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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Plan Status of U.S. Plan, Non-U.S. Plans and Supplemental Plan
The following tables set forth the status, amounts included in AOCI, and net periodic pension expense of the U.S. Qualified Plan, Non-U.S. Pension Plans, and U.S. Non-Qualified Plan.
TABLE 94: EMPLOYEE BENEFIT PLAN STATUS
U.S. QUALIFIED PLANNON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
($ In Millions)202420232024202320242023
Accumulated Benefit Obligation$1,005.9 $1,015.6 $125.7 $143.7 $88.9 $94.1 
Projected Benefit Obligation$1,139.0 $1,151.7 $130.7 $148.6 $103.8 $109.2 
Plan Assets at Fair Value1,338.1 1,200.8 139.8 148.7 — — 
Funded Status at December 31$199.1 $49.1 $9.1 $0.1 $(103.8)$(109.2)
Weighted-Average Assumptions:
Discount Rates5.70 %5.03 %3.32 %3.12 %5.55 %4.95 %
Rate of Increase in Compensation Level5.56 5.56 1.50 1.75 5.56 5.56 
Expected Long-Term Rate of Return on Assets7.25 7.25 3.89 3.90 N/AN/A
Amount Included in Accumulated Other Comprehensive Income
U.S. QUALIFIED PLANNON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
(In Millions)202420232024202320242023
Net Actuarial Loss$516.5 $467.7 $29.8 $34.4 $56.6 $62.3 
Prior Service (Credit) Cost— — (0.2)— — — 
Gross Amount in Accumulated Other Comprehensive Income516.5 467.7 29.6 34.4 56.6 62.3 
Income Tax Effect129.5 117.7 3.7 5.1 14.2 15.6 
Net Amount in Accumulated Other Comprehensive Income$387.0 $350.0 $25.9 $29.3 $42.4 $46.7 
Components of Company's Net Periodic Benefit Cost
U.S. QUALIFIED PLAN(1)(2)
NON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
($ In Millions)202420232022202420232022202420232022
Service Cost$53.6$46.0$48.0$1.9$1.6$1.7$4.7$4.8$5.6
Interest Cost55.653.946.34.54.82.55.05.33.9
Expected Return on Plan Assets(115.7)(100.9)(85.7)(6.7)(6.7)(3.2)———
Amortization:
Net Actuarial Loss7.81.511.40.1(0.4)0.65.15.37.4
Prior Service (Credit) Cost——(0.1)(0.1)—————
Net Periodic Pension Expense$1.3$0.5$19.9$(0.3)$(0.7)$1.6$14.8$15.4$16.9
Settlement Expense——44.10.2—0.8———
Total Pension Expense$1.3$0.5$64.0$(0.1)$(0.7)$2.4$14.8$15.4$16.9
Weighted-Average Assumptions:
Discount Rates5.03 %5.22 %3.03 %4.81 %3.12 %3.76 %1.34 %4.95 %5.15 %2.80 %
 5.49 %5.22 %
Rate of Increase in Compensation Level5.565.564.971.751.751.505.565.564.97
Expected Long-Term Rate of Return on Assets7.257.255.256.003.903.991.79N/AN/AN/A
6.50
(1) Assumptions utilized to determine net periodic pension expense for 2024 and 2023 are as of December 31, 2023 and 2022, respectively.
(2) In determining the pension expense for the U.S. Qualified Plan for 2022, Northern Trust utilized a discount rate of 3.03% as of December 31, 2021, 4.81% as of June 30, 2022, 5.49% as of September 30, 2022, and 5.22% as of December 31, 2022 and the expected long-term rate of return was 5.25% as of December 31, 2021, 6.00% as of June 30, 2022, and 6.50% as of September 30, 2022. The rate utilized for the increase in compensation level was as of December 31, 2021.
Change in Benefit Obligation, Postretirement Health Care, and in Accumulated Postretirement Benefit Obligation
U.S. QUALIFIED PLANNON-U.S. PENSION PLANSU.S. NON-QUALIFIED PLAN
(In Millions)202420232024202320242023
Beginning Balance$1,151.7 $1,077.7 $148.6 $129.0 $109.2 $113.6 
Service Cost53.6 46.0 1.9 1.6 4.7 4.8 
Interest Cost55.6 53.9 4.5 4.8 5.0 5.3 
Employee Contributions— — 0.8 0.8 — — 
Plan Amendment— — (0.4)(0.2)— — 
Actuarial Loss (Gain) (60.9)36.8 (11.9)8.1 (0.8)8.4 
Settlements— — (1.7)— — — 
Benefits Paid(61.0)(62.7)(4.3)(4.1)(14.3)(22.9)
Foreign Exchange Rate Changes— — (6.8)8.6 — — 
Ending Balance$1,139.0 $1,151.7 $130.7 $148.6 $103.8 $109.2 
Estimated Future Benefit Payments
(In Millions)U.S. QUALIFIED PLANNON-U.S.PENSION PLANSU.S. NON-QUALIFIED PLAN
2025$101.2 $4.7 $16.2 
2026102.6 5.0 13.8 
2027104.0 6.1 11.7 
2028102.4 6.6 11.2 
2029101.7 5.7 11.8 
2030-2034509.2 35.3 50.6 
Change in Plan Assets
U.S. QUALIFIED PLANNON-U.S PENSION PLANS
(In Millions)2024202320242023
Fair Value of Assets at Beginning of Period$1,200.8 $1,176.8 $148.7 $134.5 
Actual Return on Assets(1.7)86.8 (1.2)5.0 
Employer Contributions200.0 — 4.0 3.9 
Employee Contributions— — 0.8 0.8 
Settlements— — (1.7)— 
Benefits Paid(61.0)(62.8)(4.3)(4.1)
Foreign Exchange Rate Changes— — (6.5)8.6 
Fair Value of Assets at End of Period$1,338.1 $1,200.8 $139.8 $148.7 
Fair Values of U.S. Pension Plan Assets by Major Asset Category, and their Level within Fair Value Hierarchy
The following table presents the fair values of Northern Trust’s U.S. Qualified Plan assets, by major asset category, and their level within the fair value hierarchy defined by GAAP as of December 31, 2024 and 2023.
TABLE 100: FAIR VALUE OF U.S. QUALIFIED PLAN ASSETS
DECEMBER 31, 2024
(In Millions)LEVEL 1LEVEL 2LEVEL 3TOTAL
Domestic Common Stock$17.6 $— $— $17.6 
Foreign Common Stock0.3 — — 0.3 
Domestic Corporate Bonds— 244.9 — 244.9 
Foreign Corporate Bonds— 30.1 — 30.1 
U.S. Government Obligations58.3 — — 58.3 
Non-U.S. Government Obligations— 17.0 — 17.0 
Domestic Municipal and Provincial Bonds— 14.3 — 14.3 
Foreign Municipal and Provincial Bonds— 0.2 — 0.2 
Collective Trust Funds— 734.9 — 734.9 
Mutual Funds56.3 — — 56.3 
Cash and Other(1)
(1.2)— — (1.2)
Total Assets at Fair Value in the Fair Value Hierarchy$131.3 $1,041.4 $— $1,172.7 
Assets Valued at NAV per share
Northern Trust Private Equity Funds53.2 
Northern Trust Hedge Fund39.2 
Real Estate Funds73.0 
Total Assets at Fair Value$1,338.1 
(1) Negative balance in Cash and Other as of December 31, 2024 primarily relates to due to broker for securities purchased.
DECEMBER 31, 2023
(In Millions)LEVEL 1LEVEL 2LEVEL 3TOTAL
Domestic Common Stock$16.6 $— $— $16.6 
Foreign Common Stock0.3 — — 0.3 
Domestic Corporate Bonds— 218.2 — 218.2 
Foreign Corporate Bonds— 33.6 — 33.6 
U.S. Government Obligations(1)
87.5 — — 87.5 
Non-U.S. Government Obligations— 14.0 — 14.0 
Domestic Municipal and Provincial Bonds— 17.2 — 17.2 
Foreign Municipal and Provincial Bonds— 0.3 — 0.3 
Collective Trust Funds— 571.5 — 571.5 
Mutual Funds80.3 — — 80.3 
Cash and Other(2)
(3.4)— — (3.4)
Total Assets at Fair Value in the Fair Value Hierarchy$181.3 $854.8 $— $1,036.1 
Assets Valued at NAV per share
Northern Trust Private Equity Funds45.6 
Northern Trust Hedge Fund36.2 
Real Estate Funds82.9 
Total Assets at Fair Value$1,200.8 
(1) Northern Trust reclassified its leveling interpretation for U.S. Government Obligations from Level 2 to Level 1 during 2024 and adjusted 2023 disclosures accordingly.
(2) Negative balance in Cash and Other as of December 31, 2023 primarily relates to the timing of transfers between cash accounts and short-term investment funds presented in Collective Trust Funds.