Pension (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Net Periodic Pension Expense (Benefit)

The following table sets forth the net periodic pension expense for Northern Trust’s U.S. Qualified Plan, Non-U.S. Pension Plans, and U.S. Non-Qualified Plan for the three months ended March 31, 2023 and 2022.

TABLE 67: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2023		2022
Service Cost	$	11.5	$	13.2
Interest Cost	13.5		10.3
Expected Return on Plan Assets	(25.3)		(20.2)
Amortization
Net Actuarial Loss	0.4		5.7
Prior Service Cost (Credit)	—		(0.1)
Net Periodic Pension Expense	$	0.1	$	8.9

NON-U.S. PENSION PLANS	THREE MONTHS ENDED MARCH 31,
(In Millions)	2023		2022
Service Cost	$	0.3	$	0.4
Interest Cost	1.2		0.7
Expected Return on Plan Assets	(1.5)		(0.7)
Amortization
Net Actuarial Loss (Gain)	(0.1)		0.2
Net Periodic Pension Expense (Benefit)	$	(0.1)	$	0.6
Settlement Expense	—		0.7
Total Pension Expense (Benefit)	$	(0.1)	$	1.3

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2023		2022
Service Cost	$	1.2	$	1.4
Interest Cost	1.3		1.0
Amortization
Net Actuarial Loss	1.3		1.8
Net Periodic Pension Expense	$	3.8	$	4.2