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Postretirement and Other Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Net Funded Status

The funded status of these plans as of December 31, 2021 and 2020 was as follows ($ in millions):

			Pension Benefits
			U.S.												France												U.K.
			2021						2020						2021						2020						2021						2020
Change in Projected Benefit Obligation, or PBO:
PBO at beginning of year			$	125.1					$	119.9					$	35.8					$	31.9					$	—					$	—
Acquisition(1)			1.9						—						5.4						—						200.1						—
Service cost			—						—						1.6						1.3						—						—
Interest cost			2.8						3.7						0.1						0.2						2.5						—
Actuarial (gain) loss			(2.6)						9.7						(2.1)						0.6						4.3						—
Participant contributions			—						—						0.8						0.5						—						—
Gross benefits paid			(8.8)						(8.2)						(2.7)						(1.7)						(10.7)						—
Currency translation effect			—						—						(2.9)						3.0						(3.9)						—
PBO at end of year			$	118.4					$	125.1					$	36.0					$	35.8					$	192.3					$	—
Change in Plan Assets:
Fair value of plan assets at beginning of year			$	134.4					$	125.8					$	0.8					$	1.1					$	—					$	—
Acquisition(1)			—						—						—						—						211.4						—
Actual return on plan assets			(0.9)						16.8						0.1						—						10.9						—
Employer contributions									—						1.8						1.2						2.9						—
Participant contributions			—						—						0.1						—						—						—
Gross benefits paid			(8.8)						(8.2)						(2.2)						(1.6)						(10.8)						—
Currency translation effect			—						—						(0.1)						0.1						(4.3)						—
Fair value of plan assets at end of year			$	124.7					$	134.4					$	0.5					$	0.8					$	210.1					$	—
Funded status at end of year			$	6.3					$	9.3					$	(35.5)					$	(35.0)					$	17.8					$	—

(1) Amounts attributable to Scapa are included effective April 15, 2021

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., U.K., and French defined benefit pension plans as of December 31, 2021 and 2020 as follows ($ in millions):

			U.S.												France												U.K.
			2021						2020						2021						2020						2021						2020
PBO			$	118.4					$	125.1					$	36.0					$	35.8					192.3						$	—
ABO			118.4						125.1						36.0						35.8						192.3						—
Fair value of plan assets			124.7						134.4						0.5						0.8						210.1						—

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

As of December 31, 2021, 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., U.K., and French pension plans are as follows ($ in millions):

			Pension Benefits
			U.S.						France						U.K.
Accumulated loss (gain)			$	16.9					$	11.1					$	(3.5)
Prior service credit			—						(2.0)						—
Accumulated other comprehensive loss (gain)			$	16.9					$	9.1					$	(3.5)

Schedule of Assumptions Used

The weighted average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 were as follows:

			Pension Benefits
			U.S.												France												U.K.
			2021						2020						2021						2020						2021						2020
Discount rate			2.73		%				2.30		%				0.88		%				0.32		%				1.85		%				—		%
Rate of compensation increase			—		%				—		%				2.01		%				1.97		%				—		%				—		%
Rate of pension increase			—		%				—		%				—		%				—		%				3.26		%				—		%

The weighted average assumptions used to determine net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 were as follows:

			Pension Benefits
			U.S.																		France																		U.K.
			2021						2020						2019						2021						2020						2019						2021						2020						2019
Discount rate			2.31		%				3.20		%				4.29		%				0.88		%				0.53		%				1.28		%				1.95		%				—		%				—		%
Expected long-term rate of return on plan assets			3.44		%				4.41		%				5.14		%				3.00		%				3.00		%				3.00		%				3.17		%				—		%				—		%
Rate of compensation increase			—		%				—		%				—		%				2.01		%				1.97		%				1.96		%				—		%				—		%				—		%

Schedule of Net Benefit Costs

The components of net pension benefit costs for U.S., U.K., and French employees during the years ended December 31, 2021, 2020 and 2019 were as follows ($ in millions):

			U.S. Pension Benefits																		French Pension Benefits																		U.K. Pension Benefits
			2021						2020						2019						2021						2020						2019						2021						2020						2019
Service cost			$	—					$	—					$	—					$	1.6					$	1.3					$	1.0					$	—					$	—					$	—
Interest cost			2.8						3.7						4.6						0.1						0.2						0.4						2.5						—						—
Expected return on plan assets			(3.9)						(4.9)						(5.8)						—						(0.1)						(0.1)						(2.7)						—						—
Amortizations and other			3.2						3.3						2.0						0.8						1.0						0.9						—						—						—
Net periodic benefit cost			$	2.1					$	2.1					$	0.8					$	2.5					$	2.4					$	2.2					$	(0.2)					$	—					$	—

Schedule of Allocation of Plan Assets

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

			U.S.															France												U.K.
						2021						2020						2021						2020						2021						2020
Asset Category
Cash and cash equivalents						1%						1%						11%						36%						1%						—%
Equity securities*
Domestic large cap						2						2						16						30						—						—
Domestic small cap						1						1						—						—						—						—
International						6						6						—						—						10						—
Fixed income securities						90						90						67						32						87						—
Alternative investments**						—						—						6						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. and U.K. pension plan 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., French and U.K. pension plans' assets at fair value as of December 31, 2021 ($ in millions):

			U.S.																														France																		U.K.
Plan Asset Category			Total						Other*						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Total						Level 1						Level 2
Cash equivalents			$	1.1					$	—					$	1.1					$	—					$	—					$	0.1					$	0.1					$	—					$	2.5					$	2.5					$	—
Equity securities
Domestic large cap			3.7						3.7						—						—						—						0.1						0.1						—						—						—						—
Domestic small cap			1.2						1.2						—						—						—						—						—						—						—						—						—
International			7.4						7.4						—						—						—						—						—						—						20.8						—						20.8
Fixed income securities
US Government securities			43.1						43.1						—						—						—						—						—						—						—						—						—
Corporate bonds			48.4						48.4						—						—						—						—						—						—						95.2						—						95.2
International bonds			2.1						2.1						—						—						—						—						—						—						86.6						—						86.6
Other			17.7						17.7						—						—						—						0.3						—						0.3						3.3						—						3.3
Alternative investments**			—						—						—						—						—						—						—						—						1.7						—						1.7
Total			$	124.7					$	123.6					$	1.1					$	—					$	—					$	0.5					$	0.2					$	0.3					$	210.1					$	2.5					$	207.6

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):

			U.S.																														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
Total			$	134.4					$	133.4					$	1.0					$	—					$	—					$	0.8					$	0.5					$	0.3

*    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, France and the U.K., 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):

			U.S.						France						U.K.
			Pension Benefits						Pension Benefits						Pension Benefits
2022			$	8.7					$	0.4					$	10.9
2023			8.4						1.3						11.2
2024			8.3						1.0						11.4
2025			8.2						1.7						11.8
2026			8.0						1.3						12.1
2027 - 2031			36.6						14.1						65.3

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