Pension (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023.

TABLE 72: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2024		2023		2024		2023
Service Cost	$	13.4	$	11.5	$	26.8	$	23.0
Interest Cost	13.9		13.5		27.8		27.0
Expected Return on Plan Assets	(28.9)		(25.3)		(57.8)		(50.6)
Amortization
Net Actuarial Loss	1.9		0.4		3.8		0.8
Net Periodic Pension Expense	$	0.3	$	0.1	$	0.6	$	0.2

NON-U.S. PENSION PLANS	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2024		2023		2024		2023
Service Cost	$	0.5	$	0.4	$	1.0	$	0.7
Interest Cost	1.1		1.2		2.2		2.4
Expected Return on Plan Assets	(1.6)		(1.6)		(3.2)		(3.1)
Amortization
Net Actuarial (Gain)	—		(0.1)		—		(0.2)
Net Periodic Pension (Benefit)	$	—	$	(0.1)	$	—	$	(0.2)

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2024		2023		2024		2023
Service Cost	$	1.2	$	1.2	$	2.4	$	2.4
Interest Cost	1.2		1.3		2.4		2.6
Amortization
Net Actuarial Loss	1.3		1.3		2.6		2.6
Net Periodic Pension Expense	$	3.7	$	3.8	$	7.4	$	7.6