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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Plan Status of U.S. Plan, Non-U.S. Plans and Supplemental Plan The following tables set forth the status, amounts included in AOCI, and net periodic pension expense of the U.S. Qualified Plan, Non-U.S. Pension Plans, and U.S. Non-Qualified Plan for 2021, 2020, and 2019. Prior service credits are being amortized on a straight-line basis over 11 years for the U.S. Qualified Plan and prior service costs are being amortized on a straight-line basis over 10 years for the U.S. Non-Qualified Plan. Prior service credits will be amortized in full during the first half of 2022 for the U.S. Qualified Plan and prior service costs were amortized in full as of December 31, 2021 for the U.S. Non-Qualified Plan.
TABLE 106: EMPLOYEE BENEFIT PLAN STATUS
U.S. QUALIFIED PLAN (1)
NON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
($ In Millions)202120202021202020212020
Accumulated Benefit Obligation$1,246.6 $1,312.9 $204.5 $228.5 $125.5 $139.8 
Projected Benefit Obligation$1,401.3 $1,470.6 $210.1 $236.1 $147.7 $162.3 
Plan Assets at Fair Value1,708.9 1,793.7 198.7 211.5 — — 
Funded Status at December 31$307.6 $323.1 $(11.4)$(24.6)$(147.7)$(162.3)
Weighted-Average Assumptions:
Discount Rates3.03 %2.75 %1.34 %0.93 %2.80 %2.45 %
Rate of Increase in Compensation Level4.97 4.97 1.50 1.50 4.97 4.97 
Expected Long-Term Rate of Return on Assets5.25 5.25 1.79 1.28 N/AN/A
(1) Discount rates of 3.05% and 3.06% and expected long-term rates of return on assets of 5.25% and 5.00% were utilized at the interim remeasurement dates as of June 30, 2021 and September 30, 2021, respectively.
The following tables set forth the postretirement health care plan status and amounts included in AOCI at December 31, 2021 and 2020, the net periodic postretirement benefit cost of the plan for 2021 and 2020, and the change in the accumulated postretirement benefit obligation during 2021 and 2020.

TABLE 113: POSTRETIREMENT HEALTH CARE PLAN STATUS
DECEMBER 31,
(In Millions)20212020
Accumulated Postretirement Benefit Obligation at Measurement Date:
Retirees and Dependents$8.7 $13.2 
Actives Eligible for Benefits1.5 2.5 
Net Postretirement Benefit Obligation$10.2 $15.7 
Amount Included in Accumulated Other Comprehensive Income
U.S. QUALIFIED PLANNON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
(In Millions)202120202021202020212020
Net Actuarial Loss$273.8 $332.4 $40.4 $49.0 $86.6 $96.3 
Prior Service (Credit) Cost(0.1)(0.6)0.6 2.2 — 0.1 
Gross Amount in Accumulated Other Comprehensive Income273.7 331.8 41.0 51.2 86.6 96.4 
Income Tax Effect68.7 82.1 5.2 6.4 21.7 23.9 
Net Amount in Accumulated Other Comprehensive Income$205.0 $249.7 $35.8 $44.8 $64.9 $72.5 
DECEMBER 31,
(In Millions)20212020
Net Actuarial (Gain) Loss $(5.3)$(4.9)
Prior Service (Credit) Cost(11.5)(12.4)
Gross Amount in Accumulated Other Comprehensive Income(16.8)(17.3)
Income Tax Effect(4.2)(4.3)
Net Amount in Accumulated Other Comprehensive Income$(12.6)$(13.0)
Components of Company's Net Periodic Benefit Cost
U.S. QUALIFIED PLAN (1)
NON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
($ In Millions)202120202019202120202019202120202019
Service Cost$52.3$47.4$41.6$2.2$1.9$2.0$5.3$4.6$4.1
Interest Cost40.443.347.22.22.93.93.74.85.8
Expected Return on Plan Assets(79.0)(76.8)(86.9)(3.2)(3.1)(4.4)———
Amortization:
Net Actuarial Loss32.435.017.21.00.80.68.27.05.6
Prior Service (Credit) Cost(0.4)(0.4)(0.4)0.20.40.30.10.20.2
Net Periodic Pension Expense$45.7$48.5$18.7$2.4$2.9$2.4$17.3$16.6$15.7
Settlement Expense27.9——0.40.8————
Total Pension Expense$73.6$48.5$18.7$2.8$3.7$2.4$17.3$16.6$15.7
Weighted-Average Assumptions:
Discount Rates2.75 %/ 3.05 %3.37%4.47%0.93%1.40%2.16%2.45%3.37%4.47%
/ 3.06 %/ 3.03 %
Rate of Increase in Compensation Level4.974.974.391.501.501.754.974.974.39
Expected Long-Term Rate of Return on Assets5.25/  5.005.256.001.281.722.39N/AN/AN/A
(1) In determining the pension expense for the U.S. Qualified Plan for 2021, Northern Trust utilized a discount rate of 2.75% as of December 31, 2020, 3.05% as of June 30, 2021, 3.06% as of September 30, 2021, and 3.03% as of December 31, 2021 and an expected long-term rate of return of 5.25% as of both December 31, 2020 and June 30, 2021, and 5.00% as of September 30, 2021.
FOR THE YEAR ENDED DECEMBER 31,
(In Millions)202120202019
Service Cost$— $— $— 
Interest Cost0.3 0.7 1.2 
Expected Return on Plan Assets— — — 
Amortization
Net Actuarial (Gain)(0.2)(0.6)(1.1)
Prior Service (Credit) Cost(0.9)(0.3)— 
Net Periodic Postretirement Expense$(0.8)$(0.2)$0.1 
Change in Benefit Obligation, Postretirement Health Care, and in Accumulated Postretirement Benefit Obligation
U.S. QUALIFIED PLANNON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
(In Millions)202120202021202020212020
Beginning Balance$1,470.6 $1,323.4 $236.1 $211.1 $162.3 $149.2 
Service Cost52.3 47.4 2.2 1.9 5.3 4.6 
Interest Cost40.4 43.3 2.2 2.9 3.7 4.8 
Employee Contributions— — 0.6 0.6 — — 
Plan Amendment— — (1.4)(0.5)— — 
Actuarial Loss (Gain) (19.1)136.5 (10.4)19.1 (2.0)20.4 
Settlement(132.1)— (9.4)(5.4)— — 
Benefits Paid(10.8)(80.0)(5.5)(4.1)(21.6)(16.7)
Foreign Exchange Rate Changes— — (4.3)10.5 — — 
Ending Balance$1,401.3 $1,470.6 $210.1 $236.1 $147.7 $162.3 
FOR THE YEAR ENDED DECEMBER 31,
(In Millions)20212020
Beginning Balance$15.7 $28.8 
Service Cost— — 
Interest Cost0.3 0.7 
Plan Amendment— (12.7)
Actuarial (Gain)(3.3)(0.1)
Net Claims Paid(2.5)(1.0)
Ending Balance$10.2 $15.7 
Estimated Future Benefit Payments
(In Millions)U.S. QUALIFIED PLANNON-U.S.PENSION PLANSU.S. NON-QUALIFIED PLAN
2022$85.6 $4.4 $20.0 
202394.2 4.6 18.3 
202495.1 4.7 11.7 
202599.0 4.8 12.3 
202697.8 5.6 13.3 
2027-2031515.6 34.8 63.9 
(In Millions)TOTAL
POSTRETIREMENT
MEDICAL BENEFITS
2022$1.5 
20231.4 
20241.3 
20251.2 
20261.1 
2027-20314.3 
Change in Plan Assets
U.S. QUALIFIED PLANNON-U.S PENSION PLANS
(In Millions)2021202020212020
Fair Value of Assets at Beginning of Period$1,793.7 $1,601.2 $211.5 $190.1 
Actual Return on Assets(1)
58.1 272.5 (0.8)17.9 
Employer Contributions— — 4.5 5.0 
Employee Contributions— — 0.6 0.6 
Settlement(132.1)— (9.4)(5.4)
Benefits Paid(10.8)(80.0)(5.5)(4.1)
Foreign Exchange Rate Changes— — (2.2)7.4 
Fair Value of Assets at End of Period$1,708.9 $1,793.7 $198.7 $211.5 
(1) The 2021 actual return on assets for the U.S. Qualified Plan includes a reimbursement of $0.1 million of historical investment expenses paid from the pension trust.
Fair Values of U.S. Pension Plan Assets by Major Asset Category, and their Level within Fair Value Hierarchy
The following table presents the fair values of Northern Trust’s U.S. Qualified Plan assets, by major asset category, and their level within the fair value hierarchy defined by GAAP as of December 31, 2021 and 2020.

TABLE 112: FAIR VALUE OF U.S. QUALIFIED PLAN ASSETS
DECEMBER 31, 2021
(In Millions)LEVEL 1LEVEL 2LEVEL 3TOTAL
Domestic Common Stock$17.5 $— $— $17.5 
Foreign Common Stock0.3 — — 0.3 
Domestic Corporate Bonds— 341.7 — 341.7 
Foreign Corporate Bonds— 60.9 — 60.9 
U.S. Government Obligations— 103.9 — 103.9 
Non-U.S. Government Obligations— 20.0 — 20.0 
Domestic Municipal and Provincial Bonds— 21.0 — 21.0 
Foreign Municipal and Provincial Bonds— 0.3 — 0.3 
Collective Trust Funds— 837.2 — 837.2 
Mutual Funds108.9 — — 108.9 
Cash and Other46.7 — — 46.7 
Total Assets at Fair Value in the Fair Value Hierarchy$173.4 $1,385.0 $— $1,558.4 
Assets Valued at NAV per share
Northern Trust Private Equity Funds34.5 
Northern Trust Hedge Fund36.7 
Real Estate Funds79.3 
Total Assets at Fair Value$1,708.9 
DECEMBER 31, 2020
(In Millions)LEVEL 1LEVEL 2LEVEL 3TOTAL
Domestic Common Stock$13.5 $— $— $13.5 
Domestic Corporate Bonds— 314.4 — 314.4 
Foreign Corporate Bonds— 43.6 — 43.6 
U.S. Government Obligations2.9 113.1 — 116.0 
Non-U.S. Government Obligations— 22.9 — 22.9 
Domestic Municipal and Provincial Bonds— 22.4 — 22.4 
Foreign Municipal and Provincial Bonds— 0.3 — 0.3 
Collective Trust Funds— 985.5 — 985.5 
Mutual Funds167.0 — — 167.0 
Cash and Other7.5 — — 7.5 
Total Assets at Fair Value in the Fair Value Hierarchy$190.9 $1,502.2 $— $1,693.1 
Assets Valued at NAV per share
Northern Trust Private Equity Funds20.3 
Northern Trust Hedge Fund34.2 
Real Estate Funds46.1 
Total Assets at Fair Value$1,793.7 
Changes in Level 3 U.S. Pension Plan Assets