Pension (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023.

TABLE 65: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2024		2023
Service Cost	$	13.4	$	11.5
Interest Cost	13.9		13.5
Expected Return on Plan Assets	(28.9)		(25.3)
Amortization
Net Actuarial Loss	1.9		0.4
Net Periodic Pension Expense	$	0.3	$	0.1

NON-U.S. PENSION PLANS	THREE MONTHS ENDED MARCH 31,
(In Millions)	2024		2023
Service Cost	$	0.5	$	0.3
Interest Cost	1.1		1.2
Expected Return on Plan Assets	(1.6)		(1.5)
Amortization
Net Actuarial (Gain)	—		(0.1)
Net Periodic Pension (Benefit)	$	—	$	(0.1)

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2024		2023
Service Cost	$	1.2	$	1.2
Interest Cost	1.2		1.3
Amortization
Net Actuarial Loss	1.3		1.3
Net Periodic Pension Expense	$	3.7	$	3.8