Retirement Plans

Pension Plans

Effective January 1, 2010, the U.S. pension plan was amended to exclude new hires and rehires from participating in the plan. In addition, we eliminated benefit accruals under the U.S. plan as of January 1, 2011, thus “freezing” the defined benefit pension plan. Under the plan freeze, no pay credits were made to a participant’s account balance after December 31, 2010. However, interest credits will continue in accordance with the annual update process.

During the three and nine months ended September 30, 2018, the Company made contributions of $0.4 million and $0.8 million, respectively, to our U.S. pension plan. Traditionally, the Company has made contributions consistent with the funding requirements of the plan. The Company did not, however, make a required contribution of $1.7 million that was due September 15, 2018. In addition to the foregoing, the Company did not make a required contribution of approximately $0.4 million, which was due October 15, 2018. The above past due payments are recorded as other current liabilities. The Company did not make the required payments due to pending discussions with Pension Benefit Guaranty Corporation (“PBGC”) in which the Company is discussing potential options seeking relief of funding obligations. If the Company does not receive any relief from the PBGC, approximately $4 million in contributions would be required to fund the pension plan in the next twelve months. There is, and can be no guaranty, that the Company will receive relief from the PBGC.

Components of net periodic pension (credit) cost included the following:



	United States						United States
	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2018			2017			2018			2017
Interest cost	$	0.5		$	0.7		$	1.6		$	1.9
Expected return on plan assets	(0.8		)	(0.9		)	(2.4		)	(2.5		)
Amortization of net actuarial loss	0.1			0.1			0.3			0.3
Net periodic pension credit	(0.2		)	(0.1		)	(0.5		)	(0.3		)
Settlement loss	—			0.8			—			0.8
Total pension (credit) cost	$	(0.2	)	$	0.7		$	(0.5	)	$	0.5

Germany is the Company’s only remaining international plan and the components of net periodic pension (credit) cost for this plan were immaterial for the three and nine months ended September 30, 2018 and 2017.