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Investment in TiO2 Manufacturing Joint Venture and Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

	December 31,
	2018		2019
	(In millions)
Other assets:
Land held for development	$	129.2	$	125.3
Operating lease right-of-use assets		-		29.0
Restricted cash and cash equivalents		8.9		33.0
Land contract receivables		9.1		-
IBNR receivables		6.0		8.5
Note receivables - OPA		1.9		8.8
Other		12.7		11.9
Total	$	167.8	$	216.5

Schedule of Maturities of Operating Lease Liabilities

At December 31, 2019, maturities of our operating lease liabilities were as follows:

Years ending December 31,	Amount
	(In millions)
2020	$	7.1
2021		6.3
2022		3.6
2023		2.4
2024		1.6
2025 and thereafter		19.4
Total remaining lease payments		40.4
Less imputed interest		12.0
Total lease obligations		28.4
Less current obligations		6.2
Long term lease obligations	$	22.2

Future Minimum Payments Under Non-cancellable Operating Leases

Net rent expense approximated $14 million in 2016, $16 million in 2017 and $15 million in 2018. At December 31, 2018, future minimum payments under non-cancellable operating leases having an initial or remaining term of more than one year were as follows:

Years ending December 31,	Amount
	(In millions)
2019	$	6.2
2020		5.0
2021		4.2
2022		3.2
2023		2.4
2024 and thereafter		21.5
Long term lease obligations	$	42.5

Approximately $17 million of the $42.5 million aggregate future minimum rental commitments at December 31, 2018 relates to our Chemicals Segment’s Leverkusen facility land lease discussed above. The minimum commitment amounts for such lease included in the table above for each year through the 2050 expiration of the lease are based upon the current annual rental rate as of December 31, 2018.

LPC

Summary of Net Distributions, Balance Sheets and Income Statements

The components of our net cash distributions from (contributions to) LPC are shown in the table below.

	Years ended December 31,
	2017			2018			2019
	(In millions)
Distributions from LPC	$	44.0		$	34.3		$	40.6
Contributions to LPC		(50.0	)		(30.3	)		(49.9	)
Net distributions (contributions)	$	(6.0	)	$	4.0		$	(9.3	)

Summary balance sheets of LPC are shown below:

	December 31,
	2018		2019
	(In millions)
ASSETS
Current assets	$	87.0	$	94.6
Property and equipment, net		119.6		121.3
Total assets	$	206.6	$	215.9
LIABILITIES AND PARTNERS' EQUITY
Other liabilities, primarily current	$	41.1	$	32.8
Partners' equity		165.5		183.1
Total liabilities and partners' equity	$	206.6	$	215.9

Summary income statements of LPC are shown below:

	Years ended December 31,
	2017		2018		2019
	(In millions)
Revenues and other income:
Kronos	$	157.5	$	165.9	$	176.2
Venator Investments		158.3		167.0		177.0
Total		315.8		332.9		353.2
Cost and expenses:
Cost of sales		315.4		332.5		352.8
General and administrative		.4		.4		.4
Total		315.8		332.9		353.2
Net income	$	-	$	-	$	-