Pension and Postretirement Health Care (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and 2019.

TABLE 69: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2020		2019		2020		2019
Service Cost	$	11.8	$	10.4	$	23.6	$	20.8
Interest Cost	10.8		11.8		21.6		23.6
Expected Return on Plan Assets	(19.2)		(21.7)		(38.4)		(43.4)
Amortization
Net Actuarial Loss	8.8		4.3		17.6		8.6
Prior Service Cost	(0.1)		(0.1)		(0.2)		(0.2)
Net Periodic Pension Expense	$	12.1	$	4.7	$	24.2	$	9.4

NON-U.S. PENSION PLANS	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2020		2019		2020		2019
Service Cost	$	0.5	$	0.5	$	1.0	$	1.0
Interest Cost	0.7		1.0		1.4		2.0
Expected Return on Plan Assets	(0.8)		(0.9)		(1.5)		(1.9)
Settlement Expense	—		—		0.2		—
Amortization
Net Actuarial Loss	0.3		0.2		0.6		0.3
Net Periodic Pension Expense	$	0.7	$	0.8	$	1.7	$	1.4

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2020		2019		2020		2019
Service Cost	$	1.1	$	1.0	$	2.2	$	2.0
Interest Cost	1.2		1.4		2.4		2.9
Amortization
Net Actuarial Loss	1.8		1.4		3.6		2.8
Prior Service Cost	0.1		0.1		0.1		0.1
Net Periodic Pension Expense	$	4.2	$	3.9	$	8.3	$	7.8

POSTRETIREMENT HEALTH CARE PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2020		2019		2020		2019
Interest Cost	$	0.2	$	0.3	$	0.4	$	0.6
Amortization
Net Actuarial (Gain)	(0.2)		(0.3)		(0.4)		(0.6)
Net Periodic Postretirement Expense	$	—	$	—	$	—	$	—