fair value hierarchy level. TABLE 28: RECURRING BASIS HIERARCHY LEVELING MARCH 31, 2020 (In Millions) LEVEL 1 LEVEL 2 LEVEL 3 NETTING ASSETS/LIABILITIES AT FAIR VALUE Debt Securities Available for Sale U.S. Government $ 4,584.1 $ — $ — $ — $ 4,584.1 Obligations of States and Political Subdivisions — 1,776.3 — — 1,776.3 Government Sponsored Agency — 23,870.0 — — 23,870.0 Non-U.S. Government — 3.4 — — 3.4 Corporate Debt — 2,436.0 — — 2,436.0 Covered Bonds — 553.4 — — 553.4 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds — 2,105.5 — — 2,105.5 Other Asset-Backed — 3,182.1 — — 3,182.1 Commercial Mortgage-Backed — 922.6 — — 922.6 Other — 8.3 — — 8.3 Total Available for Sale 4,584.1 34,857.6 — — 39,441.7 Trading Account — 1.2 — — 1.2 Total Available for Sale and Trading Debt Securities 4,584.1 34,858.8 — — 39,442.9 Other Assets Derivative Assets Foreign Exchange Contracts — 5,935.4 — (2,062.6 ) 3,872.8 Interest Rate Contracts — 341.5 — (3.2 ) 338.3 Total Derivative Assets — 6,276.9 — (2,065.8 ) 4,211.1 Other Liabilities Derivative Liabilities Foreign Exchange Contracts — 5,763.4 — (4,763.3 ) 1,000.1 Interest Rate Contracts — 160.1 — (126.9 ) 33.2 Other Financial Derivatives (1) — — 26.5 — 26.5 Total Derivative Liabilities $ — $ 5,923.5 $ 26.5 $ (4,890.2 ) $ 1,059.8 Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of March 31, 2020 , derivative assets and liabilities shown above also include reductions of $197.6 million and $3,022.0 million , respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) This line consists of swaps related to the sale of certain Visa Class B common shares. DECEMBER 31, 2019 (In Millions) LEVEL 1 LEVEL 2 LEVEL 3 NETTING ASSETS/LIABILITIES AT FAIR VALUE Debt Securities Available for Sale U.S. Government $ 4,549.1 $ — $ — $ — $ 4,549.1 Obligations of States and Political Subdivisions — 1,615.3 — — 1,615.3 Government Sponsored Agency — 23,271.2 — — 23,271.2 Non-U.S. Government — 3.3 — — 3.3 Corporate Debt — 2,402.7 — — 2,402.7 Covered Bonds — 769.9 — — 769.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds — 2,127.6 — — 2,127.6 Other Asset-Backed — 3,330.5 — — 3,330.5 Commercial Mortgage-Backed — 797.7 — — 797.7 Other — 9.0 — — 9.0 Total Available for Sale 4,549.1 34,327.2 — — 38,876.3 Trading Account — 0.3 — — 0.3 Total Available for Sale and Trading Debt Securities 4,549.1 34,327.5 — — 38,876.6 Other Assets Derivative Assets Foreign Exchange Contracts — 3,234.8 — (2,334.1 ) 900.7 Interest Rate Contracts — 152.9 — (3.9 ) 149.0 Total Derivative Assets — 3,387.7 — (2,338.0 ) 1,049.7 Other Liabilities Derivative Liabilities Foreign Exchange Contracts — 3,182.2 — (1,548.6 ) 1,633.6 Interest Rate Contracts — 97.4 — (57.3 ) 40.1 Other Financial Derivatives (1) — — 33.4 (12.5 ) 20.9 Total Derivative Liabilities $ — $ 3,279.6 $ 33.4 $ (1,618.4 ) $ 1,694.6 Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of December 31, 2019 , derivative assets and liabilities shown above also include reductions of $1,136.8 million and $417.2 million , respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) This line consists of swaps related to the sale of certain Visa Class B common shares. The following table presents the changes in Level 3 liabilities for the three months ended March 31, 2020 and 2019 . TABLE 29: CHANGES IN LEVEL 3 LIABILITIES (In Millions) SWAPS RELATED TO SALE OF CERTAIN VISA CLASS B COMMON SHARES THREE MONTHS ENDED MARCH 31, 2020 2019 Fair Value at January 1 $ 33.4 $ 32.8 Total (Gains) Losses: Included in Earnings (1) (2.9 ) 5.1 Purchases, Issues, Sales, and Settlements Settlements (4.0 ) (2.9 ) Fair Value at March 31 $ 26.5 $ 35.0 (1) (Gains) losses are recorded in Other Operating Income on the consolidated statements of income. Carrying values of assets and liabilities that are not measured at fair value on a recurring basis may be adjusted to fair value in periods subsequent to their initial recognition, for example, to record an impairment of an asset. GAAP requires entities to separately disclose these subsequent fair value measurements and to classify them under the fair value hierarchy. Assets measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 , all of which were categorized as Level 3 under the fair value hierarchy, were comprised of nonaccrual loans whose values were based on real estate and other available collateral, and of other real estate owned (OREO) properties. Fair values of real estate loan collateral were estimated using a market approach typically supported by third-party valuations and property-specific fees and taxes. The fair values of real estate loan collateral were subject to adjustments to reflect management’s judgment as to realizable value and consisted of discount factors ranging from 15.0% to 20.0% with a weighted average based on fair values of 15.4% and 15.3% as of March 31, 2020 and December 31, 2019 , respectively. Other loan collateral, which typically consists of accounts receivable, inventory and equipment, is valued using a market approach adjusted for asset-specific characteristics and in limited instances third-party valuations are used. OREO assets are carried at the lower of cost or fair value less estimated costs to sell, with fair value typically based on third-party appraisals. Collateral-based nonaccrual loans that have been adjusted to fair value totaled $12.9 million and $8.0 million at March 31, 2020 and December 31, 2019 , respectively. The following table presents the fair values of Northern Trust’s Level 3 assets that were measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019 , as well as the valuation technique, significant unobservable inputs and quantitative information used to develop the significant unobservable inputs for such assets as of such dates. TABLE 30: LEVEL 3 NONRECURRING BASIS SIGNIFICANT UNOBSERVABLE INPUTS MARCH 31, 2020 FINANCIAL INSTRUMENT FAIR VALUE (1) VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES Loans $12.9 million Market Approach Discount factor applied to real estate collateral-based loans to reflect realizable value 15.0 % - 20.0% 15.4% (1) Includes real estate collateral-based loans and other collateral-based loans. DECEMBER 31, 2019 FINANCIAL INSTRUMENT FAIR VALUE (1) VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES Loans $8.0 million Market Approach Discount factor applied to real estate collateral-based loans to reflect realizable value 15.0 % - 20.0% 15.3% (1) Includes real estate collateral-based loans and other collateral-based loans. The following table summarizes the fair values of all financial instruments. TABLE 31: FAIR VALUE OF FINANCIAL INSTRUMENTS MARCH 31, 2020 FAIR VALUE (In Millions) BOOK VALUE TOTAL FAIR VALUE LEVEL 1 LEVEL 2 LEVEL 3 ASSETS Cash and Due from Banks $ 5,833.2 $ 5,833.2 $ 5,833.2 $ — $ — Federal Reserve and Other Central Bank Deposits 44,661.5 44,661.5 — 44,661.5 — Interest-Bearing Deposits with Banks 5,358.9 5,358.9 — 5,358.9 — Federal Funds Sold and Securities Purchased under Agreements to Resell 998.2 998.2 — 998.2 — Debt Securities Available for Sale (1) 39,441.7 39,441.7 4,584.1 34,857.6 — Held to Maturity 12,635.7 12,533.0 105.0 12,428.0 — Trading Account 1.2 1.2 — 1.2 — Loans (excluding Leases) Held for Investment 37,626.2 38,076.3 — — 38,076.3 Client Security Settlement Receivables 2,116.9 2,116.9 — 2,116.9 — Other Assets Federal Reserve and Federal Home Loan Bank Stock 301.2 301.2 — 301.2 — Community Development Investments 746.2 746.2 — 746.2 — Employee Benefit and Deferred Compensation 204.7 218.9 147.1 71.8 — LIABILITIES Deposits Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing $ 60,793.4 $ 60,793.4 $ 60,793.4 $ — $ — Savings Certificates and Other Time 918.7 927.9 — 927.9 — Non U.S. Offices Interest-Bearing 69,779.1 69,779.1 — 69,779.1 — Federal Funds Purchased 4,370.6 4,370.6 — 4,370.6 — Securities Sold Under Agreements to Repurchase 34.1 34.1 — 34.1 — Other Borrowings 5,955.9 5,949.8 — 5,949.8 — Senior Notes 2,668.5 2,583.6 — 2,583.6 — Long-Term Debt Subordinated Debt 1,196.0 1,122.6 — 1,122.6 — Floating Rate Capital Debt 277.7 255.5 — 255.5 — Other Liabilities Standby Letters of Credit 27.2 27.2 — — 27.2 Loan Commitments 49.0 49.0 — — 49.0 Derivative Instruments Asset/Liability Management Foreign Exchange Contracts Assets $ 149.3 $ 149.3 $ — $ 149.3 $ — Liabilities 17.3 17.3 — 17.3 — Interest Rate Contracts Assets 12.9 12.9 — 12.9 — Liabilities 18.3 18.3 — 18.3 — Other Financial Derivatives Liabilities (2) 26.5 26.5 — — 26.5 Client-Related and Trading Foreign Exchange Contracts Assets 5,786.1 5,786.1 — 5,786.1 — Liabilities 5,746.1 5,746.1 — 5,746.1 — Interest Rate Contracts Assets 328.6 328.6 — 328.6 — Liabilities 141.8 141.8 — 141.8 — (1) Refer to the table located on page 38 for the disaggregation of available for sale debt securities. (2) This line consists of swaps related to the sale of certain Visa Class B common shares. DECEMBER 31, 2019 FAIR VALUE (In Millions) BOOK VALUE TOTAL FAIR VALUE LEVEL 1 LEVEL 2 LEVEL 3 ASSETS Cash and Due from Banks $ 4,459.2 $ 4,459.2 $ 4,459.2 $ — $ — Federal Reserve and Other Central Bank Deposits 33,886.0 33,886.0 — 33,886.0 — Interest-Bearing Deposits with Banks 4,877.1 4,877.1 — 4,877.1 — Federal Funds Sold and Securities Purchased under Agreements to Resell 712.8 712.8 — 712.8 — Debt Securities Available for Sale (1) 38,876.3 38,876.3 4,549.1 34,327.2 — Held to Maturity 12,284.5 12,249.3 138.8 12,110.5 — Trading Account 0.3 0.3 — 0.3 — Loans (excluding Leases) Held for Investment 31,239.5 31,517.8 — — 31,517.8 Client Security Settlement Receivables 845.7 845.7 — 845.7 — Other Assets Federal Reserve and Federal Home Loan Bank Stock 301.2 301.2 — 301.2 — Community Development Investments 749.3 749.3 — 749.3 — Employee Benefit and Deferred Compensation 199.5 207.6 131.0 76.6 — LIABILITIES Deposits Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing $ 47,733.6 $ 47,733.6 $ 47,733.6 $ — $ — Savings Certificates and Other Time 986.7 994.2 — 994.2 — Non U.S. Offices Interest-Bearing 60,400.3 60,400.3 — 60,400.3 — Federal Funds Purchased 552.9 552.9 — 552.9 — Securities Sold Under Agreements to Repurchase 489.7 489.7 — 489.7 — Other Borrowings 6,744.8 6,745.9 — 6,745.9 — Senior Notes 2,573.0 2,593.0 — 2,593.0 — Long-Term Debt Subordinated Debt 1,148.1 1,169.5 — 1,169.5 — Floating Rate Capital Debt 277.7 262.1 — 262.1 — Other Liabilities Standby Letters of Credit 25.5 25.5 — — 25.5 Loan Commitments 32.3 32.3 — — 32.3 Derivative Instruments Asset/Liability Management Foreign Exchange Contracts Assets $ 83.1 $ 83.1 $ — $ 83.1 $ — Liabilities 24.1 24.1 — 24.1 — Interest Rate Contracts Assets 20.5 20.5 — 20.5 — Liabilities 21.1 21.1 — 21.1 — Other Financial Derivatives Liabilities (2) 33.4 33.4 — — 33.4 Client-Related and Trading Foreign Exchange Contracts Assets 3,151.7 3,151.7 — 3,151.7 — Liabilities 3,158.1 3,158.1 — 3,158.1 — Interest Rate Contracts Assets 132.4 132.4 — 132.4 — Liabilities 76.3 76.3 — 76.3 — (1) Refer to the table located on page 39 for the disaggregation of available for sale debt securities. (2) This line consists of swaps related to the sale of certain Visa Class B common shares. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Debt Securities Available for Sale. The following tables provide the amortized cost and fair values at March 31, 2020 and December 31, 2019 , and remaining maturities of debt securities available for sale at March 31, 2020 . TABLE 32: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES AVAILABLE FOR SALE MARCH 31, 2020 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Government $ 4,481.7 $ 102.4 $ — $ 4,584.1 Obligations of States and Political Subdivisions 1,725.2 54.3 3.2 1,776.3 Government Sponsored Agency 23,611.0 365.3 106.3 23,870.0 Non-U.S. Government 3.3 0.1 — 3.4 Corporate Debt 2,408.6 38.7 11.3 2,436.0 Covered Bonds 550.5 4.2 1.3 553.4 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 2,047.5 58.6 0.6 2,105.5 Other Asset-Backed 3,284.9 2.3 105.1 3,182.1 Commercial Mortgage-Backed 904.3 31.1 12.8 922.6 Other 8.3 — — 8.3 Total $ 39,025.3 $ 657.0 $ 240.6 $ 39,441.7 DECEMBER 31, 2019 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Government $ 4,527.5 $ 26.7 $ 5.1 $ 4,549.1 Obligations of States and Political Subdivisions 1,604.0 24.6 13.3 1,615.3 Government Sponsored Agency 23,247.5 101.8 78.1 23,271.2 Non-U.S. Government 3.3 — — 3.3 Corporate Debt 2,378.9 27.8 4.0 2,402.7 Covered Bonds 766.3 4.4 0.8 769.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 2,091.3 37.4 1.1 2,127.6 Other Asset-Backed 3,324.5 11.3 5.3 3,330.5 Commercial Mortgage-Backed 769.9 28.7 0.9 797.7 Other 9.0 — — 9.0 Total $ 38,722.2 $ 262.7 $ 108.6 $ 38,876.3 TABLE 33: REMAINING MATURITY OF DEBT SECURITIES AVAILABLE FOR SALE MARCH 31, 2020 ONE YEAR OR LESS ONE TO FIVE YEARS FIVE TO TEN YEARS OVER TEN YEARS TOTAL (In Millions) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. Government $ 2,204.6 $ 2,221.5 $ 1,724.7 $ 1,768.4 $ 552.4 $ 594.2 $ — $ — $ 4,481.7 $ 4,584.1 Obligations of States and Political Subdivisions 35.9 35.9 87.5 91.3 1,601.8 1,649.1 — — 1,725.2 1,776.3 Government Sponsored Agency 5,825.0 5,895.7 10,097.6 10,225.5 5,524.0 5,565.7 2,164.4 2,183.1 23,611.0 23,870.0 Non-U.S. Government 3.3 3.4 — — — — — — 3.3 3.4 Corporate Debt 366.4 365.8 2,036.4 2,064.4 5.8 5.8 — — 2,408.6 2,436.0 Covered Bonds 108.3 108.6 442.2 444.8 — — — — 550.5 553.4 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 327.6 327.8 1,669.9 1,727.8 50.0 49.9 — — 2,047.5 2,105.5 Other Asset-Backed 643.0 641.2 2,164.5 2,096.3 464.4 432.5 13.0 12.1 3,284.9 3,182.1 Commercial Mortgage-Backed 26.1 25.9 255.7 258.0 600.8 617.5 21.7 21.2 904.3 922.6 Other 8.3 8.3 — — — — — — 8.3 8.3 Total $ 9,548.5 $ 9,634.1 $ 18,478.5 $ 18,676.5 $ 8,799.2 $ 8,914.7 $ 2,199.1 $ 2,216.4 $ 39,025.3 $ 39,441.7 Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments. Debt Securities Available for Sale with Unrealized Losses. The following table provides information regarding debt securities available for sale with no credit losses reported that had been in a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2020 and December 31, 2019 . TABLE 34: DEBT SECURITIES AVAILABLE FOR SALE IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED AS OF MARCH 31, 2020 LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL (In Millions) FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES Obligations of States and Political Subdivisions $ 230.6 $ 3.2 $ — $ — $ 230.6 $ 3.2 Government Sponsored Agency 2,803.1 24.4 7,033.0 81.9 9,836.1 106.3 Corporate Debt 669.2 8.8 134.0 1.9 803.2 10.7 Covered Bonds 306.5 1.3 — — 306.5 1.3 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 99.9 0.1 158.8 0.5 258.7 0.6 Other Asset-Backed 1,616.7 45.0 1,049.7 60.1 2,666.4 105.1 Commercial Mortgage-Backed 296.3 12.7 34.1 0.1 330.4 12.8 Total $ 6,022.3 $ 95.5 $ 8,409.6 $ 144.5 $ 14,431.9 $ 240.0 Note: One corporate debt available for sale security with a fair value of $24.6 million and unrealized losses of $0.6 million has been excluded from the table above as it has a credit loss reported as of March 31, 2020 . AS OF DECEMBER 31, 2019 LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL (In Millions) FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES U.S. Government $ 252.2 $ 2.8 $ 899.7 $ 2.3 $ 1,151.9 $ 5.1 Obligations of States and Political Subdivisions 902.4 13.3 — — 902.4 13.3 Government Sponsored Agency 5,405.0 35.6 7,818.4 42.5 13,223.4 78.1 Corporate Debt 279.3 1.1 492.7 2.9 772.0 4.0 Covered Bonds 138.7 0.7 25.0 0.1 163.7 0.8 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 217.5 1.0 155.2 0.1 372.7 1.1 Other Asset-Backed 592.4 1.8 1,164.9 3.5 1,757.3 5.3 Commercial Mortgage-Backed 62.8 0.7 59.3 0.2 122.1 0.9 Total $ 7,850.3 $ 57.0 $ 10,615.2 $ 51.6 $ 18,465.5 $ 108.6 As of March 31, 2020 , 790 debt securities available for sale with a combined fair value of $14.4 billion were in an unrealized loss position, with their unrealized losses totaling $240.0 million . Unrealized losses of $106.3 million and $105.1 million related to government sponsored agency and other asset-backed securities, respectively, are primarily attributable to the impact of uncertain market conditions in the first quarter of 2020, changes in market interest rates and credit spreads since their purchase. Unrealized losses related to corporate debt securities with no credit losses reported of $10.7 million are primarily attributable to changes in credit spreads since purchase. As of March 31, 2020, 25% of the corporate debt portfolio was backed by guarantees provided by U.S. and non-U.S. governmental entities. The remaining unrealized losses on Northern Trust’s debt securities available for sale portfolio as of March 31, 2020 , are attributable to changes in overall market interest rates, credit spreads or reduced market liquidity. As of March 31, 2020 , Northern Trust did not intend to sell any debt securities available for sale in an unrealized loss position and it was more likely than not that Northern Trust would not be required to sell any such investment before the recovery of its amortized cost basis, which may be maturity. Debt securities available for sale impairment reviews are conducted quarterly to identify and evaluate securities that have indications of possible credit losses. A determination as to whether a security’s decline in market value is related to credit impairment takes into consideration numerous factors and the relative significance of any single factor can vary by security. Factors Northern Trust considers in determining whether impairment is credit related include, but are not limited to, the severity of the impairment; the cause of the impairment and the financial condition and near-term prospects of the issuer; activity in the market of the issuer, which may indicate adverse credit conditions; Northern Trust’s intent regarding the sale of the security as of the balance sheet date; and the likelihood that Northern Trust will not be required to sell the security for a period of time sufficient to allow for the recovery of the security’s amortized cost basis. For each security meeting the requirements of Northern Trust’s internal screening process, an extensive review is conducted to determine if a credit loss has occurred. There was $0.2 million of credit losses recognized for corporate debt securities available for sale as of March 31, 2020 . The process for identifying credit losses for corporate debt available for sale securities is based on the best estimate of cash flows to be collected from the security, discounted using the security’s effective interest rate. If the present value of the expected cash flows is found to be less than the current amortized cost of the security, an allowance for credit losses is generally recorded equal to the difference between the two amounts, limited to the amount the amortized cost basis exceeds the fair value of the security. For a description of Northern Trust’s accounting policies applied prior to the adoption of ASU 2016-13, refer to Note 1 — Summary of Significant Accounting Policies and Note 4 — Securities included under Item 8. Financial Statements and Supplementary Data in the Annual Report on Form 10-K for the year ended December 31, 2019. Debt Securities Held to Maturity. The following tables provide the amortized cost and fair values at March 31, 2020 and December 31, 2019 , and remaining maturities of debt securities held to maturity at March 31, 2020 . TABLE 35: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES HELD TO MATURITY MARCH 31, 2020 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S Government $ 104.9 $ 0.1 $ — $ 105.0 Obligations of States and Political Subdivisions 6.9 0.2 — 7.1 Government Sponsored Agency 3.9 0.3 — 4.2 Non-U.S. Government 3,696.0 7.5 0.3 3,703.2 Corporate Debt 520.9 1.1 8.4 513.6 Covered Bonds 3,116.9 15.5 14.2 3,118.2 Certificates of Deposit 1,041.9 — — 1,041.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,060.0 35.6 3.3 3,092.3 Other Asset-Backed 783.3 — 8.1 775.2 Other 301.0 — 128.7 172.3 Total $ 12,635.7 $ 60.3 $ 163.0 $ 12,533.0 DECEMBER 31, 2019 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Government $ 138.8 $ — $ — $ 138.8 Obligations of States and Political Subdivisions 10.1 0.2 — 10.3 Government Sponsored Agency 4.1 0.2 — 4.3 Non-U.S. Government 4,076.0 5.3 2.5 4,078.8 Corporate Debt 405.1 1.4 0.3 406.2 Covered Bonds 3,006.7 16.1 2.4 3,020.4 Certificates of Deposit 262.9 — — 262.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,285.4 21.7 2.1 3,305.0 Other Asset-Backed 804.3 0.7 0.3 804.7 Other 291.1 0.1 73.3 217.9 Total $ 12,284.5 $ 45.7 $ 80.9 $ 12,249.3 TABLE 36: REMAINING MATURITY OF DEBT SECURITIES HELD TO MATURITY MARCH 31, 2020 ONE YEAR OR LESS ONE TO FIVE YEARS FIVE TO TEN YEARS OVER TEN YEARS TOTAL (In Millions) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. Government $ 104.9 $ 105.0 $ — $ — $ — $ — $ — $ — $ 104.9 $ 105.0 Obligations of States and Political Subdivisions 6.0 6.1 0.9 1.0 — — — — 6.9 7.1 Government Sponsored Agency 0.6 0.7 1.7 1.8 1.0 1.1 0.6 0.6 3.9 4.2 Non-U.S. Government 3,481.7 3,483.9 214.3 219.3 — — — — 3,696.0 3,703.2 Corporate Debt 96.0 94.2 424.9 419.4 — — — — 520.9 513.6 Covered Bonds 753.0 755.2 2,363.9 2,363.0 — — — — 3,116.9 3,118.2 Certificates of Deposit 1,041.9 1,041.9 — — — — — — 1,041.9 1,041.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 418.5 419.4 2,600.9 2,632.6 40.6 40.3 — — 3,060.0 3,092.3 Other Asset-Backed 252.3 251.5 449.2 442.7 81.8 81.0 — — 783.3 775.2 Other 8.5 8.0 141.2 111.6 46.0 28.5 105.3 24.2 301.0 172.3 Total $ 6,163.4 $ 6,165.9 $ 6,197.0 $ 6,191.4 $ 169.4 $ 150.9 $ 105.9 $ 24.8 $ 12,635.7 $ 12,533.0 Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments. Debt securities held to maturity consist of securities that management intends to, and Northern Trust has the ability to, hold until maturity. During the three months ended March 31, 2020 and 2019 , no securities were transferred from available for sale to held to maturity, respectively. Credit Quality Indicators. The following table provides the amortized cost of debt securities held to maturity by credit rating. TABLE 37: AMORTIZED COST OF DEBT SECURITIES HELD TO MATURITY BY CREDIT RATING AS OF MARCH 31, 2020 (In Millions) AAA AA A BBB NOT RATED TOTAL U.S. Government $ 104.9 $ — $ — $ — $ — $ 104.9 Obligations of States and Political Subdivisions — 0.5 5.1 1.3 — 6.9 Government Sponsored Agency 3.9 — — — — 3.9 Non-U.S. Government 348.1 1,219.2 2,128.7 — — 3,696.0 Corporate Debt 3.4 256.5 261.0 — — 520.9 Covered Bonds 3,116.9 — — — — 3,116.9 Certificates of Deposit — — — — 1,041.9 1,041.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 2,146.4 882.6 — — 31.0 3,060.0 Other Asset-Backed 783.3 — — — — 783.3 Other — — — — 301.0 301.0 Total $ 6,506.9 $ 2,358.8 $ 2,394.8 $ 1.3 $ 1,373.9 $ 12,635.7 Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. Northern Trust maintains a high quality debt securities portfolio, with 51% of the held to maturity portfolio at March 31, 2020 , composed of U.S. Treasury and government sponsored agency securities and other triple-A rated securities. The remaining held to maturity debt securities portfolio was comprised of 19% rated double-A, 19% rated below double-A, and 11% not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security. Investment Security Gains and Losses. Proceeds of $280.0 million and $127.5 million from the sale of debt securities during the three months ended March 31, 2020 and 2019 , respectively, resulted in the following gains and losses shown below. TABLE 38: INVESTMENT SECURITY GAINS AND LOSSES THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Gross Realized Debt Securities Gains $ 0.7 $ 1.3 Gross Realized Debt Securities Losses (0.7 ) (1.5 ) Net Investment Security (Losses) Gains $ — $ (0.2 ) |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financings and recorded at the amounts at which the securities were sold plus accrued interest. To minimize any potential credit risk associated with these transactions, the fair value of the securities sold is monitored, limits are set on exposure with counterparties, and the financial condition of counterparties is regularly assessed. Securities sold under agreements to repurchase are held by the counterparty until the repurchase. The following table provides information regarding repurchase agreements that are accounted for as secured borrowings as of March 31, 2020 and December 31, 2019 . TABLE 39: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS MARCH 31, 2020 DECEMBER 31, 2019 REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS (In Millions) OVERNIGHT AND CONTINUOUS U.S. Treasury and Agency Securities $ 34.1 $ 489.7 Total Borrowings 34.1 489.7 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 22 34.1 489.7 Amounts related to agreements not included in Note 22 — — |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Amounts outstanding for loans and leases, by segment and class, are shown in the following table. During the first quarter of 2020, the Corporation implemented a change in the classification of certain loans and leases to specific segments to enhance the consistency of its reporting across various regulatory regimes. As a result, the loan and lease balances as of December 31, 2019 below have been adjusted to conform to the presentation for periods ended after such date. The adjustments generally reflected reclassification of loans from the commercial real estate class to commercial and institutional, residential real estate, and private client classes. There was no impact on total loans and leases previously reported. TABLE 40: LOANS AND LEASES (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Commercial Commercial and Institutional $ 12,327.3 $ 9,091.1 Commercial Real Estate 3,085.2 3,104.3 Non-U.S. 3,923.0 1,576.3 Lease Financing, net 64.8 65.6 Other 336.5 164.0 Total Commercial 19,736.8 14,001.3 Personal Private Client 11,609.9 11,071.4 Residential Real Estate 6,074.3 6,095.0 Non-U.S. 346.9 174.8 Other 69.8 67.1 Total Personal 18,100.9 17,408.3 Total Loans and Leases $ 37,837.7 $ 31,409.6 Residential real estate loans consist of traditional first lien mortgages and equity credit lines that generally require a loan-to-collateral value of no more than 65% to 80% at inception. Northern Trust’s equity credit line products generally have draw periods of up to 10 years and a balloon payment of any outstanding balance is due at maturity. Payments are interest-only with variable interest rates. Northern Trust does not offer equity credit lines that include an option to convert the outstanding balance to an amortizing payment loan. As of March 31, 2020 and December 31, 2019 , equity credit lines totaled $429.6 million and $448.5 million , respectively, and equity credit lines for which first liens were held by Northern Trust represented 96% and 97% of the total equity credit lines as of March 31, 2020 and December 31, 2019 , respectively. Included within the non-U.S., commercial-other and personal-other classes are short-duration advances primarily related to the processing of custodied client investments, totaling $3.8 billion at March 31, 2020 and $1.1 billion at December 31, 2019 , respectively. Demand deposit overdrafts reclassified as loan balances totaled $26.7 million and $90.4 million at March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 and December 31, 2019 , there were $52.8 million and $53.6 million of leases, respectively, classified as held for sale related to the decision to sell substantially all of the lease portfolio. As of March 31, 2020 and December 31, 2019 , there were no loans classified as held for sale. Credit Quality Indicators. Credit quality indicators are statistics, measurements or other metrics that provide information regarding the relative credit risk of loans and leases. Northern Trust utilizes a variety of credit quality indicators to assess the credit risk of loans and leases at the segment, class, and individual credit exposure levels. As part of its credit process, Northern Trust utilizes an internal borrower risk rating system to support identification, approval, and monitoring of credit risk. Borrower risk ratings are used in credit underwriting and management reporting. Risk ratings are used for ranking the credit risk of borrowers and the probability of their default. Each borrower is rated using one of a number of ratings models, which consider both quantitative and qualitative factors. The ratings models vary among classes of loans and leases in order to capture the unique risk characteristics inherent within each particular type of credit exposure. Provided below are the more significant performance indicator attributes considered within Northern Trust’s borrower rating models, by loan and lease class. • Commercial and Institutional: leverage, profit margin, liquidity, asset size and capital levels; • Commercial Real Estate: debt service coverage, loan-to-value ratio, leasing status and guarantor support; • Lease Financing and Commercial-Other: leverage, profit margin, liquidity, asset size and capital levels; • Non-U.S.: leverage, profit margin, liquidity, return on assets and capital levels; • Residential Real Estate: payment history, credit bureau scores and loan-to-value ratio; • Private Client: cash-flow-to-debt and net worth ratios, leverage and liquidity; and • Personal-Other: cash-flow-to-debt and net worth ratios. While the criteria vary by model, the objective is for the borrower ratings to be consistent in both the measurement and ranking of risk. Each model is calibrated to a master rating scale to support this consistency. Ratings for borrowers not in default range from “1” for the strongest credits to “7” for the weakest non-defaulted credits. Ratings of “8” or “9” are used for defaulted borrowers. Borrower risk ratings are monitored and are revised when events or circumstances indicate a change is required. Risk ratings are generally validated at least annually. Loan and lease segment and class balances as of March 31, 2020 and December 31, 2019 are provided in the following table, segregated by borrower ratings into “1 to 3,” “4 to 5” and “6 to 9” (watch list and nonaccrual status) categories by year of origination at amortized cost basis. TABLE 41: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR March 31, 2020 TERM LOANS AND LEASES REVOLVING LOANS REVOLVING LOANS CONVERTED TO TERM LOANS (In Millions) 2020 2019 2018 2017 2016 PRIOR TOTAL Commercial Commercial and Institutional Risk Rating: 1 to 3 Category $ 151.0 $ 787.4 $ 340.4 $ 287.4 $ 533.0 $ 509.2 $ 5,880.6 $ 4.9 $ 8,493.9 4 to 5 Category 137.7 668.7 370.5 449.0 120.2 203.8 1,676.4 51.1 3,677.4 6 to 9 Category 23.9 11.8 9.0 9.4 19.4 6.1 74.0 2.4 156.0 Total Commercial and Institutional 312.6 1,467.9 719.9 745.8 672.6 719.1 7,631.0 58.4 12,327.3 Commercial Real Estate Risk Rating: 1 to 3 Category 121.0 285.9 100.5 61.2 100.5 170.7 106.6 6.1 952.5 4 to 5 Category 166.3 749.8 343.9 154.3 168.0 454.2 66.0 20.1 2,122.6 6 to 9 Category 2.2 — — 4.4 3.0 0.5 — — 10.1 Total Commercial Real Estate 289.5 1,035.7 444.4 219.9 271.5 625.4 172.6 26.2 3,085.2 Non-U.S. Risk Rating: 1 to 3 Category 2,488.3 12.2 10.0 5.6 — 13.5 169.1 — 2,698.7 4 to 5 Category 905.6 5.9 1.9 6.7 — 70.9 38.6 1.8 1,031.4 6 to 9 Category 1.4 23.1 — — — — 168.4 — 192.9 Total Non-U.S. 3,395.3 41.2 11.9 12.3 — 84.4 376.1 1.8 3,923.0 Lease Financing, net Risk Rating: 1 to 3 Category — — — — — 52.8 — — 52.8 4 to 5 Category — — — — — 12.0 — — 12.0 6 to 9 Category — — — — — — — — — Total Lease Financing, net — — — — — 64.8 — — 64.8 Other Risk Rating: 1 to 3 Category 117.4 — — — — — — — 117.4 4 to 5 Category 219.1 — — — — — — — 219.1 6 to 9 Category — — — — — — — — — Total Other 336.5 — — — — — — — 336.5 Total Commercial 4,333.9 2,544.8 1,176.2 978.0 944.1 1,493.7 8,179.7 86.4 19,736.8 Personal Private Client Risk Rating: 1 to 3 Category 131.1 486.6 75.1 126.9 38.9 150.2 4,965.0 20.9 5,994.7 4 to 5 Category 50.4 531.2 259.6 171.5 97.5 103.7 4,076.9 243.2 5,534.0 6 to 9 Category — 0.6 23.2 — 0.1 — 47.0 10.3 81.2 Total Private Client 181.5 1,018.4 357.9 298.4 136.5 253.9 9,088.9 274.4 11,609.9 Residential Real Estate Risk Rating: 1 to 3 Category 222.8 801.7 112.6 156.3 244.7 942.8 228.8 1.3 2,711.0 4 to 5 Category 122.4 441.7 229.0 248.9 417.5 1,397.2 330.8 4.0 3,191.5 6 to 9 Category 0.3 11.3 10.4 0.6 3.0 124.2 22.0 — 171.8 Total Residential Real Estate 345.5 1,254.7 352.0 405.8 665.2 2,464.2 581.6 5.3 6,074.3 Non-U.S. Risk Rating: 1 to 3 Category 2.2 41.5 — — — 2.0 58.4 — 104.1 4 to 5 Category — 19.1 14.0 0.6 0.5 9.6 193.0 5.1 241.9 6 to 9 Category — — — — — 0.6 0.3 — 0.9 Total Non-U.S. 2.2 60.6 14.0 0.6 0.5 12.2 251.7 5.1 346.9 Other Risk Rating: 1 to 3 Category 36.5 — — — — — — — 36.5 4 to 5 Category 33.3 — — — — — — — 33.3 6 to 9 Category — — — — — — — — — Total Other 69.8 — — — — — — — 69.8 Total Personal 599.0 2,333.7 723.9 704.8 802.2 2,730.3 9,922.2 284.8 18,100.9 Total Loans and Leases $ 4,932.9 $ 4,878.5 $ 1,900.1 $ 1,682.8 $ 1,746.3 $ 4,224.0 $ 18,101.9 $ 371.2 $ 37,837.7 Loans and leases in the “1 to 3” category are expected to exhibit minimal to modest probabilities of default and are characterized by borrowers having the strongest financial qualities, including above average financial flexibility, cash flows and capital levels. Borrowers assigned these ratings are anticipated to experience very little to moderate financial pressure in adverse down-cycle scenarios. As a result of these characteristics, borrowers within this category exhibit a minimal to modest likelihood of loss. Loans and leases in the “4 to 5” category are expected to exhibit moderate to acceptable probabilities of default and are characterized by borrowers with less financial flexibility than those in the “1 to 3” category. Cash flows and capital levels are generally sufficient to allow for borrowers to meet current requirements, but have fewer financial resources to manage through economic downturns. As a result of these characteristics, borrowers within this category exhibit a moderate likelihood of loss. Loans and leases in the watch list category have elevated credit risk profiles that are monitored through internal watch lists, and consist of credits with borrower ratings of “6 to 9.” These credits, which include all nonaccrual credits, are expected to exhibit minimally acceptable probabilities of default, elevated risk of default, or are currently in default. Borrowers associated with these risk profiles that are not currently in default have limited financial flexibility. Cash flows and capital levels range from acceptable to potentially insufficient to meet current requirements, particularly in adverse down cycle scenarios. As a result of these characteristics, borrowers in this category exhibit an elevated to probable likelihood of loss. For credit quality indicator information that was required under the former provisions of Accounting Standards Code (ASC) Topic 310, please refer to Note 6 — Loans and Leases of the Notes to Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2019. Past Due Status. Past due status is based on the length of time from the contractual due date a principal or interest payment has been past due. For disclosure purposes, loans and leases that are 29 days past due or less are reported as current. The following table provides balances and delinquency status of accrual and nonaccrual loans and leases by segment and class, as well as the other real estate owned and nonaccrual asset balances, as of March 31, 2020 and December 31, 2019 . TABLE 42: DELINQUENCY STATUS ACCRUAL NONACCRUAL WITH NO ALLOWANCE (In Millions) CURRENT 30 – 59 DAYS PAST DUE 60 – 89 DAYS PAST DUE 90 DAYS OR MORE PAST DUE TOTAL ACCRUAL NONACCRUAL TOTAL LOANS AND LEASES March 31, 2020 Commercial Commercial and Institutional $ 12,216.7 $ 71.3 $ 5.4 $ 1.0 $ 12,294.4 $ 32.9 $ 12,327.3 $ 17.9 Commercial Real Estate 3,069.3 8.5 — 4.7 3,082.5 2.7 3,085.2 2.7 Non-U.S. 3,923.0 — — — 3,923.0 — 3,923.0 — Lease Financing, net 64.8 — — — 64.8 — 64.8 — Other 336.5 — — — 336.5 — 336.5 — Total Commercial 19,610.3 79.8 5.4 5.7 19,701.2 35.6 19,736.8 20.6 Personal Private Client 11,522.5 77.3 8.4 1.2 11,609.4 0.5 11,609.9 0.5 Residential Real Estate 5,974.1 31.9 0.8 0.2 6,007.0 67.3 6,074.3 63.7 Non-U.S. 341.3 5.1 — — 346.4 0.5 346.9 0.5 Other 69.8 — — — 69.8 — 69.8 — Total Personal 17,907.7 114.3 9.2 1.4 18,032.6 68.3 18,100.9 64.7 Total Loans and Leases $ 37,518.0 $ 194.1 $ 14.6 $ 7.1 $ 37,733.8 $ 103.9 $ 37,837.7 $ 85.3 Other Real Estate Owned $ 1.6 Total Nonaccrual Assets $ 105.5 ACCRUAL NONACCRUAL WITH NO ALLOWANCE (In Millions) CURRENT 30 – 59 DAYS 60 – 89 DAYS 90 DAYS TOTAL ACCRUAL NONACCRUAL TOTAL LOANS December 31, 2019 Commercial Commercial and Institutional $ 9,068.3 $ 4.1 $ 9.9 $ 1.2 $ 9,083.5 $ 7.6 $ 9,091.1 $ 0.8 Commercial Real Estate 3,089.6 2.3 4.1 4.7 3,100.7 3.6 3,104.3 2.4 Non-U.S. 1,576.3 — — — 1,576.3 — 1,576.3 — Lease Financing, net 65.6 — — — 65.6 — 65.6 — Other 164.0 — — — 164.0 — 164.0 — Total Commercial 13,963.8 6.4 14.0 5.9 13,990.1 11.2 14,001.3 3.2 Personal Private Client 11,027.9 33.2 9.5 0.3 11,070.9 0.5 11,071.4 0.5 Residential Real Estate 5,997.7 19.8 4.9 1.2 6,023.6 71.4 6,095.0 66.4 Non-U.S 174.1 0.2 — — 174.3 0.5 174.8 0.5 Other 67.1 — — — 67.1 — 67.1 — Total Personal 17,266.8 53.2 14.4 1.5 17,335.9 72.4 17,408.3 67.4 Total Loans and Leases $ 31,230.6 $ 59.6 $ 28.4 $ 7.4 $ 31,326.0 $ 83.6 $ 31,409.6 $ 70.6 Other Real Estate Owned $ 3.2 Total Nonaccrual Assets $ 86.8 Recognition of Income. Interest income on loans and leases is recorded on an accrual basis unless, in the opinion of management, there is a question as to the ability of the debtor to meet the terms of the loan agreement, or interest or principal is more than 90 days contractually past due and the loan is not well-secured and in the process of collection. Loans meeting such criteria are classified as nonaccrual and interest income is recorded on a cash basis. At the time a loan is determined to be nonaccrual, interest accrued but not collected is reversed against interest income in the current period. Interest collected on nonaccrual loans is applied to principal unless, in the opinion of management, collectability of principal is not in doubt. Management’s assessment of the indicators of loan and lease collectability, and its policies relative to the recognition of interest income, including the suspension and subsequent resumption of income recognition, do not meaningfully vary between loan and lease classes. Nonaccrual loans are returned to accrual status when factors indicating doubtful collectability no longer exist. Factors considered in returning a loan to accrual status are consistent across all classes of loans and leases and, in accordance with regulatory guidance, relate primarily to expected payment performance. Loans are eligible to be returned to accrual status when: (i) no principal or interest that is due is unpaid and repayment of the remaining contractual principal and interest is expected or (ii) the loan has otherwise become well-secured (possessing realizable value sufficient to discharge the debt, including accrued interest, in full) and is in the process of collection (through action reasonably expected to result in debt repayment or restoration to a current status in the near future). A loan that has not been brought fully current may be restored to accrual status provided there has been a sustained period of repayment performance (generally a minimum of six payment periods) by the borrower in accordance with the contractual terms, and Northern Trust is reasonably assured of repayment within a reasonable period of time. Additionally, a loan that has been formally restructured so as to be reasonably assured of repayment and performance according to its modified terms may be returned to accrual status, provided there was a well-documented credit evaluation of the borrower’s financial condition and prospects of repayment under the revised terms and there has been a sustained period of repayment performance (generally a minimum of six payment periods) under the revised terms. Nonaccrual Loans and Troubled Debt Restructurings (TDRs). A loan that has been modified as a concession by Northern Trust or a bankruptcy court resulting from the debtor’s financial difficulties is referred to as a troubled debt restructuring (TDR). All TDRs are reported as TDRs starting in the calendar year of their restructuring. In subsequent years, a TDR may cease being reported as a TDR if the loan was modified at a market rate and has performed according to the modified terms for at least six payment periods. A loan that has been modified at a below market rate will return to accrual status if it satisfies the six-payment-period performance requirement. The expected credit loss is measured based upon the present value of expected future cash flows, discounted at the effective interest rate based on the original contractual rate. If a loan’s contractual interest rate varies based on subsequent changes in an independent factor, such as an index or rate, the loan’s effective interest rate is calculated based on the factor as it changes over the life of the loan. Northern Trust elected not to project changes in the factor for purposes of estimating expected future cash flows. Further, Northern Trust elected not to adjust the effective interest rate for prepayments. If the loan is collateral dependent, the expected loss is measured based on the fair value of the collateral at the reporting date. If the loan valuation is less than the recorded value of the loan, either an allowance is established, or a charge-off is recorded, for the difference. Smaller balance (individually less than $1 million) homogeneous loans are collectively evaluated. Northern Trust’s accounting policies for material nonaccrual loans is consistent across all classes of loans and leases. All loans and leases with TDR modifications are evaluated for additional expected credit losses. The nature and extent of further deterioration in credit quality, including a subsequent default, is considered in the determination of an appropriate level of allowance for credit losses. Included within nonaccrual loans were $73.4 million and $54.9 million of nonaccrual TDRs, and $22.6 million and $27.7 million of accrual TDRs as of March 31, 2020 and December 31, 2019 , respectively. There were $11.7 million and $8.2 million of aggregate undrawn loan commitments and standby letters of credit at March 31, 2020 and December 31, 2019 , respectively, issued to borrowers with TDR modifications of loans. The following table provides, by segment and class, the number of TDR modifications of loans and leases during the three -month periods ended March 31, 2020 and 2019 , and the recorded investments and unpaid principal balances as of March 31, 2020 and 2019 . TABLE 43: TROUBLED DEBT RESTRUCTURINGS THREE MONTHS ENDED MARCH 31, 2020 ($ In Millions) NUMBER OF LOANS AND LEASES RECORDED INVESTMENT UNPAID PRINCIPAL BALANCE Commercial Commercial and Institutional 2 $ 24.3 $ 24.5 Total Commercial 2 24.3 24.5 Personal Residential Real Estate 6 1.0 1.2 Total Personal 6 1.0 1.2 Total Loans and Leases 8 $ 25.3 $ 25.7 Note: Period-end balances reflect all paydowns and charge-offs during the period. THREE MONTHS ENDED MARCH 31, 2019 ($ In Millions) NUMBER OF LOANS AND LEASES RECORDED INVESTMENT UNPAID PRINCIPAL BALANCE Commercial Commercial and Institutional 1 $ 7.6 $ 8.8 Total Commercial 1 7.6 8.8 Personal Residential Real Estate 13 9.8 9.9 Total Personal 13 9.8 9.9 Total Loans and Leases 14 $ 17.4 $ 18.7 Note: Period-end balances reflect all paydowns and charge-offs during the period. TDR modifications involve extensions of term, deferrals of principal, interest rate concessions, and other modifications. Other modifications typically reflect other nonstandard terms which Northern Trust would not offer in non-troubled situations. During the three months ended March 31, 2020 , the TDR modifications of loans within residential real estate were extensions of term, other modifications, interest rate concessions, and deferred principal. During the three months ended March 31, 2020 , the TDR modifications within commercial and institutional were other modifications. During the three months ended March 31, 2019 , the TDR modifications of loans within residential real estate were extensions of term, other modifications, and deferred principal. During the three months ended March 31, 2019 , the TDR modification within commercial and institutional was an other modification. There were no residential real estate loan TDR modifications during the twelve months ended December 31, 2019 , which subsequently had a payment default during the three months ended March 31, 2020 . There were no residential real estate loan TDR modifications during the twelve months ended December 31, 2018 , which subsequently had a payment default during the three months ended March 31, 2019 . Northern Trust may obtain physical possession of real estate via foreclosure on an in-substance repossession. As of March 31, 2020 , Northern Trust held foreclosed real estate properties with a carrying value of $1.6 million as a result of obtaining physical possession. In addition, as of March 31, 2020 , Northern Trust had loans with a carrying value of $20.8 million for which formal foreclosure proceedings were in process. Collateral Dependent Financial Assets. A financial asset is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Most of Northern Trust’s collateral dependent credit exposure relates to its residential real estate portfolio for which the collateral is usually the underlying real estate property. For collateral dependent financial assets, it is Northern Trust’s policy to reserve or charge-off the difference between the amortized cost basis of the loan and the value of the collateral. The collateral dependent financial asset balance as of March 31, 2020 was immaterial to Northern Trust’s financial statements. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses During the first quarter of 2020, the Corporation implemented a change in the classification of certain loans and leases to specific segments to enhance the consistency of its reporting across various regulatory regimes. The allowance for credit losses as of and prior to December 31, 2019 remains unadjusted, as the impact of the reclassification on the allowance was immaterial. An opening balance sheet adjustment related to the adoption of ASU 2016-13 resulted in an increase to the allowance for credit losses of $13.7 million , with a corresponding adjustment to decrease retained earnings by $10.1 million , net of tax. Allowance and Provision for Credit Losses. The allowance for credit losses — which represents management’s estimate of lifetime expected credit losses related to various portfolios subject to credit risk, off-balance-sheet credit exposure, and specific borrower relationships — is determined by management through a disciplined credit review process. Northern Trust measures expected credit losses of financial assets with similar risk characteristics on a collective basis. A financial asset is measured individually if it does not share similar risk characteristics with other financial assets and the related allowance is determined through an individual evaluation. Management’s estimates utilized in establishing an appropriate level of allowance for credit losses are not dependent on any single assumption. In determining an appropriate allowance level, management evaluates numerous variables, many of which are interrelated or dependent on other assumptions and estimates, and takes into consideration past events, current conditions and reasonable and supportable forecasts. The following table provides information regarding changes in the total allowance for credit losses during the three months ended March 31, 2020 and 2019 . TABLE 44: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES THREE MONTHS ENDED MARCH 31, 2020 (In Millions) LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT DEBT SECURITIES HELD TO MATURITY OTHER FINANCIAL ASSETS TOTAL Balance at End of Prior Period $ 104.5 $ 19.9 $ — $ — $ 124.4 Cumulative Effect Adjustment (2.2 ) 8.9 6.6 0.4 13.7 Balance at Beginning of Period 102.3 28.8 6.6 0.4 138.1 Charge-Offs (1.8 ) — — — (1.8 ) Recoveries 1.1 — — — 1.1 Net (Charge-Offs) Recoveries (0.7 ) — — — (0.7 ) Provision for Credit Losses (1) 45.6 11.6 2.9 0.7 60.8 Balance at End of Period $ 147.2 $ 40.4 $ 9.5 $ 1.1 $ 198.2 (1) The table excludes $0.2 million of credit losses recognized for corporate debt securities available for sale as of March 31, 2020 . See further detail in Note 4 — Securities. THREE MONTHS ENDED MARCH 31, 2019 (In Millions) LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT DEBT SECURITIES HELD TO MATURITY OTHER FINANCIAL ASSETS TOTAL Balance at Beginning of Period $ 112.6 $ 25.6 $ — $ — $ 138.2 Charge-Offs (1.0 ) — — — (1.0 ) Recoveries 2.2 — — — 2.2 Net (Charge-Offs) Recoveries 1.2 — — — 1.2 Provision for Credit Losses 0.7 (0.7 ) — — — Balance at End of Period $ 114.5 $ 24.9 $ — $ — $ 139.4 For credit exposure and the associated allowance related to fee receivables, please refer to Note 14 — Revenue from Contracts with Clients. For information related to the allowance for available for sale debt securities, please refer to Note 4 — Securities. For all other financial assets recognized at amortized cost, which include Cash and Due from Banks, Other Central Bank Deposits, Interest Bearing Deposits with Banks, Federal Funds Sold, and Other Assets, please refer to the Allowance for Other Financial Assets section within this footnote. The provision for credit losses is the charge to current period earnings that is determined by management, through a disciplined credit review process, to be the amount needed to maintain the allowance for credit losses at an appropriate level to absorb lifetime expected credit losses related to financial assets in scope. Actual losses may vary from current estimates and the amount of the provision for credit losses may be either greater than or less than actual net charge-offs. There was a $61.0 million provision for credit losses in the current quarter, as compared to no provision in the prior-year quarter. The provision for credit losses, excluding available for sale securities, was a provision of $60.8 million . There were net charge-offs of $0.7 million during the three months ended March 31, 2020 , as compared to net recoveries of $1.2 million for the three months ended March 31, 2019 . The provision in the current quarter was primarily due to an increase in the reserve evaluated on a collective basis driven by current and projected economic conditions resulting from the ongoing COVID-19 pandemic and related market and economic impacts, with the largest increase in the commercial and institutional and commercial real estate portfolios. Forecasting and Reversion. Estimating expected lifetime credit losses requires the consideration of the effect of future economic conditions. Northern Trust employs multiple scenarios over a reasonable and supportable period (currently two years ) to project future conditions. Management determines the probability weights assigned to each scenario at each quarter-end. Key variables determined to be relevant for projecting credit losses on the portfolios in scope include macroeconomic factors, such as corporate profits, unemployment, and real estate price indices, as well as financial market factors such as equity prices, volatility, and credit spreads. For periods beyond the reasonable and supportable period, Northern Trust reverts to its own historical loss experiences on a straight-line basis over four quarters. Contractual Term. Northern Trust estimates expected credit losses over the contractual term of the financial assets adjusted for prepayments, unless prepayments are not relevant to specific portfolios or sub-portfolios. Extension and renewal options are typically not considered since it is not Northern Trust’s practice to enter into arrangements where the borrower has the unconditional option to renew, or a conditional extension option whereby the conditions are beyond Northern Trust’s control. Accrued Interest. Accrued interest balances are reported within Other Assets on the consolidated balance sheets. Northern Trust elected not to measure an allowance for credit losses for accrued interest receivables related to its loan and securities portfolio as its policy is to write-off uncollectible accrued interest receivable balances in a timely manner. Accrued interest is written off by reversing interest income during the quarter the financial asset is moved from an accrual to a nonaccrual status. The following table provides the amount of accrued interest excluded from the amortized cost basis of the following portfolios. TABLE 45: ACCRUED INTEREST (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Loans and Leases $ 82.7 $ 84.5 Debt Securities Held to Maturity $ 74.3 $ 82.3 Available for Sale 110.5 119.0 Other Financial Assets $ 7.8 $ 14.7 The following table provides amounts of accrued interest reversed through interest income by segment for the loan and lease portfolio. TABLE 46: ACCRUED INTEREST REVERSED THROUGH INCOME THREE MONTHS ENDED MARCH 31, (In Millions) 2020 Commercial $ 0.5 Personal 0.8 Total Loans and Leases $ 1.3 Interest income that would have been recorded for nonaccrual loans and leases in accordance with their original terms was $1.9 million for the three months ended March 31, 2019 . There was no accrued interest reversed through interest income related to any other financial assets as of three months ended March 31, 2020 and 2019 . Allowance for the Loan and Lease Portfolio. The following table provides information regarding changes in the total allowance for credit losses, including undrawn loan commitments and standby letters of credit, by segment during the three months ended March 31, 2020 and 2019 . TABLE 47: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO LOANS AND LEASES THREE MONTHS ENDED MARCH 31, 2020 LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT (In Millions) COMMERCIAL PERSONAL TOTAL COMMERCIAL PERSONAL TOTAL Balance at End of Prior Period $ 58.1 $ 46.4 $ 104.5 $ 15.8 $ 4.1 $ 19.9 Cumulative Effect Adjustment (5.9 ) 3.7 (2.2 ) 11.9 (3.0 ) 8.9 Balance at Beginning of Period 52.2 50.1 102.3 27.7 1.1 28.8 Charge-Offs (0.1 ) (1.7 ) (1.8 ) — — — Recoveries 0.7 0.4 1.1 — — — Net (Charge-Offs) Recoveries 0.6 (1.3 ) (0.7 ) — — — Provision for Credit Losses 41.9 3.7 45.6 11.1 0.5 11.6 Balance at End of Period $ 94.7 $ 52.5 $ 147.2 $ 38.8 $ 1.6 $ 40.4 THREE MONTHS ENDED MARCH 31, 2019 LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT (In Millions) COMMERCIAL PERSONAL TOTAL COMMERCIAL PERSONAL TOTAL Balance at Beginning of Period $ 57.6 $ 55.0 $ 112.6 $ 21.1 $ 4.5 $ 25.6 Charge-Offs (0.1 ) (0.9 ) (1.0 ) — — — Recoveries 0.4 1.8 2.2 — — — Net (Charge-Offs) Recoveries 0.3 0.9 1.2 — — — Provision for Credit Losses 0.2 0.5 0.7 (0.6 ) (0.1 ) (0.7 ) Balance at End of Period $ 58.1 $ 56.4 $ 114.5 $ 20.5 $ 4.4 $ 24.9 The portion of the allowance attributable to loans and leases increased from $102.3 million at January 1, 2020 to $147.2 million at March 31, 2020 . The portion of the allowance attributable to undrawn loan commitments and standby letters of credit increased from $28.8 million at January 1, 2020 to $40.4 million at March 31, 2020 . The increase to the allowance for both loans and leases and undrawn loan commitments and standby letters of credit was primarily due to an increase in the reserve evaluated on a collective basis driven by current and projected economic conditions resulting from the ongoing COVID-19 pandemic and related market and economic impacts, with the largest increase in the commercial and institutional and commercial real estate portfolios. Allowance Related to Credit Exposure Evaluated on a Collective Level. Expected credit losses are measured on a collective basis as long as the financial assets included in the respective pool share similar risk characteristics. If financial assets are deemed to not share similar risk characteristics, an individual assessment is warranted. The allowance estimation methodology for the collective assessment of Northern Trust’s loan and lease portfolio and undrawn loan commitments and standby letters of credit is mostly based on internally developed loss data specific to the Northern Trust loan and lease portfolio. The estimation methodology and the related qualitative adjustment framework segregate the loan and lease portfolio into homogenous segments based on similar risk characteristics or risk monitoring methods. Northern Trust utilizes a quantitative probability of default / loss given default approach for the calculation of its credit allowance on a collective basis. For each of the different parameters, specific credit models for the individual loan segments were developed. For each segment, the probability of default and the loss given default are applied to the exposure at default for each projected quarter to determine the quantitative component of the allowance. The quantitative allowance is then reviewed within the qualitative adjustment framework, through which management applies judgment by assessing internal risk factors, potential limitations in the quantitative methodology, and environmental factors that are not fully contemplated in the forecast to compute an adjustment to the quantitative allowance for each segment of the loan portfolio. Allowance Related to Credit Exposure Evaluated on an Individual Level. The allowance is determined through an individual evaluation of loans, leases, and lending-related commitments considered impaired that is based on expected future cash flows, the value of collateral, and other factors that may impact the borrower’s ability to pay. For impaired loans for which the amount of allowance, if any, is determined based on the value of the underlying real estate collateral, third-party appraisals are typically obtained and utilized by management. These appraisals are generally less than twelve months old and are subject to adjustments to reflect management’s judgment as to the realizable value of the collateral. The following table provides information regarding the recorded investments in loans and leases and the allowance for credit losses for loans and leases and undrawn loan commitments and standby letters of credit by segment as of March 31, 2020 and December 31, 2019 . TABLE 48: RECORDED INVESTMENTS IN LOANS AND LEASES MARCH 31, 2020 DECEMBER 31, 2019 (In Millions) COMMERCIAL PERSONAL TOTAL COMMERCIAL PERSONAL TOTAL Loans and Leases Evaluated on an Individual Level $ 35.6 $ 68.3 $ 103.9 $ 10.4 $ 81.8 $ 92.2 Evaluated on a Collective Level 19,701.2 18,032.6 37,733.8 13,990.9 17,326.5 31,317.4 Total Loans and Leases 19,736.8 18,100.9 37,837.7 14,001.3 17,408.3 31,409.6 Allowance for Credit Losses on Credit Exposures Evaluated on an Individual Level 5.3 0.4 5.7 3.4 1.6 5.0 Evaluated on a Collective Level 89.4 52.1 141.5 54.7 44.8 99.5 Allowance Assigned to Loans and Leases 94.7 52.5 147.2 58.1 46.4 104.5 Allowance for Undrawn Loan Commitments and Standby Letters of Credit Evaluated on an Individual Level 3.0 — 3.0 1.9 — 1.9 Evaluated on a Collective Level 35.8 1.6 37.4 13.9 4.1 18.0 Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit 38.8 1.6 40.4 15.8 4.1 19.9 Total Allowance Assigned to Loans and Leases and Undrawn Loan Commitments and Standby Letters of Credit $ 133.5 $ 54.1 $ 187.6 $ 73.9 $ 50.5 $ 124.4 Northern Trust analyzes its exposure to credit losses from both on-balance-sheet and off-balance-sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for undrawn loan commitments and standby letters of credit, the exposure at default includes an estimated drawdown of unused credit based on credit utilization factors, resulting in a proportionate amount of expected credit losses. The portion of the allowance assigned to loans and leases is reported as a contra asset, directly following Loans and Leases on the consolidated balance sheets. The portion of the allowance assigned to undrawn loan commitments and standby letters of credit is reported in Other Liabilities on the consolidated balance sheets. Allowance for Debt Securities Held to Maturity Securities Portfolio. The following table provides information regarding changes in the total allowance for credit losses for debt securities held to maturity during the three months ended March 31, 2020 . TABLE 49: CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES RELATED TO DEBT SECURITIES HELD TO MATURITY THREE MONTHS ENDED MARCH 31, 2020 (In Millions) CORPORATE DEBT NON-U.S. GOVERNMENT SUB-SOVEREIGN, SUPERNATIONAL, AND NON-U.S. AGENCY BONDS CERTIFICATE OF DEPOSITS COVERED BONDS OTHER TOTAL Balance at End of Prior Period $ — $ — $ — $ — $ — $ — $ — Cumulative Effect Adjustment 0.8 0.3 0.9 — — 4.6 6.6 Balance at Beginning of Period 0.8 0.3 0.9 — — 4.6 6.6 Charge-Offs — — — — — — — Recoveries — — — — — — — Net (Charge-Offs) Recoveries — — — — — — — Provision for Credit Losses 1.9 0.1 0.4 0.2 0.1 0.2 2.9 Balance at End of Period $ 2.7 $ 0.4 $ 1.3 $ 0.2 $ 0.1 $ 4.8 $ 9.5 Prior to the adoption of ASU 2016-13, Northern Trust recognized $4.4 million of cumulative Other-Than-Temporary-Impairment (OTTI) losses on the debt securities classified as other as of December 31, 2019. For debt securities with previous OTTI losses recorded, Northern Trust applied ASU 2016-13 on a prospective basis whereby the amortized cost basis of the impaired security remains unchanged immediately before and after adopting ASU 2016-13. The allowance recorded at January 1, 2020 for debt securities held to maturity equals the difference between the calculated expected loss and the amount of OTTI loss previously recorded and represents the cumulative effect adjustment required upon the adoption of ASU 2016-13. The portion of the allowance attributable to debt securities held to maturity was $9.5 million at March 31, 2020 as compared to $6.6 million as of January 1, 2020. The increase to the allowance was primarily due to an increase in the reserve evaluated on a collective basis driven by current and projected economic conditions resulting from the ongoing COVID-19 pandemic and related market and economic impacts. The allowance for credit losses for Northern Trust’s debt securities held to maturity portfolio is evaluated as follows: • Debt securities held to maturity classified as U.S. government, government sponsored agency, and certain securities classified as obligations of states and political subdivisions are considered to be guarantees of the U.S. government or an agency of the U.S. government and therefore an allowance for credit losses is not estimated for such investments as the expected probability of non-payment of the amortized cost basis is zero. • Debt securities held to maturity classified as other asset-backed represent pools of underlying receivables from which the cash flows are used to pay the bonds that vary in seniority. Utilizing a qualitative estimation approach, the allowance for other asset-backed securities is assessed by evaluating underlying pool performance based on delinquency rates and available credit support. • Debt securities held to maturity classified as other relates to investments purchased by Northern Trust to fulfill its obligations under the Community Reinvestment Act (CRA). Northern Trust fulfills its obligations under the CRA by making qualified investments for purposes of supporting institutions and programs that benefit low-to-moderate income communities within Northern Trust’s market area. The allowance for CRA investments is assessed using a qualitative estimation approach primarily based on internal historical performance experience and default history of the underlying CRA portfolios to determine a quantitative component of the allowance. The allowance estimation methodology for all other debt securities held to maturity is developed using a combination of external and internal data. The estimation methodology groups securities with shared characteristics for which the probability of default and the loss given default are applied to the total exposure at default to determine a quantitative component of the allowance. The allowance assigned to the debt securities held to maturity portfolio is reported as a contra asset in Allowance for Credit Losses on the consolidated balance sheets. Allowance for Other Financial Assets. The allowance for Other Financial Assets consists of the allowance for Cash and Due from Banks, Other Central Bank Deposits, Interest Bearing Deposits with Banks, Federal Funds Sold, and Other Assets. The Other Assets category includes other miscellaneous credit exposures reported in Other Assets on the consolidated balance sheets. The allowance estimation methodology for Other Financial Assets primarily utilizes a similar approach as used for the Debt Securities Held to Maturity portfolio. It consists of a combination of externally and internally developed loss data, adjusted for the appropriate contractual term. Northern Trust’s portfolio is composed mostly of institutions within the “1 to 3” internal borrower rating category and are expected to exhibit minimal to modest likelihood of loss. The allowance for credit losses related to Other Financial Assets was $1.1 million for the three months ended March 31, 2020 . The allowance is reported as a contra asset in Allowance for Credit Losses on the consolidated balance sheets. |
Pledged Assets
Pledged Assets | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Pledged Assets | Pledged Assets Certain of Northern Trust’s subsidiaries, as required or permitted by law, pledge assets to secure public and trust deposits, repurchase agreements and borrowings, as well as for other purposes, including support for securities settlement, primarily related to client activities, and for derivative contracts. The following table presents Northern Trust's pledged assets. TABLE 50: TYPE OF PLEDGED ASSETS (In Billions) MARCH 31, 2020 DECEMBER 31, 2019 Securities Obligations of States and Political Subdivisions $ 1.3 $ 1.0 Government Sponsored Agency and Other Securities 31.0 33.4 Loans 7.4 7.7 Total Pledged Assets $ 39.7 $ 42.1 Collateral required for these purposes totaled $7.5 billion and $8.5 billion at March 31, 2020 and December 31, 2019 , respectively. The following table presents the available for sale debt securities pledged as collateral that are included in pledged assets. TABLE 51: FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES INCLUDED IN PLEDGED ASSETS SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE DERIVATIVE CONTRACTS (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 MARCH 31, 2020 DECEMBER 31, 2019 Debt Securities Available for Sale $ 30.4 $ 487.1 $ 58.3 $ 14.4 The secured parties to these transactions have the right to repledge or sell the securities as it relates to $31.4 million and $487.2 million of the pledged collateral as of March 31, 2020 and December 31, 2019 , respectively. Northern Trust accepts financial assets as collateral that it is and is not permitted to repledge or sell. The collateral is generally obtained under certain repurchase agreements and derivative contracts. The following table presents the fair value of securities accepted as collateral. There was no repledged or sold collateral at March 31, 2020 or December 31, 2019 . TABLE 52: ACCEPTED COLLATERAL (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Collateral that may be repledged or sold Repurchase agreements $ 998.2 $ 707.8 Derivative contracts 34.6 16.8 Collateral that may not be repledged or sold Repurchase agreements — — Deposits maintained to meet Federal Reserve Bank reserve requirements averaged $1.7 billion for the three months ended March 31, 2020 and $1.5 billion for the three months ended March 31, 2019 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill. Changes by reporting segment in the carrying amount of goodwill for the three months ended March 31, 2020 , including the effect of foreign exchange rates on non-U.S.-dollar denominated balances, were as follows: TABLE 53: GOODWILL BY REPORTING SEGMENT (In Millions) CORPORATE AND INSTITUTIONAL SERVICES WEALTH MANAGEMENT TOTAL Balance at December 31, 2019 $ 625.7 $ 71.1 $ 696.8 Foreign Exchange Rates (7.4 ) (0.1 ) (7.5 ) Balance at March 31, 2020 $ 618.3 $ 71.0 $ 689.3 Other Intangible Assets Subject to Amortization . The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of March 31, 2020 and December 31, 2019 were as follows: TABLE 54: OTHER INTANGIBLE ASSETS (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Gross Carrying Amount $ 204.3 $ 207.2 Less: Accumulated Amortization 89.7 86.6 Net Book Value $ 114.6 $ 120.6 Other intangible assets consist primarily of the value of acquired client relationships and are included within Other Assets on the consolidated balance sheets. Amortization expense related to other intangible assets totaled $4.1 million for the three months ended March 31, 2020 , and $4.2 million for the three months ended March 31, 2019 . Amortization for the remainder of 2020 and for the years 2021 , 2022 , 2023 , and 2024 is estimated to be $12.3 million , $14.1 million , $9.6 million , $9.3 million , and $9.2 million , respectively. |
Reporting Segments
Reporting Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Reporting Segments | Reporting Segments Northern Trust is organized around its two client-focused reporting segments: C&IS and Wealth Management. Asset management and related services are provided to C&IS and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to C&IS and Wealth Management. Reporting segment financial information, presented on an internal management-reporting basis, is determined by accounting systems used to allocate revenue and expense to each segment, and incorporates processes for allocating assets, liabilities, equity and the applicable interest income and expense utilizing a funds transfer pricing (FTP) methodology. Under the methodology, assets and liabilities receive a funding charge or credit that considers interest rate risk, liquidity risk, and other product characteristics on an instrument level. Revenues, expenses and average assets are allocated to C&IS and Wealth Management, with the exception of non-recurring activities such as certain costs associated with acquisitions, divestitures, litigation, restructuring, and tax adjustments not directly attributable to a specific reporting segment. Reporting segment results are subject to reclassification when organizational changes are made. The results are also subject to refinements in revenue and expense allocation methodologies, which are typically reflected on a prospective basis. The following table reflects the earnings contributions and average assets of Northern Trust’s reporting segments for the three -month periods ended March 31, 2020 and 2019 . TABLE 55: RESULTS OF REPORTING SEGMENTS THREE MONTHS ENDED MARCH 31, CORPORATE & WEALTH MANAGEMENT TREASURY AND OTHER TOTAL CONSOLIDATED ($ In Millions) 2020 2019 2020 2019 2020 2019 2020 2019 Noninterest Income Trust, Investment and Other Servicing Fees $ 574.4 $ 535.2 $ 429.2 $ 393.7 $ — $ — $ 1,003.6 $ 928.9 Foreign Exchange Trading Income 85.1 59.7 3.8 6.5 — — 88.9 66.2 Other Noninterest Income 41.8 43.4 42.4 25.5 2.9 (5.1 ) 87.1 63.8 Total Noninterest Income 701.3 638.3 475.4 425.7 2.9 (5.1 ) 1,179.6 1,058.9 Net Interest Income (1) 211.3 234.8 204.9 195.0 — — 416.2 429.8 Revenue (1) 912.6 873.1 680.3 620.7 2.9 (5.1 ) 1,595.8 1,488.7 Provision for Credit Losses 25.7 (1.1 ) 35.3 1.1 — — 61.0 — Noninterest Expense 659.3 648.0 394.4 379.9 11.9 0.8 1,065.6 1,028.7 Income before Income Taxes (1) 227.6 226.2 250.6 239.7 (9.0 ) (5.9 ) 469.2 460.0 Provision for Income Taxes (1) 49.9 53.6 60.9 60.8 (2.2 ) (1.5 ) 108.6 112.9 Net Income $ 177.7 $ 172.6 $ 189.7 $ 178.9 $ (6.8 ) $ (4.4 ) $ 360.6 $ 347.1 Percentage of Consolidated Net Income 49 % 50 % 53 % 51 % (2 )% (1 )% 100 % 100 % Average Assets $ 92,715.3 $ 90,351.7 $ 31,455.2 $ 29,065.0 $ — $ — $ 124,170.5 $ 119,416.7 (1) Non-GAAP financial measures stated on a fully taxable equivalent basis (FTE). Total consolidated includes FTE adjustments of $8.1 million for 2020 and $7.8 million for 2019 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred Stock. The Corporation is authorized to issue 10 million shares of preferred stock without par value. The Board of Directors is authorized to fix the particular designations, preferences and relative, participating, optional and other special rights and qualifications, limitations or restrictions for each series of preferred stock issued. As of March 31, 2020 , 5,000 shares of Series D Non-Cumulative Perpetual Preferred Stock (the “Series D Preferred Stock”) and 16,000 shares of Series E Non-Cumulative Perpetual Preferred Stock (“Series E Preferred Stock”) were outstanding. During the first quarter of 2020, proceeds from the Series E Preferred Stock issuance in the fourth quarter of 2019 were used to fund the redemption of all outstanding shares of the Corporation’s Series C Non-Cumulative Perpetual Preferred Stock at a redemption price of $400 million ( $25,000 per share equivalent to $25.00 per depositary share), which was $11.5 million in excess of the net carrying value of the shares. The $11.5 million excess is included in preferred stock dividends in the determination of net income available to common shareholders. Series D Preferred Stock. As of March 31, 2020 , the Corporation had issued and outstanding 500,000 depositary shares, each representing a 1/100th ownership interest in a share of Series D Preferred Stock, issued in August 2016 . Equity related to Series D Preferred Stock as of March 31, 2020 and December 31, 2019 was $493.5 million . Shares of the Series D Preferred Stock have no par value and a liquidation preference of $100,000 (equivalent to $1,000 per depositary share). Dividends on the Series D Preferred Stock, which are not mandatory, accrue and are payable on the liquidation preference amount, on a non-cumulative basis, at a rate per annum equal to (i) 4.60% from the original issue date of the Series D Preferred Stock to but excluding October 1, 2026 ; and (ii) a floating rate equal to Three-Month LIBOR plus 3.202% from and including October 1, 2026 . Fixed rate dividends are payable in arrears on the first day of April and October of each year, through and including October 1, 2026 , and floating rate dividends will be payable in arrears on the first day of January, April, July and October of each year, commencing on January 1, 2027 . On January 21, 2020 , the Corporation declared a cash dividend of $2,300 per share of Series D Preferred Stock payable on April 1, 2020 , to stockholders of record as of March 15, 2020 . Series E Preferred Stock. As of March 31, 2020 , the Corporation had issued and outstanding 16 million depositary shares, each representing 1/1,000th ownership interest in a share of Series E Preferred Stock, issued in November 2019 . Equity related to Series E Preferred Stock as of March 31, 2020 and December 31, 2019 was $391.4 million . Shares of the Series E Preferred Stock have no par value and a liquidation preference of $25,000 (equivalent to $25 per depositary share). Dividends on the Series E Preferred Stock, which are not mandatory, will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the first day of January, April, July and October of each year, commencing on April 1, 2020, at a rate per annum equal to 4.70% . On January 21, 2020 , the Corporation declared a cash dividend, covering the period from the date of issuance of the stock, November 5, 2019 through March 31, 2020, of $476.5278 per share of Series E Preferred Stock payable on April 1, 2020 , to stockholders of record as of March 15, 2020 . Common Stock. During the three months ended March 31, 2020 , the Corporation repurchased 3,240,738 shares of common stock, including 496,862 shares withheld related to share-based compensation, at a total cost of $296.8 million ( $91.59 average price per share). The Corporation’s current stock repurchase authorization to repurchase up to 25.0 million shares was approved by the Board of Directors in July 2018. Shares are repurchased by the Corporation to, among other things, manage the Corporation’s capital levels. Repurchased shares are used for general purposes, including the issuance of shares under stock option and other incentive plans. The repurchase authorization approved by the Board of Directors has no expiration date. Under the Corporation’s 2019 capital plan, which was reviewed without objection by the Federal Reserve, the Corporation may repurchase up to $531.7 million of common stock after March 31, 2020 through June 30, 2020 . On March 16, 2020, the Corporation announced the temporary suspension of repurchases of common stock under its share repurchase program, consistent with broader efforts to mitigate the impact of the COVID-19 pandemic on individuals, businesses and the economy by maintaining strong capital levels and liquidity in the U.S. financial system. The Corporation retains the ability to resume purchases of common stock under its share repurchase program as circumstances warrant. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of accumulated other comprehensive income (loss) (AOCI) at March 31, 2020 and 2019 , and changes during the three months then ended. TABLE 56: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2020 (In Millions) NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE (1) NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES NET FOREIGN CURRENCY ADJUSTMENT NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS TOTAL Balance at December 31, 2019 $ 114.0 $ (3.7 ) $ 117.8 $ (422.8 ) $ (194.7 ) Net Change 199.7 7.3 25.7 7.0 239.7 Balance at March 31, 2020 $ 313.7 $ 3.6 $ 143.5 $ (415.8 ) $ 45.0 (1) Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended March 31, 2020 . THREE MONTHS ENDED MARCH 31, 2019 (In Millions) NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE (1) NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES NET FOREIGN CURRENCY ADJUSTMENT NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS TOTAL Balance at December 31, 2018 $ (114.9 ) $ 4.0 $ 67.9 $ (410.7 ) $ (453.7 ) Net Change 85.6 (4.3 ) 14.8 12.3 108.4 Balance at March 31, 2019 $ (29.3 ) $ (0.3 ) $ 82.7 $ (398.4 ) $ (345.3 ) (1) Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended March 31, 2019 . TABLE 57: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2020 2019 (In Millions) BEFORE TAX TAX EFFECT AFTER TAX BEFORE TAX TAX EFFECT AFTER TAX Unrealized Gains (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Debt Securities Available for Sale $ 266.8 $ (67.1 ) $ 199.7 $ 115.3 $ (29.9 ) $ 85.4 Reclassification Adjustment for (Gains) Losses Included in Net Income (1) — — — 0.2 — 0.2 Net Change $ 266.8 $ (67.1 ) $ 199.7 $ 115.5 $ (29.9 ) $ 85.6 Unrealized Gains (Losses) on Cash Flow Hedges Foreign Exchange Contracts $ 13.3 $ (3.3 ) $ 10.0 $ 7.2 $ (1.7 ) $ 5.5 Interest Rate Contracts 0.4 (0.1 ) 0.3 0.6 (0.2 ) 0.4 Reclassification Adjustment for (Gains) Losses Included in Net Income (2) (4.0 ) 1.0 (3.0 ) (13.6 ) 3.4 (10.2 ) Net Change $ 9.7 $ (2.4 ) $ 7.3 $ (5.8 ) $ 1.5 $ (4.3 ) Foreign Currency Adjustments Foreign Currency Translation Adjustments $ (89.8 ) $ 9.6 $ (80.2 ) $ (6.5 ) $ 1.6 $ (4.9 ) Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses) (0.6 ) 0.1 (0.5 ) 0.7 (0.2 ) 0.5 Net Investment Hedge Gains (Losses) 142.7 (36.3 ) 106.4 28.6 (9.4 ) 19.2 Net Change $ 52.3 $ (26.6 ) $ 25.7 $ 22.8 $ (8.0 ) $ 14.8 Pension and Other Postretirement Benefit Adjustments Net Actuarial (Losses) Gains $ (1.3 ) $ 0.1 $ (1.2 ) $ 11.3 $ (3.1 ) $ 8.2 Reclassification Adjustment for (Gains) Losses Included in Net Income (3) Amortization of Net Actuarial Loss 10.9 (2.6 ) 8.3 5.5 (1.3 ) 4.2 Amortization of Prior Service Cost (0.1 ) — (0.1 ) (0.1 ) — (0.1 ) Net Change $ 9.5 $ (2.5 ) $ 7.0 $ 16.7 $ (4.4 ) $ 12.3 Total Net Change $ 338.3 $ (98.6 ) $ 239.7 $ 149.2 $ (40.8 ) $ 108.4 (1) The before-tax reclassification adjustment out of AOCI related to the realized gains (losses) on debt securities available for sale is recorded as Investment Security Gains (Losses), net within the consolidated statements of income. (2) See Note 21 — Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges. (3) The before-tax reclassification adjustment out of AOCI related to pension and other postretirement benefit adjustments is recorded in Employee Benefits expense within the consolidated statements of income. |
Net Income Per Common Share Com
Net Income Per Common Share Computations | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share Computations | Net Income Per Common Share Computations The computations of net income per common share are presented in the following table. TABLE 58: NET INCOME PER COMMON SHARE THREE MONTHS ENDED MARCH 31, ($ In Millions Except Per Common Share Information) 2020 2019 Basic Net Income Per Common Share Average Number of Common Shares Outstanding 208,881,131 218,236,802 Net Income $ 360.6 $ 347.1 Less: Dividends on Preferred Stock 30.5 17.3 Net Income Applicable to Common Stock 330.1 329.8 Less: Earnings Allocated to Participating Securities 3.9 4.3 Earnings Allocated to Common Shares Outstanding 326.2 325.5 Basic Net Income Per Common Share $ 1.56 $ 1.49 Diluted Net Income Per Common Share Average Number of Common Shares Outstanding 208,881,131 218,236,802 Plus: Dilutive Effect of Share-based Compensation 935,691 1,033,413 Average Common and Potential Common Shares 209,816,822 219,270,215 Earnings Allocated to Common and Potential Common Shares $ 326.2 $ 325.4 Diluted Net Income Per Common Share 1.55 1.48 Note: For the three months ended March 31, 2020 and 2019 , there were no |
Revenue from Contracts with Cli
Revenue from Contracts with Clients | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Clients | Revenue from Contracts with Clients Trust, Investment, and Other Servicing Fees. Custody and fund administration income is comprised of revenues received from our core asset servicing business for providing custody, fund administration, and middle-office-related services, primarily to C&IS clients. Investment management and advisory income contains revenue received from providing asset management and related services to Wealth Management and C&IS clients and to Northern Trust sponsored funds. Securities lending income represents revenues generated from securities lending arrangements that Northern Trust enters into as agent, mainly with C&IS clients. Other income largely consists of revenues received from providing employee benefit, investment risk and analytic and other services to C&IS and Wealth Management clients. Other Noninterest Income. Treasury management income represents revenues received from providing cash and liquidity management services to C&IS and Wealth Management clients. The portion of securities commissions and trading income that relates to revenue from contracts with clients is primarily comprised of commissions earned from providing securities brokerage services to Wealth Management and C&IS clients. The portion of other operating income that relates to revenue from contracts with clients is mainly comprised of service fees for banking-related services provided to Wealth Management and C&IS clients. Performance Obligations. Clients are typically charged monthly or quarterly in arrears based on the fee arrangement agreed to with each client; payment terms will vary depending on the client and services offered. Substantially all revenues generated from contracts with clients for asset servicing, asset management, securities lending, treasury management and banking-related services are recognized on an accrual basis, over the period in which services are provided. The nature of Northern Trust’s performance obligations is to provide a series of distinct services in which the customer simultaneously receives and consumes the benefits of the promised services as they are performed. Fee arrangements are mainly comprised of variable amounts based on market value of client assets managed and serviced, transaction volumes, number of accounts, and securities lending volume and spreads. Revenue is recognized using the output method in an amount that reflects the consideration to which Northern Trust expects to be entitled in exchange for providing each month or quarter of service. For contracts with multiple performance obligations, revenue is allocated to each performance obligation based on the price agreed to with the client, representing its relative standalone selling price. Security brokerage revenue is primarily represented by securities commissions received in exchange of providing trade execution related services. Control is transferred at a point in time, on the trade date of the transaction, and fees are typically variable based on transaction volumes and security types. Northern Trust’s contracts with its clients are typically open-ended arrangements and are therefore considered to have an original duration of less than one year. Northern Trust has elected the practical expedient to not disclose the value of remaining performance obligations for contracts with an original expected duration of one year or less. The following table presents revenues disaggregated by major revenue source. TABLE 59: REVENUE DISAGGREGATION THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Noninterest Income Trust, Investment and Other Servicing Fees Custody and Fund Administration $ 417.6 $ 397.5 Investment Management and Advisory 510.5 459.2 Securities Lending 23.5 22.8 Other 52.0 49.4 Total Trust, Investment and Other Servicing Fees $ 1,003.6 $ 928.9 Other Noninterest Income Foreign Exchange Trading Income $ 88.9 $ 66.2 Treasury Management Fees 11.0 11.7 Security Commissions and Trading Income 41.7 23.3 Other Operating Income 34.4 29.0 Investment Security Gains (Losses), net — (0.2 ) Total Other Noninterest Income $ 176.0 $ 130.0 Total Noninterest Income $ 1,179.6 $ 1,058.9 On the consolidated statements of income, Trust, Investment and Other Servicing Fees and Treasury Management Fees represent revenue from contracts with clients. For the three months ended March 31, 2020 , revenue from contracts with clients also includes $29.0 million of the $41.7 million total Securities Commissions and Trading Income and $10.8 million of the $34.4 million total Other Operating Income. For the three months ended March 31, 2019 , revenue from contracts with clients also includes $21.0 million of the $23.3 million total Securities Commissions and Trading Income and $9.9 million of the $29.0 million total Other Operating Income. Receivables Balances. The table below represents receivables balances from contracts with clients, which are included in Other Assets on the consolidated balance sheets, at March 31, 2020 and December 31, 2019 . TABLE 60: CLIENT RECEIVABLES (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Trust Fees Receivable, net (1) $ 819.5 $ 801.9 Other 101.4 101.1 Total Client Receivables $ 920.9 $ 903.0 (1) Trust Fees Receivable is net of a $5.6 million fee receivable allowance as of both March 31, 2020 and December 31, 2019 . |
Net Interest Income
Net Interest Income | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | Net Interest Income The components of net interest income were as follows: TABLE 61: NET INTEREST INCOME THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Interest Income Loans and Leases $ 250.2 $ 298.2 Securities — Taxable 241.1 277.5 — Non-Taxable 0.5 1.1 Interest-Bearing Due from and Deposits with Banks (1) 12.8 17.9 Federal Reserve and Other Central Bank Deposits and Other 24.6 68.1 Total Interest Income $ 529.2 $ 662.8 Interest Expense Deposits $ 60.9 $ 147.6 Federal Funds Purchased 2.0 13.4 Securities Sold Under Agreements to Repurchase 1.0 1.8 Other Borrowings 29.2 49.9 Senior Notes 17.9 15.9 Long-Term Debt 8.4 10.0 Floating Rate Capital Debt 1.7 2.2 Total Interest Expense $ 121.1 $ 240.8 Net Interest Income $ 408.1 $ 422.0 (1) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the three months ended March 31, 2020 and March 31, 2019 was $100.5 million and $105.1 million , representing an effective tax rate of 21.8% and 23.2% , respectively. |
Pension and Postretirement Heal
Pension and Postretirement Health Care | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Health Care | Pension and Postretirement Health Care The following table sets forth the net periodic pension and postretirement benefit expense for Northern Trust’s U.S. Qualified Plan, Non-U.S. Pension Plans, U.S. Non-Qualified Plan, and postretirement health care plan for the three months ended March 31, 2020 and 2019 . TABLE 62: NET PERIODIC PENSION EXPENSE (BENEFIT) U.S. QUALIFIED PLAN THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Service Cost $ 11.8 $ 10.4 Interest Cost 10.8 11.8 Expected Return on Plan Assets (19.2 ) (21.7 ) Amortization Net Actuarial Loss 8.8 4.3 Prior Service Cost (0.1 ) (0.1 ) Net Periodic Pension Expense $ 12.1 $ 4.7 NON-U.S. PENSION PLANS THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Service Cost $ 0.5 $ 0.5 Interest Cost 0.7 1.0 Expected Return on Plan Assets (0.7 ) (1.0 ) Settlement Expense 0.2 — Amortization Net Actuarial Loss 0.3 0.1 Net Periodic Pension Expense $ 1.0 $ 0.6 U.S. NON-QUALIFIED PLAN THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Service Cost $ 1.1 $ 1.0 Interest Cost 1.2 1.5 Amortization Net Actuarial Loss 1.8 1.4 Prior Service Cost — — Net Periodic Pension Expense $ 4.1 $ 3.9 POSTRETIREMENT HEALTH CARE PLAN THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Interest Cost $ 0.2 $ 0.3 Amortization Net Actuarial (Gain) (0.2 ) (0.3 ) Net Periodic Postretirement Expense $ — $ — The components of net periodic pension expense are recorded in Employee Benefits expense within the consolidated statements of income. There were no contributions to the U.S. Qualified Plan during the three months ended March 31, 2020 and 2019 , respectively. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans The Northern Trust Corporation 2017 Long-Term Incentive Plan provides for the grant of non-qualified and incentive stock options; tandem and free-standing stock appreciation rights; stock awards in the form of restricted stock, restricted stock units and other stock awards; and performance awards. Beginning with the grants made on February 21, 2017 under the Corporation’s prior equity incentive plan, restricted stock unit and performance stock unit grants continue to vest in accordance with the original terms of the award if the applicable employee retires after satisfying applicable age and service requirements. For all applicable periods, stock option grants continue to vest in accordance with the original terms of the award if the employee meets applicable age and service requirements upon separation from service. The Corporation granted 763,554 stock units awards with a total grant-date fair value of $76.2 million during the three months ended March 31, 2020 , compared to 798,669 stock units awards with a total grant-date fair value of $73.4 million during the three months ended March 31, 2019 . Compensation expense for the three months ended March 31, 2020 included $23.2 million attributable to restricted stock units granted to retirement-eligible employees that were expensed in their entirety on the date of grant, compared to $21.2 million in the prior-year quarter. There were no non-qualified stock option grants in the three months ended March 31, 2020 and 2019 . The Corporation granted 205,847 performance stock units with a total grant-date fair value of $20.8 million during the three months ended March 31, 2020 , compared to 211,269 performance stock units with a total grant-date fair value of $19.6 million during the three months ended March 31, 2019 . Compensation expense for the three months ended March 31, 2020 included $10.8 million attributable to performance stock units granted to retirement-eligible employees that were expensed in their entirety on the date of grant, compared to $9.2 million in the prior-year quarter. Restricted stock unit award compensation expense for the three months ended March 31, 2020 and 2019 included $4.3 million and $3.3 million , respectively, attributable to restricted stock units vested in full and expensed in their entirety upon date of grant. Total compensation expense for share-based payment arrangements and the associated tax impacts were as follows for the three months ended March 31, 2020 and 2019 . TABLE 63: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED PAYMENT ARRANGEMENTS THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Restricted Stock Unit Awards $ 40.7 $ 39.2 Stock Options 0.2 0.5 Performance Stock Units 12.9 15.6 Total Share-Based Compensation Expense 53.8 55.3 Tax Benefits Recognized $ 13.4 $ 13.7 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Variable Interest Entities (VIEs) are defined within GAAP as entities which either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. Investors that finance a VIE through debt or equity interests, or other counterparties that provide other forms of support, such as guarantees, subordinated fee arrangements, or certain types of derivative contracts, are variable interest holders in the entity and the variable interest holder, if any, that has both the power to direct the activities that most significantly impact the entity and a variable interest that could potentially be significant to the entity is deemed to be the VIE’s primary beneficiary and is required to consolidate the VIE. Leveraged Leases. In leveraged leasing transactions, Northern Trust acts as lessor of the underlying asset subject to the lease and typically funds 20 - 30% of the asset’s cost via an equity ownership in a trust with the remaining 70 - 80% provided by third-party non-recourse debt holders. In such transactions, the trusts, which are VIEs, are created to provide the lessee use of the property with substantially all of the rights and obligations of ownership. The lessee’s maintenance and operation of the leased property has a direct effect on the fair value of the underlying property, and the lessee also has the ability to increase the benefits it can receive and limit the losses it can suffer by the manner in which it uses the property. As a result, Northern Trust has determined that it is not the primary beneficiary of the leveraged lease trust VIEs given it lacks the power to direct the activities that most significantly impact the economic performance of the leveraged lease trust VIEs. Northern Trust’s maximum exposure to loss as a result of its involvement with leveraged lease trust VIEs is limited to the carrying amounts of its leveraged lease investments. The carrying amounts of these investments, which are included in Loans and Leases on the consolidated balance sheets, were $42.8 million and $42.6 million as of March 31, 2020 and December 31, 2019 , respectively. Northern Trust’s funding requirements relative to the leveraged lease trust VIEs are limited to its invested capital. Northern Trust has no other liquidity arrangements or obligations to purchase assets of the leveraged lease trust VIEs that would expose Northern Trust to a loss. Tax Credit Structures. Northern Trust invests in qualified affordable housing projects and community development entities (collectively, community development projects) that are designed to generate a return primarily through the realization of tax credits. The community development projects are formed as limited partnerships and limited liability companies in which Northern Trust invests as a limited partner/investor member through equity contributions. The economic performance of the community development projects, some of which are VIEs, is subject to the performance of their underlying investment and their ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. Northern Trust has determined that it is not the primary beneficiary of any community development project VIEs as it lacks the power to direct the activities that most significantly impact the economic performance of the underlying investments or to affect their ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. This power is held by the general partners and managing members who exercise full and exclusive control of the operations of the community development project VIEs. Northern Trust’s maximum exposure to loss as a result of its involvement with community development projects is limited to the carrying amounts of its investments, including any undrawn commitments. As of March 31, 2020 and December 31, 2019 , the carrying amounts of these investments in community development projects that generate tax credits, included in Other Assets on the consolidated balance sheets, totaled $746.2 million and $749.3 million , respectively, of which $697.8 million and $700.3 million are VIEs as of March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 and December 31, 2019 , liabilities related to unfunded commitments on investments in tax credit community development projects, included in Other Liabilities on the consolidated balance sheets, totaled $362.7 million and $376.2 million , respectively, of which $342.5 million and $354.3 million , related to undrawn commitments on VIEs as of March 31, 2020 and December 31, 2019 , respectively. Northern Trust’s funding requirements are limited to its invested capital and undrawn commitments for future equity contributions. Northern Trust has no exposure to loss from liquidity arrangements and no obligation to purchase assets of the community development projects. Tax credits and other tax benefits attributable to community development projects totaled $16.3 million and $16.4 million for the three months ended March 31, 2020 and 2019 , respectively. Investment Funds. Northern Trust acts as asset manager for various funds in which clients of Northern Trust are investors. As an asset manager of funds, Northern Trust earns a competitively priced fee that is based on assets managed and varies with each fund’s investment objective. Based on its analysis, Northern Trust has determined that it is not the primary beneficiary of these VIEs under GAAP. Periodically, Northern Trust makes seed capital investments to certain funds. As of March 31, 2020 , Northern Trust had $100.0 million of investments valued using net asset value per share and included in Other Assets and had $74.6 million in unfunded commitments related to seed capital investments. As of December 31, 2019 , Northern Trust had $112.0 million of investments valued using net asset value per share and included in Other Assets and had no unfunded commitments related to seed capital investments. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | Contingent Liabilities Commitments, Letters of Credit and Indemnifications. Northern Trust, in the normal course of business, enters into various types of commitments and issues letters of credit to meet the liquidity and credit enhancement needs of its clients. Legally binding commitments to extend credit generally have fixed expiration dates or other termination clauses. Since a significant portion of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future loans or liquidity requirements. Legally binding commitments to extend credit totaled $21.2 billion and $24.4 billion as of March 31, 2020 and December 31, 2019 , respectively. Standby letters of credit obligate Northern Trust to meet certain financial obligations of its clients, if, under the contractual terms of the agreement, the clients are unable to do so. These instruments are primarily issued to support public and private financial commitments, including commercial paper, bond financing, initial margin requirements on futures exchanges and similar transactions. Northern Trust is obligated to meet the entire financial obligation of these agreements and in certain cases is able to recover the amounts paid through recourse against collateral received or other participants. Standby letters of credit outstanding and financial guarantees were $2.4 billion as of both March 31, 2020 and December 31, 2019 . Financial guarantees are issued by Northern Trust to guarantee the performance of a client to a third party under certain arrangements. As part of its securities custody activities and at the direction of its clients, Northern Trust lends securities owned by clients to borrowers who are reviewed and approved by the Northern Trust Capital Markets Credit Committee. In connection with these activities, Northern Trust has issued indemnifications to certain clients against certain losses that are a direct result of a borrower’s failure to return securities when due, should the value of such securities exceed the value of the collateral required to be posted. Borrowers are required to collateralize fully securities received with cash or marketable securities. As securities are loaned, collateral is maintained at a minimum of 100% of the fair value of the securities plus accrued interest. The collateral is revalued on a daily basis. The amount of securities loaned as of March 31, 2020 and December 31, 2019 subject to indemnification was $139.1 billion and $138.1 billion , respectively. Because of the credit quality of the borrowers and the requirement to fully collateralize securities borrowed, management believes that the exposure to credit loss from this activity is not significant and no liability was recorded as of March 31, 2020 or December 31, 2019 , related to these indemnifications. Legal Proceedings. In the normal course of business, the Corporation and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions, and are subject to regulatory examinations, information-gathering requests, investigations, and proceedings, both formal and informal. In certain legal actions, claims for substantial monetary damages are asserted. In regulatory matters, claims for disgorgement, restitution, penalties and/or other remedial actions or sanctions may be sought. Based on current knowledge, after consultation with legal counsel and after taking into account current accruals, management does not believe that losses, fines or penalties, if any, arising from pending litigation or threatened legal actions or regulatory matters either individually or in the aggregate, after giving effect to applicable reserves and insurance coverage will have a material adverse effect on the consolidated financial position or liquidity of the Corporation, although such matters could have a material adverse effect on the Corporation’s operating results for a particular period. Under GAAP, (i) an event is “probable” if the “future event or events are likely to occur”; (ii) an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely”; and (iii) an event is “remote” if “the chance of the future event or events occurring is slight.” The outcome of litigation and regulatory matters is inherently difficult to predict and/or the range of loss often cannot be reasonably estimated, particularly for matters that (i) will be decided by a jury, (ii) are in early stages, (iii) involve uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iv) are subject to appeals or motions, (v) involve significant factual issues to be resolved, including with respect to the amount of damages, (vi) do not specify the amount of damages sought or (vii) seek very large damages based on novel and complex damage and liability legal theories. Accordingly, the Corporation cannot reasonably estimate the eventual outcome of these pending matters, the timing of their ultimate resolution or what the eventual loss, fines or penalties, if any, related to each pending matter will be. In accordance with applicable accounting guidance, the Corporation records accruals for litigation and regulatory matters when those matters present loss contingencies that are both probable and reasonably estimable. When loss contingencies are not both probable and reasonably estimable, the Corporation does not record accruals. No material accruals have been recorded for pending litigation or threatened legal actions or regulatory matters. For a limited number of matters for which a loss is reasonably possible in future periods, whether in excess of an accrued liability or where there is no accrued liability, the Corporation is able to estimate a range of possible loss. As of March 31, 2020 , the Corporation has estimated the range of reasonably possible loss for these matters to be from zero to approximately $20 million in the aggregate. The Corporation’s estimate with respect to the aggregate range of reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. In certain other pending matters, there may be a range of reasonably possible loss (including reasonably possible loss in excess of amounts accrued) that cannot be reasonably estimated for the reasons described above. Such matters are not included in the estimated range of reasonably possible loss discussed above. In 2015, Northern Trust Fiduciary Services (Guernsey) Limited (NTFS), an indirect subsidiary of the Corporation, was charged by a French investigating magistrate judge with complicity in estate tax fraud in connection with the administration of two trusts for which it serves as trustee. Charges also were brought against a number of other persons and entities related to this matter. In 2017, a French court found no estate tax fraud had occurred and NTFS and all other persons and entities charged were acquitted. The Public Prosecutor’s Office of France appealed the court decision and in June 2018 a French appellate court issued its opinion on the matter, acquitting all persons and entities charged, including NTFS. The Public Prosecutor’s Office of France has appealed the appellate court’s decision to the Cour de Cassation, the highest court in France. As trustee, NTFS provided no tax advice and had no involvement in the preparation or filing of the challenged estate tax filings. Visa Class B Common Shares. Northern Trust, as a member of Visa U.S.A. Inc. (Visa U.S.A.) and in connection with the 2007 restructuring of Visa U.S.A. and its affiliates and the 2008 initial public offering of Visa Inc. (Visa), received certain Visa Class B common shares. The Visa Class B common shares are subject to certain selling restrictions until the final resolution of certain litigation related to interchange fees involving Visa (the covered litigation), at which time the shares are convertible into Visa Class A common shares based on a conversion rate dependent upon the ultimate cost of resolving the covered litigation. On June 28, 2018, and September 27, 2019, Visa deposited an additional $600 million and $300 million , respectively, into an escrow account previously established with respect to the covered litigation. As a result of the additional contributions to the escrow account, the rate at which Visa Class B common shares will convert into Visa Class A common shares was reduced. In September 2018, Visa reached a proposed class settlement agreement covering damage claims but not injunctive relief claims regarding the covered litigation. In December 2019, the district court granted final approval for the proposed class settlement agreement. Certain merchants have opted out of the class settlement and are pursuing claims separately, while other merchants have appealed the approval order granted by the district court. The ultimate resolution of the covered litigation, the timing for removal of the selling restrictions on the Visa Class B common shares and the rate at which such shares will ultimately convert into Visa Class A common shares are uncertain. In June 2016 and 2015, Northern Trust recorded a $123.1 million and $99.9 million net gain on the sale of 1.1 million and 1.0 million of its Visa Class B common shares, respectively. These sales do not affect Northern Trust’s risk related to the impact of the covered litigation on the rate at which such shares will ultimately convert into Visa Class A common shares. Northern Trust continued to hold approximately 4.1 million Visa Class B common shares, which are recorded at their original cost basis of zero , as of March 31, 2020 and December 31, 2019 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Northern Trust is a party to various derivative financial instruments that are used in the normal course of business to meet the needs of its clients, as part of its trading activity for its own account and as part of its risk management activities. These instruments may include foreign exchange contracts, interest rate contracts, total return swap contracts, and swaps related to the sale of certain Visa Class B common shares. Foreign exchange contracts are agreements to exchange specific amounts of currencies at a future date, at a specified rate of exchange. Foreign exchange contracts are entered into primarily to meet the foreign exchange needs of clients. Foreign exchange contracts are also used for trading and risk management purposes. For risk management purposes, Northern Trust uses foreign exchange contracts to reduce its exposure to changes in foreign exchange rates relating to certain forecasted non-functional-currency-denominated revenue and expenditure transactions, foreign-currency-denominated assets and liabilities, including debt securities, and net investments in non-U.S. affiliates. Interest rate contracts include swap and option contracts. Interest rate swap contracts involve the exchange of fixed and floating rate interest payment obligations without the exchange of the underlying principal amounts. Northern Trust enters into interest rate swap contracts with its clients and also may utilize such contracts to reduce or eliminate the exposure to changes in the cash flows or fair value of hedged assets or liabilities due to changes in interest rates. Interest rate option contracts may include caps, floors, collars and swaptions, and provide for the transfer or reduction of interest rate risk, typically in exchange for a fee. Northern Trust enters into option contracts primarily as a seller of interest rate protection to clients. Northern Trust receives a fee at the outset of the agreement for the assumption of the risk of an unfavorable change in interest rates. This assumed interest rate risk is then mitigated by entering into an offsetting position with an outside counterparty. Northern Trust may also purchase or enter into option contracts for risk management purposes including to reduce the exposure to changes in the cash flows of hedged assets due to changes in interest rates. The following table shows the notional and fair values of all derivative financial instruments as of March 31, 2020 and December 31, 2019 . TABLE 64: NOTIONAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS MARCH 31, 2020 DECEMBER 31, 2019 NOTIONAL VALUE FAIR VALUE NOTIONAL VALUE FAIR VALUE (In Millions) ASSET (1) LIABILITY (2) ASSET (1) LIABILITY (2) Derivatives Designated as Hedging under GAAP Interest Rate Contracts Fair Value Hedges $ 4,527.2 $ 12.5 $ 18.3 $ 4,538.2 $ 20.3 $ 20.9 Cash Flow Hedges 150.0 0.4 — 200.0 0.2 0.2 Foreign Exchange Contracts Cash Flow Hedges 1,544.2 35.8 14.9 1,661.5 8.5 11.5 Net Investment Hedges 2,773.3 110.8 0.5 2,873.8 73.7 11.9 Total Derivatives Designated as Hedging under GAAP $ 8,994.7 $ 159.5 $ 33.7 $ 9,273.5 $ 102.7 $ 44.5 Derivatives Not Designated as Hedging under GAAP Non-Designated Risk Management Derivatives Foreign Exchange Contracts $ 195.0 $ 2.7 $ 1.9 $ 176.5 $ 0.9 $ 0.7 Other Financial Derivatives (3) 550.6 — 26.5 640.3 — 33.4 Total Non-Designated Risk Management Derivatives $ 745.6 $ 2.7 $ 28.4 $ 816.8 $ 0.9 $ 34.1 Client-Related and Trading Derivatives Foreign Exchange Contracts $ 293,879.0 $ 5,786.1 $ 5,746.1 $ 291,533.6 $ 3,151.7 $ 3,158.1 Interest Rate Contracts 9,951.9 328.6 141.8 8,976.8 132.4 76.3 Total Client-Related and Trading Derivatives $ 303,830.9 $ 6,114.7 $ 5,887.9 $ 300,510.4 $ 3,284.1 $ 3,234.4 Total Derivatives Not Designated as Hedging under GAAP $ 304,576.5 $ 6,117.4 $ 5,916.3 $ 301,327.2 $ 3,285.0 $ 3,268.5 Total Gross Derivatives $ 313,571.2 $ 6,276.9 $ 5,950.0 $ 310,600.7 $ 3,387.7 $ 3,313.0 Less: Netting (4) 2,065.8 4,890.2 2,338.0 1,618.4 Total Derivative Financial Instruments $ 4,211.1 $ 1,059.8 $ 1,049.7 $ 1,694.6 (1) Derivative assets are reported in Other Assets on the consolidated balance sheets. (2) Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. (3) This line includes swaps related to sales of certain Visa Class B common shares. (4) See further detail in Note 22 — Offsetting of Assets and Liabilities. Notional amounts of derivative financial instruments do not represent credit risk, and are not recorded in the consolidated balance sheets. They are used merely to express the volume of this activity. Northern Trust’s credit-related risk of loss is limited to the positive fair value of the derivative instrument, net of any collateral received, which is significantly less than the notional amount. All derivative financial instruments, whether designated as hedges or not, are recorded on the consolidated balance sheets at fair value within Other Assets or Other Liabilities. Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. Hedging Derivative Instruments Designated under GAAP. Northern Trust uses derivative instruments to hedge its exposure to foreign currency, interest rate, and equity price. Certain hedging relationships are formally designated and qualify for hedge accounting under GAAP as fair value, cash flow or net investment hedges. Other derivatives that are entered into for risk management purposes as economic hedges are not formally designated as hedges and changes in fair value are recognized currently in Other Operating Income within the consolidated statements of income (see below section “Derivative Instruments Not Designated as Hedging under GAAP”). In order to qualify for hedge accounting, a formal assessment is performed on a calendar-quarter basis to verify that derivatives used in designated hedging transactions continue to be highly effective in offsetting the changes in fair value or cash flows of the hedged item. If a derivative ceases to be highly effective, matures, is sold or is terminated, or if a hedged forecasted transaction is no longer probable of occurring, hedge accounting is terminated and the derivative is treated as if it were a trading instrument. Fair Value Hedges. Derivatives are designated as fair value hedges to limit Northern Trust’s exposure to changes in the fair value of assets and liabilities due to movements in interest rates. Northern Trust enters into interest rate swaps to hedge changes in fair value of available for sale debt securities and long-term subordinated debt and senior notes. Northern Trust applied the “shortcut” method of accounting, available under GAAP, which assumes there is perfect effectiveness in a hedge, for all of its fair value hedges during the three -month periods ended March 31, 2020 and 2019 . Changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recognized currently in earnings within the same income statement line item. Cash Flow Hedges. Derivatives are also d esignated as cash flow hedges in order to minimize the variability in cash flows of earning assets or forecasted transactions caused by movements in interest or foreign exchange rates. Northern Trust enters into foreign exchange contracts to hedge changes in cash flows due to movements in foreign exchange rates of forecasted foreign- currency-denominated transactions and foreign-currency-denominated debt securities. Northern Trust also enters into interest rate contracts to hedge changes in cash flows due to movements in interest rates of available for sale debt securities. The change in fair value of cash flow hedging derivative instruments are recorded in AOCI and reclassified to earnings when the hedged forecasted transaction impacts earnings within the same income statement line item. There were no material gains or losses reclassified into earnings during the three -month periods ended March 31, 2020 and 2019 , as a result of the discontinuance of forecasted transactions that were no longer probable of occurring. It is estimated that net gains of $2.6 million and $16.9 million will be reclassified into net income within the next twelve months relating to cash flow hedges of foreign-currency-denominated transactions and cash flow hedges of foreign-currency-denominated debt securities, respectively. It is estimated that net gains of $0.4 million will be reclassified into net income upon the receipt of interest payments on earning assets within the next twelve months relating to cash flow hedges of available for sale debt securities. As of March 31, 2020 , 23 months was the maximum length of time over which the exposure to variability in future cash flows of forecasted foreign-currency-denominated transactions was being hedged. The following tables provide fair value and cash flow hedge derivative gains and losses recognized in income during the three - month periods ended March 31, 2020 and 2019 . TABLE 65: LOCATION AND AMOUNT OF FAIR VALUE AND CASH FLOW HEDGE DERIVATIVE GAINS AND LOSSES RECORDED IN INCOME (In Millions) INTEREST INCOME INTEREST EXPENSE OTHER OPERATING INCOME THREE MONTHS ENDED MARCH 31, 2020 2019 2020 2019 2020 2019 Total amounts on the consolidated statements of income $ 529.2 $ 662.8 $ 121.1 $ 240.8 $ 34.4 $ 29.0 Gains (Losses) on fair value hedges recognized on Interest Rate Contracts Recognized on derivatives (76.0 ) (35.4 ) 150.4 28.5 — — Recognized on hedged items 76.0 35.4 (150.4 ) (28.5 ) — — Amounts related to interest settlements on derivatives (0.5 ) 5.5 (2.9 ) (1.6 ) — — Total gains (losses) recognized on fair value hedges $ (0.5 ) $ 5.5 $ (2.9 ) $ (1.6 ) $ — $ — Gains (Losses) on cash flow hedges recognized on Foreign Exchange Contracts Net gains (losses) reclassified from AOCI to net income $ 4.1 $ 14.4 $ — $ — $ (0.1 ) $ (0.6 ) Interest Rate Contracts Net gains (losses) reclassified from AOCI to net income — (0.2 ) — — — — Total gains (losses) reclassified from AOCI to net income on cash flow hedges $ 4.1 $ 14.2 $ — $ — $ (0.1 ) $ (0.6 ) The following table provides the impact of fair value hedge accounting on the carrying value of the designated hedged items as of March 31, 2020 and December 31, 2019 . TABLE 66: HEDGED ITEMS IN FAIR VALUE HEDGES MARCH 31, 2020 DECEMBER 31, 2019 (In Millions) CARRYING VALUE OF THE HEDGED ITEMS CUMULATIVE HEDGE ACCOUNTING BASIS ADJUSTMENT (1) CARRYING VALUE OF THE HEDGED ITEMS CUMULATIVE HEDGE ACCOUNTING BASIS ADJUSTMENT (2) Available for Sale Debt Securities (3) $ 2,999.2 $ 75.7 $ 2,981.0 $ 3.3 Senior Notes and Long-Term Subordinated Debt 1,748.5 270.0 1,748.5 126.9 Total $ 4,747.7 $ 345.7 $ 4,729.5 $ 130.2 (1) The cumulative hedge accounting basis adjustment includes $1.6 million related to discontinued hedging relationships of available for sale debt securities as of March 31, 2020 . There are no amounts related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of March 31, 2020 . (2) The cumulative hedge accounting basis adjustment includes $1.5 million related to discontinued hedging relationships of available for sale debt securities as of December 31, 2019 . There were no amounts related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of December 31, 2019 . (3) Carrying value represents amortized cost. Net Investment Hedges. Certain foreign exchange contracts are designated as net investment hedges to minimize Northern Trust’s exposure to variability in the foreign currency translation of net investments in non-U.S. branches and subsidiaries. Net investment hedge gains of $142.7 million and $28.6 million were recognized in AOCI related to foreign exchange contracts for the three months ended March 31, 2020 and 2019 , respectively. Derivative Instruments Not Designated as Hedging under GAAP. Northern Trust’s derivative instruments that are not designated as hedging under GAAP include derivatives for purposes of client-related and trading activities, as well as other risk management purposes. These activities consist principally of providing foreign exchange services to clients in connection with Northern Trust’s global custody business. However, in the normal course of business, Northern Trust also engages in trading of currencies for its own account. Non-designated risk management derivatives include foreign exchange contracts entered into to manage the foreign currency risk of non-U.S.-dollar-denominated assets and liabilities, the net investment in certain non-U.S. affiliates, commercial loans and forecasted foreign-currency-denominated transactions. Swaps related to sales of certain Visa Class B common shares were entered into pursuant to which Northern Trust retains the risks associated with the ultimate conversion of the Visa Class B common shares into Visa Class A common shares. Total return swaps are entered into to manage the equity price risk associated with certain investments. Changes in the fair value of derivative instruments not designated as hedges under GAAP are recognized currently in income. The following table provides the location and amount of gains and losses recorded in the consolidated statements of income for the three months ended March 31, 2020 and 2019 for derivative instruments not designated as hedges under GAAP. TABLE 67: LOCATION AND AMOUNT OF GAINS AND LOSSES RECORDED IN INCOME FOR DERIVATIVES NOT DESIGNATED AS HEDGING UNDER GAAP (In Millions) DERIVATIVE GAINS (LOSSES) LOCATION RECOGNIZED IN INCOME AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME THREE MONTHS ENDED MARCH 31, 2020 2019 Non-designated risk management derivatives Foreign Exchange Contracts Other Operating Income $ 0.1 $ 0.9 Other Financial Derivatives (1) Other Operating Income 2.9 (7.3 ) Gains (Losses) from non-designated risk management derivatives $ 3.0 $ (6.4 ) Client-related and trading derivatives Foreign Exchange Contracts Foreign Exchange Trading Income $ 88.9 $ 66.2 Interest Rate Contracts Security Commissions and Trading Income 11.0 1.5 Gains (Losses) from client-related and trading derivatives $ 99.9 $ 67.7 Total gains (losses) from derivatives not designated as hedging under GAAP $ 102.9 $ 61.3 (1) |
Offsetting of Assets and Liabil
Offsetting of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting of Assets and Liabilities | Offsetting of Assets and Liabilities Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. The following table provides information regarding the offsetting of derivative assets and securities purchased under agreements to resell within the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . TABLE 68: OFFSETTING OF DERIVATIVE ASSETS AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL MARCH 31, 2020 (In Millions) GROSS RECOGNIZED ASSETS GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (4) Derivative Assets (1) Foreign Exchange Contracts Over the Counter (OTC) $ 4,542.6 $ 2,062.6 $ 2,480.0 $ 8.7 $ 2,471.3 Interest Rate Swaps OTC 341.5 3.2 338.3 — 338.3 Total Derivatives Subject to a Master Netting Arrangement 4,884.1 2,065.8 2,818.3 8.7 2,809.6 Total Derivatives Not Subject to a Master Netting Arrangement 1,392.8 — 1,392.8 25.9 1,366.9 Total Derivatives 6,276.9 2,065.8 4,211.1 34.6 4,176.5 Securities Purchased under Agreements to Resell (3) $ 998.2 $ — $ 998.2 $ 998.2 $ — DECEMBER 31, 2019 (In Millions) GROSS RECOGNIZED ASSETS GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (4) Derivative Assets (1) Foreign Exchange Contracts OTC $ 2,691.1 $ 2,334.1 $ 357.0 $ 16.5 $ 340.5 Interest Rate Swaps OTC 151.9 3.9 148.0 — 148.0 Interest Rate Swaps Exchange Cleared 1.0 — 1.0 — 1.0 Total Derivatives Subject to a Master Netting Arrangement 2,844.0 2,338.0 506.0 16.5 489.5 Total Derivatives Not Subject to a Master Netting Arrangement 543.7 — 543.7 0.3 543.4 Total Derivatives 3,387.7 2,338.0 1,049.7 16.8 1,032.9 Securities Purchased under Agreements to Resell (3) $ 707.8 $ — $ 707.8 $ 707.8 $ — (1) Derivative assets are reported in Other Assets on the consolidated balance sheets. Other Assets (excluding derivative assets) totaled $7.6 billion and $7.4 billion as of March 31, 2020 and December 31, 2019 , respectively. (2) Including cash collateral received from counterparties. (3) Securities purchased under agreements to resell are reported in Federal Funds Sold and Securities Purchased under Agreements to Resell on the consolidated balance sheets. There were no Federal Funds Sold as of March 31, 2020 and $5.0 million of Federal Funds Sold as of December 31, 2019 . (4) Northern Trust did not possess any cash collateral that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . The following table provides information regarding the offsetting of derivative liabilities and securities sold under agreements to repurchase within the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . TABLE 69: OFFSETTING OF DERIVATIVE LIABILITIES AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE MARCH 31, 2020 (In Millions) GROSS RECOGNIZED LIABILITIES GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (3) Derivative Liabilities (1) Foreign Exchange Contracts OTC $ 5,000.8 $ 4,763.3 $ 237.5 $ 1.1 $ 236.4 Interest Rate Swaps OTC 160.1 126.9 33.2 — 33.2 Other Financial Derivatives 26.5 — 26.5 — 26.5 Total Derivatives Subject to a Master Netting Arrangement 5,187.4 4,890.2 297.2 1.1 296.1 Total Derivatives Not Subject to a Master Netting Arrangement 762.6 — 762.6 — 762.6 Total Derivatives 5,950.0 4,890.2 1,059.8 1.1 1,058.7 Securities Sold under Agreements to Repurchase $ 34.1 $ — $ 34.1 $ 34.1 $ — DECEMBER 31, 2019 (In Millions) GROSS RECOGNIZED LIABILITIES GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (3) Derivative Liabilities (1) Foreign Exchange Contracts OTC $ 2,181.6 $ 1,548.6 $ 633.0 $ 0.1 $ 632.9 Interest Rate Swaps OTC 96.7 57.3 39.4 — 39.4 Interest Rate Swaps Exchange Cleared 0.7 — 0.7 — 0.7 Other Financial Derivatives 33.4 12.5 20.9 — 20.9 Total Derivatives Subject to a Master Netting Arrangement 2,312.4 1,618.4 694.0 0.1 693.9 Total Derivatives Not Subject to a Master Netting Arrangement 1,000.6 — 1,000.6 — 1,000.6 Total Derivatives 3,313.0 1,618.4 1,694.6 0.1 1,694.5 Securities Sold under Agreements to Repurchase $ 489.7 $ — $ 489.7 $ 489.7 $ — (1) Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. Other Liabilities (excluding derivative liabilities) totaled $3.8 billion and $3.1 billion as of March 31, 2020 and December 31, 2019 , respectively. (2) Including cash collateral deposited with counterparties. (3) Northern Trust did not place any cash collateral with counterparties that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . All of Northern Trust’s securities sold under agreements to repurchase (repurchase agreements) and securities purchased under agreements to resell (reverse repurchase agreements) involve the transfer of financial assets in exchange for cash subject to a right and obligation to repurchase those assets for an agreed upon amount. In the event of a repurchase failure, the cash or financial assets are available for offset. All of Northern Trust’s repurchase agreements and reverse repurchase agreements are subject to a master netting arrangement, which sets forth the rights and obligations for repurchase and offset. Under the master netting arrangement, Northern Trust is entitled to offset receivables from and collateral placed with a single counterparty against obligations owed to that counterparty. In addition, collateral held by Northern Trust can be offset against receivables from that counterparty. However, Northern Trust’s repurchase agreements and reverse repurchase agreements do not meet the requirements to net under GAAP. Derivative asset and liability positions with a single counterparty can be offset against each other in cases where legally enforceable master netting arrangements or similar agreements exist. Derivative assets and liabilities can be further offset by cash collateral received from, and deposited with, the transacting counterparty. The basis for this view is that, upon termination of transactions subject to a master netting arrangement or similar agreement, the individual derivative receivables do not represent resources to which general creditors have rights and individual derivative payables do not represent claims that are equivalent to the claims of general creditors. Credit risk associated with derivative instruments relates to the failure of the counterparty and the failure of Northern Trust to pay based on the contractual terms of the agreement, and is generally limited to the unrealized fair value gains and losses on these instruments, net of any collateral received or deposited. The amount of credit risk will increase or decrease during the lives of the instruments as interest rates, foreign exchange rates, or equity prices fluctuate. Northern Trust’s risk is controlled by limiting such activity to an approved list of counterparties and by subjecting such activity to the same credit and quality controls as are followed in lending and investment activities. Credit Support Annexes and other similar agreements are currently in place with a number of Northern Trust’s counterparties which mitigate the aforementioned credit risk associated with derivative activity conducted with those counterparties by requiring that significant net unrealized fair value gains be supported by collateral placed with Northern Trust. Additional cash collateral received from and deposited with derivative counterparties totaling $360.7 million and $415.2 million , respectively, as of March 31, 2020 , and $196.3 million and $2.0 million , respectively, as of December 31, 2019 , was not offset against derivative assets and liabilities in the consolidated balance sheets as the amounts exceeded the net derivative positions with those counterparties. Certain master netting arrangements Northern Trust enters into with derivative counterparties contain credit-risk-related contingent features in which the counterparty has the option to declare Northern Trust in default and accelerate cash settlement of net derivative liabilities with the counterparty in the event Northern Trust’s credit rating falls below specified levels. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position was $935.7 million and $766.2 million at March 31, 2020 and December 31, 2019 , respectively. Cash collateral amounts deposited with derivative counterparties on those dates included $922.7 million and $327.1 million , respectively, posted against these liabilities, resulting in a net maximum amount of termination payments that could have been required at March 31, 2020 and December 31, 2019 , of $13.0 million and $439.1 million , respectively. Accelerated settlement of these liabilities would not have a material effect on the consolidated financial position or liquidity of Northern Trust. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | On January 1, 2020, Northern Trust adopted Accounting Standards Update (ASU) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). ASU 2016-13 significantly changes the way impairment of financial instruments is recognized by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of financial instruments. The main provisions of ASU 2016-13 include (1) replacing the “incurred loss” approach under current GAAP with an “expected loss” model for instruments measured at amortized cost, (2) requiring entities to record an allowance for available for sale debt securities rather than reduce the carrying amount of the investments, as is required by the other-than-temporary-impairment model under legacy GAAP, and (3) a simplified accounting model for purchased credit-impaired debt securities and loans. Upon adoption of ASU 2016-13, Northern Trust recorded a $13.7 million increase in the allowance for credit losses with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million , net of income taxes, on January 1, 2020. Northern Trust did not restate comparative periods for the effects of applying ASU 2016-13. There was no significant impact to Northern Trust’s consolidated results of operations. Please refer to Note 7 — Allowance for Credit Losses for further information. On January 1, 2020, Northern Trust adopted ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (ASU 2017-04). ASU 2017-04 amends the subsequent measurement of goodwill whereby Step 2 from the goodwill impairment test is eliminated. As a result, the goodwill impairment test is performed by comparing the fair value of a reporting unit to its carrying value and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Upon adoption of ASU 2017-04, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. On January 1, 2020, Northern Trust adopted ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (ASU 2018-13). The primary objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to financial statements. Upon adoption of ASU 2018-13, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. On January 1, 2020, Northern Trust adopted ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). Upon adoption of ASU 2018-15, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. On January 1, 2020, Northern Trust adopted ASU 2018-17, “Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities” (ASU 2018-17). ASU 2018-17 requires that indirect interests held through related parties in common control arrangements should be considered on a proportional basis (rather than as the equivalent of a direct interest in its entirety) for determining whether fees paid to decision makers and service providers are variable interests. Upon adoption of ASU 2018-17, there was no significant impact to Northern Trust’s consolidated financial condition or results of operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the fair values of Northern Trust’s Level 3 assets that were measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019 , as well as the valuation technique, significant unobservable inputs and quantitative information used to develop the significant unobservable inputs for such assets as of such dates. TABLE 30: LEVEL 3 NONRECURRING BASIS SIGNIFICANT UNOBSERVABLE INPUTS MARCH 31, 2020 FINANCIAL INSTRUMENT FAIR VALUE (1) VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES Loans $12.9 million Market Approach Discount factor applied to real estate collateral-based loans to reflect realizable value 15.0 % - 20.0% 15.4% (1) Includes real estate collateral-based loans and other collateral-based loans. DECEMBER 31, 2019 FINANCIAL INSTRUMENT FAIR VALUE (1) VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES Loans $8.0 million Market Approach Discount factor applied to real estate collateral-based loans to reflect realizable value 15.0 % - 20.0% 15.3% (1) Includes real estate collateral-based loans and other collateral-based loans. The following table presents the fair values of Northern Trust’s Level 3 liabilities as of March 31, 2020 and December 31, 2019 , as well as the valuation techniques, significant unobservable inputs, and quantitative information used to develop significant unobservable inputs for such liabilities as of such dates. TABLE 27: LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS MARCH 31, 2020 FINANCIAL INSTRUMENT FAIR VALUE VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES (1) Swaps Related to Sale of Certain Visa Class B Common Shares $26.5 million Discounted Cash Flow Conversion Rate 1.62x 1.62x Visa Class A Appreciation 9.93% 9.93% Expected Duration 12 - 33 months 20 months (1) Weighted average of expected duration based on scenario probability. DECEMBER 31, 2019 FINANCIAL INSTRUMENT FAIR VALUE VALUATION TECHNIQUE UNOBSERVABLE INPUTS INPUT VALUES WEIGHTED-AVERAGE INPUT VALUES (1) Swaps Related to Sale of Certain Visa Class B Common Shares $33.4 million Discounted Cash Flow Conversion Rate 1.62x 1.62x Visa Class A Appreciation 8.54% 8.54% Expected Duration 12 - 36 months 22 months (1) Weighted average of expected duration based on scenario probability. |
Recurring Basis Hierarchy Leveling | The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 , segregated by fair value hierarchy level. TABLE 28: RECURRING BASIS HIERARCHY LEVELING MARCH 31, 2020 (In Millions) LEVEL 1 LEVEL 2 LEVEL 3 NETTING ASSETS/LIABILITIES AT FAIR VALUE Debt Securities Available for Sale U.S. Government $ 4,584.1 $ — $ — $ — $ 4,584.1 Obligations of States and Political Subdivisions — 1,776.3 — — 1,776.3 Government Sponsored Agency — 23,870.0 — — 23,870.0 Non-U.S. Government — 3.4 — — 3.4 Corporate Debt — 2,436.0 — — 2,436.0 Covered Bonds — 553.4 — — 553.4 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds — 2,105.5 — — 2,105.5 Other Asset-Backed — 3,182.1 — — 3,182.1 Commercial Mortgage-Backed — 922.6 — — 922.6 Other — 8.3 — — 8.3 Total Available for Sale 4,584.1 34,857.6 — — 39,441.7 Trading Account — 1.2 — — 1.2 Total Available for Sale and Trading Debt Securities 4,584.1 34,858.8 — — 39,442.9 Other Assets Derivative Assets Foreign Exchange Contracts — 5,935.4 — (2,062.6 ) 3,872.8 Interest Rate Contracts — 341.5 — (3.2 ) 338.3 Total Derivative Assets — 6,276.9 — (2,065.8 ) 4,211.1 Other Liabilities Derivative Liabilities Foreign Exchange Contracts — 5,763.4 — (4,763.3 ) 1,000.1 Interest Rate Contracts — 160.1 — (126.9 ) 33.2 Other Financial Derivatives (1) — — 26.5 — 26.5 Total Derivative Liabilities $ — $ 5,923.5 $ 26.5 $ (4,890.2 ) $ 1,059.8 Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of March 31, 2020 , derivative assets and liabilities shown above also include reductions of $197.6 million and $3,022.0 million , respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) This line consists of swaps related to the sale of certain Visa Class B common shares. DECEMBER 31, 2019 (In Millions) LEVEL 1 LEVEL 2 LEVEL 3 NETTING ASSETS/LIABILITIES AT FAIR VALUE Debt Securities Available for Sale U.S. Government $ 4,549.1 $ — $ — $ — $ 4,549.1 Obligations of States and Political Subdivisions — 1,615.3 — — 1,615.3 Government Sponsored Agency — 23,271.2 — — 23,271.2 Non-U.S. Government — 3.3 — — 3.3 Corporate Debt — 2,402.7 — — 2,402.7 Covered Bonds — 769.9 — — 769.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds — 2,127.6 — — 2,127.6 Other Asset-Backed — 3,330.5 — — 3,330.5 Commercial Mortgage-Backed — 797.7 — — 797.7 Other — 9.0 — — 9.0 Total Available for Sale 4,549.1 34,327.2 — — 38,876.3 Trading Account — 0.3 — — 0.3 Total Available for Sale and Trading Debt Securities 4,549.1 34,327.5 — — 38,876.6 Other Assets Derivative Assets Foreign Exchange Contracts — 3,234.8 — (2,334.1 ) 900.7 Interest Rate Contracts — 152.9 — (3.9 ) 149.0 Total Derivative Assets — 3,387.7 — (2,338.0 ) 1,049.7 Other Liabilities Derivative Liabilities Foreign Exchange Contracts — 3,182.2 — (1,548.6 ) 1,633.6 Interest Rate Contracts — 97.4 — (57.3 ) 40.1 Other Financial Derivatives (1) — — 33.4 (12.5 ) 20.9 Total Derivative Liabilities $ — $ 3,279.6 $ 33.4 $ (1,618.4 ) $ 1,694.6 Note: Northern Trust has elected to net derivative assets and liabilities when legally enforceable master netting arrangements or similar agreements exist between Northern Trust and the counterparty. As of December 31, 2019 , derivative assets and liabilities shown above also include reductions of $1,136.8 million and $417.2 million , respectively, as a result of cash collateral received from and deposited with derivative counterparties. (1) This line consists of swaps related to the sale of certain Visa Class B common shares. |
Changes in Level 3 Liabilities | The following table presents the changes in Level 3 liabilities for the three months ended March 31, 2020 and 2019 . TABLE 29: CHANGES IN LEVEL 3 LIABILITIES (In Millions) SWAPS RELATED TO SALE OF CERTAIN VISA CLASS B COMMON SHARES THREE MONTHS ENDED MARCH 31, 2020 2019 Fair Value at January 1 $ 33.4 $ 32.8 Total (Gains) Losses: Included in Earnings (1) (2.9 ) 5.1 Purchases, Issues, Sales, and Settlements Settlements (4.0 ) (2.9 ) Fair Value at March 31 $ 26.5 $ 35.0 (1) (Gains) losses are recorded in Other Operating Income on the consolidated statements of income. |
Fair Value of Financial Instruments | The following table summarizes the fair values of all financial instruments. TABLE 31: FAIR VALUE OF FINANCIAL INSTRUMENTS MARCH 31, 2020 FAIR VALUE (In Millions) BOOK VALUE TOTAL FAIR VALUE LEVEL 1 LEVEL 2 LEVEL 3 ASSETS Cash and Due from Banks $ 5,833.2 $ 5,833.2 $ 5,833.2 $ — $ — Federal Reserve and Other Central Bank Deposits 44,661.5 44,661.5 — 44,661.5 — Interest-Bearing Deposits with Banks 5,358.9 5,358.9 — 5,358.9 — Federal Funds Sold and Securities Purchased under Agreements to Resell 998.2 998.2 — 998.2 — Debt Securities Available for Sale (1) 39,441.7 39,441.7 4,584.1 34,857.6 — Held to Maturity 12,635.7 12,533.0 105.0 12,428.0 — Trading Account 1.2 1.2 — 1.2 — Loans (excluding Leases) Held for Investment 37,626.2 38,076.3 — — 38,076.3 Client Security Settlement Receivables 2,116.9 2,116.9 — 2,116.9 — Other Assets Federal Reserve and Federal Home Loan Bank Stock 301.2 301.2 — 301.2 — Community Development Investments 746.2 746.2 — 746.2 — Employee Benefit and Deferred Compensation 204.7 218.9 147.1 71.8 — LIABILITIES Deposits Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing $ 60,793.4 $ 60,793.4 $ 60,793.4 $ — $ — Savings Certificates and Other Time 918.7 927.9 — 927.9 — Non U.S. Offices Interest-Bearing 69,779.1 69,779.1 — 69,779.1 — Federal Funds Purchased 4,370.6 4,370.6 — 4,370.6 — Securities Sold Under Agreements to Repurchase 34.1 34.1 — 34.1 — Other Borrowings 5,955.9 5,949.8 — 5,949.8 — Senior Notes 2,668.5 2,583.6 — 2,583.6 — Long-Term Debt Subordinated Debt 1,196.0 1,122.6 — 1,122.6 — Floating Rate Capital Debt 277.7 255.5 — 255.5 — Other Liabilities Standby Letters of Credit 27.2 27.2 — — 27.2 Loan Commitments 49.0 49.0 — — 49.0 Derivative Instruments Asset/Liability Management Foreign Exchange Contracts Assets $ 149.3 $ 149.3 $ — $ 149.3 $ — Liabilities 17.3 17.3 — 17.3 — Interest Rate Contracts Assets 12.9 12.9 — 12.9 — Liabilities 18.3 18.3 — 18.3 — Other Financial Derivatives Liabilities (2) 26.5 26.5 — — 26.5 Client-Related and Trading Foreign Exchange Contracts Assets 5,786.1 5,786.1 — 5,786.1 — Liabilities 5,746.1 5,746.1 — 5,746.1 — Interest Rate Contracts Assets 328.6 328.6 — 328.6 — Liabilities 141.8 141.8 — 141.8 — (1) Refer to the table located on page 38 for the disaggregation of available for sale debt securities. (2) This line consists of swaps related to the sale of certain Visa Class B common shares. DECEMBER 31, 2019 FAIR VALUE (In Millions) BOOK VALUE TOTAL FAIR VALUE LEVEL 1 LEVEL 2 LEVEL 3 ASSETS Cash and Due from Banks $ 4,459.2 $ 4,459.2 $ 4,459.2 $ — $ — Federal Reserve and Other Central Bank Deposits 33,886.0 33,886.0 — 33,886.0 — Interest-Bearing Deposits with Banks 4,877.1 4,877.1 — 4,877.1 — Federal Funds Sold and Securities Purchased under Agreements to Resell 712.8 712.8 — 712.8 — Debt Securities Available for Sale (1) 38,876.3 38,876.3 4,549.1 34,327.2 — Held to Maturity 12,284.5 12,249.3 138.8 12,110.5 — Trading Account 0.3 0.3 — 0.3 — Loans (excluding Leases) Held for Investment 31,239.5 31,517.8 — — 31,517.8 Client Security Settlement Receivables 845.7 845.7 — 845.7 — Other Assets Federal Reserve and Federal Home Loan Bank Stock 301.2 301.2 — 301.2 — Community Development Investments 749.3 749.3 — 749.3 — Employee Benefit and Deferred Compensation 199.5 207.6 131.0 76.6 — LIABILITIES Deposits Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing $ 47,733.6 $ 47,733.6 $ 47,733.6 $ — $ — Savings Certificates and Other Time 986.7 994.2 — 994.2 — Non U.S. Offices Interest-Bearing 60,400.3 60,400.3 — 60,400.3 — Federal Funds Purchased 552.9 552.9 — 552.9 — Securities Sold Under Agreements to Repurchase 489.7 489.7 — 489.7 — Other Borrowings 6,744.8 6,745.9 — 6,745.9 — Senior Notes 2,573.0 2,593.0 — 2,593.0 — Long-Term Debt Subordinated Debt 1,148.1 1,169.5 — 1,169.5 — Floating Rate Capital Debt 277.7 262.1 — 262.1 — Other Liabilities Standby Letters of Credit 25.5 25.5 — — 25.5 Loan Commitments 32.3 32.3 — — 32.3 Derivative Instruments Asset/Liability Management Foreign Exchange Contracts Assets $ 83.1 $ 83.1 $ — $ 83.1 $ — Liabilities 24.1 24.1 — 24.1 — Interest Rate Contracts Assets 20.5 20.5 — 20.5 — Liabilities 21.1 21.1 — 21.1 — Other Financial Derivatives Liabilities (2) 33.4 33.4 — — 33.4 Client-Related and Trading Foreign Exchange Contracts Assets 3,151.7 3,151.7 — 3,151.7 — Liabilities 3,158.1 3,158.1 — 3,158.1 — Interest Rate Contracts Assets 132.4 132.4 — 132.4 — Liabilities 76.3 76.3 — 76.3 — (1) Refer to the table located on page 39 for the disaggregation of available for sale debt securities. (2) This line consists of swaps related to the sale of certain Visa Class B common shares. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale | The following tables provide the amortized cost and fair values at March 31, 2020 and December 31, 2019 , and remaining maturities of debt securities available for sale at March 31, 2020 . TABLE 32: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES AVAILABLE FOR SALE MARCH 31, 2020 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Government $ 4,481.7 $ 102.4 $ — $ 4,584.1 Obligations of States and Political Subdivisions 1,725.2 54.3 3.2 1,776.3 Government Sponsored Agency 23,611.0 365.3 106.3 23,870.0 Non-U.S. Government 3.3 0.1 — 3.4 Corporate Debt 2,408.6 38.7 11.3 2,436.0 Covered Bonds 550.5 4.2 1.3 553.4 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 2,047.5 58.6 0.6 2,105.5 Other Asset-Backed 3,284.9 2.3 105.1 3,182.1 Commercial Mortgage-Backed 904.3 31.1 12.8 922.6 Other 8.3 — — 8.3 Total $ 39,025.3 $ 657.0 $ 240.6 $ 39,441.7 DECEMBER 31, 2019 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Government $ 4,527.5 $ 26.7 $ 5.1 $ 4,549.1 Obligations of States and Political Subdivisions 1,604.0 24.6 13.3 1,615.3 Government Sponsored Agency 23,247.5 101.8 78.1 23,271.2 Non-U.S. Government 3.3 — — 3.3 Corporate Debt 2,378.9 27.8 4.0 2,402.7 Covered Bonds 766.3 4.4 0.8 769.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 2,091.3 37.4 1.1 2,127.6 Other Asset-Backed 3,324.5 11.3 5.3 3,330.5 Commercial Mortgage-Backed 769.9 28.7 0.9 797.7 Other 9.0 — — 9.0 Total $ 38,722.2 $ 262.7 $ 108.6 $ 38,876.3 |
Remaining Maturity of Securities Available for Sale and Held to Maturity | MARCH 31, 2020 ONE YEAR OR LESS ONE TO FIVE YEARS FIVE TO TEN YEARS OVER TEN YEARS TOTAL (In Millions) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. Government $ 2,204.6 $ 2,221.5 $ 1,724.7 $ 1,768.4 $ 552.4 $ 594.2 $ — $ — $ 4,481.7 $ 4,584.1 Obligations of States and Political Subdivisions 35.9 35.9 87.5 91.3 1,601.8 1,649.1 — — 1,725.2 1,776.3 Government Sponsored Agency 5,825.0 5,895.7 10,097.6 10,225.5 5,524.0 5,565.7 2,164.4 2,183.1 23,611.0 23,870.0 Non-U.S. Government 3.3 3.4 — — — — — — 3.3 3.4 Corporate Debt 366.4 365.8 2,036.4 2,064.4 5.8 5.8 — — 2,408.6 2,436.0 Covered Bonds 108.3 108.6 442.2 444.8 — — — — 550.5 553.4 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 327.6 327.8 1,669.9 1,727.8 50.0 49.9 — — 2,047.5 2,105.5 Other Asset-Backed 643.0 641.2 2,164.5 2,096.3 464.4 432.5 13.0 12.1 3,284.9 3,182.1 Commercial Mortgage-Backed 26.1 25.9 255.7 258.0 600.8 617.5 21.7 21.2 904.3 922.6 Other 8.3 8.3 — — — — — — 8.3 8.3 Total $ 9,548.5 $ 9,634.1 $ 18,478.5 $ 18,676.5 $ 8,799.2 $ 8,914.7 $ 2,199.1 $ 2,216.4 $ 39,025.3 $ 39,441.7 Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments. TABLE 36: REMAINING MATURITY OF DEBT SECURITIES HELD TO MATURITY MARCH 31, 2020 ONE YEAR OR LESS ONE TO FIVE YEARS FIVE TO TEN YEARS OVER TEN YEARS TOTAL (In Millions) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value U.S. Government $ 104.9 $ 105.0 $ — $ — $ — $ — $ — $ — $ 104.9 $ 105.0 Obligations of States and Political Subdivisions 6.0 6.1 0.9 1.0 — — — — 6.9 7.1 Government Sponsored Agency 0.6 0.7 1.7 1.8 1.0 1.1 0.6 0.6 3.9 4.2 Non-U.S. Government 3,481.7 3,483.9 214.3 219.3 — — — — 3,696.0 3,703.2 Corporate Debt 96.0 94.2 424.9 419.4 — — — — 520.9 513.6 Covered Bonds 753.0 755.2 2,363.9 2,363.0 — — — — 3,116.9 3,118.2 Certificates of Deposit 1,041.9 1,041.9 — — — — — — 1,041.9 1,041.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 418.5 419.4 2,600.9 2,632.6 40.6 40.3 — — 3,060.0 3,092.3 Other Asset-Backed 252.3 251.5 449.2 442.7 81.8 81.0 — — 783.3 775.2 Other 8.5 8.0 141.2 111.6 46.0 28.5 105.3 24.2 301.0 172.3 Total $ 6,163.4 $ 6,165.9 $ 6,197.0 $ 6,191.4 $ 169.4 $ 150.9 $ 105.9 $ 24.8 $ 12,635.7 $ 12,533.0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | AS OF MARCH 31, 2020 LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL (In Millions) FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES Obligations of States and Political Subdivisions $ 230.6 $ 3.2 $ — $ — $ 230.6 $ 3.2 Government Sponsored Agency 2,803.1 24.4 7,033.0 81.9 9,836.1 106.3 Corporate Debt 669.2 8.8 134.0 1.9 803.2 10.7 Covered Bonds 306.5 1.3 — — 306.5 1.3 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 99.9 0.1 158.8 0.5 258.7 0.6 Other Asset-Backed 1,616.7 45.0 1,049.7 60.1 2,666.4 105.1 Commercial Mortgage-Backed 296.3 12.7 34.1 0.1 330.4 12.8 Total $ 6,022.3 $ 95.5 $ 8,409.6 $ 144.5 $ 14,431.9 $ 240.0 Note: One corporate debt available for sale security with a fair value of $24.6 million and unrealized losses of $0.6 million has been excluded from the table above as it has a credit loss reported as of March 31, 2020 . AS OF DECEMBER 31, 2019 LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL (In Millions) FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES FAIR VALUE UNREALIZED LOSSES U.S. Government $ 252.2 $ 2.8 $ 899.7 $ 2.3 $ 1,151.9 $ 5.1 Obligations of States and Political Subdivisions 902.4 13.3 — — 902.4 13.3 Government Sponsored Agency 5,405.0 35.6 7,818.4 42.5 13,223.4 78.1 Corporate Debt 279.3 1.1 492.7 2.9 772.0 4.0 Covered Bonds 138.7 0.7 25.0 0.1 163.7 0.8 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 217.5 1.0 155.2 0.1 372.7 1.1 Other Asset-Backed 592.4 1.8 1,164.9 3.5 1,757.3 5.3 Commercial Mortgage-Backed 62.8 0.7 59.3 0.2 122.1 0.9 Total $ 7,850.3 $ 57.0 $ 10,615.2 $ 51.6 $ 18,465.5 $ 108.6 |
Reconciliation of Amortized Cost to Fair Values of Securities Held to Maturity | TABLE 35: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES HELD TO MATURITY MARCH 31, 2020 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S Government $ 104.9 $ 0.1 $ — $ 105.0 Obligations of States and Political Subdivisions 6.9 0.2 — 7.1 Government Sponsored Agency 3.9 0.3 — 4.2 Non-U.S. Government 3,696.0 7.5 0.3 3,703.2 Corporate Debt 520.9 1.1 8.4 513.6 Covered Bonds 3,116.9 15.5 14.2 3,118.2 Certificates of Deposit 1,041.9 — — 1,041.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,060.0 35.6 3.3 3,092.3 Other Asset-Backed 783.3 — 8.1 775.2 Other 301.0 — 128.7 172.3 Total $ 12,635.7 $ 60.3 $ 163.0 $ 12,533.0 DECEMBER 31, 2019 (In Millions) AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES FAIR VALUE U.S. Government $ 138.8 $ — $ — $ 138.8 Obligations of States and Political Subdivisions 10.1 0.2 — 10.3 Government Sponsored Agency 4.1 0.2 — 4.3 Non-U.S. Government 4,076.0 5.3 2.5 4,078.8 Corporate Debt 405.1 1.4 0.3 406.2 Covered Bonds 3,006.7 16.1 2.4 3,020.4 Certificates of Deposit 262.9 — — 262.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 3,285.4 21.7 2.1 3,305.0 Other Asset-Backed 804.3 0.7 0.3 804.7 Other 291.1 0.1 73.3 217.9 Total $ 12,284.5 $ 45.7 $ 80.9 $ 12,249.3 |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table provides the amortized cost of debt securities held to maturity by credit rating. TABLE 37: AMORTIZED COST OF DEBT SECURITIES HELD TO MATURITY BY CREDIT RATING AS OF MARCH 31, 2020 (In Millions) AAA AA A BBB NOT RATED TOTAL U.S. Government $ 104.9 $ — $ — $ — $ — $ 104.9 Obligations of States and Political Subdivisions — 0.5 5.1 1.3 — 6.9 Government Sponsored Agency 3.9 — — — — 3.9 Non-U.S. Government 348.1 1,219.2 2,128.7 — — 3,696.0 Corporate Debt 3.4 256.5 261.0 — — 520.9 Covered Bonds 3,116.9 — — — — 3,116.9 Certificates of Deposit — — — — 1,041.9 1,041.9 Sub-Sovereign, Supranational and Non-U.S. Agency Bonds 2,146.4 882.6 — — 31.0 3,060.0 Other Asset-Backed 783.3 — — — — 783.3 Other — — — — 301.0 301.0 Total $ 6,506.9 $ 2,358.8 $ 2,394.8 $ 1.3 $ 1,373.9 $ 12,635.7 |
Realized Gain (Loss) on Investments | THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Gross Realized Debt Securities Gains $ 0.7 $ 1.3 Gross Realized Debt Securities Losses (0.7 ) (1.5 ) Net Investment Security (Losses) Gains $ — $ (0.2 ) |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Repurchase Agreements Accounted for as Secured Borrowings | The following table provides information regarding repurchase agreements that are accounted for as secured borrowings as of March 31, 2020 and December 31, 2019 . TABLE 39: REPURCHASE AGREEMENTS ACCOUNTED FOR AS SECURED BORROWINGS MARCH 31, 2020 DECEMBER 31, 2019 REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS (In Millions) OVERNIGHT AND CONTINUOUS U.S. Treasury and Agency Securities $ 34.1 $ 489.7 Total Borrowings 34.1 489.7 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 22 34.1 489.7 Amounts related to agreements not included in Note 22 — — |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans and Leases | Amounts outstanding for loans and leases, by segment and class, are shown in the following table. During the first quarter of 2020, the Corporation implemented a change in the classification of certain loans and leases to specific segments to enhance the consistency of its reporting across various regulatory regimes. As a result, the loan and lease balances as of December 31, 2019 below have been adjusted to conform to the presentation for periods ended after such date. The adjustments generally reflected reclassification of loans from the commercial real estate class to commercial and institutional, residential real estate, and private client classes. There was no impact on total loans and leases previously reported. TABLE 40: LOANS AND LEASES (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Commercial Commercial and Institutional $ 12,327.3 $ 9,091.1 Commercial Real Estate 3,085.2 3,104.3 Non-U.S. 3,923.0 1,576.3 Lease Financing, net 64.8 65.6 Other 336.5 164.0 Total Commercial 19,736.8 14,001.3 Personal Private Client 11,609.9 11,071.4 Residential Real Estate 6,074.3 6,095.0 Non-U.S. 346.9 174.8 Other 69.8 67.1 Total Personal 18,100.9 17,408.3 Total Loans and Leases $ 37,837.7 $ 31,409.6 |
Borrower Ratings | Loan and lease segment and class balances as of March 31, 2020 and December 31, 2019 are provided in the following table, segregated by borrower ratings into “1 to 3,” “4 to 5” and “6 to 9” (watch list and nonaccrual status) categories by year of origination at amortized cost basis. TABLE 41: CREDIT QUALITY INDICATOR AT AMORTIZED COST BASIS BY ORIGINATION YEAR March 31, 2020 TERM LOANS AND LEASES REVOLVING LOANS REVOLVING LOANS CONVERTED TO TERM LOANS (In Millions) 2020 2019 2018 2017 2016 PRIOR TOTAL Commercial Commercial and Institutional Risk Rating: 1 to 3 Category $ 151.0 $ 787.4 $ 340.4 $ 287.4 $ 533.0 $ 509.2 $ 5,880.6 $ 4.9 $ 8,493.9 4 to 5 Category 137.7 668.7 370.5 449.0 120.2 203.8 1,676.4 51.1 3,677.4 6 to 9 Category 23.9 11.8 9.0 9.4 19.4 6.1 74.0 2.4 156.0 Total Commercial and Institutional 312.6 1,467.9 719.9 745.8 672.6 719.1 7,631.0 58.4 12,327.3 Commercial Real Estate Risk Rating: 1 to 3 Category 121.0 285.9 100.5 61.2 100.5 170.7 106.6 6.1 952.5 4 to 5 Category 166.3 749.8 343.9 154.3 168.0 454.2 66.0 20.1 2,122.6 6 to 9 Category 2.2 — — 4.4 3.0 0.5 — — 10.1 Total Commercial Real Estate 289.5 1,035.7 444.4 219.9 271.5 625.4 172.6 26.2 3,085.2 Non-U.S. Risk Rating: 1 to 3 Category 2,488.3 12.2 10.0 5.6 — 13.5 169.1 — 2,698.7 4 to 5 Category 905.6 5.9 1.9 6.7 — 70.9 38.6 1.8 1,031.4 6 to 9 Category 1.4 23.1 — — — — 168.4 — 192.9 Total Non-U.S. 3,395.3 41.2 11.9 12.3 — 84.4 376.1 1.8 3,923.0 Lease Financing, net Risk Rating: 1 to 3 Category — — — — — 52.8 — — 52.8 4 to 5 Category — — — — — 12.0 — — 12.0 6 to 9 Category — — — — — — — — — Total Lease Financing, net — — — — — 64.8 — — 64.8 Other Risk Rating: 1 to 3 Category 117.4 — — — — — — — 117.4 4 to 5 Category 219.1 — — — — — — — 219.1 6 to 9 Category — — — — — — — — — Total Other 336.5 — — — — — — — 336.5 Total Commercial 4,333.9 2,544.8 1,176.2 978.0 944.1 1,493.7 8,179.7 86.4 19,736.8 Personal Private Client Risk Rating: 1 to 3 Category 131.1 486.6 75.1 126.9 38.9 150.2 4,965.0 20.9 5,994.7 4 to 5 Category 50.4 531.2 259.6 171.5 97.5 103.7 4,076.9 243.2 5,534.0 6 to 9 Category — 0.6 23.2 — 0.1 — 47.0 10.3 81.2 Total Private Client 181.5 1,018.4 357.9 298.4 136.5 253.9 9,088.9 274.4 11,609.9 Residential Real Estate Risk Rating: 1 to 3 Category 222.8 801.7 112.6 156.3 244.7 942.8 228.8 1.3 2,711.0 4 to 5 Category 122.4 441.7 229.0 248.9 417.5 1,397.2 330.8 4.0 3,191.5 6 to 9 Category 0.3 11.3 10.4 0.6 3.0 124.2 22.0 — 171.8 Total Residential Real Estate 345.5 1,254.7 352.0 405.8 665.2 2,464.2 581.6 5.3 6,074.3 Non-U.S. Risk Rating: 1 to 3 Category 2.2 41.5 — — — 2.0 58.4 — 104.1 4 to 5 Category — 19.1 14.0 0.6 0.5 9.6 193.0 5.1 241.9 6 to 9 Category — — — — — 0.6 0.3 — 0.9 Total Non-U.S. 2.2 60.6 14.0 0.6 0.5 12.2 251.7 5.1 346.9 Other Risk Rating: 1 to 3 Category 36.5 — — — — — — — 36.5 4 to 5 Category 33.3 — — — — — — — 33.3 6 to 9 Category — — — — — — — — — Total Other 69.8 — — — — — — — 69.8 Total Personal 599.0 2,333.7 723.9 704.8 802.2 2,730.3 9,922.2 284.8 18,100.9 Total Loans and Leases $ 4,932.9 $ 4,878.5 $ 1,900.1 $ 1,682.8 $ 1,746.3 $ 4,224.0 $ 18,101.9 $ 371.2 $ 37,837.7 |
Delinquency Status | as of March 31, 2020 and December 31, 2019 . TABLE 42: DELINQUENCY STATUS ACCRUAL NONACCRUAL WITH NO ALLOWANCE (In Millions) CURRENT 30 – 59 DAYS PAST DUE 60 – 89 DAYS PAST DUE 90 DAYS OR MORE PAST DUE TOTAL ACCRUAL NONACCRUAL TOTAL LOANS AND LEASES March 31, 2020 Commercial Commercial and Institutional $ 12,216.7 $ 71.3 $ 5.4 $ 1.0 $ 12,294.4 $ 32.9 $ 12,327.3 $ 17.9 Commercial Real Estate 3,069.3 8.5 — 4.7 3,082.5 2.7 3,085.2 2.7 Non-U.S. 3,923.0 — — — 3,923.0 — 3,923.0 — Lease Financing, net 64.8 — — — 64.8 — 64.8 — Other 336.5 — — — 336.5 — 336.5 — Total Commercial 19,610.3 79.8 5.4 5.7 19,701.2 35.6 19,736.8 20.6 Personal Private Client 11,522.5 77.3 8.4 1.2 11,609.4 0.5 11,609.9 0.5 Residential Real Estate 5,974.1 31.9 0.8 0.2 6,007.0 67.3 6,074.3 63.7 Non-U.S. 341.3 5.1 — — 346.4 0.5 346.9 0.5 Other 69.8 — — — 69.8 — 69.8 — Total Personal 17,907.7 114.3 9.2 1.4 18,032.6 68.3 18,100.9 64.7 Total Loans and Leases $ 37,518.0 $ 194.1 $ 14.6 $ 7.1 $ 37,733.8 $ 103.9 $ 37,837.7 $ 85.3 Other Real Estate Owned $ 1.6 Total Nonaccrual Assets $ 105.5 ACCRUAL NONACCRUAL WITH NO ALLOWANCE (In Millions) CURRENT 30 – 59 DAYS 60 – 89 DAYS 90 DAYS TOTAL ACCRUAL NONACCRUAL TOTAL LOANS December 31, 2019 Commercial Commercial and Institutional $ 9,068.3 $ 4.1 $ 9.9 $ 1.2 $ 9,083.5 $ 7.6 $ 9,091.1 $ 0.8 Commercial Real Estate 3,089.6 2.3 4.1 4.7 3,100.7 3.6 3,104.3 2.4 Non-U.S. 1,576.3 — — — 1,576.3 — 1,576.3 — Lease Financing, net 65.6 — — — 65.6 — 65.6 — Other 164.0 — — — 164.0 — 164.0 — Total Commercial 13,963.8 6.4 14.0 5.9 13,990.1 11.2 14,001.3 3.2 Personal Private Client 11,027.9 33.2 9.5 0.3 11,070.9 0.5 11,071.4 0.5 Residential Real Estate 5,997.7 19.8 4.9 1.2 6,023.6 71.4 6,095.0 66.4 Non-U.S 174.1 0.2 — — 174.3 0.5 174.8 0.5 Other 67.1 — — — 67.1 — 67.1 — Total Personal 17,266.8 53.2 14.4 1.5 17,335.9 72.4 17,408.3 67.4 Total Loans and Leases $ 31,230.6 $ 59.6 $ 28.4 $ 7.4 $ 31,326.0 $ 83.6 $ 31,409.6 $ 70.6 Other Real Estate Owned $ 3.2 Total Nonaccrual Assets $ 86.8 |
Modified Troubled Debt Restructurings | The following table provides, by segment and class, the number of TDR modifications of loans and leases during the three -month periods ended March 31, 2020 and 2019 , and the recorded investments and unpaid principal balances as of March 31, 2020 and 2019 . TABLE 43: TROUBLED DEBT RESTRUCTURINGS THREE MONTHS ENDED MARCH 31, 2020 ($ In Millions) NUMBER OF LOANS AND LEASES RECORDED INVESTMENT UNPAID PRINCIPAL BALANCE Commercial Commercial and Institutional 2 $ 24.3 $ 24.5 Total Commercial 2 24.3 24.5 Personal Residential Real Estate 6 1.0 1.2 Total Personal 6 1.0 1.2 Total Loans and Leases 8 $ 25.3 $ 25.7 Note: Period-end balances reflect all paydowns and charge-offs during the period. THREE MONTHS ENDED MARCH 31, 2019 ($ In Millions) NUMBER OF LOANS AND LEASES RECORDED INVESTMENT UNPAID PRINCIPAL BALANCE Commercial Commercial and Institutional 1 $ 7.6 $ 8.8 Total Commercial 1 7.6 8.8 Personal Residential Real Estate 13 9.8 9.9 Total Personal 13 9.8 9.9 Total Loans and Leases 14 $ 17.4 $ 18.7 Note: Period-end balances reflect all paydowns and charge-offs during the period. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Recorded Investments in Loans and Leases | THREE MONTHS ENDED MARCH 31, 2020 LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT (In Millions) COMMERCIAL PERSONAL TOTAL COMMERCIAL PERSONAL TOTAL Balance at End of Prior Period $ 58.1 $ 46.4 $ 104.5 $ 15.8 $ 4.1 $ 19.9 Cumulative Effect Adjustment (5.9 ) 3.7 (2.2 ) 11.9 (3.0 ) 8.9 Balance at Beginning of Period 52.2 50.1 102.3 27.7 1.1 28.8 Charge-Offs (0.1 ) (1.7 ) (1.8 ) — — — Recoveries 0.7 0.4 1.1 — — — Net (Charge-Offs) Recoveries 0.6 (1.3 ) (0.7 ) — — — Provision for Credit Losses 41.9 3.7 45.6 11.1 0.5 11.6 Balance at End of Period $ 94.7 $ 52.5 $ 147.2 $ 38.8 $ 1.6 $ 40.4 THREE MONTHS ENDED MARCH 31, 2019 LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT (In Millions) COMMERCIAL PERSONAL TOTAL COMMERCIAL PERSONAL TOTAL Balance at Beginning of Period $ 57.6 $ 55.0 $ 112.6 $ 21.1 $ 4.5 $ 25.6 Charge-Offs (0.1 ) (0.9 ) (1.0 ) — — — Recoveries 0.4 1.8 2.2 — — — Net (Charge-Offs) Recoveries 0.3 0.9 1.2 — — — Provision for Credit Losses 0.2 0.5 0.7 (0.6 ) (0.1 ) (0.7 ) Balance at End of Period $ 58.1 $ 56.4 $ 114.5 $ 20.5 $ 4.4 $ 24.9 The following table provides information regarding the recorded investments in loans and leases and the allowance for credit losses for loans and leases and undrawn loan commitments and standby letters of credit by segment as of March 31, 2020 and December 31, 2019 . TABLE 48: RECORDED INVESTMENTS IN LOANS AND LEASES MARCH 31, 2020 DECEMBER 31, 2019 (In Millions) COMMERCIAL PERSONAL TOTAL COMMERCIAL PERSONAL TOTAL Loans and Leases Evaluated on an Individual Level $ 35.6 $ 68.3 $ 103.9 $ 10.4 $ 81.8 $ 92.2 Evaluated on a Collective Level 19,701.2 18,032.6 37,733.8 13,990.9 17,326.5 31,317.4 Total Loans and Leases 19,736.8 18,100.9 37,837.7 14,001.3 17,408.3 31,409.6 Allowance for Credit Losses on Credit Exposures Evaluated on an Individual Level 5.3 0.4 5.7 3.4 1.6 5.0 Evaluated on a Collective Level 89.4 52.1 141.5 54.7 44.8 99.5 Allowance Assigned to Loans and Leases 94.7 52.5 147.2 58.1 46.4 104.5 Allowance for Undrawn Loan Commitments and Standby Letters of Credit Evaluated on an Individual Level 3.0 — 3.0 1.9 — 1.9 Evaluated on a Collective Level 35.8 1.6 37.4 13.9 4.1 18.0 Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit 38.8 1.6 40.4 15.8 4.1 19.9 Total Allowance Assigned to Loans and Leases and Undrawn Loan Commitments and Standby Letters of Credit $ 133.5 $ 54.1 $ 187.6 $ 73.9 $ 50.5 $ 124.4 THREE MONTHS ENDED MARCH 31, 2020 (In Millions) LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT DEBT SECURITIES HELD TO MATURITY OTHER FINANCIAL ASSETS TOTAL Balance at End of Prior Period $ 104.5 $ 19.9 $ — $ — $ 124.4 Cumulative Effect Adjustment (2.2 ) 8.9 6.6 0.4 13.7 Balance at Beginning of Period 102.3 28.8 6.6 0.4 138.1 Charge-Offs (1.8 ) — — — (1.8 ) Recoveries 1.1 — — — 1.1 Net (Charge-Offs) Recoveries (0.7 ) — — — (0.7 ) Provision for Credit Losses (1) 45.6 11.6 2.9 0.7 60.8 Balance at End of Period $ 147.2 $ 40.4 $ 9.5 $ 1.1 $ 198.2 (1) The table excludes $0.2 million of credit losses recognized for corporate debt securities available for sale as of March 31, 2020 . See further detail in Note 4 — Securities. THREE MONTHS ENDED MARCH 31, 2019 (In Millions) LOANS AND LEASES UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT DEBT SECURITIES HELD TO MATURITY OTHER FINANCIAL ASSETS TOTAL Balance at Beginning of Period $ 112.6 $ 25.6 $ — $ — $ 138.2 Charge-Offs (1.0 ) — — — (1.0 ) Recoveries 2.2 — — — 2.2 Net (Charge-Offs) Recoveries 1.2 — — — 1.2 Provision for Credit Losses 0.7 (0.7 ) — — — Balance at End of Period $ 114.5 $ 24.9 $ — $ — $ 139.4 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | THREE MONTHS ENDED MARCH 31, 2020 (In Millions) CORPORATE DEBT NON-U.S. GOVERNMENT SUB-SOVEREIGN, SUPERNATIONAL, AND NON-U.S. AGENCY BONDS CERTIFICATE OF DEPOSITS COVERED BONDS OTHER TOTAL Balance at End of Prior Period $ — $ — $ — $ — $ — $ — $ — Cumulative Effect Adjustment 0.8 0.3 0.9 — — 4.6 6.6 Balance at Beginning of Period 0.8 0.3 0.9 — — 4.6 6.6 Charge-Offs — — — — — — — Recoveries — — — — — — — Net (Charge-Offs) Recoveries — — — — — — — Provision for Credit Losses 1.9 0.1 0.4 0.2 0.1 0.2 2.9 Balance at End of Period $ 2.7 $ 0.4 $ 1.3 $ 0.2 $ 0.1 $ 4.8 $ 9.5 |
Pledged Assets Pledged Assets (
Pledged Assets Pledged Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents Northern Trust's pledged assets. TABLE 50: TYPE OF PLEDGED ASSETS (In Billions) MARCH 31, 2020 DECEMBER 31, 2019 Securities Obligations of States and Political Subdivisions $ 1.3 $ 1.0 Government Sponsored Agency and Other Securities 31.0 33.4 Loans 7.4 7.7 Total Pledged Assets $ 39.7 $ 42.1 TABLE 51: FAIR VALUE OF AVAILABLE FOR SALE DEBT SECURITIES INCLUDED IN PLEDGED ASSETS SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE DERIVATIVE CONTRACTS (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 MARCH 31, 2020 DECEMBER 31, 2019 Debt Securities Available for Sale $ 30.4 $ 487.1 $ 58.3 $ 14.4 |
Schedule of Customer Securities for which Entity has Right to Sell or Repledge | The following table presents the fair value of securities accepted as collateral. There was no repledged or sold collateral at March 31, 2020 or December 31, 2019 . TABLE 52: ACCEPTED COLLATERAL (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Collateral that may be repledged or sold Repurchase agreements $ 998.2 $ 707.8 Derivative contracts 34.6 16.8 Collateral that may not be repledged or sold Repurchase agreements — — |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by Reporting Segment | Changes by reporting segment in the carrying amount of goodwill for the three months ended March 31, 2020 , including the effect of foreign exchange rates on non-U.S.-dollar denominated balances, were as follows: TABLE 53: GOODWILL BY REPORTING SEGMENT (In Millions) CORPORATE AND INSTITUTIONAL SERVICES WEALTH MANAGEMENT TOTAL Balance at December 31, 2019 $ 625.7 $ 71.1 $ 696.8 Foreign Exchange Rates (7.4 ) (0.1 ) (7.5 ) Balance at March 31, 2020 $ 618.3 $ 71.0 $ 689.3 |
Other Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of March 31, 2020 and December 31, 2019 were as follows: TABLE 54: OTHER INTANGIBLE ASSETS (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Gross Carrying Amount $ 204.3 $ 207.2 Less: Accumulated Amortization 89.7 86.6 Net Book Value $ 114.6 $ 120.6 |
Reporting Segments (Tables)
Reporting Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Results of Reporting Segments | March 31, 2020 and 2019 . TABLE 55: RESULTS OF REPORTING SEGMENTS THREE MONTHS ENDED MARCH 31, CORPORATE & WEALTH MANAGEMENT TREASURY AND OTHER TOTAL CONSOLIDATED ($ In Millions) 2020 2019 2020 2019 2020 2019 2020 2019 Noninterest Income Trust, Investment and Other Servicing Fees $ 574.4 $ 535.2 $ 429.2 $ 393.7 $ — $ — $ 1,003.6 $ 928.9 Foreign Exchange Trading Income 85.1 59.7 3.8 6.5 — — 88.9 66.2 Other Noninterest Income 41.8 43.4 42.4 25.5 2.9 (5.1 ) 87.1 63.8 Total Noninterest Income 701.3 638.3 475.4 425.7 2.9 (5.1 ) 1,179.6 1,058.9 Net Interest Income (1) 211.3 234.8 204.9 195.0 — — 416.2 429.8 Revenue (1) 912.6 873.1 680.3 620.7 2.9 (5.1 ) 1,595.8 1,488.7 Provision for Credit Losses 25.7 (1.1 ) 35.3 1.1 — — 61.0 — Noninterest Expense 659.3 648.0 394.4 379.9 11.9 0.8 1,065.6 1,028.7 Income before Income Taxes (1) 227.6 226.2 250.6 239.7 (9.0 ) (5.9 ) 469.2 460.0 Provision for Income Taxes (1) 49.9 53.6 60.9 60.8 (2.2 ) (1.5 ) 108.6 112.9 Net Income $ 177.7 $ 172.6 $ 189.7 $ 178.9 $ (6.8 ) $ (4.4 ) $ 360.6 $ 347.1 Percentage of Consolidated Net Income 49 % 50 % 53 % 51 % (2 )% (1 )% 100 % 100 % Average Assets $ 92,715.3 $ 90,351.7 $ 31,455.2 $ 29,065.0 $ — $ — $ 124,170.5 $ 119,416.7 (1) Non-GAAP financial measures stated on a fully taxable equivalent basis (FTE). Total consolidated includes FTE adjustments of $8.1 million for 2020 and $7.8 million for 2019 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables summarize the components of accumulated other comprehensive income (loss) (AOCI) at March 31, 2020 and 2019 , and changes during the three months then ended. TABLE 56: SUMMARY OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2020 (In Millions) NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE (1) NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES NET FOREIGN CURRENCY ADJUSTMENT NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS TOTAL Balance at December 31, 2019 $ 114.0 $ (3.7 ) $ 117.8 $ (422.8 ) $ (194.7 ) Net Change 199.7 7.3 25.7 7.0 239.7 Balance at March 31, 2020 $ 313.7 $ 3.6 $ 143.5 $ (415.8 ) $ 45.0 (1) Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended March 31, 2020 . THREE MONTHS ENDED MARCH 31, 2019 (In Millions) NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE (1) NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES NET FOREIGN CURRENCY ADJUSTMENT NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS TOTAL Balance at December 31, 2018 $ (114.9 ) $ 4.0 $ 67.9 $ (410.7 ) $ (453.7 ) Net Change 85.6 (4.3 ) 14.8 12.3 108.4 Balance at March 31, 2019 $ (29.3 ) $ (0.3 ) $ 82.7 $ (398.4 ) $ (345.3 ) (1) Includes net unrealized gains on debt securities transferred from available for sale to held to maturity during the period ended March 31, 2019 . |
Details of Changes in Accumulated Other Comprehensive Income (Loss) | TABLE 57: DETAILS OF CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2020 2019 (In Millions) BEFORE TAX TAX EFFECT AFTER TAX BEFORE TAX TAX EFFECT AFTER TAX Unrealized Gains (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Debt Securities Available for Sale $ 266.8 $ (67.1 ) $ 199.7 $ 115.3 $ (29.9 ) $ 85.4 Reclassification Adjustment for (Gains) Losses Included in Net Income (1) — — — 0.2 — 0.2 Net Change $ 266.8 $ (67.1 ) $ 199.7 $ 115.5 $ (29.9 ) $ 85.6 Unrealized Gains (Losses) on Cash Flow Hedges Foreign Exchange Contracts $ 13.3 $ (3.3 ) $ 10.0 $ 7.2 $ (1.7 ) $ 5.5 Interest Rate Contracts 0.4 (0.1 ) 0.3 0.6 (0.2 ) 0.4 Reclassification Adjustment for (Gains) Losses Included in Net Income (2) (4.0 ) 1.0 (3.0 ) (13.6 ) 3.4 (10.2 ) Net Change $ 9.7 $ (2.4 ) $ 7.3 $ (5.8 ) $ 1.5 $ (4.3 ) Foreign Currency Adjustments Foreign Currency Translation Adjustments $ (89.8 ) $ 9.6 $ (80.2 ) $ (6.5 ) $ 1.6 $ (4.9 ) Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses) (0.6 ) 0.1 (0.5 ) 0.7 (0.2 ) 0.5 Net Investment Hedge Gains (Losses) 142.7 (36.3 ) 106.4 28.6 (9.4 ) 19.2 Net Change $ 52.3 $ (26.6 ) $ 25.7 $ 22.8 $ (8.0 ) $ 14.8 Pension and Other Postretirement Benefit Adjustments Net Actuarial (Losses) Gains $ (1.3 ) $ 0.1 $ (1.2 ) $ 11.3 $ (3.1 ) $ 8.2 Reclassification Adjustment for (Gains) Losses Included in Net Income (3) Amortization of Net Actuarial Loss 10.9 (2.6 ) 8.3 5.5 (1.3 ) 4.2 Amortization of Prior Service Cost (0.1 ) — (0.1 ) (0.1 ) — (0.1 ) Net Change $ 9.5 $ (2.5 ) $ 7.0 $ 16.7 $ (4.4 ) $ 12.3 Total Net Change $ 338.3 $ (98.6 ) $ 239.7 $ 149.2 $ (40.8 ) $ 108.4 (1) The before-tax reclassification adjustment out of AOCI related to the realized gains (losses) on debt securities available for sale is recorded as Investment Security Gains (Losses), net within the consolidated statements of income. (2) See Note 21 — Derivative Financial Instruments for the location of the reclassification adjustment related to cash flow hedges. (3) The before-tax reclassification adjustment out of AOCI related to pension and other postretirement benefit adjustments is recorded in Employee Benefits expense within the consolidated statements of income. |
Net Income Per Common Share C_2
Net Income Per Common Share Computations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | The computations of net income per common share are presented in the following table. TABLE 58: NET INCOME PER COMMON SHARE THREE MONTHS ENDED MARCH 31, ($ In Millions Except Per Common Share Information) 2020 2019 Basic Net Income Per Common Share Average Number of Common Shares Outstanding 208,881,131 218,236,802 Net Income $ 360.6 $ 347.1 Less: Dividends on Preferred Stock 30.5 17.3 Net Income Applicable to Common Stock 330.1 329.8 Less: Earnings Allocated to Participating Securities 3.9 4.3 Earnings Allocated to Common Shares Outstanding 326.2 325.5 Basic Net Income Per Common Share $ 1.56 $ 1.49 Diluted Net Income Per Common Share Average Number of Common Shares Outstanding 208,881,131 218,236,802 Plus: Dilutive Effect of Share-based Compensation 935,691 1,033,413 Average Common and Potential Common Shares 209,816,822 219,270,215 Earnings Allocated to Common and Potential Common Shares $ 326.2 $ 325.4 Diluted Net Income Per Common Share 1.55 1.48 Note: For the three months ended March 31, 2020 and 2019 , there were no common stock equivalents excluded in the computation of diluted net income per share. |
Revenue from Contracts with C_2
Revenue from Contracts with Clients (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregation | The following table presents revenues disaggregated by major revenue source. TABLE 59: REVENUE DISAGGREGATION THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Noninterest Income Trust, Investment and Other Servicing Fees Custody and Fund Administration $ 417.6 $ 397.5 Investment Management and Advisory 510.5 459.2 Securities Lending 23.5 22.8 Other 52.0 49.4 Total Trust, Investment and Other Servicing Fees $ 1,003.6 $ 928.9 Other Noninterest Income Foreign Exchange Trading Income $ 88.9 $ 66.2 Treasury Management Fees 11.0 11.7 Security Commissions and Trading Income 41.7 23.3 Other Operating Income 34.4 29.0 Investment Security Gains (Losses), net — (0.2 ) Total Other Noninterest Income $ 176.0 $ 130.0 Total Noninterest Income $ 1,179.6 $ 1,058.9 |
Contract Balances | The table below represents receivables balances from contracts with clients, which are included in Other Assets on the consolidated balance sheets, at March 31, 2020 and December 31, 2019 . TABLE 60: CLIENT RECEIVABLES (In Millions) MARCH 31, 2020 DECEMBER 31, 2019 Trust Fees Receivable, net (1) $ 819.5 $ 801.9 Other 101.4 101.1 Total Client Receivables $ 920.9 $ 903.0 (1) Trust Fees Receivable is net of a $5.6 million fee receivable allowance as of both March 31, 2020 and December 31, 2019 . |
Net Interest Income (Tables)
Net Interest Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | The components of net interest income were as follows: TABLE 61: NET INTEREST INCOME THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Interest Income Loans and Leases $ 250.2 $ 298.2 Securities — Taxable 241.1 277.5 — Non-Taxable 0.5 1.1 Interest-Bearing Due from and Deposits with Banks (1) 12.8 17.9 Federal Reserve and Other Central Bank Deposits and Other 24.6 68.1 Total Interest Income $ 529.2 $ 662.8 Interest Expense Deposits $ 60.9 $ 147.6 Federal Funds Purchased 2.0 13.4 Securities Sold Under Agreements to Repurchase 1.0 1.8 Other Borrowings 29.2 49.9 Senior Notes 17.9 15.9 Long-Term Debt 8.4 10.0 Floating Rate Capital Debt 1.7 2.2 Total Interest Expense $ 121.1 $ 240.8 Net Interest Income $ 408.1 $ 422.0 (1) Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets. |
Pension and Postretirement He_2
Pension and Postretirement Health Care (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Expense (Benefit) | The following table sets forth the net periodic pension and postretirement benefit expense for Northern Trust’s U.S. Qualified Plan, Non-U.S. Pension Plans, U.S. Non-Qualified Plan, and postretirement health care plan for the three months ended March 31, 2020 and 2019 . TABLE 62: NET PERIODIC PENSION EXPENSE (BENEFIT) U.S. QUALIFIED PLAN THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Service Cost $ 11.8 $ 10.4 Interest Cost 10.8 11.8 Expected Return on Plan Assets (19.2 ) (21.7 ) Amortization Net Actuarial Loss 8.8 4.3 Prior Service Cost (0.1 ) (0.1 ) Net Periodic Pension Expense $ 12.1 $ 4.7 NON-U.S. PENSION PLANS THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Service Cost $ 0.5 $ 0.5 Interest Cost 0.7 1.0 Expected Return on Plan Assets (0.7 ) (1.0 ) Settlement Expense 0.2 — Amortization Net Actuarial Loss 0.3 0.1 Net Periodic Pension Expense $ 1.0 $ 0.6 U.S. NON-QUALIFIED PLAN THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Service Cost $ 1.1 $ 1.0 Interest Cost 1.2 1.5 Amortization Net Actuarial Loss 1.8 1.4 Prior Service Cost — — Net Periodic Pension Expense $ 4.1 $ 3.9 POSTRETIREMENT HEALTH CARE PLAN THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Interest Cost $ 0.2 $ 0.3 Amortization Net Actuarial (Gain) (0.2 ) (0.3 ) Net Periodic Postretirement Expense $ — $ — |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Expense for Share-Based Payment Arrangements | Total compensation expense for share-based payment arrangements and the associated tax impacts were as follows for the three months ended March 31, 2020 and 2019 . TABLE 63: TOTAL COMPENSATION EXPENSE FOR SHARE-BASED PAYMENT ARRANGEMENTS THREE MONTHS ENDED MARCH 31, (In Millions) 2020 2019 Restricted Stock Unit Awards $ 40.7 $ 39.2 Stock Options 0.2 0.5 Performance Stock Units 12.9 15.6 Total Share-Based Compensation Expense 53.8 55.3 Tax Benefits Recognized $ 13.4 $ 13.7 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional and Fair Value Amounts of Client-related and Trading Derivative Financial Instruments | The following table shows the notional and fair values of all derivative financial instruments as of March 31, 2020 and December 31, 2019 . TABLE 64: NOTIONAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS MARCH 31, 2020 DECEMBER 31, 2019 NOTIONAL VALUE FAIR VALUE NOTIONAL VALUE FAIR VALUE (In Millions) ASSET (1) LIABILITY (2) ASSET (1) LIABILITY (2) Derivatives Designated as Hedging under GAAP Interest Rate Contracts Fair Value Hedges $ 4,527.2 $ 12.5 $ 18.3 $ 4,538.2 $ 20.3 $ 20.9 Cash Flow Hedges 150.0 0.4 — 200.0 0.2 0.2 Foreign Exchange Contracts Cash Flow Hedges 1,544.2 35.8 14.9 1,661.5 8.5 11.5 Net Investment Hedges 2,773.3 110.8 0.5 2,873.8 73.7 11.9 Total Derivatives Designated as Hedging under GAAP $ 8,994.7 $ 159.5 $ 33.7 $ 9,273.5 $ 102.7 $ 44.5 Derivatives Not Designated as Hedging under GAAP Non-Designated Risk Management Derivatives Foreign Exchange Contracts $ 195.0 $ 2.7 $ 1.9 $ 176.5 $ 0.9 $ 0.7 Other Financial Derivatives (3) 550.6 — 26.5 640.3 — 33.4 Total Non-Designated Risk Management Derivatives $ 745.6 $ 2.7 $ 28.4 $ 816.8 $ 0.9 $ 34.1 Client-Related and Trading Derivatives Foreign Exchange Contracts $ 293,879.0 $ 5,786.1 $ 5,746.1 $ 291,533.6 $ 3,151.7 $ 3,158.1 Interest Rate Contracts 9,951.9 328.6 141.8 8,976.8 132.4 76.3 Total Client-Related and Trading Derivatives $ 303,830.9 $ 6,114.7 $ 5,887.9 $ 300,510.4 $ 3,284.1 $ 3,234.4 Total Derivatives Not Designated as Hedging under GAAP $ 304,576.5 $ 6,117.4 $ 5,916.3 $ 301,327.2 $ 3,285.0 $ 3,268.5 Total Gross Derivatives $ 313,571.2 $ 6,276.9 $ 5,950.0 $ 310,600.7 $ 3,387.7 $ 3,313.0 Less: Netting (4) 2,065.8 4,890.2 2,338.0 1,618.4 Total Derivative Financial Instruments $ 4,211.1 $ 1,059.8 $ 1,049.7 $ 1,694.6 (1) Derivative assets are reported in Other Assets on the consolidated balance sheets. (2) Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. (3) This line includes swaps related to sales of certain Visa Class B common shares. (4) See further detail in Note 22 — Offsetting of Assets and Liabilities. |
Cash Flow Hedge Derivative Gains and Losses Recognized in AOCI and Reclassified to Income | The following tables provide fair value and cash flow hedge derivative gains and losses recognized in income during the three - month periods ended March 31, 2020 and 2019 . TABLE 65: LOCATION AND AMOUNT OF FAIR VALUE AND CASH FLOW HEDGE DERIVATIVE GAINS AND LOSSES RECORDED IN INCOME (In Millions) INTEREST INCOME INTEREST EXPENSE OTHER OPERATING INCOME THREE MONTHS ENDED MARCH 31, 2020 2019 2020 2019 2020 2019 Total amounts on the consolidated statements of income $ 529.2 $ 662.8 $ 121.1 $ 240.8 $ 34.4 $ 29.0 Gains (Losses) on fair value hedges recognized on Interest Rate Contracts Recognized on derivatives (76.0 ) (35.4 ) 150.4 28.5 — — Recognized on hedged items 76.0 35.4 (150.4 ) (28.5 ) — — Amounts related to interest settlements on derivatives (0.5 ) 5.5 (2.9 ) (1.6 ) — — Total gains (losses) recognized on fair value hedges $ (0.5 ) $ 5.5 $ (2.9 ) $ (1.6 ) $ — $ — Gains (Losses) on cash flow hedges recognized on Foreign Exchange Contracts Net gains (losses) reclassified from AOCI to net income $ 4.1 $ 14.4 $ — $ — $ (0.1 ) $ (0.6 ) Interest Rate Contracts Net gains (losses) reclassified from AOCI to net income — (0.2 ) — — — — Total gains (losses) reclassified from AOCI to net income on cash flow hedges $ 4.1 $ 14.2 $ — $ — $ (0.1 ) $ (0.6 ) |
Location and Amount of Fair Value Hedge Derivative Gains and Losses Recorded in Income | The following table provides the impact of fair value hedge accounting on the carrying value of the designated hedged items as of March 31, 2020 and December 31, 2019 . TABLE 66: HEDGED ITEMS IN FAIR VALUE HEDGES MARCH 31, 2020 DECEMBER 31, 2019 (In Millions) CARRYING VALUE OF THE HEDGED ITEMS CUMULATIVE HEDGE ACCOUNTING BASIS ADJUSTMENT (1) CARRYING VALUE OF THE HEDGED ITEMS CUMULATIVE HEDGE ACCOUNTING BASIS ADJUSTMENT (2) Available for Sale Debt Securities (3) $ 2,999.2 $ 75.7 $ 2,981.0 $ 3.3 Senior Notes and Long-Term Subordinated Debt 1,748.5 270.0 1,748.5 126.9 Total $ 4,747.7 $ 345.7 $ 4,729.5 $ 130.2 (1) The cumulative hedge accounting basis adjustment includes $1.6 million related to discontinued hedging relationships of available for sale debt securities as of March 31, 2020 . There are no amounts related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of March 31, 2020 . (2) The cumulative hedge accounting basis adjustment includes $1.5 million related to discontinued hedging relationships of available for sale debt securities as of December 31, 2019 . There were no amounts related to discontinued hedging relationships in the cumulative hedge accounting basis adjustment of senior notes and long-term debt as of December 31, 2019 . (3) Carrying value represents amortized cost. |
Location and Amount of Gains and Losses Recorded in Income for Non-Designated Risk Management Derivative Instruments | The following table provides the location and amount of gains and losses recorded in the consolidated statements of income for the three months ended March 31, 2020 and 2019 for derivative instruments not designated as hedges under GAAP. TABLE 67: LOCATION AND AMOUNT OF GAINS AND LOSSES RECORDED IN INCOME FOR DERIVATIVES NOT DESIGNATED AS HEDGING UNDER GAAP (In Millions) DERIVATIVE GAINS (LOSSES) LOCATION RECOGNIZED IN INCOME AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME THREE MONTHS ENDED MARCH 31, 2020 2019 Non-designated risk management derivatives Foreign Exchange Contracts Other Operating Income $ 0.1 $ 0.9 Other Financial Derivatives (1) Other Operating Income 2.9 (7.3 ) Gains (Losses) from non-designated risk management derivatives $ 3.0 $ (6.4 ) Client-related and trading derivatives Foreign Exchange Contracts Foreign Exchange Trading Income $ 88.9 $ 66.2 Interest Rate Contracts Security Commissions and Trading Income 11.0 1.5 Gains (Losses) from client-related and trading derivatives $ 99.9 $ 67.7 Total gains (losses) from derivatives not designated as hedging under GAAP $ 102.9 $ 61.3 (1) |
Offsetting of Assets and Liab_2
Offsetting of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting of Derivative Assets and Securities Purchased Under Agreements to Resell | The following table provides information regarding the offsetting of derivative assets and securities purchased under agreements to resell within the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . TABLE 68: OFFSETTING OF DERIVATIVE ASSETS AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL MARCH 31, 2020 (In Millions) GROSS RECOGNIZED ASSETS GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (4) Derivative Assets (1) Foreign Exchange Contracts Over the Counter (OTC) $ 4,542.6 $ 2,062.6 $ 2,480.0 $ 8.7 $ 2,471.3 Interest Rate Swaps OTC 341.5 3.2 338.3 — 338.3 Total Derivatives Subject to a Master Netting Arrangement 4,884.1 2,065.8 2,818.3 8.7 2,809.6 Total Derivatives Not Subject to a Master Netting Arrangement 1,392.8 — 1,392.8 25.9 1,366.9 Total Derivatives 6,276.9 2,065.8 4,211.1 34.6 4,176.5 Securities Purchased under Agreements to Resell (3) $ 998.2 $ — $ 998.2 $ 998.2 $ — DECEMBER 31, 2019 (In Millions) GROSS RECOGNIZED ASSETS GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (4) Derivative Assets (1) Foreign Exchange Contracts OTC $ 2,691.1 $ 2,334.1 $ 357.0 $ 16.5 $ 340.5 Interest Rate Swaps OTC 151.9 3.9 148.0 — 148.0 Interest Rate Swaps Exchange Cleared 1.0 — 1.0 — 1.0 Total Derivatives Subject to a Master Netting Arrangement 2,844.0 2,338.0 506.0 16.5 489.5 Total Derivatives Not Subject to a Master Netting Arrangement 543.7 — 543.7 0.3 543.4 Total Derivatives 3,387.7 2,338.0 1,049.7 16.8 1,032.9 Securities Purchased under Agreements to Resell (3) $ 707.8 $ — $ 707.8 $ 707.8 $ — (1) Derivative assets are reported in Other Assets on the consolidated balance sheets. Other Assets (excluding derivative assets) totaled $7.6 billion and $7.4 billion as of March 31, 2020 and December 31, 2019 , respectively. (2) Including cash collateral received from counterparties. (3) Securities purchased under agreements to resell are reported in Federal Funds Sold and Securities Purchased under Agreements to Resell on the consolidated balance sheets. There were no Federal Funds Sold as of March 31, 2020 and $5.0 million of Federal Funds Sold as of December 31, 2019 . (4) Northern Trust did not possess any cash collateral that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . |
Offsetting of Derivative Liabilities and Securities Sold Under Agreements to Repurchase | The following table provides information regarding the offsetting of derivative liabilities and securities sold under agreements to repurchase within the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . TABLE 69: OFFSETTING OF DERIVATIVE LIABILITIES AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE MARCH 31, 2020 (In Millions) GROSS RECOGNIZED LIABILITIES GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (3) Derivative Liabilities (1) Foreign Exchange Contracts OTC $ 5,000.8 $ 4,763.3 $ 237.5 $ 1.1 $ 236.4 Interest Rate Swaps OTC 160.1 126.9 33.2 — 33.2 Other Financial Derivatives 26.5 — 26.5 — 26.5 Total Derivatives Subject to a Master Netting Arrangement 5,187.4 4,890.2 297.2 1.1 296.1 Total Derivatives Not Subject to a Master Netting Arrangement 762.6 — 762.6 — 762.6 Total Derivatives 5,950.0 4,890.2 1,059.8 1.1 1,058.7 Securities Sold under Agreements to Repurchase $ 34.1 $ — $ 34.1 $ 34.1 $ — DECEMBER 31, 2019 (In Millions) GROSS RECOGNIZED LIABILITIES GROSS AMOUNTS OFFSET IN THE BALANCE SHEET (2) NET AMOUNTS PRESENTED IN THE BALANCE SHEET GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET NET AMOUNT (3) Derivative Liabilities (1) Foreign Exchange Contracts OTC $ 2,181.6 $ 1,548.6 $ 633.0 $ 0.1 $ 632.9 Interest Rate Swaps OTC 96.7 57.3 39.4 — 39.4 Interest Rate Swaps Exchange Cleared 0.7 — 0.7 — 0.7 Other Financial Derivatives 33.4 12.5 20.9 — 20.9 Total Derivatives Subject to a Master Netting Arrangement 2,312.4 1,618.4 694.0 0.1 693.9 Total Derivatives Not Subject to a Master Netting Arrangement 1,000.6 — 1,000.6 — 1,000.6 Total Derivatives 3,313.0 1,618.4 1,694.6 0.1 1,694.5 Securities Sold under Agreements to Repurchase $ 489.7 $ — $ 489.7 $ 489.7 $ — (1) Derivative liabilities are reported in Other Liabilities on the consolidated balance sheets. Other Liabilities (excluding derivative liabilities) totaled $3.8 billion and $3.1 billion as of March 31, 2020 and December 31, 2019 , respectively. (2) Including cash collateral deposited with counterparties. (3) Northern Trust did not place any cash collateral with counterparties that was not offset in the consolidated balance sheets that could have been used to offset the net amounts presented in the consolidated balance sheets as of March 31, 2020 and December 31, 2019 . |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | $ 147.2 | $ 104.5 | $ 114.5 | ||
Stockholders' equity | $ 10,879.7 | 11,091 | $ 10,616.2 | $ 10,508.3 | |
Cumulative Effect Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit loss | $ 13.7 | $ (2.2) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) shares in Millions, $ in Millions | Mar. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security | Jun. 30, 2016shares | Jun. 30, 2015shares |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale | $ 39,441.7 | $ 38,876.3 | ||
Trading account securities | $ 1.2 | $ 0.3 | ||
Visa Class B | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Shares issued (in shares) | shares | 1.1 | 1 | ||
LEVEL 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of available for sale securities portfolio | security | 1,771 | 1,704 | ||
Available for sale | $ 34,900 | $ 34,300 | ||
LEVEL 2 | External Pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of available for sale securities portfolio | security | 1,704 | |||
Trading account securities | 1.2 | $ 0.3 | ||
LEVEL 3 | Fair Value, Measurements, Nonrecurring | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value | $ 12.9 | |||
Measurement Input, Discount Rate | LEVEL 3 | Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Weighted average discount factor | 0.154 | 0.153 |
Fair Value Measurements (Level
Fair Value Measurements (Level 3 Significant Unobservable Inputs) (Details) $ in Millions | Mar. 31, 2020 | Mar. 31, 2020USD ($) | Mar. 31, 2020year | Dec. 31, 2019USD ($)year |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | $ 1,059.8 | $ 1,694.6 | ||
Swap | Fair Value, Measurements, Recurring | LEVEL 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability | $ 26.5 | $ 33.4 | ||
Swap | Conversion Rate | Fair Value, Measurements, Recurring | LEVEL 3 | Lower Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 1.62 | 1.62 | ||
Swap | Conversion Rate | Fair Value, Measurements, Recurring | LEVEL 3 | Upper Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 1.62 | 1.62 | ||
Swap | Visa Class A Appreciation | Fair Value, Measurements, Recurring | LEVEL 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 0.0993 | |||
Swap | Visa Class A Appreciation | Fair Value, Measurements, Recurring | LEVEL 3 | Lower Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 0.0854 | |||
Swap | Visa Class A Appreciation | Fair Value, Measurements, Recurring | LEVEL 3 | Upper Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 0.0993 | 0.0854 | ||
Swap | Expected Duration | Fair Value, Measurements, Recurring | LEVEL 3 | Lower Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 12 | 12 | ||
Swap | Expected Duration | Fair Value, Measurements, Recurring | LEVEL 3 | Upper Limit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | year | 3.25 | 36 | ||
Swap | Weighted Average Input Values | Fair Value, Measurements, Recurring | LEVEL 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability, measurement input | 20 | 22 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring Basis Hierarchy Leveling) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | $ 39,441.7 | $ 38,876.3 |
Derivative Assets | 6,276.9 | 3,387.7 |
NETTING | (2,065.8) | (2,338) |
Derivative Asset | 4,211.1 | 1,049.7 |
Derivative Liabilities | 5,950 | 3,313 |
NETTING | (4,890.2) | (1,618.4) |
Derivative Liabilities | 1,059.8 | 1,694.6 |
Cross Product Collateral Adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (197.6) | (1,136.8) |
NETTING | (3,022) | (417.2) |
U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 4,584.1 | 4,549.1 |
Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 1,776.3 | 1,615.3 |
Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 23,870 | 23,271.2 |
Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 3.4 | 3.3 |
Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 2,436 | 2,402.7 |
Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 553.4 | 769.9 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 2,105.5 | 2,127.6 |
Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 3,182.1 | 3,330.5 |
Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 922.6 | 797.7 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 8.3 | 9 |
LEVEL 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 34,900 | 34,300 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 39,441.7 | 38,876.3 |
Trading Account | 1.2 | 0.3 |
Total Available for Sale and Trading Debt Securities | 39,442.9 | 38,876.6 |
Fair Value, Measurements, Recurring | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 4,584.1 | 4,549.1 |
Fair Value, Measurements, Recurring | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 1,776.3 | 1,615.3 |
Fair Value, Measurements, Recurring | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 23,870 | 23,271.2 |
Fair Value, Measurements, Recurring | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 3.4 | 3.3 |
Fair Value, Measurements, Recurring | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 2,436 | 2,402.7 |
Fair Value, Measurements, Recurring | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 553.4 | 769.9 |
Fair Value, Measurements, Recurring | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 2,105.5 | 2,127.6 |
Fair Value, Measurements, Recurring | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 3,182.1 | 3,330.5 |
Fair Value, Measurements, Recurring | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 922.6 | 797.7 |
Fair Value, Measurements, Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 8.3 | 9 |
Fair Value, Measurements, Recurring | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (2,065.8) | (2,338) |
Derivative Asset | 4,211.1 | 1,049.7 |
Fair Value, Measurements, Recurring | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (2,062.6) | (2,334.1) |
Derivative Asset | 3,872.8 | 900.7 |
Fair Value, Measurements, Recurring | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (3.2) | (3.9) |
Derivative Asset | 338.3 | 149 |
Fair Value, Measurements, Recurring | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (4,890.2) | (1,618.4) |
Derivative Liabilities | 1,059.8 | 1,694.6 |
Fair Value, Measurements, Recurring | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (4,763.3) | (1,548.6) |
Derivative Liabilities | 1,000.1 | 1,633.6 |
Fair Value, Measurements, Recurring | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | (126.9) | (57.3) |
Derivative Liabilities | 33.2 | 40.1 |
Fair Value, Measurements, Recurring | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
NETTING | 0 | (12.5) |
Derivative Liabilities | 26.5 | 20.9 |
Fair Value, Measurements, Recurring | LEVEL 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 4,584.1 | 4,549.1 |
Trading Account | 0 | 0 |
Total Available for Sale and Trading Debt Securities | 4,584.1 | 4,549.1 |
Fair Value, Measurements, Recurring | LEVEL 1 | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 4,584.1 | 4,549.1 |
Fair Value, Measurements, Recurring | LEVEL 1 | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 1 | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 34,857.6 | 34,327.2 |
Trading Account | 1.2 | 0.3 |
Total Available for Sale and Trading Debt Securities | 34,858.8 | 34,327.5 |
Fair Value, Measurements, Recurring | LEVEL 2 | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 2 | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 1,776.3 | 1,615.3 |
Fair Value, Measurements, Recurring | LEVEL 2 | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 23,870 | 23,271.2 |
Fair Value, Measurements, Recurring | LEVEL 2 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 3.4 | 3.3 |
Fair Value, Measurements, Recurring | LEVEL 2 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 2,436 | 2,402.7 |
Fair Value, Measurements, Recurring | LEVEL 2 | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 553.4 | 769.9 |
Fair Value, Measurements, Recurring | LEVEL 2 | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 2,105.5 | 2,127.6 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 3,182.1 | 3,330.5 |
Fair Value, Measurements, Recurring | LEVEL 2 | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 922.6 | 797.7 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 8.3 | 9 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 6,276.9 | 3,387.7 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 5,935.4 | 3,234.8 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 341.5 | 152.9 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 5,923.5 | 3,279.6 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 5,763.4 | 3,182.2 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 160.1 | 97.4 |
Fair Value, Measurements, Recurring | LEVEL 2 | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Trading Account | 0 | 0 |
Total Available for Sale and Trading Debt Securities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Obligations of States and Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Government Sponsored Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Non-U.S. Government | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Corporate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Covered Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Asset-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Commercial Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Assets | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Assets | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 26.5 | 33.4 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | Foreign Exchange Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | Interest Rate Contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | LEVEL 3 | Other Liabilities | Other Financial Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Liabilities | $ 26.5 | $ 33.4 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Level 3 Liabilities) (Details) - SWAPS RELATED TO SALE OF CERTAIN VISA CLASS B COMMON SHARES - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value liabilities beginning balance | $ 33.4 | $ 32.8 |
Total (Gains) Losses: | ||
Included in Earnings | (2.9) | 5.1 |
Purchases, Issues, Sales, and Settlements | ||
Settlements | (4) | (2.9) |
Fair value liabilities ending balance | $ 26.5 | $ 35 |
Fair Value Measurements (Nonrec
Fair Value Measurements (Nonrecurring Basis Significant Unobservable Inputs) (Details) - Fair Value, Measurements, Nonrecurring - LEVEL 3 $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FAIR VALUE | $ 12.9 | |
Measurement Input, Discount Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
INPUT VALUES | 0.154 | 0.153 |
Measurement Input, Discount Rate | Lower Limit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
INPUT VALUES | 0.150 | 0.150 |
Measurement Input, Discount Rate | Upper Limit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
INPUT VALUES | 0.200 | 0.200 |
Loans | Measurement Input, Discount Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FAIR VALUE | $ 12.9 | $ 8 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and Due from Banks | $ 5,833.2 | $ 4,459.2 |
Federal Reserve and Other Central Bank Deposits | 44,661.5 | 33,886 |
Interest-Bearing Deposits with Banks | 5,358.9 | 4,877.1 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 998.2 | 712.8 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 39,441.7 | 38,876.3 |
Held to Maturity | 12,635.7 | 12,284.5 |
Loans (excluding Leases) | ||
Client Security Settlement Receivables | 2,116.9 | 845.7 |
Deposits | ||
Savings Certificates and Other Time | 918.7 | 986.7 |
Non U.S. Offices Interest-Bearing | 69,779.1 | 60,400.3 |
Federal Funds Purchased | 4,370.6 | 552.9 |
Securities Sold Under Agreements to Repurchase | 34.1 | 489.7 |
Other Borrowings | 5,955.9 | 6,744.8 |
Senior Notes | 2,668.5 | 2,573 |
Long-Term Debt | ||
Floating Rate Capital Debt | 277.7 | 277.7 |
Derivative Instruments | ||
Fair value asset | 4,884.1 | 2,844 |
Fair value liability | 5,187.4 | 2,312.4 |
LEVEL 2 | ||
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 34,900 | 34,300 |
Book Value | ||
ASSETS | ||
Cash and Due from Banks | 5,833.2 | 4,459.2 |
Federal Reserve and Other Central Bank Deposits | 44,661.5 | 33,886 |
Interest-Bearing Deposits with Banks | 5,358.9 | 4,877.1 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 998.2 | 712.8 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 39,441.7 | 38,876.3 |
Held to Maturity | 12,635.7 | 12,284.5 |
Trading Account | 1.2 | 0.3 |
Loans (excluding Leases) | ||
Held for Investment | 37,626.2 | 31,239.5 |
Client Security Settlement Receivables | 2,116.9 | 845.7 |
Other Assets | ||
Federal Reserve and Federal Home Loan Bank Stock | 301.2 | 301.2 |
Community Development Investments | 746.2 | 749.3 |
Employee Benefit and Deferred Compensation | 204.7 | 199.5 |
Deposits | ||
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing | 60,793.4 | 47,733.6 |
Savings Certificates and Other Time | 918.7 | 986.7 |
Non U.S. Offices Interest-Bearing | 69,779.1 | 60,400.3 |
Federal Funds Purchased | 4,370.6 | 552.9 |
Securities Sold Under Agreements to Repurchase | 34.1 | 489.7 |
Other Borrowings | 5,955.9 | 6,744.8 |
Senior Notes | 2,668.5 | 2,573 |
Long-Term Debt | ||
Subordinated Debt | 1,196 | 1,148.1 |
Floating Rate Capital Debt | 277.7 | 277.7 |
Other Liabilities | ||
Standby Letters of Credit | 27.2 | 25.5 |
Loan Commitments | 49 | 32.3 |
Book Value | Asset and Liability Management | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 149.3 | 83.1 |
Fair value liability | 17.3 | 24.1 |
Book Value | Asset and Liability Management | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 12.9 | 20.5 |
Fair value liability | 18.3 | 21.1 |
Book Value | Asset and Liability Management | Other Financial Derivatives | ||
Derivative Instruments | ||
Fair value liability | 26.5 | 33.4 |
Book Value | Client Related and Trading | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 5,786.1 | 3,151.7 |
Fair value liability | 5,746.1 | 3,158.1 |
Book Value | Client Related and Trading | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 328.6 | 132.4 |
Fair value liability | 141.8 | 76.3 |
Total Fair Value | ||
ASSETS | ||
Cash and Due from Banks | 5,833.2 | 4,459.2 |
Federal Reserve and Other Central Bank Deposits | 44,661.5 | 33,886 |
Interest-Bearing Deposits with Banks | 5,358.9 | 4,877.1 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 998.2 | 712.8 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 39,441.7 | 38,876.3 |
Held to Maturity | 12,533 | 12,249.3 |
Trading Account | 1.2 | 0.3 |
Loans (excluding Leases) | ||
Held for Investment | 38,076.3 | 31,517.8 |
Client Security Settlement Receivables | 2,116.9 | 845.7 |
Other Assets | ||
Federal Reserve and Federal Home Loan Bank Stock | 301.2 | 301.2 |
Community Development Investments | 746.2 | 749.3 |
Employee Benefit and Deferred Compensation | 218.9 | 207.6 |
Deposits | ||
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing | 60,793.4 | 47,733.6 |
Savings Certificates and Other Time | 927.9 | 994.2 |
Non U.S. Offices Interest-Bearing | 69,779.1 | 60,400.3 |
Federal Funds Purchased | 4,370.6 | 552.9 |
Securities Sold Under Agreements to Repurchase | 34.1 | 489.7 |
Other Borrowings | 5,949.8 | 6,745.9 |
Senior Notes | 2,583.6 | 2,593 |
Long-Term Debt | ||
Subordinated Debt | 1,122.6 | 1,169.5 |
Floating Rate Capital Debt | 255.5 | 262.1 |
Other Liabilities | ||
Standby Letters of Credit | 27.2 | 25.5 |
Loan Commitments | 49 | 32.3 |
Total Fair Value | Asset and Liability Management | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 149.3 | 83.1 |
Fair value liability | 17.3 | 24.1 |
Total Fair Value | Asset and Liability Management | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 12.9 | 20.5 |
Fair value liability | 18.3 | 21.1 |
Total Fair Value | Asset and Liability Management | Other Financial Derivatives | ||
Derivative Instruments | ||
Fair value liability | 26.5 | 33.4 |
Total Fair Value | Client Related and Trading | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 5,786.1 | 3,151.7 |
Fair value liability | 5,746.1 | 3,158.1 |
Total Fair Value | Client Related and Trading | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 328.6 | 132.4 |
Fair value liability | 141.8 | 76.3 |
Total Fair Value | LEVEL 1 | ||
ASSETS | ||
Cash and Due from Banks | 5,833.2 | 4,459.2 |
Federal Reserve and Other Central Bank Deposits | 0 | 0 |
Interest-Bearing Deposits with Banks | 0 | 0 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 0 | 0 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 4,584.1 | 4,549.1 |
Held to Maturity | 105 | 138.8 |
Trading Account | 0 | 0 |
Loans (excluding Leases) | ||
Held for Investment | 0 | 0 |
Client Security Settlement Receivables | 0 | 0 |
Other Assets | ||
Federal Reserve and Federal Home Loan Bank Stock | 0 | 0 |
Community Development Investments | 0 | 0 |
Employee Benefit and Deferred Compensation | 147.1 | 131 |
Deposits | ||
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing | 60,793.4 | 47,733.6 |
Savings Certificates and Other Time | 0 | 0 |
Non U.S. Offices Interest-Bearing | 0 | 0 |
Federal Funds Purchased | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Other Borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Long-Term Debt | ||
Subordinated Debt | 0 | 0 |
Floating Rate Capital Debt | 0 | 0 |
Other Liabilities | ||
Standby Letters of Credit | 0 | 0 |
Loan Commitments | 0 | 0 |
Total Fair Value | LEVEL 1 | Asset and Liability Management | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 1 | Asset and Liability Management | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 1 | Asset and Liability Management | Other Financial Derivatives | ||
Derivative Instruments | ||
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 1 | Client Related and Trading | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 1 | Client Related and Trading | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 2 | ||
ASSETS | ||
Cash and Due from Banks | 0 | 0 |
Federal Reserve and Other Central Bank Deposits | 44,661.5 | 33,886 |
Interest-Bearing Deposits with Banks | 5,358.9 | 4,877.1 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 998.2 | 712.8 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 34,857.6 | 34,327.2 |
Held to Maturity | 12,428 | 12,110.5 |
Trading Account | 1.2 | 0.3 |
Loans (excluding Leases) | ||
Held for Investment | 0 | 0 |
Client Security Settlement Receivables | 2,116.9 | 845.7 |
Other Assets | ||
Federal Reserve and Federal Home Loan Bank Stock | 301.2 | 301.2 |
Community Development Investments | 746.2 | 749.3 |
Employee Benefit and Deferred Compensation | 71.8 | 76.6 |
Deposits | ||
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing | 0 | 0 |
Savings Certificates and Other Time | 927.9 | 994.2 |
Non U.S. Offices Interest-Bearing | 69,779.1 | 60,400.3 |
Federal Funds Purchased | 4,370.6 | 552.9 |
Securities Sold Under Agreements to Repurchase | 34.1 | 489.7 |
Other Borrowings | 5,949.8 | 6,745.9 |
Senior Notes | 2,583.6 | 2,593 |
Long-Term Debt | ||
Subordinated Debt | 1,122.6 | 1,169.5 |
Floating Rate Capital Debt | 255.5 | 262.1 |
Other Liabilities | ||
Standby Letters of Credit | 0 | 0 |
Loan Commitments | 0 | 0 |
Total Fair Value | LEVEL 2 | Asset and Liability Management | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 149.3 | 83.1 |
Fair value liability | 17.3 | 24.1 |
Total Fair Value | LEVEL 2 | Asset and Liability Management | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 12.9 | 20.5 |
Fair value liability | 18.3 | 21.1 |
Total Fair Value | LEVEL 2 | Asset and Liability Management | Other Financial Derivatives | ||
Derivative Instruments | ||
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 2 | Client Related and Trading | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 5,786.1 | 3,151.7 |
Fair value liability | 5,746.1 | 3,158.1 |
Total Fair Value | LEVEL 2 | Client Related and Trading | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 328.6 | 132.4 |
Fair value liability | 141.8 | 76.3 |
Total Fair Value | LEVEL 3 | ||
ASSETS | ||
Cash and Due from Banks | 0 | 0 |
Federal Reserve and Other Central Bank Deposits | 0 | 0 |
Interest-Bearing Deposits with Banks | 0 | 0 |
Federal Funds Sold and Securities Purchased under Agreements to Resell | 0 | 0 |
Debt Securities | ||
Available for Sale (Amortized cost of $39,025.3 and $38,722.2) | 0 | 0 |
Held to Maturity | 0 | 0 |
Trading Account | 0 | 0 |
Loans (excluding Leases) | ||
Held for Investment | 38,076.3 | 31,517.8 |
Client Security Settlement Receivables | 0 | 0 |
Other Assets | ||
Federal Reserve and Federal Home Loan Bank Stock | 0 | 0 |
Community Development Investments | 0 | 0 |
Employee Benefit and Deferred Compensation | 0 | 0 |
Deposits | ||
Demand, Noninterest-Bearing, Savings, Money Market and Other Interest-Bearing | 0 | 0 |
Savings Certificates and Other Time | 0 | 0 |
Non U.S. Offices Interest-Bearing | 0 | 0 |
Federal Funds Purchased | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Other Borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Long-Term Debt | ||
Subordinated Debt | 0 | 0 |
Floating Rate Capital Debt | 0 | 0 |
Other Liabilities | ||
Standby Letters of Credit | 27.2 | 25.5 |
Loan Commitments | 49 | 32.3 |
Total Fair Value | LEVEL 3 | Asset and Liability Management | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 3 | Asset and Liability Management | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 3 | Asset and Liability Management | Other Financial Derivatives | ||
Derivative Instruments | ||
Fair value liability | 26.5 | 33.4 |
Total Fair Value | LEVEL 3 | Client Related and Trading | Foreign Exchange Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | 0 | 0 |
Total Fair Value | LEVEL 3 | Client Related and Trading | Interest Rate Contracts | ||
Derivative Instruments | ||
Fair value asset | 0 | 0 |
Fair value liability | $ 0 | $ 0 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)Investment | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Number of securities in an unrealized loss position | Investment | 790 | ||
Total fair value | $ 14,400,000,000 | ||
Total unrealized losses | 240,000,000 | ||
Debt securities, unrealized losses | 240,000,000 | $ 108,600,000 | |
Held to maturity securities, transferred from available for sale | 0 | $ 0 | |
Gross proceeds from sale of securities | 280,000,000 | 127,500,000 | |
Provision for credit losses | 60,800,000 | $ 0 | |
Government Sponsored Agency | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities, unrealized losses | 106,300,000 | 78,100,000 | |
Other Asset-Backed | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities, unrealized losses | 105,100,000 | 5,300,000 | |
Corporate Debt | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total unrealized losses | 10,700,000 | ||
Debt securities, unrealized losses | $ 10,700,000 | 4,000,000 | |
Percent of corporate debt portfolio | 25.00% | ||
Provision for credit losses | $ 200,000 | ||
U.S. Government | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Debt securities, unrealized losses | $ 5,100,000 | ||
Percentage of debt securities, held-to-maturity, portfolio | 51.00% | ||
AA | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Percentage of debt securities, held-to-maturity, portfolio | 19.00% | ||
A | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Percentage of debt securities, held-to-maturity, portfolio | 19.00% | ||
BBB | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Percentage of debt securities, held-to-maturity, portfolio | 11.00% |
Securities (Reconciliation of A
Securities (Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Total | $ 39,025.3 | $ 38,722.2 |
Gross Unrealized Gains | 657 | 262.7 |
Gross Unrealized Losses | 240.6 | 108.6 |
Fair Value | 39,441.7 | 38,876.3 |
U.S. Government | ||
Investment Holdings [Line Items] | ||
Total | 4,481.7 | 4,527.5 |
Gross Unrealized Gains | 102.4 | 26.7 |
Gross Unrealized Losses | 0 | 5.1 |
Fair Value | 4,584.1 | 4,549.1 |
Obligations of States and Political Subdivisions | ||
Investment Holdings [Line Items] | ||
Total | 1,725.2 | 1,604 |
Gross Unrealized Gains | 54.3 | 24.6 |
Gross Unrealized Losses | 3.2 | 13.3 |
Fair Value | 1,776.3 | 1,615.3 |
Government Sponsored Agency | ||
Investment Holdings [Line Items] | ||
Total | 23,611 | 23,247.5 |
Gross Unrealized Gains | 365.3 | 101.8 |
Gross Unrealized Losses | 106.3 | 78.1 |
Fair Value | 23,870 | 23,271.2 |
Non-U.S. Government | ||
Investment Holdings [Line Items] | ||
Total | 3.3 | 3.3 |
Gross Unrealized Gains | 0.1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3.4 | 3.3 |
Corporate Debt | ||
Investment Holdings [Line Items] | ||
Total | 2,408.6 | 2,378.9 |
Gross Unrealized Gains | 38.7 | 27.8 |
Gross Unrealized Losses | 11.3 | 4 |
Fair Value | 2,436 | 2,402.7 |
Covered Bonds | ||
Investment Holdings [Line Items] | ||
Total | 550.5 | 766.3 |
Gross Unrealized Gains | 4.2 | 4.4 |
Gross Unrealized Losses | 1.3 | 0.8 |
Fair Value | 553.4 | 769.9 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Investment Holdings [Line Items] | ||
Total | 2,047.5 | 2,091.3 |
Gross Unrealized Gains | 58.6 | 37.4 |
Gross Unrealized Losses | 0.6 | 1.1 |
Fair Value | 2,105.5 | 2,127.6 |
Other Asset-Backed | ||
Investment Holdings [Line Items] | ||
Total | 3,284.9 | 3,324.5 |
Gross Unrealized Gains | 2.3 | 11.3 |
Gross Unrealized Losses | 105.1 | 5.3 |
Fair Value | 3,182.1 | 3,330.5 |
Commercial Mortgage-Backed | ||
Investment Holdings [Line Items] | ||
Total | 904.3 | 769.9 |
Gross Unrealized Gains | 31.1 | 28.7 |
Gross Unrealized Losses | 12.8 | 0.9 |
Fair Value | 922.6 | 797.7 |
Other | ||
Investment Holdings [Line Items] | ||
Total | 8.3 | 9 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 8.3 | $ 9 |
Securities (Remaining Maturity
Securities (Remaining Maturity of Securities Available for Sale and Held to Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Available for Sale - Cost | ||
Due in One Year or Less | $ 9,548.5 | |
Due After One Year Through Five Years | 18,478.5 | |
Due After Five Years Through Ten Years | 8,799.2 | |
Due After Ten Years | 2,199.1 | |
Total | 39,025.3 | $ 38,722.2 |
Available for Sale - Value | ||
Due in One Year or Less | 9,634.1 | |
Due After One Year Through Five Years | 18,676.5 | |
Due After Five Years Through Ten Years | 8,914.7 | |
Due After Ten Years | 2,216.4 | |
Total | 39,441.7 | 38,876.3 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 6,163.4 | |
Due After One Year Through Five Years | 6,197 | |
Due After Five Years Through Ten Years | 169.4 | |
Due After Ten Years | 105.9 | |
Total | 12,635.7 | 12,284.5 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 6,165.9 | |
Due After One Year Through Five Years | 6,191.4 | |
Due After Five Years Through Ten Years | 150.9 | |
Due After Ten Years | 24.8 | |
Total | 12,533 | 12,249.3 |
U.S. Government | ||
Available for Sale - Cost | ||
Due in One Year or Less | 2,204.6 | |
Due After One Year Through Five Years | 1,724.7 | |
Due After Five Years Through Ten Years | 552.4 | |
Due After Ten Years | 0 | |
Total | 4,481.7 | 4,527.5 |
Available for Sale - Value | ||
Due in One Year or Less | 2,221.5 | |
Due After One Year Through Five Years | 1,768.4 | |
Due After Five Years Through Ten Years | 594.2 | |
Due After Ten Years | 0 | |
Total | 4,584.1 | 4,549.1 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 104.9 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 104.9 | 138.8 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 105 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 105 | 138.8 |
Obligations of States and Political Subdivisions | ||
Available for Sale - Cost | ||
Due in One Year or Less | 35.9 | |
Due After One Year Through Five Years | 87.5 | |
Due After Five Years Through Ten Years | 1,601.8 | |
Due After Ten Years | 0 | |
Total | 1,725.2 | 1,604 |
Available for Sale - Value | ||
Due in One Year or Less | 35.9 | |
Due After One Year Through Five Years | 91.3 | |
Due After Five Years Through Ten Years | 1,649.1 | |
Due After Ten Years | 0 | |
Total | 1,776.3 | 1,615.3 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 6 | |
Due After One Year Through Five Years | 0.9 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 6.9 | 10.1 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 6.1 | |
Due After One Year Through Five Years | 1 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 7.1 | 10.3 |
Government Sponsored Agency | ||
Available for Sale - Cost | ||
Due in One Year or Less | 5,825 | |
Due After One Year Through Five Years | 10,097.6 | |
Due After Five Years Through Ten Years | 5,524 | |
Due After Ten Years | 2,164.4 | |
Total | 23,611 | 23,247.5 |
Available for Sale - Value | ||
Due in One Year or Less | 5,895.7 | |
Due After One Year Through Five Years | 10,225.5 | |
Due After Five Years Through Ten Years | 5,565.7 | |
Due After Ten Years | 2,183.1 | |
Total | 23,870 | 23,271.2 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 0.6 | |
Due After One Year Through Five Years | 1.7 | |
Due After Five Years Through Ten Years | 1 | |
Due After Ten Years | 0.6 | |
Total | 3.9 | 4.1 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 0.7 | |
Due After One Year Through Five Years | 1.8 | |
Due After Five Years Through Ten Years | 1.1 | |
Due After Ten Years | 0.6 | |
Total | 4.2 | 4.3 |
Non-U.S. Government | ||
Available for Sale - Cost | ||
Due in One Year or Less | 3.3 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 3.3 | 3.3 |
Available for Sale - Value | ||
Due in One Year or Less | 3.4 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 3.4 | 3.3 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 3,481.7 | |
Due After One Year Through Five Years | 214.3 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 3,696 | 3,006.7 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 3,483.9 | |
Due After One Year Through Five Years | 219.3 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 3,703.2 | 3,020.4 |
Corporate Debt | ||
Available for Sale - Cost | ||
Due in One Year or Less | 366.4 | |
Due After One Year Through Five Years | 2,036.4 | |
Due After Five Years Through Ten Years | 5.8 | |
Due After Ten Years | 0 | |
Total | 2,408.6 | 2,378.9 |
Available for Sale - Value | ||
Due in One Year or Less | 365.8 | |
Due After One Year Through Five Years | 2,064.4 | |
Due After Five Years Through Ten Years | 5.8 | |
Due After Ten Years | 0 | |
Total | 2,436 | 2,402.7 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 96 | |
Due After One Year Through Five Years | 424.9 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 520.9 | 4,076 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 94.2 | |
Due After One Year Through Five Years | 419.4 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 513.6 | 4,078.8 |
Covered Bonds | ||
Available for Sale - Cost | ||
Due in One Year or Less | 108.3 | |
Due After One Year Through Five Years | 442.2 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 550.5 | 766.3 |
Available for Sale - Value | ||
Due in One Year or Less | 108.6 | |
Due After One Year Through Five Years | 444.8 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 553.4 | 769.9 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 753 | |
Due After One Year Through Five Years | 2,363.9 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 3,116.9 | 405.1 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 755.2 | |
Due After One Year Through Five Years | 2,363 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 3,118.2 | 406.2 |
Certificates of Deposit | ||
Available for Sale - Cost | ||
Due in One Year or Less | 327.6 | |
Due After One Year Through Five Years | 1,669.9 | |
Due After Five Years Through Ten Years | 50 | |
Due After Ten Years | 0 | |
Total | 2,047.5 | |
Available for Sale - Value | ||
Due in One Year or Less | 327.8 | |
Due After One Year Through Five Years | 1,727.8 | |
Due After Five Years Through Ten Years | 49.9 | |
Due After Ten Years | 0 | |
Total | 2,105.5 | |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 1,041.9 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 1,041.9 | 262.9 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 1,041.9 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 1,041.9 | 262.9 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Available for Sale - Cost | ||
Total | 2,047.5 | 2,091.3 |
Available for Sale - Value | ||
Total | 2,105.5 | 2,127.6 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 418.5 | |
Due After One Year Through Five Years | 2,600.9 | |
Due After Five Years Through Ten Years | 40.6 | |
Due After Ten Years | 0 | |
Total | 3,060 | 3,285.4 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 419.4 | |
Due After One Year Through Five Years | 2,632.6 | |
Due After Five Years Through Ten Years | 40.3 | |
Due After Ten Years | 0 | |
Total | 3,092.3 | 3,305 |
Other Asset-Backed | ||
Available for Sale - Cost | ||
Due in One Year or Less | 643 | |
Due After One Year Through Five Years | 2,164.5 | |
Due After Five Years Through Ten Years | 464.4 | |
Due After Ten Years | 13 | |
Total | 3,284.9 | 3,324.5 |
Available for Sale - Value | ||
Due in One Year or Less | 641.2 | |
Due After One Year Through Five Years | 2,096.3 | |
Due After Five Years Through Ten Years | 432.5 | |
Due After Ten Years | 12.1 | |
Total | 3,182.1 | 3,330.5 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 252.3 | |
Due After One Year Through Five Years | 449.2 | |
Due After Five Years Through Ten Years | 81.8 | |
Due After Ten Years | 0 | |
Total | 783.3 | 804.3 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 251.5 | |
Due After One Year Through Five Years | 442.7 | |
Due After Five Years Through Ten Years | 81 | |
Due After Ten Years | 0 | |
Total | 775.2 | 804.7 |
Commercial Mortgage-Backed | ||
Available for Sale - Cost | ||
Due in One Year or Less | 26.1 | |
Due After One Year Through Five Years | 255.7 | |
Due After Five Years Through Ten Years | 600.8 | |
Due After Ten Years | 21.7 | |
Total | 904.3 | 769.9 |
Available for Sale - Value | ||
Due in One Year or Less | 25.9 | |
Due After One Year Through Five Years | 258 | |
Due After Five Years Through Ten Years | 617.5 | |
Due After Ten Years | 21.2 | |
Total | 922.6 | 797.7 |
Other | ||
Available for Sale - Cost | ||
Due in One Year or Less | 8.3 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 8.3 | 9 |
Available for Sale - Value | ||
Due in One Year or Less | 8.3 | |
Due After One Year Through Five Years | 0 | |
Due After Five Years Through Ten Years | 0 | |
Due After Ten Years | 0 | |
Total | 8.3 | 9 |
Held to Maturity - Amortized Cost | ||
Due in One Year or Less | 8.5 | |
Due After One Year Through Five Years | 141.2 | |
Due After Five Years Through Ten Years | 46 | |
Due After Ten Years | 105.3 | |
Total | 301 | 291.1 |
Held to Maturity - Fair Value | ||
Due in One Year or Less | 8 | |
Due After One Year Through Five Years | 111.6 | |
Due After Five Years Through Ten Years | 28.5 | |
Due After Ten Years | 24.2 | |
Total | $ 172.3 | $ 217.9 |
Securities (Securities with Unr
Securities (Securities with Unrealized Losses) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value | ||
Less than 12 months, fair value | $ 6,022.3 | $ 7,850.3 |
12 months or longer fair value | 8,409.6 | 10,615.2 |
Total fair value | 14,431.9 | 18,465.5 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 95.5 | 57 |
12 months or longer unrealized losses | 144.5 | 51.6 |
Total unrealized losses | 240 | 108.6 |
Debt securities, available-for-sale, unrealized loss position, accumulated loss, excluded for credit losses | 0.6 | |
U.S. Government | ||
Fair Value | ||
Less than 12 months, fair value | 252.2 | |
12 months or longer fair value | 899.7 | |
Total fair value | 1,151.9 | |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 2.8 | |
12 months or longer unrealized losses | 2.3 | |
Total unrealized losses | 5.1 | |
Obligations of States and Political Subdivisions | ||
Fair Value | ||
Less than 12 months, fair value | 230.6 | 902.4 |
12 months or longer fair value | 0 | 0 |
Total fair value | 230.6 | 902.4 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 3.2 | 13.3 |
12 months or longer unrealized losses | 0 | 0 |
Total unrealized losses | 3.2 | 13.3 |
Government Sponsored Agency | ||
Fair Value | ||
Less than 12 months, fair value | 2,803.1 | 5,405 |
12 months or longer fair value | 7,033 | 7,818.4 |
Total fair value | 9,836.1 | 13,223.4 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 24.4 | 35.6 |
12 months or longer unrealized losses | 81.9 | 42.5 |
Total unrealized losses | 106.3 | 78.1 |
Corporate Debt | ||
Fair Value | ||
Less than 12 months, fair value | 669.2 | 279.3 |
12 months or longer fair value | 134 | 492.7 |
Total fair value | 803.2 | 772 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 8.8 | 1.1 |
12 months or longer unrealized losses | 1.9 | 2.9 |
Total unrealized losses | 10.7 | 4 |
Debt securities, available-for-sale, continuous unrealized loss position, excluded for credit losses | 24.6 | |
Covered Bonds | ||
Fair Value | ||
Less than 12 months, fair value | 306.5 | 138.7 |
12 months or longer fair value | 0 | 25 |
Total fair value | 306.5 | 163.7 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 1.3 | 0.7 |
12 months or longer unrealized losses | 0 | 0.1 |
Total unrealized losses | 1.3 | 0.8 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Fair Value | ||
Less than 12 months, fair value | 99.9 | 217.5 |
12 months or longer fair value | 158.8 | 155.2 |
Total fair value | 258.7 | 372.7 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 0.1 | 1 |
12 months or longer unrealized losses | 0.5 | 0.1 |
Total unrealized losses | 0.6 | 1.1 |
Other Asset-Backed | ||
Fair Value | ||
Less than 12 months, fair value | 1,616.7 | 592.4 |
12 months or longer fair value | 1,049.7 | 1,164.9 |
Total fair value | 2,666.4 | 1,757.3 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 45 | 1.8 |
12 months or longer unrealized losses | 60.1 | 3.5 |
Total unrealized losses | 105.1 | 5.3 |
Commercial Mortgage-Backed | ||
Fair Value | ||
Less than 12 months, fair value | 296.3 | 62.8 |
12 months or longer fair value | 34.1 | 59.3 |
Total fair value | 330.4 | 122.1 |
Unrealized Losses | ||
Less than 12 months, unrealized losses | 12.7 | 0.7 |
12 months or longer unrealized losses | 0.1 | 0.2 |
Total unrealized losses | $ 12.8 | $ 0.9 |
Securities (Reconciliation of_2
Securities (Reconciliation of Amortized Cost to Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | $ 12,635.7 | $ 12,284.5 |
Gross Unrealized Gains | 60.3 | 45.7 |
Gross Unrealized Losses | 163 | 80.9 |
Fair Value | 12,533 | 12,249.3 |
U.S. Government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 104.9 | 138.8 |
Gross Unrealized Gains | 0.1 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 105 | 138.8 |
Obligations of States and Political Subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 6.9 | 10.1 |
Gross Unrealized Gains | 0.2 | 0.2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 7.1 | 10.3 |
Government Sponsored Agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 3.9 | 4.1 |
Gross Unrealized Gains | 0.3 | 0.2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 4.2 | 4.3 |
Non-U.S. Government | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 3,696 | 3,006.7 |
Gross Unrealized Gains | 7.5 | 16.1 |
Gross Unrealized Losses | 0.3 | 2.4 |
Fair Value | 3,703.2 | 3,020.4 |
Corporate Debt | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 520.9 | 4,076 |
Gross Unrealized Gains | 1.1 | 5.3 |
Gross Unrealized Losses | 8.4 | 2.5 |
Fair Value | 513.6 | 4,078.8 |
Covered Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 3,116.9 | 405.1 |
Gross Unrealized Gains | 15.5 | 1.4 |
Gross Unrealized Losses | 14.2 | 0.3 |
Fair Value | 3,118.2 | 406.2 |
Certificates of Deposit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 1,041.9 | 262.9 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,041.9 | 262.9 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 3,060 | 3,285.4 |
Gross Unrealized Gains | 35.6 | 21.7 |
Gross Unrealized Losses | 3.3 | 2.1 |
Fair Value | 3,092.3 | 3,305 |
Other Asset-Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 783.3 | 804.3 |
Gross Unrealized Gains | 0 | 0.7 |
Gross Unrealized Losses | 8.1 | 0.3 |
Fair Value | 775.2 | 804.7 |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total | 301 | 291.1 |
Gross Unrealized Gains | 0 | 0.1 |
Gross Unrealized Losses | 128.7 | 73.3 |
Fair Value | $ 172.3 | $ 217.9 |
Securities (Credit Quality Indi
Securities (Credit Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | $ 12,635.7 | $ 12,284.5 |
U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 104.9 | 138.8 |
Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 6.9 | 10.1 |
Government Sponsored Agency | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3.9 | 4.1 |
Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3,696 | 3,006.7 |
Corporate Debt | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 520.9 | 4,076 |
Covered Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3,116.9 | 405.1 |
Certificates of Deposit | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 1,041.9 | 262.9 |
Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3,060 | 3,285.4 |
Other Asset-Backed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 783.3 | 804.3 |
Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 301 | $ 291.1 |
AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 6,506.9 | |
AAA | U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 104.9 | |
AAA | Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AAA | Government Sponsored Agency | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3.9 | |
AAA | Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 348.1 | |
AAA | Corporate Debt | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3.4 | |
AAA | Covered Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 3,116.9 | |
AAA | Certificates of Deposit | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AAA | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 2,146.4 | |
AAA | Other Asset-Backed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 783.3 | |
AAA | Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 2,358.8 | |
AA | U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AA | Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0.5 | |
AA | Government Sponsored Agency | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AA | Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 1,219.2 | |
AA | Corporate Debt | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 256.5 | |
AA | Covered Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AA | Certificates of Deposit | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AA | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 882.6 | |
AA | Other Asset-Backed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
AA | Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 2,394.8 | |
A | U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 5.1 | |
A | Government Sponsored Agency | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 2,128.7 | |
A | Corporate Debt | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 261 | |
A | Covered Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | Certificates of Deposit | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | Other Asset-Backed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
A | Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 1,373.9 | |
BBB | U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Government Sponsored Agency | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Corporate Debt | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Covered Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Certificates of Deposit | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 1,041.9 | |
BBB | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 31 | |
BBB | Other Asset-Backed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
BBB | Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 301 | |
NOT RATED | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 1.3 | |
NOT RATED | U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Obligations of States and Political Subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 1.3 | |
NOT RATED | Government Sponsored Agency | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Non-U.S. Government | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Corporate Debt | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Covered Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Certificates of Deposit | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Other Asset-Backed | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | 0 | |
NOT RATED | Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Held to Maturity | $ 0 |
Securities (Investment Security
Securities (Investment Security Gains and Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross Realized Debt Securities Gains | $ 0.7 | $ 1.3 |
Gross Realized Debt Securities Losses | (0.7) | (1.5) |
Net Investment Security (Losses) Gains | $ 0 | $ (0.2) |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase (Repurchase Agreements Accounted for as Secured Borrowings) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 22 | $ 296.1 | $ 693.9 |
OVERNIGHT AND CONTINUOUS | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Borrowings | 34.1 | 489.7 |
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 22 | 34.1 | 489.7 |
Amounts related to agreements not included in Note 22 | 0 | 0 |
OVERNIGHT AND CONTINUOUS | U.S. Treasury and Agency Securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Borrowings | $ 34.1 | $ 489.7 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) | 3 Months Ended | 13 Months Ended | ||
Mar. 31, 2020USD ($) | Jun. 30, 2019Loan | Jun. 30, 2018Loan | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases | $ 37,837,700,000 | $ 31,409,600,000 | ||
Other U.S. loans and non-U.S. loans, short duration advances | 3,800,000,000 | 1,100,000,000 | ||
Demand deposits | 26,700,000 | 90,400,000 | ||
Financing receivable, nonaccrual troubled debt restructuring | 73,400,000 | 54,900,000 | ||
Financing receivable, recorded investment | 22,600,000 | 27,700,000 | ||
Financing receivable, troubled debt restructuring, commitment to lend | 11,700,000 | 8,200,000 | ||
Foreclosed real estate properties, carrying value | 1,600,000 | 3,200,000 | ||
Loans in process of foreclosure | 20,800,000 | |||
Lease Agreements | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Held for sale | 52,800,000 | 53,600,000 | ||
Mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Held for sale | 0 | |||
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | Loan | 0 | 0 | ||
Personal | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases | $ 18,100,900,000 | 17,408,300,000 | ||
Personal | Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collateral required on residential real estate loan, lower limit | 65.00% | |||
Collateral required on residential real estate loan, upper limit | 80.00% | |||
Loans and Leases | $ 6,074,300,000 | 6,095,000,000 | ||
Personal | Home Equity Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Draw period for credit line products | 10 years | |||
Loans and Leases | $ 429,600,000 | $ 448,500,000 | ||
Percentage of total equity credit lines | 96.00% | 97.00% |
Loans and Leases (Loans and Lea
Loans and Leases (Loans and Leases) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | $ 37,837.7 | $ 31,409.6 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 19,736.8 | 14,001.3 |
Commercial | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 12,327.3 | 9,091.1 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 3,085.2 | 3,104.3 |
Commercial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 3,923 | 1,576.3 |
Commercial | Lease Financing, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 64.8 | 65.6 |
Commercial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 336.5 | 164 |
Personal | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 18,100.9 | 17,408.3 |
Personal | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 11,609.9 | 11,071.4 |
Personal | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 6,074.3 | 6,095 |
Personal | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | 346.9 | 174.8 |
Personal | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans and Leases | $ 69.8 | $ 67.1 |
Loans and Leases (Credit Qualit
Loans and Leases (Credit Quality Indicator At Amortized Cost Basis By Origination Year) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 4,932.9 | |
2019 | 4,878.5 | |
2018 | 1,900.1 | |
2017 | 1,682.8 | |
2016 | 1,746.3 | |
PRIOR | 4,224 | |
REVOLVING LOANS | 18,101.9 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 371.2 | |
Total Loans and Leases | 37,837.7 | $ 31,409.6 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,333.9 | |
2019 | 2,544.8 | |
2018 | 1,176.2 | |
2017 | 978 | |
2016 | 944.1 | |
PRIOR | 1,493.7 | |
REVOLVING LOANS | 8,179.7 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 86.4 | |
Total Loans and Leases | 19,736.8 | 14,001.3 |
Commercial | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 312.6 | |
2019 | 1,467.9 | |
2018 | 719.9 | |
2017 | 745.8 | |
2016 | 672.6 | |
PRIOR | 719.1 | |
REVOLVING LOANS | 7,631 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 58.4 | |
Total Loans and Leases | 12,327.3 | 9,091.1 |
Commercial | Commercial and Institutional | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 151 | |
2019 | 787.4 | |
2018 | 340.4 | |
2017 | 287.4 | |
2016 | 533 | |
PRIOR | 509.2 | |
REVOLVING LOANS | 5,880.6 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 4.9 | |
Total Loans and Leases | 8,493.9 | |
Commercial | Commercial and Institutional | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 137.7 | |
2019 | 668.7 | |
2018 | 370.5 | |
2017 | 449 | |
2016 | 120.2 | |
PRIOR | 203.8 | |
REVOLVING LOANS | 1,676.4 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 51.1 | |
Total Loans and Leases | 3,677.4 | |
Commercial | Commercial and Institutional | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 23.9 | |
2019 | 11.8 | |
2018 | 9 | |
2017 | 9.4 | |
2016 | 19.4 | |
PRIOR | 6.1 | |
REVOLVING LOANS | 74 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 2.4 | |
Total Loans and Leases | 156 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 289.5 | |
2019 | 1,035.7 | |
2018 | 444.4 | |
2017 | 219.9 | |
2016 | 271.5 | |
PRIOR | 625.4 | |
REVOLVING LOANS | 172.6 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 26.2 | |
Total Loans and Leases | 3,085.2 | 3,104.3 |
Commercial | Commercial Real Estate | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 121 | |
2019 | 285.9 | |
2018 | 100.5 | |
2017 | 61.2 | |
2016 | 100.5 | |
PRIOR | 170.7 | |
REVOLVING LOANS | 106.6 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 6.1 | |
Total Loans and Leases | 952.5 | |
Commercial | Commercial Real Estate | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 166.3 | |
2019 | 749.8 | |
2018 | 343.9 | |
2017 | 154.3 | |
2016 | 168 | |
PRIOR | 454.2 | |
REVOLVING LOANS | 66 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 20.1 | |
Total Loans and Leases | 2,122.6 | |
Commercial | Commercial Real Estate | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2.2 | |
2019 | 0 | |
2018 | 0 | |
2017 | 4.4 | |
2016 | 3 | |
PRIOR | 0.5 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 10.1 | |
Commercial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,395.3 | |
2019 | 41.2 | |
2018 | 11.9 | |
2017 | 12.3 | |
2016 | 0 | |
PRIOR | 84.4 | |
REVOLVING LOANS | 376.1 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 1.8 | |
Total Loans and Leases | 3,923 | 1,576.3 |
Commercial | Non-U.S. | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,488.3 | |
2019 | 12.2 | |
2018 | 10 | |
2017 | 5.6 | |
2016 | 0 | |
PRIOR | 13.5 | |
REVOLVING LOANS | 169.1 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 2,698.7 | |
Commercial | Non-U.S. | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 905.6 | |
2019 | 5.9 | |
2018 | 1.9 | |
2017 | 6.7 | |
2016 | 0 | |
PRIOR | 70.9 | |
REVOLVING LOANS | 38.6 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 1.8 | |
Total Loans and Leases | 1,031.4 | |
Commercial | Non-U.S. | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1.4 | |
2019 | 23.1 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 168.4 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 192.9 | |
Commercial | Lease Financing, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 64.8 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 64.8 | 65.6 |
Commercial | Lease Financing, net | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 52.8 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 52.8 | |
Commercial | Lease Financing, net | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 12 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 12 | |
Commercial | Lease Financing, net | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 0 | |
Commercial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 336.5 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 336.5 | 164 |
Commercial | Other | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 117.4 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 117.4 | |
Commercial | Other | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 219.1 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 219.1 | |
Commercial | Other | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 0 | |
Personal | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 599 | |
2019 | 2,333.7 | |
2018 | 723.9 | |
2017 | 704.8 | |
2016 | 802.2 | |
PRIOR | 2,730.3 | |
REVOLVING LOANS | 9,922.2 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 284.8 | |
Total Loans and Leases | 18,100.9 | 17,408.3 |
Personal | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 181.5 | |
2019 | 1,018.4 | |
2018 | 357.9 | |
2017 | 298.4 | |
2016 | 136.5 | |
PRIOR | 253.9 | |
REVOLVING LOANS | 9,088.9 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 274.4 | |
Total Loans and Leases | 11,609.9 | 11,071.4 |
Personal | Private Client | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 131.1 | |
2019 | 486.6 | |
2018 | 75.1 | |
2017 | 126.9 | |
2016 | 38.9 | |
PRIOR | 150.2 | |
REVOLVING LOANS | 4,965 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 20.9 | |
Total Loans and Leases | 5,994.7 | |
Personal | Private Client | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 50.4 | |
2019 | 531.2 | |
2018 | 259.6 | |
2017 | 171.5 | |
2016 | 97.5 | |
PRIOR | 103.7 | |
REVOLVING LOANS | 4,076.9 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 243.2 | |
Total Loans and Leases | 5,534 | |
Personal | Private Client | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0.6 | |
2018 | 23.2 | |
2017 | 0 | |
2016 | 0.1 | |
PRIOR | 0 | |
REVOLVING LOANS | 47 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 10.3 | |
Total Loans and Leases | 81.2 | |
Personal | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 345.5 | |
2019 | 1,254.7 | |
2018 | 352 | |
2017 | 405.8 | |
2016 | 665.2 | |
PRIOR | 2,464.2 | |
REVOLVING LOANS | 581.6 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 5.3 | |
Total Loans and Leases | 6,074.3 | 6,095 |
Personal | Residential Real Estate | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 222.8 | |
2019 | 801.7 | |
2018 | 112.6 | |
2017 | 156.3 | |
2016 | 244.7 | |
PRIOR | 942.8 | |
REVOLVING LOANS | 228.8 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 1.3 | |
Total Loans and Leases | 2,711 | |
Personal | Residential Real Estate | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 122.4 | |
2019 | 441.7 | |
2018 | 229 | |
2017 | 248.9 | |
2016 | 417.5 | |
PRIOR | 1,397.2 | |
REVOLVING LOANS | 330.8 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 4 | |
Total Loans and Leases | 3,191.5 | |
Personal | Residential Real Estate | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0.3 | |
2019 | 11.3 | |
2018 | 10.4 | |
2017 | 0.6 | |
2016 | 3 | |
PRIOR | 124.2 | |
REVOLVING LOANS | 22 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 171.8 | |
Personal | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2.2 | |
2019 | 60.6 | |
2018 | 14 | |
2017 | 0.6 | |
2016 | 0.5 | |
PRIOR | 12.2 | |
REVOLVING LOANS | 251.7 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 5.1 | |
Total Loans and Leases | 346.9 | 174.8 |
Personal | Non-U.S. | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2.2 | |
2019 | 41.5 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 2 | |
REVOLVING LOANS | 58.4 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 104.1 | |
Personal | Non-U.S. | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 19.1 | |
2018 | 14 | |
2017 | 0.6 | |
2016 | 0.5 | |
PRIOR | 9.6 | |
REVOLVING LOANS | 193 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 5.1 | |
Total Loans and Leases | 241.9 | |
Personal | Non-U.S. | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0.6 | |
REVOLVING LOANS | 0.3 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 0.9 | |
Personal | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 69.8 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 69.8 | $ 67.1 |
Personal | Other | 1 to 3 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 36.5 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 36.5 | |
Personal | Other | 4 to 5 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 33.3 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | 33.3 | |
Personal | Other | 6 to 9 Category | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
PRIOR | 0 | |
REVOLVING LOANS | 0 | |
REVOLVING LOANS CONVERTED TO TERM LOANS | 0 | |
Total Loans and Leases | $ 0 |
Loans and Leases (Delinquency S
Loans and Leases (Delinquency Status) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | $ 37,518 | $ 31,230.6 |
TOTAL ACCRUAL | 37,733.8 | 31,326 |
NONACCRUAL | 103.9 | 83.6 |
Total Loans and Leases | 37,837.7 | 31,409.6 |
NONACCRUAL WITH NO ALLOWANCE | 85.3 | 70.6 |
Other Real Estate Owned | 1.6 | 3.2 |
Total Nonaccrual Assets | 105.5 | 86.8 |
30 – 59 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 194.1 | 59.6 |
60 – 89 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 14.6 | 28.4 |
90 DAYS OR MORE PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 7.1 | 7.4 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 19,610.3 | 13,963.8 |
TOTAL ACCRUAL | 19,701.2 | 13,990.1 |
NONACCRUAL | 35.6 | 11.2 |
Total Loans and Leases | 19,736.8 | 14,001.3 |
NONACCRUAL WITH NO ALLOWANCE | 20.6 | 3.2 |
Commercial | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 12,216.7 | 9,068.3 |
TOTAL ACCRUAL | 12,294.4 | 9,083.5 |
NONACCRUAL | 32.9 | 7.6 |
Total Loans and Leases | 12,327.3 | 9,091.1 |
NONACCRUAL WITH NO ALLOWANCE | 17.9 | 0.8 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 3,069.3 | 3,089.6 |
TOTAL ACCRUAL | 3,082.5 | 3,100.7 |
NONACCRUAL | 2.7 | 3.6 |
Total Loans and Leases | 3,085.2 | 3,104.3 |
NONACCRUAL WITH NO ALLOWANCE | 2.7 | 2.4 |
Commercial | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 3,923 | 1,576.3 |
TOTAL ACCRUAL | 3,923 | 1,576.3 |
NONACCRUAL | 0 | 0 |
Total Loans and Leases | 3,923 | 1,576.3 |
NONACCRUAL WITH NO ALLOWANCE | 0 | 0 |
Commercial | Lease Financing, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 64.8 | 65.6 |
TOTAL ACCRUAL | 64.8 | 65.6 |
NONACCRUAL | 0 | 0 |
Total Loans and Leases | 64.8 | 65.6 |
NONACCRUAL WITH NO ALLOWANCE | 0 | 0 |
Commercial | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 336.5 | 164 |
TOTAL ACCRUAL | 336.5 | 164 |
NONACCRUAL | 0 | 0 |
Total Loans and Leases | 336.5 | 164 |
NONACCRUAL WITH NO ALLOWANCE | 0 | 0 |
Commercial | 30 – 59 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 79.8 | 6.4 |
Commercial | 30 – 59 DAYS PAST DUE | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 71.3 | 4.1 |
Commercial | 30 – 59 DAYS PAST DUE | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 8.5 | 2.3 |
Commercial | 30 – 59 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 30 – 59 DAYS PAST DUE | Lease Financing, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 30 – 59 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 60 – 89 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 5.4 | 14 |
Commercial | 60 – 89 DAYS PAST DUE | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 5.4 | 9.9 |
Commercial | 60 – 89 DAYS PAST DUE | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 4.1 |
Commercial | 60 – 89 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 60 – 89 DAYS PAST DUE | Lease Financing, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 60 – 89 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 90 DAYS OR MORE PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 5.7 | 5.9 |
Commercial | 90 DAYS OR MORE PAST DUE | Commercial and Institutional | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 1 | 1.2 |
Commercial | 90 DAYS OR MORE PAST DUE | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 4.7 | 4.7 |
Commercial | 90 DAYS OR MORE PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 90 DAYS OR MORE PAST DUE | Lease Financing, net | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Commercial | 90 DAYS OR MORE PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Personal | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 17,907.7 | 17,266.8 |
TOTAL ACCRUAL | 18,032.6 | 17,335.9 |
NONACCRUAL | 68.3 | 72.4 |
Total Loans and Leases | 18,100.9 | 17,408.3 |
NONACCRUAL WITH NO ALLOWANCE | 64.7 | 67.4 |
Personal | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 11,522.5 | 11,027.9 |
TOTAL ACCRUAL | 11,609.4 | 11,070.9 |
NONACCRUAL | 0.5 | 0.5 |
Total Loans and Leases | 11,609.9 | 11,071.4 |
NONACCRUAL WITH NO ALLOWANCE | 0.5 | 0.5 |
Personal | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 5,974.1 | 5,997.7 |
TOTAL ACCRUAL | 6,007 | 6,023.6 |
NONACCRUAL | 67.3 | 71.4 |
Total Loans and Leases | 6,074.3 | 6,095 |
NONACCRUAL WITH NO ALLOWANCE | 63.7 | 66.4 |
Personal | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 341.3 | 174.1 |
TOTAL ACCRUAL | 346.4 | 174.3 |
NONACCRUAL | 0.5 | 0.5 |
Total Loans and Leases | 346.9 | 174.8 |
NONACCRUAL WITH NO ALLOWANCE | 0.5 | 0.5 |
Personal | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
CURRENT | 69.8 | 67.1 |
TOTAL ACCRUAL | 69.8 | 67.1 |
NONACCRUAL | 0 | 0 |
Total Loans and Leases | 69.8 | 67.1 |
NONACCRUAL WITH NO ALLOWANCE | 0 | 0 |
Personal | 30 – 59 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 114.3 | 53.2 |
Personal | 30 – 59 DAYS PAST DUE | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 77.3 | 33.2 |
Personal | 30 – 59 DAYS PAST DUE | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 31.9 | 19.8 |
Personal | 30 – 59 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 5.1 | 0.2 |
Personal | 30 – 59 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Personal | 60 – 89 DAYS PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 9.2 | 14.4 |
Personal | 60 – 89 DAYS PAST DUE | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 8.4 | 9.5 |
Personal | 60 – 89 DAYS PAST DUE | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0.8 | 4.9 |
Personal | 60 – 89 DAYS PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Personal | 60 – 89 DAYS PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Personal | 90 DAYS OR MORE PAST DUE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 1.4 | 1.5 |
Personal | 90 DAYS OR MORE PAST DUE | Private Client | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 1.2 | 0.3 |
Personal | 90 DAYS OR MORE PAST DUE | Residential Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0.2 | 1.2 |
Personal | 90 DAYS OR MORE PAST DUE | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | 0 | 0 |
Personal | 90 DAYS OR MORE PAST DUE | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
PAST DUE | $ 0 | $ 0 |
Loans and Leases (Troubled Debt
Loans and Leases (Troubled Debt Restructurings) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Contract | Mar. 31, 2019USD ($)Contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
NUMBER OF LOANS AND LEASES | Contract | 8 | |
RECORDED INVESTMENT | $ 25.3 | |
UNPAID PRINCIPAL BALANCE | $ 25.7 | |
Commercial and Institutional | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
NUMBER OF LOANS AND LEASES | Contract | 14 | |
RECORDED INVESTMENT | $ 17.4 | |
UNPAID PRINCIPAL BALANCE | $ 18.7 | |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
NUMBER OF LOANS AND LEASES | Contract | 2 | 1 |
RECORDED INVESTMENT | $ 24.3 | $ 7.6 |
UNPAID PRINCIPAL BALANCE | $ 24.5 | $ 8.8 |
Commercial | Commercial and Institutional | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
NUMBER OF LOANS AND LEASES | Contract | 2 | 1 |
RECORDED INVESTMENT | $ 24.3 | $ 7.6 |
UNPAID PRINCIPAL BALANCE | $ 24.5 | $ 8.8 |
Personal | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
NUMBER OF LOANS AND LEASES | Contract | 6 | 13 |
RECORDED INVESTMENT | $ 1 | $ 9.8 |
UNPAID PRINCIPAL BALANCE | $ 1.2 | $ 9.9 |
Personal | Residential Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
NUMBER OF LOANS AND LEASES | Contract | 6 | 13 |
RECORDED INVESTMENT | $ 1 | $ 9.8 |
UNPAID PRINCIPAL BALANCE | $ 1.2 | $ 9.9 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | $ 147,200,000 | $ 114,500,000 | $ 104,500,000 | ||
Stockholders' equity | 10,879,700,000 | 10,616,200,000 | 11,091,000,000 | $ 10,508,300,000 | |
Provision for credit losses | 60,800,000 | 0 | |||
Credit loss expense (reversal) and available-for-sale, allowance for credit loss | 61,000,000 | 0 | |||
Change In Present Value, Expense (Reversal) | 700,000 | (1,200,000) | |||
Net (Charge-Offs) Recoveries | $ (700,000) | 1,200,000 | |||
Time period used for projecting future conditions to estimate credit losses | 2 years | ||||
Interest income that would have been recorded for nonperforming loans | 1,900,000 | ||||
Financing receivable accrued interest income | $ 1,300,000 | ||||
Other-than-temporary impairment loss, debt securities, portion recognized in earnings | 4,400,000 | ||||
Debt securities, held-to-maturity, allowance for credit loss | 9,500,000 | 0 | |||
Other financial assets, allowance for credit loss | 1,100,000 | 0 | |||
Other Financial Assets | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing receivable accrued interest income | 0 | 0 | |||
Cumulative Effect Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | (2,200,000) | $ 13,700,000 | |||
Debt securities, held-to-maturity, allowance for credit loss | 6,600,000 | ||||
Other financial assets, allowance for credit loss | 400,000 | ||||
Adjusted Balance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss | 114,500,000 | 102,300,000 | 112,600,000 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 6,600,000 | 0 | ||
Other financial assets, allowance for credit loss | 0 | 400,000 | 0 | ||
Retained Earnings | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Stockholders' equity | $ 11,828,100,000 | $ 10,972,900,000 | $ 11,656,700,000 | $ 10,776,800,000 | |
Retained Earnings | Cumulative Effect Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Stockholders' equity | $ (10,100,000) |
Allowance for Credit Losses (Ch
Allowance for Credit Losses (Changes in Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
LOANS AND LEASES | ||
Balance at Beginning of Period | $ 104.5 | |
Charge-Offs | (1.8) | $ (1) |
Recoveries | 1.1 | 2.2 |
Net (Charge-Offs) Recoveries | (0.7) | 1.2 |
Provision for Credit Losses | 45.6 | 0.7 |
Balance at End of Period | 147.2 | 114.5 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 19.9 | |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 11.6 | (0.7) |
Balance at End of Period | 40.4 | 24.9 |
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 2.9 | 0 |
Balance at end of period | 9.5 | |
OTHER FINANCIAL ASSETS | ||
Balance at Beginning of Period | 0 | |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 0.7 | 0 |
Balance at End of Period | 1.1 | |
TOTAL | ||
Balance at Beginning of Period | 124.4 | |
Charge-Offs | (1.8) | (1) |
Recoveries | 1.1 | 2.2 |
Net (Charge-Offs) Recoveries | (0.7) | 1.2 |
Provision for Credit Losses | 60.8 | 0 |
Balance at End of Period | 198.2 | |
Corporate Debt | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 1.9 | |
Balance at end of period | 2.7 | |
TOTAL | ||
Provision for Credit Losses | 0.2 | |
Cumulative Effect Adjustment | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | (2.2) | |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 8.9 | |
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 6.6 | |
OTHER FINANCIAL ASSETS | ||
Balance at Beginning of Period | 0.4 | |
TOTAL | ||
Balance at Beginning of Period | 13.7 | |
Cumulative Effect Adjustment | Corporate Debt | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.8 | |
Adjusted Balance | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 102.3 | 112.6 |
Balance at End of Period | 114.5 | |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 28.8 | 25.6 |
Balance at End of Period | 24.9 | |
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 6.6 | 0 |
Balance at end of period | 0 | |
OTHER FINANCIAL ASSETS | ||
Balance at Beginning of Period | 0.4 | 0 |
Balance at End of Period | 0 | |
TOTAL | ||
Balance at Beginning of Period | 138.1 | 138.2 |
Balance at End of Period | $ 139.4 | |
Adjusted Balance | Corporate Debt | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | $ 0.8 |
Allowance for Credit Losses (Ac
Allowance for Credit Losses (Accrued Interest) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Loans and Leases | $ 82.7 | $ 84.5 |
Debt Securities | ||
Held to Maturity | 74.3 | 82.3 |
Available for Sale | 110.5 | 119 |
Other Financial Assets | $ 7.8 | $ 14.7 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (Accrued Interest Reversed Through Income) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing receivable accrued interest income | $ 1.3 |
Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing receivable accrued interest income | 0.5 |
Personal | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing receivable accrued interest income | $ 0.8 |
Allowance for Credit Losses (_3
Allowance for Credit Losses (Changes in Allowance for Credit Losses Related to Loan and Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
LOANS AND LEASES | ||
Balance at Beginning of Period | $ 104.5 | |
Charge-Offs | (1.8) | $ (1) |
Recoveries | 1.1 | 2.2 |
Net (Charge-Offs) Recoveries | (0.7) | 1.2 |
Provision for Credit Losses | 45.6 | 0.7 |
Balance at End of Period | 40.4 | 24.9 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 19.9 | |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 11.6 | (0.7) |
Balance at End of Period | 147.2 | 114.5 |
COMMERCIAL | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 58.1 | |
Charge-Offs | (0.1) | (0.1) |
Recoveries | 0.7 | 0.4 |
Net (Charge-Offs) Recoveries | 0.6 | 0.3 |
Provision for Credit Losses | 41.9 | 0.2 |
Balance at End of Period | 38.8 | 20.5 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 15.8 | |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 11.1 | (0.6) |
Balance at End of Period | 94.7 | 58.1 |
PERSONAL | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 46.4 | |
Charge-Offs | (1.7) | (0.9) |
Recoveries | 0.4 | 1.8 |
Net (Charge-Offs) Recoveries | (1.3) | 0.9 |
Provision for Credit Losses | 3.7 | 0.5 |
Balance at End of Period | 1.6 | 4.4 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 4.1 | |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 0.5 | (0.1) |
Balance at End of Period | 52.5 | 56.4 |
Cumulative Effect Adjustment | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | (2.2) | |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 8.9 | |
Cumulative Effect Adjustment | COMMERCIAL | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | (5.9) | |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 11.9 | |
Cumulative Effect Adjustment | PERSONAL | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 3.7 | |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | (3) | |
Adjusted Balance | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 102.3 | 112.6 |
Balance at End of Period | 24.9 | |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 28.8 | 25.6 |
Balance at End of Period | 114.5 | |
Adjusted Balance | COMMERCIAL | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 52.2 | 57.6 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | 27.7 | 21.1 |
Adjusted Balance | PERSONAL | ||
LOANS AND LEASES | ||
Balance at Beginning of Period | 50.1 | 55 |
UNDRAWN LOAN COMMITMENTS AND STANDBY LETTERS OF CREDIT | ||
Balance at Beginning of Period | $ 1.1 | $ 4.5 |
Allowance for Credit Losses (Re
Allowance for Credit Losses (Recorded Investments in Loans and Leases) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Loans and Leases | |||
Evaluated on an Individual Level | $ 103.9 | $ 92.2 | |
Evaluated on a Collective Level | 37,733.8 | 31,317.4 | |
Total Loans and Leases | 37,837.7 | 31,409.6 | |
Allowance for Credit Losses on Credit Exposures | |||
Evaluated on an Individual Level | 5.7 | 5 | |
Evaluated on a Collective Level | 141.5 | 99.5 | |
Allowance Assigned to Loans and Leases | 147.2 | 104.5 | $ 114.5 |
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | |||
Evaluated on an Individual Level | 3 | 1.9 | |
Evaluated on a Collective Level | 37.4 | 18 | |
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | 40.4 | 19.9 | 24.9 |
Total Allowance Assigned to Loans and Leases and Undrawn Loan Commitments and Standby Letters of Credit | 187.6 | 124.4 | |
COMMERCIAL | |||
Loans and Leases | |||
Evaluated on an Individual Level | 35.6 | 10.4 | |
Evaluated on a Collective Level | 19,701.2 | 13,990.9 | |
Total Loans and Leases | 19,736.8 | 14,001.3 | |
Allowance for Credit Losses on Credit Exposures | |||
Evaluated on an Individual Level | 5.3 | 3.4 | |
Evaluated on a Collective Level | 89.4 | 54.7 | |
Allowance Assigned to Loans and Leases | 94.7 | 58.1 | 58.1 |
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | |||
Evaluated on an Individual Level | 3 | 1.9 | |
Evaluated on a Collective Level | 35.8 | 13.9 | |
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | 38.8 | 15.8 | 20.5 |
Total Allowance Assigned to Loans and Leases and Undrawn Loan Commitments and Standby Letters of Credit | 133.5 | 73.9 | |
PERSONAL | |||
Loans and Leases | |||
Evaluated on an Individual Level | 68.3 | 81.8 | |
Evaluated on a Collective Level | 18,032.6 | 17,326.5 | |
Total Loans and Leases | 18,100.9 | 17,408.3 | |
Allowance for Credit Losses on Credit Exposures | |||
Evaluated on an Individual Level | 0.4 | 1.6 | |
Evaluated on a Collective Level | 52.1 | 44.8 | |
Allowance Assigned to Loans and Leases | 52.5 | 46.4 | 56.4 |
Allowance for Undrawn Loan Commitments and Standby Letters of Credit | |||
Evaluated on an Individual Level | 0 | 0 | |
Evaluated on a Collective Level | 1.6 | 4.1 | |
Allowance Assigned to Undrawn Loan Commitments and Standby Letters of Credit | 1.6 | 4.1 | $ 4.4 |
Total Allowance Assigned to Loans and Leases and Undrawn Loan Commitments and Standby Letters of Credit | $ 54.1 | $ 50.5 |
Allowance for Credit Losses (_4
Allowance for Credit Losses (Changes in The Allowance for Credit Losses Related to Debt Securities Held to Maturity) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | $ 0 | |
Charge-Offs | 0 | $ 0 |
Recoveries | 0 | 0 |
Net (Charge-Offs) Recoveries | 0 | 0 |
Provision for Credit Losses | 2.9 | 0 |
Balance at end of period | 9.5 | |
Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 6.6 | |
Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 6.6 | 0 |
Balance at end of period | $ 0 | |
CORPORATE DEBT | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 1.9 | |
Balance at end of period | 2.7 | |
CORPORATE DEBT | Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.8 | |
CORPORATE DEBT | Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.8 | |
NON-U.S. GOVERNMENT | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 0.1 | |
Balance at end of period | 0.4 | |
NON-U.S. GOVERNMENT | Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.3 | |
NON-U.S. GOVERNMENT | Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.3 | |
SUB-SOVEREIGN, SUPERNATIONAL, AND NON-U.S. AGENCY BONDS | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 0.4 | |
Balance at end of period | 1.3 | |
SUB-SOVEREIGN, SUPERNATIONAL, AND NON-U.S. AGENCY BONDS | Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.9 | |
SUB-SOVEREIGN, SUPERNATIONAL, AND NON-U.S. AGENCY BONDS | Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0.9 | |
CERTIFICATE OF DEPOSITS | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 0.2 | |
Balance at end of period | 0.2 | |
CERTIFICATE OF DEPOSITS | Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
CERTIFICATE OF DEPOSITS | Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
COVERED BONDS | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 0.1 | |
Balance at end of period | 0.1 | |
COVERED BONDS | Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
COVERED BONDS | Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
OTHER | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 0 | |
Charge-Offs | 0 | |
Recoveries | 0 | |
Net (Charge-Offs) Recoveries | 0 | |
Provision for Credit Losses | 0.2 | |
Balance at end of period | 4.8 | |
OTHER | Cumulative Effect Adjustment | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | 4.6 | |
OTHER | Adjusted Balance | ||
DEBT SECURITIES HELD TO MATURITY | ||
Balance at beginning of period | $ 4.6 |
Pledged Assets (Narrative) (Det
Pledged Assets (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Amount of securities and loans pledged | $ 39,700,000,000 | $ 42,100,000,000 | |
Securities eligible to be repledged or sold | 31,400,000 | 487,200,000 | |
Amount of securities re pledged or sold collateral | 0 | 0 | |
Average deposits maintained to meet Federal Reserve Bank reserve requirements | 1,700,000,000 | $ 1,500,000,000 | |
Collateral Requirements | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Amount of securities and loans pledged | $ 7,500,000,000 | $ 8,500,000,000 |
Pledged Assets (Type of Pledged
Pledged Assets (Type of Pledged Assets) (Details) - USD ($) $ in Billions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | $ 39.7 | $ 42.1 |
Obligations of States and Political Subdivisions | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | 1.3 | 1 |
US Government Agencies Debt Securities and Other Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | 31 | 33.4 |
Loans | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | $ 7.4 | $ 7.7 |
Pledged Assets (Fair Value of A
Pledged Assets (Fair Value of Available for Sale Debt Securities Included in Pledged Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | $ 39,700 | $ 42,100 |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | 30.4 | 487.1 |
DERIVATIVE CONTRACTS | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Amount of securities and loans pledged | $ 58.3 | $ 14.4 |
Pledged Assets (Accepted Collat
Pledged Assets (Accepted Collateral) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
Fair value of accepted collateral | $ 998.2 | $ 707.8 |
Derivative contract | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
Fair value of accepted collateral | 34.6 | 16.8 |
DERIVATIVE CONTRACTS | ||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | ||
Fair value of accepted collateral | $ 0 | $ 0 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Goodwill by Reporting Segment) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $ 696.8 |
Foreign Exchange Rates | (7.5) |
Goodwill, end of period | 689.3 |
CORPORATE AND INSTITUTIONAL SERVICES | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 625.7 |
Foreign Exchange Rates | (7.4) |
Goodwill, end of period | 618.3 |
WEALTH MANAGEMENT | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 71.1 |
Foreign Exchange Rates | (0.1) |
Goodwill, end of period | $ 71 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Other Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Carrying Amount | $ 204.3 | $ 207.2 |
Less: Accumulated Amortization | 89.7 | 86.6 |
Net Book Value | $ 114.6 | $ 120.6 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense related to other intangible assets | $ 4.1 | $ 4.2 |
Other Intangible Assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense related to other intangible assets | 4.1 | $ 4.2 |
Estimated future amortization expense for 2020 | 12.3 | |
Estimated future amortization expense for 2021 | 14.1 | |
Estimated future amortization expense for 2022 | 9.6 | |
Estimated future amortization expense for 2023 | 9.3 | |
Estimated future amortization expense for 2024 | $ 9.2 |
Reporting Segments (Results of
Reporting Segments (Results of Reporting Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Trust, Investment and Other Servicing Fees | $ 1,003.6 | $ 928.9 |
Foreign Exchange Trading Income | 88.9 | 66.2 |
Other Noninterest Income | 87.1 | 63.8 |
Total Noninterest Income | 1,179.6 | 1,058.9 |
Net Interest Income | 416.2 | 429.8 |
Revenue | 1,595.8 | 1,488.7 |
Provision for Credit Losses | 61 | 0 |
Noninterest Expense | 1,065.6 | 1,028.7 |
Income before Income Taxes | 469.2 | 460 |
Provision for Income Taxes | 108.6 | 112.9 |
Net Income | $ 360.6 | $ 347.1 |
Percentage of Consolidated Net Income | 100.00% | 100.00% |
Average Assets | $ 124,170.5 | $ 119,416.7 |
FTE adjustments | 8.1 | 7.8 |
CORPORATE & INSTITUTIONAL SERVICES | ||
Segment Reporting Information [Line Items] | ||
Trust, Investment and Other Servicing Fees | 574.4 | 535.2 |
Foreign Exchange Trading Income | 85.1 | 59.7 |
Other Noninterest Income | 41.8 | 43.4 |
Total Noninterest Income | 701.3 | 638.3 |
Net Interest Income | 211.3 | 234.8 |
Revenue | 912.6 | 873.1 |
Provision for Credit Losses | 25.7 | (1.1) |
Noninterest Expense | 659.3 | 648 |
Income before Income Taxes | 227.6 | 226.2 |
Provision for Income Taxes | 49.9 | 53.6 |
Net Income | $ 177.7 | $ 172.6 |
Percentage of Consolidated Net Income | 49.00% | 50.00% |
Average Assets | $ 92,715.3 | $ 90,351.7 |
WEALTH MANAGEMENT | ||
Segment Reporting Information [Line Items] | ||
Trust, Investment and Other Servicing Fees | 429.2 | 393.7 |
Foreign Exchange Trading Income | 3.8 | 6.5 |
Other Noninterest Income | 42.4 | 25.5 |
Total Noninterest Income | 475.4 | 425.7 |
Net Interest Income | 204.9 | 195 |
Revenue | 680.3 | 620.7 |
Provision for Credit Losses | 35.3 | 1.1 |
Noninterest Expense | 394.4 | 379.9 |
Income before Income Taxes | 250.6 | 239.7 |
Provision for Income Taxes | 60.9 | 60.8 |
Net Income | $ 189.7 | $ 178.9 |
Percentage of Consolidated Net Income | 53.00% | 51.00% |
Average Assets | $ 31,455.2 | $ 29,065 |
TREASURY AND OTHER | ||
Segment Reporting Information [Line Items] | ||
Trust, Investment and Other Servicing Fees | 0 | 0 |
Foreign Exchange Trading Income | 0 | 0 |
Other Noninterest Income | 2.9 | (5.1) |
Total Noninterest Income | 2.9 | (5.1) |
Net Interest Income | 0 | 0 |
Revenue | 2.9 | (5.1) |
Provision for Credit Losses | 0 | 0 |
Noninterest Expense | 11.9 | 0.8 |
Income before Income Taxes | (9) | (5.9) |
Provision for Income Taxes | (2.2) | (1.5) |
Net Income | $ (6.8) | $ (4.4) |
Percentage of Consolidated Net Income | (2.00%) | (1.00%) |
Average Assets | $ 0 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Jan. 21, 2020 | Jul. 23, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2018 |
Class of Stock [Line Items] | |||||||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | |||||
Equity related to preferred stock | $ 10,879,700,000 | $ 10,616,200,000 | $ 11,091,000,000 | $ 10,508,300,000 | |||
Preferred stock, without par value (in dollars per share) | $ 0 | $ 0 | |||||
Common stock dividends (in usd per share) | $ 0.70 | $ 0.60 | |||||
Stock repurchase, shares (in shares) | 3,240,738 | ||||||
Stock repurchase, share-based compensation plan (in shares) | 496,862 | ||||||
Stock repurchase, aggregate cost | $ 296,800,000 | $ 257,400,000 | |||||
Average price paid per share for common stock repurchased (in usd per share) | $ 91.59 | ||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 25,000,000 | ||||||
Upper Limit | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase authorized amount | $ 531,700,000 | ||||||
Series D Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 5,000 | 5,000 | |||||
Per share ownership interest, percentage | 1.00% | ||||||
Equity related to preferred stock | $ 493,500,000 | $ 493,500,000 | |||||
Preferred stock, liquidation preference | $ 100,000 | ||||||
Depository shares, liquidation preference per share (in dollars per share) | $ 1,000 | ||||||
Preferred stock, annual dividend rate | 4.60% | ||||||
Preferred stock, dividend payment rate, variable rate | 3.202% | ||||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 2,300 | ||||||
Preferred stock, value, issued | 493,500,000 | ||||||
Series D Preferred Stock, Depositary Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 500,000 | ||||||
Shares issued (in shares) | 500,000 | ||||||
Series E Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 16,000 | ||||||
Per share ownership interest, percentage | 0.10% | ||||||
Equity related to preferred stock | 391,400,000 | ||||||
Preferred stock, without par value (in dollars per share) | $ 0 | ||||||
Preferred stock, liquidation preference | $ 25,000 | ||||||
Depository shares, liquidation preference per share (in dollars per share) | $ 25 | ||||||
Preferred stock, value, issued | $ 391,400,000 | $ 391,400,000 | |||||
Common stock dividends (in usd per share) | $ 476.5278 | ||||||
Series E Preferred Stock, Depositary Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 16,000,000 | ||||||
Shares issued (in shares) | 16,000,000 | ||||||
Series C Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 0 | 16,000 | |||||
Preferred stock, redemption amount | $ 400,000,000 | ||||||
Preferred stock, redemption price per share(in dollars per share) | $ 25,000 | ||||||
Preferred stock, depositary share, redemption price per share (in dollars per share) | $ 25 | ||||||
Preferred stock redemption premium | $ 11,500,000 | ||||||
Shares issued (in shares) | 16,000,000 | ||||||
Preferred stock, value, issued | $ 0 | $ 388,500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 11,091 | $ 10,508.3 |
Net Change | 239.7 | 108.4 |
Ending balance | 10,879.7 | 10,616.2 |
TOTAL | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (194.7) | (453.7) |
Ending balance | 45 | (345.3) |
NET UNREALIZED GAINS (LOSSES) ON DEBT SECURITIES AVAILABLE FOR SALE (1) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 114 | (114.9) |
Net Change | 199.7 | 85.6 |
Ending balance | 313.7 | (29.3) |
NET UNREALIZED (LOSSES) GAINS ON CASH FLOW HEDGES | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (3.7) | 4 |
Net Change | 7.3 | (4.3) |
Ending balance | 3.6 | (0.3) |
NET FOREIGN CURRENCY ADJUSTMENT | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 117.8 | 67.9 |
Net Change | 25.7 | 14.8 |
Ending balance | 143.5 | 82.7 |
NET PENSION AND OTHER POSTRETIREMENT BENEFIT ADJUSTMENTS | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (422.8) | (410.7) |
Net Change | 7 | 12.3 |
Ending balance | $ (415.8) | $ (398.4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Details of Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
BEFORE TAX | ||
Net Change | $ 338.3 | $ 149.2 |
TAX EFFECT | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 98.6 | 40.8 |
AFTER TAX | ||
Net Change | 239.7 | 108.4 |
Unrealized Gains (Losses) on Debt Securities Available for Sale | ||
BEFORE TAX | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | 266.8 | 115.3 |
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0 | 0.2 |
Net Change | 266.8 | 115.5 |
TAX EFFECT | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | (67.1) | (29.9) |
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0 | 0 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 67.1 | 29.9 |
AFTER TAX | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 199.7 | 85.4 |
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0 | 0.2 |
Net Change | 199.7 | 85.6 |
Unrealized Gains (Losses) on Cash Flow Hedges | ||
BEFORE TAX | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (4) | (13.6) |
Net Change | 9.7 | (5.8) |
TAX EFFECT | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 1 | 3.4 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 2.4 | (1.5) |
AFTER TAX | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (3) | (10.2) |
Net Change | 7.3 | (4.3) |
Foreign Currency Adjustments | ||
BEFORE TAX | ||
Net Change | 52.3 | 22.8 |
TAX EFFECT | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 26.6 | 8 |
AFTER TAX | ||
Net Change | 25.7 | 14.8 |
Foreign Currency Translation Adjustments | ||
BEFORE TAX | ||
Net Change | (89.8) | (6.5) |
TAX EFFECT | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (9.6) | (1.6) |
AFTER TAX | ||
Net Change | (80.2) | (4.9) |
Long-Term Intra-Entity Foreign Currency Transaction Gains (Losses) | ||
BEFORE TAX | ||
Net Change | (0.6) | 0.7 |
TAX EFFECT | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (0.1) | 0.2 |
AFTER TAX | ||
Net Change | (0.5) | 0.5 |
Net Investment Hedge Gains (Losses) | ||
BEFORE TAX | ||
Net Change | 142.7 | 28.6 |
TAX EFFECT | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 36.3 | 9.4 |
AFTER TAX | ||
Net Change | 106.4 | 19.2 |
Pension and Other Postretirement Benefit Adjustments | ||
BEFORE TAX | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | (1.3) | 11.3 |
Net Change | 9.5 | 16.7 |
TAX EFFECT | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | 0.1 | (3.1) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 2.5 | 4.4 |
AFTER TAX | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (1.2) | 8.2 |
Net Change | 7 | 12.3 |
Amortization of Net Actuarial Loss | ||
BEFORE TAX | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 10.9 | 5.5 |
TAX EFFECT | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (2.6) | (1.3) |
AFTER TAX | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 8.3 | 4.2 |
Amortization of Prior Service Cost | ||
BEFORE TAX | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (0.1) | (0.1) |
TAX EFFECT | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | 0 | 0 |
AFTER TAX | ||
Reclassification Adjustment for (Gains) Losses Included in Net Income | (0.1) | (0.1) |
Foreign Exchange Contracts | Unrealized Gains (Losses) on Cash Flow Hedges | ||
BEFORE TAX | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | 13.3 | 7.2 |
TAX EFFECT | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | (3.3) | (1.7) |
AFTER TAX | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 10 | 5.5 |
Interest Rate Contracts | Unrealized Gains (Losses) on Cash Flow Hedges | ||
BEFORE TAX | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | 0.4 | 0.6 |
TAX EFFECT | ||
Unrealized Gains (Losses) on Debt Securities Available for Sale | (0.1) | (0.2) |
AFTER TAX | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | $ 0.3 | $ 0.4 |
Net Income Per Common Share C_3
Net Income Per Common Share Computations (Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic Net Income Per Common Share | ||
Average Number of Common Shares Outstanding (in shares) | 208,881,131 | 218,236,802 |
Net Income | $ 360.6 | $ 347.1 |
Less: Dividends on Preferred Stock | 30.5 | 17.3 |
Net Income Applicable to Common Stock | 330.1 | 329.8 |
Less: Earnings Allocated to Participating Securities | 3.9 | 4.3 |
Earnings Allocated to Common Shares Outstanding | $ 326.2 | $ 325.5 |
Basic Earnings per Share (in dollars per share) | $ 1.56 | $ 1.49 |
Diluted Net Income Per Common Share | ||
Average Number of Common Shares Outstanding (in shares) | 208,881,131 | 218,236,802 |
Plus: Dilutive Effect of Share-based Compensation (in shares) | 935,691 | 1,033,413 |
Diluted (in shares) | 209,816,822 | 219,270,215 |
Earnings Allocated to Common and Potential Common Shares | $ 326.2 | $ 325.4 |
Diluted Earnings per Share (in dollars per share) | $ 1.55 | $ 1.48 |
Common stock equivalents not included in the computation of diluted earnings per share because their inclusion would have been antidilutive (in shares) | 0 | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Clients (Revenue Disaggregation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Trust, Investment and Other Servicing Fees | $ 1,003.6 | $ 928.9 |
Foreign Exchange Trading Income | 88.9 | 66.2 |
Treasury Management Fees | 11 | 11.7 |
Security Commissions and Trading Income | 41.7 | 23.3 |
Other Operating Income | 34.4 | 29 |
Investment Security Gains (Losses), net | 0 | (0.2) |
Total Other Noninterest Income | 176 | 130 |
Total Noninterest Income | 1,179.6 | 1,058.9 |
Custody and Fund Administration | ||
Disaggregation of Revenue [Line Items] | ||
Trust, Investment and Other Servicing Fees | 417.6 | 397.5 |
Investment Management and Advisory | ||
Disaggregation of Revenue [Line Items] | ||
Trust, Investment and Other Servicing Fees | 510.5 | 459.2 |
Securities Lending | ||
Disaggregation of Revenue [Line Items] | ||
Trust, Investment and Other Servicing Fees | 23.5 | 22.8 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Trust, Investment and Other Servicing Fees | $ 52 | $ 49.4 |
Revenue from Contracts with C_4
Revenue from Contracts with Clients (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Trust, investment and other servicing fees | $ 1,003.6 | $ 928.9 |
Security commissions and trading income | 41.7 | 23.3 |
Other operating income | 34.4 | 29 |
Securities Commissions and Trading Income | ||
Disaggregation of Revenue [Line Items] | ||
Trust, investment and other servicing fees | 29 | 21 |
Other Operating Income | ||
Disaggregation of Revenue [Line Items] | ||
Trust, investment and other servicing fees | $ 10.8 | $ 9.9 |
Revenue from Contracts with C_5
Revenue from Contracts with Clients (Contract Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Total Client Receivables | $ 920.9 | $ 903 |
Contract with customer, asset, allowance for credit loss | 5.6 | 5.6 |
Trust Fees Receivable, net | ||
Disaggregation of Revenue [Line Items] | ||
Total Client Receivables | 819.5 | 801.9 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total Client Receivables | $ 101.4 | $ 101.1 |
Net Interest Income (Net Intere
Net Interest Income (Net Interest Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Loans and Leases | $ 250.2 | $ 298.2 |
Securities — Taxable | 241.1 | 277.5 |
Securities - Non-Taxable | 0.5 | 1.1 |
Interest-Bearing Due from and Deposits with Banks | 12.8 | 17.9 |
Federal Reserve and Other Central Bank Deposits and Other | 24.6 | 68.1 |
Total Interest Income | 529.2 | 662.8 |
Interest Expense | ||
Deposits | 60.9 | 147.6 |
Federal Funds Purchased | 2 | 13.4 |
Securities Sold Under Agreements to Repurchase | 1 | 1.8 |
Other Borrowings | 29.2 | 49.9 |
Senior Notes | 17.9 | 15.9 |
Long-Term Debt | 8.4 | 10 |
Floating Rate Capital Debt | 1.7 | 2.2 |
Total Interest Expense | 121.1 | 240.8 |
Net Interest Income | $ 408.1 | $ 422 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 100.5 | $ 105.1 |
Effective tax rate (percentage) | 21.80% | 23.20% |
Pension and Postretirement He_3
Pension and Postretirement Health Care (Net Periodic Pension Expense (Benefit)) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan | ||
Amortization | ||
Contribution to pension plan | $ 0 | $ 0 |
Supplemental Plan | ||
Defined Benefit plan Net periodic benefit cost | ||
Service Cost | 1,100,000 | 1,000,000 |
Interest Cost | 1,200,000 | 1,500,000 |
Amortization | ||
Net Actuarial Loss (Gain) | 1,800,000 | 1,400,000 |
Prior Service Cost | 0 | 0 |
Net Periodic Pension Expense | 4,100,000 | 3,900,000 |
Postretirement Health Care Plan | ||
Defined Benefit plan Net periodic benefit cost | ||
Interest Cost | 200,000 | 300,000 |
Amortization | ||
Net Actuarial Loss (Gain) | (200,000) | (300,000) |
Net Periodic Pension Expense | 0 | 0 |
U.S. Plan | Pension Plan | ||
Defined Benefit plan Net periodic benefit cost | ||
Service Cost | 11,800,000 | 10,400,000 |
Interest Cost | 10,800,000 | 11,800,000 |
Expected Return on Plan Assets | (19,200,000) | (21,700,000) |
Amortization | ||
Net Actuarial Loss (Gain) | 8,800,000 | 4,300,000 |
Prior Service Cost | (100,000) | (100,000) |
Net Periodic Pension Expense | 12,100,000 | 4,700,000 |
Non U.S. Plans | Pension Plan | ||
Defined Benefit plan Net periodic benefit cost | ||
Service Cost | 500,000 | 500,000 |
Interest Cost | 700,000 | 1,000,000 |
Expected Return on Plan Assets | (700,000) | (1,000,000) |
Settlement Expense | 200,000 | 0 |
Amortization | ||
Net Actuarial Loss (Gain) | 300,000 | 100,000 |
Net Periodic Pension Expense | $ 1,000,000 | $ 600,000 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Compensation Expense for Share-Based Arrangements and Tax Impacts) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 53.8 | $ 55.3 |
Tax Benefits Recognized | $ 13.4 | $ 13.7 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) | 763,554 | 798,669 |
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 76.2 | $ 73.4 |
Share-based compensation expense | $ 0.2 | $ 0.5 |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period (in shares) | 205,847 | 211,269 |
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 20.8 | $ 19.6 |
Share-based compensation expense | 12.9 | 15.6 |
Restricted Stock Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 40.7 | 39.2 |
Retirement Eligible Employees | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 23.2 | 21.2 |
Retirement Eligible Employees | Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 10.8 | 9.2 |
Retirement Eligible Employees | Restricted Stock Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 4.3 | $ 3.3 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Exposure to loss from liquidity arrangements and obligations to purchase assets | $ 0 | ||
Affordable housing tax credits and other tax benefits | 16,300,000 | $ 16,400,000 | |
Fair value, investments, entities that calculate net asset value per share, unfunded commitments | 74,600,000 | $ 0 | |
Leveraged Leasing Transactions | |||
Variable Interest Entity [Line Items] | |||
VIE carrying amounts | 42,800,000 | 42,600,000 | |
Exposure to loss from liquidity arrangements and obligations to purchase assets | $ 0 | ||
Leveraged Leasing Transactions | Lower Limit | |||
Variable Interest Entity [Line Items] | |||
Funding of assets cost via equity interest | 20.00% | ||
Funding of asset's cost via third party non recourse debt holders | 70.00% | ||
Leveraged Leasing Transactions | Upper Limit | |||
Variable Interest Entity [Line Items] | |||
Funding of assets cost via equity interest | 30.00% | ||
Funding of asset's cost via third party non recourse debt holders | 80.00% | ||
Other Assets | |||
Variable Interest Entity [Line Items] | |||
Investments in community development projects, carrying amount, assets | $ 746,200,000 | 749,300,000 | |
Alternative investment | 100,000,000 | 112,000,000 | |
Other Assets | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
VIE carrying amounts | 697,800,000 | 700,300,000 | |
Other Liabilities | |||
Variable Interest Entity [Line Items] | |||
Investments in community development projects, carrying amount, liabilities | 362,700,000 | 376,200,000 | |
Other Liabilities | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, nonconsolidated, carrying amount, liabilities | $ 342,500,000 | $ 354,300,000 |
Contingent Liabilities (Narrati
Contingent Liabilities (Narrative) (Details) shares in Millions | Sep. 27, 2019USD ($) | Jun. 28, 2018USD ($) | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($)shares | Dec. 31, 2015trust | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares |
Loss Contingencies [Line Items] | |||||||
Commitments and letters of credit | $ 21,200,000,000 | $ 24,400,000,000 | |||||
Standby letters of credit outstanding | $ 2,400,000,000 | $ 2,400,000,000 | |||||
Minimum securities lending related collateral percentage | 100.00% | ||||||
Loss contingency accrual | $ 0 | ||||||
Visa Class B | |||||||
Loss Contingencies [Line Items] | |||||||
Visa redemption gain | $ 123,100,000 | $ 99,900,000 | |||||
Shares issued (in shares) | shares | 1.1 | 1 | |||||
Remaining Visa shares held by Northern Trust (in shares) | shares | 4.1 | 4.1 | |||||
Investment at cost | $ 0 | $ 0 | |||||
Northern Trust Fiduciary Services (Guernsey) Limited | Subsidiaries | |||||||
Loss Contingencies [Line Items] | |||||||
Number of administrated trusts serving as trustee on | trust | 2 | ||||||
Indemnification Agreement | |||||||
Loss Contingencies [Line Items] | |||||||
Collateralized securities loaned, subject to indemnification | 139,100,000,000 | 138,100,000,000 | |||||
Credit loss liability | 0 | $ 0 | |||||
Lower Limit | |||||||
Loss Contingencies [Line Items] | |||||||
Possible loss in future periods in excess of accrual | 0 | ||||||
Upper Limit | |||||||
Loss Contingencies [Line Items] | |||||||
Possible loss in future periods in excess of accrual | $ 20,000,000 | ||||||
Visa Inc. | Visa Class B Litigation Case | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | $ 300,000,000 | $ 600,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Gains or losses reclassified into earnings | $ 0 | $ 0 |
Maximum length of time over which exposure was being hedged | 23 months | |
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification, after tax | $ 142.7 | $ 28.6 |
Foreign Currency Denominate | ||
Derivative [Line Items] | ||
Estimated net gain (loss) to be reclassified into net income within the next twelve months relating to cash flow hedges | (2.6) | |
Foreign Currency Denominated Debt Securities | ||
Derivative [Line Items] | ||
Estimated net gain (loss) to be reclassified into net income within the next twelve months relating to cash flow hedges | 16.9 | |
Securities Sold Under Agreements to Repurchase | ||
Derivative [Line Items] | ||
Estimated net gain (loss) to be reclassified into net income within the next twelve months relating to cash flow hedges | $ (0.4) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Notional and Fair Values of Client-Related and Trading Derivative Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Notional Value | $ 313,571.2 | $ 310,600.7 |
Fair value asset | 4,884.1 | 2,844 |
Total Gross Derivatives, asset | 6,276.9 | 3,387.7 |
Less: Netting | 2,065.8 | 2,338 |
Derivative Asset | 4,211.1 | 1,049.7 |
Fair value liability | 5,187.4 | 2,312.4 |
Derivative Liabilities | 5,950 | 3,313 |
Less: Netting | 4,890.2 | 1,618.4 |
Derivative Liabilities | 1,059.8 | 1,694.6 |
Derivatives Designated as Hedging under GAAP | ||
Derivative [Line Items] | ||
Notional Value | 8,994.7 | 9,273.5 |
Fair value asset | 159.5 | 102.7 |
Fair value liability | 33.7 | 44.5 |
Fair Value Hedges | Derivatives Designated as Hedging under GAAP | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional Value | 4,527.2 | 4,538.2 |
Fair value asset | 12.5 | 20.3 |
Fair value liability | 18.3 | 20.9 |
Fair Value Hedges | Derivatives Not Designated as Hedging under GAAP | ||
Derivative [Line Items] | ||
Notional Value | 304,576.5 | 301,327.2 |
Fair value asset | 6,117.4 | 3,285 |
Fair value liability | 5,916.3 | 3,268.5 |
Fair Value Hedges | Non-Designated Risk Management Derivatives | ||
Derivative [Line Items] | ||
Notional Value | 745.6 | 816.8 |
Fair value asset | 2.7 | 0.9 |
Fair value liability | 28.4 | 34.1 |
Fair Value Hedges | Non-Designated Risk Management Derivatives | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
Notional Value | 195 | 176.5 |
Fair value asset | 2.7 | 0.9 |
Fair value liability | 1.9 | 0.7 |
Fair Value Hedges | Non-Designated Risk Management Derivatives | Other Financial Derivatives | ||
Derivative [Line Items] | ||
Notional Value | 550.6 | 640.3 |
Fair value asset | 0 | 0 |
Fair value liability | 26.5 | 33.4 |
Fair Value Hedges | Client-Related and Trading Derivatives | ||
Derivative [Line Items] | ||
Notional Value | 303,830.9 | 300,510.4 |
Fair value asset | 6,114.7 | 3,284.1 |
Fair value liability | 5,887.9 | 3,234.4 |
Fair Value Hedges | Client-Related and Trading Derivatives | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
Notional Value | 293,879 | 291,533.6 |
Fair value asset | 5,786.1 | 3,151.7 |
Fair value liability | 5,746.1 | 3,158.1 |
Fair Value Hedges | Client-Related and Trading Derivatives | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional Value | 9,951.9 | 8,976.8 |
Fair value asset | 328.6 | 132.4 |
Fair value liability | 141.8 | 76.3 |
Cash Flow Hedges | Derivatives Designated as Hedging under GAAP | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
Notional Value | 1,544.2 | 1,661.5 |
Fair value asset | 35.8 | 8.5 |
Fair value liability | 14.9 | 11.5 |
Cash Flow Hedges | Derivatives Designated as Hedging under GAAP | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional Value | 150 | 200 |
Fair value asset | 0.4 | 0.2 |
Fair value liability | 0 | 0.2 |
Net Investment Hedges | Derivatives Designated as Hedging under GAAP | Foreign Exchange Contracts | ||
Derivative [Line Items] | ||
Notional Value | 2,773.3 | 2,873.8 |
Fair value asset | 110.8 | 73.7 |
Fair value liability | $ 0.5 | $ 11.9 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Location and Amount of Gains and Losses Recorded in Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest Income | $ 529.2 | $ 662.8 |
Interest Expense | 121.1 | 240.8 |
Other Operating Income | 34.4 | 29 |
INTEREST INCOME | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized on fair value hedges | (0.5) | 5.5 |
Gains (Losses) on cash flow hedges recognized on | 4.1 | 14.2 |
INTEREST EXPENSE | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized on fair value hedges | (2.9) | (1.6) |
Gains (Losses) on cash flow hedges recognized on | 0 | 0 |
OTHER OPERATING INCOME | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total gains (losses) recognized on fair value hedges | 0 | 0 |
Gains (Losses) on cash flow hedges recognized on | (0.1) | (0.6) |
Interest Rate Contracts | INTEREST INCOME | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | (76) | (35.4) |
Recognized on hedged items | 76 | 35.4 |
Amounts related to interest settlements on derivatives | (0.5) | 5.5 |
Gains (Losses) on cash flow hedges recognized on | 0 | (0.2) |
Interest Rate Contracts | INTEREST EXPENSE | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | 150.4 | 28.5 |
Recognized on hedged items | (150.4) | (28.5) |
Amounts related to interest settlements on derivatives | (2.9) | (1.6) |
Gains (Losses) on cash flow hedges recognized on | 0 | 0 |
Interest Rate Contracts | OTHER OPERATING INCOME | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Recognized on derivatives | 0 | 0 |
Recognized on hedged items | 0 | 0 |
Amounts related to interest settlements on derivatives | 0 | 0 |
Gains (Losses) on cash flow hedges recognized on | 0 | 0 |
Foreign Exchange Contracts | INTEREST INCOME | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) on cash flow hedges recognized on | 4.1 | 14.4 |
Foreign Exchange Contracts | INTEREST EXPENSE | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) on cash flow hedges recognized on | 0 | 0 |
Foreign Exchange Contracts | OTHER OPERATING INCOME | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) on cash flow hedges recognized on | $ (0.1) | $ (0.6) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Fair Value of Hedged Items) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of the hedged items, available for sale debt securities | $ 2,999,200,000 | $ 2,981,000,000 |
Cumulative hedge accounting basis adjustment, available for sale debt securities | 75,700,000 | 3,300,000 |
Carrying value of the hedged items, senior notes and long-term subordinated debt | 1,748,500,000 | 1,748,500,000 |
Cumulative hedge accounting basis adjustment, senior notes and long-term subordinated debt | 270,000,000 | 126,900,000 |
Carrying value of the hedged items, total | 4,747,700,000 | 4,729,500,000 |
Cumulative hedge accounting basis adjustment, total | 345,700,000 | 130,200,000 |
Hedged asset, fair value hedge, discontinued, cumulative increase (decrease) | 1,600,000 | |
Hedged liability, fair value hedge, discontinued, cumulative increase (decrease) | $ 0 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Location and Amount of Gains and Losses Recorded in Income for Non-Designated Risk Management Derivative Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivatives Not Designated as Hedging under GAAP | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 102.9 | $ 61.3 |
Non-Designated Risk Management Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | 3 | (6.4) |
Non-Designated Risk Management Derivatives | Foreign Exchange Contracts | Other Operating Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | 0.1 | 0.9 |
Non-Designated Risk Management Derivatives | Other Financial Derivatives | Other Operating Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | 2.9 | (7.3) |
Client-Related and Trading Derivatives | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | 99.9 | 67.7 |
Client-Related and Trading Derivatives | Foreign Exchange Contracts | Foreign Exchange Trading Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | 88.9 | 66.2 |
Client-Related and Trading Derivatives | Interest Rate Contracts | Security Commissions and Trading Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
AMOUNT OF DERIVATIVE GAINS (LOSSES) RECOGNIZED IN INCOME | $ 11 | $ 1.5 |
Offsetting of Assets and Liab_3
Offsetting of Assets and Liabilities (Offsetting of Derivative Assets and Securities Purchased Under Agreements to Resell) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | $ 4,884,100,000 | $ 2,844,000,000 |
Gross Amounts Offset in the Balance Sheet | 2,065,800,000 | 2,338,000,000 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 2,818,300,000 | 506,000,000 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 8,700,000 | 16,500,000 |
Net Amount | 2,809,600,000 | 489,500,000 |
Total Derivatives Not Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 1,392,800,000 | 543,700,000 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 25,900,000 | 300,000 |
Net Amount | 1,366,900,000 | 543,400,000 |
Total Derivatives | ||
GROSS RECOGNIZED ASSETS | 6,276,900,000 | 3,387,700,000 |
Derivative Asset | 4,211,100,000 | 1,049,700,000 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 34,600,000 | 16,800,000 |
Net Amount | 4,176,500,000 | 1,032,900,000 |
Securities Purchased under Agreements to Resell | ||
GROSS RECOGNIZED ASSETS | 998,200,000 | 707,800,000 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 998,200,000 | 707,800,000 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 998,200,000 | 707,800,000 |
Other assets excluding derivatives and non financial instruments | 7,600,000,000 | 7,400,000,000 |
Federal funds sold | 0 | 5,000,000 |
Foreign Exchange Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 4,542,600,000 | 2,691,100,000 |
Gross Amounts Offset in the Balance Sheet | 2,062,600,000 | 2,334,100,000 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 2,480,000,000 | 357,000,000 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 8,700,000 | 16,500,000 |
Net Amount | 2,471,300,000 | 340,500,000 |
Interest Rate Swap Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 341,500,000 | 151,900,000 |
Gross Amounts Offset in the Balance Sheet | 3,200,000 | 3,900,000 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 338,300,000 | 148,000,000 |
Net Amount | $ 338,300,000 | 148,000,000 |
Interest Rate Swap Contracts | Interest Rate Swaps Exchange Cleared | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED ASSETS | 1,000,000 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 1,000,000 | |
Net Amount | $ 1,000,000 |
Offsetting of Assets and Liab_4
Offsetting of Assets and Liabilities (Offsetting of Derivative Liabilities and Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | $ 5,187.4 | $ 2,312.4 |
Gross Amounts Offset in the Balance Sheet | 4,890.2 | 1,618.4 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 297.2 | 694 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 1.1 | 0.1 |
Net Amount | 296.1 | 693.9 |
Total Derivatives Not Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 762.6 | 1,000.6 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 0 | |
Net Amount | 762.6 | 1,000.6 |
Offsetting Derivative Liabilities [Abstract] | ||
GROSS RECOGNIZED LIABILITIES | 5,950 | 3,313 |
Derivative Liabilities | 1,059.8 | 1,694.6 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 1.1 | 0.1 |
Net Amount | 1,058.7 | 1,694.5 |
Securities Sold under Agreements to Repurchase | ||
GROSS RECOGNIZED LIABILITIES | 34.1 | 489.7 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 34.1 | 489.7 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 34.1 | 489.7 |
Other liabilities | 3,800 | 3,100 |
Foreign Exchange Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 5,000.8 | 2,181.6 |
Gross Amounts Offset in the Balance Sheet | 4,763.3 | 1,548.6 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 237.5 | 633 |
GROSS AMOUNTS NOT OFFSET IN THE BALANCE SHEET | 1.1 | 0.1 |
Net Amount | 236.4 | 632.9 |
Interest Rate Swap Contracts | Over the Counter Derivative | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 160.1 | 96.7 |
Gross Amounts Offset in the Balance Sheet | 126.9 | 57.3 |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 33.2 | 39.4 |
Net Amount | 33.2 | 39.4 |
Interest Rate Swap Contracts | Interest Rate Swaps Exchange Cleared | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 0.7 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 0.7 | |
Net Amount | 0.7 | |
Other Financial Derivatives | Other Financial Derivatives | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
GROSS RECOGNIZED LIABILITIES | 26.5 | 33.4 |
Gross Amounts Offset in the Balance Sheet | 0 | 12.5 |
Other Financial Derivatives | ||
Total Derivatives Subject to a Master Netting Arrangement | ||
NET AMOUNTS PRESENTED IN THE BALANCE SHEET | 26.5 | 20.9 |
Net Amount | $ 26.5 | $ 20.9 |
Offsetting of Assets and Liab_5
Offsetting of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting Assets and Liabilities [Line Items] | ||
Collateral received | $ 8.7 | $ 16.5 |
Gross amounts not offset in the balance sheet | 1.1 | 0.1 |
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position | 935.7 | 766.2 |
Collateral deposited with derivative counterparties for derivatives instruments with credit-risk-related contingent features that are in a liability position | 922.7 | 327.1 |
Net maximum amount of termination payments that could have been required | 13 | 439.1 |
Net Investment Hedges | ||
Offsetting Assets and Liabilities [Line Items] | ||
Collateral received | 360.7 | |
Gross amounts not offset in the balance sheet | $ 415.2 | |
Cash collateral received from derivative counterparties and not offset against derivative assets | 196.3 | |
Cash collateral deposited with derivative counterparties not offset against derivative liabilities | $ 2 |
Uncategorized Items - q12020for
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (10,100,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 11,080,900,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 11,646,600,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,013,100,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 408,600,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (194,700,000) |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (3,066,100,000) |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 1,273,400,000 |