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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of funded status of the plans and the amounts recognized in the combined balance sheets
The following table sets forth the funded status of the plans for Venator and the amounts recognized in the consolidated balance sheets at December 31, 2019 and December 31, 2018:
 Defined Benefit
Plans
Other
Postretirement
Benefit Plans
 2019201820192018
Change in benefit obligation    
Benefit obligation at beginning of year$1,021  $1,136  $ $ 
Service cost  —  —  
Interest cost24  25  —  —  
Actuarial loss (gain)108  (60)  —  
Gross benefits paid(52) (58) (1) —  
Plan amendments—   —  —  
Exchange rates17  (56) —  —  
Curtailments(21) 23  —  —  
Benefit obligation at end of year$1,100  $1,021  $ $ 
Accumulated benefit obligation at end of year1,076  983  
Change in plan assets
Fair value of plan assets at beginning of year$813  $906  $—  $—  
Actual return on plan assets108  (34) —  —  
Employer contribution40  47  —  —  
Gross benefits paid(52) (58) —  —  
Exchange rates24  (48) —  —  
Other —  —  —  
Fair value of plan assets at end of year$934  $813  $—  $—  
Funded status
Fair value of plan assets$934  $813  $—  $—  
Benefit obligation(1,100) (1,021) (3) (3) 
Accrued benefit cost$(166) $(208) $(3) $(3) 
Amounts recognized in balance sheet:
Noncurrent asset$79  $46  $—  $—  
Current liability(1) (1) —  —  
Noncurrent liability(244) (253) (3) (3) 
Total$(166) $(208) $(3) $(3) 
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss (gain)$321  $302  $(3) $(4) 
Prior service cost (credit) 11  —  (1) 
Total$326  $313  $(3) $(5) 
Schedule of amounts recognized in accumulated other comprehensive (loss)
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:
 Defined
Benefit Plans
Other
Postretirement
Benefit Plans
Actuarial loss$13  $—  
Prior service cost —  
Total$14  $—  
Schedule of components of the net periodic benefit costs
Components of net periodic benefit costs for the years ended December 31, 2019, December 31, 2018 and December 31, 2017 were as follows:
 Defined Benefit Plans
 201920182017
Service cost$ $ $ 
Interest cost24  25  25  
Expected return on plan assets(42) (47) (43) 
Amortization of actuarial loss14  15  16  
Amortization of prior service cost   
Curtailments(9) 23  (4) 
Net periodic benefit cost$(9) $24  $—  
 
 Other Postretirement Benefit Plans
 201920182017
Amortization of actuarial loss$—  $—  $ 
Amortization of prior service credit—  —  (3) 
Curtailments(1) —  —  
Net periodic benefit cost$(1) $—  $(2) 
Schedule of amounts recognized in net periodic benefit cost and other comprehensive (loss) income
The amounts recognized in net periodic benefit cost and other comprehensive loss for the years ended December 31, 2019, December 31, 2018 and December 31, 2017 were as follows:
 Defined Benefit Plans
 201920182017
Current year actuarial gain (loss)$21  $45  $(24) 
Amortization of actuarial loss(14) (15) (16) 
Current year prior service cost—   —  
Amortization of prior service cost(1) (3) (1) 
Curtailments (23)  
Other—  —  (3) 
Total recognized in other comprehensive loss15   (40) 
Net periodic benefit cost(9) 24  —  
Total recognized in net periodic benefit cost and other comprehensive loss$ $33  $(40) 
 
 Other Postretirement Benefit Plans
 201920182017
Current year actuarial loss$ $—  $(1) 
Amortization of actuarial loss—  —  (1) 
Amortization of prior service credit—  —   
Curtailments —  —  
Total recognized in other comprehensive loss —   
Net periodic benefit cost(1) —  (2) 
Total recognized in net periodic benefit cost and other comprehensive loss$ $—  $(1) 
Schedule of weighted-average assumptions used to determine the projected benefit obligation and the net periodic pension cost
The following weighted-average assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost for the year:
 Defined Benefit Plans
 201920182017
Projected benefit obligation:   
Discount rate1.60 %2.38 %2.21 %
Rate of compensation increase2.56 %3.69 %3.74 %
Net periodic pension cost:
Discount rate2.38 %2.21 %1.86 %
Rate of compensation increase3.69 %3.74 %3.53 %
Expected return on plan assets5.23 %5.23 %5.71 %
 
 Other Postretirement Benefit Plans
 201920182017
Projected benefit obligation:   
Discount rate3.27 %3.50 %3.38 %
Net periodic pension cost:
Discount rate3.51 %3.30 %3.72 %
Rate of compensation increase4.35 %— %— %
Schedule of projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of fair value of plan assets
The projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of plan assets as were as follows:
  December 31,
 20192018
Projected benefit obligation$407  $385  
Fair value of plan assets162  131  
Schedule of defined benefit plans with an accumulated benefit obligation in excess of fair value of plan assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the defined benefit plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2019 and December 31, 2018 were as follows:
  December 31,
 20192018
Projected benefit obligation$386  $385  
Accumulated benefit obligation383  375  
Fair value of plan assets142  131  
Schedule of expected future contributions and benefit payments
Expected future contributions and benefit payments are as follows:
 Defined
Benefit Plans
Other
Postretirement
Benefit Plans
2020 expected employer contributions:
  
To plan trusts$43  $—  
Expected benefit payments:
202054  —  
202143  —  
202244  —  
202347  —  
202448  —  
2025 - 2029241   
Schedule of plan assets measured at fair value on a recurring basis The following plan assets are measured at fair value on a recurring basis:
Asset CategoryDecember 31, 2019Fair Value
Amounts Using
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Pension plans:    
Equities$196  $179  $17  $—  
Fixed income692  42  643   
Real estate/other40  —  14  26  
Cash and cash equivalents  —  —  
Total pension plan assets$934  $227  $674  $33  
 
Asset CategoryDecember 31, 2018Fair Value
Amounts Using
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Pension plans:    
Equities$213  $202  $11  $—  
Fixed income547  39  501   
Real estate/other34  —   28  
Cash and cash equivalents19  19  —  —  
Total pension plan assets$813  $260  $518  $35  
Schedule of reconciliation of the beginning and ending balances of plan assets measured at fair value using unobservable inputs (level 3)
 Real Estate/Other
Year ended December 31, 
 20192018
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)  
Balance at the beginning of the period$28  $30  
Return on pension plan assets(1) (1) 
Purchases, sales and settlements(1) (1) 
Transfers (out of) into Level 3—  —  
Disposals—  —  
Balance at the end of the period$26  $28  
 Fixed Income
Year ended December 31, 
 20192018
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)  
Balance at the beginning of the period$ $ 
Return on pension plan assets—  —  
Purchases, sales and settlements—  —  
Transfers (out of) into Level 3—  —  
Balance at the end of the period$ $ 
Schedule of asset allocation for pension plans and the target allocation, by asset category The asset allocation for our pension plans at December 31, 2019 and December 31, 2018 and the target allocation for 2019, by asset category, are as follows:
Asset categoryTarget allocation 2020Allocated at December 31, 2019Allocated at December 31, 2018
Pension plans:  
Equities20 %19 %26 %
Fixed income72 %73 %64 %
Real estate/other%%%
Cash%%%
Total pension plans100 %100 %100 %