Pension (Tables)

9 Months Ended

Sep. 30, 2023

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 PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2023		2022		2023		2022
Service Cost	$	11.5	$	11.1	$	34.5	$	37.5
Interest Cost	13.5		12.5		40.5		33.1
Expected Return on Plan Assets	(25.3)		(21.9)		(75.9)		(62.3)
Amortization
Net Actuarial Loss	0.4		—		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 PLANS	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2023		2022		2023		2022
Service Cost	$	0.4	$	0.4	$	1.1	$	1.3
Interest Cost	1.2		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 PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2023		2022		2023		2022
Service Cost	$	1.2	$	1.4	$	3.6	$	4.2
Interest Cost	1.3		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