XML 67 R52.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:
 Defined Benefit
Plans		Other
Postretirement
Benefit Plans
 2021202020212020
Change in benefit obligation    
Benefit obligation at beginning of year$1,203 $1,100 $3 $3 
Service cost2 3 — — 
Interest cost13 17 — — 
Actuarial (gain) loss(72)78 — — 
Gross benefits paid(47)(49)— — 
Plan amendments6 — — — 
Exchange rates(31)61 — — 
Curtailments— (1)— — 
Transfers— (6)— — 
Benefit obligation at end of year$1,072 $1,203 $3 $3 
Accumulated benefit obligation at end of year1,060 1,189 
Change in plan assets
Fair value of plan assets at beginning of year$1,055 $934 $— $— 
Actual return on plan assets16 97 — — 
Employer contribution18 38 — — 
Gross benefits paid(47)(49)— — 
Transfers— (6)— — 
Exchange rates(14)42 — — 
Other— (1)— — 
Fair value of plan assets at end of year$1,028 $1,055 $— $— 
Funded status
Fair value of plan assets$1,028 $1,055 $— $— 
Benefit obligation(1,072)(1,203)(3)(3)
Accrued benefit cost$(44)$(148)$(3)$(3)
Amounts recognized in balance sheet:
Noncurrent asset$172 $124 $— $— 
Current liability(1)(1)— — 
Noncurrent liability(215)(271)(3)(3)
Total$(44)$(148)$(3)$(3)
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss (gain)$276 $333 $(3)$(3)
Prior service cost9 4 — — 
Total$285 $337 $(3)$(3)
Schedule of Components of the Net Periodic Benefit Costs
Components of net periodic benefit gains for the years ended December 31, 2021, 2020 and 2019 were as follows:
 Defined Benefit Plans
 202120202019
Service cost$2 $3 $3 
Interest cost13 17 24 
Expected return on plan assets(43)(46)(42)
Amortization of actuarial loss12 13 14 
Amortization of prior service cost1 1 1 
Curtailments— — (9)
Settlement loss— 1 — 
Net periodic benefit gain$(15)$(11)$(9)
 
 Other Postretirement Benefit Plans
 202120202019
Amortization of actuarial loss$— $— $— 
Amortization of prior service credit— — — 
Curtailments— — (1)
Net periodic benefit cost (gain)$— $— $(1)
Schedule of Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive (Loss) Income
The amounts recognized in net periodic benefit cost and other comprehensive loss for the years ended December 31, 2021, 2020 and 2019 were as follows:
 Defined Benefit Plans
 202120202019
Current year actuarial (gain) loss$(45)$26 $21 
Amortization of actuarial loss(12)(13)(14)
Current year prior service cost6 — — 
Amortization of prior service cost(1)(1)(1)
Curtailments— — 9 
Other(1)(1)— 
Total recognized in other comprehensive (income) loss(53)11 15 
Net periodic benefit gain(15)(11)(9)
Total recognized in net periodic benefit cost and other comprehensive loss$(68)$— $6 
 
 Other Postretirement Benefit Plans
 202120202019
Current year actuarial loss$— $— $1 
Amortization of actuarial loss— — — 
Amortization of prior service credit— — — 
Curtailments— — 1 
Total recognized in other comprehensive loss— — 2 
Net periodic benefit cost— — (1)
Total recognized in net periodic benefit cost and other comprehensive loss$— $— $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
 202120202019
Projected benefit obligation:   
Discount rate1.58 %1.09 %1.60 %
Rate of compensation increase2.12 %2.12 %2.56 %
Net periodic pension cost:
Discount rate1.09 %1.60 %2.38 %
Rate of compensation increase2.12 %2.56 %3.69 %
Expected return on plan assets4.03 %5.02 %5.23 %
 
 Other Postretirement Benefit Plans
 202120202019
Projected benefit obligation:   
Discount rate2.91 %2.46 %3.27 %
Net periodic pension cost:
Discount rate2.46 %3.27 %3.51 %
Rate of compensation increase— %— %4.35 %
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,
 20212020
Projected benefit obligation$386 $449 
Fair value of plan assets170 177 
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, 2021 and 2020 were as follows:
  December 31,
 20212020
Projected benefit obligation$384 $449 
Accumulated benefit obligation383 445 
Fair value of plan assets168 177 
Schedule of Expected Future Contributions and Benefit Payments Expected future contributions and benefit payments are as follows:
 Defined
Benefit Plans		Other
Postretirement
Benefit Plans
2022 expected employer contributions:
  
To plan trusts$11 $— 
Expected benefit payments:
202241 — 
202342 — 
202443 — 
202544 — 
202645 — 
2027 - 2031
238 1 
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, 2021Fair 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$42 $15 $27 $— 
Fixed income919 26 886 7 
Real estate/other42 — 17 25 
Cash and cash equivalents25 25 — — 
Total pension plan assets$1,028 $66 $930 $32 
 
Asset CategoryDecember 31, 2020Fair 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$218 $198 $20 $— 
Fixed income781 25 749 7 
Real estate/other38 — 10 28 
Cash and cash equivalents18 18 — — 
Total pension plan assets$1,055 $241 $779 $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, 
 20212020
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)  
Balance at the beginning of the period$28 $26 
Return on pension plan assets(1)2 
Purchases, sales and settlements(2)— 
Transfers (out of) into Level 3— — 
Balance at the end of the period$25 $28 
 
 Fixed Income
Year ended December 31, 
 20212020
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)  
Balance at the beginning of the period$7 $7 
Return on pension plan assets— — 
Purchases, sales and settlements— — 
Transfers (out of) into Level 3— — 
Balance at the end of the period$7 $7 
Schedule of Asset Allocation for Pension Plans and the Target Allocation, by Asset Category The asset allocation for our pension plans at December 31, 2021 and 2020 and the target allocation for 2021, by asset category, are as follows:
Asset categoryTarget allocation 2021Allocated at December 31, 2021Allocated at December 31, 2020
Pension plans:  
Equities4 %4 %21 %
Fixed income89 %89 %71 %
Real estate/other4 %4 %1 %
Cash3 %3 %7 %
Total pension plans100 %100 %100 %