and Postretirement Benefits

Pension Plans

In the United States, the Company sponsors a defined benefit pension plan that covered approximately 17% of all U.S. employees as of December 31, 2017. Additionally, a number of the Company’s non-U.S. subsidiaries sponsor defined benefit pension plans that covered approximately 12% of all non-U.S. employees as of December 31, 2017. The benefits are typically based upon years of service and compensation. These plans are funded with trustees in respect of past and current service. As a result of the acquisition of Crane Currency in January 2018, the Company also has a defined benefit pension plan that covers substantially all former full-time U.S. employees of Crane Currency hired on or before June 30, 2007. Employees of Crane Currency hired after June 30, 2007 were not eligible to participate in the defined benefit pension plan. At the date of acquisition, based upon a preliminary valuation, the funded status of the plan was $(13.8) million representing a benefit obligation of $48.7 million less the fair value of plan assets of $34.9 million.

Postretirement Plans

Postretirement health care and life insurance benefits are provided for certain employees hired before January 1, 1990, who meet minimum age and service requirements. As a result of the acquisition of Crane Currency, the Company also has postretirement medical, Medicare supplement, and life insurance benefits that cover substantially all former full-time U.S. employees of Crane Currency.

Supplemental Plan

As a result of the acquisition of Crane Currency, the Company also has a non-qualified Supplemental Executive Retirement Plan (“SERP”). The SERP, which is not funded, is intended to provide retirement benefits for certain executive officers of the Company who were formerly employees of Crane Currency. Benefit amounts are based upon years of service and compensation of the participating employees.

For all plans, the components of net periodic (benefit) cost for the three months ended March 31, 2018 and 2017 are as follows:



	Pension						Postretirement						SERP
(in millions)	2018			2017			2018			2017			2018		2017
Service cost	$	1.5		$	1.2		$	0.1		$	—		$	—	$	—
Interest cost	7.5			7.2			0.3			0.1			0.1		—
Expected return on plan assets	(16.4		)	(13.9		)	—			—			—		—
Amortization of prior service cost	(0.1		)	(0.1		)	—			—			—		—
Amortization of net loss (gain)	3.6			3.5			(0.3		)	(0.1		)	—		—
Net periodic (benefit) cost	$	(3.9	)	$	(2.1	)	$	0.1		$	—		$	0.1	$	—

Effective January 1, 2018, the components of net periodic (benefit) cost other than the service cost component are included in “Miscellaneous income” in the Condensed Consolidated Statements of Operations. Service cost is recorded within “Cost of sales” and “Selling, general and administrative” in the Condensed Consolidated Statements of Operations. See Note 1, under “Basis of Presentation” under “Recent Accounting Pronouncements - Adopted” for further details.

The Company expects, based on current actuarial calculations, to contribute the following to its pension plans, postretirement plans and SERP:



(in millions)	Pension		Postretirement		SERP
Expected Contributions in 2018	$	27.0	$	2.4	$	0.2
Amounts Contributed in the three months ended March 31, 2018	$	4.1	$	0.3	$	0.1