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Pension
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022.
TABLE 72: NET PERIODIC PENSION EXPENSE (BENEFIT)
U.S. QUALIFIED PLANTHREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)2023202220232022
Service Cost$11.5 $11.1 $34.5 $37.5 
Interest Cost13.5 12.5 40.5 33.1 
Expected Return on Plan Assets(25.3)(21.9)(75.9)(62.3)
Amortization
Net Actuarial Loss0.4 — 1.2 11.4 
Prior Service Cost (Credit)— — — (0.1)
Net Periodic Pension Expense$0.1 $1.7 $0.3 $19.6 
Settlement Expense— 17.0 — 37.3 
Total Pension Expense$0.1 $18.7 $0.3 $56.9 
NON-U.S. PENSION PLANSTHREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)2023202220232022
Service Cost$0.4 $0.4 $1.1 $1.3 
Interest Cost1.2 0.6 3.6 1.9 
Expected Return on Plan Assets(1.6)(0.7)(4.7)(2.2)
Amortization
Net Actuarial (Gain) Loss (0.1)0.2 (0.3)0.6 
Net Periodic Pension (Benefit) Expense $(0.1)$0.5 $(0.3)$1.6 
Settlement Expense— — — 0.7 
Total Pension (Benefit) Expense $(0.1)$0.5 $(0.3)$2.3 
U.S. NON-QUALIFIED PLANTHREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)2023202220232022
Service Cost$1.2 $1.4 $3.6 $4.2 
Interest Cost1.3 1.0 3.9 3.0 
Amortization
Net Actuarial Loss 1.3 1.8 3.9 5.4 
Net Periodic Pension Expense$3.8 $4.2 $11.4 $12.6 
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 nine months ended September 30, 2023 and 2022, and $16.5 million and $20.7 million of contributions to the U.S. Non-Qualified Plan during the nine months ended September 30, 2023 and 2022, respectively.