Pension and Postretirement Health Care (Tables)

3 Months Ended

Mar. 31, 2022

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 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)