Pension

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023.

TABLE 70: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2024		2023		2024		2023
Service Cost	$	13.4	$	11.5	$	40.2	$	34.5
Interest Cost	13.9		13.5		41.7		40.5
Expected Return on Plan Assets	(28.9)		(25.3)		(86.7)		(75.9)
Amortization
Net Actuarial Loss	1.9		0.4		5.7		1.2
Net Periodic Pension Expense	$	0.3	$	0.1	$	0.9	$	0.3

NON-U.S. PENSION PLANS	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2024		2023		2024		2023
Service Cost	$	0.5	$	0.4	$	1.5	$	1.1
Interest Cost	1.1		1.2		3.3		3.6
Expected Return on Plan Assets	(1.6)		(1.6)		(4.8)		(4.7)
Amortization
Net Actuarial (Gain)	—		(0.1)		—		(0.3)
Net Periodic Pension (Benefit)	$	—	$	(0.1)	$	—	$	(0.3)

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(In Millions)	2024		2023		2024		2023
Service Cost	$	1.2	$	1.2	$	3.6	$	3.6
Interest Cost	1.2		1.3		3.6		3.9
Amortization
Net Actuarial Loss	1.3		1.3		3.9		3.9
Net Periodic Pension Expense	$	3.7	$	3.8	$	11.1	$	11.4

The components of net periodic pension expense are recorded in Employee Benefits expense on the consolidated statements of income.

There were $200.0 million of contributions to the U.S. Qualified Plan during the nine months ended September 30, 2024. There were no contributions to the U.S. Qualified Plan during the nine months ended September 30, 2023. There were $8.0 million and $16.5 million of contributions to the U.S. Non-Qualified Plan during the nine months ended September 30, 2024 and 2023, respectively.