Pension

3 Months Ended

Mar. 31, 2025

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 months ended March 31, 2025 and 2024.

TABLE 64: NET PERIODIC PENSION EXPENSE (BENEFIT)

U.S. QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2025		2024
Service Cost	$	13.7	$	13.4
Interest Cost	15.5		13.9
Expected Return on Plan Assets	(30.6)		(28.9)
Amortization
Net Actuarial Loss	1.9		1.9
Net Periodic Pension Expense	$	0.5	$	0.3

NON-U.S. PENSION PLANS	THREE MONTHS ENDED MARCH 31,
(In Millions)	2025		2024
Service Cost	$	0.5	$	0.5
Interest Cost	1.1		1.1
Expected Return on Plan Assets	(1.6)		(1.6)
Net Periodic Pension Expense	$	—	$	—

U.S. NON-QUALIFIED PLAN	THREE MONTHS ENDED MARCH 31,
(In Millions)	2025		2024
Service Cost	$	1.2	$	1.2
Interest Cost	1.3		1.2
Amortization
Net Actuarial Loss	1.1		1.3
Net Periodic Pension Expense	$	3.6	$	3.7

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

There were $125.0 million and $200.0 million of contributions to the U.S. Qualified Plan during the three months ended March 31, 2025 and 2024, respectively . There were $12.9 million and $8.0 million of contributions to the U.S. Non-Qualified Plan during the three months ended March 31, 2025 and 2024, respectively.