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.