Pension (Tables)

6 Months Ended

Jun. 30, 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 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