For example, an EU directive for use of recycled PET (rPET) in beverage bottles will increase from 25 percent in 2025 to 30 percent in 2030.

We recently set a goal to complete 100% of risk assessments on hazardous materials greater than 1 ton by 2025.

Pension Benefits Health Care Benefits (In millions) 2012 2011 2012 2011 Change in benefit obligation: Projected benefit obligation — beginning of year $ 543.5 $ 514.4 $ 21.9 $ 23.2 Service cost 1.5 1.6 — — Interest cost 27.2 28.3 0.8 1.0 Actuarial loss (gain) 63.4 38.4 (2.0) 0.4 Participant contributions — — 0.5 0.8 Benefits paid (39.8) (38.7) (2.7) (3.3) Other 1.4 (0.5) 0.4 (0.2) Projected benefit obligation — end of year $ 597.2 $ 543.5 $ 18.9 $ 21.9 Projected salary increases 2.8 2.6 — — Accumulated benefit obligation $ 594.4 $ 540.9 $ 18.9 $ 21.9 Change in plan assets: Plan assets — beginning of year $ 335.6 $ 354.6 $ — $ — Actual return on plan assets 46.9 (15.9) — — Company contributions 66.8 35.6 2.0 2.5 Plan participants’ contributions — — 0.5 0.8 Benefits paid (39.8) (38.7) (2.7) (3.3) Other 0.9 — 0.2 — Plan assets — end of year $ 410.4 $ 335.6 $ — $ — Under-funded status at end of year $ (186.8) $ (207.9) $ (18.9) $ (21.9) 60 POLYONE CORPORATION Amounts included in the accompanying Consolidated Balance Sheets are as follows: Pension Benefits Health Care Benefits (In millions) 2012 2011 2012 2011 Accrued expenses and other liabilities $ 4.0 $ 4.3 $ 1.9 $ 3.0 Other non-current liabilities 182.8 203.6 17.0 18.9 Change in accumulated other comprehensive loss before tax: Pension Benefits Health Care Benefits (In millions) 2012 2011 2012 2011 Prior year $ 0.3 $ 0.5 $ (17.4) $ (34.9) Prior service (cost) credit recognized during year — (0.2) 17.4 17.4 Other adjustments — — — 0.1 Current year $ 0.3 $ 0.3 $ — $ (17.4) As of December 31, 2012 and 2011, we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows: Pension Benefits Health Care Benefits (In millions) 2012 2011 2012 2011 Projected benefit obligation $ 596.4 $ 542.8 $ 18.9 $ 21.9 Accumulated benefit obligation 593.6 540.3 18.9 21.9 Fair value of plan assets 409.6 334.9 — — Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Health Care Benefits 2012 2011 2012 2011 Discount rate 4.12% 5.11% 3.71% 4.51% Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A 7.39% 8.50% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A 4.63% 5.00% Year that the rate reaches the ultimate trend rate N/A N/A 2025 2019 Assumed health care cost trend rates have an effect on the amounts reported for the health care plans.

Prior to the enactment of the TCJA, the Company had $24.6 million of U.S. foreign tax credit carryforwards that would have otherwise expired between 2018 and 2025.

Components of our deferred tax assets (liabilities) as of December 31, 2016 and 2015 were as follows: (In millions) 2016 2015 Deferred tax assets: Pension and other post-retirement benefits $ 12.5 $ 29.7 Employment costs 34.3 34.7 Environmental reserves 45.1 45.8 Net operating loss carryforwards 28.8 33.3 Foreign tax credit carryforwards 23.0 37.4 Other, net 33.5 22.3 Gross deferred tax assets $ 177.2 $ 203.2 Valuation allowances (19.8) (19.3) Total deferred tax assets, net of valuation allowances $ 157.4 $ 183.9 Deferred tax liabilities: Property, plant and equipment $ (52.6) $ (60.3) Goodwill and intangibles (136.9) (135.8) Other, net (1.8) (7.2) Total deferred tax liabilities $ (191.3) $ (203.3) Net deferred tax liabilities $ (33.9) $ (19.4) Consolidated Balance Sheets: Non-current deferred income tax assets $ 9.2 $ 14.4 Non-current deferred income tax liabilities $ (43.1) $ (33.8) As of December 31, 2016, the Company had $23.0 million of U.S. foreign tax credit carryforwards that expire between 2018 and 2025.

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Pension Benefits Health Care Benefits 2014 2013 2012 2014 2013 2012 Discount rate* 4.83% 4.12% 5.11% 4.38% 3.71% 4.66% Expected long-term return on plan assets* 6.86% 8.41% 8.43% —% —% —% Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A N/A 7.02% 7.39% 8.35% Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A N/A 4.50% 4.63% 5.00% Year that the rate reaches the ultimate trend rate N/A N/A N/A 2027 2025 2019 * The mark-to-market component of net periodic costs is determined based on discount rates as of year end and actual asset returns during the year.