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Postretirement and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Net Funded Status

The funded status of these plans as of December 31, 2020 and 2019 was as follows ($ in millions):

			Pension Benefits
			United States												France
			2020						2019						2020						2019
Change in Projected Benefit Obligation, or PBO:
PBO at beginning of year			$	119.9					$	112.3					$	31.9					$	29.5
Service cost			—						—						1.3						1.0
Interest cost			3.7						4.6						0.2						0.4
Actuarial loss			9.7						11.1						0.6						3.2
Participant contributions			—						—						0.5						0.7
Gross benefits paid			(8.2)						(8.1)						(1.7)						(2.3)
Currency translation effect			—						—						3.0						(0.6)
PBO at end of year			$	125.1					$	119.9					$	35.8					$	31.9
Change in Plan Assets:
Fair value of plan assets at beginning of year			$	125.8					$	113.1					$	1.1					$	2.1
Actual return on plan assets			16.8						20.8						—						0.2
Employer contributions			—						—						1.2						1.1
Participant contributions			—						—						—						—
Gross benefits paid			(8.2)						(8.1)						(1.6)						(2.3)
Currency translation effect			—						—						0.1						—
Fair value of plan assets at end of year			$	134.4					$	125.8					$	0.8					$	1.1
Funded status at end of year			$	9.3					$	5.9					$	(35.0)					$	(30.8)

Schedule of Accumulated Benefit Obligations and PBO excess of Fair Value of Pension Plan Assets

The PBO, ABO and fair value of pension plan assets for the Company's U.S. and French defined benefit pension plans as of December 31, 2020 and 2019 as follows ($ in millions):

			United States												France
			2020						2019						2020						2019
PBO			$	125.1					$	119.9					$	35.8					$	31.9
ABO			125.1						119.9						35.8						31.9
Fair value of plan assets			134.4						125.8						0.8						1.1

Schedule of Defined Benefit Plan Amounts Recognized in Accumulated Other Comprehensive Income

As of December 31, 2020, 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 are as follows ($ in millions):

			Pension Benefits
			United States						France
Accumulated loss			$	17.8					$	16.0
Prior service credit			—						(2.6)
Accumulated other comprehensive loss			$	17.8					$	13.4

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, 2020, which are expected to be recognized as components of U.S. and French net periodic benefit cost in 2021 are as follows ($ in millions):

			Pension Benefits
			United States						France
Amortization of accumulated loss			$	(3.6)					$	(1.2)
Amortization of prior service credit			—						0.3
Total			$	(3.6)					$	(0.9)

Schedule of Assumptions Used

The weighted average assumptions used to determine benefit obligations as of December 31, 2020 and 2019 were as follows:

			Pension Benefits
			United States												France
			2020						2019						2020						2019
Discount rate			2.30		%				3.20		%				0.32		%				0.53		%
Rate of compensation increase			—		%				—		%				1.97		%				1.96		%

The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows:

			Pension Benefits
			United States																		France
			2020						2019						2018						2020						2019						2018
Discount rate			3.20		%				4.29		%				3.60		%				0.53		%				1.28		%				1.28		%
Expected long-term rate of return on plan assets			4.41		%				5.14		%				5.00		%				3.00		%				3.00		%				3.00		%
Rate of compensation increase			—		%				—		%				—		%				1.97		%				1.96		%				1.75		%

Schedule of Net Benefit Costs

The components of net pension benefit costs for U.S. employees and net pension benefit costs for French employees during the years ended December 31, 2020, 2019 and 2018 were as follows ($ in millions):

			U.S. Pension Benefits																		French Pension Benefits
			2020						2019						2018						2020						2019						2018
Service cost			$	—					$	—					$	—					$	1.3					$	1.0					$	1.1
Interest cost			3.7						4.6						4.3						0.2						0.4						0.4
Expected return on plan assets			(4.9)						(5.8)						(5.8)						(0.1)						(0.1)						(0.1)
Amortizations and other			3.3						2.0						3.2						1.0						0.9						1.1
Net periodic benefit cost			$	2.1					$	0.8					$	1.7					$	2.4					$	2.2					$	2.5

Schedule of Allocation of Plan Assets

The U.S. and French pension plans' asset target allocations by asset category for 2021 and actual allocations by asset category at December 31, 2020 and 2019 were as follows:

			United States																		France
			2021 Target						2020						2019						2020						2019
Asset Category
Cash and cash equivalents			—%						1%						1%						36%						41%
Equity securities*
Domestic large cap			2						2						5						30						31
Domestic small cap			1						1						3						—						—
International			6						6						15						—						—
Fixed income securities			91						90						76						32						26
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.

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, 2020 ($ in millions):

			United States																														France
Plan Asset Category			Total						Other*						Level 1						Level 2						Level 3						Total						Level 1						Level 2
Cash equivalents			$	1.0					$	—					$	1.0					$	—					$	—					$	0.3					$	0.3					$	—
Equity securities
Domestic large cap			2.7						2.7						—						—						—						0.2						0.2						—
Domestic small cap			1.3						1.3						—						—						—						—						—						—
International			8.2						8.2						—						—						—						—						—						—
Fixed income securities
US Government securities			13.9						13.9						—						—						—						—						—						—
Corporate bonds			99.6						99.6						—						—						—						—						—						—
International bonds			1.2						1.2						—						—						—						—						—						—
Other			6.5						6.5						—						—						—						0.3						—						0.3
Alternative investments**			—						—						—						—						—						—						—						—
Total			$	134.4					$	133.4					$	1.0					$	—					$	—					$	0.8					$	0.5					$	0.3

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, 2019 ($ in millions):

			United States																														France
Plan Asset Category			Total						Other*						Level 1						Level 2						Level 3						Total						Level 1						Level 2
Cash equivalents			$	0.9					$	—					$	0.9					$	—					$	—					$	0.4					$	0.4					$	—
Equity securities
Domestic large cap			6.8						6.8						—						—						—						0.3						0.3						—
Domestic small cap			4.3						4.3						—						—						—						—						—						—
International			19.1						19.1						—						—						—						—						—						—
Fixed income securities
US Government securities			20.9						20.9						—						—						—						—						—						—
Corporate bonds			55.8						5.5						—						50.3						—						—						—						—
International bonds			0.8						0.8						—						—						—						—						—						—
Other			17.2						17.2						—						—						—						0.3						—						0.3
Alternative investments**			—						—						—						—						—						0.1						—						0.1
Total			$	125.8					$	74.6					$	0.9					$	50.3					$	—					$	1.1					$	0.7					$	0.4

*    Investments held in Mutual Funds are measured at Net Asset Value ("NAV"), as determined by the fund manager, as a practical expedient and not are subject to hierarchy level classification disclosure.

**    Alternative investments include ownership interests in shares of registered investment companies.

Schedule of Expected Benefit Payments

The Company expects the following estimated undiscounted future pension benefit payments for the United States and France, 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						Pension Benefits
2021			$	8.6					$	0.4
2022			8.5						1.0
2023			8.2						1.1
2024			8.1						1.7
2025			8.0						1.7
2026 - 2030			36.7						10.2

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