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agreements. See Connolly v. Pension Benefit Guaranty Corporation, 475 U. S. 211, 223-224. Examining Concrete Pipe's relationship with the Plan in light of the three factors the Court has said have particular significance for takings claims confirms this. First, the Government did not physically invade or permanently appropriate Concrete Pipe's assets for its own use. Second, Concrete Pipe has failed to show that having to pay out an estimated 46% of shareholder equity is an economic impact out of proportion to its experience with the Plan, since diminution in a property's value, however serious, is insufficient to demonstrate a taking. See, e. g., Village of Euclid v. Ambler Realty Co., 272 U. S. 365, 384. Third, the conditions on its contractual promises did not give Concrete Pipe a reasonable expectation that it would not be faced with liability for promised benefits. At the time it began making payments to the Plan, pension plans had long been subject to federal regulation. Indeed, withdrawing employers already faced contingent liability under ERISA, and Concrete Pipe's reliance on ERISA's original limitation of contingent withdrawal liability to 30% of net worth is misplaced, there being no reasonable basis to expect that the legislative ceiling would never be lifted, see Usery v. Turner Elkhorn Mining Co., 428 U. S. 1, 16. Pp. 641-647. 936 F. 2d 576, affirmed.
Souter, J., delivered the opinion of the Court, which was unanimous except insofar as O'Connor, J., did not join the statement to which n. 28 is attached, Scalia, J., did not join Part III-B-1-b, and Thomas, J., did not join Part III-B-1. O'Connor, J., filed a concurring opinion, post, p. 647. Thomas, J., filed an opinion concurring in part and concurring in the judgment, post, p. 649.
Dennis R. Murphy argued the cause for petitioner. With him on the briefs was James M. Nelson.
John S. Miller, Jr., argued the cause and filed a brief for respondent.
Carol Connor Flowe argued the cause for the Pension Benefit Guaranty Corporation as amicus curiae urging affirmance. With her on the brief were Jeffrey B. Cohen and Israel Goldowitz.*
*Briefs of amici curiae urging reversal were filed for the American Trucking Associations, Inc., by Daniel R. Barney, Laurie T. Baulig, and William H. Ewing; and for Midwest Motor Express, Inc., et al. by Alan J. Thiemann, Charles T. Carroll, Jr., and Thomas D. Wilcox. Briefs of amici curiae urging affirmance were filed for the American
Academy of Actuaries by Lauren M. Bloom; for the American Federation
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