Pension and Postretirement Health Care

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension and Postretirement Health Care

Pension and Postretirement Health Care

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 months ended March 31, 2022 and 2021.

TABLE 66: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2022		2021
Service Cost	$	13.2	$	13.2
Interest Cost	10.3		9.8
Expected Return on Plan Assets	(20.2)		(20.1)
Amortization
Net Actuarial Loss	5.7		9.4
Prior Service Cost (Credit)	(0.1)		(0.1)
Net Periodic Pension Expense	$	8.9	$	12.2
Settlement Expense	—		—
Total Pension Expense	$	8.9	$	12.2

NON-U.S. PENSION PLANS	THREE MONTHS ENDED MARCH 31,
(In Millions)	2022		2021
Service Cost	$	0.4	$	0.5
Interest Cost	0.7		0.6
Expected Return on Plan Assets	(0.7)		(0.6)
Amortization
Net Actuarial Loss	0.2		0.3
Prior Service Cost	—		—
Net Periodic Pension Expense	$	0.6	$	0.8
Settlement Expense	0.7		0.2
Total Pension Expense	$	1.3	$	1.0

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2022		2021
Service Cost	$	1.4	$	1.3
Interest Cost	1.0		0.9
Amortization
Net Actuarial Loss	1.8		2.1
Prior Service Cost	—		—
Net Periodic Pension Expense	$	4.2	$	4.3

POSTRETIREMENT HEALTH CARE PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2022		2021
Service Cost	$	—	$	—
Interest Cost	0.1		0.1
Amortization
Net Actuarial (Gain)	(0.1)		(0.1)
Prior Service Cost (Credit)	(0.2)		(0.2)
Net Periodic Postretirement (Benefit)	$	(0.2)	$	(0.2)

The components of net periodic pension expense are recorded in Employee Benefits expense on the consolidated statements of income.

There were no contributions to the U.S. Qualified Plan during the three months ended March 31, 2022 and 2021, and $20.7 million and $6.7 million of contributions to the U.S. Non-Qualified Plan during the three months ended March 31, 2022 and 2021, respectively.