v3.25.2
Pension
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024.
TABLE 67: NET PERIODIC PENSION EXPENSE (BENEFIT)
U.S. QUALIFIED PLANTHREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
(In Millions)2025202420252024
Service Cost$13.7 $13.4 $27.4 $26.8 
Interest Cost15.5 13.9 31.0 27.8 
Expected Return on Plan Assets(30.6)(28.9)(61.2)(57.8)
Amortization
Net Actuarial Loss1.9 1.9 3.8 3.8 
Net Periodic Pension Expense$0.5 $0.3 $1.0 $0.6 
NON-U.S. PENSION PLANSTHREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
(In Millions)2025202420252024
Service Cost$0.5 $0.5 $1.0 $1.0 
Interest Cost1.2 1.1 2.3 2.2 
Expected Return on Plan Assets(1.7)(1.6)(3.3)(3.2)
Net Periodic Pension Expense$— $— $— $— 
U.S. NON-QUALIFIED PLANTHREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
(In Millions)2025202420252024
Service Cost$1.2 $1.2 $2.4 $2.4 
Interest Cost1.3 1.2 2.6 2.4 
Amortization
Net Actuarial Loss 1.1 1.3 2.2 2.6 
Net Periodic Pension Expense$3.6 $3.7 $7.2 $7.4 
The components of net periodic pension expense are recorded in Employee Benefits expense on the consolidated statements of income.
There were no contributions made to the U.S. Qualified Plan or the U.S. Non-Qualified Plan during the three months ended June 30, 2025 and 2024. There were $125.0 million and $200.0 million of contributions to the U.S. Qualified Plan during the six months ended June 30, 2025 and 2024, respectively. There were $12.9 million and $8.0 million of contributions to the U.S. Non-Qualified Plan during the six months ended June 30, 2025 and 2024, respectively.