Pension (Tables)

9 Months Ended

Sep. 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 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