Pension and Postretirement Health Care (Tables)

9 Months Ended

Sep. 30, 2021

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 nine months ended September 30, 2021 and 2020.

TABLE 72: NET PERIODIC PENSION EXPENSE (BENEFIT)


U.S. QUALIFIED PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2021		2020		2021		2020
Service Cost	$	13.1	$	11.9	$	39.5	$	35.5
Interest Cost	10.4		10.8		30.0		32.4
Expected Return on Plan Assets	(20.0)		(19.2)		(60.2)		(57.6)
Amortization
Net Actuarial Loss	7.1		8.8		25.9		26.4
Prior Service Cost	(0.1)		(0.1)		(0.3)		(0.3)
Net Periodic Pension Expense	$	10.5	$	12.2	$	34.9	$	36.4
Settlement Expense	6.9		—		24.5		—
Total Pension Expense	$	17.4	$	12.2	$	59.4	$	36.4


NON-U.S. PENSION PLANS	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2021		2020		2021		2020
Service Cost	$	0.5	$	0.6	$	1.6	$	1.6
Interest Cost	0.5		0.7		1.6		2.1
Expected Return on Plan Assets	(0.6)		(0.8)		(1.9)		(2.3)
Amortization
Net Actuarial Loss	0.3		0.2		0.8		0.8
Prior Service Cost	—		0.1		0.1		0.1
Net Periodic Pension Expense	$	0.7	$	0.8	$	2.2	$	2.3
Settlement Expense	(0.2)		0.1		0.7		0.3
Total Pension Expense	$	0.5	$	0.9	$	2.9	$	2.6


U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2021		2020		2021		2020
Service Cost	$	1.3	$	1.2	$	3.9	$	3.4
Interest Cost	0.9		1.2		2.8		3.6
Amortization
Net Actuarial Loss	2.1		1.7		6.2		5.3
Prior Service Cost	0.1		—		0.1		0.1
Net Periodic Pension Expense	$	4.4	$	4.1	$	13.0	$	12.4


POSTRETIREMENT HEALTH CARE PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2021		2020		2021		2020
Service Cost	$	—	$	—	$	—	$	—
Interest Cost	—		0.2		0.2		0.6
Amortization
Net Actuarial (Gain)	—		(0.1)		(0.1)		(0.5)
Prior Service Cost	(0.2)		(0.1)		(0.7)		(0.1)
Net Periodic Postretirement Expense	$	(0.2)	$	—	$	(0.6)	$	—