Pension

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension

Pension

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 and six months ended June 30, 2023 and 2022.

TABLE 72: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2023		2022		2023		2022
Service Cost	$	11.5	$	13.2	$	23.0	$	26.4
Interest Cost	13.5		10.3		27.0		20.6
Expected Return on Plan Assets	(25.3)		(20.2)		(50.6)		(40.4)
Amortization
Net Actuarial Loss	0.4		5.7		0.8		11.4
Prior Service Cost (Credit)	—		—		—		(0.1)
Net Periodic Pension Expense	$	0.1	$	9.0	$	0.2	$	17.9
Settlement Expense	—		20.3		—		20.3
Total Pension Expense	$	0.1	$	29.3	$	0.2	$	38.2

NON-U.S. PENSION PLANS	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2023		2022		2023		2022
Service Cost	$	0.4	$	0.5	$	0.7	$	0.9
Interest Cost	1.2		0.6		2.4		1.3
Expected Return on Plan Assets	(1.6)		(0.8)		(3.1)		(1.5)
Amortization
Net Actuarial Loss (Gain)	(0.1)		0.2		(0.2)		0.4
Net Periodic Pension Expense (Benefit)	$	(0.1)	$	0.5	$	(0.2)	$	1.1
Settlement Expense	—		—		—		0.7
Total Pension Expense (Benefit)	$	(0.1)	$	0.5	$	(0.2)	$	1.8

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2023		2022		2023		2022
Service Cost	$	1.2	$	1.4	$	2.4	$	2.8
Interest Cost	1.3		1.0		2.6		2.0
Amortization
Net Actuarial Loss	1.3		1.8		2.6		3.6
Net Periodic Pension Expense	$	3.8	$	4.2	$	7.6	$	8.4

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 six months ended June 30, 2023 and 2022, and $16.5 million and $20.7 million of contributions to the U.S. Non-Qualified Plan during the six months ended June 30, 2023 and 2022, respectively.