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Employee Benefit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's Plans for the years ended December 31, 2019 and 2018:
 
2019
 
2018
Change in benefit obligation:
 
 
 
Benefit obligations, January 1
$
2,140

 
$
2,294

Service cost
24

 
25

Interest cost
92

 
86

Net actuarial (gains) losses
259

 
(157
)
Benefits paid
(106
)
 
(108
)
(Gain) loss recognized due to curtailment
1

 
—

Benefit obligations, December 31
2,410

 
2,140

 
 
 
 
Change in plan assets:
 
 
 
Fair value of plan net assets, January 1
1,605

 
1,764

Actual return on plan assets
376

 
(78
)
Employer contributions
85

 
27

Benefits paid
(106
)
 
(108
)
Fair value of plan net assets, December 31
1,960

 
1,605

Unfunded status at end of year (1)
$
(450
)
 
$
(535
)
(1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations.
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss)

The following table summarizes amounts related to the Plans recognized on the Consolidated Balance Sheets and in AOCI as of December 31, 2019 and 2018:
 
2019
 
2018
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Accrued benefit cost
$
(450
)
 
$
(535
)
Net amount recognized
$
(450
)
 
$
(535
)
 
 
 
 
Accumulated other comprehensive (income) loss:
 
 
 
Prior service cost (credit)
$
—

 
$
(1
)
Tax effect
—

 
—

Accumulated other comprehensive (income) loss, net of tax
$
—

 
$
(1
)
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets
The following table summarizes information for the Plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2019 and 2018:
 
2019
 
2018
Projected benefit obligation
$
2,410

 
$
2,140

Accumulated benefit obligation
2,404

 
2,134

Fair value of plan assets
1,960

 
1,605
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) related to the Plans were as follows for the years ended December 31, 2019, 2018 and 2017:
 
2019
 
2018
 
2017
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
 
 
 
 
 
Service cost
$
24

 
$
25

 
$
24

Interest cost
92

 
86

 
93

Expected return on plan assets
(113
)
 
(129
)
 
(115
)
Amortization of prior service cost (credit)
—

 
(9
)
 
(10
)
(Gain) loss recognized due to curtailment
1

 
—

 
1

Net (gain) loss recognition
(4
)
 
50

 
14

Net periodic (benefit) costs
—

 
23

 
7

 
 
 
 
 
 
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI:
 
 
 
 
 
Amortization of prior service (credit) cost
—

 
9

 
10

(Credit) cost recognized due to curtailment
(1
)
 
—

 
2

Total recognized in AOCI
(1
)
 
9

 
12

Total recognized in net periodic (benefit) costs and AOCI
$
(1
)
 
$
32

 
$
19


The table below summarizes the components of the net actuarial (gains) losses related to the Plans reported within Operating expenses in the Consolidated Statements of Operations for the periods presented:
(Gain)/Loss Recognized
2019
 
2018
 
2017
Discount Rate
$
292

 
$
(160
)
 
$
196

Asset Returns
(263
)
 
207

 
(142
)
Mortality Table Assumptions
(22
)
 
(6
)
 
(14
)
Demographic Data and other
(11
)
 
9

 
(25
)
Total Net Actuarial (Gain)/Loss Recognized
$
(4
)
 
$
50

 
$
14
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The Company does not expect any prior service cost to be amortized from AOCI into net periodic (benefit) cost in 2020.

Schedule of Assumptions Used
The discount rates used in determining pension benefit obligations as of December 31, 2019 and 2018 were as follows:
 
2019
 
2018
Discount rate
3.36
%
 
4.46
%


In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including discounted cash flow analyses of the Company’s pension and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the pension plans.

The weighted-average assumptions used in determining net benefit cost of the Plans for the years ended December 31, 2019, 2018 and 2017 were as follows:
 
2019
 
2018
 
2017
Discount rate
4.37
%
 
3.85
%
 
4.55
%
Expected rate of return on plan assets
6.75
%
 
7.50
%
 
7.50
%


The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions.
Schedule of Allocation of Plan Assets

The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2019 and 2018:
 
Actual Asset Allocation
 
2019
 
2018
Equity securities:
 
 
 
Target allocation range
14%-40%

 
37%-65%

Large-cap domestic
18.3
%
 
23.0
%
Small/Mid-cap domestic
5.9
%
 
6.1
%
International commingled funds
12.0
%
 
11.7
%
Limited Partnerships
1.3
%
 
1.8
%
Total equity securities
37.5
%
 
42.6
%
Fixed maturities:
 
 
 
Target allocation range
54%-82%

 
30%-50%

U.S. Treasuries, short term investments, cash and futures
5.4
%
 
3.0
%
U.S. Government agencies and authorities
5.0
%
 
8.2
%
U.S. corporate, state and municipalities
40.8
%
 
31.6
%
Foreign securities
3.3
%
 
4.1
%
Other fixed maturities
—
%
 
—
%
Total fixed maturities
54.5
%
 
46.9
%
Other investments:
 
 
 
Target allocation range
6%-14%

 
6%-14%

Hedge funds
3.9
%
 
4.8
%
Real estate
4.1
%
 
5.7
%
Total other investments
8.0
%
 
10.5
%
Total
100.0
%
 
100.0
%

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2019:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
Fixed maturities, short-term investments and cash:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
14

 
$
—

 
$
—

 
$
—

 
$
14

Short-term investment fund(1)
—

 
—

 
—

 
98

 
98

U.S. Government securities
97

 
—

 
—

 
—

 
97

U.S. corporate, state and municipalities
—

 
782

 
14

 
—

 
796

Foreign securities
—

 
64

 
—

 
—

 
64

Other fixed maturities
—

 
1

 
—

 
—

 
1

Total fixed maturities
111

 
847

 
14

 
98

 
1,070

 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
Large-cap domestic
—

 
358

 
—

 
—

 
358

Small/Mid-cap domestic
115

 
—

 
—

 
—

 
115

International commingled funds(2)
—

 
—

 
—

 
235

 
235

Limited partnerships(3)
—

 
—

 
—

 
25

 
25

Total equity securities
115

 
358

 
—

 
260

 
733

 
 
 
 
 
 
 
 
 
 
Other investments:
 
 
 
 
 
 
 
 
 
Real estate(4)
—

 
—

 
—

 
80

 
80

Limited partnerships(5)
—

 
—

 
—

 
81

 
81

Total other investments
—

 
—

 
—

 
161

 
161

Total Assets
$
226

 
$
1,205

 
$
14

 
$
519

 
$
1,964

 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Derivatives
$
4

 
$
—

 
$
—

 
$
—

 
$
4

Total Liabilities
$
4

 
$
—

 
$
—

 
$
—

 
$
4

 
 
 
 
 
 
 
 
 
 
Net, total pension assets
$
222

 
$
1,205

 
$
14

 
$
519

 
$
1,960


(1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day.
(2) 
International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $125 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $110 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $3 and Pantheon USA has a balance of $22. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. As of December 31, 2019, Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5, respectively, and there were no significant redemption restrictions.
(4) UBS Trumbull Property Fund ("UBS") uses NAV to calculate fair value. UBS has a balance of $80 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter.
(5) Magnitude Institutional, Ltd. ("MIL") has a balance of $81 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund.

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2018:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
Fixed maturities, short term investments and cash:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
—

 
$
—

 
$
—

 
$
—

 
$
—

  Short-term investment fund(1)
—

 
—

 
—

 
48

 
48

U.S. Government securities
131

 
—

 
—

 
—

 
131

U.S. corporate, state and municipalities
1

 
498

 
7

 
—

 
506

Foreign securities
—

 
66

 
—

 
—

 
66

Other fixed maturities
—

 
1

 
—

 
—

 
1

Total fixed maturities
132

 
565

 
7

 
48

 
752

 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
Large-cap domestic
369

 
—

 
—

 
—

 
369

Small/Mid-cap domestic
98

 
—

 
—

 
—

 
98

International commingled funds(2)
—

 
—

 
—

 
188

 
188

Limited partnerships(3)
—

 
—

 
—

 
29

 
29

Total equity securities
467

 
—

 
—

 
217

 
684

 
 
 
 
 
 
 
 
 
 
Other investments:
 
 
 
 
 
 
 
 
 
Real estate(4)
—

 
—

 
—

 
92

 
92

Limited partnerships(5)
—

 
—

 
—

 
75

 
75

Other
2

 
—

 
—

 
—

 
2

Total other investments
2

 
—

 
—

 
167

 
169

Net, total pension assets
$
601

 
$
565

 
$
7

 
$
432

 
$
1,605


(1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day.
(2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $94 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $94 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $4 and Pantheon USA has a balance of $25. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. As of December 31, 2018, Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5, respectively, and there were no significant redemption restrictions.
(4) UBS uses NAV to calculate fair value. UBS has a balance of $92 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter.
(5) MIL has a balance of $75 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund.
Schedule of Expected Benefit Payments
The following table summarizes the expected benefit payments for the Company's pension plans to be paid for the years indicated:
2020
$
125

2021
122

2022
126

2023
130

2024
130

2025-2029
682