Northern Trust (NTRS) 10-Q 30 Oct 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Unclassified - Deposit Based Operations (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008	Sep. 30, 2008
Assets
Cash and Due from Banks	2885.9	2648.2	3775.7
Federal Funds Sold and Securities Purchased under Agreements to Resell	53.8	169	869.9
Time Deposits with Banks	14155.8	16,721	25187.9
Federal Reserve Deposits and Other Interest-Bearing	9924.7	9403.8	21.2
Securities
Available for Sale	16260.4	14414.4	12195.2
Held to Maturity (Fair value - $1,215.5 at Sept. 2009, $1,156.1 at Dec. 2008, $1,142.7 at Sept. 2008)	1186.5	1154.1	1155.2
Trading Account	10	2.3	8.7
Total Securities	17456.9	15570.8	13359.1
Loans and Leases
Commercial and Other	17304.7	20,374	19912.6
Residential Mortgages	10818.2	10381.4	9957.6
Total Loans and Leases (Net of unearned income - $499.6 at Sept. 2009, $539.5 at Dec. 2008, and $541.7 at Sept. 2008)	28122.9	30755.4	29870.2
Reserve for Credit Losses Assigned to Loans and Leases	-307.8	-229.1	-194.7
Buildings and Equipment	542.7	506.6	492.9
Client Security Settlement Receivables	787.1	709.3	857
Goodwill	401.4	389.4	410
Other Assets	3878.1	5409.2	4594.8
Total Assets	77901.5	82053.6	79,244
Deposits
Demand and Other Noninterest-Bearing	7623.1	11823.6	7004.5
Savings and Money Market	12882.7	9079.2	8104.7
Savings Certificates	2773.2	2606.8	2177.4
Other Time	1256.8	801.6	639.6
Non U.S. Offices - Noninterest-Bearing	2516.2	2855.7	3452.5
- Interest-Bearing	28272.1	35239.5	41060.4
Total Deposits	55324.1	62406.4	62439.1
Federal Funds Purchased	6703.6	1783.5	1,500
Securities Sold Under Agreements to Repurchase	717.1	1529.1	1012.7
Other Borrowings	914.3	736.7	271.3
Senior Notes	1,557	1052.6	1038.2
Long-Term Debt	2907.6	3293.4	3267.6
Floating Rate Capital Debt	276.7	276.7	276.6
Other Liabilities	3277.8	4585.8	4602.5
Total Liabilities	71678.2	75664.2	74,408
Stockholders' Equity
Preferred Stock - Series B (Net of discount of $74.7)	0	1501.3	0
Common Stock, $1.66 2/3 Par Value; Authorized 560,000,000 shares; Outstanding 241,505,420 shares at September 2009, 223,263,132 shares at December 2008 and 223,034,210 shares at September 2008	408.6	379.8	379.8
Additional Paid-In Capital	893.9	178.5	105.9
Retained Earnings	5443.3	5091.2	4821.1
Accumulated Other Comprehensive Income (Loss)	-313.1	-494.9	-190.2
Treasury Stock - (at cost, 3,666,104 shares at September 2009, 4,658,392 shares at December 2008, and 4,887,314 shares at September 2008)	-209.4	-266.5	-280.6
Total Stockholders' Equity	6223.3	6389.4	4,836
Total Liabilities and Stockholders' Equity	77901.5	82053.6	$79,244

1_Statement Of Financial Positi

Statement Of Financial Position Unclassified - Deposit Based Operations (Parenthetical) (USD $)
In Millions, except Share data	Sep. 30, 2009	Dec. 31, 2008	Sep. 30, 2008
Held to Maturity, Fair value	1215.5	1156.1	1142.7
Total Loans and Leases, unearned income	499.6	539.5	541.7
Preferred Stock - Series B, discount	$0	74.7	$0
Common Stock, Par Value	1.6667	1.6667	1.6667
Common Stock, Authorized	560,000,000	560,000,000	560,000,000
Common Stock, Outstanding	241,505,420	223,263,132	223,034,210
Treasury Stock, shares	3,666,104	4,658,392	4,887,314

Statement Of Income Interest Ba

Statement Of Income Interest Based Revenue (USD $)
In Millions, except Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Noninterest Income
Trust, Investment and Other Servicing Fees	523.1	474.9	1535.2	1646.8
Foreign Exchange Trading Income	92.9	141.8	358.3	381.6
Security Commissions and Trading Income	12.9	19.2	46.5	57.4
Treasury Management Fees	19.4	17.6	61.6	53.4
Gain on Visa Share Redemption	0	0	0	167.9
Other Operating Income	35.1	36.2	100.4	102.8
Security Gains and (Losses), including Other-Than-Temporary-Impairment (OTTI) Losses, net	-35.5	-16.9	-114.7	-11.9
Less: OTTI Recognized in Other Comprehensive Income	31.5	0	93.6	0
Total Investment Security Gains (Losses), net	(4)	-16.9	-21.1	-11.9
Total Noninterest Income	679.4	672.8	2080.9	2,398
Net Interest Income
Interest Income	333.2	640.9	1081.7	1906.9
Interest Expense	94.9	387.5	316.1	1163.9
Net Interest Income	238.3	253.4	765.6	743
Provision for Credit Losses	60	25	175	55
Net Interest Income after Provision for Credit Losses	178.3	228.4	590.6	688
Noninterest Expenses
Compensation	283.6	230.3	830	822.5
Employee Benefits	59.6	52.4	187.1	172.4
Outside Services	108.7	106.5	306.5	306.6
Equipment and Software Expense	65.6	60.7	188.5	171.8
Occupancy Expense	45.3	41.8	127.5	122.9
Visa Indemnification Charges	-17.8	30	-17.8	-46.1
Other Operating Expenses	54.2	632.3	73.6	782.5
Total Noninterest Expenses	599.2	1,154	1695.4	2332.6
Income (Loss) before Income Taxes	258.5	-252.8	976.1	753.4
Provision (Benefit) for Income Taxes	70.6	-104.5	312.2	300.9
Net Income (Loss)	187.9	-148.3	663.9	452.5
Net Income (Loss) Applicable to Common Stock	187.9	-148.3	552.8	452.5
Per Common Share
Net Income (Loss) - Basic	0.77	-0.66	2.35	2.03
- Diluted	0.77	-0.66	2.34	$2
Cash Dividends Declared	0.28	0.28	0.84	0.84
Average Number of Common Shares Outstanding - Basic	241,415,698	221,899,198	233,475,552	220,944,632
- Diluted	242,631,248	221,899,198	234,526,417	224,240,453

Statement Of Other Comprehensiv

Statement Of Other Comprehensive Income (USD $)
In Millions	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net Income	187.9	-148.3	663.9	452.5
April 1 Cumulative Effect Adjustment from New Accounting Standard	0	0	-9.5	0
Other Comprehensive Income (Loss) (net of tax and reclassifications) Security OTTI Losses Recognized in Other Comprehensive Income	-3.1	0	-42.4	0
Other Unrealized Gains (Losses) on Securities, net	44	-32.4	209.7	-101.8
Unrealized Gains (Losses) on Cash Flow Hedge Designations, net	-1.9	-2.2	15.9	-2.7
Foreign Currency Translation Adjustments	-2.1	(9)	-0.8	-1.7
Pension and Other Postretirement Benefit Adjustments	3.4	1.8	8.9	6.3
Other Comprehensive Income (Loss)	40.3	-41.8	191.3	-99.9
Comprehensive Income	228.2	-190.1	845.7	352.6

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at January 1 at Dec. 31, 2007	$0	379.8	69.1	4556.2	-90.3	-405.7
April 1 Cumulative Effect of Applying FSP FAS 115-2 (ASC 320-10)				0	0
Common Stock Issuance		0	0
Redemption of Preferred Stock, Series B	0
Net Income				452.5			452.5
Repurchase of Warrant to Purchase Common Stock			0
Other Comprehensive Income (Loss)					-99.9		-99.9
Dividends Declared - Common Stock				-187.6
Stock Options and Awards			-26.7			195.8
Dividends Declared - Preferred Stock				0
Stock Options and Awards - Amortization			29.9
Stock Purchased						-70.7
Stock Options and Awards - Tax Benefits			33.6
Discount Accretion - Preferred Stock	0			0
Balance at September 30 at Sep. 30, 2008	0	379.8	105.9	4821.1	-190.2	-280.6	4,836
Balance at January 1 at Dec. 31, 2008	1501.3	379.8	178.5	5091.2	-494.9	-266.5	6389.4
April 1 Cumulative Effect of Applying FSP FAS 115-2 (ASC 320-10)				9.5	-9.5
Common Stock Issuance		28.8	805.3
Redemption of Preferred Stock, Series B	(1,576)
Net Income				663.9			663.9
Repurchase of Warrant to Purchase Common Stock			(87)
Other Comprehensive Income (Loss)					191.3		191.3
Dividends Declared - Common Stock				(200)
Stock Options and Awards			-31.2			68.9
Dividends Declared - Preferred Stock				-46.6
Stock Options and Awards - Amortization			24.4
Stock Purchased						-11.8
Stock Options and Awards - Tax Benefits			3.9
Discount Accretion - Preferred Stock	74.7			-74.7
Balance at September 30 at Sep. 30, 2009	$0	408.6	893.9	5443.3	-313.1	-209.4	6223.3

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Deposit Based Operations (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash Flows from Operating Activities:
Net Income	663.9	452.5
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Credit Losses	175	55
Client Support-Related (Benefit) Charges	-121.3	571.4
Capital Support Agreement Payments	-66.7	0
Depreciation on Buildings and Equipment	70.4	63.4
Amortization of Computer Software	94.7	81.9
Investment Security Losses, net	21.1	11.9
Amortization of Intangibles	12	13.7
Decrease in Receivables	63.7	88.1
Decrease in Interest Payable	-22.4	-9.7
Amortization and Accretion of Securities and Unearned Income	-37.7	-10.6
Excess Tax Benefits from Stock Incentive Plans	-3.9	-33.6
Net Increase in Trading Account Securities	-7.7	-5.6
Visa Indemnification Charges	-17.8	-46.1
Other Operating Activities, net	-130.8	-313.1
Net Cash Provided by Operating Activities	692.5	919.2
Cash Flows from Investing Activities:
Net Decrease in Federal Funds Sold and Securities Purchased under Agreements to Resell	115.2	2920.8
Net (Increase) Decrease in Time Deposits with Banks	2565.2	-3927.9
Net (Increase) Decrease in Federal Reserve Deposits and Other Interest-Bearing Assets	-520.9	0.3
Purchases of Securities-Held to Maturity	-164.2	-165.6
Proceeds from Maturity and Redemption of Securities-Held to Maturity	150.9	160.1
Purchases of Securities-Available for Sale	-12239.4	-10430.9
Proceeds from Sale, Maturity and Redemption of Securities-Available for Sale	10695.3	5809.2
Net (Increase) Decrease in Loans and Leases	2507.2	-4528.6
Purchases of Buildings and Equipment, net	-106.6	-64.4
Purchases and Development of Computer Software	(137)	-157.6
Net Increase in Client Security Settlement Receivables	-77.8	-293.9
Other Investing Activities, net	232.9	-171.8
Net Cash Provided by (Used in) Investing Activities	3020.8	-10850.3
Cash Flows from Financing Activities:
Net Increase (Decrease) in Deposits	-7082.3	11,226
Net Increase in Federal Funds Purchased	4920.1	34.2
Net Decrease in Securities Sold under Agreements to Repurchase	(812)	-750.9
Net Increase (Decrease) in Short-Term Other Borrowings	42	-1804.6
Proceeds from Term Federal Funds Purchased	11921.5	84.7
Repayments of Term Federal Funds Purchased	-11785.5	-118.7
Proceeds from Senior Notes & Long-Term Debt	500	1863.1
Repayments of Senior Notes & Long-Term Debt	-371.8	-859.5
Treasury Stock Purchased	-8.6	-63.9
Net Proceeds from Stock Options	34.6	159.1
Excess Tax Benefits from Stock Incentive Plans	3.9	33.6
Cash Dividends Paid on Common Stock	-192.7	-185.4
Proceeds from Common Stock Issuance	834.1	0
Cash Dividends Paid on Preferred Stock	-46.6	0
Redemption of Preferred Stock - Series B	(1,576)	0
Repurchase of Warrant to Purchase Common Stock	(87)	0
Other Financing Activities, net	146.9	281.6
Net Cash Provided by (Used in) Financing Activities	-3559.4	9899.3
Effect of Foreign Currency Exchange Rates on Cash	83.8	-114.1
Increase (Decrease) in Cash and Due from Banks	237.7	-145.9
Cash and Due from Banks at Beginning of Year	2648.2	3921.6
Cash and Due from Banks at End of Period	2885.9	3775.7
Supplemental Disclosures of Cash Flow Information:
Interest Paid	338.5	1173.6
Income Taxes Paid	301.1	288.2

1. Basis of Presentation

1. Basis of Presentation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
1. Basis of Presentation	1. Basis of Presentation The consolidated financial statements include the accounts of Northern Trust Corporation (Corporation) and its subsidiaries (collectively, Northern Trust), all of which are wholly-owned. Significant intercompany balances and transactions have been eliminated. The consolidated financial statements, as of and for the periods ended September30, 2009 and 2008, have not been audited by the Corporations 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. Events occurring subsequent to the date of the balance sheet have been evaluated for potential recognition or disclosure in the consolidated financial statements through October30, 2009, the date of the filing of the consolidated financial statements with the Securities and Exchange Commission. For a description of Northern Trusts significant accounting policies, refer to Note 1 of the Notes to Consolidated Financial Statements in the 2008 Annual Report to Shareholders.

2. Recent Accounting Pronouncem

2. Recent Accounting Pronouncements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
2. Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In June 2009, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No.168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles a replacement of FASB Statement No.162. (FASB Accounting Standards Codification (ASC) Topic 105, Generally Accepted Accounting Principles). Upon adoption as of September30, 2009, FASB ASC Topic 105 is the sole source of authoritative U.S. Generally Accepted Accounting Principles (GAAP) recognized by the FASB. FASB ASC Topic 105 does not alter existing GAAP and its adoption as of September30, 2009 had no impact on Northern Trusts consolidated financial position or results of operations. In June 2009, the FASB issued SFAS No.166, Accounting for Transfers of Financial Assets - an amendment of FASB Statement No.140 (FASB ASC Topic 860, Transfers and Servicing). SFAS No.166 amends SFAS No.140 to improve the relevance and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and the transferors continuing involvement, if any, in transferred financial assets. SFAS No.166 is effective for interim and annual reporting periods that begin after November15, 2009. Northern Trust is currently assessing the impact of the adoption of SFAS No.166; however, its impact on Northern Trusts consolidated financial position and results of operations is not expected to be material. In June 2009, the FASB issued SFAS No.167, Amendments to FASB Interpretation No.46(R) (FASB ASC Topic 810, Consolidations). SFAS No.167 significantly changes the criteria for determining whether the consolidation of a variable interest entity is required. SFAS No.167 also addresses the effect of changes required by SFAS No.166 on FASB Interpretation No.46(R), Consolidation of Variable Interest Entities (FASB ASC Topic 860, Transfers and Servicing), and concerns regarding the application of certain provisions of Interpretation No.46(R), including concerns that the accounting and disclosures under the Interpretation do not always provide timely and useful information about an entitys involvement in a variable interest entity. SFAS No.167 is effective for interim and annual reporting periods that begin after November15, 2009. Northern Trust is currently analyzing the statement and actively monitoring ongoing discussions among industry participants, accounting standard setters, and banking regulators regarding differing interpretations of its requirements. Significant interpretative issues remain open regarding when investment managers such as Northern Trust are required to consolidate certain assets in funds that they manage. Based on Northern Trusts preliminary assessment, the value of assets in funds that may need to be consolidated is likely to be immaterial. Northern Trust will continue to closely monitor and evaluate the resolution of open questions regarding the statement as they could have a significant bearing on the impact of Northern Trusts ad

3. Fair Value Measurements - Fa

3. Fair Value Measurements - Fair Value Hierarchy
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
3. Fair Value Measurements - Fair Value Hierarchy	3. Fair Value Measurements Fair Value Hierarchy. The following describes the hierarchy of inputs 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. The hierarchy of valuation inputs (Levels 1, 2, and 3) is based on the extent to which the inputs are observable in the marketplace. Observable inputs reflect market data obtained from sources independent of the reporting entity; unobservable inputs reflect the entitys own assumptions about how market participants would value an asset or liability based on the best information available. Level 1. Quoted, active market prices for identical assets or liabilities. Northern Trusts Level 1 assets and liabilities include available for sale investments in U.S. treasury securities, seed investments for the development of managed fund products consisting of common stock and securities sold but not yet purchased, and U.S. treasury securities held to fund employee benefit and deferred compensation obligations. 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 Trusts Level 2 assets include available for sale and trading account investments in government sponsored agency securities, asset-backed securities, obligations of states and political subdivisions, corporate debt securities, and non-U.S. government securities, the fair values of which are modeled by external pricing vendors or, in limited cases, modeled internally, using a discounted cash flow approach that incorporates current market yield curves and assumptions regarding anticipated prepayments and defaults. Level 2 assets and liabilities also include derivative contracts such as foreign exchange, interest rate, and credit default swap contracts that are valued using widely accepted models that incorporate inputs readily observable in actively quoted markets and do not require significant judgment. Inputs to these models reflect the contractual terms of the contracts and, based on the type of instrument, can include foreign exchange rates, interest rates, credit spreads, and volatility inputs. Northern Trust evaluated the impact of counterparty credit risk and its own credit risk on the valuation of its derivative instruments. Factors considered included the likelihood of default by Northern Trust and its counterparties, the remaining maturities of the instruments, net exposures after giving effect to master netting agreements, available collateral, and other credit enhancements in determining the appropriate fair value of Northern Trusts derivative instruments. The resulting valuation adjustments are not considered material. Level 2 other assets represent investments in mutual funds held to fund employee benefit and deferred compensation obligations. These investments are valued at the funds net asset values. Level 3. Valuation techniques in which one or more significant inputs are u

4. Securities

4. Securities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
4. Securities	4. Securities The following table summarizes the book and fair values of securities. (In Millions) September30, 2009 December31, 2008 September30, 2008 Book Value Fair Value Book Value Fair Value Book Value Fair Value Available for Sale U.S. Government $ 73.7 $ 73.7 $ 19.9 $ 19.9 $ 20.0 $ 20.0 Obligations of States and Political Subdivisions 46.1 46.1 31.6 31.6 31.7 31.7 Government Sponsored Agency 11,289.6 11,289.6 11,261.4 11,261.4 9,868.8 9,868.8 Corporate Debt 2,723.5 2,723.5 739.6 739.6 149.2 149.2 Residential Mortgage-Backed 336.0 336.0 439.3 439.3 572.5 572.5 Other Asset-Backed 1,044.7 1,044.7 1,133.3 1,133.3 1,227.4 1,227.4 Auction Rate 450.6 450.6 453.1 453.1 Other 296.2 296.2 336.2 336.2 325.6 325.6 Subtotal 16,260.4 16,260.4 14,414.4 14,414.4 12,195.2 12,195.2 Held to Maturity Obligations of States and Political Subdivisions 723.8 764.5 791.2 819.3 797.6 805.1 Government Sponsored Agency 87.1 89.4 55.0 56.1 37.2 37.3 Other 375.6 361.6 307.9 280.7 320.4 300.3 Subtotal 1,186.5 1,215.5 1,154.1 1,156.1 1,155.2 1,142.7 Trading Account 10.0 10.0 2.3 2.3 8.7 8.7 Total Securities $ 17,456.9 $ 17,485.9 $ 15,570.8 $ 15,572.8 $ 13,359.1 $ 13,346.6 Reconciliation of Amortized Cost to Fair Values of Securities Available for Sale September30, 2009 (In Millions) Amortized Cost GrossUnrealized Fair Value Gains Losses U.S. Government $ 73.7 $ $ $ 73.7 Obligations of States and Political Subdivisions 44.8 1.3 46.1 Government Sponsored Agency 11,242.2 62.7 15.3 11,289.6 Corporate Debt 2,718.7 9.0 4.2 2,723.5 Residential Mortgage-Backed 482.3 146.3 336.0 Other Asset-Backed 1,047.6 .5 3.4 1,044.7 Auction Rate 435.6 19.7 4.7 450.6 Other 296.1 .1 296.2 Total $ 16,341.0 $ 93.3 $ 173.9 $ 16,260.4 Reconciliation of Book Values to Fair Values of Securities Held to Maturity September30, 2009 (In Millions) Book Value GrossUnrealized Fair Value Gains Losses Obligations of States and Political Subdivisions $ 723.8 $ 41.1 $ .4 $ 764.5 Government Sponsored Agency 87.1 2.4 .1 89.4 Other 375.6 14.0 361.6 Total $ 1,186

5. Loans and Leases

5. Loans and Leases
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
5. Loans and Leases	5. Loans and Leases Amounts outstanding in selected loan categories are shown below. (In Millions) September30, 2009 December31, 2008 September30, 2008 U.S. Residential Real Estate $ 10,818.2 $ 10,381.4 $ 9,957.6 Commercial 6,807.5 8,253.6 7,741.7 Commercial Real Estate 3,126.9 3,014.0 2,940.8 Personal 4,738.8 4,766.7 4,629.0 Other 811.9 1,404.2 1,747.8 Lease Financing 1,015.2 1,143.8 1,122.6 Total U.S. 27,318.5 28,963.7 28,139.5 Non-U.S. 804.4 1,791.7 1,730.7 Total Loans and Leases $ 28,122.9 $ 30,755.4 $ 29,870.2 Reserve for Credit Losses Assigned to Loans and Leases (307.8 ) (229.1 ) (194.7 ) Net Loans and Leases $ 27,815.1 $ 30,526.3 $ 29,675.5 Other U.S. loans and non-U.S. loans included $1.0 billion at September30, 2009, $1.9 billion at December31, 2008, and $2.5 billion at September30, 2008 of short duration advances, primarily related to overdrafts associated with the timing of custody clients investments. The following table shows outstanding amounts of nonperforming and impaired loans as of September30, 2009,December31, 2008, and September30, 2008. (In Millions) September30, 2009 December31, 2008 September30, 2008 Nonperforming Loans $ 292.3 $ 96.7 $ 58.8 Nonperforming Loans Classified as Impaired: Impaired Loans with Reserves $ 112.7 $ 31.5 $ 33.1 Impaired Loans without Reserves* 135.5 54.1 15.5 Total Impaired Loans $ 248.2 $ 85.6 $ 48.6 Reserves for Impaired Loans $ 45.7 $ 15.5 $ 7.9 Average Balance of Impaired Loans During the Period $ 198.8 $ 31.5 $ 28.4 * When an impaired loans discounted cash flows, collateral value, or market price equals or exceeds its carrying value (net of charge-offs), a reserve is not required. At September30, 2009, residential real estate loans totaling $9.7 million were held for sale and carried at the lower of cost or market. Loan commitments for residential real estate loans that will be held for sale when funded are carried at fair value and had a total notional amount of $25.9 million at September30, 2009. All other loan commitments are carried at the amount of unamortized fees with a reserve for credit loss liability recognized for estimated probable losses. At September30, 2009, legally binding commitments to extend credit totaled $25.7 billion compared with $25.4 billion at December31, 2008, and $24.7 billion at September30, 2008.

6. Reserve for Credit Losses

6. Reserve for Credit Losses
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
6. Reserve for Credit Losses	6. Reserve for Credit Losses Changes in the reserve for credit losses were as follows: (In Millions) ThreeMonthsEnded September30 NineMonthsEnded September30 2009 2008 2009 2008 Balance at Beginning of Period $ 319.1 $ 183.1 $ 251.1 $ 160.2 Charge-Offs (46.9 ) (1.5 ) (97.3 ) (9.2 ) Recoveries .8 1.2 3.8 1.8 Net Charge-Offs (46.1 ) (.3 ) (93.5 ) (7.4 ) Provision for Credit Losses 60.0 25.0 175.0 55.0 Effect of Foreign Exchange Rates (.3 ) .4 (.3 ) Balance at End of Period $ 333.0 $ 207.5 $ 333.0 $ 207.5 Reserve for Credit Losses Assigned to: Loans and Leases $ 307.8 $ 194.7 $ 307.8 $ 194.7 Unfunded Commitments and Standby Letters of Credit 25.2 12.8 25.2 12.8 Total Reserve for Credit Losses $ 333.0 $ 207.5 $ 333.0 $ 207.5 The reserve for credit losses represents managements estimate of probable inherent losses that have occurred as of the date of the financial statements. The loan and lease portfolio and other credit exposures are regularly reviewed to evaluate the adequacy of the reserve for credit losses. In determining the level of the reserve, Northern Trust evaluates the reserve necessary for specific nonperforming loans and also estimates losses inherent in other credit exposures.

7. Pledged Assets

7. Pledged Assets
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
7. Pledged Assets	7. Pledged Assets Securities and loans pledged to secure public and trust deposits, repurchase agreements, and for other purposes as required or permitted by law were $23.5 billion on September30, 2009, $23.6 billion on December31, 2008 and $21.4 billion on September30, 2008. Included in the September30, 2009 pledged assets were securities available for sale of $684.2 million that were pledged as collateral for agreements to repurchase securities sold transactions. The secured parties to these transactions have the right to repledge or sell these securities. Northern Trust is permitted to repledge or sell collateral from agreements to resell securities purchased transactions. The total fair value of accepted collateral as of September30, 2009,December31, 2008, and September30, 2008 was $24.2 million, $32.4 million, and $127.3 million, respectively. There was no repledged collateral at September30, 2009,December31, 2008, or September30, 2008.

8. Goodwill and Other Intangibl

8. Goodwill and Other Intangibles
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
8. Goodwill and Other Intangibles	8. Goodwill and Other Intangibles The following table shows the carrying amounts of goodwill by business unit, which include the effect of foreign exchange rates on non-U.S. dollar denominated goodwill, at September30, 2009,December31, 2008, and September30, 2008. (In Millions) September30, 2009 December31, 2008 September30, 2008 Corporate and Institutional Services $ 334.5 $ 322.6 $ 349.4 Personal Financial Services 66.9 66.8 60.6 Total Goodwill $ 401.4 $ 389.4 $ 410.0 Other intangible assets are included in other assets in the consolidated balance sheet. The gross carrying amount and accumulated amortization of other intangible assets subject to amortization at September30, 2009,December31, 2008, and September30, 2008, which include the effect of foreign exchange rates on non-U.S. dollar denominated intangible assets, were as follows: (In Millions) September30, 2009 December31, 2008 September30, 2008 Gross Carrying Amount $ 156.9 $ 153.4 $ 160.1 Accumulated Amortization 92.2 80.2 76.1 Net Book Value $ 64.7 $ 73.2 $ 84.0 Other intangible assets consist primarily of the value of acquired client relationships. Amortization expense related to other intangible assets totaled $4.1 million and $4.3 million for the quarters ended September30, 2009 and 2008, respectively, and $12.0 million and $13.7 million for the nine months ended September30, 2009 and 2008, respectively. Amortization for the remainder of 2009 and for the years 2010, 2011, 2012, and 2013 is estimated to be $4.2 million, $14.6 million, $11.0 million, $10.8 million and $10.5 million, respectively.

9. Business Units

9. Business Units
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
9. Business Units	9. Business Units The tables on page 45, reflecting the earnings contribution of Northern Trusts business units for the three and nine month periods ended September30, 2009 and 2008, are incorporated by reference.

10. Accumulated Other Comprehen

10. Accumulated Other Comprehensive Income (Loss)
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
10. Accumulated Other Comprehensive Income (Loss)	10. Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of accumulated other comprehensive income (loss) at September30, 2009 and 2008, and changes during the three and nine months then ended. (In Millions) Beginning Period Change Ending Balance (NetofTax) Pre-Tax Amount TaxEffect Balance (NetofTax) Three Months Ended September30, 2009 Unrealized Gains (Losses) on Securities Available for Sale $ (96.0 ) $ 60.5 $ (22.2 ) $ (57.7 ) Less: Reclassification Adjustments (4.1 ) 1.5 (2.6 ) Net Unrealized Gains (Losses) on Securities Available for Sale (96.0 ) 64.6 (23.7 ) (55.1 ) Unrealized Gains (Losses) on Cash Flow Hedge Designations (2.9 ) 1.1 (.4 ) (2.2 ) Less: Reclassification Adjustments 4.2 (1.6 ) 2.6 Net Unrealized Gains (Losses) on Cash Flow Hedge Designations (2.9 ) (3.1 ) 1.2 (4.8 ) Foreign Currency Translation Adjustments 14.1 (3.7 ) 1.6 12.0 Pension and Other Postretirement Benefit Adjustments (268.6 ) (268.6 ) Less: Reclassification Adjustments 4.9 (1.5 ) 3.4 Total Pension and Other Postretirement Benefit Adjustments (268.6 ) 4.9 (1.5 ) (265.2 ) Accumulated Other Comprehensive Income (Loss) $ (353.4 ) $ 62.7 $ (22.4 ) $ (313.1 ) Three Months Ended September30, 2008 Unrealized Gains (Losses) on Securities Available for Sale $ (98.1 ) $ (34.6 ) $ 12.8 $ (119.9 ) Less: Reclassification Adjustments 16.9 (6.3 ) 10.6 Net Unrealized Gains (Losses) on Securities Available for Sale (98.1 ) (51.5 ) 19.1 (130.5 ) Unrealized Gains (Losses) on Cash Flow Hedge Designations (3.5 ) (.3 ) .1 (3.7 ) Less: Reclassification Adjustments 3.3 (1.3 ) 2.0 Net Unrealized Gains (Losses) on Cash Flow Hedge Designations (3.5 ) (3.6 ) 1.4 (5.7 ) Foreign Currency Translation Adjustments 28.5 58.2 (67.2 ) 19.5 Pension and Other Postretirement Benefit Adjustments (75.3 ) (75.3 ) Less: Reclassification Adjustments 3.4 (1.6 ) 1.8 Total Pension and Other Postretirement Benefit Adjustments (75.3 ) 3.4 (1.6 ) (73.5 ) Accumulated Other Comprehensive Income (Loss) $ (148.4 ) $ 6.5 $ (48.3 ) $ (190.2 ) Nine Months Ended September30, 2009 Unrealized Gains (Losses) on Securities Available for Sale $ (212.9 ) $ 243.4 $ (89.4 ) $ (58.9 ) Cumulative E

11. Earnings Per Common Share C

11. Earnings Per Common Share Computations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
11. Earnings Per Common Share Computations	11. Earnings Per Common Share Computations The computations of net income (loss) per common share are presented in the following table and reflect the adoption of FASB EITF 03-06-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (FASB ASC 260-10-45-61A), on January1, 2009. ($ In Millions Except Per Share Information) Three Months Ended September30 Nine Months Ended September30 2009 2008 2009 2008 Basic Earnings Per Common Share Average Number of Common Shares Outstanding 241,415,698 221,899,198 233,475,552 220,944,632 Net Income (Loss) $ 187.9 $ (148.3 ) $ 663.9 $ 452.5 Less: Dividends on Preferred Stock 111.1 Net Income (Loss) Applicable to Common Stock $ 187.9 (148.3 ) $ 552.8 452.5 Less: Earnings Allocated to Participating Securities 1.2 (1.0 ) 4.0 3.9 Earnings (Loss) Allocated to Common Shares Outstanding $ 186.7 $ (147.3 ) $ 548.8 $ 448.6 Basic Earnings (Loss) Per Common Share $ .77 $ (.66 ) $ 2.35 $ 2.03 Diluted Earnings Per Common Share Average Number of Common Shares Outstanding 241,415,698 221,899,198 233,475,552 220,944,632 Plus Stock Option Dilution 1,215,550 1,050,865 3,295,821 Average Common and Potential Common Shares 242,631,248 221,899,198 234,526,417 224,240,453 Earnings (Loss) Allocated to Common and Potential Common Shares $ 186.7 $ (147.3 ) $ 548.8 $ 448.6 Diluted Earnings (Loss) Per Common Share $ .77 $ (.66 ) $ 2.34 $ 2.00 Note: Common stock equivalents totaling 5,809,957 and 5,879,291 for the three and nine months ended September30, 2009, respectively, and 18,300,500 and 556,498 for the three and nine months ended September30, 2008, respectively, were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive.

12. Net Interest Income

12. Net Interest Income
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
12. Net Interest Income	12. Net Interest Income The components of net interest income were as follows: (In Millions) ThreeMonths EndedSeptember30 Nine Months Ended September30 2009 2008 2009 2008 Interest Income Loans and Leases $ 234.5 $ 290.9 $ 717.6 $ 877.7 Securities Taxable 48.1 80.0 157.7 245.1 Non-Taxable 8.1 8.8 25.6 27.1 Time Deposits with Banks 40.7 252.9 173.2 720.7 Federal Funds Sold and Securities Purchased under Agreements to Resell and Other 1.8 8.3 7.6 36.3 Total Interest Income 333.2 640.9 1,081.7 1,906.9 Interest Expense Deposits 45.4 317.6 163.1 944.9 Federal Funds Purchased 1.5 6.8 3.9 28.4 Securities Sold Under Agreements to Repurchase .3 4.5 1.0 21.6 Other Borrowings 1.0 4.5 3.1 18.3 Senior Notes 12.4 12.0 32.3 30.2 Long-Term Debt 33.5 39.8 109.2 112.4 Floating Rate Capital Debt .8 2.3 3.5 8.1 Total Interest Expense 94.9 387.5 316.1 1,163.9 Net Interest Income $ 238.3 $ 253.4 $ 765.6 $ 743.0

13. Visa Membership

13. Visa Membership
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
13. Visa Membership	13. Visa Membership In connection with Visa, Inc.s (Visa) March 2008 initial public offering, a portion of the shares of Visa common stock held by Northern Trust as a member bank of Visa U.S.A. Inc. (Visa U.S.A.) was redeemed pursuant to a mandatory redemption. The proceeds of the redemption totaled $167.9 million and were recorded as a gain in the first quarter of 2008. The remaining Visa shares held by Northern Trust are recorded at their original cost basis of zero. These shares have restrictions as to their sale or transfer and the ultimate realization of their value is subject to future adjustments based on the resolution of outstanding indemnified litigation. Northern Trust, as a member bank of Visa U.S.A., and in conjunction with other member banks, is obligated to share in losses resulting from certain indemnified litigation involving Visa and is also required to recognize the contingent obligation to indemnify Visa for potential losses arising from the other indemnified litigation that has not yet settled at its estimated fair value in accordance with GAAP. During 2007, Northern Trust recorded charges and corresponding liabilities of $150.0 million relating to Visa indemnified litigation. In March 2008, Visa placed a portion of the proceeds from its initial public offering into an escrow account to fund the settlements of, or judgments in, the indemnified litigation. Northern Trust recorded $76.1 million, its proportionate share of the escrow account balance, in the first quarter of 2008 as an offset to the indemnification liabilities and related charges recorded in the fourth quarter of 2007, reducing the net indemnification liability to $73.9 million. In the third quarter of 2008, in consideration of Visas announced settlement of the litigation involving Discover Financial Services, Northern Trust recorded a charge of $30.0 million to increase the Visa indemnification liability. In the fourth quarter of 2008, Northern Trust fully reversed the $30.0 million charge recorded in the third quarter as Visa funded its litigation escrow account to cover the amount of the settlement. On July16, 2009, Visa deposited additional funds in its litigation escrow account. Accordingly, in the third quarter of 2009, Northern Trust recorded its proportionate share of the deposit, $17.8 million, as a reduction to the Visa related indemnification liability and related charges. Visas funding resulted in a reduction in the future realization of the value of the outstanding shares held by Northern Trust and other Visa U.S.A. member banks. Northern Trusts net Visa related indemnification liability, included within other liabilities in the consolidated balance sheet, totaled $56.1 million at September30, 2009, $73.9 million at December31, 2008, and $103.9 million at September30, 2008. It is expected that required additional contributions to the litigation escrow account will result in additional adjustments to the future realization of the value of the outstanding shares held by Visa U.S.A. member banks. While the ultimate resolution of outstanding Visa related litigation is highly uncertain and the estimation of any potential losses is highly jud

14. Income Taxes

14. Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
14. Income Taxes	14. Income Taxes Income tax expense of $70.6 million was recorded in the current quarter and resulted in an effective tax rate of 27.3%. The current quarter effective tax rate was 34.0% after excluding the $17.4 million of income tax benefits recognized as a result of the resolution of certain state and structured leasing tax positions taken in prior periods as discussed below. An income tax benefit of $104.5 million was recorded in the prior year quarter due to the pre-tax loss reported for the quarter. This resulted in a prior period effective tax rate of 41.3% as the operating loss resulted primarily from U.S. activities while foreign operations, with lower tax rates, remained profitable. The prior year quarter effective tax rate excluding the impact of client support, Visa indemnification, and leasing related charges was 32.0%. Total income tax expense was $312.2 million for the nine months ended September30, 2009, representing an effective rate of 32.0%. The effective tax rate for the current period excluding the Visa related adjustments, the valuation adjustment for the CSA liability, and the $15.7 million of income tax benefits was 33.4%. This compares with $300.9 million in income tax expense and an effective rate of 39.9% for the prior year period. The effective tax rate for the nine months ended September30, 2008, excluding the impact of the client support, Visa indemnification, and leasing related adjustments, was 32.3%. As part of its audit of federal tax returns filed from 1997-2004, the Internal Revenue Service (IRS) challenged the Corporations tax position with respect to certain structured leasing transactions and proposed to disallow certain tax deductions and assess related interest and penalties. In September 2009, the Corporation reached a settlement agreement with the IRS with respect to certain of these transactions, resulting in the acceleration of $88.6 million in tax payments to the IRS. The acceleration of tax payments did not affect net income. The Corporation anticipates that the IRS will continue to disallow deductions relating to the remaining challenged leases and possibly include other lease transactions with similar characteristics as part of its audit of tax returns filed after 2004. The Corporation believes that these transactions are valid leases for U.S. tax purposes and that its tax treatment of these transactions is appropriate based on its interpretation of the tax regulations and legal precedents; a court or other judicial authority, however, could disagree. The Corporation believes it has appropriate reserves to cover its tax liabilities, including liabilities related to structured leasing transactions, and related interest and penalties. The Corporation will continue to defend its position on the tax treatment of its structured leasing transactions vigorously. Included in unrecognized tax benefits at December 31, 2008 were $292.0 million of U.S. federal and state tax positions related to leveraged leasing tax deductions. During the first quarter of 2009, Northern Trust sold certain of the structured leases challenged by the IRS. The terms of the settlement agreement with the IRS provided for

15. Pension and Other Postretir

15. Pension and Other Postretirement Plans
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
15. Pension and Other Postretirement Plans	15. Pension and Other Postretirement Plans The following tables set forth the net periodic pension cost of Northern Trusts U.S. and non-U.S. pension plans, supplemental pension plan, and other postretirement plan for the three and nine months ended September30, 2009 and 2008. Net Periodic Pension Expense U.S. Plan ThreeMonthsEnded September30 NineMonthsEnded September30 (In Millions) 2009 2008 2009 2008 Service Cost $ 8.3 $ 7.4 $ 24.9 $ 22.2 Interest Cost 8.3 7.7 24.9 23.1 Expected Return on Plan Assets (14.9 ) (14.3 ) (44.7 ) (42.9 ) Amortization: Net Loss 3.0 2.0 9.0 6.0 Prior Service Cost .3 .3 .9 .9 Net Periodic Pension Expense $ 5.0 $ 3.1 $ 15.0 $ 9.3 Net Periodic Pension Expense Non-U.S. Plans ThreeMonthsEnded September30 NineMonthsEnded September30 (In Millions) 2009 2008 2009 2008 Service Cost $ 1.0 $ 1.1 $ 2.8 $ 3.4 Interest Cost 1.7 1.6 5.0 5.2 Expected Return on Plan Assets (2.1 ) (2.3 ) (6.0 ) (7.2 ) Net Loss Amortization .3 .1 .9 .3 Net Periodic Pension Expense $ .9 $ .5 $ 2.7 $ 1.7 Net Periodic Pension Expense Supplemental Plan ThreeMonthsEnded September30 NineMonthsEnded September30 (In Millions) 2009 2008 2009 2008 Service Cost $ .6 $ .5 $ 1.8 $ 1.5 Interest Cost 1.0 .9 3.0 2.7 Net Loss Amortization 1.0 .6 3.0 1.8 Net Periodic Pension Expense $ 2.6 $ 2.0 $ 7.8 $ 6.0 Net Periodic Benefit Expense Other Postretirement Plan ThreeMonthsEnded September30 NineMonthsEnded September30 (In Millions) 2009 2008 2009 2008 Service Cost $ .4 $ .4 $ 1.2 $ 1.2 Interest Cost .9 1.0 2.7 3.0 Amortization: Transition Obligation .2 .1 .6 .3 Net Loss .1 .3 .3 .9 Net Periodic Benefit Expense $ 1.6 $ 1.8 $ 4.8 $ 5.4

16. Share-Based Compensation Pl

16. Share-Based Compensation Plans
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
16. Share-Based Compensation Plans	16. Share-Based Compensation Plans The Amended and Restated Northern Trust Corporation 2002 Stock Plan provides for the grant of nonqualified stock options, incentive stock options, stock appreciation rights, stock awards, stock units, and performance shares. In the third quarter of 2009, the Corporation granted 1,033,574 nonqualified stock options with a total grant-date fair value of $19.0 million and 179,965 stock unit awards with a total grant-date fair value of $10.4 million. Compensation expense recorded in the third quarter of 2009 includes $8.3 million attributable to stock options granted to retirement-eligible employees that were expensed in their entirety on the grant date. Total share-based compensation expense for the three and nine months ended September30, 2009 reflects the reversal of accruals related to performance stock units which are not expected to vest. Total compensation expense for share-based payment arrangements and the associated tax impacts were as follows: ($ In Millions) ThreeMonthsEnded September30 NineMonthsEnded September30 2009 2008 2009 2008 Stock Options $ 13.5 $ 3.1 $ 23.3 $ 15.8 Stock and Stock Unit Awards 6.0 3.8 14.7 11.2 Performance Stock Units (1.4 ) (3.1 ) (14.6 ) 5.3 Total Share-Based Compensation Expense $ 18.1 $ 3.8 $ 23.4 $ 32.3 Tax Benefits Recognized $ 6.7 $ 1.4 $ 8.6 $ 12.0

17. Variable Interest Entities

17. Variable Interest Entities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
17. Variable Interest Entities	17. Variable Interest Entities Northern Trust acts as investment advisor to Registered Investment Companies, Undertakings for the Collective Investment of Transferable Securities and certain unregistered short-term investment pools in which various clients of Northern Trust are investors. Although not obligated to do so, in 2008 the Corporation entered into Capital Support Agreements (CSAs) with certain of these entities (Entities) which held notes and other instruments issued by Whistlejacket Capital LLC and/or White Pine Finance LLC or asset backed securities whose values had been adversely impacted by widening risk premiums and liquidity spreads and significant rating agency downgrades. The Corporation entered into the CSAs to assist the Entities in maintaining net asset values of $1.00 in order to provide financial stability to the Entities and investors in the Entities. The CSAs also allowed the registered funds to hold assets that had fallen to below investment grade, thus avoiding a forced sale in an inactive market. In the second quarter of 2009, as a part of the restructuring and final settlement related to Whistlejacket Capital LLC and White Pine Finance LLC, which were covered by eight of the nine CSAs, the Corporation made cash payments totaling $66.7 million. As a result of the restructuring and the related support payments, seven of the nine CSAs were terminated in June 2009. Under the terms of the remaining two CSAs, which expire on November6, 2009, the Corporation would be required to contribute capital to two funds (Funds), not to exceed $200.2 million in the aggregate and for no consideration, should certain asset loss events occur. The estimated fair value of the Corporations contingent liability under the CSAs was $126.1 million and $314.1 million at September30, 2009 and December31, 2008, respectively, and was recorded within other liabilities in the consolidated balance sheet. The reduction in the liability reflects the cash payments of $66.7 million and an expense reduction associated with the valuation adjustment of the liability, both recorded in the second quarter of 2009. Under GAAP the Funds are considered variable interest entities (VIE) and the CSAs are considered to reflect Northern Trusts variable interest in the credit risk of the Funds. GAAP requires the disclosure of an entitys maximum exposure to loss where it has a significant variable interest in an unconsolidated VIE. Significant is not defined and, as such, judgment is required. The variable interest holder, if any, that will absorb a majority of a VIEs expected losses, receive a majority of the entitys expected residual returns, or both, is deemed to be the primary beneficiary of the VIE and is required to consolidate the VIE. Assessments of variable interests are based on expected losses and residual returns, which consider various scenarios on a probability-weighted basis. The Funds were designed to create and pass to investors interest rate and credit risk. In determining whether Northern Trust is the primary beneficiary of the Funds, expected loss calculations based on the characteristics of the underlying investments in the Funds are u

18. Contingent Liabilities

18. Contingent Liabilities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
18. Contingent Liabilities	18. Contingent Liabilities 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. Certain standby letters of credit have been secured with cash deposits or participated to others and in certain cases Northern Trust is able to recover the amounts paid through recourse against these cash deposits or other participants. Standby letters of credit outstanding were $4.9 billion on September30, 2009, $4.0 billion on December31, 2008 and $3.7 billion on September30, 2008. Northern Trusts liability included within the consolidated balance sheet for standby letters of credit, measured as the amount of unamortized fees on these instruments, was $39.2 million at September30, 2009, $30.3 million at December31, 2008, and $25.1 million at September30, 2008. 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 by the Northern Trust Senior Credit Committee. In connection with these activities, Northern Trust has issued indemnifications against certain losses resulting from the bankruptcy of the borrower of the securities. The borrowing party is required to fully collateralize securities received with cash, marketable securities, or irrevocable standby letters of credit. 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 subject to indemnification was $81.8 billion at September30, 2009, $82.7 billion at December31, 2008, and $113.8 billion at September30, 2008. 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 at September30, 2009,December31, 2008, or September30, 2008 related to these indemnifications. As discussed in further detail in Note 17, the estimated fair value of the Corporations contingent liability under Capital Support Agreements with certain Northern Trust investment vehicles, recorded within other liabilities in the consolidated balance sheet, was $126.1 million at September30, 2009. As discussed in further detail in Note 13, Northern Trust, as a member bank of Visa U.S.A., and in conjunction with other member banks, is obligated to share in losses resulting from certain indemnified litigation involving Visa. The estimated fair value of the net Visa indemnification liability, recorded within other liabilities in the consolidated balance sheet, totaled $56.1 million at September30, 2009, $73.9 million at December31, 2008, and $103.9 million at September30, 2008. In the normal course of business, the Corporation and its subsidiaries are routinely defendants i

19. Derivative Financial Instru

19. Derivative Financial Instruments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
19. Derivative Financial Instruments	19. Derivative Financial Instruments Effective January1, 2009, Northern Trust adopted FASB Statement No.161, Disclosures about Derivative Instruments and Hedging Activities an Amendment of FASB Statement 133 (FASB ASC 815 Derivatives and Hedging), which increased required disclosures regarding derivatives and hedging activities, including disclosures regarding how an entity uses derivative instruments and how derivative instruments and related hedged items are accounted for and affect an entitys financial position, financial performance, and cash flows. 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 include foreign exchange contracts, interest rate contracts, and credit default swap contracts. 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 purposes and risk management. For risk management purposes, Northern Trust currently uses foreign exchange contracts to reduce or eliminate its exposure to changes in foreign exchange rates relating to certain forecasted non-U.S. dollar denominated revenue and expenditure transactions, non-U.S. dollar denominated assets and liabilities, 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 on behalf of its clients and also utilizes such contracts to reduce or eliminate the exposure to changes in the cash flows or value of hedged assets or liabilities due to changes in interest rates. Interest rate option contracts consist of caps, floors, and swaptions, and provide for the transfer or reduction of interest rate risk 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 option contracts for risk management purposes. Credit default swap contracts are agreements to transfer credit default risk from one party to another in exchange for a fee. Northern Trust enters into credit default swaps with outside counterparties where the counterparty agrees to assume the underlying credit exposure of a specific Northern Trust commercial loan or commitment. All derivative financial instruments, whether designated as hedges or not, are recorded on the consolidated balance sheet at fair value within other assets or other liabilities.

20. Warrant

20. Warrant
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
20. Warrant	20. Warrant On August26, 2009, the Corporation repurchased at a cost of $87 million the warrant to purchase shares of the Corporations common stock issued to the U.S. Department of the Treasury under the Capital Purchase Program, completing Northern Trusts participation in the Capital Purchase Program. The repurchase of the warrant was recorded as a decrease to additional paid-in capital in the consolidated statement of changes in stockholders equity.

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009
Entity [Text Block]
Trading Symbol	NTRS
Entity Registrant Name	NORTHERN TRUST CORP
Entity Central Index Key	0000073124
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	241,505,420