Northern Trust Corp: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Oct 31, 2023 and accepted by EDGAR at Oct 31, 2023, 16:07 ET.
Management's discussion and analysis
As filed, 1,232 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
(c) The following table shows certain information relating to the Corporation’s purchases of common stock for the three months ended September 30, 2023.
TABLE 83: REPURCHASES OF COMMON STOCK
| PERIOD | TOTAL NUMBER OF SHARES PURCHASED | AVERAGE PRICE PAID PER SHARE | TOTAL NUMBER OF SHARES PURCHASED AS PART OF A PUBLICLY ANNOUNCED PLAN | MAXIMUM NUMBER OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLAN |
|---|---|---|---|---|
| July 1 - 31, 2023 | — | $— | — | 22,929,352 |
| August 1 - 31, 2023 | — | — | — | 22,929,352 |
| September 1 - 30, 2023 | — | — | — | 22,929,352 |
| Total (Third Quarter) | — | $— | — | 22,929,352 |
On October 19, 2021, the Corporation announced a share repurchase program under which the Corporation’s Board of Directors authorized the Corporation to repurchase up to 25.0 million shares of the Corporation’s common stock. The repurchase authorization approved by the Board of Directors has no expiration date, thus the Corporation retains the ability to repurchase when circumstances warrant and applicable regulation permits. Please refer to Note 10—Stockholders’ Equity to the consolidated financial statements provided in Item 1. Consolidated Financial Statements (unaudited).
Controls and procedures
As filed, 1,145 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
As of September 30, 2023, the Corporation’s management, with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)), that are designed to ensure that information required to be disclosed by the Corporation in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms. Based on such evaluation, such officers have concluded that, as of September 30, 2023, the Corporation’s disclosure controls and procedures are effective.
There have been no changes in the Corporation’s internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15 and 15d-15 under the Exchange Act during the last fiscal quarter that have materially affected, or that are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
Risk factors
As filed, 177 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Refer to “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, for a discussion of risks identified as being most significant to Northern Trust.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $1.11bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $3.27bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Interest expense | 3 months2023-07-01 to 2023-09-30 | $1.48bn | us-gaap:InterestExpense |
| Interest expense | 9 months2023-01-01 to 2023-09-30 | $3.63bn | us-gaap:InterestExpense |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $106.5m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $324.8m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $327.8m | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $994.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $1.49 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | $4.56 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $1.49 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | $4.56 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 207,252,992 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 207,927,720 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | −$177.6m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months2023-01-01 to 2023-09-30 | $52.7m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 9 months2023-01-01 to 2023-09-30 | $467.3m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months2023-01-01 to 2023-09-30 | $201.3m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Total assets | At period end2023-09-30 | $146.33bn | us-gaap:Assets |
| Total liabilities | At period end2023-09-30 | $134.48bn | us-gaap:Liabilities |
| Shareholders' equity | At period end2023-09-30 | $11.85bn | us-gaap:StockholdersEquity |
| Shares outstanding | At period end2023-09-30 | 207,036,370 shares | dei:EntityCommonStockSharesOutstanding |
Source: SEC EDGAR, the filing index for accession 0000073124-23-000196. Last ingested by Listed: Nov 5, 2026, 19:50 ET. Listed shows no prices and gives no investment advice.