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Pension and Other Postretirement Healthcare Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Multiemployer Plans
The following table outlines the details of our participation in the CDC Plan for the year ended December 31, 2019. The CDC disclosures provided herein are based on the fund’s 2018 annual report, which is the most recently available public information. Based on the total plan assets and accumulated benefit obligation information in the plan’s annual report, the zone status was green as of December 31, 2018. A green zone status indicates that the plan was at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. As of December 31, 2019, we are not aware of any financial improvement or rehabilitation plan being implemented or pending. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject.
Pension Protection Act
Zone Status
Tronox Contributions
Pension
Fund
EIN/Pension
Plan
Number
20192018
FIP/RP
Pending/
Implemented
20192018
Surcharge
Imposed
Expiration
date of
Collective-
Bargaining
Agreement
PGBNAN/AGreenNo$4  $4  No12/31/2024
Benefit Obligations and Plan Assets Associated With Benefit Plans Benefit Obligations and Funded Status — The following provides a reconciliation of beginning and ending benefit obligations, beginning and ending plan assets, funded status, and balance sheet classification of our U.S. and international pension plans and other post-retirement benefit plans ("OPEB") as of and for the years ended December 31, 2019 and 2018. The benefit obligations and plan assets associated with our principal benefit plans are measured on December 31.
PensionsOther Post Retirement Benefit Plans
December 31December 31
2019201820192018
USInternationalUSUSInternationalInternational
Change in benefit obligations:
Benefit obligation, beginning of year$329  $—  $377  $—  $7  $8  
Service cost1  3  —  —  —  —  
Interest cost16  4  13  —  1  1  
Net actuarial (gains) losses36  6  (27) —  2  (1) 
Acquisition, net(1)
106  230  —  2  3  —  
Settlements (59) (3) —  —  —  —  
Foreign currency rate changes—  2  —  —  —  (1) 
Benefits paid(31) (10) (30) —  —  —  
Administrative expenses—  —  (4) —  —  —  
Benefit obligation, end of year (2)
398  232  329  2  13  7  
Change in plan assets:
Fair value of plan assets, beginning of year243  —  282  —  —  —  
Actual return on plan assets51  6  (17) —  —  —  
Acquisition, net(1)
105  184  —  —  —  —  
Employer contributions10  7  12  —  —  —  
Benefits paid(31) (10) (30) —  —  —  
Foreign currency rate changes—  2  —  —  —  —  
Settlements(59) (3) —  —  —  —  
Administrative expenses—  —  (4) —  —  —  
Fair value of plan assets, end of year319  186  243  —  —  —  
Net underfunded status of plans$(79) $(46) $(86) $(2) $(13) $(7) 
Classification of amounts recognized in the Consolidated Balance Sheets:
Other long-term assets$6  $20  $—  $—  $—  $—  
Accrued liabilities—  (6) —  —  —  —  
Pension and postretirement healthcare benefits(85) (60) (86) (2) (13) (7) 
Total liabilities(85) (66) (86) (2) (13) (7) 
Accumulated other comprehensive (income) loss96  4  95  —  1  —  
Total$17  $(42) $9  $(2) $(12) $(7) 
________________
(1) Represents the assets and benefit obligations assumed as part of the Cristal Transaction. Such plan assets and benefit obligations were remeasured as of the merger date and all subsequent activity through December 31, 2019 is presented within the respective captions above.
(2)  Since the benefits under the U.S Qualified Plan are frozen, the projected benefit obligation and accumulated benefit obligation are the same.
Schedule of Accumulated and Projected Benefit Obligations
The following table provides information for pension plans where the accumulated benefit obligation exceeds the fair value of the plan assets:

Pensions
2019
US International
Projected benefit obligation (PBO)$351  $67  
Accumulated benefit obligation (ABO)$351  $44  
Fair value of plan assets$268  $—  
Expected Benefit Payments
Expected Benefit Payments — The following table shows the expected cash benefit payments for the next five years and in the aggregate for the years 2025 through 2029:

202020212022202320242025-2029
Pensions - US$31  $31  $31  $29  $29  $131  
Pensions - International$12  $9  $9  $11  $12  $61  
Other Post Retirement Benefit Plans - US$—  $—  $—  $—  $—  $1  
Other Post Retirement Benefit Plans - International$—  $—  $—  $1  $1  $3  
Components of Net Periodic Cost Associated with the U.S. Defined Benefit Plans and The foreign Defined Plan The table below presents the components of net periodic cost associated with the U.S. and foreign plans recognized in the Consolidated Statements of Operations for 2019, 2018, and 2017:
PensionsOther Postretirement Benefit Plans
Year Ended December 31,Year Ended December 31,
20192018201743100201920182017
Net periodic cost:
Service cost$4  $—  $—  $—  $—  $—  
Interest cost21  13  15  1  1  1  
Expected return on plan assets(22) (15) (15) —  —  —  
Net amortization of actuarial loss2  3  3  —  —  —  
Settlement losses (gains)(1)
(1) —  —  —  (3) —  
Total net periodic cost - continuing operations
$4  $1  $3  $1  $(2) $1  
________________
(1) Recorded in Other income (expense), net in the Consolidated Statement of Operations.
Weighted Average Assumptions Used to Determine Net Periodic Cost and Benefit Obligations The following weighted average assumptions were used to determine net periodic cost:
Pension  OPEB  
201920182017201920182017
USInternationalUSUSUSInternationalInternationalInternational
Discount rate4.34 %2.50 %3.71 %4.25 %4.00 %10.25 %11.54 %10.87 %
Expected return on plan assets5.69 %3.00 %5.64 %5.64 %N/A  N/A  N/A  N/A  

The following weighted average assumptions were used in estimating the actuarial present value of benefit obligations:
PensionsOPEB  
201920182017201920182017
USInternationalUSUSUSInternationalInternationalInternational
Discount rate3.39 %1.98 %4.40 %3.71 %3.36 %9.91 %11.38 %11.54 %
Rate of compensation increase 3.00 %4.67 %N/A  N/A  N/A  N/A  N/A  N/A  
Asset Categories and Associated Asset Allocations for the Company's Funded Retirement Plans Tronox's U.S. and international pension plans’ weighted-average asset allocations at December 31, 2019 and 2018, and the target asset allocation ranges, by major asset category, are as follows:
December 31,
20192018
USInternationalUS Qualified Plan
ActualTargetActualTargetActualTarget
Equity securities50 %49 %7 %4 %50 %50 %
Debt securities48  48  26  25  48  48  
Real estate1  —  —  —  —  —  
Other1  3  67  71  2  2  
Total100 %100 %100 %100 %100 %100 %
Fair values of pension investments
The fair values of pension investments as of December 31, 2019 are summarized below:
Fair Value Measurement at December 31, 2019 Using:
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Asset category:
Equities securities:
Global equity securities $68  (1)$—  $—  $68  
Global comingled equity funds104  (2)—  —  104  
Debt securities:
US government bonds 69  (3)—  —  69  
Foreign government bonds 34  (3)—  —  34  
US corporate bonds—  79  (4)—  79  
Foreign corporate bonds 16  (5)6  (4)—  22  
Real Estate:
Property/ real estate fund —  1  (6)—  1  
Other:
Insurance contracts —  —  104  (9)104  
Alternative investments—  (7)1  (7)—  1  
Cash & cash equivalents23  (8)—  —  23  
Total at fair value$314  $87  $104  $505  
________________
(1)For global equity securities, this category is comprised of shares of common stock in both U.S. and international companies from a diverse set of industries and size. Common stock is valuated at the closing market price reported on a U.S. or international exchange where the security is actively traded. Equity securities are classified within level 1 of the fair value hierarchy.
(2)Global commingled equity funds are comprised of managed funds that invest in common stock of both U.S. and international companies shares from a diverse set of industries and size. Common stock are valued at the closing market price reported on a U.S. or international exchange where the security is actively traded. These funds are classified within level 1 of the fair value hierarchy.
(3)For US and foreign government bonds, this category includes U.S. treasuries, U.S. federal agency obligations and international government debt. The fair value of these investments are based on observable quoted prices on active exchanges, which are level 1 inputs.
(4)For US corporate bonds and a portion of foreign corporate bonds, this category is comprised of corporate bonds of U.S. and foreign companies from a diverse set of industries and size. The fair values for the U.S. and foreign corporate bonds are determined using quoted prices of similar securities in active markets and observable data or broker or dealer quotations. The fair values for these investments are classified as level 2 within the valuation hierarchy.
(5)For certain foreign corporate bonds, the category is comprised of corporate bonds of foreign companies from a diverse set of industries and size. The fair value is based on observable quoted prices on active exchanges, which are level 1 inputs.
(6)For property / real estate funds, this category includes real estate properties, partnership equities and investments in operating companies. The fair value of the assets is determined using discounted cash flows by estimating an income stream for the property plus a reversion into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized are derived from market transactions as well as other financial and industry data. The fair value of these investments are classified as level 2 in the valuation hierarchy.
(7)For alternative investments, this category is comprised of investments in alternative mutual funds whose holdings include liquid securities, cash and derivatives. Such funds focus on diversification and employ a variety of investing strategies including long/short equity, multi-strategy, and global macro. The fair value of these investments is determined by reference to the net asset value of the underlying holdings of the fund, which can be determined using observable data (e.g. indices, yield curves, quoted prices of similar securities), and is classified within level 2 of the valuation hierarchy.
(8)Cash and cash equivalents include cash and short-interest bearing investments with maturities of three months or less. Investments are valued at cost plus accrued interest. Cash and cash equivalents are classified within level 1 of the valuation hierarchy.
(9)For insurance contracts, the fair value is estimated as the cost of purchasing equivalent annuities on terms consistent with those currently available in the market. The contracts are with highly rated insurance companies and are classified within level 3 of the valuation hierarchy. The following table summarizes changes in fair value of the pension plan assets classified as level 3 for the year ended December 31, 2019:
Insurance Contracts  
Balance, December 31, 2018 $—  
Actual return on plan assets2  
Acquisitions101  
Transfers in/out of Level 3 —  
Foreign currency translation1  
Balance, December 31, 2019 $104  

The fair values of pension investments as of December 31, 2018 are summarized below:
U.S. Qualified Plan
Fair Value Measurement at December 31, 2018, Using:
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Asset category:
Commingled Equity Funds
$67  
(1)
$—  $—  $67  
Equity Securities
54  
(2)
—  —  54  
Debt securities:
Corporate
—  56  
(3)
—  56  
Government
61  
(4)
—  —  61  
Cash & cash equivalents:
Commingled cash equivalents fund
5  
(5)
—  —  5  
Total at fair value
$187  $56  $—  $243  
________________
(1)For commingled equity funds owned by the funds, fair value is based on observable quoted prices on active exchanges, which are level 1 inputs.
(2)For corporate related debt securities, the fair value is based on observable inputs of comparable market transactions, which are level 2 inputs.
(3)For corporate related debt securities, the fair value is based on observable inputs of comparable market transactions, which are level 2 inputs.
(4)For commingled cash equivalents funds, fair value is based on observable quoted prices on active exchanges, which are level 1 inputs.