Pension and Postretirement Health Care (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021.

TABLE 70: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2022		2021		2022		2021
Service Cost	$	11.1	$	13.1	$	37.5	$	39.5
Interest Cost	12.5		10.4		33.1		30.0
Expected Return on Plan Assets	(21.9)		(20.0)		(62.3)		(60.2)
Amortization
Net Actuarial Loss	—		7.1		11.4		25.9
Prior Service Cost (Credit)	—		(0.1)		(0.1)		(0.3)
Net Periodic Pension Expense	$	1.7	$	10.5	$	19.6	$	34.9
Settlement Expense	17.0		6.9		37.3		24.5
Total Pension Expense	$	18.7	$	17.4	$	56.9	$	59.4

NON-U.S. PENSION PLANS	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2022		2021		2022		2021
Service Cost	$	0.4	$	0.5	$	1.3	$	1.6
Interest Cost	0.6		0.5		1.9		1.6
Expected Return on Plan Assets	(0.7)		(0.6)		(2.2)		(1.9)
Amortization
Net Actuarial Loss	0.2		0.3		0.6		0.8
Prior Service Cost	—		—		—		0.1
Net Periodic Pension Expense	$	0.5	$	0.7	$	1.6	$	2.2
Settlement Expense	—		(0.2)		0.7		0.7
Total Pension Expense	$	0.5	$	0.5	$	2.3	$	2.9

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2022		2021		2022		2021
Service Cost	$	1.4	$	1.3	$	4.2	$	3.9
Interest Cost	1.0		0.9		3.0		2.8
Amortization
Net Actuarial Loss	1.8		2.1		5.4		6.2
Prior Service Cost	—		0.1		—		0.1
Net Periodic Pension Expense	$	4.2	$	4.4	$	12.6	$	13.0

POSTRETIREMENT HEALTH CARE PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2022		2021		2022		2021
Service Cost	$	—	$	—	$	—	$	—
Interest Cost	0.1		—		0.3		0.2
Amortization
Net Actuarial (Gain)	(0.1)		—		(0.3)		(0.1)
Prior Service Cost (Credit)	(0.2)		(0.2)		(0.6)		(0.7)
Net Periodic Postretirement (Benefit)	$	(0.2)	$	(0.2)	$	(0.6)	$	(0.6)