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Postretirement and Other Benefits (Tables) | 12 Months Ended
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Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Funded Status | The funded status of these plans as of December 31, 2016 and 2015 was as follows ($ in millions):
| Pension Benefits |  | OPEB Benefits
| United States |  | France |  | United States
| 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
Change in Projected Benefit Obligation, or PBO: |  |  |  |  |  |  |  |  |  |  |
PBO at beginning of year | $ | 123.4 |  |  | $ | 132.4 |  |  | $ | 32.2 |  |  | $ | 37.3 |  |  | $ | 1.7 |  |  | $ | 1.8 |
Service cost | — |  |  | — |  |  | 1.0 |  |  | 1.3 |  |  | — |  |  | — |
Interest cost | 5.2 |  |  | 5.0 |  |  | 0.4 |  |  | 0.4 |  |  | 0.1 |  |  | 0.1 |
Actuarial (gain) loss | 2.4 |  |  | (6.5 | ) |  | 2.1 |  |  | (0.6 | ) |  | — |  |  | 0.4 |
Participant contributions | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Plan amendment | — |  |  | — |  |  | — |  |  | (0.7 | ) |  | — |  |  | — |
Gross benefits paid | (7.8 | ) |  | (7.5 | ) |  | (3.0 | ) |  | (2.5 | ) |  | (0.5 | ) |  | (0.7 | )
Currency translation effect | — |  |  | — |  |  | (0.3 | ) |  | (3.0 | ) |  | — |  |  | — |
PBO at end of year | $ | 123.2 |  |  | $ | 123.4 |  |  | $ | 32.4 |  |  | $ | 32.2 |  |  | $ | 1.4 |  |  | $ | 1.7 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 116.7 |  |  | 128.9 |  |  | 8.4 |  |  | 10.2 |  |  | — |  |  | — |
Actual return on plan assets | 10.0 |  |  | (4.7 | ) |  | 0.1 |  |  | 0.5 |  |  | — |  |  | — |
Employer contributions | — |  |  | — |  |  | 0.7 |  |  | 1.3 |  |  | 0.4 |  |  | 0.6 |
Participant contributions | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Plan amendment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gross benefits paid | (7.8 | ) |  | (7.5 | ) |  | (2.9 | ) |  | (2.6 | ) |  | (0.5 | ) |  | (0.7 | )
Currency translation effect | — |  |  | — |  |  | (0.2 | ) |  | (1.0 | ) |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 118.9 |  |  | $ | 116.7 |  |  | $ | 6.1 |  |  | $ | 8.4 |  |  | $ | — |  |  | $ | — |
Funded status at end of year | $ | (4.3 | ) |  | $ | (6.7 | ) |  | $ | (26.3 | ) |  | $ | (23.8 | ) |  | $ | (1.4 | ) |  | $ | (1.7 | )
Schedule of Accumulated Benefit Obligations and PBO excess of Fair Value of Pension Plan Assets | The PBO and ABO exceeded the fair value of pension plan assets for the Company's French defined benefit pension plans as of December 31, 2016 and 2015 and U.S. defined benefit plan as of December 31, 2016 as follows ($ in millions):
| United States |  | France
| 2016 |  | 2015 |  | 2016 |  | 2015
PBO | $ | 123.2 |  |  | $ | 123.4 |  |  | $ | 32.4 |  |  | $ | 32.2 |
ABO | 123.2 |  |  | 123.4 |  |  | 28.2 |  |  | 28.3 |
Fair value of plan assets | 118.9 |  |  | 116.7 |  |  | 6.1 |  |  | 8.4 |
Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income | As of December 31, 2016, the pre-tax amounts in accumulated other comprehensive income that have not been recognized as components of net periodic benefit cost for the U.S. and French pension plans and other postretirement benefit plans in the United States are as follows ($ in millions):
| Pension Benefits |  | OPEB Benefits
| United States |  | France |  | United States
Accumulated loss | $ | 37.5 |  |  | $ | 16.9 |  |  | $ | 0.7 |
Prior service credit | — |  |  | (3.3 | ) |  | (0.3 | )
Accumulated other comprehensive loss | $ | 37.5 |  |  | $ | 13.6 |  |  | $ | 0.4 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The amounts in accumulated other comprehensive loss at December 31, 2016, which are expected to be recognized as components of U.S. and French net periodic benefit cost in 2017 are as follows ($ in millions):
| Pension Benefits |  | OPEB Benefits
| United States |  | France |  | United States
Amortization of accumulated loss | $ | (3.7 | ) |  | $ | (1.4 | ) |  | $ | (0.2 | )
Amortization of prior service credit | — |  |  | 0.3 |  |  | 0.1 |
Total | $ | (3.7 | ) |  | $ | (1.1 | ) |  | $ | (0.1 | )
Schedule of Net Benefit Costs | The components of net pension and OPEB benefit costs for U.S. employees and net pension benefit costs for French employees during the years ended December 31, 2016, 2015 and 2014 were as follows ($ in millions):
| U.S. Pension Benefits |  | French Pension Benefits |  | U.S. OPEB Benefits
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | 1.3 |  |  | $ | 1.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 5.2 |  |  | 5.0 |  |  | 5.6 |  |  | 0.4 |  |  | 0.4 |  |  | 0.8 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets | (6.8 | ) |  | (7.0 | ) |  | (7.4 | ) |  | (0.2 | ) |  | (0.3 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | — |
Amortizations and other | 3.8 |  |  | 5.1 |  |  | 4.2 |  |  | 1.1 |  |  | 0.2 |  |  | 0.7 |  |  | 0.2 |  |  | (0.2 | ) |  | (0.5 | )
Curtailment benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.7 | )
Net periodic benefit cost | $ | 2.2 |  |  | $ | 3.1 |  |  | $ | 2.4 |  |  | $ | 2.3 |  |  | $ | 1.6 |  |  | $ | 2.4 |  |  | $ | 0.3 |  |  | $ | (0.1 | ) |  | $ | (3.1 | )
Schedule of Allocation of Plan Assets | The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2016 ($ in millions):
| United States |  | France
Plan Asset Category | Total |  | Other* |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2
Cash equivalents | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 1.5 |  |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic large cap | 8.3 |  |  | 8.3 |  |  | — |  |  | — |  |  | — |  |  | 1.2 |  |  | 1.2 |  |  | — |
Domestic small cap | 5.7 |  |  | 5.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
International | 23.7 |  |  | 23.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fixed income securities | 79.9 |  |  | 79.9 |  |  | — |  |  | — |  |  | — |  |  | 3.2 |  |  | — |  |  | 3.2 |
Alternative investments* | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.2 |  |  | — |  |  | 0.2 |
Total | $ | 118.9 |  |  | $ | 117.6 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 6.1 |  |  | $ | 2.7 |  |  | $ | 3.4 |
The following table sets forth by level, within the fair value hierarchy, the U.S. and French pension plans' assets at fair value as of December 31, 2015 ($ in millions):
| United States |  | France
Plan Asset Category | Total |  | Other* |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2
Cash equivalents | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic large cap | 8.0 |  |  | 8.0 |  |  | — |  |  | — |  |  | — |  |  | 1.7 |  |  | 1.7 |  |  | — |
Domestic small cap | 5.3 |  |  | 5.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
International | 21.6 |  |  | 21.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fixed income securities | 80.3 |  |  | 80.3 |  |  | — |  |  | — |  |  | — |  |  | 5.5 |  |  | — |  |  | 5.5 |
Alternative investments** | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  | 0.2 |  |  | — |  |  | 0.2 |
Total | $ | 116.7 |  |  | $ | 115.2 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 8.4 |  |  | $ | 2.7 |  |  | $ | 5.7 |
* | Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure. Amounts presented for December 31, 2015 have been retrospectively reclassified pursuant to the implementation of ASU 2015-07. For further information see Note 2. Summary of Significant Accounting Policies.
The U.S. and French pension plans' asset target allocations by asset category for 2017 and actual allocations by asset category at December 31, 2016 and 2015 were as follows:
| United States |  | France
| 2017 Target |  | 2016 |  | 2015 |  | 2016 |  | 2015
Asset Category |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 | % |  | 1 | % |  | 1 | % |  | 24 | % |  | 12 | %
Equity securities* |  |  |  |  |  |  |  |  |
Domestic large cap | 7 |  |  | 7 |  |  | 7 |  |  | 20 |  |  | 20 |
Domestic small cap | 4 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |
International | 20 |  |  | 20 |  |  | 19 |  |  | — |  |  | — |
Fixed income securities | 68 |  |  | 67 |  |  | 69 |  |  | 54 |  |  | 66 |
Alternative investments** | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
* | None of the Company's pension plan assets are targeted for investment in SWM stock, except that it is possible that one or more mutual funds held by the plan could hold shares of SWM.
** | Investments in this category under the U.S. pension plan only may include hedge funds, and may include real estate under the French pension plan.
Schedule of Changes in Plan Assets | The following table shows the changes in Level 3 asset values ($ in millions):
U.S. Level 3 Asset Reconciliation | Alternative Investments Total
Beginning balance, January 1, 2015 | $ | 6.8 |
Realized and unrealized gains | 0.1 |
Purchases | 0.5 |
Sales | (7.1 | )
Ending balance, December 31, 2015 | $ | 0.3 |
Realized and unrealized gains | — |
Purchases | — |
Sales | (0.2 | )
Ending balance, December 31, 2016 | $ | 0.1 |
Schedule of Expected Benefit Payments | The Company expects the following estimated undiscounted future pension benefit payments for the United States and France and future postretirement healthcare and life insurance benefit payments for the United States, which are to be made from pension plan and employer assets, net of amounts that will be funded from retiree contributions, and which reflect expected future service, as appropriate ($ in millions):
| United States |  | France
| Pension Benefits |  | Healthcare and Life Insurance Benefits |  | Pension Benefits
2017 | $ | 8.2 |  |  | $ | 0.2 |  |  | $ | 4.6 |
2018 | 8.4 |  |  | 0.1 |  |  | 1.4 |
2019 | 8.4 |  |  | 0.1 |  |  | 2.7 |
2020 | 8.4 |  |  | 0.1 |  |  | 1.2 |
2021 | 8.4 |  |  | 0.1 |  |  | 1.1 |
2022 - 2026 | 40.5 |  |  | 0.3 |  |  | 6.6 |
Benefit Obligations [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit obligations as of December 31, 2016 and 2015 were as follows:
| Pension Benefits |  | OPEB Benefits
| United States |  | France |  | United States
| 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
Discount rate | 4.11 | % |  | 4.40 | % |  | 1.12 | % |  | 1.43 | % |  | 4.09 | % |  | 4.29 | %
Rate of compensation increase | — | % |  | — | % |  | 1.90 | % |  | 1.90 | % |  | 3.50 | % |  | 3.50 | %
Net Periodic Benfit Cost [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Assumptions Used | The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2016, 2015 and 2014 were as follows:
| Pension Benefits |  | OPEB Benefits
| United States |  | France |  | United States
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Discount rate | 4.40 | % |  | 3.94 | % |  | 4.78 | % |  | 1.12 | % |  | 1.43 | % |  | 1.17 | % |  | 4.29 | % |  | 3.82 | % |  | 4.02 | %
Expected long-term rate of return on plan assets | 5.83 | % |  | 6.06 | % |  | 6.48 | % |  | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | — | % |  | — | % |  | — | %
Rate of compensation increase | — |  |  | — |  |  | — |  |  | 1.90 | % |  | 1.90 | % |  | 1.90 | % |  | 3.50 | % |  | 3.50 | % |  | 3.50 | %

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